Core Viewpoint - Jishi Media (stock code: 601929) has achieved revenue growth in Q1 2025 despite the overall pressure on the traditional broadcasting industry, indicating positive signals from its strategic transformation [1][2]. Revenue Performance - In Q1 2025, Jishi Media reported revenue of 499 million yuan, a year-on-year increase of 23.14%, marking the highest growth rate for the same period since its listing and surpassing the industry average [2]. - The company narrowed its net loss to 103 million yuan, a year-on-year reduction of 12.10%, exceeding market expectations [2]. - The revenue growth is attributed to a dual-driven model of "stabilizing traditional business + breakthrough in innovative business," with significant contributions from smart broadcasting transformation, particularly in government and enterprise information services and 5G integration applications [2]. Business Segments - Revenue from government and enterprise services reached 150 million yuan in Q1, a staggering year-on-year increase of 517%, with multiple large-scale projects secured [2]. - The company’s operating cash flow for Q1 was 74.04 million yuan, and its debt-to-asset ratio decreased compared to the end of the previous year, indicating ongoing financial structure optimization [2]. R&D and Innovation - Jishi Media accelerated its transformation into an innovative cultural technology enterprise, with R&D expenditure reaching 135 million yuan in 2024, a year-on-year increase of 77.10%, and an R&D intensity of 6.83%, both marking historical highs since its listing [4]. - The company’s self-innovation capabilities have significantly improved, contributing to a 15% revenue growth in digital information services last year [4]. Strategic Developments - In 2024, the company focused on its core business by divesting from Sanya Yucheng and establishing a new subsidiary, Jilin Province Northeast Asia New Media Co., Ltd., to integrate IPTV and cable TV resources, enhancing its business development and risk diversification [5]. - Jishi Media has also established the first provincial-level data element service institution in Northeast China in collaboration with the Beijing International Big Data Exchange, promoting data resource sharing and industrial upgrades [5]. - The company formed a joint venture with Beijing 360 Smart Technology Co., Ltd. to advance digitalization in Jilin Province through AI technology and digital security capabilities [5]. Market Outlook - Zhongyou Securities expressed optimism about Jishi Media's performance, highlighting its unique position as the only cultural technology listed company in Jilin Province and the strategic direction of management in revitalizing existing business and integrating cultural resources [6]. - The firm projects that Jishi Media will achieve revenue of 2.106 billion yuan and a net profit of 36 million yuan in 2025, maintaining a "buy" rating for the company [6].

Market Performance - The CSI 2000 index performed well today, while the SSE 50 index fell by 0.49% and the CSI 300 index fell by 0.36%. The CSI 500 index decreased by 0.07%, and the CSI 1000 index increased by 0.23% [5] - Among sector indices, the media, comprehensive finance, telecommunications, computer, and construction industries performed well, with returns of 1.84%, 1.33%, 1.11%, 0.69%, and 0.55% respectively. In contrast, the home appliance, coal, food and beverage, agriculture, forestry, animal husbandry, and pharmaceutical industries performed poorly, with returns of -0.83%, -0.80%, -0.78%, -0.76%, and -0.64% respectively [6] - Concept themes such as China Broadcasting, broadcasting systems, three-network integration, jewelry, and IPV6 performed well, with returns of 7.70%, 6.00%, 4.12%, 4.03%, and 3.75% respectively. Conversely, PTA, cross-strait integration, COVID-19 antigen testing, excavators, and industrial gases performed poorly, with returns of -1.46%, -1.38%, -1.37%, -1.36%, and -1.31% respectively [7] Market Sentiment - Market sentiment was high today, with 94 stocks hitting the daily limit up and 3 stocks hitting the limit down. The highest number of limit up stocks during the day was 102, while the highest number of limit down stocks was 4 [9] - Stocks that were limit up yesterday had a closing return of 2.47% today, while those that were limit down yesterday had a closing return of 1.87% today [10] - The sealing rate was 63%, a decrease of 14% from the previous day, while the consecutive sealing rate was 32%, an increase of 11% from the previous day, marking a new high for the past month [11] Market Capital Flow - As of March 11, 2025, the margin trading balance was 1,922.7 billion yuan, with a financing balance of 1,910.7 billion yuan and a securities lending balance of 12 billion yuan. The margin trading balance accounted for 2.4% of the circulating market value, and margin trading accounted for 9.7% of the market turnover [12][13] Premium and Discount - On March 11, 2025, the ETF with the highest premium was the Bank ETF Preferred, with a premium of 0.99%, while the ETF with the highest discount was the Hong Kong-Shenzhen Technology ETF, with a discount of 1.20% [16] - The average daily transaction amount of block trades over the past six months reached 1.5 billion yuan, with a transaction amount of 1.3 billion yuan on March 11, 2025. The average discount rate over the past six months was 5.20%, while the discount rate on that day was 4.35% [17] - The annualized premium rate for the main contract of the SSE 50 index futures was 1.32% on March 12, 2025, at the 58th percentile for the past year. The annualized discount rates for the CSI 300, CSI 500, and CSI 1000 index futures were 3.67%, 12.71%, and 28.92%, respectively, at the 34th, 11th, and 3rd percentiles for the past year [18] Institutional Attention and Rankings - The stocks with the most institutional research in the past week included Henghui Security, Chip Source Micro, Xiamen Tungsten, and others, with Henghui Security being researched by 147 institutions [19] - The stocks with the highest net inflow from institutional special seats on March 12, 2025, included Meili Technology, Bafang Co., and others, while those with the highest net outflow included Suotong Development, Yunding Technology, and others [20][22]

证券研究报告 [Table_Title] 每日复盘 2025 年 03 月 12 日 2025 年 3 月 12 日市场震荡冲高回落，算力概念再度走强。上证指数下 跌 0.23%，深证成指下跌 0.17%，创业板指下跌 0.58%。市场成交额 16835.10 亿元，较上一交易日增加 2018.77 亿元。全市场 2666 只个股上涨，2587 只 个股下跌。 风格上看，各指数涨跌幅排序为：成长>稳定>周期>0>金融>消费；小盘 价值>小盘成长>中盘价值>大盘成长>大盘价值>中盘成长；中证全指表现优 于基金重仓。 分行业看，30 个中信一级行业涨跌互现；表现相对靠前的是：传媒 （1.84%），综合金融（1.33%），通信（1.11%）；表现相对靠后的是：家电 （-0.84%），煤炭（-0.80%），食品饮料（-0.78%）。概念板块方面，多数概 念板块下跌，广电、数字水印、盲盒经济等大幅上涨；PLC、水产养殖、工 程机械等板块走低。 资金筹码方面，主力资金 3 月 12 日净流出 119.35 亿元。其中超大单净 流入 6.80 亿元，大单净流出 126.15 亿元，中单资金净流出 68.83 亿元，小 单持 ...

Market Performance - The three major indices showed a rebound in the afternoon, with the Shanghai Composite Index rising by 0.41%, the Shenzhen Component Index increasing by 0.33%, and the ChiNext Index up by 0.19% [1] Sector Performance - Strong performances were noted in sectors such as military industry, state-owned cloud, and pork concepts, with stocks like Lian Shi Aviation, Data Port, Mei Li Yun, Tian Yu Biology, and Shen Nong Group hitting the daily limit [1] - Other sectors that saw significant gains included beauty care, liquor, minor metals, fertilizers, tourism and hotels, generators, and broadcasting concepts [1] - Conversely, sectors that experienced declines included engineering machinery, pharmaceutical commerce, gaming, education, insurance, complete automobiles, consumer electronics, and robotic actuators [1] Stock Movement - Over 2,800 stocks in the market recorded an increase [2]

股票简称：海看股份 股票代码：301262 海看网络科技（山东）股份有限公司 Hicon Network Technology（Shandong）Co.,Ltd. （山东省济南市经十路 18567 号新广电中心大楼六楼） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） （济南市市中区经七路 86 号） 二零二三年六月 特别提示 海看网络科技（山东）股份有限公司（以下简称"公司""本公司""发行 人"或"海看股份"）股票将于 2023 年 6 月 20 日在深圳证券交易所创业板上市， 该市场具有较高的投资风险。 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。本公司提醒投资者应充分了解股票市场风险以及本公司披露的 风险因素，在新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《海看网络科技（山 东）股份有限公司首次公开发行股票并在创业板上市招股说明书》（以下简称"招 股说明书"）中的相同。本上市公告书中的报告期均指 2020 年度、2021 年度和 2022 年度。 本上市公告书数值通常保留至小数点 ...

海看网络科技（山东）股份有限公司 发行公告 首次公开发行股票并在创业板上市 保荐人（主承销商）：中泰证券股份有限公司 特别提示 根据中国证券监督管理委员会（以下简称"中国证监会"）《上市公司行业 分类指引》（2012 年修订），海看网络科技（山东）股份有限公司（以下简称"海 看股份"、"发行人"或"公司"）所属行业为"I63 电信、广播电视和卫星传输服务 业"，中证指数有限公司已经发布的行业最近一个月静态平均市盈率为 23.36 倍 （截至 2023 年 6 月 5 日，T-4 日），本次发行价格 30.22 元/股对应的发行人 2022 年扣除非经常性损益前后孰低的摊薄后市盈率为 33.75 倍，高于中证指数有限公 司发布的行业最近一个月平均静态市盈率（23.36 倍），超出幅度为 44.48%， 亦高于可比公司 2022 年扣除非经常性损益后归属于母公司股东净利润对应的平 均静态市盈率（26.88 倍），超出幅度为 25.56%，存在未来发行人股价下跌给 投资者带来损失的风险。 发行人和保荐人（主承销商）提请投资者应当充分关注定价市场蕴含的风 险因素，知晓股票上市后可能跌破发行价，切实提高风险意识，强化价 ...