Core Viewpoint - The company is advancing its "IP + AI" strategy by collaborating with professional investment institutions to enhance its capabilities and resources in the AI sector [1][6]. Investment Partnership - The company’s wholly-owned subsidiary, Guangdong Aofei Animation Industry Investment Partnership, has signed a partnership agreement with Beijing Fangyuan Jinding Investment Management Co., Shenzhen Qianhai Lvsong Investment Co., and others, committing to invest 10 million yuan, which represents 45.25% of the total capital of the partnership [1][4]. Investment Focus - The partnership will focus on a single investment target, specifically equity investment in Shenzhen Xuanyuan Technology Co., which specializes in interactive robots and consumer-grade AI robots [4][5]. Financial Performance - In Q1 2025, the company reported revenue of 658 million yuan, a year-on-year increase of 1.1%, while the net profit attributable to shareholders decreased by 2.76% to 49.1 million yuan [7][8]. - For the year 2024, the company’s revenue was 2.715 billion yuan, a decrease of 0.86% compared to 2023, and it reported a net loss of 285 million yuan, a significant decline from a profit in the previous year [9][11]. Strategic Focus - The company emphasizes its core strategy of IP development, aiming to strengthen its content creation system and manage the entire lifecycle of its IPs, which include popular titles like "Super Wings" and "Pleasant Goat and Big Big Wolf" [11][12].

证券研究报告 点评报告 2025 年 5 月 20 日 第一创业证券研究所 分析师：郭强 证书编号：S1080524120001 电话：0755-23838533 邮箱：guoqiang@fcsc.com 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 5 月 19 日 10 点国家统计局公布 4 月中国宏观经济数据。 评论： 4 月工业增加值同比实际增长 6.1%，高于 WIND 预期 5.2%，较 3 月回落 1.6 个百分 点，但 1-4 月累计同比为 6.45，仍较去年全年高 0.6 个百分点；4 月社会消费品零 售总额同比名义增长 5.1%，低于 WIND 预期 5.5%，较 3 月回升落 0.8 个百分点，但 1-4 月累计同比为 4.7%，较去年全年高 1.2 个百分点；1-4 月固定资产投资累计同 比增速为 4.0%，低于 WIND 预期 4.3%，较 1-3 月回落 0.2 个百分点，但较去年高 1.0 个百分点。 其中，1-4 月制造业累计同比增速为 8.8%，较 1-3 月回落 0.3 个百分点，但较去年 低 0.4 个百分点；不含电力的基建投资累计同比增速为 5.8 ...

光线传媒：控股股东拟减持不超过1%公司股份 5月20日，光线传媒（300251）发布公告称，公司控股股东光线控股有限公司及其一致行动人王牮、王 洪田计划自2025年6月11日至9月10日，通过集中竞价和/或大宗交易方式减持公司股份不超过2923.73万 股，占剔除回购专用账户股份后公司总股本的比例不超过1%。本次减持主要是出于降低负债率、改善 财务结构及自身资金需求。 资料显示，光线传媒成立于2000年4月，主营业务是影视项目的投资、制作、发行。 所属行业：传媒–影视院线–影视动漫制作 新疆浩源：拟变更公司证券简称为"万憬能源" 康平科技：拟1.98亿元收购搜鹿电子100%股权 5月20日，康平科技（300907）发布公告称，公司计划以自有及自筹资金收购海南香橼创业投资合伙企 业（有限合伙）和江苏康平控股集团有限公司持有的上海搜鹿电子有限公司100%股权，交易价格为 1.98亿元。此次交易旨在增强公司核心竞争力，发挥协同效应。 资料显示，康平科技成立于2004年4月，主营业务是电机、电动工具整机及相关产品的研发、设计、生 产和销售。 所属行业：电力设备–电机Ⅱ–电机Ⅲ 5月20日，新疆浩源（002700）发布 ...

短剧概念股陷入调整，截至午盘下跌2.49%。其中海看股份、百纳千成、佳云科技等股跌幅超10%。其 余个股跌幅不大，且盘中波动不止，可以理解为是多空博弈的一个过程。后续走势存在不确定性，个人 选择了谨慎。 另外，医药股开盘冲高，粤万年青、太龙药业、桂林三金等涨停。房地产板块震荡走强，金科股份、大 龙地产涨停。消费电子概念股表现活跃，惠威科技、实益达等涨停。 深圳国资概念迎来调整，其中深水规院、深城交跌幅居前。从目前走势来看，超出了预期，荣耀借壳上 市被澄清后，早盘市场竟然没有出现明显回吐，希望不是机构为了下车而有意为之。对于散户，个人理 解，需要合理调整预期。 汽车产业链早盘强势拉升，汽车整车、汽车零部件、汽车服务等板块涨幅居前，其中华阳变速、福赛科 技、恒帅股份、长安汽车等超10股涨停。消息面：长安和华为联合发布的阿维塔12预订量卓越，上市12 小时大定突破5000+，上市36小时大定突破6700+，上市72小时累计大定11128，订单均价超过35万。 早盘市场波动加剧，冲高回落后再度探底回升，截至午盘，上证指数收涨0.17%、深证成指收涨 0.28%、创业板指下跌0.07%。盘面上汽车产业链、医药股、房地产 ...

新开河像一缕碧带，穿过车水马龙的道路、熙熙攘攘的街市。清晨6点，胡福庆穿上红马甲，拿起捞 竿、夹子，跨上自行车，到离家1公里外的新开河巡河。 沿着小道，胡福庆走在前，徐家埠社区工作人员朱一俊跟在后。夹子深入过膝的草丛，夹起纸巾、饮料 瓶；捞竿探向水面，捞起打着旋儿的枯枝叶。 胡福庆向朱一俊讲起要诀："巡河有10多项内容，先看水，看有没有垃圾，颜色有啥不对劲；再探水， 探那些藏在犄角旮旯里的排水口；最后是取水，测水样的氨氮、总磷等。" 取水工具是胡福庆的"土"发明。一根鱼竿改成捞竿，一头是网兜，另一头是取水器——一个粘着白色塑 料片的矿泉水瓶。"把捞竿插入水中，等白色塑料片隐约可见，就可以提出水面。"掏出卷尺，胡福庆顺 着竿上的水痕量起来，"今天河水透明度是86厘米，符合'水清'的标准。" 钱塘潮涌，运河悠悠。江河之间，一张水网，勾勒城市肌理。 新开河穿过浙江杭州上城区望江街道，汇入大运河。已有50多年党龄的老党员胡福庆，是这条河的民间 河长。从2015年开始，10年风雨无阻，胡福庆攒下21本3700多篇巡河日记，巡河里程上万公里，为家门 口的河流写下70多万字的新时代绿色编年史。 从一条河到一片景—— 21本 ...

"我乃哪吒三太子，率性洒脱爱作诗，勇于改变心无畏，无限可能正当时。"2025年5月18日，在成都高 新区交子大道的裸眼3D大屏上，"哪吒"攀上窗口探出脑袋，同过往行人热情打招呼，并发出邀请："成 都与你一起创未来"。憨态可掬的"哪吒"形象吸引市民游客纷纷拍照打卡。 今年春天，《哪吒之魔童闹海》（《哪吒2》）火爆大银幕，截至目前，排名全球影史票房第5。《哪 吒》系列电影正是诞生于成都高新区，这里数字文创产业强劲发展，以一杯咖啡的距离串联起影视动漫 上下游产业链，诞生了"哪吒""王者荣耀"等多个数字文创现象级IP。 作为全国首批国家级高新区、西部首个国家自主创新示范区，近年来，成都高新区文化、科技与产业同 频共振、蓬勃发展，综合实力长期位居国家高新区第一方阵；2024年，地区生产总值突破3400亿元，正 朝着"世界一流高科技产业园区"目标阔步前行。 优势产业火力全开 加快构建现代化产业体系 《哪吒》主创人员曾说："成都的包容性与文化底蕴为创作提供了灵感，而政府搭建的产业生态，让技 术落地成为可能。" 作为成都经济发展主引擎，成都高新区深入开展"立园满园"行动，围绕电子信息、医药健康和数字经济 等3大优势产业，形成 ...

Core Insights - The article highlights the success of the animated film "Nezha 2," which has surpassed a global box office of 15.8 billion yuan, making it the fifth highest-grossing film worldwide [3] - Chengdu's digital cultural and creative industry is thriving, with the Tianfu Changdao Digital Cultural Park serving as a hub for animation and related enterprises, fostering a complete industry chain [6][7] - Chengdu's sci-fi industry has also seen significant growth, with total revenue reaching 23.52 billion yuan in 2023, a year-on-year increase of 17.49% [8] - The city is positioning itself as a center for various emerging industries, including artificial intelligence, aerospace, and biomedicine, aiming to build a modern industrial system [11][14] Group 1: Film and Animation Industry - "Nezha 2" has become a cultural phenomenon, attracting tourists and fans to Chengdu, where it was produced [2][6] - The Tianfu Changdao Digital Cultural Park has attracted over 60 companies, creating a collaborative environment that enhances production efficiency [7] - The success of "Nezha 2" is attributed to the geographical concentration of key production companies within close proximity, facilitating effective communication and collaboration [7] Group 2: Sci-Fi and Cultural Industries - Chengdu's sci-fi industry is rapidly developing, with nearly 70 new institutions established in the past year, generating approximately 5 billion yuan in output [8] - The city has launched a three-year action plan to promote high-quality development in the sci-fi industry, indicating a strategic focus on this sector [8] - The integration of "sci-fi" with other cultural sectors, such as film and gaming, is creating new opportunities and projects [8] Group 3: Emerging Industries and Talent - Chengdu is actively developing new industries, including AI and robotics, with over 1,000 AI companies and a market size exceeding 100 billion yuan [14] - The city has implemented various initiatives to support the growth of its industrial ecosystem, including a 13 billion yuan special fund for industry development [14][15] - Chengdu's talent pool has reached 6.69 million, ranking fourth nationally, supported by a robust educational infrastructure [17]

5月17日，"成都高新造"游戏《明末：渊虚之羽》（以下简称"《明末》"）试玩会活动在成都高新区中 国—欧洲中心举行。该游戏由成都灵泽科技有限公司打造，充分挖掘四川本土文化，运用数字扫描技术 将绵阳市报恩寺、资阳市安岳毗卢洞、阿坝州桃坪羌寨等文化和自然非物质文化遗产融入游戏之中。 作为专业特色产业园区的代表，成都高新区天府长岛数字文创园聚焦动漫影视、游戏电竞等赛道，引入 和培育可可豆、墨境天合、千鸟动画等动漫影视企业，完美天智游、AG电竞等游戏电竞企业，入驻企 业64家，聚集从业人员6000名，以"一杯咖啡的距离"串联起产业链上下游。 同时，成都高新区坚持以政策为引导，持续健全数字文创产业体系和市场体系，如出台了《成都高新技 术产业开发区加快数字经济产业重点领域高质量发展若干政策》，针对游戏研发及赛事转化、游戏出海 发行、举办顶尖电竞赛事、电竞俱乐部加快发展等，可给予最高500万元扶持，进一步促进游戏电竞等 数字文创产业发展；并引入四川游戏创新发展中心、咪咕科创平台等创新平台，为成都高新区数字文创 产业的发展提供了政策保障和技术支持，推动了产业链上下游企业的聚集协作。 成都高新区天府长岛数字文创园 图片来源：成 ...

Group 1: Financial Performance - The company's net profit for 2024 saw a significant decline of 404.66%, primarily due to impairment losses on goodwill and long-term equity investments [4][10] - The adjusted net profit, excluding non-operating impairment losses, showed stable profitability in core business operations [10] - The company's non-recurring net profit for 2024 was -287 million CNY, representing a year-over-year decline of 610.72% [9][10] Group 2: Revenue Insights - The revenue from toy sales decreased significantly, largely impacted by the preschool toy "Super Wings" [2][3] - The company's animation and television media revenue growth rates were 13.54% and -87.84%, respectively, with the decline in television media attributed to the divestment of a subsidiary [10] Group 3: Strategic Initiatives - The company is actively expanding its production capacity in Thailand to mitigate the impact of U.S. tariffs on its supply chain [2] - In the潮玩 (trendy toys) sector, the company collaborates with major brands like MiHoYo and Tencent, with this segment currently contributing less than 10% to overall revenue [5] - The company is leveraging AI technology in its products, with a noticeable increase in demand for AI toy products compared to the previous year [6] Group 4: Market Position and Future Plans - The company aims to enhance its market competitiveness in the潮玩 sector by expanding product categories and improving product playability [5] - The company is committed to integrating traditional cultural elements into its IP content creation, focusing on storytelling that reflects Chinese heritage [5] - The company is embracing live streaming and short video marketing strategies to boost brand exposure and e-commerce conversion [8]

（原标题：和讯投顾罗秀军：这些板块崛起有望带领指数攻破3400，这个方向值得关注） 3亿股民一起见证这些板块的崛起，有望带领指数攻破3400的大级别行情已到来。和讯投顾罗秀军分析，别看今日盘面如此混乱，但真正值得留意 的板块道长已经通过三小时高强度复盘，为道友们整理出来，如果你错过了君君无惧异动压制的成飞，丽君这趟列车又在昨日化工板块红墙忠义 处于低位的时候未能敢于出手，那么接下来道长说的方向你一定要打起12分精神，因为这不仅是关乎你下周钱袋子的大小，也为处于其他板块的 道友们点亮明灯，说明这些新板块的同时，道长也会根据盘面分析老板块的预期，以及需要锚定的核心股新粉点个关注，老粉点个收藏，我们一 起跟随盘面预测未来。 先来说说高位抱团的化工，化工在今日依旧得到了资金的加强。在昨日中意冲高回落的负反馈影响下，今日理应竞价水下低开，但水上高开并未 破均线，高举高打，最终涨停，带动红宝三峡红强走强。说明目前化工的锚定重点就在首次带领化工上攻，并且沿5日均线上涨走三波的中意。这 里我们需要注意的是走二波三波的票不能高位开一字走加速。像24年的大众，23年的圣龙最终都是死在开一字上，这是历史血淋淋的腰斩经验， 那既然确 ...