2026年03月03日 证券研究报告 | 传媒行业人工智能系列 从A I P a n i c到A I H A L O，如何看传媒互联网的投资范式转换 行业研究 · 行业快评 传媒 · 传媒 投资评级：优于大市（维持评级） 证券分析师：张衡 证券分析师：陈瑶蓉 021-60875160 021-61761058 zhangheng2@guosen.com.cn chenyaorong@guosen.com.cn S0980517060002 S0980523100001 请务必阅读正文之后的免责声明及其项下所有内容 何谓 AI HALO ➢HALO：Heavy Assets, Low Obsolescence（重资产、低淘汰/低过时性）； ➢随着 AI 模型（如最近的 Anthropic 插件、OpenClaw以及大模型迭代）开始展现出"吞噬"软件和中介服务的能力，市场开始重新寻找那些"AI 无法通过代码复制"的护城 图：Anthropic 图：OpenClaw 资料来源：Anthropic，国信证券经济研究所整理 资料来源：OpenClaw，国信证券经济研究所整理 请务必阅读正文之后的免责声明及其项下所有内容 ...

传媒互联网周报 优于大市 DeepSeek V4 将发布，持续看好 AI 应用 行业下跌 4.44%，跑输沪深 300，跑输创业板指。本周（2.24-2.27）传媒行 业下跌 4.44%，跑输沪深 300（1.08%），跑输创业板指（1.05%）。其中涨 幅靠前的分别为中信出版、友车科技、ST 华闻、中体产业等，跌幅靠前的分 别为博纳影业、光线传媒、横店影视、幸福蓝海等。横向比较来看，本周传 媒板块在所有板块中涨跌幅排名第 29 位。 谷歌 Nano Banana2 上线，DeepSeek V4 将在下周发布。1）Nano Banana 2 图像生成模型正式上线，带来 2K 默认分辨率和文字渲染能力的大幅提升；2） 2 月 28 日报道，深度求索（DeepSeek）将于下周发布全新多模态大语言模型 V4，是继 2025 年 1 月 R1 推理模型发布后的首次重大更新；3）OpenAI 与亚 马逊达成多年期深度合作，根据协议，亚马逊将向 OpenAI 投资 500 亿美元， 首期投入 150 亿美元，未来还将根据特定条件追加 350 亿美元。亚马逊将在 云计算、数据存储方面为 OpenAI 提供坚实的技术支持， ...

2026年03月03日 证券研究报告 | 传媒行业人工智能系列 从A I P a n i c到A I H A L O，如何看传媒互联网的投资范式转换 行业研究 · 行业快评 传媒 · 传媒 投资评级：优于大市（维持评级） 证券分析师：张衡 证券分析师：陈瑶蓉 021-60875160 021-61761058 zhangheng2@guosen.com.cn chenyaorong@guosen.com.cn S0980517060002 S0980523100001 请务必阅读正文之后的免责声明及其项下所有内容 何谓 AI HALO ➢HALO：Heavy Assets, Low Obsolescence（重资产、低淘汰/低过时性）； ➢随着 AI 模型（如最近的 Anthropic 插件、OpenClaw以及大模型迭代）开始展现出"吞噬"软件和中介服务的能力，市场开始重新寻找那些"AI 无法通过代码复制"的护城 图：Anthropic 图：OpenClaw 资料来源：Anthropic，国信证券经济研究所整理 ✓ 2026 年 2 月初至今由于 AI 工具对软件行业的冲击超预期，全球软件股遭遇了一次重创（ ...

[Table_Page] 跟踪分析|传媒 证券研究报告 [Table_Title] 传媒行业 Agent 商业化拐点加速，渗透空间可观 [Table_Summary] 核心观点： | [Table_Grade] 行业评级 | 买入 | | --- | --- | | 前次评级 | 买入 | | 报告日期 | 2026-03-03 | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 021-38003665 liaozhiguo@gf.com.cn 分析师： 宾特丽亚 SAC 执证号：S0260526010003 021-38003624 binteliya@gf.com.cn 请注意，廖志国,宾特丽亚并非香港证券及期货事务监察委 员会的注册持牌人，不可在香港从事受监管活动。 -14% -1% 12% 24% 37% 50% 03/25 05/25 07/25 ...

证券研究报告·策略报告·策略深度报告 策略深度报告 20260302 3 月度金股：内外博弈与应对 2026 年 03 月 02 日 [Table_Summary] ◼ 3 月，市场将围绕内部政策窗口与外部事件冲击的双重变量展开博弈 内部政策方面，今年两会总量政策预期偏平，结构性亮点值得关注。从历 史经验看，两会行情表现取决于政策预期差，大致分为几种情形：一是政 策大年，如 16 年供给侧改革、19 年减税、21 年双碳，会中会后以上涨为 主；二是政策预期落空或意外边际收紧，如 18 年去杠杆、22 年稳增长不 及预期，市场相对承压；三是市场对总量政策预期不高，但出现显著产业 亮点，如 24 年低空经济、25 年深海科技。对于今年，更可能演绎第三种 情形：市场对总量政策的预期相对温和，博弈或有限，因此两会期间大盘 指数层面大概率维持平稳震荡；市场对于产业政策的关注度较高，特别是 "十五五"规划潜在的重点方向，若两会期间出现超预期的表述或催化， 相关主题有望获得积极反馈。 外部因素方面，美伊冲突骤然升级为市场增添新的变数。本次冲突烈度较 高，美军直接参战并部署大规模力量，中东局势进入"白热化"阶段，后 续焦点在 ...

证券研究报告 | 行业点评 | 传媒 Coding、Agent 和 AIGC 多模态三大主线，终将无惧吞噬 ——传媒互联网周观点 投资要点 传媒 报告日期：2026 年 03 月 02 日 行业评级: 看好(维持) 分析师：冯翠婷 执业证书号：S1230525010001 fengcuiting@stocke.com.cn 相关报告 1 《AI 漫剧：国内蓝海爆发， 出海潜能无限》 2026.02.24 2 《春节前后多款游戏运营数据 创新高，产品大年逻辑持续》 2026.02.23 3 《2026 年电影春节档：票房 不及预期，内容质量仍为核心》 2026.02.23 表1： 相关个股一览 | 股票代码 | 股票简称 | 概念 | 总市值 （亿元） | 1220至今涨幅 | 上周涨幅 | 上周交易额 | 周交易额占市值比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300058.SZ | 蓝色光标 | GEO | 664.19 | 116.63 | -2.63 | 294.73 | 44% | | 301171.SZ | 易点天下 | GEO ...

- The report reviews the elasticity of various industry indices since the beginning of the current bull market, highlighting that sectors like telecommunications and metal materials have not yet surpassed their previous highs from late January and early February, while indices like Wind All A and Wind All A Equal Weight have reached new highs by the end of February[7] - The report provides a detailed table showing the maximum range increase of primary industry indices from February 5, 2024, to February 27, 2026, with telecommunications business and metal materials & mining leading the gains with 218% and 217% respectively[8] - The report discusses the performance of strong stocks in February, noting that due to fewer trading days and the impact of the Spring Festival, the overall height of strong stocks was not high, and the hotspots were scattered, with rare metals entering a stage of accelerated shrinkage[11]

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet industry [5][39]. Core Insights - The media industry experienced a decline of 3.30%, underperforming both the CSI 300 index (-1.13%) and the ChiNext index (-3.28%) during the week of February 2-6 [1][11]. - Key companies that performed well include Hengdian Film, Yaowang Technology, Xinhua Dou, and Lianjian Optoelectronics, while companies like BlueFocus, Yidian Tianxia, Insai Group, and Fushi Holdings saw significant declines [1][11]. - The launch of Kling AI 3.0 by Kuaishou marks a significant advancement in AI video generation technology, enabling continuous video generation of up to 15 seconds and improving narrative consistency [2][15]. - OpenAI introduced a new Codex desktop application for macOS, enhancing developer efficiency through multi-agent parallel operations [2][16]. - Bubble Mart reported that LABUBU's global sales are expected to exceed 100 million units by 2025 [2][16]. Summary by Sections Industry Performance - The media sector's performance ranked 25th among all sectors, with a notable decline of 3.30% [1][11][12]. Key Data Tracking - The total box office for the week was 224 million yuan, with the top three films being "Zootopia 2" (46 million yuan, 20.5% market share), "Water Pipe" (30 million yuan, 13.3%), and "Killing in Hiding" (26 million yuan, 11.6%) [3][18][20]. - In the gaming sector, the top three mobile games in January 2026 were Hungry Studio's "Block Blast!", Vita Studio's "Vita Mahjong", and Oakever Games' "Tile Explorer" [3][24]. Investment Recommendations - The report suggests that the Spring Festival may continue to catalyze AI applications and commercial implementations, highlighting opportunities in the IP toy and gaming sectors [4][35]. - Specific companies recommended for investment include Giant Network, G-bits, and 37 Interactive Entertainment, focusing on those with strong product cycles and performance [4][35]. - The report emphasizes the potential for AI applications to enhance overall industry valuations, particularly in gaming and publishing sectors [35].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry, indicating expected performance above the market index by more than 10% [5][40]. Core Insights - The media industry has shown a positive trend, with a 0.32% increase, outperforming both the CSI 300 (0.08%) and the ChiNext Index (-0.09%) during the week of January 26 to January 30 [1][11]. - Key highlights include the popularity of the AI project Clawdbot, the release of the DeepSeek-OCR2 document recognition model, and the success of new products from Pop Mart [2][4][17]. - The report emphasizes the potential of AI applications and gaming IPs, suggesting a focus on AI marketing and gaming sectors for investment opportunities [4][36]. Industry Performance - The media sector ranked 9th in terms of performance among all sectors during the week, with notable gainers including Tiandi Online (51%), Hengdian Film (32%), and InSai Group (28%) [11][12]. - Conversely, companies like Giant Network and Baida Qiancheng experienced significant declines [11][12]. Key Data Tracking - The box office for the week was 257 million yuan, with top films including "Zootopia 2" (41 million yuan, 16.0% market share) and "Water Pipe" (63 million yuan, 13.8% market share) [3][19]. - In the gaming sector, the top three mobile games by revenue in December 2025 were Point Interactive's "Whiteout Survival," Lemon Micro's "Gossip Harbor: Merge & Story," and Point Interactive's "Kingshot" [26]. Investment Recommendations - The report suggests focusing on AI applications and the gaming sector for potential investment opportunities, particularly in AI marketing and gaming products that leverage AI technology [4][36]. - Specific companies recommended for investment include Giant Network, G-bits, and K-Young Network, among others [4][36].

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5] Core Insights - The media industry has shown a positive performance with a 0.96% increase, outperforming both the CSI 300 (-0.62%) and the ChiNext Index (-0.34%) during the week of January 12-16 [12][13] - Key companies that performed well include Liansheng Technology, BlueFocus Communication Group, and Tiandi Online, while companies like Liou Holdings and Visual China faced declines [12][13] - The report highlights the acceleration of AI applications and commercialization in the industry, particularly in AI marketing and content services [4][42] Summary by Sections Industry Performance - The media industry increased by 0.96%, ranking 21st among all sectors in terms of performance [12][14] - Notable gainers included Liansheng Technology (34%), BlueFocus (26%), and Tiandi Online (24%) [13] Key Developments - Alibaba's Tongyi announced the open-source Qwen3-TTS series, enhancing voice generation capabilities [2][16] - ByteDance launched a new AI Agent platform, significantly improving workplace efficiency [2][17] - OpenAI is considering a revenue-sharing model based on AI-assisted research outcomes, moving away from traditional usage-based fees [2][18] - Tencent's AI application "Yuanbao" will distribute 1 billion yuan in cash during the Spring Festival, aiming to replicate the success of WeChat red envelopes [2][37] Box Office and Entertainment Data - The box office for the week of January 19-25 reached 261 million yuan, with "Return to Silent Hill" leading at 57 million yuan [19][21] - Popular TV shows included "Little Town Big Events" and "Pride and Prejudice" [24][25] - The gaming sector saw significant revenue from titles like "Whiteout Survival" and "Gossip Harbor" [28][31] Investment Recommendations - The report suggests focusing on AI marketing and content services, with specific attention to companies like Zhejiang Wenlian and Huimai Technology [4][42] - The gaming sector is expected to benefit from a strong product cycle, with companies like Giant Network and 37 Interactive Entertainment highlighted as potential investments [4][42] - In publishing, the report recommends monitoring companies like People's Daily Online and Xinhua News for potential growth [4][42]