Investment Rating - The report maintains a strong recommendation for leading companies in various sub-sectors of the media and internet industry, particularly highlighting companies such as Shenzhou Taiyue, Southern Media, and Tencent Holdings [1]. Core Insights - The domestic AI commercialization is rapidly developing, with significant interest in AI applications across various industries. The report emphasizes the need for further exploration of profitable AI application models to support future demand for computing power and paid users [1]. - The gaming sector, particularly Giant Network's "Supernatural Action Group," is performing strongly, with the game achieving a significant revenue increase and expanding into international markets [2]. - The report notes that while the media industry experienced a slight decline of 0.19% recently, it has seen a year-to-date increase of 26.84%, ranking it 8th among all sectors [1][10]. Summary by Sections Media Industry Performance - The media industry index decreased by 0.19% from December 15 to December 21, while the Shanghai Composite Index rose by 0.03% during the same period [10]. - The media sector's year-to-date performance shows a 26.84% increase, ranking it 8th among all sectors [1][10]. Gaming Sector Highlights - Giant Network's "Supernatural Action Group" has continued its strong performance, with a revenue increase of 100% month-over-month, entering the top 10 in China's iOS mobile game revenue rankings [2]. - The game is set to expand into Southeast Asia and Japan in 2026, indicating a strategic move towards internationalization [2]. AI Commercialization - The report identifies a growing trend in AI applications, with notable developments in AI assistants, e-commerce, gaming, and video content. Companies like Tencent and Alibaba are leading in AI assistant and e-commerce innovations [1]. - The report highlights that while current AI application revenues are modest, the commercialization of AI is beginning to take shape in China, with various sectors starting to see profitability [1].

本篇聚焦五大核心篇章：政策篇、经济篇、物流篇、合规篇、中国影响力篇，字数约4500字，预计阅读15分钟，建议收藏细读。 2025年，全球贸易在多重变量叠加下进入深度调整期。美国贸易政策反复、美联储多次降息、全球供应链合规升级，共同重构跨境经营生态。与此同时， 中国在文化与技术领域的突破，正成为全球贸易结构中的重要变量。 政策篇 全球贸易规则在博弈中重塑 核心趋势 单边贸易工具被频繁用作战略博弈筹码，其引发的连锁反应凸显全球贸易治理体系的张力。政策的不确定性，而非关税本身，成为影响企业决策的首要外 部成本。 关键事件 特朗普"对等关税"拉锯 2025年，美国以"对等关税"为核心，对主要贸易伙伴施加压力。政策历经"威胁-谈判-暂缓-部分实施"多次反复，从年初针对加拿大、墨西哥的关税调整， 延伸至年中覆盖更广范围的关税措施，最终在国内外法律与政治阻力下趋于务实。 《大而美法案》通过 7月4日，《大而美法案》正式生效。特朗普试图借此实现两重目标：对外以关税施压，迫使贸易伙伴让步；对内以减税吸引制造业回流，重塑本土产业。 然而数据显示，美国2025年前三季度贸易逆差同比扩大17.2%至7651亿美元，法案意图通过关税缩 ...

铺展光影的史诗长卷，哪些海南故事让你念念不忘？是经典电影《红色娘子军》《南岛风云》，还是于 海南取景的故事《消失的她》《孤注一掷》？ 前不久举办的第七届海南岛国际电影节上，"海生万象 光影无垠"的主题贯穿始终。从论坛上的思想碰 撞到大师班的经验共享，从"泰国馆"里的文化共鸣到"全球南方"的影像对话，电影节上的众多声音描绘 出新的海南故事。 这里是展示中国风范的开放窗口。 立足本土文化的"海南叙事"，拓展蓝色疆域的"海洋电影"，连接全球的"海港产业"，本届电影节提 出"三海"主题。中国电影艺术研究中心研究员皇甫宜川认为，自贸港建设和跨文化交融赋予海南叙事浓 郁的当代感。 本届电影节期间，"海纳计划"正式签约落地陵水黎族自治县海归小镇，海外青年导演拥有了新的梦想孵 化地。从海口的长影奇幻乐园到三亚的数字经济产业园，从儋州海花岛的摄影棚集群到陵水的海归小 镇，"拍海南"的场景不断丰富，"海南拍"的产业生态也愈加成熟。 这里还是辐射"全球南方"的重要枢纽。 戛纳、威尼斯等国际影展的佳作汇聚三亚，9部泰国影片集中展映，跨媒介的流动、跨文化的对话…… 翻阅展映片单，不同文化背景下的叙事在这里交汇，电影节不仅是世界电影成果 ...

Core Insights - The report indicates a notable recovery in movie ticket prices, alongside strong performance in metals and memory storage prices, suggesting an overall improvement in industry sentiment, particularly in resource products, midstream manufacturing, and information technology sectors [1][5]. Resource Products - The average transaction volume of construction steel has increased, with both steel billet and rebar prices rising. Coal prices have shown mixed trends, with some regions experiencing price increases while others see inventory fluctuations. The national cement price index has also risen [2][24]. - Industrial metal prices have generally increased, with copper, nickel, aluminum, tin, cobalt, and lead prices rising, while zinc prices have decreased. Most inventories have increased, particularly for zinc and tin [2][21]. Information Technology - The Philadelphia Semiconductor Index and Taiwan Semiconductor Industry Index have both risen, indicating a positive trend in the semiconductor sector. The prices of DDR4 and DDR5 DRAM memory have increased, reflecting strong demand in the market [5][25]. - The telecommunications sector has seen a three-month rolling year-on-year increase in main business revenue, suggesting robust growth in this area [5][24]. Midstream Manufacturing - Prices in the new energy supply chain have generally increased, with the photovoltaic price index also showing a week-on-week rise. The production of metal forming machine tools has seen a significant year-on-year increase, while the production of packaging equipment has declined [5][22]. - Port cargo throughput and container throughput have shown a narrowing year-on-year increase, indicating a potential slowdown in logistics activity [5][22]. Consumer Demand - Prices for fresh milk have risen, while the comprehensive price of sugar has decreased. Pork prices have increased, but the wholesale price of piglets has declined. The average price of live pigs has also decreased, indicating mixed trends in the livestock sector [5][18]. - The ten-day average box office revenue has increased, and movie ticket prices have risen, reflecting a recovery in consumer spending in the entertainment sector [5][20]. Financial and Real Estate - The monetary market has seen a net absorption of liquidity, with a decline in A-share turnover rate and daily transaction volume. The transaction area of commercial housing has increased, while the listing price index for second-hand houses has decreased [6][29]. Public Utilities - The ex-factory price of natural gas in China has decreased, while UK natural gas futures prices have risen. The average daily power generation of key power plants has shown a widening year-on-year decline [6][32].

聚焦内容新供给，把握 AI 新动能——传媒互联网行业 2026 年度投资策略 20151223 摘要 游戏行业在 2025 年经历政策转向和基本面修复，预计 2026 年业绩持 续性将得到验证，交易范式将从周期股转向 PEG 等于一，生命周期更长 的细分赛道将提升整体业绩持续性。 AI 应用在传媒行业前景广阔，中国 CSP 大厂有望在 2026 年复制海外路 径，看好增速快且利润丰厚的 AI 漫剧以及不受模型及应用冲击影响的 AI 加广告。 影视行业政策迎来 180 度逆转，各项边际放宽措施逐步落地，优质内容 供给将带动需求增长，预计 2026 年底至 2027 年初影视板块将迎来 EPS 与 PE 双升过程。 AI 是一个具有 5 到 10 年长周期的赛道，漫剧市场规模接近千亿，各大 平台给予政策支持和流量扶持，工具侧成本相对可控，成为高速增长且 各环节都能盈利的细分赛道。 AI 加广告是大模型变现的重要方式之一，Meta 和谷歌通过生成式 AI 技 术提升 ECPM 并延长用户沉淀时间，推动广告增速上移，国内互联网企 业也在验证这一趋势。 Q&A 2026 年的投资策略有哪些主要方向？ 2026 年的投资 ...

证券日报网讯 12月24日，横店影视在互动平台回答投资者提问时表示，截至2025年12月20日公司股东 持有人数为19825户。 （文章来源：证券日报） ...

重要的消息有哪些 1．商务部新闻发言人就美针对无人机领域增列"不可信供应商清单"事答记者问，有记者问：近日，美 国联邦通信委员会（FCC）发布公告，宣布将所有外国生产的无人机系统及其关键零部件等列入"不可 信供应商清单"（Covered List），请问中方对此有何回应？答：美方以所谓"国家安全"为由，将所有外 国生产的无人机系统及其关键零部件等列入"不可信供应商清单"，中方对此坚决反对。近年来，美方不 顾中美两国企业开展正常商业交易和贸易往来，不顾中美两国业界的强烈呼声，一再泛化国家安全概 念，动用国家力量打击包括中国企业在内的他国企业，这是典型的市场扭曲和单边霸凌做法。中方敦促 美方停止错误做法，立即撤销有关措施。若美方继续一意孤行，中方将坚决采取必要措施，坚定维护中 国企业的正当权益。 2．12月23日，外交部发言人林剑主持例行记者会。就美国联邦通信委员会将包括大疆公司在内的所有 非美国制造的无人机列入"受管制清单"，外交部发言人林剑23日在例行记者会上表示，中方坚决反对美 方泛化国家安全概念，划设歧视性清单，无理打压中国企业。美方应纠正错误做法，为中国企业经营提 供公平公正、非歧视的环境。 3．全国住 ...

12月24日午间，港股因假期提前收市，本周交易收官。截至收盘，恒生指数涨0.17%，恒生科技指数涨 0.19%。 核电股涨幅居前，中广核矿业涨超5%；芯片股走强，中芯国际、晶门半导体均涨超3%，华虹半导体、 上海复旦涨超1%；光通讯概念股回升，剑桥科技涨超5%；除此以外，奶制品、电力设备、食品、有色 金属、建材水泥、黄金等概念股走强。影视、锂电池、家电、内银、港口运输、创新药等概念股日内低 迷。 科技股小幅波动，阿里巴巴、美团、小米、京东、百度跌幅在1%以内。 （文章来源：21世纪经济报道） 个股方面，百奥赛图-B获纳入港股通，日内收涨22.23%；佑驾创新高开低走跌超7%，彩星玩具 (00869.HK)跌超14%。 因圣诞节假期，港股12月25日、12月26日全天休市。 ...

12月24日午间，港股因假期提前收市，本周交易收官。截至收盘，恒生指数涨0.17%，恒生科 技指数涨0.19%。 核电股涨幅居前 ，中广核矿业涨超5%； 芯片股走强 ，中芯国际、晶门半导体均涨超3%，华 虹半导体、上海复旦涨超1%； 光通讯概念股回升 ，剑桥科技涨超5%；除此以外，奶制品、 电力设备、食品、有色金属、建材水泥、黄金等概念股走强。影视、锂电池、家电、内银、港 口运输、创新药等概念股日内低迷。 | W | Wind香港半导体〔887132〕 | | | | --- | --- | --- | --- | | | 14267.68 311.74 2.23% | | | | and and and a line a life a long to be link a secula has been an del a mind a mind a mind a mind a ministed | | | | | 資料 | 成分 资讯 相关基金 | | 月度收益 | | 名称 | | 现价 | 涨跌前 -- | | 纳芯微 | | 117.000 | 4.56% | | 2676.HK | | | | | 晶 ...

Core Viewpoint - Youku has announced an upgrade to its drama series collaboration model, introducing the Effective Play Index (EPI) rating system to incentivize production companies based on the performance of their series [1] Group 1: New Collaboration Model - The new collaboration model aims to create a more open, mutually beneficial content ecosystem, encouraging the production of high-quality content [1] - Under the new rules, Youku will calculate incentive amounts based on the EPI value 90 days after the end of a series' peak broadcast period, with approval for disbursement completed within 7 working days [1] Group 2: EPI Rating System - EPI serves as a value assessment metric for drama content, reflecting the series' performance on the platform in relation to internal ratings, viewership popularity, and revenue [1] - The EPI model is expected to change the traditional business model of fixed production fees, which has lacked long-term incentives for content production [1] Group 3: Incentives for Content Creation - The new model allows production companies to earn beyond fixed cost returns, with bonuses increasing based on the series' performance, thus significantly stimulating the creation of quality content [1]