Market Performance - The digital media sector increased by 4.87% on January 9, with "Zhi De Mai" leading the gains [1] - The Shanghai Composite Index closed at 4120.43, up 0.92%, while the Shenzhen Component Index closed at 14120.15, up 1.15% [1] Individual Stock Performance - "Zhi De Mai" (300785) closed at 52.20, up 12.14%, with a trading volume of 411,300 shares and a transaction value of 2.06 billion [1] - "Xin Hua Wang" (603888) closed at 22.24, up 7.91%, with a trading volume of 386,500 shares and a transaction value of 830 million [1] - "Mango Super Media" (300413) closed at 26.34, up 5.15%, with a trading volume of 430,300 shares and a transaction value of 1.11 billion [1] - "Ren Min Wang" (603000) closed at 21.05, up 4.88%, with a trading volume of 413,400 shares and a transaction value of 855 million [1] - "Shi Jie Zhong Guo" (000681) closed at 26.02, up 4.50%, with a trading volume of 1,395,300 shares and a transaction value of 3.56 billion [1] Capital Flow Analysis - The digital media sector saw a net inflow of 219 million from institutional investors, while retail investors experienced a net outflow of 111 million [2] - "Zhi De Mai" had a net inflow of 99.46 million from institutional investors, but a net outflow of 61.19 million from retail investors [3] - "Mango Super Media" experienced a net inflow of 72.86 million from institutional investors, with a net outflow of 41.86 million from retail investors [3]

截至发稿，刘屾累计任职时间4年28天，现任基金资产总规模1092.69万元，任职期间最佳基金回 报-48.58%， 任职期间最差基金回报-49.61%。 责任编辑：小浪快报 数据显示，新沃基金旗下1只基金重仓芒果超媒。新沃内需增长混合A（012143）三季度持有股数1.6万 股，占基金净值比例为5.24%，位居第七大重仓股。根据测算，今日浮盈赚取约2.03万元。 新沃内需增长混合A（012143）成立日期2021年9月9日，最新规模850.55万。今年以来收益8.34%，同 类排名482/8827；近一年收益35.35%，同类排名3510/8084；成立以来亏损44.41%。 新沃内需增长混合A（012143）基金经理为刘屾。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 1月9日，芒果超媒涨5.07%，截至发稿，报26.32元/股，成交9.23亿元，换手率3.53%，总市值492.37亿 元。 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2 ...

Core Viewpoint - The long drama industry is undergoing a deep adjustment period in 2025, with a potential observation window for new broadcasting regulations in 2026 [1][2]. Industry Overview - Supply Side: In 2025, 624 new drama series will be released, a decrease of 31 series year-on-year. Genres leading the market include ancient costume dramas, contemporary dramas, and ancient-modern suspense themes [2]. - Operation Side: In 2025, 32% of new domestic dramas will be broadcasted through a network platform, with 83% being exclusive broadcasts and 17% being revenue-sharing dramas, all remaining relatively stable year-on-year. However, the proportion of limited-release and paid dramas has increased compared to the previous year [2]. Competition Landscape - In 2025, effective viewership of original content on iQIYI, Tencent Video, and Youku will decline year-on-year, while Mango TV will see growth. The top three shows by viewership will be "The Legend of the Sea," "The Great Decree of the Night Watchman," and "Let Me Shine" [2]. - The competition landscape for variety shows remains relatively stable, with Mango TV maintaining a solid advantage. However, the effectiveness of new seasons of classic IP variety shows is generally lower than previous seasons, indicating a lack of breakthrough for new variety shows [3]. Recommendations - Continuous attention is recommended on the progress of new broadcasting regulations and the profitability elasticity of leading platforms under the new content cycle. Suggested stocks include Mango Media (300413.SZ) and iQIYI (IQ.US), with additional focus on Ningmeng Media (09857), Yueda Group (00772), and Huace Film & TV (300133.SZ) [3].

Group 1 - The media concept stocks have strengthened, with Kunlun Wanwei and Leo Group rising approximately 10%, while Kaiying Network, Shenzhou Taiyue, and Mango Excellent Media increased by over 2% [1] - The Media ETF has risen by about 4% due to market influences [1] Group 2 - Some brokerages indicate that in the medium to long term, the media industry is expected to recover in terms of prosperity, driven by the gradual restoration of content supply, deepening AI technology empowerment, policy support, and expectations of consumer recovery [2] - Companies in the film and television box office, gaming, and advertising marketing sectors that show strong performance are recommended for attention, along with those involved in digital assets and applying AIGC-related technologies [2]

Market Overview - The digital media sector experienced a decline of 0.52% on January 7, with Fengyuzhu leading the drop [1] - The Shanghai Composite Index closed at 4085.77, up 0.05%, while the Shenzhen Component Index closed at 14030.56, up 0.06% [1] Individual Stock Performance - Zhangyue Technology (603533) closed at 24.77, up 4.47% with a trading volume of 544,500 shares and a transaction value of 1.338 billion yuan [1] - Zhidema (300785) closed at 45.04, up 1.53% with a trading volume of 241,000 shares and a transaction value of 1.081 billion yuan [1] - People's Daily Online (603000) closed at 19.85, down 0.25% with a trading volume of 184,200 shares and a transaction value of 368 million yuan [1] - Fengyuzhu (603466) closed at 9.98, down 2.54% with a trading volume of 265,700 shares and a transaction value of 268 million yuan [2] Capital Flow Analysis - The digital media sector saw a net outflow of 531 million yuan from institutional investors, while retail investors had a net inflow of 490 million yuan [2] - The individual stock capital flow indicates that Zhidema had a net outflow of 25.05 million yuan from institutional investors, while retail investors contributed a net inflow of 53,700 yuan [3] - Zhangyue Technology experienced a net inflow of 14.84 million yuan from institutional investors, with a net outflow of 619,080 yuan from speculative funds [3]

Market Performance - The digital media sector increased by 1.67% on January 6, with Zhangyue Technology leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Individual Stock Performance - Zhangyue Technology (603533) closed at 23.71, up by 4.54%, with a trading volume of 543,700 shares and a transaction value of 1.253 billion [1] - Xinhua Net (603888) closed at 20.64, up by 2.64%, with a trading volume of 288,900 shares and a transaction value of 596 million [1] - Mango Super Media (300413) closed at 25.37, up by 2.51%, with a trading volume of 354,400 shares and a transaction value of 888 million [1] - Guomai Culture (600640) closed at 13.06, up by 2.27%, with a trading volume of 99,700 shares and a transaction value of 129 million [1] - Fengyuzhu (603466) closed at 10.24, up by 2.09%, with a trading volume of 487,200 shares and a transaction value of 498 million [1] Capital Flow Analysis - The digital media sector experienced a net outflow of 376 million from institutional investors, while retail investors saw a net inflow of 430 million [2] - The main stocks with significant capital flow include Mango Super Media, which had a net inflow of 65.36 million from institutional investors [3] - Zhangyue Technology experienced a net outflow of 19.23 million from institutional investors, but a net inflow of 28.96 million from retail investors [3]

截至2025年12月31日收盘，芒果超媒(300413)报收于24.42元，上涨2.52%，换手率2.76%，成交量28.23 万手，成交额6.82亿元。 交易信息汇总资金流向 12月31日主力资金净流入6331.55万元，占总成交额9.28%；游资资金净流出403.17万元，占总成交额 0.59%；散户资金净流出5928.38万元，占总成交额8.69%。 投资者： 请问截止12月10日，公司最新的股东人数是多少，谢谢 董秘： 投资者，您好！截至2025年12月底，公司股东总数为54721。 投资者： 请问2025年12月中旬末股东人数是多少？ 董秘： 投资者，您好！截至2025年12月底，公司股东总数为54721。 投资者： 董秘您好，贵司从事外商投资负面清单中外商禁止投资的业务，但是贵司向上穿透的股权结 构中存在外资（比如香港中央结算有限公司），那么是否违反了外商投资负面清单？是否会导致相关的 投资合同无效（根据最高人民法院关于适用《中华人民共和国外商投资法》若干问题的解释第三条）？ 董秘： 投资者，您好！境外投资者通过港股通等渠道买入公司股票的投资行为符合相关规定，具体请 您参考证监会、人民银行、外汇局 ...

Group 1 - The digital media sector increased by 2.82% on December 31, with Zhangyue Technology leading the gains [1] - The Shanghai Composite Index closed at 3968.84, up 0.09%, while the Shenzhen Component Index closed at 13525.02, down 0.58% [1] - Key stocks in the digital media sector showed significant price movements, with Zhangyue Technology rising by 10.00% to a closing price of 22.12 [1] Group 2 - The digital media sector experienced a net inflow of 496 million yuan from institutional investors, while retail investors saw a net outflow of 317 million yuan [2] - Major stocks like Zhangyue Technology had a net inflow of 2.60 billion yuan from institutional investors, representing 22.56% of its trading volume [3] - Visual China and other companies faced net outflows from retail investors, indicating a mixed sentiment among different investor types [3]

Core Insights - The article reflects on the significant moments in the Chinese variety show industry in 2025, highlighting the evolving content strategies of major platforms and the emergence of popular shows that resonate with audiences [1][3][19] Group 1: Tencent's Strategy - Tencent has successfully identified the "hit formula" for variety shows, with "Now Just Start 3" and "Happy Night 2" being standout examples that have garnered significant public attention and acclaim [6][10] - The audience's primary demand for variety shows is "pure joy," which Tencent has effectively captured with its programming, leading to high engagement metrics such as a score of 8.2 on Douban for "Now Just Start 3" [8][10] - Tencent's ability to adapt and innovate in content production is evident in its successful execution of shows like "One Meal to Fame" and "We Have Secrets 2," which reflect current market trends and audience interests [10][11] Group 2: Mango TV's Approach - Mango TV's content strategy has shifted to focus on revitalizing major IPs while also leveraging its strong ability to create buzz around smaller IPs [11][13] - The platform has successfully launched new seasons of popular shows like "Singer 2025" and "Mom and Daughter 2," demonstrating its knack for tapping into relevant social themes and audience interests [11][13] - Mango TV's ability to capture audience attention is highlighted by its innovative approaches to both large and small IPs, ensuring a diverse range of content that resonates with viewers [13] Group 3: iQIYI's Focus - iQIYI has adopted a "quality over quantity" approach, producing fewer but higher-quality variety shows, such as "Now Just Start" and "Sisters in Charge," which focus on empowering narratives [14][16] - The platform's commitment to producing premium content is evident in its strategic decision to concentrate resources on fewer projects, allowing for deeper engagement and higher production values [14][16] - iQIYI's expansion into new markets with shows like "Asian New Voice" reflects its ambition to innovate within the variety show landscape and attract a younger audience [16] Group 4: Youku's Innovation - Youku has positioned itself as a pioneer in the variety show space by experimenting with new formats and concepts, such as "Speed Racer" and "I Praise Red People," which target niche markets [17][19] - The platform's willingness to take risks with unconventional programming is seen as a vital strategy for revitalizing viewer interest and engagement [19] - Youku's innovative approach, while not always yielding immediate commercial success, is recognized as essential for the long-term sustainability of the variety show market [19]

Core Viewpoint - Mango Excellent Media announced that it and its wholly-owned subsidiary, Happy Sunshine, subscribed to 120 million shares of Zhanglv Group, with a total investment of approximately 475 million yuan [1] Group 1 - The company directly subscribed to 30 million shares, with a lock-up period of 18 months [1] - Happy Sunshine subscribed to 90 million shares, also with a lock-up period of 18 months [1] - The total investment from Dianguang Media and its subsidiaries amounted to approximately 317 million yuan for 80 million shares [1] Group 2 - As of December 30, 2025, the share transfer procedures have been completed [1] - The company directly holds 30 million shares of Zhanglv Group, while Happy Sunshine holds 90 million shares, totaling 120 million shares, all of which are subject to a lock-up period of 18 months [1]