重阳说 2025年一季度的资本市场在一种叙事突变的氛围中开局。春节期间，Deepseek横空出世，让全球对中国硬 科技的突破刮目相看。电影院里，魔童哪吒大闹东海龙宫，票房连破纪录，闯进全球影史前五且尚未止步。 现实内外的交相辉映极大地提振了投资者的风险偏好，中国资产价值重估成为主流叙事，结构性牛市行情逐 渐清晰，指数攀升至3400点附近，此前重阳看好的泛科技、创新药等板块已经收获了一波涨幅。经过一季度 的修复，展望后市，政策与市场大的演绎方向是什么？结构性机会如何把握？本期"重阳S4"圆桌请出重阳投 资合伙人、战略研究部主管寇志伟以及基金经理谭伟、胡敏、陈奋涛、赵阳来进行一一解答。 "重阳S4"是重阳多位基金经理共同管理同一只基金这一模式的简称。具体来讲， 就是在公司投资决策委员会统 一的策略指引下，同一只基金通过分仓的方式由多位基金经理共同参与管理，每位基金经理在自己的分仓范 围内进行相对独立操作。实践证明，多基金经理共管模式能够帮助打造投资管理超级能力圈，实现投资业绩 可持续、投研能力可迭代、投资风格可复制、管理规模可拓展的目标。多基金经理共管模式起源于美国，已 经成为当今全球资管行业里大多数头部基金普遍 ...

本文转载自21世纪经济报道 值班编辑｜ 江江 视觉 | 顾芗 3月26日，据大象新闻消息，近日，法院公开东风英菲尼迪汽车有限公司起诉王力宏、西东音乐（上 海）有限公司财产损害赔偿纠纷的案件。 王力宏遭英菲尼迪起诉 曾合作35小时成"最短代言人" 公告显示，该案件计划将于4月28日，由上海市金山区人民法院审理。其中，西东音乐（上海）有限公 司由ALEXANDER LEE HOM WANG（王力宏）担任法定代表人职务。 图源：企查查 据21世纪经济报道，此前在2021年，英菲尼迪曾官宣王力宏为代言人，后续仅过去35小时就终止合同。 2021年12月17日，王力宏的前妻李靓蕾在微博上爆料，指责王力宏在婚内的种种不当行为。在回应中， 王力宏否认了这些指控。此番争吵让两人的私事成为了公众议论的焦点。 王力宏复出，多地举办演唱会 据公开资料，王力宏，1976年出生，流行乐歌手、音乐人、影视演员、导演。代表作品有《心中的日 月》《唯一》《花田错》《大城小爱》《你不在》等，他还曾自导自演爱情电影《恋爱通告》。 据新闻晨报消息，2023年7月5日，王力宏与李靓蕾的离婚官司在美国告一段落，纽约法院判定两人离婚 获准，并强制执行过 ...

Group 1 - The film industry is experiencing a significant transition, with many professionals, including well-known actors, shifting careers due to various pressures and challenges [3][5][6] - The current environment in the film industry is described as an "ice age," with a notable decrease in investment and production, leading to actors reducing their fees to attract funding [6][11] - There is a stark contrast between the increasing scale of film production and the number of individuals leaving the industry, highlighting a growing crisis among both emerging and established talent [5][6] Group 2 - The industry faces challenges such as severe homogenization of content, lack of innovation, and a decline in the quality of productions, which negatively impacts audience engagement and investment [11][13] - Established actors like Louis Koo are experiencing career crises, attributed to repetitive roles and a lack of fresh, engaging content, leading to audience fatigue [13][15] - To revitalize their careers, actors are encouraged to diversify their roles and reduce the frequency of their projects, learning from successful peers who have adapted their strategies over time [17]

Group 1 - The media and internet industry is experiencing a dual trend of technological breakthroughs and content recovery, driven by AI technology applications and the release of head IP works [1][8] - Mihayou's AI game project has entered internal testing, marking a new phase in the application of AI technology in game development, enhancing efficiency in scene construction and interaction [2][7] - ByteDance launched the image generation tool InfiniteYou, while Alibaba's Quark App upgraded to "AI Super Box," showcasing significant user engagement and technological capabilities [3][4] Group 2 - The film market is led by the domestic animation "Nezha: Birth of the Demon Child," which contributed 1.13 billion yuan in box office, accounting for 48.1% of the weekly total [5][6] - Policies supporting original IP and derivative consumption have been introduced, alongside increased personal consumption loan limits, stimulating market demand and providing long-term growth support for niche sectors [6][8] - The integration of AI technology with content production is moving from experimental to large-scale application, optimizing processes in both gaming and film industries [7][8]

Core Viewpoint - The phenomenon of high-budget projects related to Jin Yong's centenary celebration failing continues, highlighting issues such as insufficient team experience and delayed development progress, which have severely undermined market confidence in these projects [1][2][3]. Group 1: Project Failures - The project "Jin Yong Martial Arts World 3A" by TuSen Future has officially announced the dissolution of its Guangzhou branch, despite the Beijing and Shanghai teams continuing development [1]. - The film "The Legend of the Condor Heroes: The Hero of the Great" invested 600 million yuan, achieved pre-sale success but faced significant losses due to poor reviews [1]. - The TV series "Jin Yong Martial Arts World," which cost 870 million yuan, was abruptly pulled after airing only 30 episodes [1]. - The open-world MMO "The Condor Heroes," which claimed a budget of 1 billion yuan, underperformed in the market and is undergoing a remake [1]. Group 2: Audience Engagement Issues - The main reason for the failures of these projects is attributed to internal product issues, alongside a lack of appeal of the Jin Yong IP to younger audiences [2][5]. - Recent adaptations have attempted to modernize the Jin Yong IP to attract younger audiences but have largely failed to resonate with the target demographic [5][6]. - Data shows that the audience attracted to these adaptations is primarily older, with younger viewers showing less interest in Jin Yong's works [6][7]. Group 3: Marketing and Creative Challenges - The approach to appealing to younger audiences is flawed, as many product teams do not accurately understand the mindset of potential young fans of Jin Yong [11][12]. - Many new products are designed with a focus on modern aesthetics and trends, neglecting the deeper cultural significance and emotional connection older fans have with Jin Yong's works [12][13]. - The perception of Jin Yong's value among younger audiences is often tied to a desire for unique cultural consumption rather than mainstream appeal [13][14]. Group 4: Industry Insights - The difficulty in adapting Jin Yong's works stems from the established character templates influenced by previous adaptations, limiting creative freedom [22][23]. - The market for high-quality martial arts games has shifted, with innovation and quality becoming more important than reliance on classic IPs like Jin Yong [34][35]. - The challenges faced by Jin Yong adaptations are compounded by the audience's familiarity with the original stories, making it difficult to generate excitement for new interpretations [34][36]. Group 5: Future Outlook - Despite the current challenges, there is still hope for the future of Jin Yong IP adaptations, as high-budget projects may pave the way for more attempts if they demonstrate profitability [39][40]. - The next significant opportunity for Jin Yong's IP may arise around the 10th anniversary of his passing, suggesting a potential window for renewed interest and engagement [40].

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [2] Core Insights - Tencent's AI application product iteration cycle is accelerating after fully integrating DeepSeek, highlighting the importance of Tencent's top-level AI strategy shift. The first PV of the game "Whispers From The Star" has been officially announced, emphasizing the demonstration effect of leading companies in the AI + gaming paradigm exploration [2][4] - The report suggests continuous attention to leading companies like Tencent, Alibaba, and Bilibili, which exhibit resilience in their performance fundamentals and strategic value through proactive internal organizational adjustments [3][4] Summary by Sections Industry Performance - From March 10 to March 14, 2025, the Shanghai Composite Index increased by 1.39%, while the Shenzhen Component Index rose by 1.24%. The media sector ranked 14th among all industries with a growth of 1.78% [13] - In the media sub-sectors, the television broadcasting, film, and gaming sectors performed well, while publishing, advertising, and digital media lagged behind [14] Gaming Sector - The game "Whispers From The Star" by Anuttacon, which features real-time interactive gameplay, has been announced and is currently in closed testing. This game represents a new creative possibility in the AI + gaming space [4] - The report highlights the potential for innovative gameplay in simulation and nurturing games, suggesting that leading gaming companies like miHoYo should be closely monitored for their demonstration effects in AI + gaming [4] AI Applications - The report emphasizes the importance of companies that actively embrace new technologies and possess data, user, and application scenario advantages. Several companies have completed internal deployments of DeepSeek-R1, indicating a potential new paradigm in AI applications [5] Film and Television - The total box office from March 10 to March 15 reached 294 million yuan, with "Nezha: Birth of the Demon Child" leading with a box office of 156.29 million yuan, accounting for 53.1% of the total box office [38] - The report suggests that the demand for quality films is expected to adjust positively due to the supply of quality content, recommending attention to key film producers and cinema/ticketing companies [6] Market Trends - The report notes that the AI investment landscape remains active, with 17 AI-related financing events reported from March 10 to March 14, indicating strong investor interest in AI and frontier technology sectors [26]

Investment Rating - Industry Rating: Recommended [5] Core Insights & Investment Recommendations - The AI industry is experiencing a surge in activity, with significant events such as the GTC 2025 summit highlighting advancements in AI and cloud computing [2][22][23] - The report emphasizes the commercialization acceleration of the AI industry, with domestic leading companies benefiting from cost efficiency and localization advantages [3][23] - Investment opportunities are identified in the following sectors: 1) Gaming industry: Policy incentives boost domestic demand, and technology enhances product competitiveness [3][23] 2) Hong Kong internet leaders: Consumer promotion stabilizes employment, with core stocks seeing valuation and performance recovery [3][23] 3) Film and cultural tourism industry: Consumption policies promote cinema recovery and stimulate demand for improvement [3][23] Market Performance Overview - In the week of March 10-14, 2025, the Shanghai Composite Index rose by 1.39%, while the CSI 300 Index increased by 1.59% [10][12] - The SW Media Index saw a rise of 1.78%, outperforming the ChiNext Index by 0.81% [10][12] - Sub-industries such as broadcasting, film, and sports led the gains, with increases of 4.91%, 4.75%, and 3.98% respectively [10][12][16] Industry Data - The top three box office films were "Nezha: Birth of the Demon Child," "Detective Chinatown 1900," and "Heavenly Travel Group" [4] - The top three streaming films included "Gladiator 2," "I Like to Deceive," and "Naruto: The Road of the Ninja" [4] - The top three TV series were "Difficult to Please," "Like a Flower," and "Northbound" [4] - The top three variety shows were "Let's Farm Season 3," "Cats in the Box Season 2," and "Detective Pick Up Light Season" [4] - The top three mobile games on iOS were "Peacekeeper Elite," "Honor of Kings," and "Crossfire: Gunfight King" [4]

Investment Rating - The report maintains a positive outlook on overseas Chinese assets and the media sector, focusing on cyclical, undervalued, and fundamentally supported targets [1][2]. Core Insights - Recent policies aimed at boosting consumption have been frequent, with a focus on cyclical sectors and undervalued assets with strong fundamentals. The government has prioritized expanding domestic demand as a key task for the year [1][2][15]. - The report highlights the resilience of leading internet platforms and the potential for a revaluation of Chinese assets, despite possible short-term volatility following rapid price increases [2][6]. - The report suggests specific stocks to watch, including Tencent Holdings, Pinduoduo, and Wanda Film, among others, emphasizing the importance of fundamental support and low valuations [2][6]. Summary by Sections Recent Developments - The government has launched initiatives to stimulate consumption, including a special action plan to enhance consumer spending and financial support for families [15]. - The media sector has seen a 2.21% increase in the week of March 10-14, driven by cyclical segments such as cinema and advertising [2][6]. Industry Policies and News - The report notes significant policy updates aimed at enhancing consumer finance and overall market conditions, which are expected to positively impact the media sector [15]. - Recent financing events in the gaming sector indicate ongoing investment interest, with notable funding rounds for startups [17][18]. Weekly Data Tracking - The total box office revenue from March 8-14 was 510 million yuan, reflecting a 28.9% decrease from the previous week, attributed to seasonal market trends [19][20]. - The report tracks the performance of television dramas and variety shows, noting shifts in viewership and market share among leading platforms [26][29]. Company Valuation Updates - The report indicates that the A-share media sector has seen price increases across various segments, with Wanda Film showing the highest growth at 10.70% during the tracking period [33].

Investment Rating - The report maintains a "Positive" investment rating for the media and internet industry [2] Core Views - Tencent's AI application product iteration cycle is accelerating after fully integrating DeepSeek, highlighting the importance of Tencent's top-level AI strategy shift [2][3] - The game "Whispers From The Star" has been officially announced, showcasing the demonstration effect of leading companies in the AI + gaming paradigm exploration [4] Summary by Sections Industry Performance - As of March 10-14, 2025, the Shanghai Composite Index increased by 1.39%, while the Shenzhen Component Index rose by 1.24%. The media sector ranked 14th among all industries with a growth of 1.78% [13][14] - The top five stocks in the media sector by growth were Jin Yi Film (35.12%), Hubei Broadcasting (30.74%), and Rongxin Culture (17.1%) [15] AI Applications - Domestic AI large models are accelerating in their foundational paradigms, with companies like Kunlun Wanwei and Meitu showing advantages in data, users, and application scenarios [5] Gaming Sector - The game "Whispers From The Star" is a space-themed interactive narrative game that allows players to guide NPC actions through real-time AI dialogue, indicating a potential for innovative gameplay in the AI era [4] - The gaming market is seeing significant interest in AI-driven gameplay innovations, with companies like Giant Network leading the way with their DeepSeek native game mechanics [19] Film and Television - The total box office for the week of March 10-15 was 294 million yuan, with "Nezha: Birth of the Demon Child" leading with a box office of 156.29 million yuan, accounting for 53.1% of the total [38][39] - In the drama sector, "Difficult to Please" topped the viewership charts with 210 million views, holding a market share of 12.81% [40][42] Market Trends - The report suggests continuous attention to the strategic value of leading companies in the media sector, particularly in the context of AI and gaming integration [3][4] - The report emphasizes the importance of quality content and innovative business models in driving growth within the media industry [9]

Investment Rating - The report maintains an "Accumulate" rating for the media industry [6] Core Insights - The media sector has shown a positive trend, with a 1.26% increase from March 10 to March 14, 2025, driven by the growing interest in AI applications, IP monetization, and mergers and acquisitions [1][9] - The focus areas for investment include AI applications, companies with IP advantages, and state-owned enterprises, particularly in the context of increased valuation assessments by the State-owned Assets Supervision and Administration Commission [1][2] Summary by Sections Market Overview - The media sector's performance is buoyed by AI trends, with significant growth expected in AI applications, IP monetization, and restructuring activities [1] - The top-performing sectors during the same period included food and beverage (6.24%), coal (4.97%), and non-ferrous metals (3.33%) [9] Sub-sector Insights - Key companies to watch include: 1. Resource integration: China Vision Media, Guoxin Culture, Guangxi Broadcasting, Tangde Film and Television, Jishi Media, Youzu Network [2] 2. AI: Aofei Entertainment, Tom Cat, Shengtian Network, Chinese Online, Yidian Tianxia, Visual China, and others [2] 3. Gaming: Focus on companies with strong certainty like Shenzhou Taiyue, Kaiying Network, Giant Network, and others [2] 4. State-owned enterprises: Ciweng Media, Wanxin Media, and others [2] 5. Education: Xueda Education, Action Education, and others [2] 6. Hong Kong stocks: Alibaba, Tencent, Pop Mart, and others [2] Key Events Review - The report highlights significant events such as the global box office success of "Nezha 2," which surpassed 15 billion yuan, and the integration of AI in education through DeepSeek technology in Chongqing universities [19] - The collaboration between Shanghai Film and ByteDance's AI platform to enhance "AI + film" integration is also noted [19] Sub-sector Data Tracking - In the gaming sector, popular upcoming games include "Wending Three Kingdoms" and "Victory Goddess: New Hope" [21] - The box office for the week of March 10-14, 2025, reached approximately 149 million yuan, with "Nezha: The Devil Child" leading at 72 million yuan [24] - The top-rated series and variety shows during this period were "Beishang" and "Box Cat Season 2," respectively [25][27]