专题：专题|2024年度A股董秘数据报告：1144位董秘年薪超百万 占比超21% 董秘作为连接投资者与上市公司的"桥梁"，在上市公司资本运作中发挥着关键作用。新浪财经《2024年 度A股董秘数据报告》显示，2024年A股上市公司董秘薪酬合计达40.86亿元，平均年薪75.43万元。 履历显示，孔微微出生于1982年1月，获中国人民大学管理学学士学位和中国社会科学院经济学硕士学 位。现任公司副董事长、副总裁、首席财务官兼董事会秘书。2016年加入分众传媒，担任副总裁，曾先 后就职于中银基金研究部、招商证券研究中心、工银瑞信基金研究部。 注：数据来源于choice，截止2024年末任期不满1年的不参与统计。 责任编辑：公司观察 按学历来看，广告营销行业董秘主要为硕士学历，占比62.50%，平均薪酬112.94万元，同比增长 12.86%；其次为本科学历，占比33.33%，平均薪酬91.04万元，同比下降2.51%%；博士仅1人，为蓝色 光标董秘秦峰，薪酬为42.10万元，不足行业平均薪酬的一半。 其中，薪酬最高的为分众传媒董秘孔微微，其同为公司财务总监。2024年，孔微微薪酬高达468.50万 元，同比增长15% ...

Core Insights - The advertising and marketing sector saw a 0.6% increase on July 31, with 易点天下 leading the gains [1] - The Shanghai Composite Index closed at 3573.21, down 1.18%, while the Shenzhen Component Index closed at 11009.77, down 1.73% [1] Stock Performance - 易点天下 (301171) closed at 33.54, up 20.00% with a trading volume of 1,161,300 shares and a transaction value of 3.693 billion [1] - 蓝色光标 (300058) closed at 6.95, up 4.20% with a trading volume of 4,925,900 shares and a transaction value of 3.442 billion [1] - 新华都 (002264) closed at 6.85, up 3.95% with a trading volume of 686,200 shares and a transaction value of 465 million [1] - 分众传媒 (002027) closed at 7.50, down 1.83% with a trading volume of 788,500 shares and a transaction value of 594 million [2] Capital Flow - The advertising and marketing sector experienced a net inflow of 1.699 billion from institutional investors, while retail investors saw a net outflow of 1.042 billion [2] - 易点天下 had a net inflow of 889 million from institutional investors, but a net outflow of 397 million from retail investors [3] - 蓝色光标 experienced a net inflow of 272 million from institutional investors, with a net outflow of 218 million from retail investors [3]

Group 1: Market Performance - The CSI Hong Kong-Shenzhen Game and Cultural Media Index (931580) rose by 1.18% as of July 31, 2025, with notable gains from Kuaishou-W (01024) up 8.63%, BlueFocus (300058) up 7.35%, and Liou Co. (002131) up 7.03% [1] - The Game Media ETF (517770) increased by 0.99%, with the latest price at 1.13 yuan [1] Group 2: Company Listings and Valuations - AI application design collaboration platform Figma is set to go public on July 31, raising its IPO price range to $30-32 per share, aiming for a valuation of approximately $18.8 billion [1] - Figma's projected revenues for 2024 and Q1 2025 are $74.9 million and $22.8 million, respectively, reflecting year-on-year growth of 48% and 46% [1] Group 3: AI Industry Insights - The WAIC conference in 2025 highlighted the broader application of AI, showing significant improvements in implementation and commercialization [2] - The domestic AI industry is expected to experience a spiral upward trend, with specific sectors like imaging and cross-border e-commerce likely to benefit directly from AI advancements [2] Group 4: Index Composition - As of June 30, 2025, the top ten weighted stocks in the CSI Hong Kong-Shenzhen Game and Cultural Media Index accounted for 51.85% of the index, including Kuaishou-W (01024), Tencent Holdings (00700), and Bilibili-W (09626) [3] - The top ten stocks by weight are as follows: Kuaishou-W (9.53%), Tencent Holdings (9.28%), and others with varying weights [4]

Group 1 - The core point of the article highlights the performance and holdings of the Yin Hua Digital Economy Stock Initiation C fund, which has a latest net value of 1.4101 yuan, reflecting a decline of 1.78% [1] - The fund's performance over the past month shows a return of 1.75%, ranking 340 out of 352 in its category; over the past six months, it has returned 3.91%, ranking 286 out of 342; and since the beginning of the year, it has achieved a return of 8.62%, ranking 218 out of 340 [1] - The top ten holdings of the fund account for a total of 49.75%, with significant positions in companies such as SMIC (8.44%), Xiaomi Group-W (8.33%), and Ninebot (8.18%) [1] Group 2 - The Yin Hua Digital Economy Stock Initiation C fund was established on May 20, 2022, and as of June 30, 2025, it has a total scale of 1.49 billion yuan [1] - The fund manager, Wang Xiaochuan, holds a master's degree from Tsinghua University and has been with Yin Hua Fund since July 2016, previously serving as a researcher in transportation, coal, and media industries [1]

Core Insights - The advertising and marketing sector experienced a slight increase of 0.17% on July 30, with Fushi Holdings leading the gains [1] - The Shanghai Composite Index closed at 3615.72, up 0.17%, while the Shenzhen Component Index closed at 11203.03, down 0.77% [1] Stock Performance - Fushi Holdings (300071) closed at 5.24, up 3.15% with a trading volume of 880,500 shares and a transaction value of 456 million [1] - Other notable performers included: - Yilun Media (603598) at 18.54, up 2.60% [1] - Yaowang Technology (002291) at 6.68, up 2.45% [1] - Jiayun Technology (300242) at 4.61, up 1.54% [1] - Electric Sound Co. (300805) at 11.35, up 1.52% [1] Fund Flow Analysis - The advertising and marketing sector saw a net outflow of 156 million from institutional investors, while retail investors contributed a net inflow of 113 million [2] - Notable stock fund flows included: - Yaowang Technology with a net inflow of 71.67 million from institutional investors [3] - Yilun Media with a net inflow of 62.94 million from institutional investors [3] - Fushi Holdings with a net inflow of 57.55 million from institutional investors [3]

Group 1 - The China-US economic talks were held in Stockholm, focusing on trade relations and macroeconomic policies, with a consensus to extend the suspension of certain tariffs for 90 days [2] - The 2025 Fortune Global 500 list was released, showing a total revenue of approximately $41.7 trillion, a year-on-year increase of about 1.8%, with companies' total assets and net assets reaching record highs [3][4] - Huawei returned to the top 100 of the Fortune Global 500 after two years, while Nvidia had the highest net profit margin among the listed companies [4] Group 2 - Guangzhou's GDP grew by 3.8% in the first half of the year, which is lower than the provincial growth rate of 4.2% and the national rate of 5.3% [12] - The retail sales of Polestar in China dropped significantly, with only 6 units sold in June, indicating a near halt in its business operations in the market [27] - Apple announced the closure of its first store in Dalian, citing the departure of multiple retailers from the shopping center [26]

Core Points - The AMAC Leasing Business Index (AMAC Business, H30037) decreased by 0.32% to 3186.16 points, with a trading volume of 21.302 billion [1] - Over the past month, the AMAC Leasing Business Index has increased by 5.51%, 12.42% over the last three months, and 12.57% year-to-date [1] - The index is based on the classification of industries as per the guidelines from the China Securities Association, comprising 43 industry classification indices [1] Index Holdings - The top ten holdings of the AMAC Leasing Business Index are: Focus Media (14.13%), China Duty Free Group (11.99%), Small Commodity City (11.19%), LEO Group (4.73%), BlueFocus Communication Group (4.39%), Hainan Huatian (3.42%), Jianfa Group (3.37%), Bohai Leasing (2.99%), Province Advertising Group (2.54%), and Xiamen International Trade (1.8%) [1] - The market share of the AMAC Leasing Business Index is 58.17% from the Shenzhen Stock Exchange and 41.83% from the Shanghai Stock Exchange [1] Industry Composition - The industry composition of the AMAC Leasing Business Index shows that industrial sector accounts for 42.88%, communication services for 38.31%, consumer discretionary for 15.69%, real estate for 1.81%, and information technology for 1.32% [2]

Investment Rating - The report maintains an "Outperform" rating for the media sector [5][39]. Core Views - The report highlights the upward trend in the performance cycle, with a long-term positive outlook on AI applications and IP trends [4][39]. - The 2025 World Artificial Intelligence Conference in Shanghai has set a record with over 800 participating companies and more than 3,000 cutting-edge exhibits [2][16]. - The gaming sector is expected to benefit from product cycles and performance improvements, with specific recommendations for companies like Kaiying Network and Giant Network [4][39]. Summary by Sections Industry Performance - The media sector rose by 2.09% during the week of July 14-20, outperforming the CSI 300 index (1.69%) but underperforming the ChiNext index (2.76%) [12][18]. - Notable gainers included Happiness Blue Ocean, Xinhua Media, and InSai Group, while losers included Lansheng Co., Century Tianhong, and Reading Technology [12][18]. Key Data Tracking - The box office for the week of July 21-27 reached 1.038 billion yuan, with top films being "Nanjing Photo Studio" (306 million yuan, 29.4% share), "Lychee of Chang'an" (239 million yuan, 23.0% share), and "The Legend of Lu Xiaobei 2" (130 million yuan, 12.4% share) [3][18][20]. - The mobile gaming revenue for June 2025 was led by "Whiteout Survival," "Gossip Harbor: Merge & Story," and "Kingshot" [27][28]. Investment Recommendations - The report suggests focusing on the gaming, advertising media, and film sectors, with specific stock picks including Kaiying Network, Giant Network, and Yaoji Technology [4][39]. - The report emphasizes the potential of high-dividend, low-valuation stocks in the state-owned publishing sector [4][39]. - For AI applications, the report recommends focusing on marketing, education, and entertainment sectors, highlighting opportunities in both B2B and B2C markets [4][39].

Core Points - The China Securities Media Index (CSI Media Index) reported a value of 2551.87 points, showing a low opening and a high closing on July 24 [1] - The CSI Media Index has increased by 5.60% over the past month, 9.27% over the past three months, and 10.86% year-to-date [2] Index Composition - The CSI Media Index is composed of various sectors categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries [2] - The top ten weighted stocks in the CSI Media Index include: - Focus Media (8.9%) - Giant Network (3.81%) - Kaiying Network (3.68%) - Yanshan Technology (3.66%) - Kunlun Wanwei (3.47%) - Light Media (3.26%) - 37 Interactive Entertainment (3.06%) - Leo Group (2.92%) - Shenzhou Taiyue (2.82%) - BlueFocus Communication Group (2.65%) [2] Market Distribution - The market distribution of the CSI Media Index shows that the Shenzhen Stock Exchange accounts for 76.67%, while the Shanghai Stock Exchange accounts for 23.33% [2] Sector Breakdown - The sector composition of the CSI Media Index is as follows: - Gaming: 27.64% - Digital Marketing: 17.77% - Film and Animation: 12.15% - Other Advertising Marketing: 11.07% - Publishing: 10.75% - Broadcasting and Television: 7.52% - Interactive Media: 3.86% - Graphic Media: 3.67% - Other Digital Media: 3.66% - Video Media: 1.91% [3] Index Adjustment - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to significant events affecting sample companies [3]

Market Overview - On July 23, the Shanghai Composite Index rose by 0.01%, the CSI 300 increased by 0.02%, the STAR Market 50 gained 0.45%, the CSI 1000 fell by 0.45%, the ChiNext Index decreased by 0.01%, and the Hang Seng Index increased by 1.62% [3][4] - The best-performing industries on July 23 were non-bank financials (+1.29%), beauty and personal care (+0.59%), home appliances (+0.58%), banking (+0.4%), and environmental protection (+0.37%). The worst-performing industries were building materials (-2.27%), defense and military (-1.6%), machinery and equipment (-1.29%), electric power equipment (-1.2%), and social services (-1.19%) [3][4] - The total trading volume of the A-share market on July 23 was 1,898.371 billion yuan, with a net outflow of 1.32 billion Hong Kong dollars from southbound funds [3][4] Company Update: Focus Media (002027) - The report indicates that the advertising business of Focus Media is expected to remain stable in Q2 2025, driven by strong advertising demand from the home appliance, 3C digital, and internet sectors due to national subsidies and competition in food delivery [5][6] - Focus Media is actively advancing its digital business layout, collaborating with Alipay to develop the "Touch" digital media platform, which aims to diversify its customer base through internet channels. In H2, the company is expected to reach new traffic and small to medium-sized customers [5][6] - The company announced on July 22 the progress of its acquisition of New Wave, which is anticipated to enhance business synergy and profit potential in the future [5][6] Investment Opportunities - Short-term, the company is expected to benefit from a recovering consumer market and national subsidy policies, with a rebound in advertising demand from internet, home appliance, and 3C digital advertisers [5][6] - Mid-term, the collaboration with Alipay on the "Touch" platform is expected to bring new customer growth in Q4 2025 or 2026 [5][6] - Long-term, the planned acquisition of New Wave presents significant opportunities for business synergy and profit enhancement [5][6]