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 ...

本报记者吴文婧 横店影视在内容侧的努力得到了切实的回报。根据财报数据，2024年，横店影视的影视投资、制作及发 行业务共实现营业收入2.03亿元，同比增长35.48%，营收占比亦从2023年的6.58%提高至10.58%，企业 第二增长曲线日益明晰。 具体来看，此次新设控股子公司拟注册资本为5000万元。其中，横店影视出资4500万元，横店影业出资 500万元。公告显示，本次新设控股子公司有利于优化公司管理架构，能够进一步推动影院业务专业化 发展，提高公司资源配置效率。 袁帅认为，影视行业将呈现出积极且多元化的发展态势。从短期来看，随着内容供给的恢复，电影市场 有望迎来成长；中长期而言，AI技术的突破以及与IP潮玩的结合将为电影行业带来新的发展机遇。 努曼陀罗商业战略咨询创始人霍虹屹在接受《证券日报》记者采访时表示，横店影视设立专注于影院投 资与管理的新子公司，是一次"补链式"的深耕布局，这并非简单的扩张，而是在强化"内容+渠道"双轮 驱动战略中的后端稳定性。从战略视角来看，这不仅能够强化对终端渠道的掌控力，还能提高整个产业 链的协同效率。 袁帅进一步表示，横店影视一方面需要加大内容创作投入，通过打造具有竞争 ...

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 ...

证券研究报告 | 2025年06月04日 传媒互联网周报 优于大市 香港通过稳定币新规，DeepSeek 发布新版本并开源 传媒板块本周表现：行业上涨 1.73%，跑赢沪深 300，跑赢创业板指。本周 （5.24-5.30）传媒行业上涨 1.73%，跑赢沪深 300（-1.08%），跑赢创业板 指（-1.40%）。其中涨幅靠前的分别为元隆雅图、时代出版、游族网络、ST 返利等，跌幅靠前的分别为昆仑万维、盛通股份、因赛集团、每日互动等。 横向比较来看，本周传媒板块在所有板块中涨跌幅排名第 5 位。 重点关注：香港《稳定币条例》正式成为法例，DeepSeek 发布新版本并开 源。1）香港特别行政区政府于 5 月 30 日在宪报刊登《稳定币条例》，这意 味着《稳定币条例》正式成为法例；2）DeepSeek-R1-0528 发布并开源，相 比前代版本，R1-0528 在代码生成速度、推理精度以及前端开发能力上均有 显著提升，在减少模型幻觉问题上与 o3 和 Gemini-2.5Pro 等顶尖模型保持 一致；3）Perplexity AI 近期推出了 Perplexity Labs，定位为面向复杂任 务的 AI 驱动解 ...

Group 1: Box Office Performance - In May, the total box office revenue reached 1.538 billion yuan, a 48% decrease compared to 2.949 billion yuan in the same period last year [1] - The underperformance of new releases during the May Day holiday contributed to this decline, with only 750 million yuan generated compared to 1.528 billion yuan last year [1] - The upcoming summer season (June 1 to August 31) is expected to intensify competition, with 52 films already scheduled for release, including 10 animated films [1] Group 2: Regulatory Developments - The National Film Administration issued regulations encouraging Hong Kong and Macau service providers to invest in film production companies in mainland China [2] - The Ministry of Commerce and other departments released the 2025-2026 National Cultural Export Key Enterprises and Projects directories, recognizing 404 companies and 121 projects, including Migu Culture Technology Co., Ltd. [2] Group 3: Upcoming Film Releases - The upcoming Dragon Boat Festival film season will feature a variety of new films, including both imported blockbusters and domestic productions [3] - Companies like Maoyan Entertainment and China Film are heavily involved in the production and distribution of these films, which include genres such as action, suspense, and science fiction [3] - The film market is anticipated to show signs of recovery, supported by a diverse range of content and the upcoming summer season [3] Group 4: Related Companies - Key companies in the cinema sector include Maoyan Entertainment, Alibaba Pictures, China Ruiyi, IMAX China, Huayi Brothers, and Xingkong Huawen [4]

Core Viewpoint - Wanda Film's subsidiary, Ying Shiguang, is investing 144 million RMB in 52TOYS, indicating a strategic move into the IP toy market, which is experiencing significant growth driven by the "Guzi Economy" [1] Group 1: Investment and Strategic Collaboration - Wanda Film and China Ruyi's subsidiary, Ruyi Xingchen, are collaborating to invest in 52TOYS, focusing on IP toy product development, marketing, and related areas [1] - 52TOYS reported an estimated revenue of 630 million RMB and a net profit of 30 million RMB for 2024, showcasing its potential despite being smaller compared to competitors like Miniso and Pop Mart [1] Group 2: Market Trends and Consumer Behavior - The IP toy industry is expanding, with a notable increase in the number of domestic toy stores, reaching 3,770 by the end of 2024, a growth of 1,116 stores from the beginning of the year [2] - The collaboration between toy companies and film studios is becoming crucial, as derivative products are increasingly contributing to revenue, with Wanda Film reporting over 40% of non-ticket revenue growth from derivative sales in Q1 2025 [2] Group 3: IPO Trends in the Toy Industry - Several toy companies, including 52TOYS and Miniso's TOPTOY, are preparing for IPOs, reflecting the growing interest in the IP toy sector [2] - The market is witnessing a trend where consumers seek emotional value through toy derivatives, leading to a broader consumer base and increased market awareness [3] Group 4: Industry Growth and Future Outlook - The global toy industry is at a historical opportunity with cross-regional IP penetration and innovation in product categories, indicating a promising future for the sector [3][4] - The integration of IP content and derivative products is expected to enhance the commercial value of IPs, promoting sustainable development within the industry [3]

2025年05月13日 证券研究报告 | 传媒行业5月投资策略 板块业绩触底向上，看好A I应用与I P潮玩机会 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 投资观点：持续看好景气反转与IP/AI驱动下的板块机会。1）基本面底部改善，关注游戏、广告媒体、影视等板块，寻找个股α。游戏板块自下而上把握产品周期及业绩表现，推荐恺 英网络、巨人网络、姚记科技、哔哩哔哩、心动公司等标的；媒体端关注经济底部向上带来的广告投放增长（分众传媒、芒果超媒等）；影视内容关注供给端底部改善可能，渠道（万 达电影等）以及内容（光线传媒、华策影视等）；高分红、低估值以及市值管理提升角度关注国有出版板块；2）行业β持续看好高景气的IP潮玩以及从0到1阶段的AI应用。IP潮玩高景 气持续、受众及品类持续泛化，推荐 ...

证券研究报告 | 2025年05月12日 传媒互联网周报 优于大市 AI 应用持续推进，关注超跌布局机会 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （亿元） | 2025E | 2026E | 2025E 2026E | | | 002517.SZ | 恺英网络 | 优于大市 | 16.67 | 356 | 0.99 | 1.13 | 17 | 15 | | 002027.SZ | 分众传媒 | 优于大市 | 7.29 | 1,053 | 0.39 | 0.42 | 19 | 17 | | 300413.SZ | 芒果超媒 | 优于大市 | 23.27 | 435 | 0.98 | 1.12 | 24 | 21 | 资料来源：Wind、国信证券经济研究所预测 核心观点 行业研究·行业周报 传媒 传媒板块本周表现：行业上涨 1.39%，跑输沪深 300，跑输创业板指。本周 （5.3- ...

Market Overview - On April 28, the toy and animation sectors experienced a collective surge, with companies like Chuangyuan Co. rising over 15% and Zhangyue Technology hitting the daily limit [1] - Other companies such as Tianzhou Culture, Huali Technology, Shifeng Culture, Gao Le Co., Xinghui Entertainment, and Aofei Entertainment also showed strong performance [1] Company Highlights - Chuangyuan Co. (300703.SZ) engaged in IP collaboration with Zhihu and Dunhuang Museum, launching products like the "Feiniaojiji" and Dunhuang cultural series, with a stock price of 15.43, up 7.90% [2] - Perfect World (002624.SZ) focused on IP development, leveraging both original and external IPs, with a stock price of 13.07, up 6.43% [2] - Huali Technology (301011.SZ) is promoting gaming equipment and anime IP derivative products, with a stock price of 26.13, up 4.52% [2] - Gao Le Co. (002348.SZ) has major IP collaborations with brands like Disney and Hello Kitty, with a stock price of 3.26, up 4.49% [2] - Shifeng Culture (002862.SZ) is actively collaborating with high-quality IPs and developing original toys, with a stock price of 23.90, up 3.42% [2] Event Highlights - On April 28, Pop Mart's stock surged over 12%, reaching a historical high [3] - On April 25, Pop Mart topped the U.S. App Store shopping chart and ranked fourth overall [4] - The release of Pop Mart's popular IP LABUBU's third-generation plush product led to trending searches on social media [4] Industry Insights - The global toy industry is entering a historical opportunity period characterized by cross-regional IP penetration, accelerated innovation, and improved channel networks [6] - The shift in consumer preferences from traditional toys to two-dimensional IP culture among younger generations is expected to sustain high demand for collectible toys [6] - The toy market is anticipated to benefit from popular film and streaming IPs by 2025, stimulating interest among young consumers [6] - Emerging categories like trendy toys, card games, and building toys are expected to see significant growth, with companies possessing IP, product, and channel advantages being noteworthy [6] - The AI toy market is still in its early stages, with potential for Chinese toy companies to leverage their manufacturing capabilities for competitive advantage in international markets [6]