这并非深圳近期发力冰雪产业的孤例。就在两个月前，号称"全球最大室内滑雪中心"的深圳前海·华发冰雪世界开 业，尽管初期面临票价与配套争议，但首日即售罄的门票和社交平台上"下饺子"般的排队画面，证实了南方高净 值人群对冰雪消费的渴望。 在深圳，一场关于冰雪产业的"热战"正在升温。12月14日，南都湾财社记者现场获悉，"TCL冬日冰雪乐园"在深 圳湾万象城开馆。在米兰-科尔蒂纳丹佩佐冬季奥运会开幕前，深圳市民可以在这一核心商圈内通过科技手段体验 到科尔蒂纳雪山。 此外，AI技术的落地也成为此次"造雪"的关键变量。在日前的TCL全球技术创新大会上，TCL创始人、董事长李 东生曾透露，2025年TCL推进落实AI应用，预计创造综合效益超10亿元。在冰雪乐园现场，AR雪镜漫游、AI生成 的冬奥绘梦等互动区，成为B端工业AI技术向C端消费场景的一次展示。 这种"技术造雪"，源自其上游产业链的突破。就在今年10月，TCL华星在广州总投资约295亿元的t8项目正式开 工，这是全球首条规模化量产的G8.6代印刷OLED产线。相比传统工艺，印刷OLED在成本控制和显示效果上的优 势，使得大屏沉浸式体验能以更低的成本从奥运赛场复制到 ...

Company Dynamics - The company recently conducted a non-trading roadshow where management shared developments in new business areas such as social media, short dramas, and games, along with future strategic outlooks [1] - MICO has stabilized, with SUGO and TopTop continuing to show high growth in user acquisition and revenue. The company expects operational efficiency to improve following organizational adjustments, with revenue stabilizing quarter-on-quarter and YoHo maintaining year-on-year growth [1] Revenue and Growth Projections - The company anticipates a 30% year-on-year increase in social revenue for the second half of the year, driven by the expansion of SUGO and TopTop, which are expected to remain core growth drivers [1] - The company has a significant pipeline of new products, with one expected to reach flagship revenue levels, potentially supporting income in the coming years [1] Strategic Exploration - The company is steadily advancing in short dramas and games. For short dramas, it is exploring global distribution through self-developed and acquired content, currently in an investment phase with manageable losses [2] - In gaming, the main product, a mobile game titled "Alice's Dream," is entering a recovery phase, with new games expected to launch in the first half of 2026, contributing to incremental revenue [2] AI and Operational Efficiency - The company is leveraging AI technology and refined operations to enhance profitability while expanding. It aims to balance growth investments with profit release based on different product development stages [2] - The company maintains a revised net profit estimate of 1.1 billion yuan for the year, with expectations for operational leverage optimization, particularly for SUGO and TopTop as they mature [2] Earnings Forecast and Valuation - The company maintains its revenue and profit forecasts for 2025 and 2026, with a target price of HKD 14.5, corresponding to a 14x 2026 Non-IFRS P/E ratio, indicating a 38% upside from current trading levels [2]

证券日报网讯12月16日，纵横通信（603602）在互动平台回答投资者提问时表示，公司依托自主开发的 数据中台和数智化运营系统，深度融合AI技术实现精细化运营，优化投放策略与转化效率。 ...

Group 1: Company Overview and Strategic Goals - CITIC Publishing aims to enhance communication with investors and update them on its digital transformation and new product launches [2][3] - The company plans to focus on AI application, commercialization, and IP operation over the next five years [3][4] Group 2: Digital Transformation and AI Integration - The "KuaFu AI" platform has been developed to cover the entire publishing process, with 122 AI assistant applications across 17 publishing scenarios [3] - 70% of the work for topic reports can now be handled by AI, with 1,600 reports expected to be generated this year [3] - The error detection rate in translation has improved by 15 percentage points, with the platform supporting over 2,500 translations annually [3] Group 3: IP Operation and Market Growth - Since launching its animation and cultural strategy, the company has seen over 25% growth in its film, game, and animation book categories, achieving the highest market share [4][5] - The company has established partnerships with leading content organizations, including iQIYI and Tencent Animation, to develop derivative books from popular IPs [4][5] - Expected revenue from IP operations (excluding books) is projected to be nearly CNY 50 million this year [5] Group 4: AI Content Tools and Innovations - The upgraded "KuaFu AI 3.0" includes a translation tool that reduces costs to 4.4% of traditional methods and completes tasks in 4 hours that would take a month [5][6] - The "Booktalks" product allows deep interaction with book content, transforming traditional sales into subscription-based services [6] Group 5: Future Opportunities and Market Position - The company identifies three major opportunities: cultural power construction, AI technology transformation, and the implementation of national reading policies [10] - CITIC Publishing aims to transition from a traditional book publisher to a comprehensive knowledge service provider, leveraging its strong brand and market position [10]

【导读】走进工银瑞信基金|第5期：神秘的中央交易室 文：陈梦 金融科技赋能：传统交易室的智慧升级 作为公募大厂之一，一直以来，工银瑞信基金的中央交易室坚持高度专业化、科技化、规范化的运作模 式，在瞬息万变的资本市场中为投资者守护价值、创造价值。本期，走进工银瑞信基金系列栏目，将带 大家走进基金公司的核心交易阵地——中央交易室，揭开这个"幕后操盘手"的神秘面纱。 核心阵地：中央交易室的日常 中央交易室，首先是独立封闭的办公区域——这是监管规定下的必要设置，也是交易信息安全的第一道 防线。除了物理隔离，这里还实行通讯工具集中保管、交易软件分级授权、交易记录实时监控等多重管 理手段，为每一笔交易加上"安全锁"。 在交易员的办公桌上，四块屏幕整齐排列，成为这个快节奏战场的标配。在交易时间，各类跳动的行情 数据、待执行的交易指令铺满界面，交易员必须在高压环境下，以极致的准确与高效完成操作，丝毫容 不得半点差错。 全能战场：多元业务与精细分工 作为全牌照基金管理公司，工银瑞信基金中央交易室可谓非常具有代表性，业务覆盖范围十分广泛，堪 称"全能型选手"。在权益领域，交易团队要统筹境内A股、港股及海外股票的交易执行，同时兼顾 ...

【导读】走进工银瑞信基金 | 第 5 期： 神秘的 中央交易室 文：陈梦 在基金公司 里 ，有这样一个神秘的部门，尽管不像投研部门那般让基民熟知，但 它 却 是连接投资 策略与市场实操的核心枢纽， 是 投资策略落地的"最后一公里"， 也 是 保护 持有人利益的坚实屏 障——它就是基金公司的中央交易室。 作为 公募大厂之一，一直以来， 工银瑞信 基金的 中央交易室 坚持 高度专业化、科技化、规范化的 运作模式，在瞬息万变的资本市场中为投资者守护价值、创造价值。 本期 ，走进工银瑞信 基金 系 列栏目，将带大家 走进 基金公司的 核心交易阵地 ——中央 交易室，揭开 这个 "幕后操盘手"的神 秘面纱。 作为基金运作的关键枢纽，中央交易室的核心职责可以概括为"执行、捕捉、合规、风控"四大维度。 首先，交易团队 需要精准执行基金经理的每一笔投资指令，将抽象的投资策略转化为实实在在的市 场操作； 其次 ，交易团队要密切 跟踪 市场动态， 力争敏锐 捕捉稍纵即逝的交易机会。 最后 ，交 易室还肩负着合规与风控的重任， 除了 每一笔交易明细都可回溯、可核查， 还要 通过严格的防火 墙机制杜绝利益输送，为持有人的资金安全筑牢 ...

热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 国泰君安期货 市场分析师 张驰宁 投资咨询证号 Z0020302 最近A股反复震荡的行情着实磨人，更令人不安的是，市场几次在整理中突然大幅下探，搅得人心惶 惶。投资者进退两难：砍仓怕割在地板上，不砍又担心陷入连续阴跌。市场涨涨跌跌如同过山车，总是 缓步攀升后急促下跌，方向难辨，把许多忠实股民折腾得焦虑不已。 那么此时此刻，最需要做的，是对行情有一个明确的分析思路，当下和未来看些什么，哪些变化可能会 决定大A的走向，提前给每一次爬升和陡坡做好准备，自然在行情应对的时候就能更加得心应手。 【技术上最近的表现】 首先，我们来看一看上证指数目前的盘面表现：上证指数自11月21日以向下跳空缺口发出首个技术转弱 信号后，虽于12月8日反抽尝试回补缺口，但最终承压回落。此后指数持续走低，并于今日再度收阴， 跌破一个月前形成的低点。 数据来源：同花顺期货通 【"拉动经济的三驾马车"当下怎么样？】 1、投资： 数据来源：国家统计局 最新一期固定资产投资数据，当前延续了下降的过程，且似乎降幅在继续扩大，从细节来看，第一、第 二产业投的钱其实还在增加，问题主要出在第 ...

Core Insights - Hars has achieved the top global sales in cup and kettle products for three consecutive years, evolving from a traditional gift option to a fashionable health brand that covers diverse lifestyle scenarios [1] - The company aims for each user to own nine thermos cups tailored to different life situations, indicating a shift from a mere drinking tool to a lifestyle carrier [1][2] Brand Strategy - Hars emphasizes that while traffic can generate temporary attention, lasting trust is built on brand strength, which is rooted in 40 years of reliable quality and participation in over 40 national industry standards [2] - The brand's mission is to upgrade from functional thermos products to emotionally resonant companion brands, focusing on a dual-driven model of "brand + intelligent manufacturing" [2][3] User Engagement - Hars has formed a strategic partnership with Tencent Advertising to create a deep user connection system, leveraging digital tools to transform single transactions into long-term emotional relationships [3] - The integration of AI technology throughout the product lifecycle enhances quality and efficiency while maintaining a focus on human stories and values [3] Long-term Vision - The company advocates for a long-term approach to building an international brand, emphasizing that the journey requires time and stability rather than immediate results [3][4] - Hars believes that the key to narrowing the gap with international brands lies in upholding values and fostering innovation [3][4] Brand and Traffic Relationship - Hars views brand economy and traffic economy as complementary, with brand value as the main melody and traffic operations as harmony, stressing the importance of maintaining core brand values [4]

Core Insights - The 2025 BGM Game Exhibition recently concluded in Shanghai, showcasing new independent games and facilitating connections between developers and industry resources through events like the "BUFF Roadshow" [1][3] - A growing trend in the Chinese gaming industry is the emergence of a model focused on bridging independent games with market opportunities, reflecting a significant evolution and demand within the independent game ecosystem [3] Industry Trends - Independent games are currently experiencing an unprecedented "golden age," driven by a growing player base and decreasing development barriers, indicating a broad market potential [4] - The sales revenue of independent games on the Steam platform reached nearly $4 billion in the first nine months of 2024, accounting for 48% of Steam's total game sales revenue of $8.3 billion [5] - Sales of independent games on major platforms like Steam and Epic Games Store have seen a growth rate of 30% [7] Challenges and Opportunities - The independent game development sector faces two core challenges: the arduous creative process and unstable income, leading to a high exit rate of 85% to 90% among creators after completing a game [7] - The advent of AI technology has significantly transformed the independent game creation landscape, enabling explosive growth in production capacity and drastically reducing costs, thus allowing for more flexible and diverse participation in the industry [7][8] Strategic Shifts - The content strategy of independent game developers is undergoing profound changes, with many games evolving from small-scale projects to more polished and larger productions, challenging the previous notion of "small and refined" [8] - The definition of independent games is expanding, as they are now seen as content-driven rather than limited by size or platform, emphasizing creativity and flexibility [8]

Core Viewpoint - The report from CICC maintains the revenue and profit forecasts for ZhiZiCheng Technology (09911) for 2025 and 2026, with an outperform rating and a target price of HKD 14.5, indicating a 38% upside potential based on a 14x 2026 Non-IFRS P/E ratio [1] Group 1: Revenue and Growth - MICO has stabilized, with SUGO and TopTop continuing to show high growth in user acquisition and revenue. The company expects revenue to stabilize quarter-on-quarter, with YoHo revenue maintaining year-on-year growth. Mature product lines are contributing stable profits, while new products SUGO and TopTop are prioritizing user scale, showing double-digit growth in global MAU [2] - The company anticipates a 30% year-on-year increase in social revenue for the second half of the year, driven by regional expansion and a strong pipeline of new products, with one expected to reach flagship revenue levels [2] Group 2: Strategic Initiatives - Short dramas and games are being explored as strategic initiatives. The company is testing the global distribution of translated and self-produced dramas, currently in an investment phase with manageable losses, and sees potential for synergy with its social ecosystem [3] - The main product, the mobile game "Alice's Dream," is entering a recovery phase, expected to contribute stable profits, while new games are in testing and may launch in the first half of 2026, potentially adding incremental revenue [3] Group 3: Operational Efficiency and Profitability - The company is focused on ROI, balancing growth investment with profit release according to the product development stage. The adjusted net profit forecast for the year is set at 1.1 billion [4] - Looking ahead, there is potential for operational leverage optimization, with expectations of gradual profit release as the market and products mature [4]