朱珠 华鑫证券分析师: 好的，谢谢小秘书，各位好，我是华星传媒的猪猪。那今天我们非常荣幸邀请到中信出版 的领导庞雪莹庞总来对话，因为我们举办了一个 AI 系，AI 应用的系列的会议。中信出版 作为这个央企的大众阅读的龙头，那今天我们主要是围绕公司的业务来进，以及 AI 的布 局，来进行一个对话。那个雪莹雪莹总，莹莹，庞总你在听吗？ 中信出版庞总: 喂喂，喽喽，我在。 朱珠 华鑫证券分析师: 好的，今天的会议就直接就。然后接下来，我想先问一个问，第一个问题，就是公司也指 出来会将动漫 IP 定义为 15 的支柱，目标是打造 1~2 个全国影响力的 IP。那目前来说， 这类的 IP 会以，后续以收购为主，还是自研孵化为主？ 中信出版庞总: 感谢大家，感谢大家今天来，就是参加我们这个交流。我们确实是在 12 月底的时候举办 过了一个，就是小型的投资者交流会，当然也同步到线上了。我就逐一回答一下，就是朱 朱老师的问题。那第一个关于这个 IP 业务，也是大家比较关心的。其实我们在会上有告诉 大家，就是说我们整个的这个未来 5 年，公司其实也是计划将整体的这个 IP 大运营板块。 放到公司的主营板块里面，形成，就是说我们 ...

证券之星消息，2月3日出版板块较上一交易日上涨1.52%，中文在线领涨。当日上证指数报收于 4067.74，上涨1.29%。深证成指报收于14127.1，上涨2.19%。出版板块个股涨跌见下表： 从资金流向上来看，当日出版板块主力资金净流出1.71亿元，游资资金净流出7116.42万元，散户资金净 流入2.42亿元。出版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) | | --- | --- | --- | --- | --- | --- | | 300364 | 中文在线 | 31.91 | 4.01% | 58.87万 | 18.55 亿 | | 002181 | 寧传媒 | 12.38 | 3.25% | 125.44万 | 15.36亿 | | 601900 | 南方传媒 | 15.30 | 2.68% | - 14.60万 | 2.22亿 | | 601858 | 中国科传 | 21.16 | 2.27% | 10.36万 | 2.18亿 | | 601801 | 皖新传媒 | 6.93 | 2.21% | 14.68万 | 1.01亿 | ...

这部以"全民阅读"命名的行政法规，自国务院审议通过之日 起，便在出版与阅读领域反响强烈。它被寄予厚望——在纸质 阅读式微、注意力碎片化、出版业深度调整的时代背景下，成 为一剂强心针，系统性地推动书香社会建设。 作者：李唐 封图：东方IC 书店会逆势重光吗？ 这是近期萦绕在出版业界的一个共同的疑问。在中信出版集团总经理段甲强的眼里，书店的春天， 似乎已经脚步临近了。 最近，有不少地方政府和大型央企，都向中信出版集团抛来了橄榄枝，邀请他们洽谈合作，利用其 城市休闲空间，开办大型书店。而中信出版集团的一家新书店，也即将开业，这似乎为久已溃退的 书店业，带来了一抹亮色。 这个亮色，是《全民阅读促进条例》（下称《条例》）带来的，《条例》将于2026年2月1日正式 施行。这部以"全民阅读"命名的行政法规，自国务院审议通过之日起，便在出版与阅读领域反响 强烈。它被寄予厚望——在纸质阅读式微、注意力碎片化、出版业深度调整的时代背景下，成为一 剂强心针，系统性地推动书香社会建设。 《全民阅读促进条例》旨在由政府主导，系统性推动全民阅读，明确各级政府在阅读设施建设、资 源供给等方面的职责；鼓励社会力量积极参与，开展各类阅读活动以 ...

2026年是"十五五"规划开局之年，更是中国经济激活新增长引擎、迈向高质量发展的关键节点。由国家 发改委宏观经济研究院出品，院长黄汉权领衔解析的《中国经济2026》正式出版。本书以扎实数据与前 沿研判，解读中国经济，提供与时俱进的经济读本。 《中国经济2026》深入解读当下备受关注的经济话题，如"消费市场新趋势与消费升级动力挖掘""新兴 产业发展机遇"等，既为政府精准施策提供科学依据，也为企业把握市场脉搏、调整发展战略指明方 向，从中洞察中国经济未来图景。 《中国经济2026》 中信出版集团 编辑：杨琳 在这本书中，各位专家学者基于"十四五"规划的收官成效，围绕"十五五"新开局新形势、新内需体系与 消费新动能、全国统一大市场与改革深化、新质生产力与产业创新、区域协调与民生保障现代化、高水 平安全与开放新格局六大核心议题，系统分析经济运行的重点与挑战，精准提出宏观政策、内需主导、 科技创新、产业升级、民生改善等关键领域的破局路径，助力读者读懂"十五五"经济发展逻辑。 展望2026年，人工智能技术等研发应用步伐加快，"十五五"规划开局红利释放，科技创新引领新质生产 力稳步发展，改革深化持续激发社会活力…… 中国经 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance compared to the Shanghai and Shenzhen 300 indices [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The cinema industry is actively embracing AI and exploring new commercial boundaries [3][15]. - The AI Spring Festival Gala is anticipated to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][16][17]. - The report emphasizes the importance of quality content in driving audience demand amidst increasing competition from other entertainment options, suggesting that cinema operators must innovate to maintain competitiveness [15]. Industry Overview - The media industry has shown significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reflecting varying performance levels [14]. - The report notes that the film industry in China is projected to generate substantial revenue, with the total industry output expected to exceed 8,172.59 billion yuan in 2025, indicating a robust market [28]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Leading cinema chain participating in the Spring Festival lineup [4]. - Mango Super Media (300413): Benefiting from historical drama series [4]. - BlueFocus Communication Group (300058): Innovating in AI-driven marketing [4]. - Shanghai Film (601595): Engaging in AI collaborations to enhance content creation [4]. - The report suggests that these companies are well-positioned to leverage AI advancements and capitalize on the upcoming Spring Festival [4][9].

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

Core Viewpoint - The publishing sector experienced a significant decline, with a drop of 4.09% on January 16, led by China Science Publishing, which fell by 9.99% [1] Market Performance - The Shanghai Composite Index closed at 4101.91, down 0.26% - The Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - China Science Publishing (601858) closed at 21.54, down 9.99% with a trading volume of 313,900 shares and a turnover of 694 million yuan - Rongxin Culture (301231) closed at 38.52, down 9.41% with a trading volume of 109,500 shares and a turnover of 432 million yuan - Zhongwen Online (300364) closed at 32.91, down 8.46% with a trading volume of 1,288,400 shares and a turnover of 428.1 million yuan - Other notable declines include Southern Media (601900) down 5.09%, Tianzhou Culture (300148) down 4.90%, and CITIC Publishing (300788) down 4.86% [1] Capital Flow Analysis - The publishing sector saw a net outflow of 1.067 billion yuan from institutional investors, while retail investors contributed a net inflow of 943 million yuan [1] - The table of capital flow indicates that Southern Media had a net inflow of 11.2999 million yuan from institutional investors, while it faced a net outflow of 44.1266 million yuan from retail investors [2]

Group 1 - The publishing sector experienced a significant increase of 6.55% on January 12, with Zhongwen Online leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Zhongwen Online's stock price rose by 20.00% to 34.98, with a trading volume of 1.4284 million shares and a transaction value of 4.634 billion [1] Group 2 - The net inflow of main funds in the publishing sector was 1.316 billion, while retail funds saw a net outflow of 474 million [1] - Zhongwen Online had a main fund net inflow of 634 million, accounting for 13.68% of its trading volume, while retail funds had a net outflow of 262 million [2] - Nanfang Media reported a main fund net inflow of 109 million, representing 30.53% of its trading volume, with retail funds experiencing a net outflow of 46.82 million [2]

Core Viewpoint - The implementation of the "National Reading Promotion Regulations" on February 1 marks a significant shift in the publishing industry, transitioning from a cultural advocacy to a legally supported activity, with the company planning to execute the regulations through ten key initiatives [2]. Group 1: Key Initiatives for Implementation - The company aims to create a high-quality publishing hub by focusing on economic development and social trends, planning to release seven major book series in 2026, including "Trend Engine: Strategic Decision-Making Framework under Global Changes" [4][9]. - The company will expand offline reading spaces by innovating models and enhancing cooperation, with the Chaoyang Joy City bookstore set to become a flagship space for national reading [4]. - The company plans to support the construction of "Book Fragrant Enterprises" by utilizing resources from the CITIC Group to create standardized knowledge service products, promoting reading within large enterprises [4]. - A unified membership service system will be established to enhance reader engagement and improve author services, facilitating better interaction with various readers [4]. Group 2: Digital and Thematic Reading Enhancements - The company will enhance digital reading efficiency by upgrading the CITIC Academy APP and expanding quality digital content, incorporating AI technology to improve reader experience [6]. - The company will systematically compile thematic reading lists to meet the learning needs of party and government officials, establishing reading spaces for party members [6]. - A children's reading system will be developed, including the "Glowing Reading Club" and regular children's story competitions to foster community engagement [6]. Group 3: Social Responsibility and Community Engagement - The company will continue its "CITIC Publishing Dream Book House" initiative, donating to 30 primary and secondary schools and providing free access to quality content through the CITIC Academy APP [8]. - The "National Reading Promotion Ambassador Program" will be launched, inviting 50 authors and 50 readers to promote reading, supported by a customized book list service [8]. Group 4: Focus on Key Book Series - The seven major book series for 2026 will address complex global issues and include topics such as macroeconomics, innovation ecosystems, and children's literature, aiming to provide readers with valuable insights and knowledge [11][14][19][21][25][27]. Group 5: Development of Anime IP and AI Applications - The company will focus on developing its anime IP business as a key pillar of its "14th Five-Year Plan," aiming to create a full industry chain around quality content and AI operations [30]. - The self-developed "Kuafu AI Platform" will be upgraded to enhance publishing efficiency, with new AI tools like the "Xinyi Tong AI Translation Assistant" and "Booktalks" to improve content delivery and reader engagement [32]. Group 6: Vision for the Future - The company emphasizes the role of publishers as not just knowledge disseminators but also as civilization transmitters, aspiring for every book to serve as an entry point for lifelong learning and societal progress in the AI era [34].