传媒月月谈：10 月板块回调，关注估值修复 20251119 摘要 内容行业政策环境改善：广电二十一条新规等政策细则鼓励内容创新， 预计 2026 年将成为内容创新和机制优化的关键观察期，为行业发展提 供积极信号。 AI 技术赋能内容生产：AI 技术将从效率提升逐步渗透到内容生成，实现 高度自动化，对游戏、广告、影视领域构成革命性变化，并促进新的用 户使用方式和商业模式的发展。 文化出海带来新增长：中国优质内容伴随着文化内核输出，尤其在游戏、 网文、短剧赛道上，将带来新的增长机会，提升中国文化在全球的影响 力。 IP 经济价值提升：国内 IP 产业链逐渐成熟，头部内容公司将向 IP 运营 生态者转型，改善商业化潜力和业绩波动性，IP 消费品及衍生品发展迅 速。 游戏市场流水回升：10 月份国内游戏 APP 整体流水同比增长 1%，环比 增长 5%。《崩坏：星穹铁道》新版本发布登顶中国大陆 iOS 畅销榜， 年底及春节期间娱乐需求有望推升行业景气度。 Q&A 请简要介绍中金公司对 2026 年传媒行业的展望。 中金公司对 2026 年传媒行业的展望主要集中在四个大趋势。首先是政策友好 下的新内容周期。今年游戏行 ...

文化如水，利万物而不争。文化出海，也当有"润物细无声"的智慧与气度 实践表明，扩大文化影响力，既要具备全球化视野，也离不开本土化策略。本土化的优势就在于，既尊 重本土文化，最大化贴近当地受众实际，又能有效加深其对中华文化的理解与认同，从而实现交流互 鉴、美美与共。 文化魅力需要具象表达，离不开产业驱动。健全文化产业体系和市场体系，打造更多文化精品，文化出 海才能更具创新活力和传播声势。当网络游戏中的舞狮步伐、服饰纹样中的生动线条、网络视频中的田 园诗学，吸引国际友人了解中国、读懂中国时，人文意蕴也在无形中拓展出市场空间。 看单个企业业绩，作为网络文学出海的重要企业，阅文集团2024年作品签约海外出版授权数同比增长 80%，授权金额同比增长超200%，创下历史新高。看产业园区势头，截至今年6月，在国家对外文化贸 易基地（南京）入驻文化企业超600家，规上企业2024年度总营收超300亿元。越来越多企业以文化为 魂、以创意为帆，专注打磨文化精品、注重拓展海外市场，为中国故事讲得好、传得开提供着源源不断 的动能。 一个数据，引人关注。今年前三季度，我国出口节日用品、玩偶、动物造型玩具超500亿元，销往全球 200多 ...

Core Viewpoint - The company, a leading Hong Kong jewelry brand, is experiencing operational efficiency improvements and positive same-store sales growth despite challenges from rising gold prices and changing consumer environments [1][2]. Group 1: Company Overview - Established in 1991 in Hong Kong, the company primarily operates under the brand "Luk Fook Jewelry" and has a multi-brand matrix including "Gold to Respect" and "Luk Fook Boutique" [1]. - For the fiscal year 2025, the company achieved revenue of HKD 13.341 billion, with 39.5% from mainland China and 60.5% from Hong Kong, Macau, and overseas markets [1]. - Retail income from offline self-operated stores and e-commerce accounted for 82.7% of total revenue, with a projected increase in fixed-price gold products exceeding 15% [1]. Group 2: Market Trends and Consumer Behavior - The consumption logic for jewelry has evolved to emphasize both fashion and value retention, driven by innovative design and craftsmanship that enhance the fashion appeal of gold [1]. - The company has seen same-store sales growth of 5% and 10% in the second and third quarters of 2025, respectively, indicating a recovery in gross margins and potential stock price appreciation [1]. Group 3: Growth Strategies - The company is actively developing differentiated products that meet market demands, achieving high double-digit same-store growth in gold jewelry sales [2]. - The domestic store optimization focuses on enhancing sales service capabilities and targeting core business districts to sustain same-store growth, while plans to add 50 overseas stores aim to expand global reach [2]. - The recent gold tax reform in Hong Kong is expected to benefit the company by enhancing its brand and price competitiveness, attracting more mainland consumers [2]. Group 4: Financial Projections and Valuation - The company is projected to achieve net profits of HKD 1.501 billion, 1.787 billion, and 2.028 billion for the fiscal years 2026, 2027, and 2028, representing year-on-year growth rates of 36.48%, 19.08%, and 13.44% respectively [2]. - The current market capitalization corresponds to a price-to-earnings ratio of only 9.7X for the fiscal year 2026, with an average dividend yield of 6.26% over the past three years, indicating a favorable investment proposition [2]. - The estimated fair stock price range is set between HKD 31 and HKD 36.5 per share, with an initial coverage rating of "outperform the market" [2].

Core Viewpoint - A batch of precious cultural relics from the National Museum of China, weighing a total of 619 kilograms, has been successfully transported for an exhibition, showcasing Chinese civilization to a global audience [1][4]. Group 1: Logistics and Transportation - The relics were transported by Eastern Airlines Logistics North China Branch, which established a specialized support team to ensure the safe transport of the artifacts [4]. - High-strength straps were used to scientifically secure the relics to the pallets during the assembly phase, enhancing their resistance to shocks and vibrations [4]. - The artifacts were stored in a dedicated isolation area monitored by 24-hour video surveillance, ensuring physical separation from regular cargo to mitigate risks [4]. Group 2: Experience and Future Plans - Eastern Airlines Logistics North China Branch has previously handled the transportation of cultural relics for the National Museum of China, gaining extensive experience in the cross-border transport of high-value artworks [4]. - The company plans to continue focusing on the "cultural export" sector, aiming to safely and timely present more Chinese treasures on the world stage, highlighting the depth and contemporary relevance of Chinese civilization [4].

Investment Rating - The report maintains a "Buy" rating for the media industry, particularly focusing on AI applications and cultural exports [6]. Core Insights - The media industry experienced a weekly decline of 1.36%, ranking 25th among industries. Notable performers included Zhidaimai and Mingchen Health, while Tencent Holdings showed a weekly increase of 1.10% [1][12][19]. - AI applications are gaining traction, with Deepseek leading domestic web traffic among AI products, achieving 356.44 million monthly visits in October, a 7.36% increase [2][23][25]. - In the gaming sector, Tencent's "Honor of Kings" saw a 32% month-over-month revenue increase due to the launch of its S41 season [3][28]. - The film industry reported a total box office of 381 million yuan for the week of November 8-14, with "Demon Slayer: Infinity Castle Chapter" leading at 136 million yuan [4][39]. Summary by Sections Market Performance - The media industry saw a decline of 1.36% from November 8 to November 14, with the gaming sector down 2.71% and the advertising sector up 0.73% [12][19]. Key Industry Data AI Applications - The top five AI products globally in October were ChatGPT, New Bing, Gemini, Deepseek, and GitHub Copilot. Deepseek led domestic traffic with 356.44 million visits [2][24][25]. Gaming Data - In the iOS gaming sales chart as of November 15, "Delta Force," "Honor of Kings," and "Three Kingdoms: Strategize" were the top three games. Tencent's "Honor of Kings" revenue increased significantly due to seasonal events [3][26][28]. Film Data - The total box office for the week was 381 million yuan, with "Demon Slayer" accounting for 35.6% of the total. Upcoming films include "Wild Times" and "Zootopia 2" [4][38][39]. Investment Recommendations - The report emphasizes a positive outlook on AI applications and cultural exports, recommending focus on sectors such as gaming, IP, short dramas, and publishing. Key companies to watch include Giant Network, Kying Network, and Bilibili [5][9].

Core Perspective - Cultural export is not only an important engine for enhancing the economic value of the cultural industry but also a global practice for the modern transformation of Chinese civilization [1] Group 1: Language and Cultural Transmission - Language plays a crucial role as a hub for translation and dissemination in cultural export, serving as a deep carrier of cultural values, thinking patterns, and aesthetic experiences [2] - The dual challenges of "translatability" and "perceptibility" must be addressed for Chinese culture to truly integrate into the global context, particularly regarding traditional concepts that lack direct Western equivalents [2] - Language programs in universities should develop classroom models focusing on "cultural symbols," "emotional narratives," and "value consensus" to enhance cultural transmission [2] Group 2: Educational Transformation and Curriculum Innovation - Cultural export drives the transformation and upgrading of language disciplines, necessitating a new set of professional skills and competencies for talent development [3] - Traditional language education often emphasizes systematic knowledge and basic skills, while neglecting cross-cultural communication, digital technology application, and overseas cultural project management [3] - Universities should foster students' proficiency in digital tools and encourage project-based practices to digitize, translate, and creatively disseminate traditional cultural resources [3] Group 3: Dual Empowerment and Technological Integration - A new model of dual empowerment should be explored, integrating digital humanities and artificial intelligence to promote the modern transformation of traditional cultural resources [4] - Effective feedback mechanisms should be established to ensure that overseas audience preferences are communicated back to local creative processes, facilitating a positive interaction between cultural production and dissemination [4] - Digital technologies provide new research paradigms for traditional culture, enabling the construction of systematic cultural knowledge graphs and enhancing the expression and dissemination of traditional culture through AI [4][5]

Core Insights - The article emphasizes the significance of traditional Chinese brands, known as "Chinese Time-honored Brands," which embody the essence of Chinese culture and have evolved through innovation over centuries [1][2]. Group 1: Current Status of Chinese Time-honored Brands - The Ministry of Commerce has recognized a total of 1,450 Chinese Time-honored Brands [2]. - Recent events, such as the International Exchange Activity and the Fifth Innovation Development Conference, have brought together representatives from various brands to explore new paths for innovation and collaboration [2]. Group 2: Commitment to Craftsmanship - The enduring success of Time-honored Brands is attributed to their commitment to craftsmanship and cultural heritage, which are closely linked to the nation's economy and people's livelihoods [3]. - Brands like Liu Bi Ju and Tong Ren Tang exemplify this commitment through their dedication to quality and ethical practices [3]. - Dong'e Ejiao has maintained its unique production techniques for nearly 3,000 years, emphasizing the importance of preserving traditional methods while modernizing [3]. Group 3: Innovation and Market Adaptation - Time-honored Brands are actively adapting to market demands by embracing innovation, targeting younger consumers, and leveraging digital technologies [4][5]. - Dong'e Ejiao has successfully transformed its image from an "elderly brand" to a trendy national brand by collaborating with popular tea brands and launching products that appeal to younger audiences [5][6]. - China Tea Company has focused on optimizing product flavors and modernizing packaging to attract younger consumers [6]. Group 4: Digital Transformation - The digital transformation of Time-honored Brands is crucial for their evolution, with Dong'e Ejiao achieving a digitalization level that meets the highest standards [6]. - The online business of Dong'e Ejiao now accounts for nearly 30% of its overall operations, showcasing the impact of digital strategies [6]. - China Tea Company is implementing digital controls across the entire supply chain, from cultivation to processing [7]. Group 5: Cultural Export and Global Reach - Time-honored Brands are becoming important vehicles for cultural export, with Tong Ren Tang expanding its presence globally since the 1990s [7]. - Dong'e Ejiao has participated in international conferences to promote traditional Chinese medicine, indicating a growing acceptance of Chinese culture abroad [7]. - China Tea Company aims to share Chinese culture through tea, enhancing global consumer experiences with Chinese lifestyle and values [7].

Group 1: Core Insights - The article emphasizes the importance of a favorable policy environment in fostering a new content cycle in the cultural industry, particularly in gaming and long-form video content [2][3] - It highlights the need for continuous innovation in high-quality content to retain users on long video platforms, with a focus on flexible funding and creative energy [2][3] - The article predicts that the period from 2026 to 2028 will be crucial for content innovation and mechanism optimization in the industry [3] Group 2: AI Integration - AI is entering a new stage of development, promoting deep integration with various industries, including media, where significant breakthroughs in AI applications are expected by 2025 [6] - The article outlines specific areas of AI application, including film and television, gaming, advertising, and social media, where AI is enhancing efficiency and commercial viability [6][7] - It anticipates that as AI technology matures, there will be a shift towards highly automated content generation across multiple sectors, leading to increased user engagement and monetization [7] Group 3: Cultural Export - The article discusses the trend of "cultural export," where Chinese cultural products are increasingly tailored for global markets, moving from generic content to high-quality, culturally rich offerings [9] - It notes that leading companies in the gaming sector are achieving global distribution success, while web literature and short dramas are also adapting to local markets through translation and localization efforts [9] - The integration of AI is expected to further enhance the scalability of cultural exports, allowing for more efficient production and distribution [9] Group 4: IP Economy - The article highlights the growing demand for high-quality, serialized content, driving the IP economy, which involves monetizing intellectual property through various media and product forms [11] - It observes that content IP companies are increasingly focusing on strategic IP development to mitigate profit volatility and expand commercial opportunities [11] - The article suggests that the maturation of the domestic IP industry will lead to a systematic revaluation of IP assets, with companies possessing differentiated IP reserves gaining competitive advantages [11]

Investment Rating - The report gives a "Strong Buy" investment rating for the company [2]. Core Insights - The company has a strong focus on the gaming industry, particularly in SLG (Simulation and Strategy Games) and classic IPs, and has innovatively opened the "SLG+X" gaming track, leading to significant revenue growth [1][8]. - The company has successfully launched hit products like "Endless Winter" and "Bouncing Kingdom," which have topped various app store charts, showcasing its strong product replication capabilities [1][8]. - The company has achieved a significant turnaround, with a notable increase in revenue and profit margins, driven by its subsidiary, Point Interactive, which has seen explosive growth in both domestic and overseas markets [6][27]. Company Overview - The company has transitioned from automotive parts to the internet gaming industry, acquiring key players like Point Interactive and Shengqu Games to establish a dual-driven operational model [16][18]. - The company has diversified its business into AI and cloud data services, alongside its core gaming operations, enhancing its technological capabilities [16][18]. Financial Performance - In 2024, the company achieved total revenue of 22.62 billion yuan, a year-on-year increase of 70.27%, and a net profit of 1.213 billion yuan, up 131.51% [6][27]. - For the first half of 2025, the company reported revenue of 17.207 billion yuan and a net profit of 2.656 billion yuan, reflecting year-on-year growth of 85.50% and 129.33%, respectively [6][27]. - The company's revenue from gaming has surpassed 90% of total revenue, indicating a strong focus on this segment [30]. Market Dynamics - The global mobile gaming market is shifting from user growth to value-driven consumption, with significant revenue growth expected in the coming years [41][51]. - The Chinese gaming market has reached new highs in revenue and user numbers, with a total sales revenue of 168 billion yuan in the first half of 2025, marking a 14.08% increase year-on-year [41][46]. Strategic Positioning - The company has established a robust overseas presence, with its games achieving significant sales in key markets such as the United States, Japan, and South Korea [48]. - The partnership with Tencent, which holds a 10% stake in the company, enhances its operational capabilities and market reach [6][16].

北京与香港，两座闪耀着创新活力与开放精神的城市即将再次携手。第二十八届北京·香港经济合作研 讨洽谈会（以下简称"京港洽谈会"）将于11月12日至13日在香港会议展览中心举行。本届大会以"京港 携手 联通世界"为主题，在两天的会议时间里，安排了开幕式、主题推介、投资洽谈以及13场专题活 动。聚焦金融服务、科技创新、专业服务、消费与贸易等重点领域，推动两地资源高效对接，共同开拓 全球市场新机遇。 第二十八届京港洽谈会将于11月12日开幕，工作人员正在进行开幕前的准备工作。新京报记者 陈琳 摄 聚焦企业需求，搭建"出海"服务全链条 开幕式现场，工作人员正在进行彩排。新京报记者 陈琳 摄 作为本届京港洽谈会首次设立的仲裁法律服务专题活动主办单位，北京市司法局局长崔杨表示，期待在 三方面取得突破。 首先，以制度创新引领仲裁国际化。重点推介将于12月1日实施的《北京国际商事仲裁中心建设条 例》，通过确立仲裁地规则、完善临时措施等创新设计，打造与国际接轨的仲裁环境。其次，以高层对 话深化争议解决合作。会议期间将与国际调解院开展高层交流，共同探索多元化争议解决机制的创新路 径，提升北京作为国际商事争议解决优选地的地位。三是以 ...