年度策略｜十五五启幕 2026 年如何布局？20251118 摘要 2026 年传媒板块受益于政策支持、AI 技术进步和产业链资本化， Reddit、小红书、字节跳动（TikTok）及 OpenAI 等关键企业或将在美 股进行资本化，A 股市场也可能看到机器人、AI 眼镜等新兴公司的资本 化驱动。 数字营销领域，蓝色光标、易点天下、天龙集团和引力传媒等公司受益 于阿里巴巴千问 APP 全球推广和华为新技术发布。电商与国漫、文娱与 科普文化等线下体验经济也将获得更多关注。 投资者应优先关注各细分领域龙头企业，如蓝色光标，并结合内生增长 动力与外部催化剂（政策、新技术发布等），在非业绩期布局。2025 年底至 2026 年初，互联网公司可能推出新的 AI 产品，是重要时间节点。 2025 年传媒板块多元化发展，线下文旅如上海双年展和电影院线借助 AI 技术吸引关注，线上长视频平台稳健发展，短视频由抖音主导，字节 跳动红果 APP 在短剧领域月活用户超 2 亿，数字营销广告和电商板块在 AI 赋能下转向拉动创收。 Q&A 2026 年传媒板块的整体布局和前景如何？ 2026 年是"十五"规划的起始年，同时也是 20 ...

Core Insights - The article discusses the transformative impact of AI technology on brand marketing, emphasizing the need for brands to integrate AI across the entire marketing chain to regain control over growth and user engagement [2][10][12]. Group 1: Brand Growth Challenges - Brands face significant challenges in growth due to the disappearance of natural traffic dividends, leading to increased reliance on paid advertising [5]. - Rising costs from traffic bidding and disappointing ROI have forced brands into a competitive landscape where marketing investments do not yield proportional returns [5][6]. - The "Matthew Effect" favors larger brands, making it difficult for smaller brands to compete effectively due to limited budgets [6][8]. Group 2: AI-Driven Solutions - The concept of "Full-Scene AI" is introduced, which aims to empower brands through AI across all marketing touchpoints, enhancing user experience and engagement [3][12]. - Brands are encouraged to leverage AI not just as a tool for content creation but as a strategic asset that informs decision-making and optimizes marketing efforts [11][12]. - The integration of AI into the marketing process can create a self-sustaining cycle of insights, decisions, and user engagement, forming a complete marketing ecosystem [26][30]. Group 3: Implementation Strategies - Whale Hong Dynamics proposes a three-pillar strategy for implementing AI: Data Science, Full-Field Touchpoints, and Intelligent Services [14][18][20]. - The Data Science pillar focuses on breaking down data silos to gain comprehensive insights into user behavior across various platforms [15][16]. - The Full-Field Touchpoints pillar aims to create a seamless user experience by connecting different devices and applications, enhancing brand visibility and engagement [19]. - The Intelligent Services pillar emphasizes the integration of marketing and service, transforming advertising into a value-adding experience for consumers [21][25]. Group 4: Future Trends - The article predicts that consumer decision-making processes will become significantly shorter as AI assistants streamline information retrieval and purchasing [29]. - Marketing will evolve towards a more ubiquitous and native presence in consumers' lives, requiring brands to embed their services seamlessly into user experiences [29]. - The competition will shift from merely capturing user attention to mastering technology and ecosystem control, with brands that establish comprehensive AI capabilities gaining a competitive edge [29][30].

Core Insights - The average growth rate of marketing budgets for Chinese companies is only 8% in 2025, the lowest in five years, with 54% of marketers expressing negative confidence in market prospects and planning to reduce budgets [1][4]. Group 1: Marketing Budget Trends - There is a contradiction in the marketing strategies of Chinese companies, where 56% recognize the importance of brand building for growth, yet 53% plan to reduce brand investment in favor of performance-based advertising [4][6]. - The pressure from a weak domestic demand and the need for immediate, quantifiable returns on marketing investments lead companies to prioritize performance advertising over brand building [6][8]. Group 2: Advertising Strategies - Companies are increasingly relying on performance advertising, which is perceived as providing clear ROI, while brand advertising is seen as a long-term investment that is difficult to quantify [6][9]. - The competition in performance advertising leads to rising customer acquisition costs, locking companies into a cycle of paid traffic without building brand equity [9][11]. Group 3: Long-term Implications - Relying solely on performance advertising can lead to a strategic wait-and-see approach, making it difficult for companies to establish a brand moat and increasing costs when they eventually try to build brand recognition [12][14]. - Continuous investment in both performance and brand advertising is essential, as a lack of advertising can significantly reduce brand activity and sales [14][15]. Group 4: Innovative Marketing Approaches - Companies should leverage short video platforms and creator IPs for low-cost, deep brand building, integrating brand values into content to enhance trust and recognition [16][17]. - A balanced approach using both brand and performance advertising is necessary for sustainable growth, with a focus on creating brand assets while driving sales conversions [19].

数据显示，华夏基金旗下1只基金重仓利欧股份。华夏中证文娱传媒ETF（516190）三季度增持1.48万 股，持有股数17.38万股，占基金净值比例为4.32%，位居第六大重仓股。根据测算，今日浮盈赚取约 5.04万元。 华夏中证文娱传媒ETF（516190）成立日期2021年9月9日，最新规模2270.68万。今年以来收益 23.04%，同类排名2402/4216；近一年收益19.59%，同类排名2231/3956；成立以来收益18.32%。 华夏中证文娱传媒ETF（516190）基金经理为赵宗庭。 截至发稿，赵宗庭累计任职时间8年217天，现任基金资产总规模3558.65亿元，任职期间最佳基金回报 121.35%， 任职期间最差基金回报-32.63%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 11月17日，利欧股份涨5.97%，截至发稿，报5.15元/股，成交13.89亿元，换手率4.74%，总市值348.75 亿元。 资料显示，利欧集团股份有限公司位于上海市普 ...

每经头条（nbdtoutiao）——展望"十五五"|专访财科院院长杨志勇：遏制地方政府新增隐性债务，债务 信息要透明，尽可能降低利息成本 （记者 曾健辉） 每经AI快讯，利欧股份（SZ 002131，收盘价：4.86元）11月14日晚间发布公告称，截至本公告披露 日，公司对全资、控股子公司实际担保余额约为30.26亿元，占公司最近一期经审计净资产的23.48%。 其中，涉及金融机构的实际担保余额约为22.43亿元，占公司最近一期经审计净资产的17.4%；涉及数字 营销业务合作的实际担保余额约为7.83亿元，占公司最近一期经审计净资产的6.08%。 2025年1至6月份，利欧股份的营业收入构成为：互联网占比77.6%，制造业占比22.12%，其他业务占比 0.28%。 截至发稿，利欧股份市值为329亿元。 ...

Core Viewpoint - Southbound funds have significantly reduced their holdings in Health Road (02587.HK), indicating a potential shift in investor sentiment towards the company [1]. Group 1: Shareholding Changes - On November 12, southbound funds reduced their holdings by 279.25 thousand shares, marking a decrease of 1.53% [2]. - Over the past five trading days, there have been reductions in holdings for four days, totaling a net decrease of 942.2 thousand shares [1]. - In the last 20 trading days, there were 15 days of reductions, with a cumulative net decrease of 1,959.4 thousand shares [1]. Group 2: Current Holdings - As of now, southbound funds hold 1.8 million shares of Health Road, which represents 20.44% of the company's total issued ordinary shares [1]. Group 3: Company Overview - Health Road Holdings Limited primarily engages in providing enterprise services, digital marketing services, and health care services [2]. - The company operates through three segments: enterprise services and digital marketing, health care services, and other health services and products [2]. - The enterprise services and digital marketing segment includes content services, IT services, and digital marketing services [2].

Core Insights - The ninth DMAA International Digital Marketing Awards and Performance Growth Forum was successfully held in Shanghai, focusing on the theme of "performance growth" and serving as a significant brand showcase and industry gathering [1][3] - The forum aimed to bring together industry professionals to discuss the rapid changes in the marketing landscape and the importance of continuous learning [5][6] - The event featured two roundtable discussions addressing key industry challenges, emphasizing the necessity of "brand effectiveness" as a core issue for all brands [7][12] Group 1: Event Overview - The forum was organized to reconnect industry professionals after the DMAA awards relocated to Guangzhou, highlighting the deep-rooted connection between DMAA and Shanghai [3][5] - The event was designed as a multi-dimensional platform for exchanging ideas, helping practitioners navigate the evolving marketing landscape [6] Group 2: Roundtable Discussions - The first roundtable focused on "breaking boundaries in performance and effectiveness," with experts discussing the challenges brands face in aligning product development with market trends [9][10] - Six God brand director shared insights on product innovation and marketing strategies that successfully engaged younger consumers, emphasizing the importance of maintaining brand identity while adapting to market demands [9][10] - The second roundtable addressed the "mental compounding curve of brand building," stressing the need for brands to break out of information silos and create quality content to engage diverse audiences [12][14] Group 3: Awards and Future Directions - The DMAA International Digital Marketing Awards aims to recognize outstanding cases that achieve a balance between brand value and business growth, with a focus on innovative marketing practices [7][15] - The awards will continue to emphasize "value growth" as a core theme, exploring new marketing scenarios and sustainable brand asset development [17][20] - The event concluded with an invitation for brands and agencies to submit their best marketing cases for the 2025 awards, aiming to define new heights in digital marketing [20]

Core Insights - Several companies, including 廸昇集团, 机能再生, 尊科, 逻辑媒体, JM Group, Dbim Holdings, Barentsz, Ga Sai Tong, and CSC Collective, have updated their prospectuses since November, with most planning to issue small-scale offerings [1][4][6][12][16][19][21]. Company Summaries - **廸昇集团 (RSHL)**: Plans to issue 2 million shares at $4 each, aiming to raise $8 million. The company provides educational services, primarily consulting for Hong Kong students seeking overseas higher education. For the first half of 2025, revenue was $1.46 million, up from $1.26 million, with net income increasing to $450,000 from $400,000 [1][4]. - **机能再生 (AVG)**: Plans to issue 1.8 million shares at $4 to $6 each, targeting $7.2 million to $10.8 million in fundraising. The company offers pain management and functional enhancement services through three centers. For the fiscal year ending March 31, 2025, revenue was $40.02 million, slightly up from $40.80 million, with net profit decreasing to $5.54 million from $11.73 million [6][12]. - **尊科 (TTEI)**: Plans to issue 1.33 million shares at $5 to $6 each, aiming to raise between $6.65 million and $7.98 million. The company focuses on STEM education services for young children and students. For the six months ending February 28, 2025, revenue was $1.41 million, down from $1.76 million, with a net loss of $370,000 compared to a loss of $260,000 the previous year [6][8]. - **逻辑媒体 (PLAI)**: Plans to issue 1.8 million shares at $4 to $6 each, targeting $7.2 million to $10.8 million in fundraising. The company is a digital marketing firm providing content creation and distribution services. For the first half of 2025, revenue was HKD 52.63 million (approximately $6.7 million), up from HKD 45.47 million, with net profit increasing to HKD 626,000 (approximately $80,000) from HKD 58,000 [10][12]. - **JM Group**: A wholesale supplier of various products, including sports and outdoor items. For the six months ending March 31, 2025, revenue was HKD 147 million (approximately $18.94 million), up from HKD 129 million, with net profit rising to HKD 1.245 million (approximately $160,000) from HKD 513,000 [12]. - **Dbim Holdings (DBIM)**: Plans to issue 2 million shares at $4 to $5 each, aiming to raise between $8 million and $10 million. The company focuses on virtual market services for virtual goods trading. For the six months ending March 31, 2025, revenue was $586,000, up from $208,000, with net profit increasing to $133,000 from $38,000 [16]. - **Barentsz (BRKK)**: Plans to issue 1.25 million shares at $4 to $6 each, targeting $5 million to $7.5 million in fundraising. The company provides strategic and management consulting services. For the fiscal year 2024-2025, revenue was $24,000 and $147,000, with net profit of -$87,000 and $104,000 respectively [17]. - **Ga Sai Tong (GST)**: Plans to issue 1.3 million shares at $5 to $7 each, aiming to raise between $6.5 million and $9.1 million. The company operates Japanese restaurants in Hong Kong. For the first half of 2025, revenue was $136,000, up from $87,000, with net profit increasing to $25,000 from $19,000 [19]. - **CSC Collective (CSC)**: Plans to issue 1.5 million shares at $4 to $5 each, targeting $6 million to $7.5 million in fundraising. The company offers Japanese dining experiences in Hong Kong. For the fiscal year 2024-2025, revenue was $1.81 million and $5.18 million, with net profit of -$450,000 and $850,000 respectively [21].

Group 1 - The core viewpoint of the news is that Qitian Technology's stock performance and financial metrics indicate a challenging period, with significant declines in revenue and net profit [1][2]. - On November 11, Qitian Technology's stock rose by 0.27%, with a trading volume of 150 million yuan. The financing data shows a net financing outflow of 404.05 million yuan for the day [1]. - As of November 11, the total margin balance for Qitian Technology is 266 million yuan, which accounts for 3.58% of its market capitalization [1]. Group 2 - As of September 30, the number of shareholders for Qitian Technology is 53,100, a decrease of 21.75% from the previous period, while the average circulating shares per person increased by 27.80% to 11,720 shares [2]. - For the period from January to September 2025, Qitian Technology reported a revenue of 351 million yuan, a year-on-year decrease of 31.76%, and a net profit attributable to the parent company of -27.89 million yuan, down 39.23% year-on-year [2]. - Since its A-share listing, Qitian Technology has distributed a total of 51.35 million yuan in dividends, with no dividends paid in the last three years [2].

Group 1 - The report emphasizes the transition into the AI era, highlighting the need for media and content industries to adapt to new user demands and leverage AI for growth opportunities [3][4][5] - The cultural media sector is positioned for growth due to two main variables: the initiation of the 14th Five-Year Plan and the empowerment of AI technology, which is shifting from market-driven to policy-driven [4][7] - State-owned enterprises are expected to play a crucial role in the cultural media sector, with companies like Oriental Pearl and Mango TV being highlighted as key players benefiting from AI integration [6][11] Group 2 - The report outlines the performance of the cinema sector, noting that while 2025 saw some challenges, the upcoming 2026 year is expected to bring new content supply and potential growth [30][31] - The digital marketing and e-commerce sectors are experiencing a transformation driven by AI, with significant growth projected in the smart marketing space, expected to reach 1.49 trillion yuan by 2026 [55] - The gaming industry is highlighted as needing to focus on high-quality content production, with companies like miHoYo and Lilith Games being noted for their successful titles, indicating a shift towards content-driven gaming experiences [58][59] Group 3 - The report discusses the importance of long and short video platforms, with significant user engagement noted, particularly in the short video segment, which has reached 1.129 billion monthly active users [36][37] - The audio content market is projected to grow significantly, with the long audio market expected to reach 649.77 billion yuan by 2026, indicating a shift in consumer preferences towards immersive audio experiences [40] - Companies like Bilibili and Xiaohongshu are expanding into audio content, which is expected to drive new user engagement and revenue streams [40][42] Group 4 - The report identifies key companies to watch in the cultural media sector, including state-owned enterprises and digital marketing firms, emphasizing their strategic importance in the evolving landscape [11][12] - The cinema sector is expected to see a rebound in 2026, with new film releases anticipated to drive box office performance, particularly following a low base effect from 2025 [30][31] - The gaming sector is under pressure to innovate and produce high-quality content, with a focus on new product launches and the integration of AI technologies to enhance user experiences [58][59]