21世纪经济报道记者贺泓源、实习生韦怡琦 本就处在营收下滑区间的芒果超媒更被动了。 2025年10月23日，芒果超媒旗下综艺《再见爱人5》发文称，第二期将调整播出计划推迟上线。该综艺由美团买药独家冠名。 近日，《再见爱人5》嘉宾之一、演员邓莎的丈夫路行被曝曾向某退休干部行贿股票、现金近千万元。据智通财经报道，路行带领公司借壳上市伴随着一桩 行贿往事。 受头部综艺推动，2024年末，芒果TV会员业务收入同比增长19.3% 至51.48亿元。今年上半年，在《歌手 2025》《乘风 2025》等头部综艺推动下，芒果TV 会员业务收入同比增长0.40%至24.96亿元。 但也要看到，由于《再见爱人》聚焦离婚题材，其招商一直不如其他节目。这或许代表着，《再见爱人5》延播对广告的影响比想象中小一些。 对芒果超媒来说 《声鸣远扬 2025》，或许是下半年业绩亮点。该档综艺集结了湖南卫视、北京卫视、江苏卫视、广东卫视、辽宁卫视、新疆卫视，以及芒 果 TV、腾讯视频共八大平台的制播矩阵，为业内罕见的多方合作综艺制作形式。 总体来看，《再见爱人5》不会影响芒果超媒在综艺市场的头部优势，但也显示出该市场的种种不可控性。 10月23 ...

证券之星消息，10月23日数字媒体板块较上一交易日上涨0.46%，掌阅科技领涨。当日上证指数报收于 3922.41，上涨0.22%。深证成指报收于13025.45，上涨0.22%。数字媒体板块个股涨跌见下表： 从资金流向上来看，当日数字媒体板块主力资金净流出1.43亿元，游资资金净流入3641.58万元，散户资 金净流入1.06亿元。数字媒体板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入(元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 603533 掌阅科技 | | 6110.63万 | 17.57% | -1484.98万 | -4.27% | -4625.65万 | -13.30% | | 300295 三六五网 | | 756.98万 | 12.06% | -51.26万 | -0.82% | -705.72万 | -11.25% | | 300987 川図传媒 | | 737.16万 | 5.03% | 1325.05万 | 9. ...

10月23日，芒果超媒盘中上涨2.00%，截至13:04，报29.54元/股，成交2.45亿元，换手率0.82%，总市值 552.61亿元。 资金流向方面，主力资金净流入113.29万元，特大单买入702.73万元，占比2.87%，卖出271.79万元，占 比1.11%；大单买入4011.57万元，占比16.39%，卖出4329.23万元，占比17.68%。 芒果超媒今年以来股价涨10.76%，近5个交易日跌3.65%，近20日跌7.54%，近60日涨34.39%。 资料显示，芒果超媒股份有限公司位于湖南长沙金鹰影视文化城金鹰阁，成立日期2005年12月28日，上 市日期2015年1月21日，公司主营业务涉及芒果TV互联网视频业务、新媒体互动娱乐内容制作及内容电 商业务等。主营业务收入构成为：芒果TV互联网视频业务81.87%，新媒体互动娱乐内容制作与运营 10.16%，内容电商7.49%，其他0.48%。 芒果超媒所属申万行业为：传媒-数字媒体-视频媒体。所属概念板块包括：华为概念、基金重仓、湖南 国资、网络游戏、DeepSeek概念等。 截至9月30日，芒果超媒股东户数3.79万，较上期减少28.92%； ...

Core Viewpoint - The rapid rise of AI short dramas is reshaping the entertainment industry, driven by technological advancements, capital investment, and changing consumer demands, but challenges in content quality, technology, and commercialization remain [5][10][25]. Group 1: Industry Performance - The AI short drama "奶团太后宫心计" has achieved a cumulative viewership of 210 million, while "兴安岭诡事" reached over 56.13 million views within 21 hours of its release [5][7]. - The original revenue from Douyin for these dramas exceeded 300,000, with a follower increase of over 100,000 [5][10]. - The global AI short drama "AfterDivorce" topped the weekly short drama chart, with a heat value exceeding 5 million, marking it as the first AI short drama to enter the global box office bestseller list [5][10]. Group 2: Production Efficiency - The production of AI short dramas has seen a "cliff-like improvement" in efficiency, exemplified by the AI-produced micro-drama "白狐," which reduced the production cycle from three months to two weeks and cut costs from tens of thousands to thousands per minute [9][18]. - Companies like 博纳影业 and 昆仑万维 are leading the charge, with over 10 A-share listed companies investing in AI short dramas across various dimensions, including technology development and content creation [10][14]. Group 3: Capital Investment - The capital market is rapidly entering the AI short drama space, with over 10 A-share listed companies betting on this sector, indicating a clear shift from experimental projects to large-scale production [10][14]. - Platforms like Douyin and Kuaishou are launching initiatives to support AI short drama creators with significant cash incentives and traffic support, further attracting capital investment [13][14]. Group 4: Technological Transformation - AI technologies are revolutionizing the production process, significantly reducing costs and time while enhancing creative capabilities [18][19]. - Tools like ChatGPT are being utilized for script generation, while AI image and video generation technologies are replacing traditional high-cost production methods [19][21]. Group 5: Challenges Ahead - Despite rapid growth, AI short dramas face challenges such as content homogeneity, lack of standout works, and over-reliance on technology at the expense of storytelling [23][24]. - The industry is grappling with issues related to emotional expression and character development, as AI-generated content often lacks depth compared to human-created narratives [24][25]. - Copyright and ethical concerns are emerging, with instances of AI-generated content infringing on rights, highlighting the need for regulatory frameworks [25].

当《逃离朝九晚五的恋爱》里的男女嘉宾，用互联网地名 "黑话" 打完招呼后，两人默契相视一笑，随即吐槽 "有种对暗号的感觉"，北京互联网打工人的 默契瞬间拉满。 最近，芒果TV这档号称"班味"最重的恋综，将镜头对准10位在北京打拼的"牛马"打工人，他们利用5天年假，飞来海岛谈一场逃离职场的恋爱。节目刚一 开播，弹幕就被各种评论刷屏："没见过这么命苦的恋综"、"像极了职场对食文学"。和以往恋综里海归精英们侃侃而谈的松弛感不同，这档节目里的嘉 宾，更像是一群 "命苦牛马" 在团建。 那么，一直执着于精英叙事的国产恋综，怎么突然把视角对准了"牛马"？ "牛马"恋综有多真实？ 《逃离朝九晚五的恋爱》扑面而来的就是"真实感"。 "你在哪儿工作？大钟寺。" "你呢？西二旗。" 节目组没有选择常见的集体合宿模式，而是采用"旅行独居+敲门约会" 设定，让 10 位嘉宾既保留独处的松弛，又还原成年人恋爱中的试探与纠结。 身份的祛魅，是节目对"精英恋综"的第一道颠覆。以往恋综的嘉宾名单里，从来不缺年薪百万的投行顾问、自带光环的海归博士，但《逃离朝九晚五的恋 爱》里的 10 位嘉宾，全是在北京打拼的普通人：从互联网产品运营、程序员， ...

证券之星消息，10月22日数字媒体板块较上一交易日下跌1.25%，芒果超媒领跌。当日上证指数报收于 3913.76，下跌0.07%。深证成指报收于12996.61，下跌0.62%。数字媒体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600640 | 国脉文化 | 14.58 | 6.11% | 55.03万 | 8.08亿 | | 603533 | 掌阅科技 | 19.01 | 2.31% | 9.02万 | + 1.71亿 | | 300295 | 三六五网 | 12.68 | 0.63% | 4.15万 | 5263.87万 | | 301313 | 凡拓数创 | 25.11 | 0.56% | 1.77万 | 4440.86万 | | 603000 | 人民网 | 19.30 | 0.26% | 4.20万 | 8109.38万 | | 300987 | 川网传媒 | 17.32 | 0.12% | 3.07万 | 5344.61万 | | 603466 | 风语 ...

资料显示，芒果超媒股份有限公司位于湖南长沙金鹰影视文化城金鹰阁，成立日期2005年12月28日，上 市日期2015年1月21日，公司主营业务涉及芒果TV互联网视频业务、新媒体互动娱乐内容制作及内容电 商业务等。主营业务收入构成为：芒果TV互联网视频业务81.87%，新媒体互动娱乐内容制作与运营 10.16%，内容电商7.49%，其他0.48%。 从基金十大重仓股角度 数据显示，德邦基金旗下1只基金重仓芒果超媒。德邦大消费混合A（008840）三季度持有股数7.7万 股，占基金净值比例为3.25%，位居第十大重仓股。根据测算，今日浮亏损失约11.93万元。 德邦大消费混合A（008840）成立日期2020年6月18日，最新规模4192.81万。今年以来亏损4.87%，同 类排名8112/8160；近一年亏损6.21%，同类排名7956/8026；成立以来亏损9.91%。 德邦大消费混合A（008840）基金经理为朱慧琳、江杨磊。 10月22日，芒果超媒跌5.07%，截至发稿，报29.03元/股，成交4.16亿元，换手率1.38%，总市值543.07 亿元。 截至发稿，朱慧琳累计任职时间3年125天，现任基金资产 ...

从资金流向上来看，当日数字媒体板块主力资金净流入3074.83万元，游资资金净流入1065.46万元，散户 资金净流出4140.3万元。数字媒体板块个股资金流向见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600640 | 国脉文化 | 13.74 | -2.35% | 28.88万 | 3.98亿 | | 603466 | 风语筑 | 9.16 | 0.22% | 6.15万 | 5623.31万 | | 603000 | 人民网 | 19.25 | 0.52% | 5.12万 | 9853.42万 | | 002095 | 生意宝 | 19.45 | 0.99% | 2.18万 | 4206.24万 | | 000681 | 视觉中国 | 22.35 | 1.09% | 61.71万 | 13.99亿 | | 300295 | 三六五网 | 12.60 | 1.12% | 3.61万 | 4507.57万 | | 603888 | 新华网 | 19.27 | 1.26% | 4. ...

Investment Rating - The report maintains an "Outperform the Market" rating for the media industry [4][38]. Core Views - The report expresses a positive outlook on the gaming sector's new product cycle and the potential for a turnaround in the film and television industry, alongside opportunities in AI applications [3][38]. - It highlights the recent updates in AI technologies, including Sora2's new features, the release of Doubao model 1.6, and Google's Gemini 3.0 Pro, indicating a growing trend in AI applications across various sectors [3][38]. Summary by Sections Industry Performance - The media sector experienced a decline of 6.28% from October 13 to October 17, underperforming against the CSI 300 index, which fell by 2.22%, and the ChiNext index, which dropped by 5.71% [11][12]. - The media sector ranked 28th in terms of performance among all sectors during this period [11][13]. Key Updates - Sora2 introduced new features, including a "storyboard" function and an increase in video generation length to 25 seconds for Pro users [15][16]. - The Doubao model 1.6 was released, allowing users to adjust the depth of thought in its responses, significantly reducing token consumption and response time [16]. - Google's Gemini 3.0 Pro model began a limited rollout, enhancing reasoning capabilities and multimodal processing [16]. Box Office and Content Performance - The total box office for the week of October 13 to October 19 was 241 million yuan, with the top three films being "The Life of Langlang" and "The Volunteer Army: Blood and Peace," each earning 44 million yuan [2][17]. - The report notes the performance of various TV shows and variety programs, with "Flowers and Youth" and "The Ninth Season of Ace vs. Ace" leading in viewership [22][23]. Investment Recommendations - The report recommends focusing on gaming and IP trends, suggesting stocks like Giant Network, Kaiying Network, and Jibite for potential growth [3][38]. - It also advises monitoring the film and television sector for signs of recovery, recommending companies like Mango TV and Bilibili, as well as content producers like Light Media and Huace Film [3][38].

证券之星消息，10月20日数字媒体板块较上一交易日上涨1.9%，*ST返利领涨。当日上证指数报收于 3863.89，上涨0.63%。深证成指报收于12813.21，上涨0.98%。数字媒体板块个股涨跌见下表： 从资金流向上来看，当日数字媒体板块主力资金净流入3014.55万元，游资资金净流出3509.19万元，散户 资金净流入494.64万元。数字媒体板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 600640 国脉文化 | | -3202.01万 | 4.93% | 2477.15万 | 3.82% | -5679.16万 | -8.75% | | 300413 | 芒果超媒 | 1926.60万 | 6.36% | -1893.30万 | -6.25% | -33.30万 | -0.11% | | 600228 *ST返利 | | 1491.72万 | 42.57% | -833.49 ...