证券研究报告 | 行业点评 | 传媒 Coding、Agent 和 AIGC 多模态三大主线，终将无惧吞噬 ——传媒互联网周观点 投资要点 传媒 报告日期：2026 年 03 月 02 日 行业评级: 看好(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 相关报告 1 《AI 漫剧：国内蓝海爆发， 出海潜能无限》 2026.02.24 2 《春节前后多款游戏运营数据 创新高，产品大年逻辑持续》 2026.02.23 3 《2026 年电影春节档：票房 不及预期，内容质量仍为核心》 2026.02.23 表1： 相关个股一览 | 股票代码 | 股票简称 | 概念 | 总市值 （亿元） | 1220至今涨幅 | 上周涨幅 | 上周交易额 | 周交易额占市值比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300058.SZ | 蓝色光标 | GEO | 664.19 | 116.63 | -2.63 | 294.73 | 44% | | 301171.SZ | 易点天下 | GEO ...

Macro Insights - The upcoming National People's Congress is expected to set the GDP growth target for 2026 at "4.5%-5%" and maintain a CPI target around 2%[6] - Key indicators to watch include whether the PMI can return to expansion territory and if the first quarter credit can achieve a "good start"[6] Market Performance - The overall market performance in January showed a 13.1% increase, while March saw a 31.4% rise, with a year-on-year increase of 82.3%[3] - The coal sector maintained a steady performance with a 11.3% increase in both January and March, and a 25.4% increase year-on-year[3] Investment Recommendations - Focus on sectors benefiting from price increases, such as chemicals, steel, and energy, as well as companies involved in AI and technology[9] - Recommended stocks include Yanzhou Coal Mining, Nanshan Aluminum, and Yanjing Beer, among others[9] Economic Indicators - The central bank's liquidity measures have led to a slight decline in deposit rates, maintaining a stable and loose monetary environment[14] - The carbon market saw a total transaction volume of 8.8 billion tons, with a cumulative transaction value of 587.2 billion yuan[23] Sector-Specific Trends - The environmental sector is expected to benefit from new policies in Zhejiang and Guangxi, promoting solid waste treatment and recycling[22] - The tourism market is projected to perform well throughout 2026, driven by ongoing policy support and consumer demand[26] Risks - Potential risks include unexpected changes in external environments, policy effectiveness, and geopolitical tensions[6] - The coal market faces risks from domestic production exceeding expectations and downstream demand not meeting projections[34]

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 证券代码：301110 证券简称：青木科技 公告编号：2026-007 附件：陈全先生个人简历 陈全先生，兴业证券投资银行事业总部业务二部总经理，管理学博士，保 荐代表人。先后参与和负责长青集团IPO项目，恒林股份IPO项目，至纯科技可 转债项目，国金证券再融资项目，阿莱德IPO项目，长江通信发行股份购买资产 项目，宏润建设再融资项目，鼎捷数智可转债项目，并曾参与其他多个财务顾 问项目。 青木科技股份有限公司(以下简称"公司")于近日收到保荐机构兴业证券 股份有限公司(以下简称"兴业证券")出具的《关于变更青木科技股份有限公 司首次公开发行股票并上市项目持续督导保荐代表人的函》。 兴业证券作为公司 2022 年度首次公开发行股票并在创业板上市项目的持续 督导保荐机构，原指定林悦先生、王贤先生为该项目的保荐代表人，负责保荐 工作及持续督导工作，法定持续督导期至 2025 年 12 月 31 日。鉴于公司该项目 募集资金尚未使用完毕，兴业证券在持续督导期满后继续就公司募集资金存放 与使用情况履行持续督导义务。 因兴业 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 河南发布数据显示，春节假期，河南省接待国内游客 6281 万 人次，旅游收入 376.3 亿元，按可比口径接待人次同比增长 9.1%，旅游收入同比增长 9.6%。 四川省文化和旅游厅数据显示，春节假期，全省共接待游客 5860.97 万人次、旅游总花费 445.74 亿元，同比分别增长 14.68%、13.35%。 海南省旅游和文化广电体育厅数据显示，春节假期，海南接 待游客 1232.05 万人次，实现游客总花费 183.66 亿元，同比 分别增长 28.9%、30.7%。 吉林发布数据显示，据银联商务公司大数据测算，春节假 期，全省接待国内游客量、国内游客出游总花费较 2025 年春 节假期分别增长 26.9%、24.9%，日均分别增长 11.1%、 10.9%。 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984 ...

证券研究报告|行业研究周报 [Table_Date] 2026 年 02 月 24 日 [Table_Title] 春节假期，旅游市场迎来"开门红" [Table_Title2] 社服零售行业周报 [Table_Summary] ► 史上最长春节假期，多地旅游市场迎来"开门红" 北京市文化和旅游局数据显示，春节假期，北京累计接待游 客 1984.3 万人次，实现旅游总花费 331.4 亿元。 上海市文化旅游局数据显示，据上海旅游大数据监测，春节 假期，全市共接待游客 2167.21 万人次，同比增长 8.36%（按 可比口径，下同）；上海地区含吃、住、行、游、购、娱等全 要素旅游消费交易总金额为 256.14 亿元，同比增长 20.90%； 全市宾旅馆平均客房出租率为 50.60%，同比增长 3.10 个百分 点。 重庆市文化旅游委数据显示，春节假期，全市重点监测的 130 家 A 级景区累计接待游客 1260 万人次，同比增长 5.6%；重点 监测的 10 家旅游休闲街区累计接待游客 492.5 万人次，同比 增长 19.3%。 湖南省文旅厅数据显示，根据手机信令大数据建模统计，春 节假期全省累计接待游客 ...

格隆汇2月12日丨青木科技(301110.SZ)在投资者互动平台表示，目前公司暂无将短剧创作应用到电商营 销的计划。 ...

青木科技（301110.SZ）2月12日在投资者互动平台表示，公司全资子公司旺兔柏是抖音电商认证的首批 DP品牌服务商之一。公司从2021年开始大力布局抖音平台相关业务，包括为品牌客户提供店铺自播、 达人直播合作等电商运营服务，其中电商直播服务包括拍摄创作短视频内容、营销推广等。目前不涉及 短剧布局。 （文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：董秘您好，请问贵公司是否布局短视频或短剧，尤其 子公司旺兔柏是否加深短视频短剧的布局？ ...

美妆代运营正在挣扎"上岸" 开年以来，丽人丽妆、凯淳股份、壹网壹创、若羽臣、青木科技五大美妆代运营商先后发布了2025年业绩预告。 与前三季度集体承压、财报惨淡，仅有寥寥两家维持增长的景象不同，年末却意外迎来业绩回暖信号，多家企业预告业绩改善。 但这份"暖意"并未普照整个行业，曾经依附美妆品牌成长、赚足流量红利的代运营商，如今正经历前所未有的生存考验，"日子不好过"已成为行业普遍现 象。 只是，有人"浮沉"，也有人开始有人陆续"上岸"了。 01 整体有所增长 但仍难言乐观 过去一年，美妆代运营行业被冠以"集体寒冬"的标签。 从第一季度到第三季度，多数企业的财报都难言乐观，仅有若羽臣、青木股份等少数公司保持增长态势。然而，到了年底的年终业绩预告，行业似乎出现 了一丝回暖的迹象。 | 公司名称 | 预计归母净利润 | 预计同比 | | --- | --- | --- | | 若羽臣 | 1.76亿元 - 2.00亿元 | +67% 至 +89% | | 青木科技 | 1.18亿元 - 1.36亿元 | +30% 至 +50% | | 壹网壹创 | 9203万元 - 1.196亿元 | +21.10% 至 +57. ...

Core Insights - AI marketing is transforming from experience-driven to data intelligence-driven, enhancing precision in advertising and operational efficiency [1] - The domestic AI marketing application market is projected to reach 97.6 billion yuan by 2029, with a CAGR of 36.5% [2] - Generative Engine Optimization (GEO) is emerging as a new trend, with a potential market size of 24 billion yuan by 2030, reflecting a CAGR of 53% [3] Group 1: AI Marketing Overview - AI marketing leverages AI technologies such as machine learning and natural language processing to capture user needs and respond in real-time, moving beyond traditional marketing methods [1] - The core functionalities of AI marketing include data insights, content generation, process execution, and interactive assistance [1] Group 2: Market Growth and Trends - The AI marketing application market is entering a rapid growth phase, with the revenue expected to reach 20.6 billion yuan in 2024 and 97.6 billion yuan by 2029 [2] - The competitive landscape for enterprise-level AI agent service providers is characterized by a three-tier structure, with major internet companies leading, niche players focusing on specific sectors, and startups seeking breakthroughs [2] Group 3: GEO Application Insights - GEO aims to enhance visibility and credibility in AI-generated engines, improving traffic acquisition efficiency compared to traditional SEO [3] - The domestic GEO marketing service market is expected to grow to 2.9 billion yuan by 2025 and 24 billion yuan by 2030 [3] - The competition in the GEO market is defined by technology-driven leaders and a focus on vertical scenarios, with e-commerce companies enhancing their GEO services [3] Group 4: Company Developments - Xinhua Du plans to launch the "MaiDian AI Intelligent Matrix" strategy in 2026, focusing on content generation and user behavior analysis [4] - Yiwan Yichuang is transitioning to an AI e-commerce service model in collaboration with Alibaba Cloud [4] - Aifeng Technology is driving growth through self-owned brand incubation and AI-enhanced services [4] - MaiFeng is recognized as a leading "AI + SaaS" intelligent marketing cloud platform, showcasing its integrated capabilities [4]

Investment Rating - The report maintains an "Accumulate" rating for the food and beverage industry [1] Core Insights - AI marketing is transforming the marketing logic from "experience-driven" to "data-intelligent-driven," enhancing efficiency and precision in marketing strategies [5][10] - The AI marketing sector is expected to reach a market size of nearly 100 billion by 2029, driven by the increasing demand for digital transformation and technological advancements [5][36] - The emergence of Generative Engine Optimization (GEO) is creating new growth opportunities in the marketing landscape, with significant potential for market expansion [5][41] Summary by Sections AI Marketing: Full-Chain Digital Reconstruction - AI marketing leverages technologies like machine learning and natural language processing to capture user needs and respond in real-time, moving beyond traditional marketing methods [10][11] - The marketing process is divided into four core functions: data insight, content generation, process execution, and interactive assistance [11][12] Acceleration of AI Marketing Commercialization - The AI marketing sector is transitioning into a new phase of commercial application, with three main monetization models: advertising revenue sharing, subscription models, and value-added service fees [17][19] - Leading SaaS companies are integrating AI technologies to enhance marketing effectiveness, with notable examples including Salesforce and Tencent's Magic Agent [23][30] New Opportunities in AI Marketing: GEO - GEO aims to optimize content visibility and credibility in AI-generated responses, significantly improving traffic acquisition efficiency [41][44] - The GEO market is projected to grow substantially, with estimates suggesting a market size of 29 billion yuan by 2025 and 240 billion yuan by 2030, reflecting a CAGR of 52.6% [54][55]