摩根士丹利发表研究报告指，就内地软件行业基本面而言，该行仍保持谨慎态度。在需求出现实质转折 前，任何供应端推动的新技术趋势，都只能够促使现有的预算在市场中重新分配。资金方面，该行认为 板块在低利率环境下将跟随整体市场流动性，且有更高弹性(Beta)，因主动型基金的相关配置比重极 低。主题投资如AI应用、科技本土化和稳定币等，可能对股价产生显著影响，但目前该行尚未发现到 可以真正扭转行业基本面的主题。 股份方面，该行强烈建议H股多于A股；行业首选为北森控股，目标价10.3港元，评级"增持"，预期收 入将加速增长；其次为金蝶国际、中国软件国际及金山软件，目标价分别为14.2港元、6.6港元及38港 元，均予"与大市同步"评级。 ...

Group 1 - The core viewpoint of the news is the significant surge in the financial technology sector, with the index rising nearly 3% and many constituent stocks experiencing substantial gains, indicating a strong market interest and investment momentum [1][3]. - The financial technology ETF (159851) saw a near 3% increase in its market price, with a trading volume exceeding 1.1 billion yuan, reflecting robust investor demand and a net subscription of 400 million units [1][3]. - The financial technology sector is currently viewed as having significant investment value due to its low valuation and favorable market conditions, with expectations for continued growth driven by policy support and digital transformation needs in the brokerage industry [3]. Group 2 - The financial technology ETF (159851) has a scale exceeding 10 billion yuan, with an average daily trading volume of over 1.4 billion yuan in the past month, making it the most liquid ETF tracking the same index [3]. - The market environment has seen a consistent trading volume exceeding 1 trillion yuan for 81 consecutive trading days, indicating a strong recovery in the brokerage sector [2][3]. - Analysts suggest focusing on the financial technology ETF and its related funds, as they cover a wide range of themes including internet brokerages, financial IT, cross-border payments, and AI applications, which are expected to benefit from ongoing market reforms [3].

Group 1 - A total of 395 foreign institutions have participated in A-share listed company research since the beginning of the second half of the year, with a cumulative research count of 1,782 times as of September 16 [1] - Point72 has conducted the most research, with 59 instances, while Goldman Sachs, Bank of America Securities, and Citigroup have each exceeded 40 research instances [1] Group 2 - Key sectors attracting foreign institutional attention include industrial machinery, electrical equipment, electronic instruments, and medical care equipment [3] - Companies such as Estun, Huaming Equipment, Opto, Tianfu Communication, Lens Technology, United Imaging, Mindray, and BeiGene have received research from over 50 foreign institutions [3] - Estun's recent investor relations activity indicates that foreign institutions like Merrill Lynch, Citigroup, Morgan Stanley, BNP Paribas, Deutsche Bank, and Point72 are focused on the demand situation in downstream industries, with Estun expecting continued growth in automotive, electronics, and lithium battery sectors [3] - United Imaging has reported that its AI-driven smart operation system has significantly improved efficiency and reduced costs, supporting its long-term development in the global medical imaging industry [3] - Many foreign institutions believe that the A-share market currently offers rich investment opportunities, particularly in the technology and pharmaceutical sectors [3] - Morgan Stanley recently highlighted areas to watch in the A-share market, including AI computing and applications, innovative drugs, new energy (benefiting from policy adjustments), semiconductors, new consumption, resource products, and high-end manufacturing [3]

Core Viewpoint - The report from Guosen Securities expresses optimism about the gaming sector driven by a strong new product cycle and the potential recovery in the film and television content industry due to policy changes, while also highlighting opportunities in AI applications [1] Group 1: Performance Overview - In the first half of 2025, the A-share media sector achieved a total revenue of 254.9 billion yuan and a net profit of 21.8 billion yuan, representing year-on-year growth of 4.06% and 28.70% respectively [1] - The sector's gross margin increased by 0.9 percentage points to 32.90%, while the net profit margin rose by 1.7 percentage points to 8.65% [1] - The management expense ratio remained stable at 7.20%, with a slight increase in the sales expense ratio to 13.27% [1] Group 2: Q2 2025 Performance - In Q2 2025, the A-share media sector reported revenues of 129.1 billion yuan and a net profit of 10.7 billion yuan, showing year-on-year increases of 2.59% and 19.53% respectively [2] - The gross margin improved by 0.62 percentage points to 32.49%, and the net profit margin increased by 1.35 percentage points to 8.44% [2] - The gaming and publishing sectors experienced significant growth, with gaming revenues increasing by 104.47% year-on-year [2] Group 3: Subsector Performance - In Q2 2025, the gaming sector generated revenues of 27.7 billion yuan and a net profit of 4.6 billion yuan, with year-on-year growth of 22.40% and 104.47% respectively [3] - The film and television sector faced challenges, with revenues declining by 21.7% to 5.57 billion yuan and a net loss of 0.592 billion yuan, a drop of 70.3% year-on-year [3] - Policy reforms aimed at improving content supply in the film and television industry are expected to gradually enhance demand and facilitate a potential recovery [3]

Core Viewpoint - The company, Dasan Intelligent, has secured a contract for the Xiaomi Wuhan Phase II smart project, valued at 23.869 million yuan, amidst a challenging financial environment marked by a significant decline in revenue and net profit [2][3][5]. Group 1: Project and Contract Details - Dasan Intelligent signed a contract with Mi Space Wuhan Information Technology Co., Ltd. for the Xiaomi Wuhan Phase II smart project, with a contract amount of 23.869 million yuan and a duration of 222 calendar days [2][3]. - The Xiaomi Wuhan Technology Park project covers an area of 143,000 square meters, including nine office buildings and three apartment buildings, aimed at research, production, and manufacturing of Xiaomi smart hardware products [3][4]. Group 2: Financial Performance - In the first half of 2025, Dasan Intelligent reported a revenue of 990 million yuan, a year-on-year decrease of 26.80%, and a net loss of 88.7633 million yuan compared to a profit of 9.3091 million yuan in the same period last year [5][6]. - The decline in revenue was attributed to fluctuations in industry demand and slower project implementation, leading to a decrease in signed contracts [5][6]. Group 3: Cost Management and Financial Strategy - To mitigate the adverse effects of declining revenue, Dasan Intelligent reduced its total expenses, including sales, management, R&D, and financial costs, which totaled 314 million yuan, down 6.12% from 335 million yuan in the previous year [5][6]. - The company's asset-liability ratio improved slightly to 62.03%, a decrease of 0.74 percentage points from the previous year [5]. Group 4: Innovation and Future Strategy - Dasan Intelligent is focusing on integrating AI technology with its self-developed IoT management platform, with the latest version, AIoT V7, launched on March 17, 2025 [6]. - The company reported a significant increase in the signing amount for AI-related IoT platform products, rising from 7.9668 million yuan to 25.0439 million yuan, a growth of 214.35% year-on-year [6]. - The company aims to enhance its market share in smart space products and services in Wuhan through the Xiaomi project and continues to prioritize technological innovation and risk management [4][7].

Investment Rating - The investment rating for the media industry is "Outperform the Market" (maintained) [1] Core Viewpoints - The media industry is experiencing a recovery in net profits, driven by a low base effect from the previous year and a significant decrease in expenses [2][18] - The gaming sector is showing strong growth due to a new product cycle, while the film and television sector is expected to see a bottom reversal supported by policy changes [5][60] Summary by Sections 1. Performance Review: Significant Recovery in Net Profit - In the first half of 2025, the A-share media sector achieved a total revenue of 254.9 billion yuan and a net profit of 21.8 billion yuan, representing year-on-year growth of 4.06% and 28.70% respectively [2][18] - The gross margin increased by 0.9 percentage points to 32.90%, and the net margin improved by 1.7 percentage points to 8.65% [19][29] 2. Q2 Performance Continues Upward Trend - In Q2 2025, the media sector reported revenues of 129.1 billion yuan and a net profit of 10.7 billion yuan, with year-on-year growth of 2.59% and 19.53% respectively [3][49] - The gaming sector's net profit saw a significant improvement, driven by new game launches [3][74] 3. Subsector Performance: Gaming Sector Achieves High Growth - The gaming sector generated revenues of 27.7 billion yuan and a net profit of 4.6 billion yuan in Q2 2025, with year-on-year growth of 22.40% and 104.47% respectively [4][74] - The film and television sector faced challenges, with revenues declining by 21.7% and net profit turning negative [4][60] 4. Investment Recommendations: Focus on Gaming and Film Sectors - The report recommends focusing on gaming companies benefiting from a strong new product cycle and film companies poised for recovery due to favorable policies [5][60] - Specific stock recommendations include Giant Network, Bilibili, Mango Excellent Media, and Light Media [5][60]

9月16日，国新健康保障服务集团股份有限公司以电话会议形式召开业绩说明会，地点位于北京市东城 区沙滩后街22号院2号楼、3号楼。参与此次会议的有中国证券报、上海证券报等多家新闻媒体单位，以 及华泰证券、国联民生证券等超50家机构及个人投资者。公司党委副书记、董事、总经理袁洪泉，独立 董事孙娜，副总经理、总法律顾问、首席合规官周蔚，党委委员、总会计师王文长，董事会秘书刘新星 出席会议。 会上，总经理袁洪泉介绍了2025年半年度经营情况，并对未来工作进行展望；总会计师王文长汇报了 2025年半年度财务数据。随后的互动交流环节，投资者就公司AI应用、健康险业务、各板块业绩增长 等多方面进行提问，公司领导一一解答。 数字医药业务增长可期 公司数字医药业务上半年收入高增长，毛利率提升。因业务成本主要为人工成本且相对固定，收入增加 带动毛利率上升。业务从药械智慧监管向药企数字化服务拓展，市场空间广阔，有望持续增长。 AI应用广泛，助力业绩提升 投资者关注到公司上半年设立AI中心，推出相关模型和平台，询问AI应用及商业化情况、对业务的赋 能、对订单和业绩的影响，以及中长期战略规划。公司回应称，AI已在医保、医疗、医药等多领 ...

海外心智的建立是每一家品牌出海的核心难点。面对东南亚文化、消费习惯差异较大的市场环境， Lazada在东南亚各国均建立了专业的本地团队，通过自建物流网络，Lazada的履约体验可保障到"最后 一公里"；根据不同国家消费者的习惯，Lazada制定了本地节庆营销策略，通过直播电商以及联动当地 网红，帮助品牌一步步在东南亚市场站稳脚跟。 "项目设计的核心就是降低品牌出海的门槛，让大家可以更低成本试水东南亚市场，同时保留逐步向本 地化演进的路径。"Lazada内部人士表示。 东南亚一直被认为是国内品牌出海第一站。墨腾创投《2025东南亚电商报告》显示，2024年，东南亚电 商市场规模达1284亿美元，其中Shopee、Lazada与TikTokShop已在东南亚合计超过80%市场份额，形成 三足鼎立格局。 9月16日，记者从公司获悉，阿里旗下东南亚电商平台Lazada首次向天猫商家全面开放东南亚本地化运 营能力，目前，蕉下、babycare、飞利浦、乐扣乐扣等多家知名品牌已确认加入。 据公司内部人士介绍，这是天猫和Lazada首次进行系统级打通。加入项目协议的商家可以拥有一间和天 猫一样的LazMall店铺迎接东南亚 ...

台积电(TSM.US)美股盘前涨1.7%报265美元，开盘势创新高。消息上，据悉，英伟达已考虑率先导入台 积电最先进制程，即明年下半年量产的A16制程，预计将会用在未来Feynman架构上。该制程将采用背 面供电技术。这将是由AI应用第一次主导台积电最先进制程。此外，联发科首款采用台积电2纳米工艺 的系统级芯片(SoC)已完成流片，预计将于2026年底推出这款芯片。(格隆汇) | TSM 台积电 | | | | --- | --- | --- | | 261 380 ↑ +2.050 +0.79% | | 收盘价 09/15 16:00 美东 | | 265.000 + 4.436 +1.70% | | 盘前价 09/16 04:31 美东 | | 三 2 24 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 5 1 | | ● 快捷交易 | | 最高价 262.800 | 开盘价 260.000 | 成交量 814.77万 | | 最低价 258.750 | 昨收价 259.330 | 成交额 21.25亿 | ...

Investment Rating - The report maintains a "Buy" rating for several companies in the media sector, including Giant Network, Kaiying Network, and others [4][9][6]. Core Insights - The media industry has shown strong performance with a weekly increase of 4.27%, ranking 4th among industries, while the Shanghai Composite Index rose by 1.52% [12][20]. - The gaming market remains robust, with significant revenue growth from major players like Tencent and Point Interactive, and the upcoming National Day film releases are anticipated to boost box office performance [3][4][41]. Market Performance - The media industry (Shenwan) increased by 4.27% from September 6 to September 12, 2025, outperforming the Shanghai Composite Index, which rose by 1.52% [12]. - The gaming II sector saw a rise of 6.61%, while the film industry also experienced a notable increase of 6.58% during the same period [15][12]. Key Data and Dynamics AI Applications - In August, the top five AI products by web traffic included ChatGPT and New Bing, with Deepseek leading domestic traffic at 316 million visits, despite a month-over-month decline of 8.52% [24][25]. - The domestic AI search engine Nano AI ranked second with 307 million visits, also showing a decline of 7.52% [24][25]. Gaming Data - In August, Tencent, Point Interactive, and NetEase were the top three mobile game publishers globally, with total revenues of $2.04 billion, accounting for 35.1% of the top 100 publishers' income [29][30]. - Giant Network's revenue surged by 72% due to the success of "Supernatural Action Group," which entered the top ten for global mobile game revenue [29][30]. Film Data - The total box office for the week of September 6-12 was 358 million yuan, with "Chasing the Wind" leading at 120 million yuan [41]. - Nine films have been scheduled for release during the National Day holiday, indicating a strong upcoming box office potential [41][42]. Investment Recommendations - The report highlights a positive outlook on themes such as AI applications and cultural exports, with a focus on sub-sectors like gaming, IP, short dramas, and publishing [4]. - Specific companies recommended for investment include Giant Network, Kaiying Network, and Perfect World, among others [4][9].