证券研究报告 晨会 hyzqdatemark 2025 年 11 月 03 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年11月03日 华源晨会精粹 20251103 固定收益 制造业 PMI 回落明显，债市处于顺风期——利率周报：中美经贸谈判进展 与美联储降息内外联动，叠加公募基金新规（征求意见稿）出炉，多维度影响经济 与市场。中美取消部分关税、暂停管制及解决 TikTok 问题，缓解出口压力，稳定外 贸并刺激制造业投资，或支撑 Q4 经济。美联储 10 月末降息 25BP 并将于 12 月结 束缩表，或缓解全球流动性压力，可能收窄中美利差并吸引外资回流，或为国内货 币政策释放更大操作空间。公募基金新规推动业绩比较基准规范管理，优化信息披 露等机制，可能主要影响主动权益基金，或使机构提升投研及风控能力，头部机构 优势或持续凸显，中小机构产品或需差异化发展。国债收益率多数下行，10 月 31 日估算的中长期利率/信用债基久期中位数分别约 4.4 年/2.2 年，较上周（10 月 24 日）分别+0.1/-0.3 年左右。当前债市配置价值突出，债券收益率或震荡下行。 风险提示：增量政策落地，或导 ...

[Table_Main] 公司研究|信息技术|软件与服务 证券研究报告 完美世界(002624)公司点评报告 2025 年 11 月 3 日 分业务看，前三季度游戏业务实现收入 44.75 亿元，同比+15.64%，实现归 母净利润 7.17 亿元，业务毛利率提升至 69.29%。24 年底上线的《诛仙世 界》端游与 25 年 8 月公测的《诛仙 2》带来收入增量；《女神异闻录：夜幕 魅影》25 年 6 月底至 7 月初登陆日本、欧美、东南亚等市场，在海外市场 认可度高；电竞业务流水延续增长趋势，收入同比增加。新游方面，重点储 备产品《异环》已于 7 月完成国内二测与海外首测，新一轮测试正在积极筹 备中。影视业务上，前三季度实现收入 9.18 亿元，同比+432.90%，归母净 利润 3173.43 万元，主要由于 25 年多部影视作品播出并确认收入，公司影 视业务聚焦"提质减量"策略，深耕精品长剧的同时，立足在短剧赛道的探 索积累，在短剧赛道上稳步开拓新可能。 [Table_Title] 三季度业绩亮眼，关注《异环》项目进展 ——完美世界（002624）2025 年三季报点评 [Table_Summary] ...

Investment Rating - The industry rating is "Outperform the Market" indicating that the overall return of the industry is expected to exceed the market benchmark index by more than 5% in the next 6 months [15]. Core Insights - The AI comic industry is experiencing explosive growth driven by technological advancements, with AI tools significantly enhancing production efficiency and reducing costs [2][3]. - Traditional production methods for dynamic comics take approximately 90 days, but with AI integration, this can be reduced to 10-13 days, achieving nearly a 90% reduction in production time [3]. - The cost per AI comic episode is currently between 100,000 to 300,000 yuan, with expectations for further decreases as technology matures [3]. - Companies like Bilibili are leveraging their existing anime ecosystem and AI tools to increase content production efficiency, thereby enhancing user engagement [4]. - Bilibili's game division is also thriving, with significant sales figures reported for their new game releases [4]. - Yuewen Group is actively entering the AI comic space, launching initiatives to support creators and enhance content quality, which is seen as a competitive advantage [5]. - The report highlights that high-quality content is becoming a scarce resource due to increasing content homogenization, making Yuewen's extensive IP library a valuable asset [5]. Summary by Sections Industry Overview - The AI comic industry, also known as animated micro-dramas, is categorized into three types: AIGC micro-dramas, dynamic comics, and humorous comics [2]. Company Analysis - Bilibili has established a robust anime ecosystem and is enhancing content production through AI, which is expected to increase user retention [4]. - Yuewen Group is focusing on the comic business by launching a creator partnership program and a special fund to support high-quality content development [5]. Market Dynamics - The report notes that the number of new comic releases on platforms like Douyin has surged, leading to potential audience fatigue due to content similarity [5].