[Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Title] 传媒行业 Agent 商业化拐点加速，渗透空间可观 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-03 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 021-38003665 liaozhiguo@gf.com.cn 分析师： 宾特丽亚 SAC 执证号：S0260526010003 021-38003624 binteliya@gf.com.cn 请注意，廖志国,宾特丽亚并非香港证券及期货事务监察委 员会的注册持牌人，不可在香港从事受监管活动。 -14% -1% 12% 24% 37% 50% 03/25 05/25 07/25 ...

2026 年 3 月 3 日 星期二 每日大市点评 昨日港股下跌。恒生指数及国企指数分别收报 26,059.85 点及 8,701.91 点，下跌 2.1%及 1.8%。港股成交合共 3,577 港 元，较上周五的 2,884 亿港元，下跌 24.0%，或反映投资者轮动交易情况。分类指数方面，能源、原材料、公用事业业指 数分别上升 4.0%、3.1%、0.1%；医疗保健、金融、非必需性消费则分别下跌 3.4%、3.3%、3.1%。蓝筹个股方面，信义玻 璃(868 HK)及中国宏桥(1378 HK)领涨，分别上升 12.4%及 7.2%；京东健康(6618 HK)及汇丰控股(5 HK)领跌，皆分别下跌 5.2%。 近日美国及以色列攻击伊朗，这无疑加深地缘政治危机，以及影响石油及天然气等传统能源供应。WTI 原油价格上涨至 70 美元近月高水平，虽然如此，仍远低于 2022 年俄乌军事冲突爆发时候的 100 至 115 美元水平。黄金价格则上升至今年初 的 5,300 美元高水平。在此次战争情况下，相关港股板块表现出传统投资逻辑。"三桶油"上升 2.6%-5.6%，金矿股例如 招金矿业(1818 HK)上升 6. ...

Group 1: Market Overview - The Hang Seng Index rose by 0.82% during the week of February 23-27, 2026, while the Hang Seng Technology Index fell by 1.41%[10] - The average daily trading volume in the Hong Kong stock market increased by 26.14% to HKD 186.2 billion during the same period[24] - The PE ratio of the Hang Seng Index as of February 27, 2026, was 11.38X, down by 0.82% from the previous week[16] Group 2: AI Market Insights - In February 2026, the AI model invocation volume in China surged by 127%, surpassing that of the United States for the first time[7] - Four Chinese models accounted for 85.7% of the top five models in invocation volume, indicating strong domestic performance[7] - The AI hardware infrastructure is expected to maintain high demand in 2026, benefiting companies like SMIC and Hua Hong Semiconductor[7] Group 3: Investment Recommendations - Companies with strong data, resource, and application advantages in AI, such as Tencent and Alibaba, are recommended for investment[7] - Focus on AI ecosystem companies like Kuaishou and MINIMAX, which have model or application capabilities[7] - The autonomous driving sector is highlighted as a key area for investment, with companies like XPeng Motors and NIO recommended[7] Group 4: Risks - Geopolitical risks may impact overseas revenues and competitiveness, posing a threat to stock prices[32] - Regulatory risks in the internet sector could affect industry performance and individual stocks[32] - Consumer recovery may not meet expectations, which could influence stock performance negatively[32]

Group 1: Core Insights - The report suggests a positive outlook for the AI industry and gaming sectors, indicating that recent market corrections may present better investment opportunities [12] - E-commerce sector shows mixed results, with Alibaba leading in AI advancements but facing pessimistic revenue growth expectations, leading to stock price fluctuations [16] - Social entertainment media, particularly Tencent and Bilibili, are expected to maintain strong growth, with Bilibili's advertising growth likely to outperform the overall internet advertising market [16] Group 2: E-commerce Insights - Alibaba's AI developments are significant, with the launch of the Qwen 3.5-Plus model, which has shown competitive performance at a lower cost, enhancing its market position [13] - Meituan is expected to face challenges due to intense competition in the food delivery sector, impacting profitability in the short term [16] Group 3: Gaming Sector Insights - The gaming sector is anticipated to maintain a favorable outlook, with new product launches expected to drive growth in 2026 [14] - Companies like Century Huatong and Perfect World are highlighted for their strong product pipelines and potential for revenue growth [18] Group 4: AI Developments - The report notes a growing concern about AI's impact on traditional industries, with a shift in market focus towards model technology pricing and capabilities [20] - The upcoming second quarter of 2026 is expected to see a new wave of model iterations, with domestic models catching up rapidly [20] Group 5: Advertising and Marketing - The advertising sector is seeing increased activity, with companies like Focus Media ramping up ad placements, particularly in consumer goods ahead of major events like the World Cup [18] - AI marketing is gaining traction, with companies like Titanium Technology preparing for an IPO, indicating strong growth potential in this area [19] Group 6: Media and Entertainment - The long video sector is stabilizing, with companies exploring new business avenues, while short video platforms like Kuaishou are benefiting from technological advancements [17] - The report emphasizes the importance of content production capabilities and project pipelines for companies in the film and television industry [19]

本周观点 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最后一页特别声明 1 咖啡茶饮：1）咖啡：高景气维持；行业具备β性红利，各品牌依旧积极开店，整体咖啡行业价格竞争趋缓；阿 拉比卡咖啡期货价格持续下跌，后续有望带来成本改善。2）茶饮：略有承压；短期平台 AI 流量大战，奶茶成为 引流品，数据依旧具备韧性；但有关"糖税"征收相关研究讨论引发市场担忧。 电商：持续承压。受国内消费环境影响，整体国内电商基本面表现平淡。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应驱动盈利杠杆释放。 网易云音乐 2025 年收入略微不及预期，关注 2026 年音乐订阅业务有望量价齐升。 虚拟资产&资产交易平台：地缘冲突风险加剧，币价持续承压。香港 2026-2027 年度财政预算案确认香港年内将 提交法案，建立虚拟资产交易商及托管服务提供者的发牌制度，监管范围将进一步扩展至场外交易等数字资产买 卖业务。 汽车服务：IAM中，多家主机系汽服连锁蛰伏后市场，车后连锁品牌持续加码开店 ...

2月27日，慧泽医药旗下儿童治预双效的抗流感药——磷酸奥司他韦颗粒在京东健康平台线上首发。这 是一款流感用药，用户在京东APP搜索"奥司他韦颗粒"，即可便捷咨询购买，快速获取前沿抗病毒治疗 方案。 流行性感冒是流感病毒引起的一种急性呼吸道传染病，甲型和乙型流感病毒每年呈季节性流行。国家卫 生健康委发布会信息显示，当前全国流感活动处于较高流行水平。流感传染性强，起病急，可引起高 热、全身酸痛、乏力等症状，并可能引发肺炎、心肌炎等严重并发症，对全人群尤其是儿童、老人及慢 性病患者的健康构成显著威胁。及时进行有效的抗病毒治疗，是阻断病毒传播、缩短病程、降低重症风 险的关键。 未来，慧泽医药与京东健康将聚焦流感防治的全周期需求，在药品可及性提升、患者教育、流感预警等 方面展开深度合作，共同构建"预防-治疗-康复"一体化健康服务生态，为公众健康提供更全面、更贴心 的保障。 疗效显著：流感患者获益，循证充足；对于新冠患者及手足口病患者能有效获益。 安全性高：14天以上婴幼儿，孕妇，老人均可使用。 品质保证：通过国家一致性评价，国家医保乙类。 湖南慧泽生物医药科技有限公司(简称"慧泽医药")成立于2014年，是一家专注于药 ...

A股2月收官！沪指月线斩获3连阳，春节后市场交投持续活跃，"日成交超万亿"已成常态。从板块来看，热点聚焦度显著提升，涨价题材大放异彩，化工、 有色金属表现突出。 2月最后一个交易日（2月27日），A股三大指数涨跌不一，全市场超3200只个股上涨，沪深京三市成交额2.51万亿元，较昨日小幅缩量504亿元。 盘面上，小金属狂飙突进，稀土持续涨价，湖南黄金等9股狂掀涨停潮，有色ETF（159876）场内涨幅最高上探3.82%。磷化工风口叠加TDI行情催化，化工 ETF（516020）斩获4连阳，继续刷新2022年1月以来的阶段高点。 算力方向继续活跃！中国AI调用量首超美国，国产算力有望受益，重点布局国产AI产业链的科创人工智能ETF（589520）场内价格拉升2.03%；云计算进入 密集涨价周期，大数据ETF（516700）场内价格劲涨2.05%；华为云码道公测，盘古生态再扩容，重仓软件开发行业的信创ETF基金（562030）场内价格上 涨1.76%，收复5日、10日均线。 全球AI发展驱动电力需求激增，叠加"HALO交易"加持，电力ETF（159146）场内再涨2.64%连创上市新高，基金经理曹旭辰指出，伴随A ...

在马年春晚科技元素霸屏、见证科技澎湃动能的热潮中，全球人工智能（AI）革命正加速从模型创新 迈向广泛商业落地的关键阶段，港股互联网龙头被市场视为迎来以技术驱动为核心的"二次增长曲线"。 数据统计，南向资金在2025年成交净买入达到14048.44亿港元，创历史新高后，2026年来仍在持续加 码，截至2月26日，南向资金开年来成交净买入已达1445.48亿港元。 在此背景下，工银瑞信中证港股通互联网交易型开放式指数证券投资基金（简称：港股通互联网ETF工 银，代码：159179）于3月2日正式发行，有望为投资者提供聚焦港股互联网核心赛道、成本低廉、交易 便捷的指数化投资工具。 聚焦"软科技"龙头，龙头效应显著 港股通互联网ETF工银（159179）紧密跟踪中证港股通互联网指数，中证港股通互联网指数从港股通范 围内选取30家涉及互联网相关业务的上市公司证券作为指数样本，反映港股通内互联网主题上市公司证 券的整体表现，构建了聚焦"软科技"属性的优质投资组合。 AI应用落地加速，多板块迎来爆发期 当前，互联网行业正迎来AI应用商业化落地的关键窗口期。据数据显示，中证港股通互联网指数行业 分布覆盖互联网电商、消费电子、 ...

编辑｜钉钉 | 名称 | 现价 | 涨跌 | 涨跌幅, | | --- | --- | --- | --- | | 携程集团-S | 412.800 | 12.400 | 3.10% | | 网易-S | 179.600 | 4.600 | 2.63% | | 哔哩哔哩-W | 223.600 | 5.400 | 2.47% | | 腾讯控股 | 523.000 | 11.000 | 2.15% | | 腾讯音乐-SW | 56.600 | 0.950 | 1.71% | | 美团-W | 81.750 | 1.300 | 1.62% | | 小鹏汽车-W | 68.500 | 1.000 | 1.48% | | 舜宇光学科技 | 58.350 | 0.750 | 1.30% | | 海尔智家 | 26.740 | 0.280 | 1.06% | | 金山软件 | 26.160 | 0.260 | 1.00% | | 京东健康 | 56.950 | 0.500 | 0.89% | | 阿里巴巴-W | 144.200 | 1.200 | 0.84% | | 中芯国际 | 68.100 | 0.500 | 0. ...

Core Viewpoint - Liu Qiangdong has launched a yacht brand with an investment of 5 billion RMB, aiming to make yacht prices as low as 100,000 RMB, similar to cars, to increase accessibility for the general public [1][4]. Group 1: Market Potential - The yacht market in China is significantly underdeveloped, with only 12,000 yachts compared to over 1.3 million in the U.S., indicating a vast market opportunity [1]. - Liu believes that the yacht industry represents the last high-end category in Chinese manufacturing that remains untapped [1]. Group 2: Strategic Location - The yacht project is based in Zhuhai, a city with a strong manufacturing base for yachts and a complete industrial chain, including the largest yacht manufacturing base in China [2][3]. - Zhuhai has seen significant growth in marine tourism, with GDP growth projected at 12% and industrial investment increasing by 59 times by 2025, enhancing the consumption side of the yacht industry [2]. Group 3: Financial Aspects - Liu's investment of 5 billion RMB is a personal venture, separate from his other business interests, indicating a significant personal commitment to this project [7]. - The company has already received orders for five large yachts, each priced at approximately 60 million euros, totaling nearly 2.4 billion RMB [7]. Group 4: Challenges and Considerations - Despite the ambition to lower yacht prices, the ongoing costs of ownership, such as docking and maintenance fees, may deter potential buyers, as these costs can exceed the initial purchase price [5][6]. - The success of this venture remains uncertain, as previous cross-industry expansions by Liu have had mixed results, with only the food delivery service making a significant impact [6][7].