2)国内Tokens的价格也持续下探，2025年2月Deepseek V3百万Tokens输入(缓存命中)价格为0.5元，错峰 优惠时段为0.25元。 3)政策也开始提倡以AI应用为导向，中共中央政治局第二十次集体学习中强调"坚持自立自强、突出应 用导向"。同时该行也看到，A2A&MCP等协议架构开始广泛应用，全球Agent数量快速增长。该行认为 AI应用孵化的土壤已经完备，AI应用正迎来井喷时刻，AI应用的发展趋势将持续驱动传媒行情上涨。 建议关注本身正处于上升周期的应用场景，包括游戏、动画电影、出版等方向。 游戏 行业景气度回升+AI玩法持续应用，游戏公司有望迎来业绩和估值提振。产品周期叠加买量竞争缓和， 游戏公司业绩开始释放，且AI对制作和发行环节的降本增效作用显著，Tokens成本持续下降推动AINPC 等原生AI游戏玩法逐渐普及。推荐恺英网络、姚记科技、吉比特、昆仑万维等，建议关注完美世界、 盛天网络、巨人网络等。 智通财经APP获悉，兴业证券发布研报称，长期来看，AI所引领的技术变革将带来应用侧的广阔机会， 传媒行业作为AI技术的重要应用阵地和试验田将长期受益。国产大模型的持续进步正逐渐拉近和世界 ...

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [4] Core Viewpoints - The report emphasizes the robust performance of major Hong Kong internet companies like Tencent, Alibaba, and JD, highlighting the integration of AI into their business models and the strategic adjustments within their organizational structures [4][5] - There is a growing focus on the "Guzi Economy" and the expansion of companies into the collectible toy sector, suggesting a high growth potential in card games and collectible toys [4][6] - The report suggests continuous attention to the development of AI applications in gaming, particularly in enhancing user experience and commercial viability [7][8] Summary by Sections Industry Performance - The media industry saw a decline of 0.77% from May 12 to May 16, 2025, ranking 29th among all industries [13] - In the same period, the digital media, advertising, and television broadcasting sectors performed better, while gaming, film, and publishing sectors lagged [14] Company Financials - Tencent reported Q1 2025 revenue of RMB 1800.2 billion, a 13% year-on-year increase, with a gross profit of RMB 1004.9 billion, up 20% [26] - JD's Q1 2025 revenue reached RMB 3011 billion, reflecting a 15.8% year-on-year growth [25] - Alibaba's Q1 2025 revenue was RMB 2364.54 billion, a 7% increase, with a net profit of RMB 119.73 billion, up 1203% [28] AI and Gaming - The report highlights the potential of AI in gaming, with companies like Giant Network exploring AI-driven gameplay enhancements [21][29] - The integration of AI in gaming is expected to create new opportunities for user engagement and revenue growth [7][8] Film and Television - The report notes the upcoming release of significant films and suggests monitoring the performance of production companies and cinema chains [7][8] - The total box office for the week of May 12-17 was RMB 142.68 million, with "Water Dumpling Queen" leading the box office [38] Trends in Collectible Toys - Companies are increasingly focusing on the collectible toy market, with notable expansions in IP development and product offerings [6][8] - The report recommends monitoring companies involved in card games and collectible toys for potential investment opportunities [6][8]

新华社布拉格5月16日电（记者邓耀敏）中国教育出版传媒集团（以下简称中教集团）16日在捷克 布拉格国际书展期间举办中国语言文化交流体验活动暨布拉格金融管理大学孔子学院"中教集团书架"揭 幕仪式。 中教集团有限公司副总经理孙强致辞表示，希望"中教集团书架"能够为布拉格金融管理大学孔子学 院广大师生提供丰富的学术资源和优质的学习体验，更加直观地触摸中华文明的脉络，感受当代中国的 活力与魅力。 布拉格金融管理大学校长博胡斯拉娃·申基若娃在致辞中表示，这些图书将帮助该校孔子学院的学 生更深入地了解中国、感知中国的历史文化，为将来去中国学习和交流打下良好的基础。 第30届布拉格国际书展15日至18日在布拉格展览中心举行。 当天，中教集团向布拉格金融管理大学孔子学院赠送一批图书，内容涵盖中国文化、历史、经济、 语言等多个领域。"中教集团书架"项目旨在以书为媒，构建中外教育文化交流实体平台，为海外青少年 提供系统化学习中文、认知当代中国的教育资源。据介绍，该项目已在马来西亚、泰国、埃及、土耳其 等8个国家落地。 中国驻捷克大使冯飚致辞说，在布拉格国际书展上举办中国语言文化交流体验活动并见证"中教集 团书架"项目的落成，这不 ...

证券研究报告 2025年05月16日 行业报告： 行业专题研究 传媒 2024年及2025年第一季度传媒行业回顾 作者： 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 曹睿 SAC执业证书编号：S1110523020003 摘要 传媒行业 2025年传媒行业以景气度回升为核心趋势，一季度已见报表层面明显得到改善，估值层面传媒整体估值处在中枢水平，部分龙头公司估值仍 具优势，未来在政策改善、内容常态化供给、以及AI带来的产业变革下，我们坚定看好传媒行业25年投资机会。 游戏 2025年1-3月国内游戏市场收入同比增长18%，环比-1.2%；国内移动游戏收入同比增长20.3%，环比-2.2%；端游市场收入同比增长6.8%，环比 +3.6%；自研游戏海外收入同比增长17.9%，环比-0.6%。 影视院线 供给影响大盘复苏，行业承压。2024年影视院线板块公司实现总营收357.33亿元，yoy-14.3%；实现归母净利润-25.13亿元，yoy-348.6%。 25Q1影视院线板块公司实 ...

Group 1 - The core event was the launch of the English version of the picture book "Tiger, Don't Worry!" in London, which was inspired by the author's trip to Anxi, Fujian in 2016 [1] - The book's original Chinese version has received positive reviews in China, and its global launch aims to promote Chinese tea culture to international audiences [1] - The event was attended by nearly a hundred guests from political, publishing, and artistic sectors in both China and the UK [1] Group 2 - The UK-China Trade Association described the English version launch as a "visual feast" and highlighted a future collaboration for a new picture book titled "The Last Tiger" [2] - The establishment of the "Post-Wave Global Illustration Award" aims to encourage artists to create works that reflect Anxi's culture and tea heritage, with the first theme being "Time For Tea" [2] - Notable scholars from prestigious art institutions expressed their support for the award, emphasizing its potential to engage both children and adults [2]

与会者表示，党领导下的中国社联成立，有力推动了马克思主义中国化时代化，对推动社会变革发 挥了重要作用，也为新时代文化建设提供了宝贵启示。要坚持党的文化领导权，坚持以人民为中心的工 作导向，坚持文化传承和创新，坚持统一战线，坚持文明交流互鉴，创造属于我们这个时代的新文化。 上海是中国共产党的诞生地、初心始发地和伟大建党精神孕育地，也是左翼文化运动的重要策源地。要 进一步传承上海左翼文化运动的革命精神，发扬中国社联的光荣传统，推动新时代中国特色社会主义文 化的繁荣发展，为建设习近平文化思想最佳实践地贡献社科力量。 昨天，市社联、市委党史研究室、虹口区委宣传部、上海世纪出版集团携手市档案馆、上海图书馆 联合发起的"创造时代的新文化——中国社联研究系列丛书出版发布"活动在上海社会科学馆举行。 1930年5月20日，党领导下的第一个全国性的哲学社会科学团体——中国社会科学家联盟（以下简 称"中国社联"）在上海成立，成为左翼文化运动的重要骨干力量和新兴社会科学运动的领导组织。在鲁 迅、瞿秋白、潘汉年、冯雪峰、茅盾、夏衍、洪深等人的引领和支持下，汇聚了郭沫若、李达、艾思 奇、邓初民、王学文、杨贤江、杜国庠、彭康、朱镜我、沈 ...

Group 1 - The 34th Doha International Book Fair showcased a combination of cultural products and book displays, which became a highlight of the Chinese exhibition, attracting numerous visitors [1] - Xi Jinping emphasized the importance of cultural exchange and the integration of different civilizations, highlighting the significance of building a community with a shared future for mankind [1][2] - The Global Civilization Initiative proposed by Xi Jinping aims to promote mutual respect and understanding among different civilizations, advocating for the importance of cultural diversity and international humanistic cooperation [2][3] Group 2 - The initiative emphasizes the need for a correct view of civilization, rejecting notions of superiority and conflict, and promoting equality and inclusivity in cultural exchanges [3][4] - The concept of a shared spiritual home for the Chinese nation is presented as a model for global cultural exchange, providing insights for developing countries in their cultural modernization [4][5] - The characteristics of Chinese civilization, including continuity, innovation, unity, inclusiveness, and peace, are highlighted as essential for its development and interaction with other civilizations [5][6] Group 3 - The idea of a community with a shared future for mankind is closely linked to the concept of a shared spiritual home for the Chinese nation, both of which promote mutual respect and learning among different cultures [6][8] - The shared values of humanity, such as peace, development, fairness, justice, democracy, and freedom, are identified as common pursuits that transcend cultural differences [8][9] - The Global Civilization Initiative seeks to break the Western-centric view of universal values, advocating for a governance model based on mutual respect and shared benefits [9][10]

Group 1 - The core viewpoint emphasizes the increasing enthusiasm for reading among the public, highlighting its importance for civilization, national prosperity, social progress, and personal growth [1] - A survey indicates that 60% of people consider reading more important than other leisure activities like sports and travel, with over 70% reading weekly and an average of 7.3 books read per year [1] - The investment in books is significant, with 52.2% of individuals spending over 500 yuan annually on book purchases, and 25.3% have developed a daily reading habit [1] Group 2 - In terms of reading preferences, 54% of individuals prefer physical books, while 34.2% favor e-books, with the latter's popularity increasing by nearly 5% from the previous year [1] - The top-selling book categories for 2024 include educational materials for primary and secondary schools, children's books, and literary novels, with niche genres like health, manga, and self-help gaining traction [1] - The focus on parent-child reading is growing, with children averaging 9.4 extracurricular books per year, and 76.7% of parents spending over 500 yuan annually on books for their children [2]

Financial Data and Key Metrics Changes - The company reported a positive adjusted EBITDA of $2.4 million for Q1 2025, marking its first positive EBITDA quarter since 2023 [21][22] - There were $1 million in personnel-related costs in Q1 that have been eliminated, which would have resulted in a positive adjusted EBITDA of $3.4 million [22] Business Line Data and Key Metrics Changes - Licensing revenue increased significantly by 175% year-over-year, and even without the ByBorg deal, it was still up over 50% [33] - The ByBorg deal, effective January 1, contributes $5 million per quarter, with the first two payments already made [33][34] Market Data and Key Metrics Changes - The company is seeing improvements in its China licensing business despite a challenging environment due to tariffs, indicating potential for continued growth [34] Company Strategy and Development Direction - The company is focusing on an asset-light model and aims to reduce overhead while increasing EBITDA [21][28] - There are plans to develop new licensing deals in gaming and hospitality, with potential projects like a Playboy Club expected to take one to two years for physical build-out [23][28] - The company is also exploring opportunities in mainstream content, including TV shows and paid voting campaigns, which could generate additional revenue streams [25][27] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth opportunities in the next few years, particularly in gaming and content licensing [28] - The company is preparing for potential revenue recognition from multi-year deals in the second half of the year [24][28] Other Important Information - The company plans to release an additional magazine issue this year, with hopes to ramp up to four issues next year, which could create ancillary revenue streams [25][28] - A second equity investment vote has been moved to the annual meeting scheduled for June 16 [17] Q&A Session Summary Question: Expectations for Honeybird debt and gross margin changes - Management indicated that they are ahead of plan for the second quarter and expect an easy comparable from last year [8] - The near-term gross margin is expected to remain stable, with a $1 million impact from tariffs, which has been mitigated by a 10% price increase [9][11] Question: Plans for new product development with ByBorg - Management confirmed ongoing collaboration with ByBorg and a minimum guarantee of $20 million per year, with a $5 million payment scheduled for July 1 [14][15] Question: Potential in other licensing categories - Management highlighted enthusiasm for new licensing opportunities in clubs and hospitality, with a focus on an asset-light model and positive EBITDA [21][28]

Group 1 - The annual general meeting of Zhejiang Publishing Media Co., Ltd. was held on May 15, 2025, in Hangzhou [2] - All resolutions presented at the meeting were approved without any dissenting votes [6] - The meeting was chaired by the chairman of the board, Cheng Weimin, and utilized a combination of on-site and online voting methods [2][3] Group 2 - The meeting had a total of 9 directors, with 6 present; 3 supervisors were present [3] - Key resolutions included the approval of the 2024 annual financial statements and the 2025 budget report [4][5] - The meeting also approved the profit distribution plan for 2024 and authorized the board to decide on the mid-term dividend plan for 2025 [5][6] Group 3 - The meeting's legal compliance was confirmed by Zhejiang Tiance Law Firm, ensuring all procedures and voting results were valid [7] - The resolutions included a three-year shareholder return plan for 2025-2027 and the reappointment of the accounting firm [5][6]