Core Viewpoint - The A-share market is experiencing increased volatility and stock differentiation as year-end approaches, with certain thematic sectors like commercial aerospace, controllable nuclear fusion, and AI gaining significant attention and even reaching historical highs, contrasting sharply with the overall index performance [1][2] Market Dynamics - The current market is characterized by a structural divergence, where some sectors are thriving while others are under pressure, driven by a combination of funding adjustments and industry events [1][2] - Private equity firms are observing a shift in capital from overvalued sectors like AI computing to those with strong policy catalysts and lower valuations, indicating a defensive thematic investment approach [2][3] - The market's liquidity remains abundant, actively seeking opportunities in sectors that combine technological innovation with strong event catalysts, such as advancements in nuclear fusion and commercial aerospace [2][3] Investment Strategies - Different private equity firms are adopting varied strategies in response to the thematic market, with some focusing on trend-following while others emphasize value preservation [3][4] - A cautious approach is being taken by firms that prioritize deep research into industry trends and policy directions, aiming to invest in quality stocks that will benefit from industry developments [3][4] - The investment community is wary of pure speculative plays, recognizing the potential for rapid shifts in market sentiment as year-end approaches [4][5] Focus on AI and Emerging Industries - AI is recognized as a central investment theme, with firms planning to explore both upstream and downstream opportunities within the AI ecosystem, including critical applications and foundational technologies [5][6] - Other emerging sectors such as technology, scarce resources, and new consumption patterns are also gaining traction among private equity firms, reflecting a diversified investment approach [5][6] - The construction of industrial ecosystems, particularly in new industries like controllable nuclear fusion, is highlighted as a key area for investment opportunities [6]

作者 | 凌敏 对于普通人而言，音视频算得上是最"接地气"的技术——不需要具备专业背景，就能直观地感受到技术能力高低带来的体验层面的差异。比如，观看世界 杯直播，模糊的画面、明显的延迟、卡顿的互动，都能直接影响球迷观看体验。 在移动互联网时代，人们对于音视频技术的要求其实很简单，就是"看得清、看得爽"。这也是火山引擎视频云能够在这一时期杀出重围的关键——火山引 擎将抖音在亿级 DAU 场景下长期打磨和验证的能力，封装成一系列解决方案，向业界输出"抖音同款"的音视频能力，重点解决画质、时延、稳定性和大 规模分发问题，为用户带来更高清、更实时、更沉浸的视频体验。 核心引擎：AI MediaKit 将"王牌"原子能力引入大模型 在过去，传统媒体工具套件的核心是媒体数据处理与服务的技术集合，这套经典能力长期用于开发音视频播放或录制的各类功能。但在 AIGC 时代，媒体 价值链路被重新定义，内容不再只是拍摄、播放，而是生成、分析、理解、消费；用户也不再只是观看，而是通过自然语言、语音、图像等方式参与交 互。 这也是为什么，火山引擎视频云选择将经典能力升级为 AI MediaKit——作为面向 AI 云原生时代的极致效率 ...

证券研究报告 传媒 | 广告营销 港股|首次覆盖报告 hyzqdatemark 2025 年 12 月 24 日 投资评级： 增持（首次） 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 联系人 魏桢 市场表现： | 基本数据 | 2025 | 年 | 12 | 月 24 | | 日 | | --- | --- | --- | --- | --- | --- | --- | | 收盘价（港元） | | | | | 6.00 | | | 一年内最高/最低（港 | | | | 17.64/3.37 | | | | 元） | | | | | | | | 总市值（百万港元） | | | | | 5,710.43 | | | 流通市值（百万港元） | | | | | 5,710.43 | | | 资产负债率（%） | | | | | 23.32 | | | 资料来源：聚源数据 | | | | | | | 巨星传奇(06683.HK) ——下一站，巨星 投资要点： 请务必仔细阅读正文之后的评级说明和重要声明 weizhen@huayuanstock. ...

本报讯 （记者舒娅疆）近日，以"湾区联世界 文旅创未来"为主题的广州文化产业交易会（以下简称"文 交会"）圆满落幕。本届文交会被认为是观察中国文旅产业深度变革的关键窗口，头部企业的发展动向 显示，以科技融合、IP深耕与产业无界为核心的"文旅3.0"革命正在全面展开。伴随着文旅行业积极拥 抱AIGC，万兴科技（300624）集团股份有限公司（以下简称"万兴科技"）以自身业务优势助力IP实 现"视觉化叙事"，受到市场关注。 根据中国旅游研究院发布的《中国文化旅游发展报告2024—2025》，"文旅3.0"的显著特征是以发展新 质生产力为核心，全面塑造文化IP并充分发挥AI赋能。这标志着文旅产业已从资源与流量驱动的传统模 式，转向由技术、创意与跨界生态共同定义的新阶段。 目前，文旅产业的竞争已升维为IP创造与运营能力的竞争。哈尔滨冰雪文化和泉州簪花民俗的"出圈"， 均印证了系统化IP深耕的行业趋势，而持续、高品质的内容叙事成为核心竞争力。在此背景下，能够辅 助创作者快速生成高品质视觉叙事内容的工具显得颇为关键。 据介绍，万兴科技旗下的视频创意软件为文旅行业提供了从IP视觉化设计到系列化短视频制作的完整解 决方案，将 ...

Core Insights - Wuxiang New District in Nanning serves as a pivotal area for China-ASEAN exchanges, leveraging multiple national-level platforms to foster high-quality economic development [1] Electronic Information Sector - Nanning Chuxin Integrated Circuit Design Co., Ltd. specializes in R&D and sales of liquid crystal display driver chips, achieving mainstream performance and projected sales exceeding 400 million yuan this year [2] - The company has accumulated 94 intellectual property rights and established a collaborative industrial chain ecosystem, enhancing Guangxi's semiconductor industry [2] Advanced Manufacturing - Guangxi Aige Workshop Home Furnishing Co., Ltd. has upgraded its production line with AI technology, improving efficiency and driving local employment and income growth [3] Cultural Industry - Nanning Peak Culture Communication Co., Ltd. is the only animation enterprise in Guangxi with a full industrial chain, creating IPs that have reached over 80 countries and transformed into the AIGC track [4] - The company has developed a short video creation platform that generates culturally relevant content for Southeast Asia, promoting Chinese culture globally [4] Artificial Intelligence - The South AI Center in Wuxiang New District aims to build an AI industry cooperation hub with ASEAN, focusing on intelligent terminals and cross-border digital services [5] - Jieduanzhe Robotics, a subsidiary of Guangxi Shijiayi Technology Co., Ltd., is positioned as a key player in the robotics sector, supported by its parent company [5] Business Environment - The South AI Center Park offers customized services to optimize the business environment, attracting high-quality AI enterprises and cross-border projects [6] - Wuxiang New District hosts 9 national-level innovation platforms and 403 high-tech enterprises, showcasing a strong cluster effect in innovation and technology [6] Future Outlook - Wuxiang New District plans to cultivate its industrial ecosystem, enhance digital empowerment, and expand opportunities for private enterprises, contributing to the region's economic development [7]

Core Viewpoint - The expansion of the optical industry in Guangzhou, particularly in the AR/VR and eye health product sectors, signifies a strategic move by Zeiss to establish a second growth curve, with total investment exceeding 400 million yuan [1] Group 1: Industry Growth and Investment - The optical industry in Guangzhou is undergoing significant expansion, with a total investment of over 400 million yuan in the third phase of the Zeiss optical industrial project [1] - The ultra-high-definition video and new display technology industry in Guangdong has surpassed 900 billion yuan in revenue, positioning it to become the province's tenth trillion-yuan industrial cluster [1][4] - Guangdong has successfully fostered two trillion-yuan industrial clusters in the automotive and new energy sectors over the past two years, indicating a robust industrial growth trajectory [1] Group 2: Technological Advancements - The recent 15th National Games showcased advanced display technologies, including a 2500 square meter holographic transparent screen, highlighting Guangdong's strength in ultra-high-definition video and new display industries [1][2] - The introduction of a 2mm thick 3D floating screen at the Shenzhen Bay Sports Center exemplifies China's leading position in display technology innovation [2] - The establishment of TCL's 8.6 generation printed OLED production line represents a significant breakthrough in the display industry, aiming to lead the market with advanced technology [3] Group 3: Ecosystem and Collaboration - The integration of technology and industry innovation in Guangdong is creating a "chain reaction" that accelerates the emergence of new industries, supported by financial and talent resources [1][6] - The collaboration between traditional and emerging industries in Guangdong enhances the efficiency of innovation and market responsiveness, as seen in the rapid growth of companies like Thunderbird Innovation Technology [6][7] - The establishment of national innovation centers in Guangzhou for printing and flexible display technologies provides critical support for companies in the new display sector [7]

Group 1 - The core narrative of artificial intelligence (AI) has evolved beyond mere parameter competition to focus on practical applications and economic value, showcasing the industry's potential to reshape productivity and workflows [2] - 2025 is marked as a pivotal year for AI, characterized by the emergence of innovative applications and the establishment of AI in various industries, indicating a significant shift towards value realization [2] - The EDGE AWARDS AI Innovation list highlights a blend of innovation and practicality, recognizing both tech giants and startups that bridge technology with human needs, thereby enhancing the real-world impact of AI [3] Group 2 - The AIGC Technology Pioneer award recognizes companies that have achieved key technological breakthroughs in AIGC and successfully commercialized these innovations, significantly expanding the capabilities of AIGC [4] - Alibaba Cloud has built a robust intelligent computing platform centered around "cloud + large models," promoting scalable deployment and sustainable evolution of productivity tools [6] - iFlytek has made significant advancements in AI, particularly in speech and cognitive intelligence, with the launch of the Xunfei Spark X1.5 model, which boasts enhanced efficiency and multilingual capabilities [7] - DeepSeek has achieved top-tier performance in various AI applications, driving the practical implementation of AIGC technology through innovative model architecture [8] - Amazon Web Services provides a solid foundation for AIGC technology development, lowering application barriers and costs while fostering a comprehensive AI service ecosystem [9] Group 3 - Baidu has made notable strides in AI, launching the 24 trillion parameter Wenxin model 5.0 and various applications, including the commercial super-intelligent agent "Famu" and real-time interactive digital human "Huibo Star" [12] - Kuang-Chi Technology focuses on AI-driven solutions for the textile and apparel industry, leveraging new technologies to enhance digitalization and intelligent upgrades across the supply chain [21] - The AI Super Teacher from Zuoyebang replicates the logic and feedback of a real teacher, marking a transition in educational AI towards a more intelligent and proactive learning model [32] - The AI Office Notebook from Sibeichi integrates large models with office products, enhancing work efficiency through features like AI note-taking and task management [40]

Core Viewpoint - Nanjing's Mu Xi Co., Ltd. has successfully listed on the Sci-Tech Innovation Board, becoming the second domestic GPU company to go public in A-shares, with its stock price soaring nearly 7 times on the first day, closing at 829.9 yuan per share and a total market value exceeding 330 billion yuan, highlighting the fertile ground for tech innovation in Nanjing [1] Group 1: Company Overview - Mu Xi Co., Ltd. is a leading domestic high-performance general-purpose GPU manufacturer, focusing on the independent research and development of full-stack high-performance GPU chips and computing platforms [1] - The company has achieved large-scale application in over 10 intelligent computing clusters in China and is one of the few GPU suppliers to commercialize "thousand-card clusters" [1] - The first domestically produced general-purpose GPU, Xi Yun C600, was recently launched in Nanjing, filling a gap in the high-end GPU application field in China [1] Group 2: Government Support and Investment - Nanjing's government investment fund has invested a total of 700 million yuan in Mu Xi Co., Ltd. since November 2020, operating in a market-oriented manner without government intervention in investment decisions [2] - The city has established 153 sub-funds aimed at early, small, long-term, and hard-tech investments, promoting deep integration of technological and industrial innovation, leading to the listing of 11 local companies including Mu Xi Co., Ltd. [2] - The government has created a supportive environment for tech innovation, providing comprehensive support in finance, policy, talent, and services, which has significantly contributed to the success of local enterprises [1][2] Group 3: Other Local Companies and Innovations - Haojing Cloud Computing Technology Co., Ltd. focuses on AI and has developed an enterprise AI operating system that integrates large model capabilities into business processes, serving over 18 billion terminal users globally [2] - Ying Shi Innovation Technology Co., Ltd., a global leader in panoramic cameras, has established an innovation center in Nanjing, leveraging local talent and resources to focus on AI imaging algorithms and VR/AR technologies [3] - The company Out the Door Innovation Technology Co., Ltd. has expanded its operations nationwide from Nanjing, benefiting from comprehensive support in talent introduction and project application [4]

游戏：(1)2025Q1-Q3营收显著增长，归母净利润回升。2025Q1-Q3游戏板块实现营收848.14亿元，同比 上涨24.40%，持续扩大增长态势，归母净利润回弹，同比上升88.61%至138.29亿元。利润端上升主要由 于板块龙头公司世纪华通（维权）、完美世界等在2025年持续深耕核心产品运营与自研IP迭代，同时受 爆款游戏贡献与新游版本更新影响产生收入规模大幅增长，同时冰川网络等公司通过降本增效策略使销 售费用等大幅下降，促使2025Q1-Q3游戏板块整体盈利能力增强，毛利率与净利率分别上升 1.58pct/5.46pct至68.66%/16.28%。(2)2025Q3营业收入和归母净利润大幅增长。2025Q3游戏板块实现营 收303.62亿元，同比上涨28.61%。归母净利润同比大涨111.65%至57.77亿元，其中世纪华通旗下游戏表 现突出，为游戏板块2025年Q3业绩回升贡献主要力量。盈利能力方面，毛利率上升3.75pct至70.19%， 净利率回升7.83pct至19.03%。 影视院线：(1)2025Q1-Q3营收、归母净利润有所回升。2025Q1-Q3电影市场表现较为良好，影视院线板 ...

Group 1: Alibaba's "Qianwen Zhixue" App Launch - Alibaba has launched the "Qianwen Zhixue" App, an AI education application that provides free one-on-one tutoring from elementary to graduate levels through its built-in intelligent agent, Xiao Qian [1][7] - The app features a simple registration process and offers three core interaction methods: photo Q&A, voice inquiries, and text input, along with modules for Chinese dictation and text recitation [3][4] - The app's core advantages include being free and having a user-friendly interface, making it suitable for daily inquiries from middle and primary school students [7] Group 2: Market Trends and Competitive Landscape - The trend of AI technology penetrating vertical fields is evident, with education being a core area for large models due to its stable user demand [7] - Other major companies are also entering the AI education space, with ByteDance launching the "Doubao Aixue" App and Baidu exploring both software and hardware products for learning scenarios [7] - The CEO of online education platform Banfish noted that AI-generated content significantly reduces production costs, shifting competition from asset barriers to understanding learning patterns and product iteration speed [7] Group 3: ByteDance's "AnyGen" App Launch - ByteDance has launched "AnyGen," an AI office product designed as a voice-driven workspace that converts voice notes, photos, and ideas into documents and presentations [9][11] - The app features a clean interface and an "instant recording" function that addresses high-frequency pain points in office scenarios, allowing users to record voice notes without manual typing [9][11] - As demand for AI office tools continues to rise, "AnyGen" has the potential to become a significant part of ByteDance's overseas AI ecosystem if it continues to iterate and expand its functionalities [12]