Industry Rating - The media industry is rated as "Overweight" (maintained) [1] Core Views - AI applications are continuously catalyzing investment opportunities, particularly in the media and entertainment sectors [2] - The launch of Kunlun Wanwei's AI short drama platform, SkyReels, in the US marks a significant expansion in the global AI entertainment market [2] - Microsoft's open-source 5-level architecture general AI agent, Magentic-One, demonstrates strong automation capabilities across various fields [2] Performance Summary - Over the past 12 months, the media industry has shown mixed performance: - 1-month relative return: 14.25% - 3-month relative return: 21.27% - 12-month relative return: -11.0% - 1-month absolute return: 17.58% - 3-month absolute return: 45.27% - 12-month absolute return: 4.19% [1] Key Developments in AI Applications - **Kunlun Wanwei's SkyReels Platform**: - SkyReels integrates multiple AI models, including SkyScript (script generation), StoryboardGen (storyboard generation), Sky3DGen (3D generation), and WorldEngine (AI 3D engine and video model integration) [2] - The platform has achieved significant breakthroughs, such as improving script generation quality to an average rating of A or S, enhancing video generation success rate by 21%, and reducing video generation time from 5 minutes to 2 minutes for 5s 30fps videos [2] - SkyReels also improved BGM and TTS matching accuracy by 35% and streamlined the creation process, enabling users to generate a complete 2-minute short drama in just 10 minutes [2] - The platform lowers the barrier to entry for non-professional users, making AI short drama creation more accessible [2] - **Microsoft's Magentic-One**: - Magentic-One is a 5-level architecture AI agent consisting of Orchestrator, WebSurfer, FileSurfer, Coder, and ComputerTerminal, designed to automate tasks across various domains such as legal, medical, financial, and education [2] - The agent's multi-agent architecture allows for efficient task decomposition, execution, and progress tracking, significantly enhancing automation capabilities [2] Investment Recommendations - The report highlights investment opportunities in AI applications, recommending companies such as Top Cloud Agriculture, BlueFocus, and Kunlun Wanwei [4]

会 证券研究报告·行业点评报告 2024 年 11 月 11 日 江海证券研究发展部 通信行业 执业证书编号：S1410523100001 联系人：吴雁宇 执业证书编号：S1410124010015 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 11 月 8 日数据 相关研究报告 1. 江海证券-行业点评报告-通信行业：卫 星互联网事件催化不断，重视板块投资机 会-20240604 2. 江海证券-行业点评报告-通信行业：千 帆星座发射成功，政策暖风频频吹来 -20240807 3. 江海证券-行业点评报告-通信行业：朱 雀三号发射成功，技术取得重大突破 – 2024.09.12 分析师：屈雄峰 卫星互联网催化不断，提示相关投资机 事件： 行业评级：增持（维持） 近十二个月行业表现 2024 年 11 月 9 日，株洲太空星际卫星科技有限公司投资建设的 4 颗卫星搭载 长征二号丙运载火箭，在甘肃酒泉卫星发射中心成功发射升空，卫星顺利进入 预定轨道，发射任务获得圆满成功。 2024 年 11 月 6 日，中国空天信息和卫星互联网创新联盟成立。 2024 年 11 月 5 日，据巴西里约时报 ...

证券研究报告·行业点评报告 2024 年 11 月 14 日 江海证券研究发展部 执业证书编号：S1410524050001 联系人：黄燕芝 执业证书编号：S1410123120005 | --- | --- | --- | --- | --- | --- | --- | |--------------------|-------|-------|--------|-------|--------|---------| | | | | | | | | | 近十二个月行业表现 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | % | | | 1 个月 | | 3 个月 | 12 个月 | | 相对收益 | | | 3.55 | | 1.3 | -20.04 | | 绝对收益 | | | 8.66 | | 24.15 | -6.12 | | | | | | | | | 美妆双 11 增速表现亮眼，部分公司发 布双 11 战报 分析师：吴春红 事件： 行业评级：增持（维持） 数据来源：聚源 注：相对收益与沪 ...

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证券研究报告·行业点评报告 2024 年 11 月 14 日 江海证券研究发展部 执业证书编号：S1410524050002 机械军工行业研究组 饲草产业高质量发展政策助力相关设 备市场发展 分析师：任沐昕 事件： 行业评级：中性（维持） 数据来源：聚源 注：相对收益与沪深 300 相比 注：2024 年 11 月 13 日数据 相关研究报告 1. 江海证券-行业点评报告-机械设备行 业：冰雪产业相关设备或迎来机遇期 – 2024.11.08 2. 江海证券-行业研究报告-机械设备行 业：机械设备行业跟踪报告 （2024.10.21~2024.11.03） – 2024.11.05 3. 江海证券-行业点评报告-机械设备行 业：可再生能源政策助力多领域设备发展 – 2024.11.01 4. 江海证券-行业点评报告-机械设备行 业：事故灾害防治带来相关设备市场空间 – 2024.10.25 5. 江海证券-行业点评报告-机械设备行 业：固废与化学品处置设备市场有待发掘 – 2024.10.23 机械设备行业 2024 年 11 月 13 日，国家发展和改革委员会联合农业农村部、国家林草局发布 《关于推动饲草产 ...

执业证书编号：S1410524050001 | --- | --- | |-------------------------|------------------------| | 市场数据 | | | 总股本(百万股 ) | 97.69 | | A 股股本 (百万股) | 97.69 | | B/H 股股本 (百万股) | -/- | | A 股流通比例(%)） | 56.60 | | 12 个月最高 /最低( 元 ) | 24.50/7.60 | | 第一大股东 | 王敏 | | 第一大股东持股比例 (%) | 25.99 | | 上证综指/沪深 300 | 3383.81/4024.28 | | 数据来源：聚源 注： | 2024 年 11 月 6 日数据 | 近十二个月股价表现 %1个月3个月12个月 相对收益-33.82-30.89-1.77 绝对收益20.8965.8875.73 数据来源：聚源注：相对收益与北证50相比 1. 公司深度报告（首次覆盖）-锦好医疗 -872925：短期承压，自有品牌突破和渠 道建设夯实国产助听器龙头企业地位 – 2024.09.19 锦好医疗近日公布了 2024 年 ...

| --- | --- | --- | --- | |--------------------|--------|--------------------|----------| | | | | | | | | | | | 近十二个月股价表现 | | | | | | | | | | | | | | | | | | | | | | | | | % | 1 个月 | 3 个月 | 12 个月 | | 相对收益 | -3.71 | 11.21 | -41.36 | | 绝对收益 | 0.21 | 32.36 | -28.51 | | 数据来源：聚源 | | 注：相对收益与沪深 | 300 相比 | 执业证书编号：S1410524040001 联系人：王金帅 车载电源份额维持领先，新增头部车企 客户定点 执业证书编号：S1410123090009 1. 江 海 证 券 - 公 司 点 评 报 告 - 威 迈 斯 -688612：2024H1 研发投入致利润承压， 新 产 品 + 出 海 有 望 贡 献 新 增 长 – 2024.09.26 相关研究报告 江海证券有限公司及其关联机构在法律许可的情况下可能与本报告所分析 ...

Investment Rating - The investment rating for the company is "Buy" [3][4]. Core Insights - The company has shown a continuous optimization of its product structure and steady progress in expanding overseas markets, particularly in the hydraulic cylinder sector, which opens up growth opportunities [2]. - In Q3 2024, the company achieved a revenue of 139 million yuan, a year-on-year decrease of 22.60%, while the net profit attributable to the parent company was 28 million yuan, an increase of 27.12% year-on-year [2]. - The gross profit margin improved to 28.93%, up 1.24 percentage points from Q2, and the net profit margin increased to 19.88%, up 3.35 percentage points from Q2, indicating enhanced profitability [2]. - The company’s oil-gas spring products have shown significant advantages in various performance metrics, leading to a compound annual growth rate of 89.55% in revenue from 2021 to 2023, with H1 2024 revenue exceeding the total for 2023 [2]. - The overseas market expansion is progressing well, with products being sold in North America, South America, the Middle East, and Eastern Europe, contributing to revenue diversification and reducing domestic market pressure [2]. - The company’s financial forecasts for 2024-2026 project revenues of 632 million, 799 million, and 980 million yuan, respectively, with net profits of 107 million, 154 million, and 198 million yuan [3][4]. Financial Summary - The company reported total revenue of 443 million yuan for the first three quarters of 2024, a decrease of 15.44% year-on-year, while the net profit attributable to the parent company was 76 million yuan, an increase of 30.71% [2]. - The projected earnings per share (EPS) for 2024, 2025, and 2026 are 0.90 yuan, 1.30 yuan, and 1.66 yuan, respectively [3][6]. - The company’s return on equity (ROE) is expected to improve from 18.53% in 2024 to 23.70% in 2026 [3][6].

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绝对收益 13.65 -0.40 37.70 S1410524050001 国内运动营养食品行业增速高，公司深 耕运动营养食品多年 联系人：黄燕芝 执业证书编号： S1410123120005 | --- | --- | |------------------------|-------------------------------------| | 市场数据 | | | 总股本(百万股 ) | 124.50 | | A 股股本(百万股 ) | 124.50 | | B/H 股股本(百万股 ) | -/- | | A 股流通比例 (%)） | 64.38 | | 12 个月最高/最低 (元 ) | 14.48/6.26 | | 第一大股 东 | 北京惠力康信息咨询中心 ( 有限合伙 ) | | 第一大股东持股比例 (%) | 22.86 | | 上证综指 /沪深 300 | 3000.95/3545.32 | | 数据来源：聚源 注： | 2024 年 9 月 26 日数据 | 近十二个月股价表现 ◆公司主要产品和服务包括：运动营养食品、健康营养食品、数字化体育科技服 务和受托加工业务等。运动营养食品是公司 ...