[Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2025 年 09 月 02 日 [Table_Title] 国务院印发"人工智能+"行动意见，8 月发放 173 款游戏版号 ——传媒行业周报 [Table_Summary] 报告要点： 市场表现 周度涨跌情况（2025.8.23-2025.8.29，下同）：传媒行业（申万）上涨 1.05%，在一级行业中排名第 12 名，恒生科技指数涨 0.47%。本周， 吉视传媒、文投控股、ST 华通、三七互娱和新媒股份表现较优，恒生 科技成分股中传媒行业网易-S（周涨幅 3.51%）和快手-W（周涨幅 0.60%）表现较好。 行业重点数据及动态更新 政策：8 月 26 日国务院印发《关于深入实施"人工智能+"行动的意 见》，提出加快实施"人工智能+"科学技术/产业发展/消费提质/民生 福祉/治理能力/全球合作等 6 大重点行动，实现 2027 年新一代智能终 端、智能体应用普及率超 70%；2030 年新一代智能终端、智能体应 用普及率超 90%；2035 年全面步入智能经济和智能社会发展新阶段。 AI 应用： 本周（8.24-8 ...

但就在腾讯音乐(NYSE:TME)、网易云音乐(09899.HK)竖起付费高墙的同时，新的挑战者已经来到了墙下。 背靠抖音庞大流量池的汽水音乐正在攻城略地，年初月活数已接近1亿大关，而腾讯音乐的月活已经连续15个季度下滑。 汽水音乐凭什么杀出重围？这场音乐"三国杀"又将形成什么样的新格局？ 或许，这场在线音乐平台之争的胜负手，还是得回到线下寻找答案。 1999年春晚，"黑土"赵本山吐槽"白云"宋丹丹"心眼太实"，偏揪着一只羊薅羊毛，以至于被扣上"薅社会主义羊毛"的罪名时，全国都在电视机面前笑得前 仰后合。 当时没人能想到，在26年后，"揪着一只羊薅毛"会成为音乐平台咸鱼翻身的"捷径"—— 通过加码情绪消费，发力粉丝经济，腾讯音乐取得了营收净利的大幅增长。刚发布的第二季财报，被巴克莱银行的分析师盛赞"展示了在用户音乐体验的 每一个环节进行变现的强大能力"，是一份"全方位完美的财报"。 而网易云音乐虽然上半年营收同比下降了6%，期内利润却同比飙涨了132.4%。 1、还是粉丝经济的钱好赚 相比于过去追求更大基数的用户，腾讯音乐和网易云音乐在今年上半年均呈现出了同样的趋势： 专注于那些更慷慨的用户，通过提供情绪价值 ...

来源：市场资讯 （来源：要闻君） 9月1日消息，美股上周五集体收跌，科技股遭抛售，但并不影响8月整体表现，三大指数均录得涨幅，其中纳指月线五连涨，标普指数四连涨。9月美股将面 临季节性"魔咒"，该月份是历史上美股表现最差的月份之一，的确，本月美联储议息会议就将牵动市场。而特朗普一直威胁美联储的独立性也增加了市场面 临的不确定性。 今晚美股将因劳工节休市一日。 截至上周五收盘，标普500指数跌0.64%，报6460.26点；道琼斯指数跌0.20%，报45544.88点；纳斯达克指数跌1.15%，报21455.55点。 上诉法院多数派的意见书指出，"《国际紧急经济权力法》赋予总统重大权力，使其能够针对宣布的国家紧急状态采取一系列行动，但这些行动均未明确包 括征收关税、税费或类似课税的权力。"法院指出，IEEPA中并没有出现过"关税"一词，也没有出现"税收"和"关税"等同义词。 法院的这一裁决并不影响特朗普政府根据其他规定而加征的关税，比如加征的钢铝关税等。但这可能会延长特朗普关税最终能否维持的悬念。 来看本周，周五发布的美国8月非农就业数据将成为衡量经济健康状况的重要指标，并检验投资者对美联储降息的预期。花旗分析 ...

近日，镁佳股份有限公司（以下简称"镁佳股份"）在港交所递交招股书，中金公司、花旗和德意志银行担任联席保荐人。 公司尚未盈利 3年亏损超10亿元 镁佳股份是一家汽车科技公司，致力于重塑未来出行。公司专注于研发并交付以人工智能(AI)为核心的集成式域控解决方案，助力主机厂打造下一代软件定 义汽车。 据招股书，2022年-2024年，镁佳股份实现收益分别为3.88亿元、15.13亿元、14.2亿元；年度亏损分别为4.23亿元、3.57亿元、2.91亿元。2024年营收略有下 降，公司称是终止与部分不符合长期发展目标客户合作的一次性影响。 庄莉于2016年7月至2019年6月期间担任上海蔚来汽车有限公司的附属公司的副总裁，主要负责软件开发部门的车辆软件开发。于2015年4月至2016年7月担任 猎豹移动公司工程副总裁，主要负责技术产品开发。庄莉于2013年12月至2015年3月在雅虎公司担任个性化推荐总监，主要负责软件开发。庄莉于2008年9月 至2013年12月在微软亚洲研究院担任研究员，主要负责技术开发。 庄莉分别于2000年7月及2002年7月获得中国清华大学计算机科学与技术学士学位及计算机应用技术硕士学位，并 ...

Core Viewpoint - The article discusses the recent downturn in the U.S. stock market, particularly focusing on technology stocks and their performance amid inflation concerns and economic data releases [3][6]. Market Overview - On Friday, U.S. stocks fell across the board, with notable declines in tech stocks such as Dell and Nvidia, as the market digested the latest inflation data [3]. - The Dow Jones Industrial Average decreased by 0.20% to 45,544.88 points, the Nasdaq Composite fell by 1.15% to 21,455.55 points, and the S&P 500 dropped by 0.64% to 6,460.26 points [3]. - Major tech stocks showed weak performance, with Nvidia down 3.3%, Apple down 0.2%, Microsoft down 0.6%, Amazon down 1.1%, and Tesla down 3.5%. In contrast, Google saw a slight increase of 0.6% [3]. Economic Data - The Personal Consumption Expenditures (PCE) price index, a key inflation indicator for the Federal Reserve, rose by 2.6% year-on-year in July, with the core PCE increasing to 2.9% [6]. - The Michigan Consumer Sentiment Index for August was revised down to 58.2 from an initial 58.6, indicating a decline in consumer confidence [6]. - One-year inflation expectations rose to 4.8%, and five-year expectations increased to 3.5%, both higher than July's figures [6]. Sector Performance - The Philadelphia Semiconductor Index experienced a significant drop of 3.2%, marking its largest decline since April [7]. - Nvidia's stock fell 3.3% after its latest earnings report failed to meet high investor expectations, although spending related to AI infrastructure remains strong [7]. - Dell's stock plummeted nearly 9% after the company forecasted lower-than-expected profits for the upcoming quarter [8]. - Caterpillar, a major player in the construction machinery sector, saw its shares decline by 3.6% due to predictions of increased tariff-related expenses by 2025 [9]. Commodity Market - International oil prices weakened, with WTI crude oil near-month contracts falling by 0.91% to $64.01 per barrel, and Brent crude down by 0.73% to $68.12 per barrel [9]. - Gold prices rose due to increased risk aversion, with COMEX gold futures for November delivery up by 1.17% to $3,512.40 per ounce [10].

Group 1 - The performance of popular Chinese concept stocks is mixed, with NetEase rising over 2%, while XPeng Motors and Alibaba both falling over 2% [1] - Li Auto's Q2 net profit increased nearly 70% quarter-on-quarter, but its Q3 guidance is weaker than expected, with a projected vehicle delivery drop of 37.8% to 41.1% year-on-year [2][4] - Trip.com Group reported a Q2 net income of RMB 14.843 billion, a year-on-year increase of 16.22%, with a net profit of RMB 4.846 billion, up 26.43% year-on-year [3][4] Group 2 - Li Auto's total revenue decreased by 4.5% year-on-year, with net profit remaining stable year-on-year but showing a significant quarter-on-quarter growth of 69.6% [4] - The company expects Q3 total revenue to decline sharply by 38.8% to 42.1% year-on-year, estimating between RMB 24.8 billion to RMB 26.2 billion [4]

在宁德时代贵州基地AI车间，"一秒造一颗电芯"的效率刷新行业认知；在贵安超算中心，每秒3亿亿次 的运算能力为全国影视渲染产业注入"数字血液"；在贵安机器人创新产业园，全球首款人形机器人头部 模组破解行业痛点……行走在贵安新区，算力驱动的变革无处不在：企业加速触网转型，产业集群效应 凸显，公共服务提质增效，一幅"算力筑基－产业集聚－生态成形－赋能民生"的数字经济高质量发展大 美画卷正徐徐展开。 位于贵阳大数据科创城核心区的贵安中心 2021年2月，习近平总书记考察贵州时，殷切嘱托贵州"在实施数字经济战略上抢新机"；2022年1月， 《国务院关于支持贵州在新时代西部大开发上闯新路的意见》印发，明确赋予贵州"数字经济发展创新 区"的战略定位。作为中国国家大数据（贵州）综合试验区与数字经济创新核心区，贵安新区锚定战略 目标，聚集算力、产业、赋能三大关键，通过"布局算力优势，打造中国领先智算高地""推进数据要素 价值化，加快建设全国数据高地""强化数智赋能，构建全场景应用高地"三大举措，推动算力深度融入 生产、分配、流通及社会服务管理全链条，让贵安新区的奔腾算力加快转化为推动数字经济高质量发展 的强劲动能。 算力筑底座 ...

【导读】美联储官员支持9月降息25个基点 中国基金报记者 郭玟君 大家早上好！昨夜今晨，又有很多大事发生。 道指、标普500指数创收盘新高。大型科技股多数上涨，中概股涨跌不一。 美联储理事沃勒在发表题为《事不宜迟，即刻行动》的演讲中表示，支持9月降息25个基点。他同时拒绝对美联储理事起诉特朗普一事发表评论。 摩根士丹利发文：美联储将降息？别急着下结论。 道指、标普500指数创收盘新高 美国三大股指小幅收涨，道指涨0.16%，报45636.9点；标普500指数涨0.32%，报6501.86点；纳指涨0.53%，报21705.16点。其中，道指、标普500指数均创 收盘新高。 个股方面，赛富时涨1.76%，思科涨1.45%，美国运通涨1.41%，领涨道指。 | 大型科技股多数上涨 | | --- | 大型科技股多数上涨，万得美国科技七巨头指数涨0.47%。 | 60644.39 昨收 | | 60360.50 | | --- | --- | --- | | +283.88 +0.47% 今开 60362.01 成交量 | | 4.08亿 | | 上涨 | 5 平盘 | 0 下跌 2 | | 最高价 60794.2 ...

Group 1 - The article discusses the transformative impact of AI on the gaming industry, highlighting the emergence of AI-driven interactions between players and NPCs [6][19][22] - DeepSeek's R1 model has made significant waves in the gaming sector, similar to the impact of ChatGPT in early 2023 [6][8] - The gaming industry is increasingly adopting open-world designs, which require advanced computational power to enhance player engagement [12][14][15] Group 2 - Companies like NetEase and MiHoYo are pioneering AI integration in games, with NetEase's "Nirvana in Fire" featuring intelligent NPCs that can engage in dynamic conversations with players [17][19] - MiHoYo's upcoming game "Whispers from the Star" emphasizes AI-driven narratives, allowing players to influence story outcomes through interactions with AI characters [25][27] - The article notes a shift in game development paradigms, where only a small fraction of top-tier teams may create groundbreaking content, while others may need to reconsider their roles in the industry [25][30] Group 3 - The rapid evolution of AI technologies is reshaping the gaming landscape, moving from traditional analysis to generative capabilities that can create diverse content [30][34] - AI's role in game development is expanding beyond graphics to include voice acting and music composition, as seen in recent projects by companies like NetEase and Kunlun Wanwei [36][40] - The article suggests that the gaming industry serves as a testing ground for AI advancements, with implications that extend beyond gaming into broader entertainment and media sectors [34][41]

Group 1 - The Zhejiang Service Trade Gamescom 2025 was hosted by the Department of Commerce of Zhejiang Province from August 20 to 22, showcasing the innovative achievements and cultural charm of Zhejiang's gaming industry [1][7] - The exhibition featured key participants including NetEase and other local companies, highlighting a diverse range of products such as home video game software, online games, mobile games, AR/VR devices, and digital cultural IP [3][4] - The event emphasized the theme of "Digital Empowerment, Cultural Globalization," promoting the brand appeal of "Zhejiang Services, Serving the World" and showcasing the strength of its digital trade capabilities [1][3] Group 2 - Notable gaming products showcased included NetEase's "WHERE WINDS MEET" and "Once Human" by Hangzhou Hehan Culture Communication Co., Ltd., which aims for a global release [4][6] - The exhibition provided opportunities for Zhejiang enterprises to engage with global players, senior users, and game media, fostering integration and development within the global gaming industry [7]