证券研究报告 传媒 报告日期：2025 年 02 月 22 日 AI 短剧创作迎来新机遇：昆仑万维 SkyReels-V1 模型 ——传媒行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《腾讯系列产品接入 DeepSeek，持续拓 展应用新场景—传媒行业点评报告》 2025.02.21 火爆—传媒行业周报》2025.02.21 端侧落地—AI 产业系列跟踪专题研究 报告》2025.02.10 摘要： 请认真阅读文后免责条款 昆仑万维开源中国首个面向 AI 短剧创作的视频生成模型 SkyReels-V1。2 月 18 日，昆仑万维开源中国首个面向 AI 短剧创 作的视频生成模型 SkyReels-V1、中国首个 SOTA 级别基于视频 基座模型的表情动作可控算法 SkyReels-A1。SkyReels-V1 可实现 影视级人物微表情表演生成，支持 33 种细腻人物表情与 400+种 自然动作组合，高度还原真人情感表达。SkyReels-V1 不仅是全 球极少数开源的视频生成模型，还是围绕人物表演、开源视频生 成模型 ...

Investment Rating - The report maintains a "Recommended" rating for the media industry [2][5]. Core Insights - Kunlun Wanwei has launched the SkyReels-V1 model, the first open-source video generation model for AI short drama creation in China, which supports 33 detailed facial expressions and over 400 natural action combinations, significantly enhancing emotional expression in video content [4][25]. - The report emphasizes the potential for the media industry to transition from traditional content production to intelligent and efficient creation, driven by continuous advancements in AI technology and expanding application scenarios [33][31]. Summary by Sections Recent Market Performance - From February 17 to February 21, 2025, the Shenwan Media Index decreased by 4.20%, with notable gainers including Ciwen Media and ST Huatu, while Light Media and other companies faced significant declines [9][10]. Industry News - Baidu announced that its Wenxin Yiyan model will be fully free starting April 1, 2025, enhancing its search capabilities with DeepSeek integration [12]. - Tencent Cloud has integrated DeepSeek technology into over ten products, exploring new application scenarios [13]. Investment Recommendations - The report suggests focusing on three main lines within the media sector: 1. Game and film sectors with performance recovery potential, recommending companies like 37 Interactive Entertainment and Perfect World. 2. High-dividend, low-valuation publishing companies, recommending Zhongnan Media and Changjiang Media. 3. Companies in the IP industry chain, recommending Pop Mart and CITIC Publishing [33][34].

Investment Rating - Investment rating is maintained as "Recommended" [2] Core Insights - Major technology companies are increasing investments in AI, which is expected to drive investment opportunities in the related communication sector. Alibaba plans to invest more in AI and cloud infrastructure over the next three years than in the past decade combined [3][6][20] - The State-owned Assets Supervision and Administration Commission emphasizes the need for quality upgrades in key industries, promoting the integration of traditional and emerging industries [3][19] - Chengdu has signed significant projects in the low-altitude economy and commercial aerospace sectors, with a total investment of 51.936 billion yuan, indicating strong growth potential in this area [4][19] Summary by Sections Recent Market Performance - From February 17 to February 21, 2025, the Shenwan Communication Index rose by 8.09%, with sub-sectors such as communication network equipment and devices increasing by 10.03% [9] Industry News - The successful test flight of a low-altitude passenger route in the Yangtze River Delta marks a significant advancement in low-altitude economic development [14] - Alibaba's cloud revenue for Q3 2025 reached 31.742 billion yuan, with a year-on-year growth of 13%, and AI-related revenue growing significantly [15] - Chengdu and China Mobile signed a strategic cooperation agreement to enhance collaboration in AI, 5G-A, and next-generation network infrastructure [16] - The launch of the "Purple East Sky" low-altitude industry model in Changchun aims to enhance data processing capabilities and support the low-altitude economy [17][18] Investment Recommendations - The report suggests focusing on the following sectors: 1. Operators: China Mobile (600941.SH), China Unicom (600050.SH), China Telecom (601728.SH) 2. Light module demand driven by domestic large models: Zhongji Xuchuang (300308.SZ), Tianfu Communication (300394.SZ), Guangxun Technology (002281.SZ) 3. Communication equipment manufacturers: ZTE Corporation (000063.SZ), Unisplendour Corporation (000938.SZ), Quectel Wireless Solutions (603236.SH) 4. Long-term opportunities in satellite communication: China Satellite Communications (601698.SH), China Satellite (600118.SH) [20]

Investment Rating - The report maintains an investment rating of "Recommended" for the automotive industry [2] Core Viewpoints - The automotive industry is expected to witness a dual expansion in breadth and depth in 2025, driven by the collective efforts of multiple companies to promote equal access to intelligent driving technologies [5][11] - The L3 level autonomous driving is anticipated to achieve large-scale commercialization between 2025 and 2026, with various automakers accelerating their hardware and software preparations [5][11] - Key suppliers in the intelligent driving system, including chip manufacturers, domain controllers, lidar, and camera sensor providers, are expected to benefit from the commercialization of advanced driving features [5][11] Industry Dynamics - BYD plans to start mass application of solid-state batteries by 2027, while Lantu is collaborating with Huawei to expedite the launch of L3 level autonomous driving [5][12][15] - The automotive sector saw a 3.73% increase in the Shenyin Wanguo Automotive Index from February 17 to February 21, 2025, outperforming the Shanghai and Shenzhen 300 Index by 2.73 percentage points [5][38] - In January 2025, retail sales of passenger vehicles reached 1.794 million units, a year-on-year decrease of 12.01%, while new energy vehicle retail sales were 744,000 units, reflecting an 11.44% increase year-on-year [5][48][58] Investment Recommendations - The report suggests focusing on leading automakers in intelligent driving, such as BYD, Changan Automobile, Great Wall Motors, SAIC Motor, and Xpeng Motors, as well as key players in the intelligent system supply chain like Desay SV, Kobot, and Huayang Group [5][6]

证券研究报告 美容护理 报告日期：2025 年 02 月 20 日 专注重组胶原蛋白领域，构建起全方位产业链 ——锦波生物（832982.BJ）公司深度研究报告 华龙证券研究所 投资评级：买入（维持） 最近一年走势 | 当前价格（元） | 229.30 | | --- | --- | | 周价格区间（元） 52 | 142.60-293.62 | | 总市值（百万元） | 20,295.76 | | 流通市值（百万元） | 10,522.82 | | 总股本（万股） | 8,851.18 | | 流通股（万股） | 4,589.11 | | 近一月换手（%） | 16.83 | 分析师：孙伯文 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《盈利能力与研发能力表现优异，推动 公 司 持 续 健 康 发 展 — 锦 波 生 物 2024.08.26 摘要： 医药行业新秀，多年深耕功能蛋白研发。成立十六年来，公司致 力研究重组人源胶原蛋白与抗 HPV 生物蛋白产品研究领域，获 取重组Ⅰ型人源化胶原蛋白冻干纤维、重组 XVII 型人源化胶原 蛋白修复冻干粉等数个相关医疗器械注册证。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company focuses on the research and development of recombinant collagen proteins and has established a comprehensive industrial chain [4][14] - The company has shown robust revenue growth, with a CAGR of 37.85% from 2019 to Q3 2024, and a net profit CAGR of 53.04% during the same period [4][24] - The company has a strong research capability and has developed a variety of functional protein biomaterials, enhancing its core competitiveness [4][22] Summary by Sections Company Overview - The company, established in 2008, specializes in functional protein research, particularly recombinant collagen and anti-HPV biological products [14][22] - It has a concentrated shareholding structure, with the chairman holding 58.89% of the shares, which promotes management efficiency [16][20] Industry Overview - The recombinant collagen market is rapidly growing, with a projected CAGR of 48.57% for raw materials and 50.27% for products from 2018 to 2023 [47] - The company’s products are widely used in medical aesthetics, gynecology, urology, and dermatology, indicating a broad application scope [42][44] Competitive Advantages - The company has a strong R&D capability and a complete industrial chain from raw materials to end products, which includes medical devices and functional skincare products [4][22] - The company has established its own brands in the functional skincare market, enhancing its market presence [22] Financial Forecast and Valuation - The company expects a net profit of 719 million to 737 million yuan for 2024, representing a year-on-year growth of 139.83% to 145.83% [4][5] - Revenue projections for 2024-2026 are 1.52 billion, 2.13 billion, and 2.66 billion yuan, respectively [5][10] Product Segmentation - The company’s main products include medical devices, functional skincare products, and raw materials, with medical devices being the largest revenue contributor [22][26] - The revenue from recombinant collagen products has significantly increased, with medical devices accounting for 89.95% of total revenue in 2023 [26][32]

证券研究报告 政策研究 报告日期：2025 年 02 月 21 日 深化资本市场改革 提升金融服务能力 ——《关于资本市场做好金融"五篇大文章"的实施意见》点评 华龙证券研究所 执业证书编号：S0230521030002 邮箱：yangxiaot@hlzq.com 执业证书编号：S0230521030009 邮箱：zhujj@hlzq.com 摘要： 请认真阅读文后免责条款 分析师：杨晓天 分析师：朱金金 证监会发布《关于资本市场做好金融"五篇大文章"的实施意见》 （以下简称《实施意见》），该意见共分为 8 个部分、18 条措施， 围绕科技金融、绿色金融、普惠金融、养老金融、数字金融五个 方面，聚焦支持新质生产力发展，突出深化资本市场投融资综合 改革，增强制度包容性、适应性，推动要素资源向科技创新、先 进制造、绿色低碳、普惠民生等重大战略、重点领域、薄弱环节 集聚。 相关阅读 券商业务结构面临调整，投行业务 IPO 和并购重组导向明显。券 商需调整业务策略，加强科技型企业估值、信息披露等能力，提 供更灵活的并购方案设计。投行业务将进一步向硬科技倾斜，政 策驱动下，科创板 IPO 占比有望进一步提升。加快券商财 ...

证券研究报告 传媒 报告日期：2025 年 02 月 18 日 哪吒 2 票房超 100 亿，IP 衍生品销售火爆 ——传媒行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《DeepSeek 重塑 AI 产业格局，助力 AI 端侧落地—AI 产业系列跟踪专题研究 报告》2025.02.10 商业化应用场景持续拓宽—传媒行业周 报》2025.01.20 哪吒 2 票房超 100 亿，IP 衍生品销售火爆。《哪吒之魔童闹海》 创国内影史票房、观影人次双纪录。截至 2 月 15 日 9:56，《哪 吒之魔童闹海》以 107.47 亿元（含预售）票房，以及 2.19 亿观 影人次荣登内地影史国产片票房、观影人次总冠军。放眼全球， 《哪吒之魔童闹海》已进入全球影史票房 TOP20，截至 2 月 15 日 9:56，《哪吒之魔童闹海》已居于全球影史票房 TOP13。 分析师：孙伯文 DeepSeek 传媒行业应用创新联盟成立。2 月 11 日下午，来自国 家广播电视总局广科院、电视台、IPTV、运营商、互联网视频、 高校的领导 ...

证券研究报告 传媒 报告日期：2025 年 02 月 18 日 哪吒 2 票房超 100 亿，IP 衍生品销售火爆 ——传媒行业周报 华龙证券研究所 投资评级：推荐（维持） 最近一年走势 执业证书编号：S0230523080004 邮箱：sunbw@hlzq.com 《DeepSeek 重塑 AI 产业格局，助力 AI 端侧落地—AI 产业系列跟踪专题研究 报告》2025.02.10 商业化应用场景持续拓宽—传媒行业周 报》2025.01.20 用改变移动办公范式—传媒行业周报》 2025.01.14 摘要： 请认真阅读文后免责条款 哪吒 2 票房超 100 亿，IP 衍生品销售火爆。《哪吒之魔童闹海》 创国内影史票房、观影人次双纪录。截至 2 月 15 日 9:56，《哪 吒之魔童闹海》以 107.47 亿元（含预售）票房，以及 2.19 亿观 影人次荣登内地影史国产片票房、观影人次总冠军。放眼全球， 《哪吒之魔童闹海》已进入全球影史票房 TOP20，截至 2 月 15 日 9:56，《哪吒之魔童闹海》已居于全球影史票房 TOP13。 分析师：孙伯文 DeepSeek 传媒行业应用创新联盟成立。2 月 11 ...