免责声明：本文内容与数据仅供参考，不构成投资建议，使用前请核实。据此操作，风险自担。 每日经济新闻 每经头条（nbdtoutiao）——手机不再需要淘宝、微信、美团、携程？豆包手机助手掀翻超级App牌桌， 攻防战全面开打 （记者 胡玲） 每经AI快讯，华龙证券12月8日发布研报称，给予读者传媒（603999.SH，最新价：7.31元）"增持"评 级。评级理由主要包括：1）依靠甘肃省政府，老牌出版行业国企实力雄厚；2）主营业务短期承压，盈 利韧性逐步显现；3）公司所处出版行业经历阶段性调整，开拓营销新模式；4） "读者"品牌底蕴深 厚，新媒体数字化渠道成长迅速。风险提示：教育政策依赖风险；人口结构变动风险；原材料价格波动 风险；新业务孵化不确定性风险；技术变革冲击风险。 ...

Group 1 - The gaming sector showed strong performance on November 18, with the gaming ETF (159869) rising nearly 1.5%, driven by leading stocks such as Fuchun Co., Giant Network, and others [1] - As of November 17, the gaming ETF (159869) reached a scale of 11.242 billion, providing investors with a convenient tool to invest in A-share gaming leaders [1] - The Shenzhen Nanshan District announced a support policy for the gaming and esports industry, offering rewards up to 100 million for qualifying companies [1] Group 2 - Huachuang Securities noted that the current valuation of the gaming sector has entered a reasonable range, with gaming remaining a high-value entertainment consumption option [1] - The gaming industry is expected to maintain high prosperity due to a product gap from leading mobile game companies and continuous innovation from mid-tier companies [1] - Long-term fundamentals of the gaming industry are positive, driven by AI technology innovation, content ecosystem upgrades, and evolving commercialization models [1]

Group 1 - The gaming sector showed fluctuating performance on November 11, with the gaming ETF (159869) slightly rising. Key stocks like Guomai Culture, Youzu Network, and Giant Network saw significant gains, while Huali Technology, Perfect World, and others experienced declines. As of November 10, the gaming ETF's product scale reached 11.554 billion yuan, facilitating investors' access to leading A-share gaming companies [1] - The official announcement from "Peace Elite" regarding the first "Peace Elite Women's Competitive Showcase" in collaboration with Xiaohongshu Games is set for November 15. The event will feature 16 qualified hosts and 28 participants competing in various segments, including a game-themed transformation show and talent displays. This collaboration aims to innovate the traditional competitive model and expand the female user market, enhancing brand diversity [1] - Open-source securities highlighted the strong performance of leading mobile games overseas, with companies like Xindong and Century Huatong achieving significant revenue growth through successful game operations and content updates. The industry is experiencing sustained upward momentum, and the gaming ETF (159869) closely tracks the China Securities Animation and Gaming Index, focusing on core assets in the A-share animation and gaming industry [2] Group 2 - The gaming sector is expected to maintain long-term growth driven by AI technology innovation, content ecosystem upgrades, and the evolution of commercialization models. This growth trajectory is supported by the positive performance of new and existing games, as well as the successful testing and sales of multiple new titles [2]

Core Insights - The gaming sector is experiencing a positive trend with significant growth in both revenue and profit, driven by policy support and strong product performance [1][2] Industry Summary - The gaming industry reported a revenue of 30.362 billion yuan, marking a year-on-year increase of 28.6% and a quarter-on-quarter growth of 9.48% [1] - Profit surged by 112% year-on-year to 5.777 billion yuan, with profit margins improving to 19% [1] - Over half of the companies in the sector achieved performance growth, indicating a broad-based recovery [1] - The issuance of domestic game licenses in 2025 has already surpassed the total for the previous year, providing strong momentum for continued growth [1] Investment Recommendations - Companies with rich product reserves are recommended, including Kying Network, Giant Network, G-bits, and 37 Interactive Entertainment, along with Perfect World, which has potential for performance reversal [1] - Firms with strong overseas expansion strategies, such as Shenzhou Taiyue, are highlighted for investment [1] - Companies actively engaging in AI developments, including Yaoji Technology and Zhejiang Shuju Culture, are also recommended [1] - Overall, the gaming sector is seen as having significant investment value due to favorable policies, product cycles, AI empowerment, and overseas growth opportunities [1]

Core Viewpoint - The gaming sector is experiencing active performance, with the gaming ETF (159869) showing a rise of over 1%, driven by strong performances from stocks like Fuchun Co., Tianzhou Culture, and Dihun Network [1] Group 1: Market Performance - As of October 30, the gaming ETF (159869) has reached a product scale of 10.965 billion yuan, facilitating investors in easily accessing leading A-share gaming companies [1] - The gaming sector is supported by a favorable policy environment, with the National Press and Publication Administration approving 159 domestic games and 7 imported games in October 2025, maintaining a high approval rate [1] Group 2: Industry Supply and Demand - From the beginning of 2025 to date, a total of 1,354 domestic game licenses have been issued, indicating a stable and abundant supply in the industry [1] - The diversity of approved products includes notable titles from major developers such as 37 Interactive Entertainment and Eagle Horn Network [1] Group 3: Future Growth Drivers - Guosen Securities remains optimistic about investment opportunities in the gaming sector, driven by a concentrated launch of new products and advancements in IP and AI technology [2] - The focus on Giant Network's popular product "Supernatural Action Group" highlights strong performance in Q3 and a robust product pipeline for future growth [1][2]

Core Viewpoint - Rongxin Culture (301231) focuses on children's book planning and publishing, as well as the export of children's cultural products, with a strong emphasis on digital content and IP development [1] Group 1: Business Overview - The company's main business includes the planning and publishing of children's books and the export of children's cultural products [1] - The animated series based on the book IP "Lily Lan's Little Bug" has launched its first two seasons on Youku, introducing children to a wonderful natural world filled with friendship and growth [1] Group 2: Digital Services and Content Development - The Lelequ Reading Service Center offers children thousands of online digital resources, including audio-visual reading courses, interactive games, and animated series, enhancing their reading experience and fostering "invisible competitiveness" [1] - The company plans to increase investment in the development of animated series based on existing mature and classic IPs, while also promoting the digital transformation of current book content [1] - Future initiatives include developing new content reading guidance courses and interactive games to enhance digital service capabilities and drive content ecosystem upgrades [1]

Investment Rating - The report maintains a "Buy" rating for the company, iQIYI (IQ US), with a target price of $2.10, indicating a potential upside of 22.8% from the current price of $1.71 [1][26]. Core Insights - The company's quarterly performance met expectations, with a focus on upgrading its content ecosystem by increasing investments in micro-dramas and user growth, which may temporarily impact short-term profits but is expected to enhance long-term competitiveness in user engagement [1][6]. - The report highlights the importance of micro-dramas in driving membership growth and the progress in monetization through advertising and e-commerce [1][6]. - Adjusted net profit forecasts for 2025 and 2026 have been lowered to RMB 1.1 billion and RMB 1.8 billion, respectively, due to anticipated increases in content and marketing expenditures [1][6]. Financial Performance Summary - For Q1 2025, total revenue and adjusted operating profit were RMB 7.2 billion and RMB 460 million, respectively, reflecting a year-on-year decline of 9% and 58% but a quarter-on-quarter increase of 9% and 13% [6][20]. - The company aims to enhance its content strategy by focusing on high-quality, shorter series and increasing the total number of projects to reduce reliance on single titles [6][20]. - The report projects total revenue for 2025 to be RMB 29.05 billion, with a slight decrease from previous estimates, and anticipates a gradual recovery in membership and advertising revenues in Q2 2025 [21][27]. Revenue and Profitability Forecasts - Revenue forecasts for 2025 and 2026 are set at RMB 29,053 million and RMB 30,138 million, respectively, with adjusted net profit estimates of RMB 1,100 million and RMB 1,798 million [5][27]. - The report indicates a decline in gross profit margin from 25% in 2024 to 23% in 2025, reflecting increased content costs [5][27]. - The adjusted operating profit margin is expected to decrease from 7% in 2024 to 5% in 2025, highlighting the impact of rising operational costs [5][27]. Market Position and Competitive Landscape - iQIYI continues to hold the largest share in long-form content viewership, supported by the release of popular series [6][20]. - The company has launched 15,000 micro-dramas, with plans to increase investment in high-quality original content to attract more users and explore additional monetization avenues [1][6]. - The report emphasizes the need to monitor the effectiveness of micro-dramas in driving membership growth and the overall progress in advertising and e-commerce monetization strategies [1][6].