Investment Rating - The report maintains a "Buy" rating for multiple companies in the media sector, including 东方明珠, 芒果超媒, 万达电影, 华策影视, 姚记科技, 奥飞娱乐, 上海电影, 中信出版, 天舟文化, 风语筑, 美图公司, and 哔哩哔哩-W [8] Core Insights - The launch of Sora2 by OpenAI represents a significant advancement in video generation technology, transitioning from an experimental model to a consumer-facing application, which is expected to reshape the creative industry [3][4] - Sora2 introduces features such as realistic physics, multiple styles, and enhanced audio-visual synchronization, which are anticipated to improve the practicality and playability of media applications [4] - The report highlights the interdependence of productivity and production relationships in the AI era, suggesting that advancements in AI will drive new opportunities in digital marketing, educational training, and content creation [4][6] Summary by Sections Industry Performance - The media sector has shown strong relative performance with a 48.1% increase over the past 12 months, compared to a 17.3% increase in the 沪深 300 index [1] Sora2's Impact on Media Applications - Sora2 is expected to enhance various media applications, including digital marketing, educational content, and community engagement, by lowering content creation costs and increasing demand for high-quality content [4][6] Investment Dimensions - The report identifies four key investment dimensions: 1. Continuous iteration of OpenAI models, with a valuation reaching $500 billion, benefiting related companies 2. A new paradigm in content generation, with a focus on high-quality content creation 3. Opportunities in the digital marketing sector 4. Community platform developments, particularly in the Douyin and Xiaohongshu ecosystems [6]

Group 1: Company Strategy and Development - The company focuses on the "Big Culture + Technology" development strategy, actively seeking investment opportunities in "AI + publishing, education, and the internet" sectors [2] - The company aims to enhance profitability in publishing and education while fostering new growth points in emerging AI sectors [3] Group 2: Shareholder Engagement and Stock Management - The company conducted a share buyback in 2024, with repurchased shares allocated for the employee stock incentive plan [2] - Management has no plans for short-term share reduction, indicating confidence in the company's future [3] Group 3: Investment and Business Expansion - The company has invested in Hunan Jinxin Electronics Technology Co., a leading DSP chip design firm, as part of its investment strategy [2] - Future investments will focus on promising game companies to enhance overall profit levels, with a commitment to developing blockbuster game products [3]

Core Points - Tianzhou Culture announced on September 23 that it plans to use idle self-owned funds to purchase financial products with a total amount not exceeding 450 million yuan [1] Group 1 - The company will invest in financial products issued by banks and securities companies that have high safety, good liquidity, and low risk [1] - The funds can be used in a rolling manner within 12 months from the date of the board's approval [1] - The board has authorized the chairman to make investment decisions within the approved limit, with the finance department handling the specific operations [1]

证券代码：300148 证券简称：天舟文化 编号：2025-030 天舟文化股份有限公司 第四届董事会第二十七次会议决议公告 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、误导性陈述或者重大遗漏。 1 个月内滚动使用。在额度范围内公司董事会授权董事长行使该项投资 决策权，由公司财务部门具体操作。 表决结果：5票同意，0票反对，0票弃权。 具体请详见 2025 年 9 月 23 日披露于中国证监会指定信息披露 网站巨潮资讯网（www.cninfo.com.cn）上的《关于使用闲置自有资 金购买银行理财产品的公告》（公告编号：2025-032）。 三、备查文件 一、董事会会议召开情况 天舟文化股份有限公司（以下简称"公司"）第四届董事会第二 十七次会议于 2025 年 9 月 23 日以通讯方式召开，会议通知于 2025 年 9 月 18 日以电子邮件的方式发出。本次会议由公司董事长肖志鸿 先生主持，会议应出席董事 5 名，实际出席董事 5 名。本次会议的召 集和召开符合《公司法》等有关法律、行政法规、部门规章、规范性 文件及《公司章程》的有关规定。 二、董事会会议审议情况 审议通过了 ...

天舟文化股份有限公司 第四届监事会第十九次会议决议公告 本公司及监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、误导性陈述或者重大遗漏。 一、监事会会议召开情况 证券代码：300148 证券简称：天舟文化 编号：2025-031 风险较低的理财产品。 表决结果：3票同意，0票反对，0票弃权。 三、备注文件 1、第四届监事会第十九次会议决议； 2、其他相关文件。 特此公告。 天舟文化股份有限公司监事会 天舟文化股份有限公司（以下简称"公司"）第四届监事会第十九 次会议于2025年9月23日以通讯方式召开。会议通知于2025年9月18日以 电子邮件方式发出。会议由监事会召集人匡舒平女士主持，会议应参与 表决监事3名，实际参与表决监事3名。本次会议的召集和召开符合《公 司法》等有关法律、行政法规、部门规章、规范性文件及《公司章程》 的有关规定。 二、监事会会议审议情况 审议通过了《关于使用闲置自有资金购买银行理财产品的议案》 经审核，监事会认为：公司目前经营状况良好，在不影响公司正 常经营和资金安全的前提下，使用不超过人民币45,000万元（含）闲 置自有资金通过金融机构进行现金管理，主要用于购买 ...

证券代码：300148 证券简称：天舟文化 编号：2025-032 天舟文化股份有限公司 关于使用闲置自有资金购买理财产品的公告 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、误导性陈述或者重大遗漏。 天舟文化股份有限公司（以下简称"公司"） 根据目前经营状况和 资金筹划需要，为有效的提高自有资金使用效率，于 2025 年 9 月 23 日召开的第四届董事会第二十七次会议和第四届监事会第十九次会议 审议通过了《关于使用闲置自有资金购买理财产品的议案》，同意公司 （含子、分公司）拟将闲置自有资金通过金融机构进行现金管理，主要 用于购买银行、证券公司等金融机构发行的安全性较高、流动性较好、 风险较低的理财产品，总额度不超过 45,000 万元（含）。在上述额度 内，资金可在自董事会审议通过之日起 12 个月内滚动使用。 一、投资情况概况 1、投资目的：在不影响公司正常经营及资金安全的情况下，提高 公司资金的使用效率，利用公司及控股子公司的闲置自有资金择机购 买理财产品，增加公司收益，为股东谋取较好的投资回报。 1 3、投资品种：为控制风险，上述额度内的资金仅限于购买银行、 证券公司等金 ...

Investment Rating - The report maintains a "Buy" rating for the media industry [6][10]. Core Insights - The media industry is expected to benefit from the ongoing integration of AI applications and consumer demand, particularly during the upcoming National Day and Double Eleven shopping festivals [5][16]. - Huawei's "Smart World 2035" report predicts that by 2035, there will be 900 billion AI entities, indicating a significant shift towards an interconnected AI-driven economy [17][18]. - The report highlights the importance of high-quality content and innovative consumption experiences in driving growth within the media sector [20][24]. Summary by Sections Industry Review - The media sector has shown varied performance, with the gaming index experiencing significant gains while the lottery index has declined [15]. - The overall market indices for the week of September 15-19, 2025, showed fluctuations, with the Shanghai Composite Index down by 1.30% [15]. Media Industry Dynamics - The report emphasizes the role of AI in transforming consumer experiences and driving new consumption scenarios, supported by recent government policies [16]. - Companies like Oriental Pearl and Wanda Film are highlighted for their innovative approaches to integrating AI with content and consumer experiences [16][20]. Key Recommended Stocks - The report recommends several stocks within the media sector, including Oriental Pearl, Mango Super Media, and Wanda Film, all of which are expected to benefit from upcoming events and AI integration [6][10]. - Specific companies are noted for their strategic initiatives, such as BlueFocus's AI strategy and Huace Film's new content releases [6][10]. Upcoming Events and Market Trends - The report discusses the anticipated impact of the National Day film releases and the Double Eleven shopping festival on the cinema and e-commerce sectors [20][21]. - The ongoing negotiations regarding TikTok are also mentioned, indicating potential implications for digital marketing and e-commerce platforms [22][23].

Core Viewpoint - The publishing sector experienced a decline of 0.6% on September 17, with significant losses in the Guangdong media segment, while the Shanghai Composite Index rose by 0.37% and the Shenzhen Component Index increased by 1.16% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3876.34, up 0.37% [1] - The Shenzhen Component Index closed at 13215.46, up 1.16% [1] - The publishing sector's individual stocks showed mixed performance, with notable declines in several companies [1] Group 2: Stock Performance - Major stocks in the publishing sector included: - Xinhua Wenhui (601811) closed at 15.70, up 1.16% with a trading volume of 69,500 shares and a turnover of 107 million yuan [1] - Southern Media (601900) closed at 13.07, up 0.38% with a trading volume of 73,800 shares [1] - Guangdong Media (002181) closed at 8.23, down 3.63% with a trading volume of 955,700 shares and a turnover of 788 million yuan [2] Group 3: Capital Flow - The publishing sector saw a net outflow of 239 million yuan from institutional investors, while retail investors contributed a net inflow of 200 million yuan [2] - The capital flow for individual stocks indicated varying levels of interest from different investor types, with some stocks experiencing significant net inflows from retail investors [3]

Core Points - The publishing sector experienced a slight decline of 0.03% on September 16, with major losses led by Guangdong Media [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Publishing Sector Performance - Notable gainers in the publishing sector included: - Tianzhou Culture (300148) with a closing price of 5.22, up 3.78% and a trading volume of 767,000 shares, totaling 394 million yuan [1] - Xinhua Wenhui (601811) closed at 15.52, up 3.12% with a trading volume of 97,600 shares, totaling 151 million yuan [1] - Guomai Culture (301052) closed at 69.94, up 2.99% with a trading volume of 72,200 shares, totaling 503 million yuan [1] - Major decliners included: - Guangdong Media (002181) closed at 8.54, down 5.53% with a trading volume of 1,277,900 shares, totaling 1.106 billion yuan [2] - Zhongyuan Media (000719) closed at 12.11, down 1.46% with a trading volume of 71,200 shares, totaling 86.4937 million yuan [2] - Zhongnan Media (601098) closed at 12.58, down 1.10% with a trading volume of 127,800 shares, totaling 161 million yuan [2] Capital Flow Analysis - The publishing sector saw a net outflow of 44.20 million yuan from institutional investors, while retail investors contributed a net inflow of 82.39 million yuan [2] - Key stocks with significant capital flow included: - Zhongwen Online (300364) had a net inflow of 69.01 million yuan from institutional investors, but a net outflow of 74.83 million yuan from retail investors [3] - Tianzhou Culture (300148) experienced a net inflow of 31.57 million yuan from institutional investors, but a net outflow of 13.19 million yuan from retail investors [3] - Xinhua Wenhui (601811) had a net inflow of 23.92 million yuan from institutional investors, with a net outflow of 25.90 million yuan from retail investors [3]

本次活动将采用网络远程的方式举行，投资者可登录"全景路演" 网站（https://rs.p5w.net），或关注微信公众号：全景财经，或下载全 景路演 APP，参与本次互动交流，活动时间为 2025 年 9 月 19 日（星 期五）14:00-17:00。 届时公司董事会秘书、财务总监刘英女士、证券事务代表姜玲女 士将通过网络在线交流形式与投资者进行沟通。欢迎广大投资者积极 参与。 特此公告。 关于参加 2025 年湖南辖区上市公司投资者网上集体 接待日暨半年度业绩说明会活动的公告 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、误导性陈述或者重大遗漏。 为进一步加强与投资者的互动交流，天舟文化股份有限公司（以 下简称"公司"）将参加由湖南证监局、湖南省上市公司协会与深圳 市全景网络有限公司联合举办的"资本聚三湘 楚光耀新程——2025 年湖南辖区上市公司投资者网上集体接待日暨半年度业绩说明会"活 动，现将相关事项公告如下： 证券代码：300148 证券简称：天舟文化 编号：2025-029 天舟文化股份有限公司 天舟文化股份有限公司董事会 二○二五年九月十六日 ...