Group 1 - The conference in Nansha focused on high-quality development of the cultural industry, signing over 50 key projects and enterprises, and awarding 8 district-level cultural industry parks [1][2] - The event emphasized the integration of culture and tourism, technological empowerment, and the linkage of cultural and sports activities, covering various fields such as coastal resorts, digital commerce, and performance events [1][2] - Participation from Hong Kong and Macau enterprises was a notable highlight, with several institutions signing agreements to deepen cultural industry collaboration in the Greater Bay Area [1][2] Group 2 - More than 10 cultural and related enterprises settled in Nansha during the event, promoting the integration of digital economy and cultural tourism projects [2] - The Guangzhou Municipal Bureau of Culture and Tourism introduced policies to support the film and television industry, including funding, talent cultivation, and platform development [2] - Nansha's tax authority explained tax incentives for cultural tourism enterprises, offering "tax reduction and precise guidance" services [2] Group 3 - Eight district-level cultural industry parks were awarded, each with unique characteristics, covering various sectors such as cultural creation, technology, film, animation, and the integration of culture and tourism [3] - The parks aim to create a full industry chain support system from incubation to consumption, with facilities to reduce initial operational costs for enterprises [3] - A collaboration plan was announced between Nansha, a state-owned enterprise, and Tencent Interactive Entertainment to develop digital entertainment sectors in Nansha [3] Group 4 - The establishment of the Marine Cultural Tourism Industry Education Alliance aims to focus on coastal tourism, cruise economy, and marine experiences, creating new products and projects in marine cultural tourism [4] - The alliance will provide comprehensive solutions for Bay Area cultural tourism enterprises to expand internationally, supporting regional economic development [4]

国庆中秋叠加的8天"双节"假期，交通运输部及铁路、民航等部门预计多项出行指标将创"历史之最"， 同时出游人数将同比大幅增长，旅游和消费将全面进入高峰期，"超级黄金周"即将到来。 其中，作为热门旅游目的地和客源地的北京，据华北空管局预计，"双节"期间，首都机场、大兴机场预 计进出港航班17376架次，同比增长1.2%。而"顶流"北京也备好迎客"大餐"，各大商圈"首发、首秀、首 店"齐发力，餐饮企业集中推新，演出市场火力全开。 赏美景 40余处小而美赏秋花境 "双节"期间，北京市文旅局将推出2400余场特色文旅活动，全方位满足市民游客的假期需求。其中，北 京市属公园推出百余场游园活动，丰富市民游客的游园体验。 据了解，香山公园、国家植物园（北园）、玉渊潭公园等市属公园及中国园林博物馆将联动推出100余 场游园活动，打造音乐演出、科普研学、文创市集、晚间游览等多元化场景。 金秋时节，在公园里漫步、赏花，也是不少市民游客在假期里的必打卡项目。秋分一过，绚烂的秋色已 遍布京城古典名园。北京桂花文化节、国家植物园第4届菊花展、陶然亭公园第三届菊花文化节、中山 公园花期控制传统花卉精品展及兰花精品展等如期启幕。此前，北京市 ...

市场对此反应冷淡，截至发稿、奈飞(NFLX.US)涨0.8%，Warner Bros. Discovery(WBD.US)跌0.74%，迪 士尼(DIS.US)涨0.7%。 智通财经APP获悉，周一，美国总统特朗普在社交媒体上宣布，将通过两项广泛但细节模糊的计划，对 进口电影及家具征收新关税，以振兴美国本土相关产业。 目前，特朗普政府尚未回应关于新关税实施细节的置评请求。上周，特朗普已宣布自周三起对软包家具 征收30%关税，并对厨房橱柜和浴室洗手台征收50%进口税。分析人士表示，这些举措虽旨在提振美国 本土制造业，但也为特朗普的关税政策增加了更多不确定性。 特朗普表示，将对"不在美国制造家具的任何国家"征收大额关税，并称此举旨在让已将家具产业拱手让 给其他国家的北卡罗来纳州"再次伟大"。然而，外界质疑该表述的可行性，因为关税通常针对具体进口 商品征收，而非直接针对国家。 此外，特朗普还重申了对"所有在美国以外制作的电影"征收100%关税的威胁，并称美国电影产业正被 外国"掠夺"，加州尤为受创，但未披露具体实施细节。分析人士指出，电影制作涉及全球化运作，拍摄 和后期制作往往分布在多个国家，征收标准难以界定。 ...

Investment Rating - The report maintains an "Outperform" rating for the media sector [1] Core Viewpoints - The media sector has shown significant performance with favorable policies and AI-driven growth, particularly in the gaming segment [1][4] - The gaming sector is experiencing robust growth, with a year-on-year revenue increase of nearly 24% and net profit growth of approximately 75% [4][13] - The report highlights a divergence in performance among sub-sectors, with gaming showing strong growth while publishing and film sectors face challenges [4][12] Summary by Sections Investment Recommendations - The media sector's H1 2025 report indicates record-high revenue and significant profit growth, with a positive outlook on gaming, publishing, and IP derivative products [4][12] - The gaming sector benefits from favorable policies and AI advancements, leading to improved valuations and sustained performance [4][13] Market Review - From August 18 to September 26, 2025, the media sector rose by 11.76%, underperforming the ChiNext index by 12.60 percentage points but outperforming the CSI 300 and Shanghai Composite indices [3][16] - Among sub-sectors, the gaming sector increased by 28.36%, while the publishing sector declined by 2.19% [3][16] Industry News - Recent government policies, such as the "Artificial Intelligence +" initiative, are expected to enhance the media sector's growth prospects [25] - The gaming industry saw the approval of 145 domestic game licenses in September 2025, indicating a healthy regulatory environment [50] Monthly Data - In August 2025, the domestic film market generated a box office of 5.991 billion yuan, a year-on-year increase of 48.59% [26][27] - The gaming market's actual sales revenue in August 2025 was 29.263 billion yuan, with a year-on-year decline of 13.01% [44]

格隆汇9月29日丨华策影视(300133.SZ)公布，经向机构投资者询价后，初步确定的转让价格为7.42元/ 股。本次询价转让拟转让股份已获全额认购，初步确定受让方为24家投资者，拟受让股份总数为 67,470,585股。 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet sector [5][42]. Core Views - The report expresses optimism regarding opportunities in the gaming and film industries, particularly with the upcoming National Day holiday and the recent issuance of game licenses [1][4]. - The gaming sector is expected to benefit from a new product cycle, while the film industry is anticipated to experience a bottom reversal [4][42]. - AI applications are highlighted as a significant area for investment, with various companies making advancements in AI technologies [2][4][42]. Summary by Sections Industry Performance - The media sector saw a weekly increase of 0.47%, underperforming compared to the CSI 300 (1.15%) and the ChiNext Index (1.80%) [1][12]. - Notable gainers included Guomai Culture and Guiguang Network, while Jin Yi Film and China Film experienced significant declines [1][12]. Key Developments - In September, over 100 game licenses were issued, including 145 domestic and 11 imported games [2][17]. - Major AI advancements were reported, including Alibaba's Wan2.5 model and Meta's Code World Model [2][19]. Box Office and Content Performance - The box office for the week of September 22-28 reached 354 million yuan, with "731" leading at 1.065 billion yuan, accounting for 87.9% of the total [3][20]. - Popular TV shows included "Earth Super Fresh" and "Flowers and Youth" [27][25]. Investment Recommendations - The report recommends focusing on gaming stocks like Kaiying Network and Jiubite, as well as media companies such as Mango Super Media and Bilibili [4][42]. - The report emphasizes the importance of AI applications across various sectors, including gaming, education, and advertising [4][42]. Company Earnings Forecasts - Key companies such as Kaiying Network and Mango Super Media are projected to have earnings per share (EPS) of 1.01 yuan and 0.81 yuan for 2025, respectively [5][45]. - The report provides a detailed valuation table for several companies, all rated as "Outperform" [5][45].

Investment Rating - The report maintains a "Positive" investment rating for the media industry [1] Core Insights - The gaming sector is expected to experience a high prosperity cycle driven by stable game license approvals and upcoming holiday promotions, with a recommendation to increase allocations in gaming stocks [4] - AI applications are gaining momentum with significant investments in infrastructure, suggesting a strong growth trajectory for AI-related companies [5] Summary by Sections Industry Data Overview - "Plants vs. Zombies 3" ranks first in the iOS free game chart, while "Honor of Kings" leads the iOS revenue chart as of September 27, 2025 [11][15] - The domestic client game market revenue in August saw a year-on-year increase of 17% [29] Industry News Overview - Nvidia's investment of $100 billion in OpenAI aims to enhance AI infrastructure, indicating a robust future for AI applications [30] - In September, 156 game licenses were issued, with major companies like Tencent, NetEase, and miHoYo receiving approvals [33] Company Recommendations - The report suggests focusing on companies such as Xindong Company, Kaiying Network, Shenzhou Taiyue, Giant Network, and Tencent Holdings for potential investment opportunities in the gaming sector [4] - For AI applications, companies like Huizhong Technology, Kuaishou, and NetEase Cloud Music are highlighted as key players to watch [5]

2025-09-28 %% %% %% %% research.95579.com 创业板指或将进入中枢震荡状态 长江证券研究所金融工程研究小组 1 分析师 覃川桃 SAC执业证书编号：S0490513030001 SFC执业证书编号：BUT353 分析师及联系人 证券研究报告 • 证券研究报告 • %% %% %% %% research.95579.com 2 9月行情强度 9月从弹性靠前的个股对应的阶段性涨幅看与8月弹性相当，但鉴于涨幅榜前20的个股中涨时自由流通市值 在百亿以上的仍有5只，起涨时成交额大致在10亿的量级，整体强度虽不及8月但仍处于较为理想的状态 表：9月涨幅榜前20（截至9月26日） | 属性 | 名称 | 最低到最高涨幅 | 前最低价（元） | 起涨时自由流通市值（亿） | 起涨时成交额（千万） | | --- | --- | --- | --- | --- | --- | | 机器人 | 首开股份 | 239% | 2.61 | 32.61 | 10.30 | | 固态电池 | 海博思创 | 140% | 120.55 | 46.81 | 24.98 | | 芯片 | 向日葵 | ...

板块观点与关注标的：1）游戏：重点关注 ST 华通、巨人网络、吉比特、恺英网 络、神州泰岳、完美世界、心动公司等；2）影视：芒果超媒、华策影视、欢瑞世 纪等；3）IP：创源股份、上海电影、华立科技、姚记科技等；4）AI：豆神教育、 盛天网络、荣信文化、中文在线、易点天下、视觉中国、盛通股份、焦点科技、 世纪天鸿、佳发教育等；5）教育：学大教育、粉笔、天立国际控股等；6）港股： 关注【阿里巴巴】【腾讯控股】【泡泡玛特】【快手】【网龙】，产业爆发在即 的【阜博集团】。 【9 月游戏版号发放，共 156 款游戏获批】9 月 24 日，国家新闻出版署发布《2025 年 9 月游戏版号审批信息》，共 156 款游戏获批，其中国产 145 款、进口 11 款。 此次获批游戏涵盖多类型、多平台，众多知名厂商作品在列。国产游戏中，米哈 游《崩坏：因缘精灵》、腾讯萨罗斯网络《归环》、网易《星绘友晴天》、三七 互娱《无尽黑夜》等备受关注。进口游戏方面，《超级洞洞乐》《潜水员戴夫》 等获得版号。本次审批结果反映出进口游戏引进节奏持续稳定，同时部分国产游 戏版号过审数量阶段性增长，行业动态趋于活跃。 【DeepSeek 最新模型 D ...

Core Insights - Virtual reality (VR) technology is increasingly reshaping the entertainment industry by enhancing consumer experiences and creative processes [1] - VR is not only a new form of entertainment but also transforms the production, distribution, and consumption of entertainment products [1] Gaming Industry - VR technology has revolutionized video gaming, providing immersive experiences that break traditional screen limitations [1] - First-person shooter (FPS) games in VR offer unprecedented sensory experiences, increasing engagement and excitement for players [2] - Developers are exploring innovative game designs, moving beyond traditional controls to incorporate body movement and eye-tracking technologies [2] - New game genres, such as multiplayer VR competitions and VR running games, have emerged, turning gaming into a new social and entertainment medium [2] Virtual Concerts and Performing Arts - VR is becoming a new trend in virtual concerts and performing arts, allowing audiences to experience performances from afar [3][6] - Viewers can participate in virtual concerts from a first-person perspective, enhancing their sense of presence and interaction [4][6] - The technology eliminates spatial limitations, enabling more people to enjoy live performances and offering options like switching perspectives [6] Art Exhibitions and Interactive Experiences - VR is widely applied in art exhibitions and theater performances, allowing audiences to interact with artworks and participate in the creative process [6] - This interactivity makes traditional art exhibitions more engaging, attracting younger audiences and tech enthusiasts [6] Film Industry - VR is innovating the film experience by providing immersive viewing that allows audience participation and interaction [7] - VR films focus on viewer engagement, enabling them to influence the storyline and enhance the overall entertainment value [7][8] - The introduction of interactive films, such as Netflix's "Black Mirror: Bandersnatch," allows viewers to make choices that affect character outcomes [8] Theme Parks and Virtual Experiences - Theme parks are integrating VR elements to enhance visitor experiences, expanding the entertainment value of traditional rides [8][9] - VR virtual experience centers are being established, offering a variety of immersive activities that cater to different age groups [9] Cross-Industry Innovation - VR technology is acting as a catalyst for cross-industry integration, promoting collaboration between entertainment, education, tourism, and sports [9] - Companies are developing VR-based virtual tourism services and fitness applications, providing new experiences for users [9] Future Outlook - Despite the potential of VR in the entertainment industry, challenges such as high hardware costs and content standardization remain [9] - As technology advances, particularly in display devices and interactive experiences, VR is expected to play a significant role in driving innovation and development in the entertainment sector [9]