Core Viewpoint - Guangdong's cultural industry is integrating technological innovation and cultural heritage, leading to new pathways for cultural export and significant growth in the sector [1][4]. Group 1: Cultural Industry Growth - Guangdong province has maintained its position as China's largest cultural industry for 22 consecutive years, with a projected revenue of 2.5 trillion yuan (approximately 2.5 trillion) in 2024, accounting for one-sixth of the national total [1]. - The new cultural business models in Guangdong generated 915 billion yuan (approximately 915 billion) in revenue, reflecting a growth of 10.5% [1]. Group 2: Game Industry Export - The mobile game export revenue from Guangdong is expected to account for 99.16% of the overall game export scale in 2024, with Guangzhou's game industry generating approximately 140.67 billion yuan (approximately 140.67 billion) in total revenue [2]. - Guangzhou's game companies achieved overseas revenue of 19.06 billion yuan (approximately 19.06 billion), representing 45% of the province's total game export revenue [2]. Group 3: Technological Integration - The integration of AI technology in the gaming industry is enhancing content production and operational efficiency, with companies like 37 Interactive Entertainment developing AI-driven models to improve game development [3][6]. - The short drama sector is also leveraging technology, with companies like Guangxi Light Box Power producing over 50 high-quality short dramas annually, achieving over 1 billion total views [3]. Group 4: Policy Support - Guangdong has introduced a comprehensive "policy package" with 87 measures aimed at promoting high-quality development in the cultural industry, covering areas such as film, performing arts, and digital media [4][5]. - The policy emphasizes support for high-quality production, industry chain integration, and the encouragement of cultural exports, particularly to Southeast Asia and countries involved in the Belt and Road Initiative [5]. Group 5: Future Trends - The future of the gaming industry is expected to focus on the integration of AI and short dramas, enhancing the cultural and technological aspects of gaming [6]. - The emphasis on collaboration within the industry chain is seen as crucial for driving the growth of cultural exports and maintaining competitiveness in the global market [6].

传媒 谷歌发布 Gemini 2.5 Pro 模型，Cursor 1.0 正式发布 证券研究报告 | 行业周报 gszqdatemark 2025 06 08 年 月 日 行情概览：本周（6.3-6.6）中信一级传媒板块上涨 2.52%。本周传媒板块 在游戏板块及 AI 主题带动下上涨。2025 年传媒弹性方向看好 AI 应用、IP 变 现及并购重组，AI 应用聚焦新应用的映射投资及部分较成熟应用的数据跟踪， 重点关注多模态产业方向。IP 变现聚焦有 IP 优势及全产业链潜力的公司，潮 流玩具、影视内容等方向有机会。并购重组重点关注国企方向，在国资委明 确国企市值考核的背景下，传媒国企诉求明显提升，部分国企资金优势明显。 板块观点与关注标的：1）资源整合预期：中视传媒、国新文化、广西广电、 唐德影视、吉视传媒、游族网络等；2）AI：荣信文化、奥飞娱乐、汤姆猫、 盛天网络、中文在线、易点天下、视觉中国、盛通股份、焦点科技、豆神教 育、世纪天鸿、佳发教育等；3）游戏：建议关注确定性强的神州泰岳、恺英 网络、巨人网络、吉比特，关注完美世界、ST 华通、冰川网络、华立科技；4） 国企：慈文传媒、皖新传媒、中文传媒、南 ...

2025 年 06 月 09 日 关注 AI 应用撬动传媒新增量 即梦 AI 月活超 3000 万 推荐(维持) 投资要点 | 分析师：朱珠 | | S1050521110001 | | | --- | --- | --- | --- | | zhuzhu@cfsc.com.cn | | | | | 行业相对表现 | | | | | 表现 | 1M | 3M | 12M | | 传媒(申万) | 3.4 | -3.8 | 33.0 | | 沪深 300 | 0.7 | -1.8 | 8.4 | | 市场表现 | | | | -20 -10 0 10 20 30 40 50 (%) 传媒 沪深300 资料来源：Wind，华鑫证券研究 相关研究 1、《传媒行业动态研究报告：2025 年端午单日票房同比增 30%电影院线 布局新业务可期》2025-06-02 2、《传媒行业动态研究报告： 52TOYS 递表看 IP 撬动潮玩及渠道新 增量》2025-05-25 3、《传媒行业周报：政策护航持续 护航 AI 应用与可选消费双轮驱动》 2025-05-18 ▌ AI 应用从硬件到内容均可看 商业化持续 2G2B2C 均 ...

1. 【面壁智能发布端侧大模型MiniCPM 4.0】6月6日晚，面壁智能发布端侧大模型MiniCPM 4.0。 该公司称新模型通过自研CPM.cu推理框架，在极限场景下实现最高220倍提速，常规5倍提速，支持 在vLLM、SGLang、LlamaFactory等框架部署。（界面新闻） 2. 【机构：5月全球AI APP预估下载总量达2.8亿次，环比下滑16.4%】 点点数据显示，2025年5 月，全球（含中国大陆）AI APP苹果App Store与谷歌Google Play双端预估下载总量达2.8亿次（不 含重复下载），环比4月下滑了16.4%。其中，ChatGPT、Google Gemini、DeepSeek、豆包与 PixVerse位列TOP 5，占据了全球市场双端AI应用下载量的51%。具体来看，ChatGPT下载量占比 进一步提升，由4月份的27%提升至5月份的32%，其余4款应用下载量占比相差不大。4月份位列第 四的Genius在5月份跌出前五，取而代之的是在4月份跌出榜单的PixVerse位列5月份第五，豆包则前 进一名成为第四。（新浪财经） 3. 【中国科学院院士丁汉：人形机器人成产业爆发点 ...

Core Viewpoint - The article discusses the integration of generative artificial intelligence (AIGC) in the context of the national college entrance examination in China, highlighting its capabilities and limitations in essay writing [1]. Group 1: AI Performance in Essay Writing - The AI models Deepseek, Quark, Doubao, and Kimi were tested in generating essays for the national college entrance examination, focusing on their initial responses without external search capabilities [1]. - Zhang Fan, a language education expert, evaluated the AI-generated essays based on criteria such as topic understanding, writing structure, argumentation, and language expression [1]. Group 2: Evaluation of AI-generated Essays - Zhang noted that AI tends to rely heavily on examples and struggles with constructing logical argumentation, indicating a need for further optimization through iterative questioning [1]. - Among the AI-generated essays, Zhang expressed a preference for the performance of one particular model, referred to as "B student" [1].

Core Insights - The article emphasizes that short videos have evolved from mere entertainment tools to essential infrastructure that reshapes social and economic structures in the digital economy by 2025 [1][10] Group 1: Commercial Transformation - The exponential growth of digital technology is pushing society into a "super-connected" era, with short videos democratizing traffic distribution and allowing ordinary individuals to reach vast audiences [2] - Short videos have established a complete cycle of "content creation - traffic accumulation - commercial monetization," with diverse monetization paths emerging, including live streaming, e-commerce, and knowledge payment [3] - Short videos are acting as catalysts for industrial upgrades, significantly enhancing efficiency across various sectors, with projections indicating that related industries will exceed 1.2 trillion yuan by 2025 [4] Group 2: Personal Development Paradigm - In the current era where "attention is currency," short video skills are becoming a core element of personal competitiveness, enabling individuals to capture traffic effectively [6] - Short videos serve as incubators for personal branding, allowing ordinary individuals to establish their personal brands and achieve significant commercial success [6][7] - The cross-industry integration capabilities of short videos are creating new opportunities for individuals to expand their professional boundaries [7] Group 3: Future Trends - By 2025, the short video industry is expected to witness three major trends: intelligent content production through AI, immersive communication scenarios using VR/AR technologies, and the establishment of social collaboration ecosystems [9] - AI technology will significantly enhance content production efficiency, while VR/AR will transform user interaction with content, leading to improved conversion rates [9] - Short video platforms are anticipated to become foundational infrastructures for social collaboration, optimizing resource allocation across various sectors [9]

Core Viewpoint - The management logic of cultural arts can be summarized in four key principles: respect for two rules, enhance cost awareness, consider various interests, and achieve a dual effect of social and economic benefits [1] Group 1: Respecting Development Logic - The development of the cultural industry requires a balance between cultural and market rules. Solely following cultural rules may lead to brilliant ideas that lack market promotion, while only adhering to market rules risks reducing cultural arts to profit-driven tools [2] - Cost awareness is crucial, as many cultural projects fail due to a lack of focus on costs. Overemphasis on visual spectacle can overshadow narrative charm, resulting in projects that are "flashy but impractical" [2] Group 2: Achieving Dual Benefits - The ultimate goal of this management logic is to unify social and economic benefits. Projects with high social benefits but low short-term economic returns may receive government subsidies, while those with low social benefits could be constrained through measures like a "cultural pollution tax" [4] Group 3: Application to New Trends - When applying this logic to new trends like AIGC, the core principles remain applicable. Industry participants should leverage technology while ensuring market-driven resource allocation, especially during exploratory phases, to avoid excessive administrative intervention [5] Group 4: Urban Development and Business Environment - The key to promoting cultural industry development in cities lies in building a favorable business environment, which requires a breakthrough in thought processes. Many initiatives are often imitative rather than innovative, which can hinder progress [6] - A significant transformation in the business environment necessitates a re-evaluation of government functions to reduce institutional transaction costs, as observed in some coastal developed regions with efficient government characteristics [6] Group 5: Service-Oriented Approach - The business environment fundamentally revolves around people. A service-oriented approach, characterized by a "storekeeper" mentality of being responsive to businesses, is essential for enhancing enterprise satisfaction and measuring the quality of the business environment [7] Group 6: Publication of the Book - The book "The Management Logic of Cultural Arts" includes 55 theoretical articles published from 2013 to 2023, and it is the first collection from the western region included in the "Woodpecker Series" initiated by various cultural organizations in China [8]

Group 1: Industry Standards and Collaborations - The world's first "Humanoid Robot Intelligence Level" standard has been released, establishing a framework for evaluating humanoid robots based on four dimensions: perception, decision-making, execution, and interaction, categorized into five levels from L1 to L5 [2] - Huawei and UBTECH Technology signed a comprehensive cooperation agreement to innovate in the fields of embodied intelligence and humanoid robots, focusing on product technology development and application scenarios [3] - Yujian Technology and Tencent Cloud have deepened their strategic cooperation to accelerate the large-scale implementation of embodied intelligent robots across various industries [5] Group 2: Financing and Investments - Diguo Robot completed a $100 million Series A financing round, with participation from over ten investment institutions, aiming to build a complete product system for embodied intelligence [4] - Self-Variable Robot secured several hundred million yuan in Series A financing, led by Meituan, to accelerate the development of its self-research embodied intelligence model and robot body [9] - Aoyi Technology announced nearly 100 million yuan in B++ round financing to enhance the development of its tactile dexterous hands and expand its production capacity [10] Group 3: Product Launches and Innovations - Aoyi Technology launched the second generation of its dexterous hand, featuring high-density tactile sensors and lightweight design, attracting significant industry attention [11] - UR15, a high-speed collaborative robot from Universal Robots, was introduced, achieving a TCP speed of 5 m/s, making it the fastest collaborative robot to date [13] - The "Yunxia" series of high-speed SCARA robots was launched by New Times, achieving a cycle time of only 0.24 seconds, positioning it among the fastest in the industry [18] Group 4: Strategic Partnerships and Market Developments - Mechanical Ninth Institute and Mairui Robot reached a strategic cooperation agreement to promote new developments in intelligent manufacturing [25] - Tianchuang Robot and Zongheng Co., Ltd. signed a strategic cooperation agreement to collaborate on integrated intelligent inspection solutions [26] - Xian Gong Intelligent submitted its prospectus for a Hong Kong IPO, aiming to leverage its leading position in the global robot controller market [27]

6月6日，市场全天震荡分化，三大指数涨跌不一。 全市场热门ETF中，计算机ETF（159998）走势震荡，截至收盘微跌0.11%，溢折率0.88%，盘中频现溢 价交易。成交额近1亿元。成分股中，石基信息涨停，深信服、江波龙、光环新网、太极股份、浪潮信 息等股跟涨。 申万宏源证券6月3日研报表示，以最新数据来看，从PB-ROE相对位置出发，当前计算机已进入"估值中 枢+盈利极值"的历史性底部区间，其风险收益比与2019年通信行业启动前高度相似，其PB-ROE位置类 似2019年底的通信。计算机自2015年之后，行业开始进入盈利下行周期，目前已连续7年保持盈利低 位。截至2025Q1，计算机ROE-TTM为1.7%，分位数达到1.6%的历史低位，PB为2.6，处于2010年以来 40%分位。展望后续，随着人工智能产业趋势持续进步、AIAgent渗透率逐步上行、国产创新加速、 AIGC重构内容产业，计算机和传媒ROE有望触底回升。 （本文机构观点来自持牌证券机构，不构成任何投资建议，亦不代表平台观点，请投资人独立判断和决 策。） 计算机ETF（159998）近期持续受到资金青睐，Wind数据显示，该ETF昨日获超5 ...

中国互联网营销市场 | 研究报告 核心摘要： 《2025年中国互联网营销市场研究报告》显示，网络广告市场持续扩容、稳步发展。2023年，中国互联网 广告市场收入较2022年增长12.4%，达到11317亿元。电商和短视频平台成为广告主最青睐的两大媒体类 型，贡献大部分市场收入。在技术创新、需求迭代与媒介进化的共同作用下，产业链各方积极探索为市场注 入发展动能。2024年大模型技术持续推动AIGC全场景渗透，开启数字营销新篇章。从内容侧来看，微短剧 正成为新的流量入口，多主体入局推动市场扩容，为品牌营销带来新的内容载体。顺应内容和媒介的生态化 趋势，场景的重要性日益凸显，场景化种草使品牌从满足需求走向激发需求，成为流量红海时代寻求增量的 新解法。消费者作为广告营销传播的直接受众，始终处于品牌信息传递的终端位置。随着生活方式变迁、价 值观念重构、社会心理变化，消费者的行为模式正经历深刻变化，消费动机的转型直接重塑了品牌与受众的 沟通逻辑。品牌营销策略必须紧跟社会结构的动态变化，因时因地制宜地调整。 2024年国民经济呈现平稳运行态势，但外部环境的不确定性对消费需求形成阶段性制约。下半年增量政策 的密集出台有效提振 ...