证券研究报告|行业研究周报 [Table_Date] 2026 年 01 月 04 日 [Table_Title] 元旦出行稳健增长，离岛免税持续亮眼 投资建议 展望 26 年，我们建议关注高景气成长赛道以及政策、科技加 持下服务业景气拐点赛道，具体包括：（1）服务消费迎来政 策及行业新需求共振，有望驱动行业拐点，包括免税、银发 旅游、育儿消费等。受益标的包括中国中免、华住酒店、锦 江酒店、首旅酒店、三峡旅游、君亭酒店、孩子王、海底 捞、百胜中国、长白山等。（2）新消费拥有需求长逻辑，景 气度有望维持，当前行业龙头估值处于相对低位，26 年仍然 拥有足够弹性，包括潮玩、茶饮、时尚黄金珠宝、保健品 等。受益标的包括泡泡玛特、名创优品、潮宏基、老铺黄 金、若羽臣、古茗、蜜雪集团等。（3）零售业态创新+出海打 开新成长空间，受益标的包括小商品城、赛维时代等。（4） AI+应用 26 年有望迎来百花齐放，从主题到商业化变现加 速，受益标的包括焦点科技、豆神教育、青木科技、科锐国 际、米奥会展等。 风险提示 宏观经济下行，居民收入及消费意愿恢复不及预期，行业竞 争加剧。 [Table_Title2] 社服零售行业周报 ...

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [3] Core Views - As the winter vacation and Spring Festival approach, high DAU products like "Delta Action" and "Supernatural Action Group" are expected to achieve new highs in DAU and revenue, with market consensus strengthening [3] - Emphasis on cross-year allocation opportunities and companies with significant growth potential, such as Tencent Holdings, Giant Network, and Century Huatong, is recommended [3] - New product launches and updates in gaming and film content are highlighted as key trading opportunities [3][4] Summary by Sections Gaming Sector - Major products like "Honor of Kings," "Delta Action," and "Supernatural Action Group" are expected to strengthen their market position through frequent content updates [5] - Companies exploring AI integration in gaming are noted for their potential to drive value reassessment [5] - Recommendations include Tencent Holdings, NetEase, and several others for their innovative approaches [5] Film and Television Sector - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, with recommendations to monitor related production and distribution companies [4] - The implementation of new policies by the National Radio and Television Administration is expected to enhance content creation and development in the long-form drama sector [4] Internet Sector - ByteDance's launch of the general Agent model Seed1.8 is noted for its multi-modal capabilities, impacting traditional business models [6] - Continued focus on AI technology development and its application in various sectors, including education and e-commerce, is advised [6] New Business Models - The rise of "group broadcasting" is seen as a shift towards systematic growth, with recommendations for companies directly involved in this model [7] - Companies benefiting from the growth of group broadcasting, such as Kuaishou and Bilibili, are highlighted [7] Market Performance - The A-share market saw a slight decline in the media sector, ranking 26th among all industries during the specified period [12] - Notable stock performance includes Baida Qiancheng (+20.08%) and Rebate Technology (+14.34%) [15][19] Industry News - "Chinese Tales 2" will exclusively launch on Bilibili starting January 1, 2026 [9] - The 2025 mini-game market is projected to reach 61 billion yuan, growing by 22% [9][24]

以下文章来源于科创板日报 ，作者田野 黄心怡 科创板日报 . 专注科创板和科技创新，上海报业集团主管主办，界面财联社出品。 聚焦AI赋能实体，发掘千行百业智能标杆。 2025年，人工智能已从技术探索迈入规模化应用落地开花，"AI+应用"不再是前沿概念的代名词，而是扎根工业制造、金融决策、校园课 堂、医疗健康、文化旅游等千行百业的务实实践，以精准赋能重构行业效率、优化民生体验，成为激活新质生产力的新路径。 为全景展现国内AI技术落地的实战成果，提炼可复制、可推广的行业赋能经验，推动AI与实体经济深度融合，上海报业集团主管主办财联社 与《科创板日报》，正式启动"2025中国AI+应用Top50"优秀案例征集活动，面向全国工业、金融、教育、医疗、文旅等行业领域，评选 50个兼具实效价值与示范意义的优秀AI+应用产品及服务。 联合主办: 聚焦AI赋能实体 发掘千行百业智能标杆 2025中国AI+应用TOP50 优秀案例评选 征集时间： 2025.12.16-2026.1.16 「活动背景 2025年，人工智能已从技术探索迈入规模化应用 落地开花，"Al+应用"不再是前沿概念的代名词, 而是扎根工业制造、金融服务、校园 ...

证券日报网讯 12月15日，亿道信息在互动平台回答投资者提问时表示，公司持续围绕"AI+终 端"与"AI+应用"战略进行投入与布局。截至目前，公司的AIPC与AI眼镜已量产，此外暂未涉及AI手机 业务。关于客户合作方面，因公司主要服务于全球各区域的知名品牌客户，基于与客户签订的保密协议 约定，具体客户名称及合作细节不便披露，敬请理解。 （编辑 任世碧） ...

中国总代理权（持股100%）： Vitalis 旗下Noromega 品牌在国内的总代理权。①挪威高端膳食补充剂品 牌，核心主打北极圈原生态天然原料，核心成分包含海豹油、鱼油、虾青素、辅酶Q10 等，②王牌单品 海豹油胶囊、虾青素胶囊，已连续五年蝉联天猫国际海豹油、虾青素类目的 Top1。 投资建议：本次重磅收购Vitalis，获得品牌全供应链及中国区的总代理权，品牌孵化管理业务再进一 步；当前品牌孵化管理业务已有覆盖女性护理＆保健品的多品牌矩阵，同时公司已与Dermofarm 正式签 署战略合作协议，关注后续双方有望进一步深化合作带来的增量变化。同时公司作为AI首批生态Agent 合作服务商重点投入已有成效落地，AI+应用有望助力公司提升份额＆降本增效提升盈利水平，关注公 司品牌管理孵化与AI+应用双轮驱动经营拐点的机会。 风险提示：新品牌放量不及预期；消费复苏不及预期；行业竞争加剧 事件：公司公告全资子公司青木新加坡拟合计斥资3 亿挪威克朗（约2.12 亿元人民币）收购Vitalis 65.83%股权并成为其控股股东：以1.5亿NOK 收购股权49.07%及1.5 亿NOK 认购新股32.8%方式；股权 ...

Core Insights - The article discusses the upcoming "2025 Yangtze River Delta Artificial Intelligence Industry Integration and Coexistence Development Conference" set to take place in Hangzhou, China, emphasizing the shift from large model development to practical applications in AI [2][10]. Group 1: Industry Trends - The AI industry is transitioning from a focus on developing large models to implementing practical applications, with a clear need for businesses to create commercial viability [3][5]. - Companies are moving away from a blind faith in large parameters and are now focusing on vertical fields to find unique solutions for "Chinese-style AI" [6]. - The demand for AI applications is growing in various sectors, including low-altitude economy, industrial manufacturing, and embodied intelligence, indicating a shift towards practical, real-world applications [6]. Group 2: Challenges in Implementation - There exists a significant mismatch in the AI industry, characterized by "time differences" in computing power and "temperature differences" in application, which hinders innovation [7]. - Many small and medium enterprises face high costs and logistical challenges in accessing advanced computing power, which is often concentrated in a few centers [8]. - Traditional enterprises possess vast amounts of data but are hesitant to adopt AI technologies due to concerns over data security and unclear ROI, creating a barrier to effective collaboration [8]. Group 3: Conference Objectives - The conference aims to break down information silos and facilitate real discussions on AI applications and industry collaboration [10][12]. - It will gather experts from various fields, including government, industry, academia, and research, to discuss the latest trends and practical experiences in AI [11][12]. - The goal is to make AI a practical tool for various industries, moving beyond theoretical concepts to real-world applications that enhance efficiency and reduce costs [12].

Group 1: Business Performance and Strategy - The company has maintained stable operations and is focused on improving operational efficiency and optimizing product structure [1] - Future business adjustments, including potential mergers and acquisitions, will be conducted in compliance with regulatory requirements [1] - The company is committed to enhancing core technology research and developing innovative AI+ applications to strengthen future business resilience [1] Group 2: Shareholder Concerns and Returns - Shareholder reductions are based on individual financial arrangements, and the company emphasizes a long-term development philosophy [2] - The company has consistently prioritized shareholder returns, with cumulative cash dividends amounting to approximately 19,884.32 thousand yuan, representing 53.18% of net profit from 2022 to 2024 [2] - A share repurchase plan was implemented in 2024, with 157.85 thousand shares repurchased for about 1,504.45 thousand yuan, accounting for 27.23% of the net profit for that period [2]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - The company reported a revenue of 4.078 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 10.96%. The net profit attributable to shareholders reached 625 million yuan, up 29.46% year-on-year. The gross margin and net margin were 22.79% and 14.85%, respectively [2][5] - In Q3 2025, the company achieved a revenue of 1.499 billion yuan, a year-on-year increase of 17.16% and a quarter-on-quarter increase of 10.13%. The net profit attributable to shareholders was 241 million yuan, reflecting a year-on-year growth of 33.77% and a quarter-on-quarter growth of 17.98%. The gross margin and net margin for the quarter were 22.92% and 15.66%, respectively [2][5] Financial Performance - The company is projected to achieve net profits of 912 million yuan, 1.188 billion yuan, and 1.575 billion yuan for the years 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios at the current stock price are expected to be 33.31 times, 25.56 times, and 19.28 times [12] - The total revenue is forecasted to grow from 5.022 billion yuan in 2024 to 9.966 billion yuan in 2027, with a gross profit margin expected to increase from 23% to 25% over the same period [18] Strategic Developments - The company is investing 1.5 billion yuan to build a new generation PCB manufacturing base, focusing on chip-embedded PCB packaging technology, which has significant applications in various high-tech fields [12] - The company is actively embracing AI applications and expanding into emerging technology sectors, including humanoid robots, low-altitude aircraft, and AI smart glasses, establishing partnerships with leading companies in these fields [12]

Core Insights - The company reported significant growth in revenue and net profit for Q1-Q3 2025, with total revenue reaching 5.032 billion yuan, a year-on-year increase of 19.95%, and net profit attributable to shareholders at 769 million yuan, up 23.23% [1] - In Q3 2025 alone, the company achieved a record revenue of 1.808 billion yuan, representing a 20.21% year-on-year increase, and a net profit of 283 million yuan, which is a 10.60% increase compared to the same period last year [1] - The company demonstrated strong operational capabilities by effectively managing cost pressures, with Q3 revenue and profit reaching historical highs [1] Financial Performance - The company achieved a gross profit of 1.849 billion yuan for Q1-Q3 2025, reflecting an 18.12% year-on-year increase, and a gross profit of 666 million yuan for Q3, which is a 16.77% increase [2] - The growth in gross profit is attributed to the expansion of operational scale, improved production efficiency, and enhanced processes [2] Business Segments - The company’s revenue from various business segments for Q1-Q3 2025 includes signal processing at 1.819 billion yuan (up 9.48%), power management at 1.763 billion yuan (up 24.41%), automotive electronics at 1.054 billion yuan (up 36.10%), and ceramics, PCB, and other businesses at 397 million yuan (up 15.72%) [1] - The data center business is experiencing rapid growth, driven by the increasing demand for modular inductive solutions in the ASIC, CPU, and GPU power supply segments [2] - The automotive electronics segment has expanded its product offerings to cover electric vehicle systems and intelligent driving applications, with significant recognition from major industry clients [2] Investment Outlook - The company is projected to achieve revenues of 7.249 billion yuan, 8.795 billion yuan, and 10.413 billion yuan for the years 2025 to 2027, with net profits of 1.071 billion yuan, 1.370 billion yuan, and 1.673 billion yuan respectively [3] - A PE valuation method suggests a target price of 50.46 yuan per share for 2025, maintaining a "Buy-A" investment rating due to the company's strong customer resources and accelerated growth in data center and automotive electronics businesses [3]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 50.46 CNY per share, maintaining the rating [5]. Core Views - The company achieved record high revenues and profits in Q3 2025, driven by growth in traditional markets and emerging sectors such as AI applications, automotive electronics, and data centers [2][3]. - The data center business is expected to continue benefiting from the rapid application of domestic computing power models and increasing demand for various modular inductive solutions from overseas clients [3]. - The automotive electronics segment has expanded its product line to cover electric vehicle systems and intelligent driving applications, positioning the company for sustained growth in this area [3]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company reported revenues of 5.032 billion CNY, a year-on-year increase of 19.95%, and a net profit of 769 million CNY, up 23.23% [1]. - In Q3 2025 alone, revenues reached 1.808 billion CNY, marking a 20.21% year-on-year increase, while net profit was 283 million CNY, a 10.60% increase [1][2]. Business Segments - Revenue breakdown for Q1-Q3 2025 includes signal processing at 1.819 billion CNY (up 9.48%), power management at 1.763 billion CNY (up 24.41%), automotive electronics at 1.054 billion CNY (up 36.10%), and other businesses at 397 million CNY (up 15.72%) [2]. - The gross profit for Q1-Q3 2025 was 1.849 billion CNY, reflecting an 18.12% year-on-year growth, with Q3 gross profit at 666 million CNY, up 16.77% [2]. Future Projections - Revenue projections for 2025-2027 are 7.249 billion CNY, 8.795 billion CNY, and 10.413 billion CNY, respectively, with net profits expected to be 1.071 billion CNY, 1.370 billion CNY, and 1.673 billion CNY [9][11]. - The company is valued at a PE ratio of 38 times for 2025, reflecting its strong customer base and accelerated growth in data center and automotive electronics businesses [9].