Core Viewpoint - The digital media sector experienced a rise of 1.22% on December 17, with *ST Fanli leading the gains, while the overall market indices also showed positive performance [1]. Group 1: Market Performance - The Shanghai Composite Index closed at 3870.28, up by 1.19% [1] - The Shenzhen Component Index closed at 13224.51, up by 2.4% [1] - The digital media sector stocks showed varied performance, with *ST Fanli leading with a closing price of 5.10, up by 4.94% [1] Group 2: Stock Details - *ST Fanli: Closing price 5.10, volume 311,100 shares, turnover 148 million [1] - Shengyibao: Closing price 18.03, up by 4.40%, volume 73,100 shares, turnover 130 million [1] - Visual China: Closing price 21.44, up by 2.29%, volume 281,000 shares, turnover 596 million [1] - Zhidema: Closing price 39.49, up by 2.04%, volume 107,000 shares, turnover 418 million [1] - Zhangyue Technology: Closing price 18.89, up by 1.23%, volume 95,200 shares, turnover 178 million [1] - Xinhua Net: Closing price 18.90, up by 1.07%, volume 52,600 shares, turnover 98.59 million [1] - Mango Super Media: Closing price 23.60, up by 1.03%, volume 119,800 shares, turnover 281 million [1] - Fantou Digital Creation: Closing price 25.41, up by 0.87%, volume 19,600 shares, turnover 49.09 million [1] - People's Daily: Closing price 18.60, up by 0.76%, volume 63,500 shares, turnover 117 million [1] - Guomai Culture: Closing price 12.36, down by 0.49%, volume 74,300 shares, turnover 90.61 million [1] Group 3: Fund Flow Analysis - The digital media sector saw a net outflow of 37.63 million from main funds, while retail investors contributed a net inflow of 59.57 million [2] - Main funds showed a significant net inflow in *ST Fanli, amounting to 27.62 million, while retail investors had a net outflow of 8.02 million [3] - Mango Super Media experienced a net inflow of 18.05 million from main funds, but a net outflow of 22.10 million from retail investors [3]

Group 1 - The 2025-2026 Hunan TV Mango TV New Year's Eve Concert has announced its first round of star lineup and the theme color "Qiji Red" to ignite anticipation for the new year [1][3] - The concert will take place on December 31 at 19:30 in Haikou Wuyuanhe Sports Stadium, and will be broadcast live on both Hunan TV and Mango TV platforms [6] - JD.com continues its exclusive sponsorship of the concert, offering significant New Year surprises and benefits for viewers and consumers [1][3] Group 2 - The concert's theme "Start Off Immediately, Fiery New Year" symbolizes vitality, enthusiasm, celebration, and good fortune, with the "Qiji Red" color representing a prosperous start to the new year [3] - A strong lineup of celebrities including An Qi, Chen Chusheng, Chen Weiting, and many others will perform, creating a spectacular visual and auditory experience for the audience [3] - From December 12, users can log into JD's "Cloud New Year" to receive shopping red envelopes and brand coupons, with opportunities to win various prizes including a luxury package and exclusive experiences [6]

Core Viewpoint - Mango TV, once a leader in the Chinese long video platform landscape, is experiencing a significant decline in its variety show production capabilities and audience engagement as of 2025, marked by a slowdown in innovation and content output [2][3][10]. Group 1: Content Production and Innovation - In 2025, Mango TV is described as operating in a "low battery mode," with a noticeable slowdown in the pace of new project launches and difficulties in maintaining the momentum of existing IPs [3][4]. - The platform's once-stable program scheduling has become increasingly erratic, breaking its previous reputation for reliability in content delivery [4][6]. - The introduction of new shows in 2025 lacks the innovative edge that characterized earlier productions, leading to a perception that they do not offer unique value that only Mango TV can provide [8][10]. Group 2: Audience Engagement and Market Position - The audience's viewing habits are heavily reliant on continuous updates and discussions; interruptions in this rhythm lead to a rapid loss of viewer attention [6][12]. - Compared to 2024, when Mango TV's variety shows covered multiple popular genres, the current year shows a stark contrast with fewer engaging programs [6][8]. - The platform's reliance on established IPs is nearing its limits, as repeated seasons lead to viewer fatigue and diminishing returns in audience engagement [12][17]. Group 3: Performance Metrics and Industry Context - Data and audience reception for key IPs have declined, with shows like "The Brothers Who Break Through the Thorns" and "Flowers and Youth" experiencing reduced public discussion and engagement compared to previous seasons [13][16]. - The overall drop in performance metrics indicates that Mango TV can no longer maintain its market position solely based on brand recognition and past successes [17][19]. - The industry is evolving, with competitors launching innovative formats that challenge Mango TV's traditional approach, highlighting the need for the platform to recalibrate its strategies [12][19].

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].

证券研究报告 | 2025年12月15日 传媒互联网周报 优于大市 GPT-5.2 发布，持续看好游戏与 AI 应用机会 行业上涨 0.42%，跑输沪深 300，跑输创业板指。本周（12.8-12.14）传媒 行业上涨 0.42%，跑输沪深 300（0.76%），跑输创业板指（4.14%）。其中 涨幅靠前的分别为博纳影业、广西广电、北京文化、三人行等，跌幅靠前的 分别为 ST 返利、华谊兄弟、祥源文旅、联建光电等。横向比较来看，本周 传媒板块在所有板块中涨跌幅排名第 13 位。 OpenAI 发布 GPT-5.2，谷歌 AI 浏览器可一件将标签页变成 APP。1）近日， OpenAI 把最新模型 GPT-5.2 推上生产环境，山姆·阿尔特曼称"使用 GPT-5.2 的职场人，每周至少拿回 10 小时。"；2）Runway 推出其首个通用世界模型 GWM-1，宣称能通过逐帧像素预测，构建一个理解物理规律与时间演化的动 态仿真环境；3）12 月 11 日，谷歌通过官方博客放出 AI 实验项目"Disco"， 首发功能 GenTabs 可把用户打开的一堆标签页实时生成为定制化 Web 应用。 | 证券分析师：张衡 ...

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]

长沙晚报掌上长沙12月12日讯（全媒体记者 匡小娟）12月12日，湖南省互联网企业综合实力指数 （2025）发布会在世界计算·长沙智谷举办。现场发布了2025年湖南省互联网综合实力前30家企业、互 联网成长型前10家企业、互联网创新型前10家企业名单和《2025年湖南省互联网企业综合实力研究报 告》。其中，长沙共有49家企业入榜，芒果超媒、拓维信息、兴盛优选位列榜单前三。 记者梳理榜单发现，成长型前10家企业业务规模高速扩张，其2024年互联网业务收入平均增速达 67.1%，较去年提高13个百分点；研发费用平均增速达20.5%，平均研发强度13.7%，研发人员平均增速 达23.4%。 综合实力前30强均来自长沙 榜单中，芒果超媒股份有限公司等企业进入2025年湖南省互联网综合实力前30家企业名单。2024年，这 30家企业互联网业务收入达298.7亿元，其中过半企业实现营收正增长，7家企业互联网业务收入增速超 19%。 值得一提的是，前30家企业集中分布在长沙市，业态丰富多元，其中开展软件服务业务的企业共7家， 领先于其他业务种类。其他业务包括大文娱5家，网络营销5家，公共服务4家，算力基础设施2家，生活 服 ...

Core Viewpoint - Mango Excellent Media announced the convening of its 30th meeting of the fourth board of directors on December 12, 2025, to review the proposal for the re-election of an independent director and related committee members [2] Group 1 - The board nominated Mr. Zhao Longkai as the candidate for independent director, with a term starting from the date of approval by the shareholders' meeting until the end of the fourth board's term [2] - Upon approval by the shareholders' meeting, Mr. Zhao Longkai will replace Mr. Ding Wenhua as the chairman of the board's nomination committee, as well as a member of the strategy committee, audit committee, and compensation and assessment committee [2]

（文章来源：证券日报） 证券日报网讯 12月12日晚间，芒果超媒发布公告称，因陈佳奇先生工作变动，中国国际金融股份有限 公司现委派杨琳娜女士接替其担任公司2020年度非公开发行持续督导保荐代表人及重大资产重组持续督 导独立财务顾问主办人，持续督导义务延续至募集资金全部使用完毕，变更后持续督导人员为王琨女 士、杨琳娜女士。 ...

新增募投项目芒果 TV 音视频行业大模型矩阵项目的核查意见 中国国际金融股份有限公司（以下简称"中金公司"、"保荐机构"）作为 芒果超媒股份有限公司（以下简称"芒果超媒"、"公司"）2020 年度向特定 对象发行 A 股股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深 圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运作》《上市公司募集资金监管规则》等法律、法 规和规范性文件的规定，对芒果超媒将芒果 TV 智慧视听媒体服务平台项目结项 并将节余募集资金用于新增募投项目芒果TV音视频行业大模型矩阵项目事项进 行了核查，具体情况如下： 关于芒果超媒股份有限公司 芒果 TV 智慧视听媒体服务平台项目结项并将节余募集资金用于 一、募集资金基本情况 公司经中国证券监督管理委员会《关于同意芒果超媒股份有限公司向特定对 象发行股票注册的批复》（证监许可〔2021〕2105 号）核准，公司向特定对象 发行 A 股股票 90,343,304 股，发行价格为 49.81 元/股，募集资金总额为人民币 4,499,999,972.24 元 ， 扣 除 发 行 费 用 后 ...