证券研究报告 传媒 行业定期报告 hyzqdatemark 2026 年 01 月 11 日 证券分析师 陈良栋 SAC：S1350524100003 chenliangdong@huayuanstock.com 陈逸凡 SAC：S1350525040003 chenyifan@huayuanstock.com 周政宇 SAC：S1350525050006 zhouzhengyu@huayuanstock.com 许孟婕 SAC：S1350525120004 xumengjie@huayuanstock.com 魏桢 weizhen@huayuanstock.com 板块表现： AI 应用仍是核心，重视 AI 营销 GEO 模式 投资评级： 看好（维持） ——传媒互联网行业周报（2026.1.5-2026.1.11） 投资要点： 电影/电视剧方向：《飞驰人生 3》正式定档 2026 年春节，或将随着春节档演绎。 我们建议关注相关电影出品/发行方以及院线公司：包括中国电影、猫眼娱乐、大麦 娱乐、上海电影、幸福蓝海、横店影视、金逸影视等。同时，电视剧行业方面，国 家广播电视总局印发实施《进一步丰富电视大屏内容 促 ...

- The report does not contain any quantitative models or factors for analysis[1][2][3]

证券日报网讯1月7日，新媒股份（300770）在互动平台回答投资者提问时表示，截至2025年12月31日， 公司股东总户数为24454户。 ...

晨会 2026 年 01 月 05 日 hyzqdatemark 华源晨会精粹 20260105 投资要点： 固定收益 长端收益率走高，利差大多小幅收窄——信用分析周报：本周不同行业不 同评级的信用利差较上周波动幅度均不超过 5BP，且大多有所压缩。城投债方面， 本周不同期限的城投信用利差较上周有 1-2BP 的压缩幅度。产业债方面，本周产业 债信用利差 1Y 短端大幅压缩，10Y 长端小幅走扩。银行资本债方面，本周银行二永 债 5Y 以内利差明显压缩，5Y 以上长端利差小幅走扩。2026 年对于不同信用品种或 应采取分化配置策略：城投债建议以短久期做底仓，选择优质主体或优质转型主体 拉久期以增厚收益；产业债建议以优质央国企产业债打底仓，同时关注存在边际改 善的行业或领域的修复机会；对于二级资本债，2020 年初以来，5Y 国股二级资本 债收益率以全国性银行 3、5 年定期存款平均利率为中枢。债基持有 5Y 资本债较多， 使得其利差受债基行为影响较显著。2025 年下半年，由于主动纯债基金规模大幅下 降，使得 5Y 资本债相较于普通金融债的利差明显走阔。当前，5Y 国股资本债收益 率显著高于普通金融债，我们建 ...

Automotive Industry - The 2026 strategy focuses on new growth directions such as robotics, AI liquid cooling, and National VI emissions standards, emphasizing a shift from breadth to depth in the robotics sector, targeting companies with strong certainty in market share and benefiting from new technological changes [6][7] - The AI liquid cooling market is projected to grow from billions to hundreds of billions, with significant opportunities for companies in the Pearl River Delta and Yangtze River Delta regions that can capture orders from Taiwanese manufacturers [7] - The National VI emissions standards are expected to create a market space exceeding 200 billion yuan from 2027 to 2030, with a focus on leading companies with strong technological capabilities in the after-treatment sector [8][9] Media and Entertainment Industry - The upcoming holiday season is anticipated to boost daily active users (DAU) and revenue for major products like "Delta Action" and "Supernatural Action Group," with a consensus forming around this expectation [10][11] - New product launches and updates in the gaming and film sectors are expected to create trading opportunities, with recommendations for companies like Tencent Holdings and Giant Network, which have significant growth potential [10][12] - The film "Fast Life 3" is scheduled for release during the 2026 Spring Festival, and "Chinese Tales 2" will be exclusively available on Bilibili starting New Year's Day, indicating strong content updates in the industry [11] Precious Metals - Gold and silver prices have been rising, driven by factors such as potential changes in U.S. Federal Reserve leadership and strong economic performance, with gold prices expected to continue rising due to supportive monetary policies [20][21][23] - The gold price reached 4,449.40 USD per ounce, while silver rose to 69.74 USD per ounce, indicating strong upward momentum in the precious metals market [20][21] - The ongoing demand for gold is supported by central banks increasing their reserves, with China's gold reserves reaching 74.12 million ounces by the end of November 2025 [24] Non-Ferrous Metals - Copper prices have surged to historical highs, with LME copper exceeding 12,000 USD per ton, driven by supply constraints and potential strikes in Chilean copper mines [25][26] - The supply-demand balance for copper is shifting towards a shortage due to insufficient capital expenditure in mining and frequent supply disruptions, suggesting a bullish outlook for copper prices [25][26] - Lithium demand remains strong, with lithium carbonate prices rising significantly, indicating a favorable market environment for lithium-related companies [27][28] North Exchange - The North Exchange is expected to have 26 companies listed by the end of 2025, with a notable average first-day gain of 348% for new stocks, highlighting a vibrant market for new listings [31][32] - The exchange is in a phase of high-quality expansion, with a focus on companies that possess scarcity and high barriers to entry, suggesting potential investment opportunities in these firms [31][32]

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：天风研究 刘欣，天风研究总经理助理、TMT行业研究组副组长兼传媒互联网及海外研究首席分析师。曾先后在 中金公司、海通证券、民生证券从事TMT行业研究，在华创证券（2020–2025）任传媒互联网首席分析 师。长期聚焦传媒与互联网领域，形成兼具趋势研判与公司分析的系统方法论，研究实力屡获业界权威 认可：多次跻身新财富、水晶球、新浪金麒麟、上证报、金牛奖、21世纪金牌分析师等评选前列，并在 2025年带领团队荣获证券时报新财富杂志最佳分析师传播与文化类第五名，21世纪金牌分析师第三名。 研究座右铭：珍惜行情。 作为2015年入行看传媒的分析师，彼时不少人都称我幸运，毕竟这一赛道正值传媒互联网牛市的黄金 期，是无数应届生挤破脑袋争抢的香饽饽。可入行后，等待我的却是长达七年的行业寒冬，我亲身经历 了传媒指数连续13个季度负涨幅、无一次季度反弹的持续低迷，也熬过长年稳居A股全行业年度涨跌幅 倒数前三的落寞处境。 但行业低谷从不是懈怠的理由，反而更需要自己沉下心深耕基本面，复盘行业周期规律，扎扎实实锤炼 研究基本功，慢慢凝练出"敏于捕捉、珍惜 ...

Group 1: Media and Internet Industry Strategy - The core viewpoint emphasizes the dual driving forces of AI and IP in the media sector, suggesting a focus on AI applications in various fields such as AI comics, games, marketing, education, and publishing [4][5] - AI comics are expected to enhance production efficiency by over 300% while reducing costs by more than 90%, supported by favorable platform policies [4] - The investment value of the IP industry is highlighted, with a shift from functional satisfaction to emotional resonance in consumer markets, indicating strong demand for domestic cultural products [5] Group 2: Beverage Industry Strategy - The energy drink market in China is projected to reach 62.785 billion yuan in 2025, with a year-on-year growth of 4.3%, driven by stable demand and competitive pricing strategies [14] - The industry is experiencing a shift towards health-oriented products, with 67.87% of consumers expressing a need for reduced sugar intake, prompting companies to innovate with sugar-free options [16] - The main raw materials, taurine and white sugar, are expected to maintain low prices due to oversupply and changing consumption patterns [15][16] Group 3: Agriculture and Fisheries Industry Strategy - The agricultural sector is facing challenges due to declining demand and efficiency improvements, with a lack of price imagination leading to a prolonged period of low prices [17] - The report suggests that the demand for agricultural products will gradually increase due to rising disposable incomes and government initiatives aimed at boosting consumption [18] - The pet industry is transitioning from high-speed growth to high-quality development, with increased competition and a focus on companies that excel in R&D and supply chain management [18]

晨会 hyzqdatemark 2025 年 12 月 15 日 投资要点： 证券研究报告 源引金融活水 润泽中华大地 重点企业，包括凯大催化、利通科技等。本周北交所科技成长股股价涨跌幅中值 +1.70%。 风险提示：宏观经济环境变动风险、市场竞争风险、资料统计误差风险 公用环保 BEST 项目招投标密集公示 关注核聚变供应链发展——大能源行业 2025 年第 50 周周报：2025 年四季度以来，核聚变领域国内重点项目——合肥 BEST 项 目招标规模放量明显：2025Q4 至今单季度招标规模达到约 26.2 亿元，较 2025Q3 招标规模约 6.2 亿元、2025Q2 中标规模 0.52 亿元、2025Q1 中标规模 2.63 亿元等 数据明显放量。招标类型方面，低温系统、磁体电源、ECRH 回旋管、超导线等招 标规模占据较大比重。随着本周（12 月 8 日-12 日）聚变新能发布 11 月多项较大 规模招标项目中标候选人公示，资本市场对核聚变关注度进一步上升。我们认为， 在2027年建成这一目标下，当前合肥BEST项目正逐渐迎来招投标及建设加速阶段， 后续招标规模有望进一步放大。随着中标结果发布，核聚 ...

Group 1: Investment Opportunities in A-Share Index Adjustment - The upcoming December index adjustment is expected to create significant investment opportunities, particularly for stocks with a positive impact coefficient above 2, such as Tapa Group, Jiangzhong Pharmaceutical, and Zhengbang Technology [3][4] - The report highlights the importance of focusing on stocks that are newly added to major indices, with particular attention to Guangqi Technology and Zhongtian Technology, which are expected to experience substantial liquidity changes [4] - The passive fund outflows from stocks like Zhongji Xuchuang and Xinyi Sheng are projected to be limited due to their strong liquidity, despite their weights being reduced in various indices [4][5] Group 2: Animation and Film Industry Insights - The film industry is experiencing a recovery, with total box office revenue expected to exceed 50 billion yuan, driven by high-quality imported films and a resurgence in audience engagement [6][7] - The market is shifting towards high-quality content, with a notable increase in the contribution of narrative films to box office performance, indicating a growing demand for deep content [7] - Regulatory policies are expected to support the film industry, with initiatives aimed at expanding the understanding of mainstream themes and enhancing the supply of animated films and imported content [7][8] Group 3: Public REITs Market Development - The introduction of commercial real estate REITs marks a significant shift in China's public REITs market, moving from a focus solely on infrastructure to a dual focus on infrastructure and commercial real estate [8][9] - The potential market size for commercial real estate REITs is estimated to be between 800 billion and 1.5 trillion yuan, indicating a substantial opportunity for asset securitization in the commercial property sector [9][10] - The development of commercial real estate REITs is expected to enhance the liquidity and operational efficiency of the real estate market, addressing long-standing challenges in asset management [10][11]

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [5][44]. Core Views - The report highlights a positive outlook on AI application opportunities, particularly in gaming and content creation, while also noting a potential policy shift that could benefit the industry [4][40]. - The media sector has shown resilience, outperforming major indices despite a recent decline [1][13]. Summary by Sections Industry Performance - The media industry experienced a decline of 3.40% during the week of November 17-23, outperforming the CSI 300 index, which fell by 5.28%, and the ChiNext index, which dropped by 8.80% [1][13]. - Notable gainers included XuanYa International and YiDian TianXia, while major decliners were SanWei Communication and XiangYuan WenLv [1][13]. Key Developments - Google launched the Nano Banana Pro, enhancing AI capabilities with features like 4K resolution and multi-object fusion [2][18]. - Ant Group's Lingguang app achieved over 1 million downloads within four days, indicating strong market interest [2][19]. - Alibaba's Qianwen app has entered public testing, aiming to compete with ChatGPT [2][19]. Box Office and Content Trends - The box office for the week totaled 437 million yuan, with "Demon Slayer: Infinity Castle Chapter" leading at 182 million yuan, accounting for 41.7% of the total [3][20]. - Popular TV shows included "Now Just Depart Season 3" and "The Voice of China Season 9" [28][29]. Investment Recommendations - The report suggests focusing on the gaming sector and IP trends, recommending companies like Giant Network and Kayi Network [4][40]. - It emphasizes the importance of AI applications in various fields, including animation and marketing, and suggests companies like Bilibili and Mango TV for potential investment [4][40]. Company Earnings Forecasts - Key companies such as Kayi Network and FenZhong Media are rated as "Outperform the Market," with projected earnings per share (EPS) showing growth [5][42].