以下数据及分析来自于前瞻产业研究院电梯媒体行业研究小组发布的《》。 行业主要上市公司：(002027)、(300058)、(002712)等 本文核心数据：主要媒体广告日均接触时长;中国电梯广告刊例花费增速;中国电梯海报下游主要行业广 告费增速 电梯海报面临替代风险 中国电梯海报媒体行业作为电梯媒体的初代形态，其发展历程紧扣技术革新与市场竞争节奏，早期是电 梯媒体主流形式，近年来，LCD、智慧屏等设备大规模应用，海报媒体面临一定替代风险。 从广告日均接触市场看，电梯媒体由于高频、低干扰等因素，能够提升广告日均接触时长，其中电梯海 报日均接触时长接近2分钟，高于新闻媒体、传统电视等媒体，但低于电梯电视/智能屏。电梯电视/智 能屏的优势明显，正在逐渐取代电梯海报。 中国电梯海报广告刊例花费增速下降 根据CTR媒介智讯的数据，近年来，中国电梯海报广告刊例花费增速低于电梯LCD。2024年中国电梯海 报广告刊例花费增速为14%，低于2023年的增速。2025年上半年，电梯海报广告刊例花费增速下降至 10%以下。 饮料、食品等领域加大投放费用 近年来，虽然电梯海报面临智能屏等新兴媒体的替代风险。但是，由于电梯海报成本较 ...

Group 1: Market Overview - The advertising marketing sector experienced a slight decline of 0.1% on January 21, with 易点天下 leading the drop [1] - The Shanghai Composite Index closed at 4116.94, up 0.08%, while the Shenzhen Component Index closed at 14255.12, up 0.7% [1] Group 2: Stock Performance - 天地在线 saw a significant increase of 10.01%, closing at 21.66, with a trading volume of 248,300 shares and a transaction value of 526 million [1] - 蓝色光标 increased by 4.84%, closing at 18.64, with a trading volume of 6,606,900 shares and a transaction value of 12.007 billion [1] - 易点天下 experienced a notable decline of 8.41%, closing at 59.59, with a trading volume of 1,181,600 shares and a transaction value of 687.7 million [2] Group 3: Capital Flow - The advertising marketing sector saw a net outflow of 722 million from institutional investors, while retail investors had a net inflow of 411 million [2] - The capital flow data indicates that 易点天下 had a net outflow of 356 million from retail investors, despite a net inflow of 12.8 million from institutional investors [3]

Group 1: Fund Manager Insights - Fund manager Fu Pengbo reduced holdings in companies with weak fundamentals and increased investments in data center liquid cooling, storage, and computing-related companies [1][2] - Fu noted that the annual reports of listed companies for 2025 will be pre-disclosed by the end of January 2026, with high-growth sectors like AI, non-ferrous metals, and lithium battery materials expected to show significant growth [1][3] - Li Xiaoxing increased positions in Hong Kong internet and consumer stocks while reducing holdings in some Hong Kong financial stocks, believing that overall opportunities in the equity market for 2026 outweigh risks [1][4] Group 2: Fund Performance and Adjustments - Fu's fund saw minor changes in its top ten holdings, with Maiwei Co. replacing China Mobile, and increased positions in Han's Laser while reducing stakes in companies like Ningde Times and Tencent [2][3] - Li's fund reported a stock position of 88.55% at the end of Q4 2025, a decrease of 4.54 percentage points from Q3 2025, with new entries in the top ten holdings including Tencent, Alibaba, and Meituan [4][5] Group 3: Market Outlook - Fu and Zhu believe that the stock market's activity is increasing, with a "spring excitement" arriving early, and expect high growth in sectors like AI and semiconductor manufacturing [3][6] - Li highlighted that AI remains the main line of global technological innovation, with significant capital expenditure growth in the AI sector, and domestic internet companies expected to maintain stable growth [6][7] - The consumer sector's performance needs dynamic observation, with many quality consumer stocks showing favorable dividend yields [6][7] Group 4: Sector-Specific Insights - The pharmaceutical sector experienced fluctuations in Q4 2025 due to previously high market expectations and capital flowing to other popular sectors, but long-term prospects for domestic innovative drugs remain positive [7] - The CRO and CDMO segments are showing clear signs of recovery in domestic and international demand, indicating an industry turning point [7]

Group 1 - The core viewpoint of the report indicates that the overall opportunities in the equity market for 2026 outweigh the risks, with AI remaining the main theme of global technological innovation [1] - As of the end of Q4 2025, the stock position of the Silver Hua Xinyi fund was 88.55%, a decrease of 4.54 percentage points compared to the end of Q3 2025 [1] - The top ten holdings of the fund as of Q4 2025 include Tencent Holdings, Alibaba-W, SMIC, Meituan-W, Xiaomi Group-W, Focus Media, Shenzhou International, Yili Group, Luzhou Laojiao, and Wuliangye [1] Group 2 - The AI industry is experiencing explosive growth in capital expenditure globally, with domestic internet companies also showing rapid growth in capital spending [2] - The consumer sector is expected to lag in 2025, with consumers remaining cautious and price-sensitive, although there are opportunities in high-quality consumer stocks with attractive dividend yields [2] - The pharmaceutical sector experienced fluctuations in Q4, attributed to previously high market expectations and capital flowing to other popular sectors, but there is a long-term positive outlook for domestic innovative drugs and the CRO/CDMO segments [2]

（文章来源：证券时报网） 据iFinD统计，截至1月20日，沪深两市共有107股连续5日或5日以上获融资净买入。连续获融资净买入 天数最多的股票是华天酒店，连续12个交易日获净买入；连续获融资净买入天数较多的还有招商银行、 平安银行、分众传媒、新华保险、鸿富瀚、开勒股份、新产业、中国平安等股。 ...

Core Insights - The key to winning battles lies in engaging the enemy at the most advantageous locations or drawing them into unfavorable positions [1] Group 1 - Entrepreneurs are likened to having 150,000 troops while the enemy has 500,000, emphasizing the need to focus on a single vulnerable point for attack [1] - The ideal target is the weakest gate of the opponent, and if it is not sufficiently weak, one can create diversions to strike unexpectedly [1] - The best weakness to exploit is found within the strengths of the opponent, indicating a strategic approach to competition [1]

Core Insights - The article discusses the launch of "Fenzhong Smart Investment," a new product by Fenzhong Media aimed at enhancing local marketing through AI and big data capabilities, targeting local life customers to overcome growth bottlenecks and succeed in regional markets [1][4][6] Group 1: Market Context - The overall market remains under pressure, with online traffic peaking and customer acquisition costs rising. However, the local life service market is expected to see significant growth, with the O2O market projected to reach 3.8 trillion yuan by 2025, reflecting a 17.6% year-on-year increase [2] - The underlying logic of local life marketing is being reshaped, with a focus on brand effectiveness and efficiency becoming crucial for local life customers [2] Group 2: Product Features and Advantages - Fenzhong Smart Investment leverages the "Four Capabilities" (precision, attribution, interaction, optimization) to meet market demands and revolutionize local marketing solutions [4][6] - The product emphasizes regional precision targeting, allowing for effective reach within 500 to 3000 meters of stores, and supports flexible daily material deployment tailored to local business characteristics [6][9] - The platform offers a comprehensive suite of services from customer acquisition to performance evaluation, utilizing AI and data technology to enhance marketing effectiveness [5][10] Group 3: Strategic Partnerships and Innovations - Fenzhong Media collaborates with Lingyang Tian Gong Smart Investment, integrating Alibaba Cloud's AI technology to enhance its outdoor programmatic advertising capabilities [5] - The partnership aims to provide a full-chain intelligent service for small-scale, short-cycle clients, facilitating customer acquisition and retention strategies [5][12] Group 4: Future Outlook and Strategic Goals - Fenzhong Media aims to redefine local marketing value by focusing on integrated online and offline operations, with three core products designed to enhance customer engagement and brand exposure [9][12] - The company plans to continue leveraging its "Four Capabilities" to help local life customers capitalize on the recovery of service consumption and achieve sustainable growth in the local market [12]

Core Viewpoint - AI technology is reshaping various industries, and companies like Focus Media are adapting to retain user attention in the face of challenges posed by AI-generated content and changing consumer behavior [2][5]. Group 1: Industry Challenges and Strategies - Focus Media is addressing the challenge of audience attention diversion in elevator advertising, where many users are distracted by their phones [3]. - The company emphasizes the need for repeated exposure to advertisements to effectively engage consumers, as mere coverage is insufficient without capturing attention [3]. - To combat these challenges, Focus Media has introduced interactive features like the "tap" function on elevator screens, achieving an average daily interaction of 1.4 million times, primarily among younger users [3]. Group 2: Emotional Marketing and Consumer Engagement - The shift in consumer demand from functional attributes to emotional and value-driven connections is influencing marketing strategies [4]. - Focus Media is leveraging "emotional marketing" to create advertisements that resonate with consumers on a deeper level, such as linking product durability to family safety [4]. Group 3: AI Empowerment and Operational Efficiency - The company is utilizing AI technology to enhance its advertising capabilities, enabling precise targeting, attribution, interactivity, and optimization [5][6]. - Focus Media's "thousand buildings, thousand faces" operational model allows advertisers to select target demographics based on various criteria, improving ad targeting efficiency [5]. - A data-driven evaluation system has been established to quantify advertising effectiveness, allowing clients to track consumer behavior changes resulting from ad exposure [6]. Group 4: Brand Development and Market Expansion - Focus Media's strategy includes creating significant value without competing solely on price, addressing consumer pain points to maintain pricing power [7]. - The company is focusing on international expansion, particularly in emerging markets like the Middle East and South America, to capitalize on the global competitiveness of top domestic brands [7].

Group 1 - The advertising and media industry is experiencing a resurgence due to the integration of AI, leading to significant stock price increases for companies like BlueFocus, which saw a 130% rise [2][3] - Several advertising and marketing companies, previously overlooked by public funds, have become targets for investment, with many not appearing in the top ten holdings of active equity funds for four consecutive quarters [2][3] - The media sector's valuation remains low, with the PE ratio of the media sector below 30 times, indicating potential for growth as funds shift focus to undervalued areas [3][4] Group 2 - Fund managers with backgrounds in media are capitalizing on the undervaluation of the advertising marketing sector, leading to significant net asset value increases for funds like GF Hong Kong and Rongtong Mingrui [5][6] - The sudden interest in advertising marketing is driven by the belief that it represents a prime opportunity for AI applications, with traditional sectors still holding value in the AI era [7][8] - Fund managers are identifying advertising and e-commerce as sectors where AI can quickly be implemented, enhancing efficiency and effectiveness in operations [7][8]

Group 1 - Media concept stocks experienced a significant decline in the afternoon, with Yanshan Technology hitting the daily limit down, and Light Media dropping over 3% [1] - Other companies such as Focus Media, Giant Network, Kunlun Wanwei, and Shenzhou Taiyue also saw declines exceeding 2% [1] - The Media ETF fell approximately 5% due to market conditions [1] Group 2 - Some brokerages suggest that in the medium to long term, the media industry is expected to recover as content supply gradually resumes, AI technology continues to deepen, and supported by policy and consumer recovery expectations [2] - Companies in sectors such as film and television, gaming, and advertising marketing that show strong performance should be monitored [2] - There is also a recommendation to pay attention to companies involved in digital assets and those applying AIGC-related technologies [2]