证券研究报告 | 2025年07月21日 传媒互联网周报 优于大市 OpenAI 发布智能体，Anthropic 估值新高 传媒板块本周表现：行业下跌 1.58%，跑输沪深 300，跑输创业板指。本周 （7.14-7.20）传媒行业下跌 1.58%，跑输沪深 300（1.09%），跑输创业板 指（3.17%）。其中涨幅靠前的分别为兰生股份、世纪天鸿、焦点科技、游 族网络等，跌幅靠前的分别为 ST 紫天、吉比特、ST 广网、宝通科技等。横 向比较来看，本周传媒板块在所有板块中涨跌幅排名第 28 位。 重点关注：OpenAI 发布智能体，《王者荣耀》布局女性向内容赛道。1）OpenAI 发布 ChatGPT Agent 智能体，整合了 Operator 智能体的网页交互能力、"深 入研究"的互联网信息搜集能力，以及 ChatGPT 的对话能力；2）Anthropic 正处于新一轮融资早期阶段，部分投资者愿以超 1000 亿美元估值投资该公 司；3）15 日，Grok APP 推出新功能"智能伴侣"，基于 Grok 4 大模型可 与人自然交互；4）《王者荣耀》正式官宣其全新情感陪伴向内容企划"心 动的王者"，布局女 ...

Core Viewpoint - A consumer complaint regarding Mango TV's SVIP membership highlights issues with the inability to cast exclusive content to a television, raising concerns about the platform's membership structure and user experience [2][4][12]. Group 1: Consumer Complaint - A consumer named Ms. Chen reported that despite holding multiple Mango TV memberships, including SVIP, she was unable to cast exclusive content to her TV, which sparked significant discussion on social media [2][4]. - Ms. Chen expressed frustration that SVIP content could only be viewed on mobile devices and not on the TV, questioning the fairness of the membership fees she paid [7][11]. - The customer service response indicated that SVIP content does not support casting or recording, and users must wait for the content to transition to regular VIP status before it can be cast to a TV [12][14]. Group 2: Membership Structure - Mango TV offers various membership tiers: Ordinary Member (annual fee of 218 yuan), SVIP (annual fee of 268 yuan), Super Premium Club (annual fee of 999 yuan), and Full Screen Member (annual fee of 248 yuan) [12]. - The membership benefits for SVIP and Ordinary Members are limited to mobile, tablet, and computer devices, while Full Screen Members can access content on TV and set-top boxes [12][13]. - The SVIP membership specifically states that it does not include TV access, which Ms. Chen found difficult to notice, leading to her dissatisfaction with the service [11][12]. Group 3: Company Financials - Mango TV's parent company, Mango Super Media, reported a 12.76% year-on-year decline in revenue to 2.9 billion yuan for the first quarter, with a 19.80% drop in net profit to 379 million yuan [14]. - The revenue decline was attributed to a contraction in traditional TV shopping business, while the net profit drop was linked to increased investments in high-quality content and technology [14]. - Despite these challenges, Mango TV's membership revenue continues to show positive growth driven by quality content [14].

此外，资本市场对于这类"弥补亏损"操作往往情绪复杂。一方面，公司通过清除账面亏损，有助于为日 后恢复分红提供可能，对股价或形成一定提振；但另一方面，理性投资者更关心企业的基本面，是否拥 有稳定的业务模式、清晰的发展战略和有效的风险控制机制。盈康生命如果未能在主营业务上构建起可 持续盈利能力，弥补亏损的会计操作终究只是"化妆"，难以根本扭转市场预期。 盈康生命的案例也提醒众多上市公司，在多元化布局和资本运作中应保持理性，盲目并购和激进扩张往 往会埋下资产减值和投资失败的隐患。经历大额亏损和"清零"之后，公司是否能真正重塑增长逻辑，将 成为未来市场观察的重点。 财务处理可以暂时缓解报表压力，但最终决定一家上市公司价值的，仍是其经营质量和可持续发展的能 力。盈康生命能否借此次机会完成转身，仍需时间检验。 （文章来源：每日经济新闻） 值得注意的是，公司2025年一季度实现营收4.09亿元、归母净利润2999万元，表明其在瘦身调整后初见 成效，但这个利润体量距离填平此前巨额亏空仍相去甚远。对投资者而言，更应关注这种盈利是来自主 营业务改善，还是一次性因素的推动。如果只是财务上的偶发性回暖，而非持续性提升，那盈康生命的 ...

Core Insights - The Chinese concert ticketing market is experiencing rapid growth, with ticket sales expected to exceed 26 billion in 2024, representing a year-on-year increase of 78.1% [4] - The secondary ticket market plays a crucial role in redistributing ticket resources, providing additional purchasing avenues for consumers unable to secure tickets through primary sales [1][2] Group 1: Market Dynamics - The ticketing market consists of a primary market with fixed pricing and a secondary market characterized by dynamic pricing, allowing for price fluctuations based on demand [1][2] - The secondary market enhances consumer satisfaction and market vibrancy by addressing supply-demand imbalances, particularly for popular events [1] Group 2: Industry Growth - The concert ticketing market is projected to grow significantly, with the number of attendees surpassing 29 million in 2024, marking a 45.0% increase year-on-year [4] - Major ticketing platforms like Maoyan and Damai are reporting substantial growth in gross merchandise volume (GMV), with Maoyan's concert ticketing GMV increasing by approximately 90% and Damai's revenue reaching 2.057 billion, up 236% [5][7] Group 3: Regulatory Challenges - Despite regulatory efforts to curb ticket scalping and refund issues, challenges remain, with reports indicating that publicly available tickets for some concerts are less than 50% of total ticket sales [9] - The 2023 regulations mandate real-name ticket purchases and entry, but enforcement and compliance issues persist, leading to ongoing consumer complaints [9][11] Group 4: Consumer Complaints - The primary complaint in the online ticketing sector is related to refund issues, accounting for 56.94% of complaints, followed by unfair terms at 19.44% [11][14] - Recommendations include improving legal frameworks for refunds, enhancing consumer awareness of rights, and increasing penalties for scalping to maintain market order [14]

Investment Rating - The report maintains an "Outperform" rating for the media industry [5][41]. Core Viewpoints - The media sector has shown a positive performance with a 3.22% increase, outperforming both the CSI 300 (0.82%) and the ChiNext Index (2.36%) during the week of July 7 to July 13 [12][41]. - The report highlights the ongoing advancements in AI applications and the potential for growth in the gaming, advertising, and film sectors, driven by improving fundamentals and market conditions [4][41]. Summary by Sections Industry Performance - The media industry rose by 3.22% during the week, ranking 6th among all sectors [12][14]. - Notable gainers included Huamei Holdings (47%), Fengshang Culture (22%), and Shining Star Technology (15%) [13][12]. Key Developments - OpenAI announced the upcoming release of GPT-5, which will integrate multiple models into a unified version [2][16]. - The launch of Grok 4 by xAI, with API pricing set at $3 for input and $15 for output per million tokens, marks a significant development in AI technology [2][17]. - The Kimi K2 model, released by Moonlight Dark Company, boasts 1 trillion parameters and excels in various benchmark tests [2][18]. Box Office and Content Performance - The total box office for the week was 575 million yuan, with "Jurassic World: Rebirth" leading at 145 million yuan [19][21]. - Popular TV shows included "Running Man Season 13" and "Singer 2025," while the gaming sector saw "Whiteout Survival" topping the mobile game revenue charts [3][30]. Investment Recommendations - The report suggests focusing on gaming, advertising media, and film sectors, with specific stock recommendations including Kaiying Network, Giant Network, and Bilibili [4][41]. - The report emphasizes the potential of AI applications and IP-driven products, recommending companies like Pop Mart and Zhejiang Digital Culture [4][41].

Investment Rating - The report maintains an "Outperform" rating for the media industry [5][41]. Core Viewpoints - The media sector has shown a positive performance with a 3.22% increase, outperforming both the CSI 300 (0.82%) and the ChiNext Index (2.36%) during the week of July 7-13 [12][41]. - The report emphasizes the upward trend in the performance cycle, particularly in AI applications and IP-driven products, suggesting a focus on gaming, advertising media, and film sectors [4][41]. Summary by Sections Industry Performance - The media industry rose by 3.22% during the week, ranking 6th among all sectors [12][14]. - Notable gainers included Huamei Holdings (47%), Fengshang Culture (22%), and Shining Network (15%) [13][12]. - Decliners included ST Zitian (-51%) and Jibite (-5%) [12][13]. Key Developments - OpenAI announced the upcoming release of GPT-5, which will integrate multiple models into a unified version [2][16]. - The launch of Grok 4 by xAI, with API pricing set at $3 for input and $15 for output per million tokens, was highlighted [2][17]. - The Kimi K2 model was released by Moonlight Dark Company, showcasing top performance in various benchmark tests [2][18]. Box Office and Content Performance - The total box office for the week was 575 million yuan, with "Jurassic World: Rebirth" leading at 145 million yuan [19][21]. - Popular TV shows included "Running Man Season 13" and "Singer 2025" [26][25]. - The gaming sector saw "Whiteout Survival" leading mobile game revenues in May 2025 [30][29]. Investment Recommendations - The report suggests focusing on gaming, advertising media, and film sectors, with specific stock recommendations including Kaiying Network and Mango Super Media [4][41]. - It highlights the potential in AI applications and IP-driven products, recommending companies like Pop Mart and Yaoji Technology [4][41].

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 summer season has initiated a competitive landscape among major streaming platforms in China, including iQIYI, Tencent Video, Youku, and Mango TV, each launching new series to attract viewers [1] - iQIYI has released series such as "Ling Jiang Xian" and "Shu Juan Yi Meng," while Tencent Video has responded with "Peach Blossom Reflecting the River" and "Sweep Drug Storm" [1] - The competition is not limited to domestic markets, as these platforms are expanding their reach globally, with significant growth in the export of Chinese dramas [3][4] Group 2 - The export value of Chinese dramas has seen substantial growth, reaching $8,274 million in 2022, a 45.6% increase from the previous year, and is expected to maintain a strong presence in the global market [3] - Over 40% of production companies are now collaborating directly with local media, while nearly 30% are using self-built international platforms to distribute content [3] - Tencent Video's WeTV has established a strong foothold in Southeast Asia, leveraging local partnerships and acquiring popular content to enhance its library [7][8] Group 3 - iQIYI has adopted a phased global strategy, initially acquiring exclusive rights to popular foreign content and then collaborating with local media for original productions [14] - Youku has focused on mature markets like Europe and North America, successfully distributing series like "White Night Chasing" and "The Longest Day in Chang'an" through platforms like Netflix [16] - Mango TV is exploring overseas markets primarily through variety shows, while gradually expanding its drama offerings [22] Group 4 - The content landscape is shifting from a focus on historical dramas to a more diverse range of genres, including contemporary and realistic themes, with 49% of exported dramas in 2023 being contemporary [25][27] - Platforms are increasingly investing in high-quality productions across various genres, with Tencent Video leveraging big IPs and high production values to create global hits [29][31] - iQIYI has developed a differentiated content matrix with various themed channels, successfully launching series that resonate with international audiences [33][35] Group 5 - The competition among platforms has evolved from simple content output to a more complex ecosystem involving platform development, technology integration, and cultural exchange [65] - The transition to a 3.0 phase signifies a shift towards collaborative ecosystem building, where platforms and content creators work together to enhance cultural influence globally [65]

Group 1: Company Performance - Northern Rare Earth expects a net profit of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [1] - Muyuan Foods anticipates a net profit of 10.5 billion to 11 billion yuan for the first half of 2025, reflecting a year-on-year growth of 924.6% to 973.39% [2] - Hongta Securities projects a net profit of 651 million to 696 million yuan for the first half of 2025, indicating a year-on-year increase of 45% to 55% [3] Group 2: Business Developments - Dazhihui clarifies that it has not engaged in businesses related to "stablecoins," "virtual asset trading," or "cross-border payments," following a significant stock price fluctuation [4] - Bluetech announces a share transfer agreement where its actual controller will change, with the Ma'anshan Municipal Government becoming the actual controller after the transfer of 18% of shares [5] Group 3: Industry Trends - Jiangsu Electric Power reports a 5.01% year-on-year increase in electricity generation for the first half of 2025 [6] - Jin'an Guoji anticipates a non-recurring net profit growth of 4700% to 6300% for the first half of 2025 [6] - New Beiyang expects a non-recurring net profit growth of 650% to 720% for the first half of 2025 [6]

Core Viewpoint - Mango Excellent Media (300413.SZ) announced that independent director Ding Wenhua has resigned from his position due to the latest management regulations regarding part-time positions for academicians from the Chinese Academy of Engineering [1] Group 1 - Ding Wenhua's resignation will take effect after the election of a new independent director at the company's shareholders' meeting [1] - Until the resignation takes effect, Ding Wenhua will continue to fulfill his responsibilities [1] - The company will actively promote the process of selecting a new independent director [1] Group 2 - During his tenure, Ding Wenhua has diligently contributed to the company's development [1]