Investment Rating - The report initiates coverage with a "Buy" rating for the company [4][7]. Core Insights - The company is making significant strides in the AI field, particularly in ICT operations, with the launch of the "Yueqing" intelligent IT operation model, which has passed authoritative testing by the China Academy of Information and Communications Technology [2][3]. - The company has a strong long-term operational capability in the gaming sector, with core games showing revenue recovery and stability. The two main mobile games, "Age of Origins" and "War and Order," account for 74% and 23% of gaming revenue, respectively [3]. - The company is expected to release new games in the second half of 2024, which could significantly enhance revenue potential, with several games in development set to launch in overseas markets [3]. Financial Summary - The company's projected revenues for 2023 to 2027 are as follows: - 2023: 5,962 million - 2024: 6,452 million (+8.22%) - 2025: 6,895 million (+6.86%) - 2026: 7,685 million (+11.46%) - 2027: 7,991 million (+3.97%) [6]. - The net profit attributable to the parent company is forecasted to be: - 2023: 887 million - 2024: 1,428 million (+60.92%) - 2025: 1,344 million (-5.83%) - 2026: 1,561 million (+16.12%) - 2027: 1,594 million (+2.08%) [6]. - Earnings per share are expected to be: - 2024: 0.73 - 2025: 0.69 - 2026: 0.80 - 2027: 0.81 [6]. Market Performance - The company's stock has shown strong performance with absolute returns of 18% over the last month, 13% over three months, and 62% over the past year [9]. - The stock's closing price was 12.95, with a 12-month price range of 7.83 to 15.88 [7]. Conclusion - The report highlights the company's robust positioning in the gaming and ICT sectors, with promising revenue growth and a strong operational framework, making it a compelling investment opportunity [4][6][7].

沪指7月14日上涨0.27%，申万所属行业中，今日上涨的有21个，涨幅居前的行业为机械设备、公用事 业，涨幅分别为1.23%、1.04%。跌幅居前的行业为房地产、传媒，跌幅分别为1.29%、1.24%。传媒行 业位居今日跌幅榜第二。 资金面上看，两市主力资金全天净流出381.11亿元，今日有6个行业主力资金净流入，机械设备行业主 力资金净流入规模居首，该行业今日上涨1.23%，全天净流入资金5.39亿元，其次是公用事业行业，日 涨幅为1.04%，净流入资金为3.36亿元。 主力资金净流出的行业有25个，计算机行业主力资金净流出规模居首，全天净流出资金85.06亿元，其 次是非银金融行业，净流出资金为70.29亿元，净流出资金较多的还有有色金属、电子、传媒等行业。 传媒行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002174 | 游族网络 | 4.13 | 7.21 | 9098.16 | | 002027 | 分众传媒 | 0.13 | 0.77 | 8852.59 | | 3 ...

Investment Rating - The report gives an "Overweight" rating for the internet media industry, indicating a positive outlook for the sector's performance compared to the overall market [1]. Core Insights - The global commercialization of AI applications is progressing rapidly, with companies like Figma planning an IPO. Chinese firms are focusing on emotional consumption and overseas expansion to break through in monetization [2]. - AI creative tools, particularly from Meitu, are highlighted as leading global players, with a strong focus on meeting the needs of Gen Z female consumers [2]. - The gaming sector is experiencing a technical correction, but the long-term outlook remains positive due to ongoing product development and market expansion [2]. - The competition in instant retail and food delivery is intensifying, with Alibaba announcing a significant investment, indicating a potential increase in advertising budgets in Q3 [2]. - High-demand consumer sectors such as trendy toys, music, and concerts continue to be recommended for investment [2]. Summary by Sections AI Applications - AI applications in China are seeing commercial success in areas like companionship, beauty, education, and advertising. Notable examples include Kuaishou's AI tool achieving an ARR of over $100 million within ten months of launch [2]. - The report emphasizes the potential of AI in enhancing productivity and monetization for creative tools and advertising [2]. Gaming Sector - The gaming industry is expected to maintain growth despite a short-term correction, with major companies like Giant Network and Huatuo showing strong fundamentals and product pipelines [2]. - New game launches and expansions are anticipated to drive revenue growth for various companies in the sector [2]. Instant Retail and Food Delivery - The report notes an increase in competition among major players like Meituan and JD, with Alibaba's investment signaling a push for market share in instant retail and food delivery [2]. - The upcoming peak season for local lifestyle products is expected to drive promotional activities and advertising spending [2]. Consumer Trends - The report highlights ongoing consumer interest in trendy products, music, and entertainment, recommending companies like Pop Mart and NetEase Cloud Music for investment [2].

Investment Rating - The report maintains a "Buy" rating for several companies in the media industry, including Giant Network, Kaiying Network, and Shenzhou Taiyue [4][6][9]. Core Insights - The media industry (Shenwan) saw a weekly increase of 3.11%, ranking 8th among industries, while the Shanghai Composite Index rose by 1.09% [12][20]. - Key performers in the media sector included Huamei Holdings, Shengyibao, and Zhongwen Online, with significant weekly gains [20] - The report highlights the positive trends in AI applications and cultural exports, particularly in gaming, IP, short dramas, and publishing [4]. Industry Performance - The gaming sector's weekly performance showed a 1.34% increase, while advertising marketing rose by 5.32%, and the film industry saw a 2.96% increase [12][15]. - The top three best-selling games as of July 10, 2025, were "Honor of Kings," "Peace Elite," and "Delta Action" [27]. - The total box office for the week of July 4-10, 2025, reached 665 million yuan, with "Jurassic World: Rebirth" leading at 38.9% of the total box office [37][39]. Key Data and Updates - In AI applications, Deepseek led domestic web traffic with 380.15 million visits in June, despite an 11.94% decrease [24][26]. - The report notes that 33 Chinese manufacturers made it to the global mobile game publisher revenue list, accounting for 17.6 billion USD, representing 33% of the total revenue [30]. - Upcoming game releases include Tencent's "Star Resonance" on July 17 and the sequel "I'm Surrounded by Beautiful Women! 2" on the same day [34][35].

Group 1 - The core index of the cultural industry, the China Securities Cultural Industry Index, closed at 1881.59 points, showing mixed performance among the three major A-share indices [1] - The China Securities Cultural Industry Index has increased by 4.85% in the past month, 16.46% in the past three months, and 11.27% year-to-date [2] - The index includes companies involved in various cultural sectors such as news publishing, broadcasting, cultural arts, and creative services, reflecting the overall performance of listed companies in the cultural industry [2] Group 2 - The top ten weighted companies in the index include Focus Media (10.15%), Giant Network (5.14%), and Kaiying Network (4.98%), among others [2] - The index's holdings are primarily listed on the Shenzhen Stock Exchange (77.41%) and the Shanghai Stock Exchange (22.59%) [2] - The industry composition of the index shows that communication services account for 95.23%, consumer discretionary for 3.18%, and industrials for 1.59% [2] Group 3 - The index samples are adjusted semi-annually, 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 special circumstances allowing for temporary adjustments [3] - Companies that are delisted or undergo mergers, acquisitions, or splits are handled according to specific calculation and maintenance guidelines [3]

Group 1 - The core index of the A-share market, the CSI 800 Media Index, closed at 2669.42 points, with a one-month increase of 7.50%, a three-month increase of 18.18%, and a year-to-date increase of 14.45% [1] - The CSI 800 Media Index is categorized into 11 primary industries and 35 secondary industries, providing analytical tools for investors [1] - The top ten weighted stocks in the CSI 800 Media Index include: Focus Media (14.92%), Giant Network (8.79%), Kaineng Network (8.62%), Yanshan Technology (7.8%), Kunlun Wanwei (7.29%), Light Media (7.18%), Shenzhou Taiyue (6.35%), BlueFocus Communication Group (5.75%), Perfect World (5.19%), and Mango Super Media (4.03%) [1] Group 2 - The industry composition of the CSI 800 Media Index shows that gaming accounts for 28.94%, other advertising and marketing for 14.92%, film and animation for 12.88%, publishing for 9.63%, and other digital media for 7.80% [2] - The index sample is adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2] - In cases of special events affecting a sample company's industry classification, the CSI 800 Industry Index will be adjusted accordingly [2]

Group 1 - The core index of the cultural and entertainment sector, the CSI Cultural and Entertainment Media Index, has shown a mixed performance with a recent increase of 0.32%, closing at 838.13 points and a trading volume of 24.477 billion yuan [1] - Over the past month, the CSI Cultural and Entertainment Media Index has risen by 4.00%, 3.36% over the last three months, and 7.93% year-to-date [1] - The index includes companies involved in video, live streaming, gaming, film, IPTV/OTT, digital publishing, digital marketing, online education, and event performances, reflecting the overall performance of listed companies in the cultural, entertainment, and media sectors [1] Group 2 - The top ten weighted stocks in the CSI Cultural and Entertainment Media Index include: Focus Media (10.22%), China Duty Free Group (8.17%), Giant Network (4.54%), Kaiying Network (4.46%), Kunlun Wanwei (3.92%), 37 Interactive Entertainment (3.91%), Light Media (3.89%), Shenzhou Taiyue (3.42%), Leo Group (3.16%), and BlueFocus Communication Group (3.12%) [1] - The market distribution of the index holdings shows that 73.62% are from the Shenzhen Stock Exchange and 26.38% from the Shanghai Stock Exchange [1] Group 3 - The industry composition of the index holdings indicates that communication services account for 87.58%, consumer discretionary for 11.15%, and information technology for 1.27% [2] - The index samples are adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [2] - In special circumstances, the index may undergo temporary adjustments, such as when a sample company is delisted or undergoes mergers, acquisitions, or splits [2] Group 4 - Public funds tracking the cultural and entertainment sector include the Huaxia CSI Cultural and Entertainment Media ETF [3]

Investment Rating - The report maintains an "Overweight" rating for the internet media industry, indicating a positive outlook for the sector's performance relative to the overall market [2]. Core Insights - The report highlights four key growth drivers for the gaming sector: 1. Demand from younger generations (post-90s and post-00s) and overseas markets, with AI potentially creating new gameplay experiences. 2. Companies that have focused on project development and improved their R&D capabilities over the past five years are now better positioned to create high-quality products. 3. Competition in gaming is shifting towards differentiation rather than price competition. 4. Despite product cycles, improvements in industrial processes can lead to sustained growth [2]. Summary by Sections Gaming Sector - The report identifies several companies with promising new products that could drive mid-term growth, including: - Giant Network's "Supernatural Action" and Century Huatong's "Whiteout Survival" and "Kingshot" [2]. - Companies like 37 Interactive Entertainment and Kying Network are noted for their strong new game reserves and AI strategies [2]. AI Applications - The report emphasizes the commercial potential of AI applications, citing successful products like Kuaishou's AI video tools and Meitu's consumer-focused AI offerings [2]. - AI's impact on advertising revenue for companies like Tencent and Bilibili is highlighted as an area of growth [2]. Entertainment and Consumer Trends - The report recommends companies involved in trendy consumer products, music, and live events, such as Pop Mart and NetEase Cloud Music, which are benefiting from increased engagement from younger audiences [2]. - The integration of media networks with platforms like Alipay is expected to enhance the value of companies like Focus Media [2]. Valuation Metrics - A detailed valuation table is provided, showing projected revenues and profits for key companies in the gaming and entertainment sectors, with Tencent's market cap at 41,505 million RMB and a projected PE ratio of 16 for 2025 [4].

1、2024 年年度股东会审议通过的利润分配方案为：按照公司总股本 1,962,564,954 股为基数，向全体股东每 10 股派发现金红利 1 元（含税），合计 196,256,495.40 元。本年度不进行资本公积转增股本，不送红股。 在利润分配方案披露日至实施权益分派股权登记日期间，若公司总股本发生 变动，将按照分配总额不变的原则对分配比例进行调整。 2、公司自分配方案披露至实施期间公司股本总额未发生变化。 证券代码：300002 证券简称：神州泰岳 公告编号：2025-027 北京神州泰岳软件股份有限公司 2024年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 北京神州泰岳软件股份有限公司（以下简称"公司"）2024 年度权益分派方 案已获 2025 年 6 月 10 日召开的 2024 年年度股东会审议通过，现将权益分派事 宜公告如下： 一、股东会审议通过利润分配方案的情况 【注：根据先进先出的原则，以投资者证券账户为单位计算持股期限，持股 1 个月（含 1 个月）以内，每 10 股补缴税款 0.200000 元；持股 1 个月 ...

Index Performance - The CSI A500 Index increased by 1.32% this week, closing at 4662.51 points on July 4 [4] - The average daily trading volume for the week was 18341.42 billion yuan, with a week-on-week decrease of 9.22% [4] Top Performing Stocks - The top ten stocks with the highest gains this week included: 1. Tian Shou Pharmaceutical (600521.SH) with a gain of 23.34% 2. Daqian Energy (688303.SH) with a gain of 22.18% 3. Junshi Biosciences (688180.SH) with a gain of 18.93% 4. Lepu Medical (300003.SZ) with a gain of 17.99% 5. Giant Network (002558.SZ) with a gain of 17.42% 6. Tongwei Co., Ltd. (600438.SH) with a gain of 17.32% 7. Hualing Steel (000932.SZ) with a gain of 15.37% 8. Pengding Holdings (002938.SZ) with a gain of 14.57% 9. Shenzhou Taiyue (300002.SZ) with a gain of 13.70% 10. Dongshan Precision (002384.SZ) with a gain of 13.36% [3] Underperforming Stocks - The ten stocks with the largest declines this week included: 1. Hengxuan Technology (688608.SH) with a loss of 33.40% 2. Huazhi Shihua (688120.SH) with a loss of 32.34% 3. Northern Huachuang (002371.SZ) with a loss of 22.87% 4. Weining Health (300253.SZ) with a loss of 8.77% 5. China Eastern Airlines (600115.SH) with a loss of 7.07% 6. Xingyuan Material (300568.SZ) with a loss of 6.99% 7. Cambricon Technologies (688256.SH) with a loss of 6.50% 8. Beiyi Innovation (603986.SH) with a loss of 5.93% 9. Jixiang Airlines (603885.SH) with a loss of 5.84% 10. New Zhou Bang (300037.SZ) with a loss of 5.49% [3] Fund Performance - This week, 38 CSI A500 funds collectively rose, with Pu Yin An Sheng leading at a 1.72% increase [5] - The top three funds by size were Huatai-PB (200.88 billion yuan), Guotai (181.5 billion yuan), and GF Fund (174.22 billion yuan) [5] Market Trends - A new trend has emerged in the Hong Kong stock market where A-share listed technology companies are increasingly pursuing secondary listings in Hong Kong [7] - The secondary listings provide diversified financing channels and enhance international market recognition for the companies [7] - The median discount rate for five companies planning secondary listings in Hong Kong is approximately -17% [7] - The core factors driving asset performance are expected to shift from external to internal influences in the second half of the year [7]