Investment Rating - The report indicates a positive outlook for the media industry, highlighting potential growth driven by policy improvements and AI advancements [4][7][17]. Core Insights - The media industry is characterized by a "supply determines demand" dynamic, with recent policy changes since 2022, particularly in the gaming sector, leading to a gradual recovery in supply and overall industry fundamentals [4][7][17]. - The introduction of the "Broadcasting 21 Measures" in August 2025 is expected to further enhance the supply side of the film and television industry, potentially marking a turning point in industry prosperity [7][25]. - AI technology is increasingly empowering production across various media sectors, significantly reducing costs and improving efficiency, which may lead to a new phase of growth in the industry [8][34][44]. Summary by Sections Policy Environment - The policy environment has shown marginal improvements, effectively addressing supply shortages in the media industry. Since 2022, the number of gaming licenses has been steadily increasing, and the "Broadcasting 21 Measures" aims to optimize the supply side of the film and television industry [7][25][27]. AI Empowerment - AI technology is being integrated into various media sectors, enhancing production efficiency and reducing costs. In gaming, AI is transitioning from a cost-cutting tool to a core element of gameplay innovation, while in advertising, AI has been validated by companies like Meta for improving return on investment [8][34][44]. Industry Performance - The media industry is expected to see significant performance improvements, with revenue and net profit showing positive growth starting in 2025. The gaming sector, in particular, has experienced accelerated growth, with Q3 2025 revenue reaching approximately 27.06 billion yuan, reflecting a year-on-year increase of about 35.23% [48][49]. Index Analysis - The CSI Media Index focuses on marketing, advertising, cultural entertainment, and digital media, with a significant portion of its constituents in the gaming and advertising sectors. The index is expected to benefit from the ongoing integration of AI technology and favorable policy changes [9][58][61]. ETF Overview - The CSI Media ETF (512980), managed by GF Fund Management, is the largest in its category, providing a liquid investment vehicle for exposure to the media sector. As of January 16, 2026, the ETF's scale is approximately 9.96 billion yuan [10][94].

允中 发自 凹非寺 量子位 | 公众号 QbitAI 2025年，科技公司总算是悟了： 技术再硬，没人看见，等于没发生过。 发布会讲不动了，白皮书出不了圈，参数表也只在行业内自嗨。 但与此同时，另一条路正在变宽——无人驾驶被拍进真实街景，AI潜入了创作者的生活日常，前沿技术不再是用来"被科普"的知识点，而是 被当场验证、甚至随手吐槽的生活方式 。 科技内容不再束之高阁，开始像生活碎片一样，能 被刷到、被玩梗、被二创 。 这时，一个新的问题浮出水面：这还是我们印象中的科技传播吗？ 答案很可能是 否定 的。 接下来发生的一切，更像是一场关于 "谁能让技术拥有大众体温" 的竞争。而在这场竞争中，抖音正意外地站到舞台中央。 短视频把技术拉回了第一现场 很多人其实并不知道，中国自动驾驶已经跑到什么位置了。 如果你在抖音刷到科技创作者 林亦 那条视频，就会对这个问题有了具体坐标。 在《中国无人出租横扫阿布扎比？深度探访：中国科技如何征服中东土豪》里，他亲身去到了阿联酋阿布扎比，体验了中国头部自动驾驶企业 文远知行 在当地的Robotaxi运营情况。 不是展厅，不是PPT，也不是发布会现场，而是日常打车场景，非常稀松平常。 ...

沃尔核材 20260129 摘要 沃尔核材 2025 年高速线缆营收超 10 亿元，同比增长近 300%，受益 于高速线缆结构提升，通信线缆板块毛利显著改善。预计 2026、2027 年高速线缆业务将保持较高增长，订单预期乐观，多个终端项目将在 2026 年一二季度落地。 公司产能处于动态提升阶段，预计 2026 年底有效产能达 50 亿元， 2027 年底达 70-80 亿元。目前产能利用率有提升空间，预计下半年将 大幅提升，全年 50 亿产能利用率可达 70%。 尽管 VR200 方案替代部分通缆，但 scale up 和 Kable trade 跳线需求 量大，通缆仍大量使用。下一代 Rubin Ultra 方案存在变数，铜缆在维 护成本和工业量产化方面具优势，通缆市场将长期占据优势。 港股 IPO 方面，公司更新财务数据，等待联交所反馈，并积极与重要机 构沟通，市场反响较好。成功发行后募集资金将加速公司重点业务发展。 各大终端厂商如谷歌、Meta、亚马逊对铜缆需求大，AIGC 项目拓展需 求可能占英伟达需求 50%以上，Meta 一个项目可能达到英伟达一半用 量。预计 2026 或 2027 年终端需 ...

Group 1 - OpenAI is working towards an IPO in the fourth quarter and has engaged with Wall Street banks for informal discussions regarding the IPO [2] - Nvidia, Microsoft, and Amazon are in talks to invest up to $60 billion in OpenAI as part of a new funding round, which is part of a total financing round of up to $100 billion [2] - Ant Group has acquired a stake in AI model technology developer Xihu Xincheng, which focuses on AI service innovation and application [2] Group 2 - Mogu IoT's Lingzhi AI model has completed the National Cyberspace Administration's filing, becoming a benchmark AI product in the industrial public utility energy sector [2]

"新质影像产业的竞争，早已从'生产好设备'的硬件比拼，升级到'定义好产品'的生态较量。"谈及深圳 新质影像产业的进阶之路，深圳市决策咨询专家（经济组）、和君咨询合伙人熊时实在接受深圳商报采 访时一语道破核心趋势。 "宝安的终极目标应是成为行业规则制定者。"熊时实表示，宝安可联合头部企业，围绕AIGC内容版权 认证、沉浸式体验标准等新兴领域，率先出台团体标准，争取形成行业共识，助力深圳在全球新质影像 产业中掌握发展主导权。 长期3—5年，则要瞄准标准制定与交易体系建设，宝安可重点培育"新质影像产业联盟"，建立数字作品 确权与价值评估体系，借助深圳文交所探索数字版权跨境交易，从而掌握全球数字内容市场的定价权。 熊时实还提出"联合解决方案"的新思路：推动闪剪、软牛等AI技术厂商，对接腾讯云、腾讯广告等2B 服务板块，将各自的AI工具、硬件设备与腾讯的云基础设施、营销网络打包成"宝安智造"的行业解决方 案，共同拓展海外企业服务市场。借APEC等国际盛会展示"龙头平台+宝安科创"的协同实力，实现 从"企业单打独斗"到"产业军团协同出海"的升级。 熊时实认为，宝安区的核心优势，在于"技术快速转化为市场产品"的能力。全产业 ...

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of Anhui Haimacloud Technology Co., Ltd. 安徽海馬雲科技股份有限公司 (A joint stock company incorporated in the People's Republic of ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性 或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 Anhui Haimacloud Technology Co., Ltd. 安徽海馬雲科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作向香港公眾人士提供資料。 本申請版本為草擬本，其內所載資料並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向安徽海馬雲科技股份有限公司（「本公司」）、其保薦人、獨家整體協調人、顧 問及包銷銀團成員表示同意： 本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 本公司不會向香港公眾人士提出要約或邀請。倘於適當時候向香港公眾人士提出要約或邀請，有意 投資者務請僅依據與香港公司註冊處處長註冊的本公司招股章程作出投資決定；招股章程的文本將 於發售期內向公眾人士刊發 ...

Core Viewpoint - Gravity Media (603598.SH) is expected to achieve a net profit attributable to shareholders of the parent company ranging from 14 million to 20 million yuan in 2025, marking a turnaround from losses in the previous year [1] Financial Performance - The company anticipates a net profit attributable to shareholders after deducting non-recurring gains and losses between 13.5 million and 19.5 million yuan for the year 2025 [1] - The revenue growth remains strong despite a challenging consumer environment, driven by robust demand from clients in the internet social, daily chemical beauty, and 3C industries [1] Business Strategy - The company is actively optimizing its client structure by reducing low-margin performance marketing services and focusing on integrated marketing services for major clients [1] - The launch of the self-developed AIGC creative platform "Jiuhe Creative" and the deep application of AI tools in content production, strategy planning, and operational management are key initiatives to enhance efficiency and reduce costs [1] Operational Efficiency - The company has improved its sales expense ratio and management expense ratio, leading to enhanced overall operational efficiency while maintaining steady revenue growth [1]

AI 驱动权威信源回流，渠道资源壁垒深厚 ——流金科技点评报告 电视广播Ⅱ 执业证书编号：S0740525020002 Email：xianglan@zts.com.cn | 基本状况 | | --- | | 总股本(百万股) | 309.00 | | --- | --- | | 流通股本(百万股) | 232.84 | | 市价(元) | 10.85 | | 市值(百万元) | 3,352.65 | | 流通市值(百万元) | 2,526.34 | 执业证书编号：S0740519050004 Email：fengsheng@zts.com.cn 公司点评报告 1、《核心业务承压，技术转型蓄力 未来增长》2025-06-24 2、《电视频道覆盖龙头服务商，微 2025-03-19 流金科技（920021.BJ） 证券研究报告/公司点评报告 2026 年 01 月 29 日 | 评级： | 增持（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 指标 | | | | 2023A | 20 ...

Group 1 - The company, 引力传媒, expects to achieve a net profit attributable to shareholders of the parent company between 14 million to 20 million yuan for the year 2025, marking a turnaround from a loss in the previous year [1] - The primary reason for the performance change is the strong business demand from clients in the internet social industry, daily chemical beauty industry, and 3C sectors, resulting in significant revenue growth despite a challenging consumer environment [1] - The company is actively optimizing its client structure by reducing low-margin performance marketing services and focusing on integrated marketing services for major clients, which enhances its business model and profitability resilience [1] Group 2 - The company has launched its self-developed AIGC creative platform "九合创意" and is advancing the deep application of AI tools in content production, strategy planning, and operational management, driving cost reduction and efficiency improvement [1] - As a result of these initiatives, the company has seen steady revenue growth while further optimizing its sales and management expense ratios, leading to improved overall operational efficiency [1]