证券研究报告 | 行业定期报告 2025 年 05 月 16 日 泡泡玛特 Labubu 三代搪胶毛绒全球发售，关注腾讯一季报 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 ❑ 过去的一周，传媒行业上涨了 2.79%，在所有行业中排名第 11 位，传媒板块 年初到现在上涨了 4.61%，排名所有板块第 5 名。近期，传媒板块走势相对 稳定，游戏出版营销影视都相对平稳，但在这个位置，我们继续坚定看好游 戏板块和 AI 应用板块，特别是 AGENT 板块，我们最近一直持续紧密跟踪国内 外 AI 应用，因为贸易争端带来的海外科技大跌，最先反弹甚至创新高的就是 像多邻国，PALANTIR，APP 这样的 AI 应用公司，他们创新高的核心推动力就 是 AI 帮助其收入业绩和产品快速提升。同样，国内的 AI 应用也在蓄势待发， 我们继续坚定看好受 AI 变革影响较大的游戏互联网巨头（中概互联的腾讯、 美图、第四范式、 ...

Core Insights - Beike reported a net income of 23.3 billion yuan for Q1 2025, a year-on-year increase of 42.4%, and a net profit of 855 million yuan, up 97.9% [1] - The total transaction volume on Beike's platform reached 843.7 billion yuan, a 34.0% increase year-on-year, driven by growth in the existing housing market and improved market coverage [1] - The company aims to focus on input-output ratios and maintain a solid operational safety baseline while ensuring sustainable returns for shareholders [3] Financial Performance - In Q1 2025, Beike's existing housing business net income rose to 6.9 billion yuan, a 20.0% increase from the previous year, while new housing business net income increased by 64.2% to 8.1 billion yuan [1] - Home decoration and furniture net income grew by 22.3% to 2.9 billion yuan, attributed to increased orders from real estate transactions [2] - Rental service net income surged by 93.8% to 5.1 billion yuan, driven by the increase in rental properties under the "worry-free rental" model [2] Cost Analysis - Beike's total operating costs rose by 51.0% to 18.5 billion yuan compared to the previous year [2] - The external commission cost increased by 66.6% to 5.7 billion yuan, while internal commissions and remuneration rose by 33.1% to 4.8 billion yuan [2] - The cost of rental services saw a significant increase of 91.3% to 4.7 billion yuan [2] Market Outlook - The market performance in Q1 2025 was stable, continuing the positive impact from policy changes since September of the previous year [3] - The number of active stores and agents increased by 29.6% and 23.0% year-on-year, respectively, indicating strong market engagement [3] - Beike's CEO expressed confidence in the "one body, three wings" strategy and plans to continue investing in AI applications while being more cautious in other investments [3]

Core Insights - Bridgewater Associates made significant changes to its portfolio in Q1 2023, notably increasing its stake in Alibaba and gold ETFs while reducing its holdings in major tech stocks like Nvidia [1][2][3] Group 1: Portfolio Adjustments - Bridgewater purchased over 5.4 million shares of Alibaba, investing $710 million, making it the largest position in its portfolio [2] - The fund also initiated a position in SPDR Gold ETF, acquiring over 1.1 million shares valued at approximately $319 million, representing 1.48% of its total holdings [2] - In the Chinese stock market, Bridgewater increased its holdings in Baidu by nearly 1.88 million shares and in Pinduoduo by around 500,000 shares, while also establishing a position in JD.com [3] Group 2: Major Sell-offs - Bridgewater significantly reduced its position in SPDR S&P 500 ETF by $2.74 billion, decreasing its weight from 22% to less than 9% of the total portfolio [3] - The fund also cut its holdings in Nvidia by 65,540 shares (18.74%), Google by 579,000 shares (15.99%), and Meta by 19,550 shares (31.47%) [3] - Additionally, Bridgewater almost completely exited its position in AppLovin, which had seen an 18% decline in Q1, and also sold off shares in several other companies including ON Semiconductor and Moderna [4] Group 3: Market Outlook - Bridgewater's founder, Ray Dalio, emphasized the importance of a well-thought-out investment strategy in light of the changing global economic landscape, driven by factors such as debt monetization and international power restructuring [5][6] - Dalio highlighted the critical question of whether the U.S. fiscal deficit can be reduced to 3% of GDP, which will influence the future of debt and currency value [5]

证券代码：301363 证券简称：美好医疗 深圳市美好创亿医疗科技股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者 | □分析师会议 | □特定对象调研 | | | --- | --- | --- | --- | | 关系活 | □媒体采访 业绩说明会 | | | | 动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 □其他（电话会议） | | | | 活动参 | 详见附件清单 | | | | 与人员 | | | | | 时间 | 2025 年 5 月 15 (周四) 下午 15:00-16:00 | | 日 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | | | 用网络远程的方式召开业绩说明会 | | | | 上市公 司接待 | 1、董事长、总经理：熊小川 | | | | | 2、副董事长、副总经理：袁峰 | | | | | 3、董事、副总经理：周道福 | | | | | 4、独立董事：王建新 | | | | 人员 | 5、董事会秘书：谭景霞 | | | | | 6、副总经理：黄凯 | | | | | ...

万联证券版权所有发送给杭州同花顺数据开发有限公司 .同花顺.yjbg@myhexin.com p1 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2025 年 Q1 SW 传媒行业指数上升 6.37%，资金保持高活跃度，估值 （PE-TTM）震荡调整，跑赢近七年均值水平。从 2025 年 Q1 的基金 重仓配置情况看，SW 传媒行业仍处于低配，以 SW 传媒行业重仓为基 准，游戏板块及广告营销板块受到市场关注，维持超配，基金重仓 配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置维持低配，游戏及广告营销板块仍为市场关注重 点。2025 年 Q1 SW 传媒行业的适配比例为 1.71%，基金重仓比例为 1.04%，低配比例为 0.68%，环比来看有所修复。以 SW 传媒行业重仓 为基准，游戏板块与广告营销维持超配，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 来看， 2025 年 Q1 SW 传媒行业的前十大重仓股分别为分众传媒、恺 英网络、芒果超媒、巨人网络、完美世界 ...

Core Insights - Beike (NYSE: BEKE; HKEX: 2423) reported strong financial performance for Q1 2025, driven by favorable policies and a dual focus on growth and efficiency [1] - The company achieved a total transaction volume (GTV) of 843.7 billion RMB, a year-on-year increase of 34.0%, with net revenue reaching 23.3 billion RMB, up 42.4% [1] - Beike's CEO expressed confidence in the company's long-term development under the "one body, three wings" strategy and emphasized ongoing investments in AI applications [1] Financial Performance - In Q1 2025, Beike's GTV for existing home business reached 580.3 billion RMB, a 28.1% increase year-on-year, while net revenue was 6.9 billion RMB, up 20.0% [1] - The new home business GTV was 232.2 billion RMB, reflecting a 53.0% year-on-year growth, with net revenue increasing by 64.2% to 8.1 billion RMB [1] - Non-property transaction services saw net revenue growth of 46.2%, accounting for 35.9% of total net revenue [2] Operational Efficiency - Beike's operating expenses for Q1 were 4.2 billion RMB, a quarter-on-quarter decrease of 31.3%, indicating improved operational efficiency [1] - Adjusted net profit for the quarter reached 1.393 billion RMB, showcasing enhanced profitability [1] Business Development - The number of active stores on the platform reached 55,210, with active agents totaling 490,862 by the end of Q1 [2] - Beike is focusing on optimizing developer partnerships and enhancing service efficiency in the new home business [2] - The home decoration and furnishing business generated net revenue of 2.9 billion RMB, a 22.3% increase, with a record profit margin of 32.6% [2] Rental Services - Rental service revenue surged to 5.1 billion RMB, a remarkable year-on-year growth of 93.8%, supported by a rapid increase in managed property scale [3] - The company managed over 500,000 rental units, with the "Worry-Free Rental" program accounting for over 490,000 units [3] - An AI assistant for rental services, "Xiao Hui," is being tested in 13 cities, achieving a 25% online resolution rate for tenant requests [3]

5月15日晚，在阿里巴巴2025财年四季度及全年财报分析师电话会上，阿里巴巴集团CEO吴泳铭表示， 过去一个财年，"用户为先，AI驱动"战略持续收获成效，核心业务增长继续加速，集团基本形成了 AI+云、电商、其他互联网平台业务的发展阵型。"吴泳铭说："本季度，我们的AI产品行业渗透在迅速 扩大。除了比较快使用AI产品的互联网、智能汽车、金融、在线教育外，很多传统行业，如养殖业、 传统制造业等，也都在积极探索AI应用，需求增长同样显著。"在电话会上，吴泳铭还分享了AI领域的 两大最新趋势：一是在大中型企业，AI应用开始从内部系统向用户侧场景渗透；二是积极使用AI产品 的客户，从大中型企业延展到大量中小企业。吴泳铭说："2026财年，我们将继续聚焦电商、AI+云的 核心业务增长，面向中长期，塑造以科技为核心动力的第二增长曲线。" ...

Group 1 - The core financial performance of the company in Q1 2025 includes a total transaction value (GTV) of 843.7 billion RMB, a year-on-year growth of 34%, net revenue of 23.3 billion RMB, a year-on-year increase of 42.4%, and a net profit of 855 million RMB, with adjusted net profit at 1.393 billion RMB [1] - The company's "one body, three wings" strategy continues to show effectiveness, with net revenue from existing home business reaching 6.9 billion RMB, a year-on-year growth of 20%, and new home business net revenue at 8.1 billion RMB, a year-on-year increase of 64.2% [1] - As of the end of Q1, the platform had 55,210 active stores and 490,862 active agents, indicating a robust operational scale [1] Group 2 - The non-real estate transaction service revenue grew by 46.2% year-on-year, accounting for 35.9% of total net revenue, with home decoration and furniture business revenue increasing by 22.3% to 2.9 billion RMB, and rental service revenue soaring by 93.8% to 5.1 billion RMB [1] - The company has over 500,000 managed housing sources, with the "Worry-Free Rental" service managing over 490,000 units [1] - The CEO expressed confidence in the company's long-term development under the "one body, three wings" strategy and emphasized ongoing investments in AI applications to enhance customer experience and operational efficiency [2]

Group 1 - The company announced a placement agreement on May 13, aiming to issue up to 17,480,000 shares, representing approximately 1.77% of the company's existing share capital as of the announcement date, with expected proceeds of about HKD 209.59 million [1] - The placement price is set at HKD 11.99 per share, reflecting a discount of approximately 6.91% compared to the closing price on May 12 and an 8.50% discount compared to the average closing price over the previous five trading days [1] - The placement received strong demand, with over 10 times the initial target of HKD 156 million, leading to a final fundraising increase of about 35% [1] Group 2 - Strategic shareholders, including Jingtai Technology and Jiaoge Friends, are expected to accelerate the company's new business development, leveraging AI research and automation systems [2] - The net proceeds from the placement will primarily be used to enhance platform technology services, increase R&D investment, and support general working capital [2] - The company maintains a "buy" rating, anticipating sustained high growth driven by emerging industries and improved operational quality due to increasing platform revenue share [2]

2025年第一季度的移动月活跃用户数量平均为4450万名，而2024年同期为4770万名。 贝壳董事会主席兼首席执行官彭永东先生表示，"在稳定的市场表现和我们的增长策略持续显效的基础 上，第一季度我们的业务延续了高速增长，我们的总交易额同比增长34.0%，净收入同比增长42.4%。 房产交易服务继续展现大幅的超市场表现。平台持续赋能更多产业伙伴，活跃门店和活跃经纪人数量同 比分别显著增长29.6%和23.0%，人效、店效表现也在改善。家装家居业务收入稳健增长，贡献利润率 创新高，客户体验改善和效率提升初见成效。到第一季度末房屋租赁服务在管房源量超过50万套，经营 能力持续改善。我们也在AI应用上持续推进，在C端和B端都落地了多项智能工具，带来更好的客户体 验和为服务者提效助力。" "展望未来，我们对"一体三翼"战略下的公司长期发展充满信心，并将坚定地在AI应用上持续投入。同 时，今年我们会在其他类型投入上更加审慎，关注投入产出比，筑牢安全经营底线，保障支持本公司长 期愿景的股东获得本公司可持续发展的回报。"彭先生总结道。 贝壳执行董事兼首席财务官徐涛先生进一步表示，"一季度的市场表现非常稳健，延续了去年9月份 ...