2026.2.23-2026.3.1，传媒行业（申万）-5.10%，同期沪深 300 +1.08%， 上证指数+1.98%，深证成指+2.80%，创业板指+1.05%，恒生科技指 数-4.95%。细分行业来看，游戏/电视广播/影视院线/广告营销/数字媒 体/出版，分别-3.41%/-0.77%/-16.82%/-3.43%/-7.49%/-1.71%。 行业重点数据及动态更新 [Table_Main] 行业研究|可选消费|媒体Ⅱ 证券研究报告 媒体Ⅱ行业周报、月报 2026 年 03 月 03 日 [Table_Title] 《异环》定档 4 月 23 日，昆仑万维发 布 SkyReels V4 ——传媒互联网行业周报 [Table_Summary] 报告要点： 市场表现 我们看好 AI 应用、文化出海等主题方向，重点关注游戏、IP、短剧、 营销、出版等子板块，标的方面推荐关注：巨人网络、恺英网络、完 美世界、三七互娱、世纪华通、吉比特、神州泰岳、浙数文化、昆仑 万维、快手、心动公司、姚记科技、上海电影、芒果超媒、南方传媒、 [Table_Invest] 推荐|维持 [Table_ 过去一年PicQuote ...

2026 年 3 月 A 股重点指数调样公告解读 1 、 《 缠 论 技 术 分 析 框 架 解 析 》 2026-02-12 2、《2026 年 3 月 A 股重点指数调样 预测及投资机会解读》2026-02-07 3、《主动权益基金 2025 四季度持仓 解析》2026-01-23 证券研究报告/金融工程专题报告 2026 年 03 月 01 日 分析师：何青青 执业证书编号：S0740525070007 Email：heqq@zts.com.cn 分析师：吴先兴 执业证书编号：S0740525110003 Email：wuxx02@zts.com.cn 报告摘要 3 月指数样本股调整在即，把握事件窗口期 2026 年 2 月 27 日，中证指数公司公布了 3 月 16 日即将生效的指数定期调样名单。 本次定期调样涉及的重点指数为科创 50、科创创业 50、科创 100、红利低波 100、 北证 50。我们定量测算了相关个股的影响，供投资者参考。 基于最新调样公告的个股冲击测算 相关报告 基于中证指数公司公布的拟调样名单，结合近期交易数据及指数权重规则，我们汇总 估算了 5 个指数调样对个股的综合冲击。其 ...

证券代码：601801 证券简称：皖新传媒 公告编号：临 2026-006 安徽新华传媒股份有限公司 关于确认公司向关联方租赁物业的公告 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： ●安徽新华传媒股份有限公司（以下简称公司）于2016年实施创新型资产 运作模式，目前至不可撤销的剩余全部租赁期限（2026年2月26日-2028年9月30 日）内，公司子公司的房屋租赁事项构成关联交易，公司子公司应向项目公司支 付租金总额合计约为1.23亿元。 ●截至本公告日，过去12个月内，公司与同一关联人发生的关联交易及与 其他关联人发生相同关联交易类别的关联交易总额约为0.74亿元（未经审计）。 ●公司子公司与项目公司之间的房屋租赁构成关联交易，但不构成重大资 产重组。 ●本项交易已经公司独立董事专门会议2026年第二次会议、第四届董事会 审计委员会2026年第三次会议前置审议通过，并经第四届董事会第四十五次（临 时）会议审议通过，无需提交公司股东会审议。 一、关联交易概述 公司第三届董事会第二十次（临时）会议、2016年 ...

经济观察网 2026年2月12日，皖新传媒（601801）融资买入1389.46万元，融资偿还1474.98万元，融资 净卖出85.52万元，融资余额1.4亿元；融券方面净买入1200股，融券余量14.05万股。融资融券余额合计 1.41亿元，较前一日下滑0.62%。该数据反映市场情绪变化，可能对短期流动性产生影响。 股票近期走势 近5个交易日（2026年2月9日至13日），皖新传媒股价区间振幅达5.71%，最高价7.21元（2月10日）， 最低价6.82元（2月13日），区间涨跌幅为-0.15%。2月13日单日收盘价6.82元，跌1.59%，成交金额7592 万元，主力资金净流出353.39万元。同期传媒板块指数下跌1.43%，公司股价表现略弱于行业平均水 平。 机构最新舆情显示，皖新传媒市场关注度一般，综合目标价为8.30元，较当前股价存在约20.12%的上涨 空间。根据23家机构预测，2025年净利润预计同比增长20.18%，2026年增速放缓至6.74%。当前机构评 级以中性为主，基金持股比例较低（0.06%）。 以上内容基于公开资料整理，不构成投资建议。 机构观点 ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Perfect World, and Kuaishou, among others [5][36]. Core Insights - The media industry showed a slight increase of 0.21% from January 26 to February 1, 2026, outperforming the Shanghai Composite Index, which decreased by 0.44% [12]. - The advertising and marketing sub-sector led the gains with an increase of 4.70%, while other segments like publishing and digital media saw declines [12]. - Significant developments in AI applications and gaming are highlighted, with Tencent's "Yuanbao" app reaching the top of the Apple App Store's free chart [2][17]. Market Performance - The media industry (Shenwan) increased by 0.21% during the specified period, while the Shanghai Composite Index decreased by 0.44% [12]. - The advertising and marketing sector led with a 4.70% increase, while publishing, digital media, gaming, and television broadcasting experienced declines of -0.75%, -1.31%, -1.94%, and -3.66% respectively [12]. Industry Key Data - AI Applications: Tencent's "Yuanbao" app achieved significant download growth, reaching 22.23 million downloads, with a notable 97.76% increase week-on-week [2][17]. - Gaming: The top five mobile games on iOS included "Honor of Kings" and "Peacekeeper Elite," with "Supernatural Action Group" surpassing 10 million daily active users [3][19]. - Film: The total box office for domestic films reached 283 million yuan, with "Zootopia 2" leading the weekly box office [28][30]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on gaming, IP, short dramas, marketing, and publishing sectors [5][36]. - Specific companies highlighted for investment include Giant Network, Kuaishou, and Mango TV, among others [5][36].

Core Insights - The publishing sector experienced a rise of 1.52% on February 3, with notable gains from companies like Zhongwen Online, which led the sector with a 4.01% increase [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Group 1: Stock Performance - Zhongwen Online (300364) closed at 31.91 with a gain of 4.01%, trading volume of 588,700 shares and a transaction value of 1.855 billion [1] - Ning Media (002181) saw a 3.25% increase, closing at 12.38 with a trading volume of 1,254,400 shares and a transaction value of 1.536 billion [1] - Other notable performers included Southern Media (601900) with a 2.68% increase, China Science Publishing (601858) up 2.27%, and Anhui New Media (601801) up 2.21% [1] Group 2: Market Flow - The publishing sector experienced a net outflow of 171 million from institutional investors, while retail investors saw a net inflow of 242 million [2] - The data indicates that retail investors were more active in the market, contrasting with the outflows from institutional and speculative funds [2] Group 3: Individual Stock Flows - Zhejiang Publishing (601921) had a net inflow of 10.2522 million from institutional investors, while it faced a net outflow of 11.2103 million from speculative funds [3] - Southern Media (601900) recorded a net inflow of 7.0367 million from institutional investors, with a significant outflow of 14.4210 million from speculative funds [3] - Retail investors contributed a net inflow of 738.43 million to Southern Media, indicating strong retail interest [3]

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the last week, and several films scheduled for release during the upcoming Spring Festival [22][24]. Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - Within the media sector, advertising and marketing led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Industry Key Data AI Applications - For the week of January 12 to January 18, 2026, the estimated iOS downloads for major AI applications were as follows: Deepseek at 238,700, Doubao at 2,100,900, Tencent Yuanbao at 807,000, and Qianwen Qimai at 1,233,700, with respective week-over-week changes of -14.52%, +0.87%, +2.27%, and +15.66% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, showing a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, were "Honor of Kings," "Peacekeeper Elite," "Crossfire: Gunfight King," "Endless Winter," and "Arknights: End of the World," with "Arknights" achieving over 30 million downloads globally [2][19]. - Upcoming game releases include "Survival 33 Days" by 37 Interactive Entertainment, scheduled for February 15, and "EVE," an AI companion product by a company invested in by Kying Network, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the weekly box office at 66.06 million yuan, accounting for 21.7% of the total [22][23]. - Four films have been scheduled for the Spring Festival, including "Fast Life 3" and "Silent Awakening" [24]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with particular attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing. Specific companies highlighted for investment include Giant Network, Kying Network, Perfect World, 37 Interactive Entertainment, Century Huatong, and others [3][27].

Investment Rating - The report maintains a "Buy" rating for the industry, indicating a positive outlook for the sector's performance [5][29]. Core Insights - The report highlights the significant growth in AI applications, with OpenAI's annual recurring revenue (ARR) expected to exceed $20 billion by 2025, driven by advancements in computing power and product commercialization [3][26]. - The gaming sector shows strong performance, with top mobile games achieving high download numbers and revenue rankings, indicating robust consumer engagement [2][17]. - The film industry is experiencing a resurgence, with a total box office of 304 million yuan in the week of January 19-25, 2026, and several films scheduled for release during the upcoming Spring Festival [22][23]. Summary by Sections Market Performance - From January 19 to January 25, 2026, the media industry (Shenwan) increased by 1.98%, outperforming the Shanghai Composite Index, which rose by 0.84% [12]. - The advertising and marketing sector led the gains with a 6.05% increase, while digital media saw a decline of 3.96% [12][16]. Key Industry Data AI Application Data - For the week of January 12-18, 2026, the estimated iOS downloads for major AI applications showed varied performance, with Deepseek down by 14.52% and Tencent's Yuanbao up by 2.27% [2][17]. - The weekly token usage on the OpenRouter platform was 7.50 trillion, reflecting a slight decrease of 1.96% [2][17]. Gaming Data - The top five mobile games on iOS as of January 24, 2026, included "Honor of Kings" and "Peacekeeper Elite," with "Tomorrow's Ark: The End of Days" entering the top five shortly after its release [2][19]. - Upcoming game releases include "Survival 33 Days" set for February 15 and "EVE," an AI companion app, expected to launch on March 14 [21][26]. Film Data - The total box office for domestic films reached 304 million yuan, with "Return to Silent Hill" leading the week with a box office of 66.06 million yuan [22][23]. - Four films have been scheduled for the Spring Festival, indicating a strong pipeline for theatrical releases [22][23]. Investment Recommendations - The report recommends focusing on themes such as AI applications and cultural exports, with specific attention to sub-sectors like gaming, IP, short dramas, marketing, and publishing [3][27]. - Notable companies to watch include Giant Network, Perfect World, and Kuaishou, among others [3][27].

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the education industry, particularly the rise of leading companies New Oriental and TAL Education, driven by technological changes and demographic shifts [1]. Core Insights 1. **Rise of Dual Leaders in Education**: The expansion of the education market is propelled by technological transformation and changes in population structure, highlighting the synergy between these factors [1]. 2. **AI Empowerment in Education**: The integration of AI in education has shown significant improvements in quality and efficiency, indicating a clear commercial potential for AI+education [1]. 3. **Competitive Analysis of AI+Education**: The barriers within educational scenarios are well-defined, with a positive outlook for companies that demonstrate strong product capabilities and effective promotional strategies [1]. Investment Opportunities - Companies with rich vertical data and strong product capabilities to consider include: - DouShen Education - Rongxin Culture - Century Tianhong - Fenbi - TAL Education [2]. - Companies with high customer reach and promotional advantages include: - Southern Media - New Oriental - Zhongyuan Media - Wanxin Media - Urban Media - Quanta Education [2].

国金证券股份有限公司关于 安徽新华传媒股份有限公司非公开发行股票募投项目 重新论证并延期、调整部分募投项目实施地点的核查意见 国金证券股份有限公司（以下简称"国金证券"或"本保荐机构"）作为安徽新 华传媒股份有限公司（以下简称"皖新传媒"或"公司"）非公开发行股票的保荐机 构，根据《证券发行上市保荐业务管理办法》、《上海证券交易所股票上市规则》、 《上海证券交易所上市公司自律监管指引第 1 号—规范运作》等有关法律、法规 及规范性文件的要求，对皖新传媒非公开发行股票募投项目重新论证并延期、调 整部分募投项目实施地点事项进行了核查，核查情况如下： 一、非公开发行股票募集资金基本情况 经中国证券监督管理委员会证监许可[2016]1503 号文《关于核准安徽新华 传媒股份有限公司非公开发行股票的批复》核准，由主承销商国金证券股份有 限公司采用非公开发行的方式，发行人民币普通股股票 169,204,737 股，每股发 行价格为人民币 11.82 元。截至 2016 年 8 月 26 日，公司实际已向平安养老保 险股份有限公司等 10 名特定投资者发行人民币普通股股票 169,204,737 股，募 集资金总额为人民币 ...