证券分析师 证券研究报告 传媒 行业定期报告 hyzqdatemark 2025 年 09 月 29 日 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 魏桢 weizhen@huayuanstock.com 关注团播专业化、精品化发展趋势 投资评级： 看好（维持） ——传媒互联网行业周报（2025.9.22-2025.9.28） 投资要点： 游戏方面：从中报业绩来看，腾讯控股、吉比特、巨人网络、心动公司等展现较强 业绩韧性和新游贡献的弹性，我们认为基于优质产品超预期表现的催化交易有望持 续，Q3 有望迎来财务侧更强验证，且本轮游戏行情是少见的基于产品表现-EPS 上 修-估值同步修复的逻辑演绎，目前估值仍未有强烈泡沫。我们建议两个思路继续重 视游戏板块的演绎：①大单品游戏预期仍值得交易，且 9 月目前看阶段性流水波动 实属正常，内容更新迭代有望强化 ...

Investment Rating - The report maintains a "Recommendation" rating for the computer industry [3] Core Viewpoints - The computer industry is entering a wide fluctuation period, focusing on leading companies and the bottom opportunities in AI+ applications. The report suggests that the industry may experience trends such as reduced R&D expenses, increased revenue share from AI+, and improved domestic levels, with performance expected to reach a turning point in the second half of 2025 [9][10] Summary by Sections Industry Weekly Viewpoint - The computer index rose by 4.26% during the week of September 8-12, outperforming the ChiNext index by 2.36 percentage points. The top three gainers were Chuangzhong Technology (52.91%), Kaipu Cloud (36.96%), and Xinjun Network (30.81%) [9][13] - The report emphasizes that the themes of stablecoins and DeepSeek are gradually cooling, while domestic application demand and orders are being released, marking a critical window for AI+ applications [9][10] Overseas Market - Oracle's 1QFY2026 financial report showed a significant increase in Remaining Performance Obligations (RPO), reaching $455 billion, a year-on-year growth of 359%. The growth is attributed to new cloud contracts signed with leading AI companies [11][18] - NVIDIA launched the Rubin CPX, a new generation GPU designed for large-scale contextual processing, which significantly enhances AI system performance [23][26] Domestic Market - Alibaba is increasing its investment in AI and cloud infrastructure, planning to invest over 380 billion yuan in the next three years, which exceeds the total of the past decade. In 1QFY2026, Alibaba Cloud achieved external commercial revenue of 33.398 billion yuan, a year-on-year increase of 26% [30][34] - The Qwen model has entered the global first tier, with significant advancements in AI capabilities, and has become a key player in the open-source model segment [33][34] Investment Recommendations - The report suggests focusing on domestic computing power companies such as Cambrian, Haiguang Information, and Inspur Information, as well as application companies like Dameng Data and China Software. It also highlights AI+ companies like Kingsoft Office and iFLYTEK as potential investment opportunities [10][36]

Group 1 - The core viewpoint of the articles highlights the significant increase in foreign public funds' holdings in technology and high-end manufacturing sectors, reflecting their long-term optimism towards China's economic transformation and structural opportunities [1][2][3]. - Foreign public funds have notably increased their positions in the technology sector, with specific examples including Fidelity's holdings in Jiangsu Shentong and ZhongAn Online, which saw a rise in their information technology sector allocation from 8.14% in 2024 to 14.10% in 2025 [2][3]. - The investment strategy of foreign public funds is characterized by a "core + satellite" approach, where core holdings focus on high-quality, long-term value stocks, while hidden heavyweights serve to capture alpha opportunities in high-growth sectors [4]. Group 2 - The investment direction for the second half of 2025 emphasizes technology as a main theme, with a focus on AI applications, solid-state batteries, and controllable nuclear fusion opportunities [5]. - Fund managers express confidence in the value reassessment of Chinese stocks due to positive progress in economic transformation and technology development, with a focus on sectors like TMT, machinery, pharmaceuticals, and chemicals [6]. - The changes in foreign public funds' hidden heavyweights reflect global capital's recognition of China's emerging industries and economic transformation, providing diverse perspectives for domestic investors [6].

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected stock performance that will exceed the market index by more than 15% over the next six months [7]. Core Insights - The company achieved a revenue of 2.579 billion yuan in the first half of 2025, representing a year-on-year growth of 7.64%. The net profit attributable to shareholders was 384 million yuan, a 26.89% increase year-on-year, while the net profit after deducting non-recurring items was 357 million yuan, up 19.55% year-on-year [3][4]. - The growth in revenue is attributed to the expansion of new customers and products, as well as an optimization of the product structure, which has led to an increase in the average price of high-value products [4]. - The company's gross margin for the first half of 2025 was 22.72%, remaining stable year-on-year, while the net margin improved by 2.37 percentage points to 14.38% [4]. Business Development and Product Optimization - The company is consolidating its automotive application base and actively advancing AI+ applications. It has secured contracts with major domestic automotive clients for intelligent driving projects and has entered mass production supply [4]. - In the AI server sector, the company has achieved mass production capabilities for various products and has entered the supply chains of major players like NVIDIA and AMD [4]. - The company is also expanding its production capacity in Thailand, with a factory expected to commence operations by the end of this year, focusing on high-layer and HDI products [4]. Financial Forecast - The company is projected to achieve total revenue of 6.248 billion yuan in 2025 and 7.834 billion yuan in 2026, with net profits expected to reach 885 million yuan and 1.177 billion yuan respectively [5]. - The earnings per share (EPS) are forecasted to be 1.23 yuan for 2025 and 1.63 yuan for 2026, with corresponding price-to-earnings (PE) ratios of 32 and 24 [4][5].

Group 1: New Energy Vehicle Industry Chain - The new cycle in the downstream smart electric vehicle sector has begun, benefiting companies like CATL and Eve Energy. Strong product capabilities in the supply chain are emphasized, with XPeng's vehicle deliveries reaching 197,200 units in the first half of the year, a year-on-year increase of 279%. The second quarter saw over 100,000 deliveries, a record high, with projected deliveries for Q3 2025 estimated between 113,000 to 118,000 units, representing a year-on-year growth of approximately 142.8% to 153.6% [1][2] Group 2: Performance of New Energy Leaders - The upward inflection point in the performance of new energy leaders is being confirmed, with companies like Putailai and Xinwanda benefiting. Putailai achieved a net profit of 999.2 million yuan in the first half of 2025, a year-on-year increase of 29.17%, with cash flow from operating activities reaching 1.223 billion yuan, up 439.11%. The revenue from the new energy automation equipment business was 1.844 billion yuan, with new orders exceeding 2.4 billion yuan [2] Group 3: Photovoltaic and Energy Storage Industry Chain - The leading companies in the photovoltaic and energy storage sectors are expanding their businesses, with beneficiaries including Sungrow, Haibo Technology, and Canadian Solar. Sungrow's net profit for the first half of 2025 was 7.735 billion yuan, a year-on-year increase of 55.97%, with R&D investment of 2.037 billion yuan, up 37.08%, and overseas business revenue accounting for 58.30% [3] Group 4: AI and New Energy, Wind Power Industry Chain - The synergy between new energy and humanoid robots is gaining momentum, benefiting companies like Zhenyu Technology and Zhejiang Rongtai. Zhenyu Technology reported a net profit of 211 million yuan in the first half of 2025, a year-on-year increase of 60.45%, with R&D investment of 165 million yuan, up 36.76% [4] - Wind power companies are expected to exceed expectations, with companies like Dajin Heavy Industry and Yunda Co. benefiting. Dajin Heavy Industry achieved a net profit of 547 million yuan in the first half of 2025, a year-on-year increase of 214.32%, with nearly 3 billion yuan in orders signed this year [5]

Group 1 - The core viewpoint highlights the essential role of SoC and storage chips in the rapid penetration of AI glasses and toys, as well as the upgrade of traditional IoT and wearable devices, with a projected market space expansion of over 100% within three years [1] - The market is catalyzed by multiple factors, with smart terminal-side chips becoming a highly recognized investment direction, driven by early mass production timelines for new AI glasses and increased demand for high-performance, low-power SoCs from leading domestic manufacturers [1] - Investment is rapidly concentrating on key companies such as Fudan Microelectronics, Hengxuan Technology, and Rockchip, leading to a recovery in the semiconductor sector and a ripple effect across materials, equipment, and packaging segments [1] Group 2 - Key companies in the smart terminal-side chip sector include Fudan Microelectronics (market cap: 195.44 billion), Hengxuan Technology (306.89 billion), and Rockchip (432.27 billion), with each company focusing on specific technological advancements such as AI acceleration and low-power wireless SoCs [3] - The industry is categorized into various segments, including terminal-side SoC chips, storage, modules, and ASICs, with notable companies like Broadcom Integration and Allwinner Technology leading in terminal-side SoC chips [4] - The AI application landscape is diverse, encompassing sectors such as healthcare, education, finance, and gaming, with companies like iFLYTEK and Perfect World actively participating in AI-driven innovations [5]

Core Insights - The financial technology sector, combining finance and software, is gaining popularity due to its overlap with trending concepts like digital currency and cross-border payments [2] - The CSI Financial Technology Theme Index (930986.CSI) has an ETF total scale exceeding 10 billion, making it a useful tool for investors [2] - The index is heavily concentrated in software applications, particularly in vertical software for securities, with over 55% weight in this area [4][6] Index Overview - The index consists of 57 stocks, with 45 being from the ChiNext and STAR Market, representing 78% of the index [11] - Major components like Eastmoney and Tonghuashun significantly influence the index's performance, with a combined market share of 21% [8][7] - The average market capitalization of the index's constituents is over 20 billion, indicating a small-cap growth style [14] Market Trends - The index shows strong elasticity and offensive capability during market uptrends, outperforming the CSI 300 index in bullish phases [9] - The index is linked to popular concepts such as stablecoins (over 22% weight), AI applications (over 14% weight), and the Huawei Harmony ecosystem (over 14% weight) [16][18][19] - The financial technology ETF (516100.SH) is gaining attention due to policy benefits and technological innovations, attracting investor interest [20] Active Applications - The top ten third-party securities apps show significant user engagement, with Tonghuashun leading at 35.01 million active users [7] - The index's focus on vertical software applications means that during favorable market conditions, revenue from advisory services, fund distribution, and advertising can significantly increase [8]

Core Insights - Kingsoft Office reported a steady growth in its 2025 semi-annual report, with operating revenue reaching 2.657 billion yuan, a year-on-year increase of 10.12%, and net profit attributable to shareholders of the parent company at 747 million yuan, up 3.57% [1] Financial Performance - The company's main business segments showed positive growth, with WPS personal business revenue at 1.748 billion yuan, increasing by 8.38%, and WPS 365 business revenue soaring to 309 million yuan, a significant rise of 62.27% [1][2] - The net profit excluding non-recurring gains and losses was 727 million yuan, reflecting a year-on-year growth of 5.77% [1] User Growth and Engagement - As of June 30, 2025, WPS AI had 29.51 million monthly active users, a substantial increase from 19.68 million at the end of 2024, indicating strong user engagement driven by AI benefits [1] - The global monthly active devices for WPS Office reached 651 million, marking an 8.56% year-on-year growth, with PC version monthly active users at 305 million (up 12.29%) and mobile version users at 346 million (up 5.48%) [2] Product Development and Innovation - WPS 365 has become a new growth engine for the company, with its revenue driven by comprehensive upgrades and deeper industry penetration [2] - The introduction of the "Enterprise Brain" solution in the government and enterprise sector integrates AI capabilities, enhancing document management and compliance [2][3] - Kingsoft Office launched WPS AI 3.0 and the native Office AI assistant WPS Lingxi, redefining the integration of AI with office software [3][4] Research and Development - The company invested 959 million yuan in R&D during the first half of 2025, an increase of 18.70%, with a R&D expense ratio of approximately 36% [4] - The workforce in R&D reached 3,533 employees, accounting for about 66% of the total staff, supporting technological breakthroughs and product iterations [4]

Group 1 - The core viewpoint of the article is that KANGGUAN Technology (001308.SZ) has been given a "buy" rating by Open Source Securities due to several positive factors [2] - The official launch of KTC AI glasses is expected to enhance the penetration rate of AI glasses, supported by multiple manufacturers [2] - The Chinese display market is anticipated to show significant recovery in the first half of 2025, with KTC's gaming monitors performing exceptionally well [2] - The integration of AI applications is empowering various products, and the company's own brands KTC and FPD have achieved breakthroughs in overseas multi-channel sales [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights the launch of KTC AI glasses, which are competitively priced at 1499 yuan and feature advanced technology such as the Qualcomm AR1 chip and Sony IMX681 sensor. The glasses are designed for comfort and style, targeting the Asian market [3] - The global smart glasses market is expected to see significant growth, with a projected shipment of 35 million units by 2028, reflecting a CAGR of 119% [3] - The company's revenue forecast remains unchanged, with expected net profits for 2025-2027 at 1.09 billion, 1.36 billion, and 1.65 billion yuan respectively, indicating year-on-year growth of 30.9%, 24.9%, and 21% [3] Financial Summary - The total revenue for 2023 is projected at 13.447 billion yuan, with a year-on-year growth of 16% [6] - The net profit for 2023 is expected to be 1.283 billion yuan, reflecting a decline of 15.4% compared to the previous year [6] - The gross margin is forecasted to be 17.6% in 2023, with a net margin of 9.5% [9] - The earnings per share (EPS) for 2025 is projected to be 1.56 yuan, with a price-to-earnings (P/E) ratio of 16.7 [6][9] Market Performance - The report notes a significant increase in the sales of KTC gaming monitors, with a 40% year-on-year growth in the gaming monitor segment during the first half of 2025 [4] - The company's overseas sales have also seen remarkable growth, with KTC Prime Day sales increasing by 381% year-on-year [5]