研报掘金丨中邮证券：首予人民网“增持”评级，多元布局支撑业绩韧性

Group 1 - The core viewpoint of the article highlights that People's Daily is leveraging its diversified business layout to support performance resilience amid industry pressures, with a focus on AI security penetration [1] - The company is actively responding to cyclical pressures by enhancing its core content business and strengthening original content development, thereby maintaining its leading position as a key central news website [1] - As of the first half of 2025, the total number of users on the "People's Daily" platform, including both PC and mobile, reached 950 million, an increase of approximately 30 million since the beginning of the year, contributing to steady growth in its main business [1] Group 2 - The company is deepening the application of new technologies such as AI and is actively expanding into emerging sectors like short videos to explore new sources of revenue growth [1] - With the ongoing advancement of AI governance systems, the company is expected to capitalize on its leading capabilities in corpus security and compliance governance to realize industry dividends [1] - Based on the closing price on December 19, the company is covered for the first time with a "buy" rating, corresponding to price-to-earnings ratios of 98, 88, and 82 times [1]