易点天下公告称，董事会近日收到独立董事张学勇、邢美敏的辞职报告，因个人原因，二人申请辞去相 关职务，原定任期至2028年。因辞职将致独立董事人数少于董事会成员三分之一，其辞职将在股东会选 举出新任后生效，此前仍将履职。2月25日，公司董事会同意提名孟炜、刘振为独立董事候选人，任期 自2026年第二次临时股东会审议通过起至第五届董事会任期届满。二人未持股，任职尚待深交所备案审 核及股东会审议。 ...

Investment Rating - The report maintains a strong buy rating for the media industry, indicating a positive outlook for investment opportunities in the AI video sector [2]. Core Insights - The AI video generation technology is evolving rapidly, transitioning from GAN to DiT architectures, which are crucial for advancing towards AGI. This evolution is expected to significantly enhance the capabilities of AIGC (AI-Generated Content) [3][9]. - The global AI video generation market is projected to reach $296 million by 2026, with a year-on-year growth of 35.16%. The industry is exploring both consumer (C-end) and business (B-end) revenue models, with significant advancements in commercial applications expected in the near future [3][4]. Summary by Sections 1. Video Generation Evolution - Video generation integrates multiple modalities, including text, images, and audio, which enhances its complexity and expressiveness, representing the upper limit of AIGC capabilities [7]. - The technology has progressed from early GAN models to the current DiT architecture, marking a significant turning point in the industry with the introduction of models like OpenAI's Sora [9][25]. 2. Technical Progress - Current AI video generation models can produce short segments that approach professional production quality, with resolutions supporting 1080p and frame rates reaching 30fps. However, challenges remain in generating longer videos and maintaining physical realism [34][36]. - The emergence of world models is anticipated to address existing limitations in video generation, potentially leading to a new phase of technological advancement [33]. 3. Commercialization Progress - The AI video generation market is expanding rapidly, with both consumer and business segments progressing simultaneously. The C-end focuses on subscription models, while the B-end primarily utilizes APIs for applications in advertising and e-commerce [3][4]. - The industry is witnessing a shift towards integrating AI capabilities into film production, with significant projects already generating substantial revenue, such as Utopai's projects totaling approximately $110 million [3][4]. 4. Core Beneficiaries - Key companies benefiting from this trend include technology firms with proprietary algorithms, content providers with extensive asset libraries, and platforms actively integrating AI into marketing strategies [4].

Group 1: Market Overview - In January 2026, the media sector (Shenwan Media Index) rose by 17.94%, outperforming the CSI 300 Index by 16.29 percentage points, ranking second among 31 industries [4][22] - The current TTM-PE of the Shenwan Media Index is 49.9x, positioned at the 98.8th percentile over the past five years, indicating high valuation levels [4][22] - Notable stock performances included BlueFocus, TianDi Online, TianLong Group, and YiDianTian, while GuiGuang Network, Hubei Broadcasting, and ShengTong Shares saw declines [4][27] Group 2: Gaming Sector - In January 2026, a total of 177 domestic games and 5 imported games were approved, with the cumulative issuance of game licenses reaching 182, a year-on-year increase of 33.8% [29][31] - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.7% [35] - Mobile and client games are expected to generate actual sales revenues of 257.1 billion yuan and 78.2 billion yuan respectively in 2025, with growth rates of 7.9% and 15.0% [41] Group 3: Film and Television Sector - The total box office in January 2026 was 1.964 billion yuan, a year-on-year decrease of 69.2%, primarily due to fewer new releases [55] - The upcoming Spring Festival period will feature 7 films, with "Fei Chi Ren Sheng 3" being the most anticipated, potentially boosting box office recovery during the 9-day holiday [66][72] - In January, the top-performing series included "Punishment 2" with 1.131 billion views, followed by "Pride" and "Xiao Yao" [74] Group 4: AI Applications - Seedance 2.0 has gained attention in the video generation field, enhancing the commercial potential of AI-generated content [86] - The competition for AI application traffic during the Spring Festival is intensifying, with major players like Yuanbao and Qianwen launching promotional campaigns [6] - The integration of AI applications is expected to drive growth in the gaming and IP toy sectors, with a focus on product cycles and performance during the holiday season [6]

Core Insights - The company, Yidian Tianxia, is a leader in marketing for Chinese brands going global, leveraging AI technology to enhance its service offerings and performance [2] - The strategic focus is on "overseas services and advertising technology," providing intelligent marketing and international digital services to major clients like Huawei, Alibaba, and ByteDance, achieving over 1.4 billion commercial effect conversions across 230+ countries [2] Career Transition and Management Accumulation - Wu Ying transitioned from Huawei to Yidian Tianxia in 2015, aligning her vision of leveraging technology for industrial value with the company's mission of aiding Chinese brands in global marketing [3] - Her decade-long experience at Huawei provided her with a global perspective and a customer-centric value system, which became foundational for her management approach at Yidian Tianxia [4] Organizational Innovation and Management Strategy - The company faced challenges in transitioning from business-driven to management-driven growth, leading to a significant restructuring of its organizational framework to enhance customer-centricity [5] - Key actions included aligning business and operational goals, establishing a customer segmentation system, and strengthening middle-platform capabilities to support sustainable customer service [5] Technological Strategy and Ecosystem Development - Yidian Tianxia has adopted a "dual-driven" strategy powered by AI, focusing on enhancing efficiency and optimizing outcomes through a fully integrated AI-driven marketing loop [6] - The company has been proactive in integrating generative AI technologies into marketing processes since the GPT-3 era, upgrading its technical capabilities and product architecture [6] Service Models and Client Engagement - The company offers personalized service models tailored to different client stages, utilizing automated systems for small clients and a hybrid AI-human approach for larger clients [8] - Yidian Tianxia has strategically positioned itself in innovative areas like Generative Engine Optimization (GEO) to help brands capture traffic in the new search landscape [8] Global Expansion and Future Outlook - The company has developed differentiated strategies for mature and emerging markets, focusing on brand building and operational efficiency in mature markets while emphasizing rapid user coverage in emerging markets [10] - Future growth in the overseas marketing sector is expected to be driven by the proliferation of global mobile internet, the advantages of Chinese supply chains, and innovations brought by AI technology [12] Vision and Strategic Focus - Yidian Tianxia aims to become a global leader in AI marketing technology, focusing on programmatic advertising, enhancing its AI product matrix, and establishing a robust compliance and risk management framework [13] - The company is committed to supporting the globalization of Chinese brands by leveraging AI technology for precise brand positioning and audience engagement [14]

Group 1: Market Overview - In January 2026, the media sector (Shenwan Media Index) rose by 17.94%, outperforming the CSI 300 Index by 16.29 percentage points, ranking second among 31 industries in Shenwan's first-level classification [4][22]. - The current TTM-PE of the Shenwan Media Index is 49.9x, which is at the 98.8th percentile of the past five years, indicating high valuation levels [4][22]. - Notable stock performances include BlueFocus, Tiandi Online, Tianlong Group, and Yidian Tianxia with significant gains, while Guigang Network, Hubei Broadcasting, and Beijing Culture experienced declines [4][27]. Group 2: Gaming Sector - In January 2026, a total of 177 domestic games and 5 imported games were approved, with the cumulative issuance of game licenses reaching 182, a year-on-year increase of 33.8% [29][31]. - The Chinese gaming market is projected to generate revenues of 350.79 billion yuan in 2025, reflecting a year-on-year growth of 7.7% [35]. - Mobile and client games are expected to generate actual sales revenues of 257.1 billion yuan and 78.2 billion yuan respectively in 2025, with growth rates of 7.9% and 15.0% [41]. Group 3: Film and Television Sector - The total box office in January 2026 was 1.964 billion yuan, a year-on-year decrease of 69.2%, primarily due to fewer new releases [55]. - The upcoming Spring Festival period is expected to boost box office performance, with seven films scheduled for release, including "Fast Life 3," which has generated significant pre-release interest [66][72]. - The top-performing series in January included "Punishment 2" with 1.131 billion views, followed by "Pride" and "Xiaoyao" [74]. Group 4: AI Applications - The Seedance 2.0 model has made significant advancements in video generation, allowing for the creation of "director-level" audio and video content, which is expected to catalyze the AI comic series market [86][96]. - The competition for AI application traffic during the Spring Festival is intensifying, with major players like Yuanbao and Qianwen launching aggressive marketing campaigns [6][86]. - The integration of AI applications is anticipated to reshape the content service ecosystem, with a focus on companies like Zhejiang Wenlian and Huimai Technology [6][86]. Group 5: Investment Recommendations - The investment outlook remains positive for AI applications, gaming, and IP toys, with expectations of multiple catalysts during the Spring Festival [6]. - Recommended stocks for January include Giant Network, Kyeing Network, Bilibili, Kunlun Wanwei, and Zhongwen Online, with February recommendations maintaining a similar focus [6].

Group 1 - The company has signed an irrevocable maximum guarantee agreement to provide a joint liability guarantee for its wholly-owned subsidiary, Xi'an Diangao Network Technology Co., Ltd., with a guarantee amount of RMB 50 million [1][5] - The guarantee period extends from the effective date of the agreement until the maturity date of each loan or financing under the main agreement, plus an additional three years [1][5] - The company plans to apply for a bank credit limit and external guarantee limit of up to RMB 2,903.9959 million for the year 2026, valid for 12 months from the date of approval by the shareholders' meeting [2] Group 2 - Xi'an Diangao Network Technology Co., Ltd. is a wholly-owned subsidiary of the company, with a registered capital of RMB 1,782.078 million and established on June 12, 2015 [3][5] - The company has provided a total external guarantee balance of RMB 733.6096 million as of December 31, 2025, which accounts for 20.58% of the company's most recent audited net assets [5]

证券代码：301171 证券简称：易点天下 公告编号：2026-011 易点天下网络科技股份有限公司 关于为全资子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、对外担保及进展情况概述 1、近期，为满足易点天下网络科技股份有限公司（以下简称"易点天下" 或"公司"）之全资子公司西安点告网络科技有限公司（以下简称"西安点告"） 的业务发展和日常经营的资金需求，公司签署了《最高额不可撤销担保书》，为 西安点告在招商银行西安分行申请授信事项提供连带责任保证担保，担保金额为 人民币 5,000 万元。保证期间为自《最高额不可撤销担保书》生效之日起至主协 议项下每笔贷款或其他融资或招商银行西安分行受让的应收账款债权的到期日 或每笔垫款的垫款日另加三年。任一项具体授信展期，则保证期间延续至展期期 间届满后另加三年止。 2、公司于 2025 年 12 月 30 日召开第五届董事会第七次会议，于 2026 年 1 月 15 日召开 2026 年第一次临时股东会，审议通过了《关于 2026 年度申请银行 授信额度及对外担保额度预计的议案》，同意为公司 ...

Core Viewpoint - Yidian Tianxia (301171) announced that the company and its subsidiaries have no overdue debts, guarantees related to litigation, or situations where guarantees have resulted in a judgment against them [1] Group 1 - The company has confirmed that there are no overdue debts associated with guarantees [1] - There are no guarantees related to litigation involving the company or its subsidiaries [1] - The company has not provided guarantees for shareholders, actual controllers, or their related parties [1]

易点天下网络科技股份有限公司 关于为全资孙公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 证券代码：301171 证券简称：易点天下 公告编号：2026-010 1、近期，为满足易点天下网络科技股份有限公司（以下简称"易点天下" 或"公司"）之全资孙公司 Click Tech Limited（以下简称"香港 Click"）的业务 发展和日常经营的资金需求，公司分别与恒生银行（中国）有限公司深圳分行（以 下简称"恒生银行深圳分行"）及恒生银行（中国）有限公司（以下合称"恒生 中国"）、恒生银行有限公司（以下简称"恒生银行"）、上海浦东发展银行股份有 限公司西安分行（以下简称"浦发银行西安分行"）签署了相关担保协议，具体 情况如下： 公司就香港 Click 与恒生银行深圳分行的融资事项及恒生中国的金融衍生产 品交易事项分别签署了《公司保证函》，为香港 Click 在恒生银行深圳分行的融 资事项及恒生中国的金融衍生产品交易事项提供连带责任保证担保，担保金额分 别为美元 3,000 万元、美元 500 万元。保证期间均为自债权确定期间届满日起三 ...

Core Viewpoint - The surge in the stock of the Huabao Big Data ETF (516700) is attributed to the popularity of ByteDance's Seedance 2.0 video generation model, which has sparked significant interest in the AI application sector and domestic computing power [1][2]. Group 1: Market Performance - The Huabao Big Data ETF saw an intraday increase of 3.28%, currently up by 3.1%, recovering above the 5-day moving average [1]. - Key stocks within the ETF include Dongfang Guoxin, which hit the daily limit with a 20.02% increase, and Guanghuan Xunwang, which rose by 10.58% [2]. Group 2: AI Development - ByteDance's Seedance 2.0 can create high-quality videos from text or images in under 60 seconds, generating multi-angle sequences with native audio [3]. - The AI industry is experiencing a wave of new product launches, with institutions optimistic about performance in the AI application sector [3]. Group 3: Industry Insights - Data centers are identified as the core infrastructure for AI, with a robust demand driving growth in the IDC industry [3]. - The computing power market is expected to see a rebound in demand, particularly in North America and China, as domestic projects are anticipated to resume following delays due to import restrictions on computing power cards [3]. Group 4: ETF Composition - As of the end of 2025, the Huabao Big Data ETF's index will have a weight of 40.91% for computing power concepts and 37.43% for AI application concepts [4]. - The ETF focuses on sectors such as data centers, cloud computing, and big data processing, with major holdings in companies like Inspur, iFlytek, and Unisoc [5]. Group 5: Policy and Market Trends - There is a strong push for technological leadership, with initiatives aimed at accelerating the digital economy and domestic substitution processes [6]. - The "Xinchuang 2.0" trend is expected to gain momentum, enhancing the prospects for technology self-sufficiency [6].