Summary of Key Points Core Viewpoint - The company held an annual performance briefing for 2024 and the first quarter of 2025, addressing investor inquiries and discussing the company's performance and future growth prospects. Group 1: Performance Overview - In the first quarter of 2025, the company achieved a revenue of 675 million yuan, representing a year-on-year growth of 1.04% [4] - The net profit attributable to shareholders was 34.17 million yuan, up 18.06% year-on-year, while the net profit after deducting non-recurring gains and losses was 31.73 million yuan, an increase of 4.75% [4] Group 2: Market and Industry Insights - The low-voltage electrical industry is experiencing growth, with the global market size surpassing 400 billion yuan in 2023, and the Chinese market approaching 100 billion yuan [16] - The company is focusing on smart low-voltage electrical products and solutions, which are widely applied in various sectors including construction, energy, communications, and emerging fields [3] Group 3: Future Growth Drivers - The company anticipates significant revenue growth in the power grid sector due to ongoing national investments, and it is also positioned to benefit from the rapid development of the energy storage inverter industry [8] - The company is enhancing its competitiveness through increased R&D investment, product intelligence, and market insights [9] Group 4: Investor Engagement - The company emphasized its commitment to providing stable returns to shareholders through a high dividend policy and is open to exploring new investment opportunities to enhance its brand [17]

具体来看，港口航运板块领涨，国航远洋涨超23%，宁波海运、宁波远洋、连云港等多股涨停。 银行板块全线飘红，重庆银行涨超4%，上海银行、厦门银行、浦发银行涨超3%。 军工股全线调整，奥普光电跌停，通易航天跌超10%，晨曦航空跌超8%，国科军工、中航成飞、中无人机等纷纷下挫。 【资金流向】 盘面上，港口航运板块走强，银行、光伏、化工板块涨幅居前；军工股全线调整，半导体、算力、机器人、AI应用题材走弱。 5月13日，三大股指收盘涨跌不一，沪指报收3374.87点，涨0.17%；深成指报收10288.08点，跌0.13%；创业板指报收2062.26 点，跌0.12%。 盘面上，港口航运板块走强，银行、光伏、化工板块涨幅居前；军工股全线调整，半导体、算力、机器人、AI应用题材走弱。 | 板块名称 | 涨幅号 | 主力金额 | 板块名称 | 涨幅备 | 主力金额 | | --- | --- | --- | --- | --- | --- | | 港口航运 | +3.87% | +6.55 7. | 中船系 | -3.40% | -8.26 Z | | 中韩自贸区 | +3.03% | +6.33 7. | 军工电子 | ...

Group 1: Industry Overview - The media sector showed signs of recovery in April 2025, outperforming the market with a decline of 2.23%, which was 0.78 percentage points better than the CSI 300 index, ranking 14th among 31 industries [2][11][4] - In Q1 2025, the A-share media sector achieved a total revenue of 1258.53 billion yuan and a net profit of 110.77 billion yuan, representing year-on-year growth of 5.59% and 28.63% respectively, indicating a significant improvement after four consecutive quarters of decline [28][23][24] Group 2: Gaming Sector - The gaming market experienced double-digit revenue growth in the first quarter of 2025, with actual sales revenue reaching 857.04 billion yuan, a year-on-year increase of 17.99%, and mobile gaming revenue at 636.26 billion yuan, up 20.29% [54][55] - In April 2025, 118 domestic games and 9 imported games were approved, with a total of 510 game licenses issued from January to April, marking a 7.6% year-on-year increase [46][47] Group 3: Film and Television Sector - The film market faced challenges in April 2025, with total box office revenue of 11.97 billion yuan, down 46.5% year-on-year, indicating a lack of new releases with box office appeal [68][73] - In the television sector, the top 10 online dramas in April included "无忧渡" with 865 million views, leading the rankings, while Mango TV continued to dominate the variety show market with a market share of 16.09% for "乘风2025" [91][92] Group 4: AI Applications - The AI sector is rapidly advancing, with Google launching the Agent2Agent (A2A) protocol, which allows AI agents to communicate and collaborate effectively [106][99] - ByteDance introduced a universal AI agent platform called "扣子空间," designed for task collaboration and intelligent execution, showcasing its potential in enterprise applications [107][109]

5月份，增量政策可能不多，但储备政策不少，政策定力仍然很强，目标是应对关税的冲击。因此，市 场在度过业绩风险后仍然会关注科技成长主题。内需相关板块仍会是国内政策的首要着力点，低利率环 境下业绩稳定的高股息板块仍有配置价值。除此以外，在可能出现的关税缓和过程中，那些品牌力强、 定价能力强、替代难度大的公司有望迎来估值的修复。 谭小兵：看好有边际变化的成长股 4月份市场呈现V字形走势，内需与红利好于成长股。展望5月份，进入业绩真空期，市场对指数填补之 后能否继续上攻还是存在分歧，个人相对还是偏乐观：一方面是国内政策会逐步兑现；另一方面中美谈 判或拉开序幕，这有利于修复市场的风险偏好。方向上看好有边际变化的成长股。 回顾4月，美国"对等关税"来袭，全球市场剧烈波动，就中国资产来看，月内A股和港股主要指数收 跌。进入5月，尽管外部不确定性因素依然存在，但中美关税谈判窗口有望来临，国内一揽子增量政策 也在加速落地，为国内股市稳定发展带来有力支撑。 展望后市，市场将会如何演绎？哪些投资机会值得关注？一起来看看长城基金权益基金经理们的观点吧 ~ 杨建华：持续关注关税政策 展望5月，关税政策及中美贸易谈判仍将会成为左右市场的 ...

证券研究报告 | 2025年05月12日 传媒互联网周报 优于大市 AI 应用持续推进，关注超跌布局机会 重点公司盈利预测及投资评级 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （亿元） | 2025E | 2026E | 2025E 2026E | | | 002517.SZ | 恺英网络 | 优于大市 | 16.67 | 356 | 0.99 | 1.13 | 17 | 15 | | 002027.SZ | 分众传媒 | 优于大市 | 7.29 | 1,053 | 0.39 | 0.42 | 19 | 17 | | 300413.SZ | 芒果超媒 | 优于大市 | 23.27 | 435 | 0.98 | 1.12 | 24 | 21 | 资料来源：Wind、国信证券经济研究所预测 核心观点 行业研究·行业周报 传媒 传媒板块本周表现：行业上涨 1.39%，跑输沪深 300，跑输创业板指。本周 （5.3- ...

投资要点：公司发布2024 年报与2025 一季报。2024 年实现营业收入35.23 亿元，同比-4.5%；实现归母 净利润0.21 亿元，同比扭亏。分季度看，公司24Q4 实现营业收入11.88 亿元，同比-11.8%，实现归母净 利润0.41 亿元，同比扭亏；25Q1 实现营业收入9.6 亿元，同比+13.2%，实现归母净利润0.26 亿元，同 比+3.3%。业绩符合预期。 展望后续，公司主业拐点向上趋势明确，同时探索具身智能机器人等AI 应用延伸，打造新的成长级。 主业方面，智能装备业务将加快国际化拓展，全力服务特斯拉、Rivian、沃尔沃、大众等战略客户，推 动国际业务规模与质量双提升；电机电控零部件方面，公司主流的三合一产品将继续在理想、奇瑞等车 型进一步上量，持续提升市场占有率，带动收入、盈利继续改善。同时，公司基于传统装备业务的长期 积累，进行了具身智能机器人工业应用场景的开发，以及在电机电控零部件领域探索eVTOL、具身智 能机器人、专用机械等新兴应用场景。 2025 年公司将积极推动新兴业务布局，建立公司新的增长极。 下调盈利预测，维持"增持"评级。考虑到公司装备业务低毛利项目交付节奏、盈 ...

宏观政策发力，投资品如何布局？20250512 摘要 • 红利策略在经济下行背景下凸显重要性，叠加公募基金高质量发展行动方 案的推动，红利资产配置需求增加，成为跑赢基准的趋势。关注分红比例 提高的公司，将其作为底仓配置。 • AI 应用领域虽催化剂众多，但兑现需时，预期偏高。经济压力可能导致二 次调整，但幅度有限。AI 应用仍是主线，关注长期发展潜力。 • 油价下跌是城市燃气降本的主要逻辑，2024 年进口 LNG 价格中枢下降。 若 LNG 价格进一步下跌，国内现货具备赚取价差空间，看好降本带来的盈 利能力改善。 • 黄金价格受地缘冲突和美国经济韧性驱动，高位震荡。利润框架向信用框 架切换是长期上涨背景，短期调整是买入机会。板块估值仍偏低，关注龙 头公司业绩。 • 有色金属板块中，铜、铝等品种估值偏低。中国加码逆周期政策降低关税 影响，回调风险可控。关注长期景气高位且具备分红属性的品种，以及受 政策驱动的小金属。 Q&A 当前宏观政策持续发力，资本市场在国家政策中的定位如何变化？对投资策略 有何影响？ 公用事业行业一季度表现如何？各子领域有哪些差异？ 一季度能源需求较弱，无论是天然气还是电力需求增速均有所下 ...

证券研究报告·行业跟踪周报·建筑材料 建筑材料行业跟踪周报 服务消费再贷款落地 2025 年 05 月 12 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 ◼ 周观点：（1）央行落实此前刺激政策，创设 5000 亿服务消费和养老再 贷款，激励引导金融机构加大对住宿餐饮、文体娱乐、教育等服务消费 重点领域和养老产业的金融支持。4 月 CPI 相对平稳，PPI 下行压力加 大，但 4 月房企拿地情况有所好转，整体而言，地产链复苏的方向不变。 在以旧换新补贴和服务消费刺激政策的推动下，我们期待 25 年 Q3 家 装产业链也会迎来明显加速。地产链出清已近尾声，供给格局大幅改善， 25 年需求平稳且企业增长预期较低，板块具备较高的胜率。首选低估值 的消费龙头和扩张型公司，例如北新建材、三棵树、兔宝宝、奥普科技、 欧普照明、伟星新材、欧派家居、箭牌家居等。其次，如果外部需求快 速回落，中西部基建很有可能成为救急的方向，关注华新水泥、四川路 桥、海螺水泥、中国交建、坚朗五金、东方雨虹等。最后，在 25 年流 动性充裕的背景下，科技属性强的公司仍有较高关注度，例如上海港湾、 鸿路钢构、 ...

Market Overview - The recent US-China talks exceeded market expectations, leading to a significant surge in the Hang Seng Index by 2.98% with trading volume reaching 322.4 billion [1] - The ceasefire agreement between India and Pakistan has positively impacted both countries' stock markets, with Pakistan's KSE-30 index soaring by 9.2%, marking its largest increase since 2008 [1] US-China Trade Relations - The US announced a suspension of a 24% tariff set to take effect on April 2, 2025, while maintaining a 10% tariff, effectively reducing the overall tariff on Chinese goods from 145% to 30% [2] - This significant concession from the US is attributed to several factors, including the need to replenish dwindling inventories and the urgency to achieve results ahead of the upcoming elections [3] Sector Performance - The consumer electronics sector, particularly companies within Apple's supply chain, benefited the most from the tariff reductions, with stocks like Highway Electronics and AAC Technologies rising over 13% [4] - Automotive parts suppliers with significant North American business exposure, such as Minth Group and Quanfeng Holdings, saw stock increases of nearly 10% [4] Financial Sector Response - Major financial institutions, including Hongye Futures and CITIC Securities, experienced stock price increases of over 6%, reflecting positive market sentiment following the trade talks [5] Individual Company Highlights - Midea Group reported a record revenue of 128.4 billion yuan in Q1 2025, a 20.61% year-on-year increase, and plans to enhance its overseas presence through strategic partnerships [10] - The company is also making strides in the commercial air conditioning sector and aims to expand its robotics division with new product testing scheduled for May [11] International Relations and Infrastructure - Brazilian President Lula's visit to China aims to strengthen bilateral relations and discuss infrastructure projects, including a railway connecting Brazil to China, which could reshape international trade logistics [8]

证券代码：300792 证券简称：壹网壹创 杭州壹网壹创科技股份有限公司 投资者关系活动记录表 编号：2025-001 | | □特定对象调研 □ 分析师会议 | | | --- | --- | --- | | 投资者关系活动 | 业绩说明会 □ 媒体采访 √ | | | 类别 | □ 新闻发布会 □ 路演活动 | | | | □ 现场参观 | | | | □ 其他 （请文字说明其他活动内容） | | | 参与单位名称及 | 投资者网上提问 | | | 人员姓名 | | | | 时间 | 2025 年 5 月 12 日 (周一) 下午 15:00~17:00 | | | 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 | | 上市公司接待人 | 1、董事长、总经理林振宇 | | | | 2、副总经理、董事会秘书高凡 | | | 员姓名 | 3、财务负责人周维 | | | | 4、独立董事胡正广 | | | | 5、保荐代表人胡伊萍 投资者提出的问题及公司回复情况 | | | | 公司就投资者在本次说明会中提出的问题进 ...