Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for the sector [7]. Core Insights - The media industry (Shenwan) saw a weekly increase of 0.26%, ranking 8th among industries during the period from December 6 to December 12, 2025. Notable performers included Bona Film Group, Guangxi Radio and Television, Beijing Culture, Sanrenxing, and Huace Film & TV [11][18]. - The report highlights strong performance in AI applications and cultural exports, with a focus on sub-sectors such as gaming, intellectual property (IP), short dramas, and publishing [5][37]. Summary by Sections Market Performance - The media industry experienced a weekly increase of 0.26%, while the Shanghai Composite Index fell by 0.34%. The gaming sector saw a rise of 1.06%, and the film and television sector increased by 5.70% [11][12]. Key Industry Data AI Applications - In November, Deepseek led domestic AI web traffic with 346 million visits, despite a 2.95% month-over-month decline. Other notable AI products included Nano AI Search and Baidu AI Search, with respective monthly visits of 260 million and 52.63 million [22][23]. Gaming - The iOS gaming sales chart for December 13, 2025, was topped by "Honor of Kings," followed by "Gold Shovel Battle" and "Endless Winter." The report also noted that "Whiteout Survival" and "Kingshot" continued to perform strongly in overseas revenue [25][26]. Film - The total box office for the week of December 6-12 was 1.2 billion yuan, with "Zootopia 2" leading at 853 million yuan, accounting for 71% of the weekly total. Upcoming films include "Avatar: Fire and Ashes," set to release on December 19 [33][34]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kaiying Network, Yaoji Technology, and others [5][37].

Investment Rating - The report maintains an "Outperform" rating for the media industry [3] Core Insights - The media sector outperformed the market in November, with the Shenwan Media Index rising by 1.69%, surpassing the CSI 300 Index by 4.14 percentage points, ranking 7th among 31 industries [4][20] - The number of game approvals reached a new high, with 178 domestic games and 6 imported games approved in November, contributing to a total of 1,625 game approvals from January to November, a year-on-year increase of 26.8% [4][28] - The gaming market revenue in October was 31.4 billion yuan, a year-on-year growth of 7.8%, driven by strong product cycles from leading companies [4][32] Summary by Sections Market and Industry Review - The media sector's performance in November was strong, with a 1.69% increase in the Shenwan Media Index, outperforming the CSI 300 Index [4][20] - The current TTM-PE for the Shenwan Media Index is 42.6x, positioned at the 82.2% percentile over the past five years [20][26] Gaming - The number of game approvals in November was the highest in three years, with a total of 178 domestic and 6 imported games approved [28] - The gaming market revenue in October was 31.4 billion yuan, with mobile gaming revenue at 22.6 billion yuan, reflecting a year-on-year growth of 2.4% [32] - The overseas revenue for Chinese self-developed games reached 1.799 billion USD in October, marking an 11.9% year-on-year increase [41] Film and Television - The total box office in November reached 3.553 billion yuan, a year-on-year increase of 89.3%, primarily due to the success of "Zootopia 2" [49] - The top five films in November included "Zootopia 2," which grossed over 2.2 billion yuan within nine days of release [60] - The drama market saw high viewership, with "The Tang Dynasty Mysteries" leading with 1.5 billion views [67] AI Applications - The report highlights advancements in AI video models, including the launch of the O1 video model by Keling AI, which allows users to generate videos from text prompts [79] - PixVerse V5.5 was released, enabling the creation of multi-angle narrative videos [84] - Google's Gemini 3 Pro and Nano Banana Pro were launched, showcasing significant improvements in AI capabilities [91] Investment Recommendations - The report suggests focusing on the gaming sector's new product cycles and AI applications, recommending companies such as Giant Network, G-bits, and K-Game Network [96] - The December investment portfolio includes Giant Network, K-Game Network, Bilibili, and HuiLiang Technology [7]

（文章来源：证券日报） 证券日报网讯 12月10日晚间，姚记科技发布公告称，公司已在上海市工商行政管理局完成注册资本变 更登记手续，并领取换发后的《营业执照》，注册资本变更为人民币41764.4916万元整。 ...

证券代码：002605 证券简称：姚记科技 公告编号：2025-073 债券代码：127104 债券简称：姚记转债 上海姚记科技股份有限公司 关于完成工商变更登记的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 上海姚记科技股份有限公司（以下简称"公司"）分别于 2025 年 10 月 29 日和 2025 年 11 月 18 日召开第六届董事会第二十四次会议和 2025 年第一次临时 股东会，审议通过了《关于变更注册资本并修订<公司章程>的议案》。具体内 容详见巨潮资讯网（www.cninfo.com.cn）及公司指定信息披露媒体《证券时报》 《中国证券报》《证券日报》同日披露的《关于变更注册资本并修订<公司章程> 及制定、修订部分制度的公告》。 近日，公司已在上海市工商行政管理局完成了相关变更登记手续，并领取了 换发后的《营业执照》，具体信息如下： 名称：上海姚记科技股份有限公司 类型：其他股份有限公司（上市） 住所：上海市嘉定区黄渡镇曹安路 4218 号 法定代表人：姚朔斌 2025 年 12 月 10 日 成立日期：1989 年 9 月 13 日 ...

同时，公司向要约人发行本金额4,400万元两年期零息可换股债券，换股价0.11元，可兑换新股占扩大后 股本16.67%。所得净额拟用于扩展电动车充电解决方案；偿还银行借款；潜在机电工程项目的履约保 证金；及补充一般营运资金。 本文源自：智通财经网 智通财经获悉，澳达控股(09929)再涨超37%，自12月4日复牌后股价累涨逾530%。截至发稿。涨 35.42%，报0.65港元，成交额1959.65万港元。 消息面上，澳达控股发布公告，原股东SEM Enterprises向独立第三方姚朔斌(要约人)出售75%股权，现 金代价1.65亿港元，相当于每股作价0.11元，较停牌前收盘0.103港元溢价6.80%。完成后，要约人须按 例提出强制性全面要约，资料显示，要约人姚朔斌为A股上市公司姚记科技(002605.SZ)的董事长、首席 执行官兼执行董事。 ...

同时，公司向要约人发行本金额4,400万元两年期零息可换股债券，换股价0.11元，可兑换新股占扩大后 股本16.67%。所得净额拟用于扩展电动车充电解决方案；偿还银行借款；潜在机电工程项目的履约保 证金；及补充一般营运资金。 消息面上，澳达控股发布公告，原股东SEM Enterprises向独立第三方姚朔斌(要约人)出售75%股权，现 金代价1.65亿港元，相当于每股作价0.11元，较停牌前收盘0.103港元溢价6.80%。完成后，要约人须按 例提出强制性全面要约，资料显示，要约人姚朔斌为A股上市公司姚记科技（002605）(002605.SZ)的董 事长、首席执行官兼执行董事。 澳达控股(09929)再涨超37%，自12月4日复牌后股价累涨逾530%。截至发稿。涨35.42%，报0.65港元， 成交额1959.65万港元。 ...

智通财经APP获悉，澳达控股(09929)再涨超37%，自12月4日复牌后股价累涨逾530%。截至发稿。涨 35.42%，报0.65港元，成交额1959.65万港元。 同时，公司向要约人发行本金额4,400万元两年期零息可换股债券，换股价0.11元，可兑换新股占扩大后 股本16.67%。所得净额拟用于扩展电动车充电解决方案；偿还银行借款；潜在机电工程项目的履约保 证金；及补充一般营运资金。 消息面上，澳达控股发布公告，原股东SEM Enterprises向独立第三方姚朔斌(要约人)出售75%股权，现 金代价1.65亿港元，相当于每股作价0.11元，较停牌前收盘0.103港元溢价6.80%。完成后，要约人须按 例提出强制性全面要约，资料显示，要约人姚朔斌为A股上市公司姚记科技(002605.SZ)的董事长、首席 执行官兼执行董事。 ...

上证报中国证券网讯（记者 李五强）12月4日，澳达控股开盘暴涨，最高涨至0.41港元/股，涨幅接近 300%，截至10时19分，澳达控股报0.395港元/股，涨283.50%。 12月4日，澳达控股开盘暴涨，最高涨至0.41港元/股，涨幅接近300%，截至10时19分，澳达控股报 0.395港元/股，涨283.50%。 姚记资本为于2024年5月27日在英属处女群岛注册成立的有限公司，姚朔斌全资拥有且是唯一董事。姚 朔斌为姚记科技(002605.SZ)的董事长、首席执行官兼执行董事。 澳达控股及要约人姚记资本有限公司联合公布，姚记资本将以每股0.11港元（溢价约6.36%）强制性无 条件现金要约澳达控股全部股份，澳达控股自2025年12月4日上午九时正起恢复买卖。 ...

Core Viewpoint - 澳达控股 (09929.HK) has announced a significant transaction involving the sale of 1,500,000,000 shares, representing 75% of the total issued shares, for a total cash consideration of HKD 165.0 million, equating to HKD 0.11 per share [1][2]. Group 1 - The seller, SEM Enterprises Limited, along with the guarantor and offeror, Yaoji Capital Limited, has agreed to the sale, with the completion date set for November 26, 2025 [1][2]. - Following the completion of the transaction, the offeror and its concert parties will hold a total of 1,500,000,000 shares, maintaining the 75% ownership of the issued shares [2]. - The offeror is required to make a mandatory unconditional cash offer for all remaining shares at a price of HKD 0.11 per share, which represents a premium of approximately 6.36% over the last closing price of HKD 0.103 [2]. Group 2 - The offeror is a company registered in the British Virgin Islands, wholly owned by Yao Shuo Bin, who is also the sole director [3]. - Yao Shuo Bin is an experienced entrepreneur with educational qualifications from Shanghai University of Science and Technology and the University of Warwick, and he currently serves as the chairman and CEO of Shanghai Yaoji Technology Co., Ltd. [3]. - The company has applied to the Stock Exchange for the resumption of trading of its shares starting from December 4, 2025, at 9:00 AM [4].

关于 上海姚记科技股份有限公司 的临时受托管理事务报告 债券简称：姚记转债 债券代码：127104.SZ 债券受托管理人 2025 年 11 月 重要声明 本报告依据《公司债券发行与交易管理办法》《公司债券受托管理人执业行 为准则》、上海姚记科技股份有限公司（以下简称"发行人"或"公司"）就存 续公司债券与受托管理人签署的受托管理协议（以下简称"《受托管理协议》"） 及其它相关信息披露文件以及发行人出具的相关说明文件和提供的相关资料等， 由受托管理人中信建投证券股份有限公司（以下简称"中信建投证券"或"受托 管理人"）编制。中信建投证券编制本报告的内容及信息均来源发行人提供的资 料或说明。 （一）取消监事会 公司根据《中华人民共和国公司法》（以下简称"《公司法》"）《上市公 司章程指引》《关于新<公司法>配套制度规则实施相关过渡期安排》等法律法 规、规范性文件的最新规定，修订《上海姚记科技股份有限公司章程》（以下简 称"《公司章程》"），并取消监事会及监事，由董事会审计委员会行使《公司 法》规定的监事会职权。 自修订后的《公司章程》经公司股东会审议通过生效之日起，公司《监事会 议事规则》相应废止，公司监事会将 ...