2025年06月12日 证券研究报告 | 传媒行业6月投资策略 关注游戏新品表现，把握A I应用与I P潮玩布局机会 行业研究 · 深度报告 传媒 · 传媒 投资评级：优于大市（维持） 证券分析师：张衡 证券分析师：陈瑶蓉 021-60875160 021-61761058 zhangheng2@guosen.com.cn chenyaorong@guosen.com.cn S0980517060002 S0980523100001 请务必阅读正文之后的免责声明及其项下所有内容 报告摘要 5月跑赢市场。1）25年5月份传媒板块（申万传媒指数）上涨2.20%，跑赢沪深300指数0.36百分点，在申万一级31个行业中排名第17位；2）ST惠程、游族网络、元隆雅图、 ST返利、ST大晟涨幅居前；荣信文化、光线传媒、天娱数科、浙数文化、皖新传媒等跌幅居前；3）估值来看，当前申万传媒指数对应TTM-PE 49x，处于过去5年76%分位数。 游戏市场1-4月营收持续高增长，持续看好关注政策、景气度与AI应用驱动下的板块机会。1）5月份共有130款国产游戏和14款进口游戏过审，1-4月份累计发放游戏版号654 个，同比增长 ...

「 缝隙在哪里。 」 文 ｜ 徐牧心 从23年底开始，线性资本的郑灿维持着一个月最少深度聊20个AI创业项目的频率，他自己细数了一下，到今天自己应该已经仔细看 过了大几百个AI初创公司。 在线性内部看来，模型的竞争会一直持续下去，线性从一开始就不觉得这是适合初创公司的机会和赛场。而依托于模型提升所 百花齐放的创新，让关注应用层的创业者和投资人都接收到信号：新的竞赛在这里开始了，而投资人加入这场竞赛的第一步， 就是面对以小时为计不断涌现的新项目。 郑灿告诉「暗涌Waves」：去年线性一共投资了17个项目，"我们最害怕见到的创始人是自己对场景落地没有属于自己的执 念，而只把AI作为一个流行词汇包装BP的"。 今年市场风向又重新摆动，Manus的横空出世让通用Agent成为创业者追捧的新方向、AI硬件在去年完成融资与出货后进入肉 搏场、具身智能总出现天价融资等等。 在这种背景下，我们和郑灿聊了聊， 关于通用Agent到底是不是创业公司能做的事情？线性资本为什么在今年提高了投资额 度？以及应用层究竟还有怎样的缝隙供创业者入场？ 以下是郑灿核心观点的总结： 1. 最近Agent产品层出不穷，但C端热度上都不及年初的Ma ...

Group 1 - A new floating rate fund, the交银施罗德瑞安混合, is being launched with a proprietary investment of 20 million yuan by交银施罗德, reflecting confidence in the long-term stability of China's capital markets [1] - Since the launch of the first batch of floating rate products on May 27, multiple public funds have announced self-purchases, with total subscriptions exceeding 100 million yuan as of June 9 [1] Group 2 - 15 fund companies have terminated their sales cooperation with民商基金销售公司 as of June 9, with 中欧基金 and 华泰保兴基金 being among the latest to announce this decision [2][3] - Additionally, 上银基金 has also announced the termination of its sales cooperation with海银基金销售有限公司 [4] Group 3 - As of June 9, the total scale of ETFs has reached 4.16 trillion yuan, with an increase of nearly 440 billion yuan this year, and the number of shares has risen to 2.74 trillion [5] - 14 ETFs have seen an increase in scale of over 10 billion yuan this year, with the highest individual increase exceeding 30 billion yuan [5] Group 4 - 26 new free cash flow strategy funds have been established this year, raising a total of 15.143 billion yuan, with several funds exceeding 1 billion yuan in issuance [6] - New products in this category are actively being reported, indicating ongoing interest and expansion in the free cash flow strategy fund segment [6] Group 5 - The 北证50成份指数 has shown strong performance, with all 20 available北交所主题基金 achieving positive returns this year, the highest increase being 72.29% [7][8] - Several北证50成份指数基金 have implemented purchase limits to protect the interests of fund holders [7] Group 6 - 兴证全球基金's manager, 陈聪, emphasizes four key investment directions: internet leading companies, innovative pharmaceuticals, new consumer trends, and technology hardware, particularly in the context of AI applications [9] - The innovative pharmaceutical sector is expected to continue its momentum into the second half of the year, with A-shares showing potential in niche markets like pet products and beauty [9] Group 7 - On June 10, the market experienced a decline, with the Shanghai Composite Index falling by 0.44% and the Shenzhen Component Index by 0.86% [10] - The trading volume reached 1.42 trillion yuan, indicating increased market activity compared to the previous trading day [10]

TMT行业全线调整，半导体、算力、AI应用、金融科技、消费电子概念股跌幅靠前。离境退税、稀土永磁、种业题材午后逆势上 涨；新消费、创新药概念股活跃。 6月10日，早盘三大指数维持震荡，午后走弱。截至收盘，沪指跌0.44%，深成指跌0.86%，创业板指跌1.17%。 种业题材午后直线拉升，截至收盘，秋乐种业涨近12%，康乐种业涨超10%，神农种业涨超8%，辉隆股份、润农节水等跟涨。 稀土永磁板块逆势上涨，中科磁业20%涨停，银河磁体涨逾10%，金力永磁涨逾2%。 半导体板块领跌，乐鑫科技、翱捷科技跌超6%，炬芯科技、凯德石英、斯特威等跟跌。 【主力资金】 中信证券：创新药临床数据优异，维持行业强于大市。 主力资金全天净流入银行、医药生物、电力设备、公用事业、基础化工、有色金属、轻工制造等板块，净流出计算机、电子、国 防军工、汽车、机械设备、传媒、通信等板块。 具体到个股来看，乐山电力、中文在线、工商银行获净流入6.68亿元、5.38亿元、4.79亿元。 净流出方面，海光信息、东方财富、浪潮信息遭抛售8.67亿元、7.56亿元、5.37亿元。 【机构观点】 中泰证券：目前指数仍处于密集成交区域，震荡行情或将延续。 ...

Group 1: Fund News - Another public fund has announced a self-purchase of a new floating rate fund, with a commitment of 20 million yuan for the "Jiaoyin Schroder Rui'an Mixed Fund" [1] - A total of 15 public funds have terminated their cooperation with Minshang Fund Sales Company since June, indicating a significant shift in the market [2] Group 2: ETF Market Insights - The total scale of ETFs has reached 4.16 trillion yuan, with an increase of nearly 440 billion yuan this year, highlighting strong growth in this investment vehicle [3] - 14 ETFs have each added over 10 billion yuan in scale this year, particularly in gold and broad-based products [3] Group 3: Notable Fund Manager Insights - Fund manager Chen Cong emphasizes four key investment areas: internet leaders, innovative pharmaceuticals, new consumption, and technology hardware, with a focus on AI applications [4] - Chen predicts that the innovative pharmaceutical sector will continue to perform well in the second half of the year, and highlights the potential of high-quality companies in A-shares across various consumer segments [4] Group 4: ETF Performance Review - The market experienced a decline, with the Shanghai Composite Index down 0.44% and the Shenzhen Component Index down 0.86% [5] - The Hong Kong innovation drug-related ETFs showed strong performance, with some increasing by over 4% [6] Group 5: Investment Opportunities - The Hong Kong pharmaceutical sector has seen significant investment from southbound funds, with nearly 100 companies included in the Hong Kong Stock Connect, indicating a robust investment landscape [8]

证券研究报告 | 行业定期报告 2025 年 06 月 10 日 游戏板块估值有望修复，心动公司新游《伊瑟》已上线 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去的一周，传媒行业上涨了 2.52%，在所有行业中排名第 7 位，传媒板块 年初到现在上涨了 7.98%，排名所有板块第 5 名。近期，我们继续坚定看好 传媒和游戏板块，我们的推荐逻辑如下：1 游戏和传媒就是最好的新兴消费 板块之一。相对于传统消费，新兴消费我们认为要更加符合：让用户产生快 乐和热爱，且不打价格战。比如苏超，周杰伦，LADY GAGA 演唱会，黑悟空 游戏，泡泡玛特拉布布，哪吒衍生品，王者荣耀的皮肤，迪士尼琳娜贝儿等 等，游戏和传媒很多公司正在承载着新兴消费的大部分需求，游戏和传媒的 估值在新兴消费里仍然是估值洼地，近期港股传媒公司乐华，巨星，阿里影 业，猫眼，云音乐等纷纷大涨，我们认为是传媒游戏估值修复的开始；2 海 外 ...

解锁【第一财经智享会员】实时解读市场动态，把握投资先机。 【第一财经智享会员专属】 【 今 日 早 盘 】 6月1 0日，三大股指开盘涨跌不一，沪指 涨0 . 0 7% ，深成指 跌0 . 0 2% ，创业板指 跌0 . 1 6% 。 算力概念股领涨，海光信息拟1 1 6 0亿元换股吸收合并中科曙光，曙光数创、中科曙光涨停，海光 信息大涨逾8%；AI应用、固态电池概念股涨幅居前。 今日嘉宾观点 国金证券投资顾问王辰认为，当前市场整体风险可控，预计短期内将维持震荡上行的趋势格 局。若要形成关键性的向上突破，可能需要依赖权重板块的启动发力来带动。然而，在权重 板块启动之前，市场大概率会延续在现有的、相对向上的通道中运行。 东方证券投资顾问应雁芳认为，在投资策略上，建议投资者重点关注* * * * * *赛道，特别是其 中前期已充分调整的细分领域，如* * * * * *、* * * * * *、* * * * * *等标的。另一方面，对于同样 具 备 长 期 前 景 的 * * * * * * 、 * * * * * * 等 板 块 ， 短 期 内 可 考 虑 进 行 适 度 止 盈 操 作 以 锁 定 部 分 ...

证券研究报告 | 2025年06月09日 传媒互联网周报 优于大市 可灵 AI 与网易游戏深度合作，AI 应用与 IP 潮玩持续景气 传媒板块本周表现：行业上涨 3.50%，跑赢沪深 300，跑赢创业板指。本周 （6.2-6.6）传媒行业上涨 3.50%，跑赢沪深 300（1.73%），跑赢创业板指 （3.17%）。其中涨幅靠前的分别为 ST 惠程、游族网络、元隆雅图、ST 返利 等，跌幅靠前的分别为荣信文化、光线传媒、天娱数科、浙数文化等。 重点关注：OpenAI 与印度政府启动 AI 教育合作，可灵将 AI 视频生成技术 内置于《逆水寒》游戏中。1）OpenAI 与印度政府启动 AI 教育合作，将向印 度的 FutureSkills 平台和公务员培训平台贡献 AI 教育内容；2）字节跳动 发布图像编辑模型 SeedEdit3.0，能够处理并生成 4K 分辨率的图像，在人像 编辑、背景更改、视角与光线转换等复杂场景中展现了卓越的能力；3） PixVerse 正式推出其国内版本"拍我 AI"，能在几步之内完成影视级特效 创作；4）快手可灵 AI 与网易《逆水寒》手游达成深度合作，将 AI 视频生 成技术内置于 ...

Group 1 - The core point of the news is that the computing power concept stocks are leading the market, with Haiguang Information planning a 116 billion yuan stock swap to absorb and merge with Zhongke Shuguang, resulting in significant stock price increases for both companies [1] - The A-share market opened with mixed results, with the Shanghai Composite Index up by 0.07% and the Shenzhen Component Index down by 0.02% [1][2] - Haiguang Information's stock surged over 8%, while Zhongke Shuguang and Zhuguang Shucai reached their daily limit up [1] Group 2 - The Hang Seng Index opened up by 0.21%, with notable gains in technology stocks, particularly Kuaishou, which rose nearly 3% [3] - The People's Bank of China conducted a 198.6 billion yuan reverse repurchase operation with a rate of 1.40% [4] - The central bank adjusted the RMB to USD midpoint rate up by 15 basis points to 7.1840 [5]

Market Overview - The Hong Kong stock market experienced a strong opening and closed with the Hang Seng Index up by 1.63% following talks between China and the U.S. [1] - The U.S. faced significant unrest due to large-scale immigration raids, highlighting underlying tensions related to various political and social issues [1] Rare Earth Market - China has shown goodwill by issuing licenses to several U.S. companies ahead of trade talks, which could expedite the approval process if negotiations proceed smoothly [2] - China's total goods trade value for the first five months reached 17.94 trillion yuan, a year-on-year increase of 2.5%, with exports growing by 7.2% [2] - In May, China's rare earth exports surged by 22.57% month-on-month, reaching 5,864.6 tons, marking a yearly high [2] - The stock of China Rare Earth (00769) rose over 60% due to these developments [2] Pharmaceutical Sector - The pharmaceutical sector saw renewed interest, driven by the upcoming American Diabetes Association (ADA) conference, which will showcase advancements in diabetes treatment, particularly GLP-1 drugs [3] - Notable stocks in this sector, such as 3SBio (01530) and Innovent Biologics (01801), experienced gains exceeding 6% [3] - The stock of King’s Ray (01548) surged over 16%, while the stock of Eucure Biopharma (09969) rose nearly 12% following positive developments in their product pipeline [3] AI Applications - Kuaishou (01024) announced a significant partnership with Lovart, enhancing its AI capabilities, which has led to a stock increase of over 5% [4] - The rapid development of AI applications is expected to positively impact cloud services, with companies like Kingdee International (00268) and Kingsoft Cloud (03896) seeing stock increases of over 9% [4] Consumer and Retail Sector - Companies like Blokko (00325) and Mijia Group (02097) were added to the Hong Kong Stock Connect list, with Blokko's stock rising over 22% due to its leading market position in the toy sector [5] - Meituan (03690) launched a drone delivery service in Hong Kong, contributing to a stock increase of 4.73% [5] Solar Industry - The upcoming SNEC PV&ES International Solar Energy Exhibition is expected to attract significant attention, although the industry faces challenges such as low prices for polysilicon [5][6] - Stocks like GCL-Poly Energy (03800) and Flat Glass Group (06865) saw increases of over 6% and 4%, respectively, amid hopes for industry recovery [6] Policy and Regulation - A press conference scheduled for June 10, 2025, will address policies aimed at improving people's livelihoods, which may impact various sectors including healthcare and insurance [7] - Companies in the healthcare sector, such as China Resources Medical (01515) and MicroPort Scientific (00853), are expected to benefit from these policy discussions [7] Company-Specific Developments - China Biologic Products (01177) presented promising data on its TQB2102 drug at the ASCO annual meeting, which is expected to boost revenue [8] - The company has received FDA approval for its innovative drug, marking a significant milestone in its product pipeline [9] - With a projected revenue growth of 21.9% in 2024, the company is well-positioned for continued expansion in the pharmaceutical market [9]