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]

Core Viewpoint - Rongxin Culture experienced a decline of 5.34% on January 16, with a stock price of 40.25 yuan per share and a total market capitalization of 3.397 billion yuan [1] Group 1: Company Overview - Rongxin Education Culture Industry Development Co., Ltd. is located in Xi'an, Shaanxi Province, and was established on April 28, 2006, with its listing date on September 8, 2022 [1] - The company's main business involves the planning and publishing of children's books, with revenue composition as follows: 99.29% from children's book planning and publishing, 0.46% from children's cultural product exports, and 0.25% from other sources [1] Group 2: Shareholder Information - Among the top ten circulating shareholders of Rongxin Culture, a fund under the Fortune Fund ranks first, holding 788,700 shares, which is unchanged from the previous period, representing 1.46% of the circulating shares [2] - The estimated floating loss for the fund today is approximately 1.7903 million yuan [2] Group 3: Fund Manager Details - The fund manager of Fortune's two-year regular open mixed fund (161040) is Cao Jin, who has a cumulative tenure of 12 years and 275 days [3] - The total asset size of the fund is 13.173 billion yuan, with the best fund return during the tenure being 440.8% and the worst being 6.15% [3]

Core Viewpoint - The market is experiencing a significant correction as speculative trading in popular concept stocks, particularly in the fields of GEO (Generative Engine Optimization) and AI applications, has led to substantial declines in stock prices, prompting regulatory actions to ensure transparency and protect investors [1][2][11] Group 1: Market Reaction and Stock Performance - On January 15, 2026, major thematic sectors such as internet and cultural media saw significant declines, with the internet index dropping by 5.31% and the cultural media index by 3.33% after reaching peak levels on January 14 [3] - Notable stocks within these sectors, including ZhiDeMai and ZhuoYi Information, faced "20cm" trading limits, while TianLong Group also hit the limit, indicating severe market corrections [3] - ZhiDeMai's stock price increased by 91.44% from 2026 to January 14, 2026, but the company clarified that it does not engage in GEO business, and its AI-related revenue is minimal [3][5] Group 2: Company Announcements and Risk Warnings - Multiple companies, including Upwind New Materials and Gravity Media, issued risk warnings stating that their stock prices had significantly deviated from their fundamental performance, with some clarifying that they do not engage in GEO business [1][5] - TianLong Group reported a cumulative stock price increase of 115.99% during the same period but emphasized that it does not directly engage in AI business and has not generated additional revenue from AI tools [4] - Companies like BlueFocus and others indicated that their AI-driven revenue constitutes a small portion of overall income, thus not materially affecting their financial performance [5] Group 3: Regulatory Actions and Market Oversight - Regulatory bodies have taken action against companies for misleading statements and speculative trading practices, with firms like Hangxiao Steel Structure and Electric Science Digital receiving warnings for inadequate information disclosure [6][8] - Hangxiao Steel Structure's stock experienced a rapid rise due to market speculation but faced a significant drop after regulatory scrutiny, highlighting the risks associated with speculative trading [7][8] - The Shanghai Stock Exchange has implemented measures to address abnormal trading behaviors, particularly in stocks like Guosheng Technology, where investor trading activities were deemed disruptive [8] Group 4: Underlying Financial Performance - Many companies involved in the speculative trading have reported declining financial performance, with Gravity Media's net profit for the first three quarters of 2025 at 20.36 million yuan, reflecting a decrease in gross margin [9][10] - Similar trends were observed in other companies, such as Zhejiang Wenlian and Tianxia Show, which reported significant declines in net profit during the same period [10] - Analysts suggest that the current market enthusiasm for concepts like commercial aerospace and AI may overlook the substantial gap between concept and actual performance, leading to increased speculative risks [10][11]

Core Insights - The publishing sector experienced a decline of 1.97% on January 15, with Rongxin Culture leading the drop [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index rose by 0.41% to 14306.73 [1] Publishing Sector Performance - China Publishing (601949) closed at 7.80, up 1.96% with a trading volume of 751,400 shares and a turnover of 586 million [1] - Xinhua Wenhui (601811) closed at 15.66, up 1.42% with a trading volume of 94,400 shares and a turnover of 147 million [1] - Rongxin Culture (301231) saw a significant drop of 12.15%, closing at 42.52 with a trading volume of 164,400 shares [2] - The overall publishing sector saw a net outflow of 1.12 billion in main funds, while retail investors contributed a net inflow of 863 million [2][3] Fund Flow Analysis - Southern Media (601900) had a main fund net inflow of 59.5 million, but a net outflow of 81.7 million from retail investors [3] - China Science Publishing (601858) experienced a main fund net inflow of 21.1 million, with a retail net outflow of 31.6 million [3] - The overall trend indicates a mixed sentiment among institutional and retail investors within the publishing sector [2][3]

中原证券股份有限公司 关于荣信教育文化产业发展股份有限公司 2025 年持续督导培训情况的报告 根据《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》的相 关规定，中原证券股份有限公司（以下简称"中原证券"或"保荐机构"）对 荣信教育文化产业发展股份有限公司（以下简称"荣信文化"或"公司"）的 董事、高级管理人员以及证券事务部门人员进行了持续督导专项培训，本次培 训的具体情况如下： 一、培训基本情况 | 培训时间 | 2026 年 5 | 1 | 月 | 日 | | --- | --- | --- | --- | --- | | 培训对应期间 | 2025 年度 | | | | | 培训实施人员 | 王丹彤 | | | | | 参加培训人员 | 荣信文化董事、高级管理人员、证券事务部门人员 | | | | | 培训主要内容 | 《上市公司治理准则》、《上市公司募集资金监管规则》和《上市 公司监督管理条例（征求意见稿）》要点解读 | | | | 二、培训内容简介 本次培训内容主要为上市公司治理、募集资金管理和监督管理等，本次培 训涉及的主要法律法规及相关规定包括《上市公司治理准则》《上市公司监管 指 ...

中原证券股份有限公司 关于荣信教育文化产业发展股份有限公司 持续督导定期现场检查报告 | 5.审计委员会是否至少每季度向董事会报告一次内部审计工 | √ | | | --- | --- | --- | | 作进度、质量及发现的重大问题等（如适用） | | | | 6.内部审计部门是否至少每季度向审计委员会报告一次内部 | | | | 审计工作计划的执行情况以及内部审计工作中发现的问题等 | √ | | | （如适用） | | | | 7.内部审计部门是否至少每季度对募集资金的存放与使用情 | √ | | | 况进行一次审计（如适用） | | | | 8.内部审计部门是否在每个会计年度结束前二个月内向审计 | √ | | | 委员会提交次一年度内部审计工作计划（如适用） | | | | 9.内部审计部门是否在每个会计年度结束后二个月内向审计 | √ | | | 委员会提交年度内部审计工作报告（如适用） | | | | 10.内部审计部门是否至少每年向审计委员会提交一次内部 | √ | | | 控制评价报告（如适用） | | | | 11.从事风险投资、委托理财、套期保值业务等事项是否建立 | √ | | | 了 ...

Summary of the Conference Call Industry Overview - The AI technology is revolutionizing the comic-drama industry, with the market expected to grow nearly 20 times by 2025, attracting numerous new entrants [2][3] - The comic-drama format consists of episodes lasting approximately 1 to 3 minutes, combining motion effects and sound to transform static comics into videos, similar in narrative pace to live-action dramas [3] Company Insights - Fish and Culture has been deeply involved in the comic-drama sector, with its core brand, Yiyu Comic Theater, producing hit works like "Super Pet Shop" on platforms like Tencent Video [2][4] - The company has achieved significant success on short video platforms like Douyin, capturing the short video trend effectively [5] AI Technology Impact - AI technology has disrupted the entire comic-drama industry chain, affecting every stage from content creation to distribution and monetization [7] - AI can generate dynamic storyboard images and line art in bulk, significantly increasing efficiency and reducing costs. A project that previously required thousands of people over several years can now be completed by a five-person team in one month, with costs reduced to one-fifth of previous levels [2][7][8] - New roles such as card designers and technical staff are emerging, increasing the demand for versatile talent [9] User Demographics and Market Trends - Initially, the user base for AI comic-dramas consisted mainly of male users (approximately 70%) from the broader anime and live-action short drama audience, who have a strong willingness to pay [10] - As female-oriented content expands, the audience is diversifying, with an increase in female and older viewers [10] Strategic Partnerships - Fish and Culture's collaboration with Rongxin Culture focuses on content, capital, and distribution channels, leveraging Rongxin's strong IP in children's content for AI comic-drama adaptations [4][11] - The partnership aims to embed knowledge elements and interactive Q&A into AI comic-dramas, enhancing engagement for young audiences [11] Industry Challenges - The comic-drama industry faces challenges such as content homogenization, copyright disputes, and content safety issues [12] - Fish and Culture emphasizes IP authorization to promote positive industry development and mitigate these challenges [12] Platform Support and Collaboration - Major platforms like Douyin, Tencent Video, Migu, and iQIYI have launched various incentive programs to support comic-dramas, each with distinct focuses [6] - Fish and Culture tailors its content strategy based on the characteristics of different platforms to achieve optimal results [6]

证券代码：301231 证券简称：荣信文化 公告编号：2026-003 荣信教育文化产业发展股份有限公司 关于股票交易异常波动的公告 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、股票交易异常波动的具体情况 荣信教育文化产业发展股份有限公司（以下简称"公司"）股票交易 价格连续两个交易日（2026年1月9日、1月12日）收盘价格涨幅偏离值累 计超过30%，根据深圳证券交易所的有关规定，以上情形属于股票交易异 常波动的情况。 3.经核查，公司目前生产经营情况正常，内外部经营环境未发生重大 变化； 4.经核查，公司、控股股东及实际控制人不存在应披露而未披露的重 大事项或处于筹划阶段的重大事项； 5.经核查，公司控股股东及实际控制人、董事、高级管理人员在股票 交易异常波动期间不存在买卖公司股票的情形； 二、公司关注并核实情况说明 针对公司股票交易异常波动情况，公司董事会通过电话及现场问询方 式，对公司控股股东、实际控制人、全体董事、高级管理人员就相关问题 进行了核实，现就相关情况说明如下： 1.经核查，公司前期披露的信息不存在需要更正、补充之处； 2.经核查， ...

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]

Investment Rating - The investment rating for the industry is "Outperform the Market" (maintained) [1]. Core Insights - AI applications are entering a global acceleration phase, with both domestic and overseas markets continuing to expand on a high base. As of September 2025, overseas AI application monthly active users (MAU) have surpassed 1.2 billion, a year-on-year increase of 76.7%, while China's AI application MAU reached 490 million, growing by 172.3% [12]. - AI search, composed of AI chatbots and AI search engines, has become the core engine of AI application development, shifting user behavior from "searching links" to "asking AI for answers." This transformation is reshaping information access and making shopping recommendations a core use case, fundamentally changing brand communication models [12][18]. - The Generative Engine Optimization (GEO) is revolutionizing traditional marketing models, enabling better advertising effectiveness by allowing brands to be directly referenced in AI-generated answers rather than just appearing in search results [13][17]. Summary by Sections AI Marketing: GEO Reshaping Advertising Models - GEO enables a complete transformation of advertising strategies, allowing brands to be directly referenced in AI-generated responses, enhancing exposure and engagement [13][17]. - The shift from traditional SEO to GEO is evident, with brands needing to optimize for AI-generated content rather than traditional search engine visibility [21][30]. AI Short/Anime Series: Multi-Modal Capabilities Driving Market Explosion - AI-driven short series, utilizing AIGC technology, significantly lower production costs and improve efficiency, making it a high-growth area in the content market [33][42]. - The number of AI animation micro-short series launched has been increasing, with 2,902 episodes released from January to August 2025, primarily targeting a younger audience [45]. Market Growth and Company Benefits - The GEO market is expected to grow rapidly, with projections indicating a global market size of $24 billion by 2026 and $100 billion by 2030. In China, the GEO market is anticipated to reach 11.1 billion yuan by 2026 and 36.5 billion yuan by 2028 [30]. - Companies benefiting from this trend include technology providers and content platforms such as 引力传媒, 光云科技, and 哔哩哔哩, which are positioned to capitalize on the shift towards GEO [30].