Core Viewpoint - The commercial complex management system is a crucial tool for the efficient operation of modern large shopping centers and urban plazas, integrating various functions to optimize operations, enhance customer experience, and create greater commercial value [31] Property Management - Asset information management includes recording and maintaining the status, specifications, location, and maintenance records of all property assets [1] - Lease contract management oversees the entire lifecycle of merchant lease contracts, including rent calculations and reminders [1] - Fee management unifies the management of various fees such as rent, property management fees, and energy costs [1] - Engineering equipment management involves tracking maintenance plans, work orders, and energy consumption analysis [1] Merchant Management and Services - Merchant information management maintains complete merchant profiles, including contracts and licenses [2] - Operational data collection and analysis can integrate with merchant POS systems to gather sales and foot traffic data for business analysis [2] - Merchant communication and service include internal work order flow for repairs and complaints [2][3] Marketing Activities and Membership Management - Marketing activity management encompasses planning, budget control, and effect evaluation [4] - Membership system management includes registration, points, and member benefits [5] - Smart marketing utilizes member data for targeted promotions [5] Leasing and Planning Management - Leasing process management tracks customer leads and negotiations [7] - Leasing planning includes visual management of space planning and brand placement [7] - Market research supports potential merchant information and competitive analysis [7] Financial Management - Revenue management automates billing, payment tracking, and financial reporting [8] - Budget management involves budget preparation and variance analysis [9] - Expenditure management includes supplier management and cost control [10] Customer Experience and Service - Customer flow analysis systems provide insights into customer movement and dwell time [11] - Customer service work orders handle inquiries and complaints [12] - Smart services include electronic navigation and online customer support [13] Operational Safety and Security - Video surveillance integration allows for real-time monitoring and recording [14] - Fire alarm integration manages and records fire alarm information [15] - Emergency event management includes emergency plan management [17] Energy Management and Environmental Control - Building automation integration enables remote monitoring of HVAC and lighting systems [18] - Energy consumption measurement and analysis identify potential energy savings [19] BI and Decision Support - Data warehouses integrate data from various business modules for analysis [20] - Visual reports monitor key performance indicators in real-time [20] - Decision support systems provide data insights for business strategies [20] Benefits of the Management System - Enhances operational efficiency through automated processes [21] - Enables refined management of assets, tenants, and finances [21] - Optimizes leasing revenue by improving occupancy rates [21] - Increases customer loyalty through personalized services [22] - Empowers data-driven decision-making for business adjustments [23] - Reduces costs through precise energy and maintenance management [24] - Elevates brand value by creating a customer-friendly environment [25] - Improves asset value through efficient management practices [27] System Features - Integration capabilities with third-party systems are essential [28] - Flexibility and scalability are important for adapting to business changes [28] - User experience and mobile support enhance usability [29] - Strong data analysis capabilities are crucial for effective reporting [29] - Cost considerations include total ownership costs [29] - Cloud computing and AI applications are becoming mainstream [29] - IoT integration creates new smart scenarios [29] - Comprehensive customer journey management enhances overall experience [30] - Green management systems support sustainability goals [31]

证券研究报告 | 行业定期报告 2025 年 06 月 05 日 看好估值安全&高分红游戏板块，吉比特近期发布新游戏 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 ❑ 风险提示：互联网行业监管风险、游戏行业市场竞争加剧的风险、关税政策 风险等。 推荐（维持） 行业规模 | 股票家数（只） | 161 | 占比% 3.1 | | --- | --- | --- | | 总市值（十亿元） | 1708.1 | 2.0 | | 流通市值（十亿元） | 1550.8 | 2.0 | 行业指数 % 1m 6m 12m 绝对表现 5.1 -0.9 31.0 相对表现 2.5 0.6 24.0 资料来源：公司数据、招商证券 -20 0 20 40 60 Jun/24 Sep/24 Jan/25 May/25 (%) 传媒 沪深300 相关报告 1、《互联网行业周报—互联网公司持 续回购，垂类 AI 应用不断迭代丰富》 ...

Core Viewpoint - The controversy surrounding Baidu's disclosure of expenses related to CEO Li Yanhong's private jet usage highlights the scrutiny faced by the company amid its ongoing business transformation and public sentiment regarding its performance [2][19]. Financial Disclosure - Baidu disclosed in its financial report that it would reimburse Li Yanhong for expenses incurred while using his private jet for company business, with costs based on market rates for similar aircraft [3][12]. - This disclosure has drawn significant media attention and public discussion, with mixed reactions regarding the appropriateness of such expenses for a high-level executive [3][7]. Comparison with Other Companies - The practice of executives using private jets is common among top-tier companies, yet Baidu's specific naming of Li Yanhong in the financial report is relatively rare compared to other firms that often categorize such expenses under broader compensation without naming individuals [7][8]. - Other tech giants like Alibaba and JD have also reported similar expenses but have not directly charged their executives for private jet usage, indicating a different approach to financial disclosures [9][11]. Public Perception and Company Culture - The heightened scrutiny of Li Yanhong's private jet usage can be attributed to Baidu's recent struggles with business growth and public relations issues, which have led to a negative perception of the company's leadership [19][20]. - Previous controversies involving Baidu's management and corporate culture have contributed to the public's critical view of Li Yanhong, making him a focal point for broader dissatisfaction with the company's direction [15][17]. Business Performance Context - Baidu's recent financial reports have exceeded market expectations, yet the company faces challenges such as declining online marketing revenue and increased competition in AI applications [19][20]. - The ongoing transformation of Baidu's business model, including investments in AI and cloud services, has created tension between long-term strategic goals and short-term financial performance, leading to skepticism about the company's future growth potential [20].

Core Insights - OpenAI has launched new features for ChatGPT aimed at enhancing its service capabilities in enterprise applications, including cloud service integration, meeting transcription, and deep research tool connectivity [1][3][4] Group 1: Cloud Service Integration - ChatGPT has introduced connectors for major cloud storage platforms such as Dropbox, Box, SharePoint, OneDrive, and Google Drive, allowing users to access documents and data stored in their cloud services for more accurate business problem-solving [3] - The new features will adhere to existing enterprise access control systems to ensure data security and compliance [3] Group 2: Meeting Transcription and Efficiency - A notable feature update includes automatic generation of timestamped meeting notes, which can extract actionable suggestions based on content, thereby improving meeting efficiency [3] - Users can search meeting records similarly to how they would access files in integrated cloud services, and can sync action items directly to Canvas documents, enhancing collaboration [3] Group 3: Deep Research Capability Expansion - OpenAI is testing deep research connectors for platforms like HubSpot, Linear, and some Microsoft and Google tools, allowing users to generate in-depth research reports by integrating data resources and public information [4] - Paid users can connect to custom tools through the Model Context Protocol (MCP), further expanding data input sources for personalized research needs [4] Group 4: Market Position and Growth - OpenAI's subscription customer base for enterprise-focused products has increased from 2 million in February to 3 million currently, indicating strong recognition of its services among enterprise users [4] - Despite competition from startups like Notion and Context, OpenAI maintains a significant position in the enterprise AI application market due to its first-mover advantage and technological integration capabilities [4]

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 ...

科技创新板块仍是私募目前重要配置方向 私募机构借道ETF加码科技资产 当前，科技板块正成为市场投资热门领域，多家私募机构正纷纷借道ETF加码科技资产。 据东方财富Choice数据统计，截至6月3日，今年以来已有超150只ETF产品上市。其中，包括超40只科 创ETF产品，基金规模接近360亿元，累计资金净流入24.82亿元。 从近期资金流向来看，5月主要宽基ETF资金净流出，但以科创、半导体、芯片、高端制造为代表的科 创主题ETF，合计"吸金"规模超过200亿元。 私募排排网数据显示，截至6月3日，今年以来共有104家私募机构的产品，出现在97只年内上市的ETF 前十大持有人名单中，合计持有份额达17.83亿份。其中，科创ETF尤其受到私募机构青睐，共在33只 年内上市科创ETF中出现，合计持有份额高达5.71亿份，占到总量的32.02%。 具体来看，华夏上证科创综合ETF、富国上证科创综合ETF、南方上证科创综合ETF和建信上证智选科 创板创新价值ETF等4只科创ETF中，私募持有份额不低于4000万份，此外还有14只科创板ETF私募持有 份额不低于1000万份。 今年以来，科创ETF快速扩容并受到资金追捧 ...

据商业软硬件厂商海石商用副总经理李昊旻介绍，零售场景AI落地源于芯片算力冗余，"三四年前，我们就看到算力的应用前景，根源在于观察到CPU和 GPU性能在零售场景开始出现冗余，单纯的算账和支付不需要太高的性能。（与此同时）AI场景开始显现出来。" 据李昊旻介绍，最早被提出并解决的是生鲜识别问题，由摄像头采集生鲜图像并由AI识别、算出SKU（最小存货单位）。如今，一些超市的秤能自动识别 生鲜，无须人工选择，其他应用还包括AI+通道识别方案、AI团餐识别方案，分别用于识别超市收银是否有异常扫码行为、提高自选菜餐厅的收银效率。 14B模型用上显卡，在零售业应用的成本基本上能做到万元级别，如果不用显卡，一些情况下CPU也能运行7B、8B模型。 模型小型化让一些端侧场景用了起来。 "零售场景下，8B（B为十亿参数）模型能做人流预测、商品检验、导购；14B可以做一些简单报表分析；32B在报表出来后还可以给图谱指引、数据预警； 70B可以扮演区域经理、大区经理的角色。" 工控主板厂商吉方工控副总经理李晓涛在近日一场分享中表示。他告诉记者，近期有很多模型已能用于公司实 际运营中，且性价比高。 在大模型中，8B~70B参数并不算 ...

Summary of G-bits Conference Call Company Overview - G-bits is a gaming company with a core valuation range of 15-19 times earnings, reflecting optimism for growth in the gaming sector due to the upcoming summer season and advancements in AI applications [2][3]. Key Products and Market Performance - **"Wanjie Changsheng"**: Launched in January, it generated 360 million in revenue and maintained monthly revenue in the tens of millions during Q2, exceeding profit expectations but still lagging behind "Yinian Xiaoyao" [2][4]. - **"Wandao Mobile Game"**: The anniversary event showed stable performance, positively impacting Q2 results, indicating the ongoing profitability of older products [2][4]. - **"Zhangjian Chuan Shuo"**: Its ranking on sales charts has been steadily rising, with expectations to contribute profits in Q3, showcasing strong market potential [2][4]. - **"Jiumuzhiyu"**: An upcoming SLG agency product currently in the second round of testing, its performance will determine its launch timing and impact on annual results, making it a key factor for future growth [2][5][6]. Financial Expectations - G-bits is projected to achieve a profit of approximately 1.05 billion this year, corresponding to a valuation of 19 times earnings, providing a reference point for investors [2][4]. Industry Insights - The overall performance of the gaming sector in Q2 2025 was strong, continuing a high growth trend. The market share of A-share gaming companies increased due to weaker product lines from major players like Tencent and NetEase [3]. - The gaming sector's valuation is on an upward trajectory, with core companies valued between 15-19 times earnings, leading to a recommendation for overweighting the gaming sector [3]. Strategic Adjustments - G-bits has undergone organizational and strategic adjustments after facing challenges, with the founder personally involved in R&D. The company is focusing its release strategy, indicating potential for improved product realization and profitability [2][7]. - The company is positioned as a small yet innovative gaming firm, suggesting a balanced approach in R&D and distribution, warranting close attention to new product developments and market performance [7].

Summary of Giant Network Conference Call Company Overview - **Company**: Giant Network - **Industry**: Gaming Key Points and Arguments 1. **Valuation and Growth Potential**: The gaming sector's overall valuation is between 16 to 17 times, with a long-term upward trend expected when excluding AI-related entities. The upcoming summer season and AI application data are anticipated to perform well, suggesting an overweight recommendation for the gaming sector [2][4]. 2. **2025 Performance Outlook**: Giant Network's performance growth for 2025 is highly certain, with significant valuation elasticity. The stock price is expected to rise due to dual catalysts from the summer season and the implementation of AI multimodal models [2][5]. 3. **Game Launch Success**: The game "Supernatural Action Group" has shown strong performance post-launch, with peak daily revenue exceeding one million on iOS. Monthly revenue is projected to reach 20 million, with optimistic scenarios suggesting 60 million to 100 million, translating to annual revenue between 500 million to 1.2 billion [2][6]. 4. **Target Demographic**: The user profile for "Supernatural Action Group" skews towards young female players, a demographic known for high mobile game spending, indicating strong potential for summer performance [2][6]. 5. **Future Development Directions**: Giant Network aims to transition from single-category casual games to multiple categories, including a shift from MMO to SLG in mid-to-heavy value games. Current profit forecasts do not yet account for new card and SLG categories, with impacts expected to reflect in next year's reports [2][7]. 6. **AI Application Strategy**: Since 2023, Giant Network has been actively pursuing an AI application strategy, with a structured approach that, while slower than competitors like Kaiying Network, still shows promising development potential [2][7][8]. 7. **Comparison with Kaiying Network**: Both companies are exploring AI applications, but Giant Network has a clearer strategic layout and steadier implementation pace compared to the more aggressive approach of Kaiying Network [2][8]. 8. **Current Valuation Assessment**: The current valuation of Giant Network is approximately 17 times, which is considered attractive for investment. The company's performance, profit structure, and long-term logic indicate a positive improvement trend, supported by organizational changes made by CEO Zhang Dong [3][9]. Additional Important Insights - **Market Share Growth**: The A-share gaming sector is expected to gain market share due to weaker product lines from major competitors [4]. - **Product Line Stability**: Existing products, including "Ball Battle" and "Space Sand," have shown stable performance and growth, contributing to the overall positive outlook for the company [5].

盘面上，游戏、黄金、国防军工、日用化工等板块涨幅居前，汽车、家用电器、钢铁、工程机械等板块跌幅居前。 游戏产业景气度持续提升 游戏概念股早间全线走强，板块指数盘中放量飙升逾5%，创2个半月新高，半日成交超前一交易日全天成交。掌趣科技触及20%涨停，巨人网络、电魂网 络盘初也一度快速封板，吉比特、浙数文化等涨幅居前。 港股游戏概念股也跟随走强，网龙、网易、腾讯控股、中国儒意等均高开走强。 游戏、黄金、国防军工、日用化工等板块涨幅居前。 华源证券指出，游戏行业最为核心的投资思路目前仍然是新游产品周期演绎，重视重点新游产品的测试和上线时间，以及相关游戏产品表现超预期有望推 动相关上市公司的价值重估。 军工股走强 今日早盘，A股整体小幅低开高走，深证成指在下试10000点得到支撑后快速反弹，北证50围绕1400点反复争夺，创业板指亦在2000点附近徘徊。上涨个 股多于下跌个股，成交保持平稳。 根据中国音数协游戏工委（GPC）发布的数据，2025年第一季度中国游戏市场实际销售收入为857.04亿元，同比增长17.99%。政策层面，版号常态化发放 一定程度上缓解了行业焦虑，截至2025年5月，年内已发放654款国产版号、 ...