Core Viewpoint - The A-share film sector experienced a collective decline, with several companies hitting the daily limit down, reflecting investor concerns about the performance of the Spring Festival box office and the lack of blockbuster films in 2026 [1][2][3] Box Office Performance - The Spring Festival box office saw over 4.35 million screenings, a historical high, but the first-day box office was 1.278 billion yuan, a 30% year-on-year decline, returning to 2018 levels [2][3] - The average ticket price on the first day was 49.7 yuan, down from 51.3 yuan the previous year [2] - The 2026 Spring Festival box office was characterized by an increase in screenings but a lack of significant hits, with only "Flying Life 3" achieving over 2.9 billion yuan in box office, making it the only standout film [3][4] Industry Trends and Challenges - The film industry is facing a dual challenge of increased quantity but decreased quality and audience engagement, with a need for reassessment of the film ecosystem and content supply [4][5] - Analysts suggest that the industry should optimize content supply, explore diverse genres, and tap into consumer potential to adapt to changing market dynamics [4][5] Impact of AI on the Industry - The 2026 Spring Festival Gala was noted for its high integration of AI, with significant audience interaction and content generation, indicating a shift in content production methods [5] - The rise of AI is expected to provide new valuation logic for media stocks, as it transitions from merely distributing traffic to generating content [5] Non-Ticket Revenue Strategies - Cinema operators are actively expanding non-ticket revenue streams to mitigate box office fluctuations, with significant participation in online and offline activities during the Spring Festival [7] - The trend of combining viewing experiences with social interaction and IP consumption is emerging, indicating a shift towards diversified entertainment models [7]

徐强 国泰海通分析师: 好的，各位投资者大家下午好，欢迎参加我们国泰海通电新团队春节不打烊的系列电话会 议。我是国泰海通的环保电新首席徐翔，今天我和我们孙潇浩孙老师一起给各位领导做去 做一些 AIDC 方面的汇报。明天就是这个第一个交易日了，那在此，我们国泰海通电新团 队祝大家开市大吉，业绩长虹。这个假期期间，我们围绕了 AIDC、太空算力、太阳翼、 锂电供应链，然后开展了一系列的这个电话会议和专家的这个交流。那这今天下午的电话 会议主要是汇报 A I D C 硬件端的这些投资机会。 然后同时，今天晚上我们还安排了这个卫星载荷的专家，然后来交流一下太空算力以及太 阳翼的这一方面的一个，这个投资内容。今晚 8 点，也欢迎大家这个就是按时接入。首先 我们一直从这个去年开始吧，去去年，24 年底，前年开始，就一直在推荐 AIGC 的这些投 资机会。市场，其实对于 IPC 的这些投资的持续性，持，一直是存，一直在质疑当中，这 个不断的这个提升预期的。那包括像现在。大家对于这个北美地区，像 Oracle 他们的一 个投资的持续性，以及北美这些算力是否存在泡沫，一直有比较大的一个争议。 但是，近期我们在在使用，包括像 O ...

AI 技术的发展促使传媒行业进入商业化变现的新阶段。从军备竞赛转向理性投 资后，各企业开始更加注重效率与产出，这意味着商业化变现成为企业的重要 考量之一。在这种背景下，广告作为移动互联网时代最先实现商业化的重要领 域，将继续发挥关键作用。数字营销板块尤其值得关注，因为它是广告业务的 重要组成部分，并且已经通过 GU（增长黑客）策略提前演绎了一轮市场表现。 此外，通过 CDS 2.0 驱动的视频生成技术（AIGC），传媒行业迎来了新的发 展机遇。CDS 2.0 不仅适用于短视频场景，还具备生产长视频并叙事的能力， 这标志着整个视频生成从技术演示迈入商业化可用阶段。因此，在未来一段时 间内，我们可以预见到电影、游戏、国漫、剧集等多个垂直领域都将受到 AIGC 技术赋能，从而推动整个传媒行业进一步发展。 传媒有望承接 AI 应用新场景 20260223 摘要 字节跳动 AI 应用场景高频，日活跃用户数达 1.55 亿，豆包大模型每分 钟 Token 数达 67,633 亿，C 站 2.0 参与春晚，提升用户活跃度，推动 传媒板块发展。 阿里巴巴千问 AI 春节期间"一句话下单"使用 2 亿次，平均每 10 人中 有 ...

Core Viewpoint - Keep has announced a significant improvement in its financial performance for the fiscal year ending December 31, 2025, with a projected loss of approximately 72 million RMB, a reduction of about 87% compared to the previous year's loss of 535 million RMB. The company expects to achieve an adjusted net profit of around 25 million RMB, reversing the adjusted net loss of 470 million RMB in 2024. This improvement is attributed to strategic adjustments focusing on AI development and business optimization [1][2]. Group 1 - The company recorded a loss of approximately 72 million RMB for the fiscal year 2025, a significant reduction from a loss of 535 million RMB in the previous year, indicating an 87% improvement [1] - For 2025, Keep anticipates an adjusted net profit of about 25 million RMB, a turnaround from an adjusted net loss of 470 million RMB in 2024 [1] - The improvement in profitability is primarily due to the company's strategic focus on AI development and optimization of its business structure [1] Group 2 - Keep's strategic focus remains on two core pillars: enhancing AI capabilities and upgrading proprietary brand products [2] - The company plans to accelerate the exploration and development of AI models in the sports and health sector to enhance user engagement and experience [2] - Keep has launched a dedicated model, Kinetic.ai, and introduced the first general AI coach, Kaka, which offers multiple features including smart training guidance and dietary tracking [2]

[tabl中e_山pa每ge日1点] 评 [table_subject] 2026 年 2 月 24 日 证券研究报告·中山每日点评 马年首日收涨 ——2 月 24 日 A 股市场点评 [中ta山bl证e_券inv研es究t]所 [[分ttaa析bbll师ee__：rree唐ssee晋aarr荣cchh]] 登记编号：S0290517120002 邮箱：tangjr@zszq.com 分析师：方鹏飞 登记编号：S0290519010001 邮箱：fangpf@zszq.com 分析师：葛淼 登记编号：S0290521120001 邮箱：gemiao@zszq.com 1.市场整体表现 表 1 主要指数涨跌幅度 | 指数名称 | 涨跌幅（%） | 指数名称 | 涨跌幅（%） | | --- | --- | --- | --- | | 上证指数 | 0.87 | 北证 50 | 0.37 | | 深证成指 | 1.36 | 万得全 A | 1.06 | | 沪深 300 | 1.01 | 中证 500 | 1.12 | | 科创 50 | -0.34 | 红利指数 | 1.86 | 资料来源：Wind，中山证券研 ...

从区域分布来看，下沉市场观影热情持续高涨，成为支撑电影票房市场的核心力量。山东滨州、辽宁阜 新、内蒙古赤峰等三四线城市影院跻身全国影院票房榜前六名，展现出了不俗的消费潜力，印证"观影 新年俗"在基层市场的深入普及。 虽然2026年春节档影片数量创近五年新高，但缺失真正能够引发全民讨论的现象级作品。相比之下， 2025年春节档《哪吒2》豆瓣评分高达8.4分，形成了强大的口碑传播矩阵。现象级爆款的缺失，市场热 度或难形成共振效应。 智通财经APP获悉，浙商证券发布研报称，2026年春节档票房表现低于预期。该行此前预测2026年春节 档票房有望对标2024年80亿元的水平。目前根据猫眼专业版预测，2026年春节档总票房预计56.83亿 元，形成较大的预估偏差。主要原因如下：1)缺乏现象级爆款;2)题材圈层化影响;3)口碑传播节奏滞 后;4)碎片化娱乐方式分流。重点关注影视标的中，与短剧、漫剧、IP相关的标的如跟随影视板块调整， 可以考虑底部布局，AI应用方向不乏催化。 浙商证券主要观点如下： 春节档整体表现：缺乏"春节合家欢"爆品，票房不及预期 2026年春节档票房表现低于预期，截至2月23日11时，总票房(含预售 ...

经济日报记者 李治国 证券日报记者 占健宇 当前消费结构升级已步入新阶段，面对有效释放内需潜力的现实需要，该如何培育服务消费新增长 点？近年来，上海市徐汇区顺应消费升级趋势，探索文商旅体展深度融合的有效路径，通过资源整合与 场景再造，重塑消费生态、释放消费潜能，不断开拓消费增长新空间。 傍晚时分的上海徐汇滨江，华灯初上，龙美术馆在暮色中熠熠生辉。馆内，人们沉浸在艺术盛宴 中；馆外，滑板少年在台阶上腾跃，跑步爱好者沿着江畔穿梭。几步之遥的西岸梦中心商场里，看完展 览的观众在挑选艺术衍生品……这幅充满烟火气的城市生活画卷，正是徐汇区文商旅体展深度融合的生 动写照。 2025年，徐汇区区域经济总量达4153.08亿元，位列中心城区第一。亮眼经济数据背后，是一场 从"单点业态"到"系统融合"的深刻变革。上海市徐汇区委书记曹立强表示，徐汇区正聚焦扩大内需，立 足国内大市场促进消费，推动文商旅体展深度融合，让新需求创造新增长。近日，记者深入走访，探索 徐汇区融合多业态、打造新生态的路径和经验。 场景串联激发潜能 2025年10月，综合性极限运动盛会"FISE城市运动嘉年华"在徐汇滨江举行。专业赛道上，滑板、小 轮车选手的 ...

Summary of Conference Call Notes Industry Overview - The conference call discusses the AI large model industry, highlighting significant developments in February with the release of 17 major models by tech giants in China and the US, including OpenAI's GPT-5.3-Codex, Google's Gemini 3.1 Pro, and others from domestic companies like Zhizhu and MiniMax [1][2]. Key Points and Arguments 1. **Model Releases and Market Dynamics** - February saw the launch of 17 significant large models, indicating a rapid iteration in AI technology by major players [1]. - Zhizhu's GLM-5 Coding Plan sold out immediately, with a price increase of 30% within 20 days, showcasing strong market demand [1]. - MiniMax's M2.5 achieved over 10,000 expert builds globally within a day of its open-source release [1]. 2. **Technological Advancements** - Zhizhu has initiated a computing power partner recruitment plan, achieving deep adaptation with domestic chips like Huawei Ascend and others [2]. - The focus on agent capabilities is becoming a core direction for model iteration, with Claude Opus 4.6 introducing multi-agent collaboration and OpenAI Codex scoring 57% on SWE-Bench Pro [2]. - MiniMax M2.5 surpassed Claude Opus in multi-language complex environments, indicating a competitive edge [2]. 3. **Market Concerns and Responses** - There are concerns about accelerated model iterations leading to computing power bottlenecks and commercialization challenges; however, the adaptation of domestic chips and open-source ecosystems are seen as solutions [3]. - Despite perceptions of domestic models lagging behind international leaders, Zhizhu and MiniMax are reportedly on par or even surpassing in programming and complex task execution [3]. - The commercial viability of video generation tools is questioned, yet Kuaishou and ByteDance have validated consumer willingness to pay, indicating strong demand in B2B sectors like film and advertising [3]. 4. **Investment Opportunities** - The outlook for investment in models and applications is positive for the year [4]. - Recommended companies include Alibaba, Tencent, Kuaishou, and Kunlun Wanwei, with a focus on Zhizhu and MiniMax [5]. - There is a strong interest in agent and programming assistant opportunities, as well as multi-modal and AIGC sectors, with recommendations for Tencent, Bilibili, and others [5]. Additional Important Content - The transition from professional software to natural language interaction in content production tools is noted as a significant paradigm shift [3]. - The price increase of Zhizhu's GLM-5 coding plan reflects the stronger capabilities of large models, leading to greater pricing power and demand shifts [3].

电子周观点 存储涨价持续，关注英伟达3月GTC大会亮点。近期英伟达首席执行官黄仁勋在接受媒体采访时表示， 在3月16日GTC2026大会上，英伟达将在会上揭晓"世界前所未见"的全新芯片。黄仁勋表示，这些全新 芯片的研发极具挑战，所有技术都已逼近极限，但有英伟达和SK海力士内存工程师组成的技术团队， 没有什么是不可能的。研判大概率出自两大芯片系列：一是Rubin系列的衍生产品，该系列已于2026年 CES大会上亮相，包含6款全新设计芯片，目前已全面量产；二是下一代Feynman系列芯片，该系列被 称为"革命性"产品，英伟达正探索以SRAM为核心的广泛集成，或通过3D堆叠技术整合LPUs。此外， GTC2026英伟达将全方位展示从GPU、CPU、网络、软件到数据中心的全新系统级AI基础设施，建议关 注新技术创新方向。模型在不断升级，2月21日，谷歌发布了新一代模型-Gemini3.1Pro，推理能力、 SVG生成与多模态表现全面升级，在性能、成本与生成质量之间取得罕见平衡。这次升级最核心的变 化，在于推理与复杂任务表现。根据公开基准测试数据，Gemini3.1Pro在多项高难度测试中的表现明显 优于Gemini3 ...

手机产业链全线上涨，截至发稿，丘钛科技(01478)涨7.89%，报9.3港元；瑞声科技(02018)涨4.77%，报 38.66港元；舜宇光学(02382)涨4.3%，报59.4港元；高伟电子(01415)涨2.88%，报29.28港元。 消息面上，根据Omdia的测算，2025年全球智能手机出货量同比增长2%，达到12.5亿部。25Q4全球智 能手机市场同比增长4%，这一增长得益于季节性需求回升和库存管理改善，但是部分厂商开始受到零 部件成本上升的影响。Canalys预计2025年AI手机渗透率将达到34%，端侧模型的精简以及芯片算力的 升级将进一步助推AI手机向中端价位段渗透。 中银国际表示，AIGC技术将推动端侧产品向语音、动作等多模态交互演进，交互中枢由传统App体系 转向AI智能体，用户与App的直接关联逐步弱化，豆包手机助手已体现出这一趋势雏形。尽管产品仍处 于早期阶段，但随着功能成熟与体验优化AI交互模式的革命性改变预期能够带动端侧换机热潮，而这 一趋势可能在未来1-3年就有望上演，催化AI产业链中下游行情。 ...