分众传媒二季度业绩表现平稳，预计全年收入维持在 130 亿元左右，对 应归母净利润约 55 亿元，按 20 倍市盈率计算，公司市值约 1,100 亿元。 白酒广告投放虽有所下滑，但 AI 学习机等新兴产品带来结构性增长机会， 消费品类整体表现出较强韧性。 分众传媒与支付宝合作的"碰一碰"项目，通过 NFC 技术实现品牌广告 向效果广告的跃升，支付宝计划投入 1 亿元现金红包和大量购物券吸引 用户参与，在三得利测试中，用户触达效率提升 72%，客单价提升 50%，次日留存率提升 69%，用户反馈良好。 分众传媒加装 NFC 模块成本较低，预计 2025 年替换 100 万块屏幕的 总成本为 5,000 万至 8,000 万元，占年度营业成本比例较小。公司可能 探索按点击次数或 GMV 抽成等收费模式，提高商业化转化效果，提升 广告市场份额。 "碰一碰"技术预计在 2025 年第三季度对财务报表产生明显影响，消费 品客户（如三得利）的积极尝试意愿和与外卖闪购场景合作的大额现金 红包，有望推动消费品和互联网客户广告收入增长。 Q&A 对于分众传媒 2025 年第二季度的业绩预期如何？ 预计 2025 年第二季度分众 ...

按学历来看，广告营销行业CFO学历以本科为主，占比54.55%，其次为硕士，占比45.45%。 按年龄来看，广告营销行业CFO年龄普遍超过40岁，低于（含）40岁的仅有3人，分别为浙文互联CFO 郑慧美、ST联合（维权）CFO石磊、因赛集团CFO王明子。 广告营销行业，600556.SHCFO覃海宇薪酬最高，达275.80万元，约是行业平均薪酬的3倍，相当于日薪 1.1万元；上年为245.84万元，同比增长12.2%。龙韵股份CFO周衍伟薪酬最低，仅33.07万元，约是行业 平均薪酬的三分之一。 智度股份CFO刘韡薪酬涨幅最高，年薪125.81万元，上年为56.73万元，同比增长121.8%。ST联合CFO 石磊薪酬降幅最大，年薪41.19万元，上年为69.14万元，同比下滑40.4%。 登录新浪财经APP 搜索【信披】查看更多考评等级 专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 301171 | 易点大下 | 31.95 | -2.74% | 51.55万 | 16.54亿 | | 300063 | 天龙集团 | 8.64 | -1.48% | 32.51万 | 2.83亿 | | 300805 | 电声股份 | 11.50 | -1.37% | 1 8.89万 | 1.03亿 | | 002712 | 思美传媒 | 6.05 | -1.14% | 12.25万 | 7442.07万 | | 000607 | 未增控股 | 4.70 | -1.05% | 23.08万 | 1.09亿 | | 002264 | 新华都 | 6.88 | -1.01% | 21.76万 | 1.50亿 | | 603598 | 引力传媒 | 18.08 | -0.93% | 10.65万 | 1.93亿 | | 300781 | 因害隻团 | 46.11 | -0.92% | 17.31万 | 8.09亿 | | 301102 | 兆讯传媒 ...

市 场 研 究 [Table_Title] 万联晨会 [Table_MeetReportDate] 2025 年 08 月 06 日 星期三 [Table_Summary] 概览 核心观点 【市场回顾】 周二 A 股三大指数集体收涨，截止收盘，沪指收涨 0.96%，深成指收 涨 0.59%，创业板指收涨 0.39%。沪深两市成交额 15958.46 亿元。申 万行业方面，综合、银行、钢铁领涨，医药生物、计算机、建筑材料 领跌；概念板块方面，兵装重组、PEEK 材料、脑机接口概念涨幅居 前，华为盘古、仿制药一致性评价、Sora 概念跌幅居前。港股方面， 恒生指数收涨 0.68%，恒生科技指数收涨 0.73%；海外方面，美国三 大指数集体收跌，道指收跌 0.14%，标普 500 收跌 0.49%，纳指收跌 0.65%。 【重要新闻】 【国务院办公厅印发《关于逐步推行免费学前教育的意见》】《意见》 明确，从 2025 年秋季学期起，免除公办幼儿园学前一年在园儿童保 育教育费，不含伙食费、住宿费、杂费等。同时，民办幼儿园也可享 受与公办幼儿园"同等"减免水平，高出免除水平的部分可继续向在园 儿童家庭收取。国新办周四举 ...

重要的消息有哪些 1．国务院办公厅印发《关于逐步推行免费学前教育的意见》，其中提出，免保育教育费对象。从2025 年秋季学期起，免除公办幼儿园学前一年在园儿童保育教育费。对在教育部门批准设立的民办幼儿园就 读的适龄儿童，参照当地同类型公办幼儿园免除水平，相应减免保育教育费。财政部、教育部将统筹考 虑学龄人口变化、财力状况等因素，研究适时完善免费学前教育政策。西藏，四川、云南、甘肃、青海 四省涉藏州县，新疆喀什、和田、阿克苏、克孜勒苏柯尔克孜四地州等地区在园儿童继续执行现行政 策。 2．中国人民银行等七部门联合印发《关于金融支持新型工业化的指导意见》。其中提出，提升科技金 融质效，支持新兴产业培育壮大和未来产业前瞻布局。支持金融机构打造多元化接力式的科技金融服务 模式，扩大科技贷款投放，加大对科技创新债券投资承销力度。推广中小企业专精特新发展评价结果运 用，强化融资增信服务。全面推行"创新积分制"，规范发展知识产权质押贷款等业务。支持新一代信息 技术、基础软件和工业软件、智能（网联）汽车、新能源、新材料、高端装备、时空信息、商业航天、 生物医药、网络和数据安全等新兴产业符合条件的企业在多层次资本市场融资。推进投 ...

Investment Rating - The industry investment rating is "Outperform the Market" [5][45]. Core Viewpoints - In Q2 2025, the SW Media Industry Index rose by 8.56%, with significant improvement in fund activity and a fluctuating increase in valuation (PE-TTM), outperforming the average level of the past seven years [2][13][15]. - The fund's heavy allocation in the media industry remains low but has shown signs of recovery, with the gaming and advertising sectors receiving market attention and maintaining an overweight position [3][4]. Summary by Sections 1. Fund Activity and Valuation - The SW Media Industry Index closed at 726.87 points on June 30, 2025, up from 669.54 points at the beginning of the quarter, indicating an 8.56% increase [13]. - The average daily trading volume during Q2 2025 was 669.28 billion yuan, an increase of 88.44 billion yuan from the previous quarter and 413.17 billion yuan year-on-year [13]. - As of July 29, 2025, the PE-TTM for the SW Media Industry was 28.82 times, a 10.86% increase compared to the average over the past seven years [15]. 2. Fund Heavy Allocation Recovery - The allocation ratio for the SW Media Industry in Q2 2025 was 1.76%, with a fund heavy allocation ratio of 1.40%, indicating a low allocation but a recovery from the previous quarter [17]. - The low allocation ratio decreased to 0.36%, showing improvement compared to the previous quarter [20]. 3. Concentration of Fund Holdings - The top 10 heavy allocation stocks accounted for 85.34% of the total heavy allocation market value in the SW Media Industry, indicating a significant concentration of holdings [39]. - The gaming sector dominated the top ten heavy allocation stocks, with seven out of ten being gaming companies [23]. 4. Investment Recommendations - The report suggests focusing on leading companies in the gaming and advertising sectors, particularly those with rich game license reserves and AI application layouts [42].

Summary of Key Points from Conference Call Company and Industry Overview - **Company**: Amazon - **Industry**: Cloud Computing, E-commerce, AI Applications Core Insights and Arguments - **AWS Performance**: Amazon Web Services (AWS) reported Q2 revenue of $30.9 billion, a year-over-year growth of 17.5%, which is lower than Google Cloud's 32% and Microsoft Cloud's 23% growth rates. This underperformance has led to a decrease in market expectations for AWS, resulting in a stock price adjustment [2][3] - **North America Revenue**: Amazon's North America revenue grew by 11% to $100 billion, with a profit margin of 7.5%. The number of paid product units increased by 12%, and the share of third-party seller units reached a record high [2][4] - **Prime Day Success**: The recent Prime Day event achieved record sales and user registrations, indicating strong consumer engagement [5] - **Advertising Revenue**: Amazon's advertising business grew by 22% year-over-year, reaching $15.7 billion, which is competitive compared to Meta's 20% growth in advertising revenue [5] Other Important Insights - **AI Applications Growth**: Hikvision's half-year report indicates improvement across various sectors, particularly in AI applications, which are expected to drive future demand for domestic computing power. Companies like Huawei and Cambricon are anticipated to benefit from this trend [2][6] - **AI as a Core Focus**: The second half of the year is expected to see significant developments in AI applications, with strong revenue and order fulfillment from domestic large models and internal AI applications [7] - **Global Computing Demand**: There is strong global demand for computing power, but competition is intensifying among major players like Amazon, Microsoft, and Google in enterprise services, AI technology, and hybrid cloud solutions [8][12] - **Impact of AI on Advertising**: AI technology is enhancing advertising effectiveness, as evidenced by Meta's advertising revenue growth, which reflects improved pricing and volume [9][10] - **Q3 2025 Projections**: Amazon's net sales for Q3 2025 are projected to be between $174 billion and $179.5 billion, with profits expected between $15.5 billion and $20.5 billion, driven by increased demand for AI services [11] - **Domestic Software Companies**: Domestic software companies are expanding overseas, achieving significant growth rates of 30%-40% and benefiting from higher profit margins in international markets [15][16] Conclusion - The conference call highlighted Amazon's mixed performance, particularly in its cloud services, while also emphasizing the growth potential in AI applications and the competitive landscape in the computing industry. The insights provided a comprehensive view of the current market dynamics and future opportunities for both Amazon and the broader technology sector.

来源：市场资讯 （来源：中信建投研究传媒团队） 重要提示：通过本订阅号发布的观点和信息仅供中信建投证券股份有限公司（下称"中信建投"）客户中 符合《证券期货投资者适当性管理办法》规定的机构类专业投资者参考。因本订阅号暂无法设置访问限 制，若您非中信建投客户中的机构类专业投资者，为控制投资风险，请您取消关注，请勿订阅、接收或 使用本订阅号中的任何信息。对由此给您造成的不便表示歉意，感谢您的理解与配合！ 中信建投传媒团队 首席分析师：杨艾莉 分析师：杨晓玮、蔡佳成、马晓婷 研究员：何智健 【核心观点】 1、AI：Figma上市，Meta和微软财报超预期，国内实施"人工智能+"行动 本周行业催化密集，后续关注美股AI应用财报和AI新品发布。 本周AI行业催化：国务院总理李强主持召开国务院常务会议，审议通过《关于深入实施"人工智能 +"行动的意见》，会议指出要深入实施"人工智能+"行动，大力推进人工智能规模化商业化应用 等。Meta和微软财报超预期，验证海外AI商业化落地持续加速。 后续催化：美股AI应用公司进入中报密集期，重点公司包括8月4日Palantir（AI数据分析）、8月6 日Applovin和Unity（ ...

Core Points - As of August 1, 2025, Huayang Lianzhong (603825) closed at 12.06 yuan, down 0.9% from the previous week's 12.17 yuan [1] - The company's current total market capitalization is 3.055 billion yuan, ranking 24th out of 29 in the advertising and marketing sector and 4363rd out of 5149 in the A-share market [1] Company Announcements - Huayang Lianzhong has applied for a working capital loan of 40 million yuan from China Construction Bank, with a loan term not exceeding one year [1] - The controlling shareholder, Hunan Xiangjiang New District Development Group, provides joint liability guarantee for the loan, and Huayang Lianzhong has signed a counter-guarantee agreement with Xiangjiang Group [1] - The company’s board of directors and the fourth extraordinary general meeting of shareholders approved a proposal to increase the counter-guarantee limit to 1 billion yuan, with a total guarantee limit now adjusted to 2 billion yuan [1] - The guarantee limit is effective for 12 months from the date of approval by the extraordinary general meeting [1] - As of the announcement date, the total amount of external guarantees by the listed company and its controlling subsidiaries is 267.72 million yuan, accounting for 626.89% of the latest audited net assets, with no overdue external guarantees [1]

Core Viewpoint - The legal opinion letter from Beijing Dacheng (Guangzhou) Law Firm confirms the adjustments to the 2024 restricted stock incentive plan of Guangdong Yinsai Brand Marketing Group Co., Ltd, including changes in grant price and quantity, as well as the granting of reserved restricted stocks to eligible employees [1][2][11]. Group 1: Approval and Authorization - The company has obtained necessary approvals and authorizations for the adjustments and reserved grants as per the resolutions passed in the third board meeting and the second supervisory board meeting [3][5][11]. - The adjustments to the incentive plan were based on the company's capital reserve increase, which was announced on July 9, 2025, allowing for a stock increase of 4.9 shares for every 10 shares held [4][6]. Group 2: Adjustments to Grant Price and Quantity - The adjusted grant price for the restricted stocks is set at 20.74 RMB per share, calculated from the previous price of 30.91 RMB, considering the capital reserve increase [6][7]. - The total number of restricted stocks granted has been adjusted to 122.18 million shares, with 97.744 million shares for the initial grant and 24.436 million shares reserved [7][10]. Group 3: Conditions for Reserved Grants - The conditions for granting reserved restricted stocks include the absence of negative audit opinions and compliance with relevant laws and regulations [8][9]. - The reserved grant date is set for August 1, 2025, as determined by the board of directors [10][11]. Group 4: Information Disclosure - The company is required to disclose relevant documents related to the adjustments and reserved grants in accordance with regulatory requirements [10][11].