[Table_Message] 2026-03-29 行业点评 看好/维持 传媒互联网 [Table_Title] 传媒互联网 Claude 更新功能向 Agent 演进，OpenAI 关停 Sora ◼ 走势对比 ◼ 子行业评级 E-MAIL：zhenglei@tpyzq.com 执业资格证书编码：S1190523060001 ◼ 联系人：李林卉 E-MAIL：lilh@tpyzq.com 执业资格证书编码：S1190526020001 [Table_Summary] 报告摘要 ➢ Claude 更新远程控制、自主执行功能，向 Agent 演进 2 月以来，Claude 围绕远程控制、自主执行任务进行了多个功能更新， 包括：1）Remote Control：通过 Claude 移动端 App，对 Claude Code 进行实时交互，实现多设备无缝续工；2）Channels：通过 Telegram 等 聊天软件发送指令，控制 Claude Code 执行任务后推送结果；3） Dispatch：Cowork 桌面系统的移动端调度控制台，可通过手机实现对 Cowork 进行任务调度；4）Computer Use ...

证券研究报告：传媒|点评报告 发布时间：2026-03-30 行业投资评级 强于大市|维持 | 行业基本情况 | | | --- | --- | | 收盘点位 | 784.68 | | 52 周最高 | 1021.75 | | 52 周最低 | 591.71 | 行业相对指数表现（相对值） 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 近期研究报告 《AI 重塑游戏：供给革新与需求跃迁， 开启游戏产业新周期》 - 2026.03.25 分账新政重塑长剧商业生态，关注内容供给侧表现 ⚫ 事件回顾 2026 年 3 月 13 日，2026 中国电视剧制作产业大会在深圳召开， 国家广电总局明确长剧、中剧、微短剧协同发展导向，呼吁各平台完 善"保底+分成"模式，即平台承担保底制作成本，与片方按一定比例分 成净收益部分。 ⚫ 投资要点 我们建议关注：1）优质影视内容制作方：华策影视、欢瑞世纪、 光线传媒；2）平台及配套服务方：芒果超媒、横店影视；3）具备优 质 IP 向影视内容转化能力的标的：中文在线、掌阅科技、阅文集团。 ⚫ 风险提 ...

传媒 2026 年 03 月 29 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -24% -12% 0% 12% 24% 36% 48% 60% 2025-03 2025-07 2025-11 传媒 沪深300 相关研究报告 《大厂继续加码 AI 投入，重磅新游上 线临近—行业周报》-2026.3.22 《汇量科技激励落地，苹果降渠道分 成，布局 AI+ 游 戏 — 行 业 周 报 》 -2026.3.15 《OpenClaw 出圈，政策再助力，继续 布局 AI 及游戏—行业点评报告》 -2026.3.9 国产模型竞争力或进一步提升，继续布局大模型及 AI 广告/漫剧等 AI 应用 据晚点 LatePost，自 2026 年春节以来，字节跳动旗下豆包大模型日均 Token 调 用量已超过 100 万亿，不到两个月上涨超 60%，成为 OpenAI、Google 之后全球 第三家日均 Token 调用量超百万亿的大模型厂商，而其 Token 增长主要来自中国 市场，旗下的视频生成模型 Seedance2.0 API 尚未在海外正式上线；根据快手 2025 年报，旗下 AI 视频模型可灵助力公司 Q4 ...

证券代码：300133 证券简称：华策影视 公告编号：2026-002 浙江华策影视股份有限公司 关于变更签字注册会计师的公告 本公司及其董事会全体成员保证公告内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 浙江华策影视股份有限公司（以下简称"公司"）于 2025 年 4 月 17 日召开 第五届董事会第十八次会议、第五届监事会第十八次会议，审议通过了《关于续 聘 2025 年度会计师事务所的议案》，同意续聘天健会计师事务所（特殊普通合伙） （以下简称"天健会计师事务所"）为公司 2025 年度审计机构。具体内容详见公 司 2025 年 4 月 18 日披露于巨潮资讯网的《关于续聘 2025 年度会计师事务所的 公告》（公告编号：2025-027）。上述事项已经公司 2024 年年度股东大会决议通 过。 近日，公司收到天健会计师事务所出具的《关于变更签字注册会计师的函》， 现将有关情况公告如下： 一、本次签字注册会计师的变更情况 天健会计师事务所作为公司 2025 年度审计机构，原委派张文娟女士、金杨 杨先生作为签字注册会计师为公司提供审计服务。鉴于原委派的签字注册会计师 金杨杨先生工作调整，经 ...

证券代码：300133 证券简称：华策影视 公告编号：2026-003 浙江华策影视股份有限公司 关于股东股份质押的公告 公司控股股东杭州大策投资有限公司保证向本公司提供的信息内容真实、准 确、完整，没有虚假记载、误导性陈述或者重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一致。 浙江华策影视股份有限公司（以下简称"公司"）近日收到公司控股股东杭 州大策投资有限公司（以下简称"大策投资"）的通知，大策投资将其持有本公 司部分股份进行了质押。具体事项如下： 二、股东股份累计被质押的情况 1 股东 名称 是否为控 股股东或 第一大股 东及其一 致行动人 本次 质押 数量 占其所 持股份 比例 占公 司总 股本 比例 是否 为限 售股 是否 为补 充质 押 质押 起始 日 质押到 期日 质权人 质 押 用 途 大策 投资 是 1200 万股 3.71% 0.64% 否 否 2026 年 3 月 19 日 至申请 解除质 押登记 为止 中国光大 银行股份 有限公司 杭州分行 融 资 是 800 万股 2.47% 0.42% 否 否 2026 年 3 月 20 日 至申请 解除质 押登记 为止 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong growth potential in various sub-sectors such as e-commerce, social entertainment media, internet healthcare, short videos, and IP-driven markets [4][3] - The report emphasizes the positive impact of Apple's commission rate reduction on gaming companies, which is expected to enhance industry profitability [14][15] - The AI sector is anticipated to experience significant growth, with a focus on self-developed models and vertical integration in cloud and ecosystem services [22][4] E-commerce - The report notes that Alibaba's cloud services are expected to boost token usage and MaaS revenue due to the launch of lightweight cloud servers [4][17] - Meituan's management emphasizes a focus on core local business and AI as a major variable for future growth, while maintaining a significant market share in instant retail [14][15] Social Entertainment Media - Tencent's WeChat is projected to continue its strong monetization potential, while Bilibili's advertising growth is expected to lead the internet advertising market [4][18] - Bilibili's advertising revenue is forecasted to accelerate to a 27% growth rate in Q4 2025, benefiting from e-commerce and AI applications [18][4] Internet Healthcare - JD Health and Alibaba Health are leveraging their platform advantages to deepen collaborations with upstream pharmaceutical manufacturers, resulting in strong revenue and profit growth [4][18] Short Videos - Kuaishou is expected to benefit from technological advancements, with continued capital investment anticipated in 2026 [4][19] IP and Trendy Toys - Pop Mart is actively releasing and promoting new IPs, with plans to enhance collaboration with overseas designers to penetrate international markets [4][19] Long Videos - The report indicates that membership and advertising revenues in the long video sector are stabilizing, with companies exploring new business opportunities [4][19] Music Streaming - The music streaming sector is experiencing healthy membership growth, with strategies in place to optimize ARPU [4][19] Gaming - The report remains optimistic about the gaming sector's performance, with recommendations for companies like Century Huatong and Giant Network, which have strong product pipelines and sustainable growth [20][4] - The gaming industry is expected to maintain its favorable outlook into 2026, driven by fundamental performance [20][4] Advertising - The report highlights significant increases in internet advertising investments, particularly for companies like Focus Media, which is expected to benefit from upcoming major events [20][4] AI - The report anticipates a new wave of value reassessment in AI, with a focus on high customer unit prices and increased penetration rates [22][4]

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting potential growth opportunities driven by AI advancements and market adjustments [10]. Core Insights - The media industry is experiencing a transformative phase with the rise of AI-driven applications, particularly in digital marketing and content creation. The adjustment of commission rates by major platforms like Apple is expected to enhance the survival environment for innovative companies [4][16]. - The report emphasizes the importance of AI in reshaping content production, media forms, and interaction modes, indicating a shift from generative AI to agentic AI, which is expected to create significant economic value [17][18]. Industry Overview - The media sector has shown varied performance, with the Shanghai Composite Index and Shenzhen Component Index experiencing slight fluctuations. The media sub-sectors have seen significant movements, with notable gains in companies like Zhongnan Culture and China Science Publishing [15]. - The report discusses the impact of geopolitical pressures on market sentiment, suggesting that despite challenges, the upward trend in AI-driven application scenarios remains intact [4]. Key Recommendations - Specific stocks recommended for investment include: - Shunwang Technology (300113) for its positioning in consumer-grade graphics cards [5] - Yaoji Technology (002605) for its transition from traditional card games to digital marketing [5] - Perfect World (002624) for its upcoming game releases [5] - Wanda Film (002739) for its ongoing film projects and AI-enabled content development [5] - Mango Super Media (300413) for its innovative content strategies [5]. Market Dynamics - The report notes that the adjustment of commission rates by Apple, effective March 15, 2026, will lower the standard commission from 30% to 25%, benefiting smaller developers and enhancing competition in the market [16]. - The gaming sector is highlighted for its dual approach in overseas markets, with both casual and mid-core games showing strong revenue growth through strategic content updates and seasonal events [24]. Company Performance and Forecasts - The report provides detailed earnings forecasts for various companies, indicating a positive outlook for many within the media sector, with expected EPS growth across several firms [10]. - Companies like Bilibili (9626.HK) and Tencent (0700.HK) are noted for their strong content IP and community engagement, positioning them well for continued growth in the AI era [8].

2026.03. 14 本文字数：2386，阅读时长大约4分钟 作者 | 第一财经 葛怡婷 2026年的春天，中国影视业正站在一个充满张力的十字路口。短剧冲击、观众注意力碎片化，让传 统长剧行业陷入前所未有的流量焦虑。另一边，以Seedance 2.0、可灵3.0为代表的AI视频工具迎来 爆发式迭代，技术重塑影像的预言正在成为现实。从剧本生成、分镜设计到拍摄执行、后期渲染， AI以肉眼可见的速度渗透创作全链条，一场关于创作逻辑、生产方式乃至产业形态的革命已然降 临。 在近日举办的2026上海影视创制大会上，多场主题沙龙围绕这一新变局展开。来自主管部门、视频 平台、影视公司及创作者的声音汇聚在一起。尽管AI带来了颠覆性挑战，市场环境剧烈波动，但讨 论的主基调并不是悲观。在大多数从业者看来，短剧不是长剧的敌人，AI也不是创作者的对手。真 正决定未来的，是能否守住内容初心，用审美引领技术的能力。 主题沙龙在上海静安国际会客厅举行 AI成为最大变量 "不管我们是否喜欢，人工智能重构光影世界的时代已经到来。"国家广播电视总局电视剧司副司长朱 正文在分享中直言，他将AI定义为新局中的最大变量。 过去二十余年，中国影视工业 ...

Investment Rating - The investment rating for the media industry is "Positive" (maintained) [1] Core Insights - The report highlights the significant growth potential in AI applications and gaming, driven by advancements in large models and favorable policy changes, such as Google's reduced revenue share for app stores, which is expected to enhance profit margins for domestic gaming companies [4][30] - OpenClaw, an AI assistant platform, has gained immense popularity, topping GitHub's software star ranking, indicating a strong demand for AI tools that enhance user productivity [3][31] - The gaming sector is poised for growth with the upcoming launch of high-potential titles like "异环" (Yihuan), which has already garnered significant pre-registration interest [4][21] Industry Overview - The media industry is experiencing a shift with AI technology accelerating commercialization, particularly in content generation and gaming [30] - The gaming sector has shown resilience, with notable titles like "王者荣耀" (Honor of Kings) leading the iOS sales charts, indicating strong consumer engagement [11][16] - The film industry is also performing well, with "飞驰人生 3" (Fast and Furious 3) achieving the highest box office revenue for the week [25] Key Company Recommendations - For AI applications, recommended companies include Tencent Holdings and Kuaishou, with beneficiaries like Alibaba and Kunlun Wanwei [3] - In the gaming sector, key recommendations include Perfect World, Kying Network, and Xindong Company, with beneficiaries such as Century Huatong and 37 Interactive Entertainment [4] - For cloud computing, Shunwang Technology is highlighted as a key player, with beneficiaries including Zhejiang Shuju Culture [3]

Investment Rating - The report maintains a "Buy" rating for the media industry, indicating a positive outlook for investment opportunities in this sector [1]. Core Insights - The media sector is positioned to benefit from the dual attributes of technology application and domestic demand, particularly in the context of the government's economic development goals for 2026, which aim for a growth rate of 4.5% to 5% [3][14]. - The transition to Web4.0 is expected to enhance the media landscape through AI empowerment, leading to new applications and content production paradigms [3][15]. - The report highlights the emergence of new consumption patterns, such as the "reward economy" and "accompaniment economy," which are anticipated to drive demand for media products and services [19][20]. Summary by Sections 1. Industry Review - The media industry has shown varied performance, with the internet marketing index experiencing significant declines while other sectors like vocational education have fared better [13]. - The report notes a substantial increase in the popularity of female-oriented AI dramas, which have become a key growth area within the industry [31][32]. 2. Industry Dynamics - The gaming sector continues to thrive, with major players like Tencent and NetEase leading in revenue generation, particularly during festive periods [27]. - E-commerce platforms are innovating with AI technologies, enhancing user engagement and operational efficiency [29][30]. - The report emphasizes the growing importance of AI in content creation, particularly in the realm of female-centric narratives, which are gaining traction in the market [31][32]. 3. Recommended Stocks - The report identifies several stocks to watch, including: - Shunwang Technology (300113) benefiting from Web4.0 applications - Mango Super Media (300413) focusing on AI-driven content - Wanda Film (002739) expected to recover post-holiday adjustments [4][8]. 4. Profit Forecasts - The report provides earnings per share (EPS) and price-to-earnings (PE) ratios for various companies, indicating a generally optimistic outlook for the media sector [8].