证券之星消息，2月4日出版板块较上一交易日下跌0.93%，荣信文化领跌。当日上证指数报收于4102.2， 上涨0.85%。深证成指报收于14156.27，上涨0.21%。出版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) | | | --- | --- | --- | --- | --- | --- | --- | | 000719 | 中原传媒 | 13.44 | 5.16% | 46.13万 | | 6.26亿 | | 6668209 | 读者传媒 | 7.89 | 1.15% | 21.78万 | | 1.72亿 | | 601921 | 浙版传媒 | 8.39 | 0.96% | 25.34万 | | 2.13亿 | | 600757 | 长江传媒 | 9.17 | 0.77% | ﺎ 11.23万 | | 1.02亿 | | 601928 | 凤凰传媒 | 10.11 | 0.70% | 11.31万 | | 1.14亿 | | 600229 | 城市传媒 | 6.84 | 0.44% | 6.62万 | | 4528.73万 | | 60037 ...

分析师 1: 各位领导，大家晚上好。我是天风证券传媒分析师王子杰今天我们这个 TMT 周会的主题 是国内外 AI 年报分析展望。接下来有请我们所长海清总先为大家进行一个分享。 分析师 2: 包括微软这些，对吧，这个代表性的都是 Meta 对吧，这些都是超预期的，就是基本开支 都是超预期的，所以对于算力的投入仍然是坚定不移，而且是超预期的这个警惕。我们可 以看到北美仍然是非常乐观。所以对应的我们也看到在海外算力公司的业绩上，比如说像 闪迪呀，也是非常爆表，对吧这个超预期。已经预期很高了，仍然在大超预期，所以海外 算力的这个业绩也很突出。那么当然我们又回到国内公司的海外算力公司，标地站，天孚 通信，对吧，来看到业绩低于预期，但是股价利空出尽就一路往上涨。 然后搞 CPU，现在很活跃。所以这个阶段是偏炒主题，所以你看，现在业绩虽然低于预期， 没关系，你炒主题，对吧？CPU 很强势，对吧？这个照样能够大涨。那么另外一方面，就 是像海外创业的新易盛，计算业绩其实超预期，尤其新易盛大超预期，结果，对吧，这个 也是遭遇了回调，就是因为这个阶段其实是偏这个主题的一个阶段。所以有业绩，而且 26 年的业绩，25 年业绩，大家可 ...

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 | ...

证券之星消息，2月2日出版板块较上一交易日下跌1.67%，荣信文化领跌。当日上证指数报收于 4015.75，下跌2.48%。深证成指报收于13824.35，下跌2.69%。出版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) | | --- | --- | --- | --- | --- | --- | | 601811 | 新华文轩 | 15.72 | 0.96% | 14.00万 | 2.23亿 | | 300654 | 世纪天鸿 | 12.45 | 0.65% | 31.27万 | 3.93亿 | | 666109 | 出版传媒 | 7.53 | -0.26% | 8.16万 | 6212.70万 | | 603096 | 新经典 | 19.00 | -0.52% | 3.31万 | 6384.68万 | | 603230 | 内蒙新华 | 13.06 | -0.76% | 8.19万 | 1.08亿 | | 600825 | 新华传媒 | 6.85 | -1.01% | 24.58万 | 1.71亿 | | 600551 | 时代出版 | 8.63 ...

Group 1 - The report indicates that the A-share market is experiencing a typical spring rally characterized by initial strength followed by stabilization and structural differentiation, with major indices recording positive returns as of January 28, 2026 [6] - The average daily trading volume in January reached 3.04 trillion yuan, an increase of 1.16 trillion yuan month-on-month, indicating a significant influx of new capital and a loose liquidity environment driving the index upward [2] - Regulatory measures, including raising the minimum margin requirement from 80% to 100%, have led to fluctuations in market sentiment and a deceleration in the index's upward momentum [3] Group 2 - The report highlights that technology assets are experiencing a rotation between thematic and cyclical investments, with thematic investments (e.g., commercial aerospace, AI applications) initially favored but cooling off due to increased margin requirements [4] - In the cyclical sector, non-ferrous metals, basic chemicals, and oil & petrochemicals have shown strong performance driven by three factors: demand from high-end manufacturing, proactive supply-side adjustments, and external geopolitical risks [4] - The report anticipates a structural market characterized by a focus on "resources + technology + overseas expansion," with low-risk preference assets potentially outperforming in certain phases [5] Group 3 - The investment strategy emphasizes focusing on "external demand cyclical + AI industry chain," highlighting the potential for global manufacturing recovery to support resource prices and opportunities for Chinese manufacturing to expand overseas [5] - The AI industry remains a clear investment theme, with a shift from thematic to performance-driven investments, particularly in areas with supply shortages such as power supply and semiconductor sectors [5] - The report recommends a selection of stocks across various sectors, including Invesco's Nonferrous ETF, Dongpeng Beverage, and Huazhong Precision, among others, reflecting a diversified investment approach [10]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002181 | 粤传媒 | 11.81 | 9.96% | 116.11万 | | 13.38亿 | | 300654 | 世纪天鸿 | 12.71 | 7.44% | 59.19万 | | · 7.54亿 | | 300364 | 中文在线 | 32.92 | 5.92% | 142.97万 | | 47.83 Z | | 301231 | 荣信文化 | 42.13 | 4.54% | 12.52万 | | 5.45 Z | | 601811 | 新华文轩 | 15.80 | 3.74% | 7.51万 | | 1.17亿 | | 300148 | 天舟文化 | 5.15 | 3.62% | 109.38万 | | 5.64亿 | | 301052 | 果麦文化 | 40.50 | 3.45% | 10.52万 | | 4.29 乙 | | 601858 | 中国科传 | 21.08 | 2.83% | 24.02万 | | 5 ...

[玫瑰]点评： 公司2025年实现收入、利润双增长，净利润虽然因公司持续加大内容电商平台的促销推广费用投入，导致销售 费用增加，但利润端亏损收窄趋势显 【中泰传媒】荣信文化：利润端亏损收窄趋势显著，AI+应用与IP布局持续加速 [玫瑰]事件：公司发布2025年业绩预告，预计2025年归母净利润为-0.21 – -0.15亿元，同增52.7%-66.2%；预计扣非 归母净利润为-0.26 – -0.20亿元，同增47.9%-59.9%。 【中泰传媒】荣信文化：利润端亏损收窄趋势显著，AI+应用与IP布局持续加速 [玫瑰]点评： [玫瑰]事件：公司发布2025年业绩预告，预计2025年归母净利润为-0.21 – -0.15亿元，同增52.7%-66.2%；预计扣非 归母净利润为-0.26 – -0.20亿元，同增47.9%-59.9%。 公司2025年实现收入、利润双增长，净利润虽然因公司持续加大内容电商平台的促销推广费用投入，导致销售 费用增加，但利润端亏损收窄趋势显著。 公司经营拐点显现。公司伴随产品转型及加大推广力度，布局全域营销计划，收入端效果逐渐显现，利润端实 现扭亏为盈可期，看好探索稳定的"爆款"产品 ...

Financial Projections - The company expects a net profit of -21 million yuan for 2025, compared to -15 million yuan in the same period last year, indicating a 52.65% to 66.18% increase in net profit attributable to shareholders year-on-year [4]. - The company anticipates a net profit excluding non-recurring losses of -26 million yuan to -20 million yuan, reflecting a year-on-year growth of 47.86% to 59.89% [4]. - The financial data presented is preliminary and has not been audited by the accounting firm, with final figures to be disclosed in the official 2025 annual report [8]. Market Trends - The overall retail market for books in China is projected to decline by 2.24% in 2025, with a total market size of 110.4 billion yuan [7]. - Content e-commerce has shown strong growth, with a year-on-year increase of 30.43%, becoming the largest retail segment in the book market [7]. Marketing Strategies - The company is actively adjusting its marketing strategies across content e-commerce, shelf e-commerce, and physical stores to adapt to the changing market environment [7]. - The company has increased its promotional expenses on content e-commerce platforms, leading to higher sales costs and continued net losses [7].

截至9月30日，荣信文化股东户数9054.00，较上期增加6.11%；人均流通股5953股，较上期减少5.76%。 2025年1月-9月，荣信文化实现营业收入2.52亿元，同比增长27.83%；归母净利润-509.49万元，同比增 长79.61%。 分红方面，荣信文化A股上市后累计派现1769.85万元。 机构持仓方面，截止2025年9月30日，荣信文化十大流通股东中，富国创业板两年定期开放混合 （161040）位居第五大流通股东，持股78.87万股，持股数量较上期不变。大成中证360互联网+指数A （002236）位居第八大流通股东，持股67.92万股，为新进股东。诺安多策略混合A（320016）位居第十 大流通股东，持股63.26万股，为新进股东。广发创新升级混合（002939）、中信保诚多策略混合 (LOF)A（165531）、广发科技创新混合A（008638）、富国创新科技混合A（002692）退出十大流通股 东之列。 责任编辑：小浪快报 1月26日，荣信文化涨2.76%，成交额4.74亿元。两融数据显示，当日荣信文化获融资买入额2660.71万 元，融资偿还4599.67万元，融资净买入-1938. ...

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].