Core Viewpoint - The China Securities Communication Service Dividend Index has shown a modest increase over the past month, three months, and year-to-date, indicating a stable performance in the communication services sector [2]. Group 1: Index Performance - The China Securities Communication Service Dividend Index reported a value of 12337.93 points [1]. - The index has increased by 0.82% over the past month, 0.41% over the past three months, and 0.95% year-to-date [2]. Group 2: Index Composition - The top ten weighted stocks in the index include Phoenix Media (4.54%), Changjiang Media (4.48%), and Zhongnan Media (4.48%) [2]. - The index's holdings are primarily from the Shanghai Stock Exchange (67.47%) and the Shenzhen Stock Exchange (32.53%) [2]. Group 3: Sector Allocation - The index's sector allocation shows that cultural entertainment comprises 63.17%, communication equipment 19.39%, and telecom operation services 9.54% [2]. - Other sectors include data centers (4.61%), marketing and advertising (1.37%), communication technology services (0.98%), and telecom value-added services (0.94%) [2]. Group 4: Sample Adjustment Criteria - The index samples are adjusted annually, with the adjustment occurring on the next trading day after the second Friday of December [3]. - A buffer is set for dividend conditions, allowing samples with a cash dividend yield greater than 0.5% and ranking in the top 80% of average daily trading volume to be exempt from certain requirements [3]. - The adjustment ratio is generally limited to 20%, unless specific conditions are met [3].

| 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 数字货币 | 6.50 | 草甘膦 | -1.65 | | 电子身份证 | 5.62 | 黄金概念 | -0.66 | | 跨境支付(CIPS) | 5.33 | 供销社 | -0.53 | | 移动支付 | 5.30 | 代糖概念 | -0.37 | | EDR概念 | 4.75 | 社区团购 | -0.27 | | 数据确权 | 4.64 | 乳业 | -0.26 | | 财税数字化 | 4.45 | 培育钻石 | -0.19 | | Web3.0 | 4.43 | 超级品牌 | -0.18 | | 华为鲲鹏 | 4.24 | 赛马概念 | 0.22 | | 蚂蚁金服概念 | 4.21 | 可燃冰 | 0.24 | 资金面上看，今日蚂蚁金服概念板块获主力资金净流入23.88亿元，其中，42股获主力资金净流入，9股 主力资金净流入超亿元，净流入资金居首的是华峰超纤，今日主力资金净流入3.10亿元，净流入资金居 前的还有海联金汇、雄帝科技、金桥信息等，主力资金分别净流入2.88亿元、2. ...

Group 1 - The core viewpoint of the articles emphasizes the transformative impact of generative artificial intelligence on the education publishing industry, highlighting the need for a deep integration of AI to navigate challenges and achieve sustainable development [1][2] - Key strategies for the education publishing sector include precise positioning, innovative learning scenarios, authentic content creation, and the development of new capabilities within teams [1] - The future of publishing is seen as a shift from "content co-creation" to "value co-existence," focusing on creating new demands and values in collaboration with ecosystem partners [1] Group 2 - The significance of digitalization in publishing is not merely about improving book quality or sales, but about forming new business models and fostering industry innovation [2] - A critical challenge in the publishing industry is the lack of professional technical teams, which hampers innovation and product development [2] - Enhancing the technical literacy of all employees is deemed essential for successful digital transformation and industry innovation [2]

Group 1 - The integration of vocational skills training and industrial upgrading in Nanjing has significantly improved employment stability and development momentum [1][2] - The "one enterprise, one policy" training model allows companies to design courses based on their specific needs, leading to substantial improvements in production efficiency and output [2][3] - Since 2021, Nanjing has initiated 78 training projects covering various fields, with over 5,000 employees participating and a post-training job retention rate of 96.14% [2][3] Group 2 - The training programs not only enhance workers' employability but also address the challenge of finding qualified instructors for companies [3] - Community-based training initiatives, such as the "West Night School," have empowered residents to acquire new skills and explore career opportunities [4][5] - Nanjing has established over 200 local employment service stations, providing integrated services for job seekers, including training and career guidance [5] Group 3 - The "Jinling Craftsman" training series focuses on equipping workers with skills relevant to the digital age, such as AI applications and digital marketing [6] - The city has allocated over 200 million yuan in skill enhancement subsidies in 2024, benefiting more than 150,000 workers [6] - Future plans include further aligning training programs with industry needs to promote high-quality employment [7]

2)国内Tokens的价格也持续下探，2025年2月Deepseek V3百万Tokens输入(缓存命中)价格为0.5元，错峰 优惠时段为0.25元。 3)政策也开始提倡以AI应用为导向，中共中央政治局第二十次集体学习中强调"坚持自立自强、突出应 用导向"。同时该行也看到，A2A&MCP等协议架构开始广泛应用，全球Agent数量快速增长。该行认为 AI应用孵化的土壤已经完备，AI应用正迎来井喷时刻，AI应用的发展趋势将持续驱动传媒行情上涨。 建议关注本身正处于上升周期的应用场景，包括游戏、动画电影、出版等方向。 游戏 行业景气度回升+AI玩法持续应用，游戏公司有望迎来业绩和估值提振。产品周期叠加买量竞争缓和， 游戏公司业绩开始释放，且AI对制作和发行环节的降本增效作用显著，Tokens成本持续下降推动AINPC 等原生AI游戏玩法逐渐普及。推荐恺英网络、姚记科技、吉比特、昆仑万维等，建议关注完美世界、 盛天网络、巨人网络等。 智通财经APP获悉，兴业证券发布研报称，长期来看，AI所引领的技术变革将带来应用侧的广阔机会， 传媒行业作为AI技术的重要应用阵地和试验田将长期受益。国产大模型的持续进步正逐渐拉近和世界 ...

证券研究报告 2025年05月16日 行业报告： 行业专题研究 传媒 2024年及2025年第一季度传媒行业回顾 作者： 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 曹睿 SAC执业证书编号：S1110523020003 摘要 传媒行业 2025年传媒行业以景气度回升为核心趋势，一季度已见报表层面明显得到改善，估值层面传媒整体估值处在中枢水平，部分龙头公司估值仍 具优势，未来在政策改善、内容常态化供给、以及AI带来的产业变革下，我们坚定看好传媒行业25年投资机会。 游戏 2025年1-3月国内游戏市场收入同比增长18%，环比-1.2%；国内移动游戏收入同比增长20.3%，环比-2.2%；端游市场收入同比增长6.8%，环比 +3.6%；自研游戏海外收入同比增长17.9%，环比-0.6%。 影视院线 供给影响大盘复苏，行业承压。2024年影视院线板块公司实现总营收357.33亿元，yoy-14.3%；实现归母净利润-25.13亿元，yoy-348.6%。 25Q1影视院线板块公司实 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-018 三、审议通过了《关于公司第六届董事会专门委员会人员组成的议案》 江苏凤凰出版传媒股份有限公司 第六届董事会第一次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 江苏凤凰出版传媒股份有限公司（以下简称"凤凰传媒"或"公司"）第 六届董事会第一次会议于2025年5月14日以现场会议结合通讯表决方式召开，会 议应参加表决董事11人，实际参加表决董事11人。会议召开符合《公司法》和 《公司章程》的有关规定。 本次会议由章朝阳先生召集，采用记名投票方式，审议并通过了如下议案： 一、审议通过了《关于选举公司第六届董事会董事长的议案》 选举章朝阳先生为公司第六届董事会董事长，任期自本次会议审议通过之 日起至本届董事会任期届满之日。 表决结果：同意11票，反对0票，弃权0票 二、审议通过了《关于选举公司第六届董事会副董事长的议案》 选举王译萱先生为公司第六届董事会董事长，任期自本次会议审议通过之 日起至本届董事会任期届满之日。 表决结果：同意11票，反对0票 ...

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-017 江苏凤凰出版传媒股份有限公司 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 5 月 13 日 (二)股东大会召开的地点：南京市湖南路 1 号凤凰广场 B 座 29 楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 136 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,894,105,891 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 74.4275 | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，会议由董事长章朝阳主持。股东大会采取 现场记名投票方式与网络投票方式表决。本次股东大会网络投票由 ...

江苏同与泽律师事务所 法律意见书 江苏同与泽律师事务所 关于江苏凤凰出版传媒股份有限公司 2024 年年度股东大会的 法律意见书 致:江苏凤凰出版传媒股份有限公司 江苏同与泽律师事务所(以下简称"本所")接受江苏凤凰 出版传媒股份有限公司(以下简称"公司")的委托,根据《中 华人民共和国公司法》(以下简称《公司法》)、《上市公司股 东会规则》(以下简称《股东会规则》)等法律、法规、规范性 文件及《江苏凤凰出版传媒股份有限公司章程》(以下简称《公 司章程》）的有关规定,就公司 2024年年度股东大会(以下简 称"本次股东大会"）的有关事项出具法律意见书。 为出具本法律意见书,本所律师对公司本次股东大会所涉及 的有关事项进行了审查,查阅了本所律师认为出具本法律意见书 所必须查阅的文件。 本法律意见书仅就本次股东大会的召集和召开程序、出席本 次股东大会人员的资格、召集人资格、会议表决程序是否符合中 国相关法律、法规、规范性文件及《公司章程》的规定以及表决 结果是否合法有效发表意见。 1 图 江苏同与泽律师事务所 法律意见书 本所同意将本法律意见书作为公司本次股东大会的公告材 料,随同其他需公告的信息向公众披露,本所 ...

Investment Rating - The report maintains an "Overweight" rating for the media industry [6] Core Insights - The media industry faced significant pressure in 2024, with a notable recovery in Q1 2025, where the industry saw a revenue increase of 4.5% year-on-year, reaching 134.25 billion yuan, and a net profit growth of 44.9%, amounting to 10.97 billion yuan [13][10] - The gaming sector experienced substantial growth in Q1 2025, with revenues of 26.83 billion yuan, up 21.0% year-on-year, and net profits of 3.46 billion yuan, reflecting a 42.6% increase [2][18] - The internet sector reported a revenue decline of 24.7% year-on-year in Q1 2025, totaling 20.08 billion yuan, while net profit slightly increased by 0.2% to 680 million yuan [3] - The marketing sector showed signs of recovery in Q1 2025, with revenues of 44.04 billion yuan, down only 0.6% year-on-year, and a marginal decline in net profit of 0.7% [4] - The film industry, after facing challenges in 2024, showed recovery signs in Q1 2025 with revenues of 8.09 billion yuan, up 21.8%, and a significant net profit increase of 125.5% [5] Summary by Sections Media Industry - In 2024, the media industry reported a revenue of 549.95 billion yuan, down 0.7%, and a net profit of 17.34 billion yuan, down 55.7% [13] - Q1 2025 saw a recovery with revenues of 134.25 billion yuan and net profits of 10.97 billion yuan [13] Gaming Sector - The gaming market in 2024 achieved a revenue of 325.78 billion yuan, growing by 7.53% [19] - In Q1 2025, the gaming sector's revenue reached 26.83 billion yuan, with a net profit of 3.46 billion yuan [2][18] - The performance varied significantly among companies, with some achieving over 50% growth in net profit [28][31] Internet Sector - The internet sector's revenue in Q1 2025 was 20.08 billion yuan, reflecting a 24.7% decline [3] - The net profit was 680 million yuan, showing a slight increase of 0.2% [3] Marketing Sector - The marketing sector's revenue in 2024 was 189.25 billion yuan, with a slight increase of 3.9% [4] - In Q1 2025, revenues were 44.04 billion yuan, down 0.6%, with a net profit decline of 0.7% [4] Film Industry - The film industry faced a revenue decline in 2024, totaling 21.66 billion yuan, down 17.2% [5] - Q1 2025 revenues were 8.09 billion yuan, with a net profit increase of 125.5% [5]