8月22日下午，中国广告协会与北京市海淀区人民政府在中关村国际创新中心圆满举行了签约仪式，将 2025—2029年的中国国际广告节落地北京海淀。尤为值得关注的是，今年，亚洲广告大会将与中国国际 广告节首次同期同地举办，这一双会联动的创新模式，让科技、文化与广告产业的深度耦合有了更国际 化的表达，成为北京推进国际科技创新中心城市建设和加强国际交往能力的一项务实举措。 政策引领："科技+文化+广告"融合生态的国际化升级 2025年中央城市工作会议提出"推动城市高质量发展，建设富有活力的创新城市（300778），促进城市 文脉赓续与内涵提升"。海淀区作为北京国际科技创新中心核心区，依托中关村前沿科技集群和"三山五 园"历史文化遗产，为广告产业升级提供了坚实的技术基础和丰富的内容资源。该区域集聚了抖音、快 手、小米、百度等多家科技巨头，持续以创新科技赋能广告业发展。"十四五"期间，全市广告业务年收 入连续突破4000亿元。2025年上半年，规模以上广告企业营收同比增长10.5%，海淀区在其中发挥了重 要作用。 依托这一 "科技 + 文化" 双优势，北京正打造全新广告融合生态，推动中国广告产业国际化转型升级。 据主办单 ...

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has intensified its crackdown on companies engaging in illegal activities in the capital market, signaling a zero-tolerance approach towards violations [1] Group 1: *ST Zitian - *ST Zitian was fined a total of 38.4 million yuan for financial fraud, including inflating revenue by 2.499 billion yuan over two years [2][3] - The company reported inflated revenues of 778 million yuan and profits of 85 million yuan in its 2022 annual report, accounting for 44.59% and 35.99% of total revenue and profit, respectively [2] - In the 2023 semi-annual report, *ST Zitian inflated revenue by 208 million yuan and profits by 79 million yuan, representing 14.56% and 51.64% of total revenue and profit, respectively [2] - The company is facing potential delisting due to serious violations and has been criminally investigated for concealing accounting documents [3] Group 2: *ST Huike - *ST Huike received a warning and a fine of 2 million yuan for misleading statements in its 2024 performance forecast, failing to disclose that its revenue was below 100 million yuan [4][5] Group 3: Huayang Lianzhong - Huayang Lianzhong is facing a fine of 5 million yuan for concealing 181.53 million yuan in non-operating fund occupation across multiple reports [6][7] - The company also inflated profits by over 86 million yuan due to inadequate bad debt provisions, affecting its financial statements for 2021 and 2022 [8][9] Group 4: Taihe Group - Taihe Group was fined 6 million yuan, with executives facing a total penalty of 11.4 million yuan for failing to disclose significant lawsuits totaling 9.674 billion yuan, which represented 48.21% of its net assets [11][15] - The company's chairman has been placed under detention for suspected violations, adding to the uncertainty surrounding its future operations [12][18] Group 5: Meishang Ecology - Meishang Ecology was fined a total of 9 million yuan for systemic financial fraud and failing to disclose significant lawsuits, including a case involving 471 million yuan [19][21] - The company inflated its reported profits and net assets across multiple annual reports from 2020 to 2022, leading to significant discrepancies in its financial disclosures [20][21]

Core Insights - The report titled "From 'One Size Fits All' to 'Tailored for Each': AI Leading the Intelligent Transformation of the Advertising Industry" outlines the comprehensive transformation of the advertising industry driven by artificial intelligence, highlighting the shift from traditional models to intelligent systems [1][2]. Industry Overview - The global advertising industry is projected to exceed $1 trillion by 2024, with China's advertising revenue surpassing 1.5 trillion yuan. Each 1 yuan spent on advertising generates approximately 7 yuan in economic output, showcasing the industry's significant multiplier effect [1][2][31]. - In 2023, China's digital advertising penetration rate reached 83.4%, indicating a high level of digital integration within the advertising sector [1][31]. AI Empowerment in Advertising - AI is revolutionizing the entire digital advertising chain, with content production evolving towards automation and high-quality outputs. Generative AI enables efficient mass production of "volume-type" materials, while "premium-type" materials still require human creativity [1][2][9]. - Advertising engines are overcoming computational challenges, transitioning from "keyword matching" to "intent understanding," facilitating a shift from "one size fits all" to "tailored for each" advertising strategies [1][2][9]. Emerging Advertising Forms - The entry points for advertisements are shifting from user interfaces to intelligent agents, with advertising formats evolving from display ads to conversational embedded formats, including new forms of native advertising [1][2][10]. Global Practices and Innovations - Major advertising platforms like Google, Meta, Tencent, and Kuaishou are building AI-driven advertising infrastructures, while service providers such as Weimob and WPP are reshaping the entire marketing chain [2][10]. - Various sectors, including healthcare, e-commerce live streaming, and vertical retail, are actively applying AI to enhance productivity [2][10]. Future Trends - The advertising industry is moving towards deep personalization, with intelligent agents becoming new product and service models. The infrastructure is transitioning from "computational advertising" to "intelligent advertising," leading to a redefined division of labor within the industry [2][11]. - The demand for "strategic creative professionals" is increasing, and human-machine collaboration is becoming mainstream [2][11]. Challenges and Governance - The report identifies challenges such as technology, content regulation, and user trust in AI-driven advertising. It suggests updating regulatory frameworks, enhancing platform autonomy, and promoting industry self-discipline as potential solutions [2][11].

【合规资讯】 【合规资讯】 6月13日，中国证券业协会修订发布了《证券公司履行社会责任专项评价办法》（以下简称《评价办法》），并于发布之日起正式施行，旨在进一步督促 证券公司履行社会责任，完善社会责任激励约束机制。修订后的《评价办法》共十八条，包括总则、评价内容、评价实施与结果运用、附则等四章内容， 对企业履行社会责任的情况设置了服务乡村振兴、服务区域协调发展、参与社会公益、所获表彰奖励等四项评价内容，共计13个评价指标。（资讯来源： 中国证券业协会） 【合规提示】 建议证券公司：一是对照《评价办法》内容如乡村振兴、投资者教育、社会公益、行业生态建设等维度，制定或完善公司年度社会责任实施方案和重点工 作清单，确保各项指标可量化、可考核。二是通过年报、官网、媒体平台等渠道主动披露社会责任履行情况，提升企业正面形象；同时将社会责任实践与 品牌建设、客户服务相结合，打造具有行业影响力的履行社会责任标杆项目。 二、交通运输部公布《铁路建设工程勘察设计管理办法》 《企业合规》栏目将为市属国有企业提供国内外涉及深圳企业经营和发展的重大合规领域立法及执法的提示和预警信息，助力增强企业防范合规风险的能 力，为深圳市企业"走出 ...

【编者按】 人工智能正成为全球科技竞争的战略制高点，上海围绕加快建设具有全球影响力的科技创新高地的目 标，在AIGC（人工智能生成内容）领域的生态建设上展现出强大活力，从政策支持、产业集聚与人才 储备共同推动，已逐渐成为国内AIGC商业化应用的核心城市之一。城中活跃着一大批来自广告、影 视、游戏、设计等不同背景的AIGC实践者，在技术与艺术的交叉点上不断突破，共同定义AI时代的创 作范式。 人物背景 黄楚杰，资深广告人，AIGC商业化实践领军者，Aimwise艾门韦思创始人。在传统广告行业增长见顶 的背景下，2022年，他敏锐捕捉到AIGC的技术浪潮，带领团队从"焦虑转型"到"落地开花"，成为央 视、腾讯、伊利等头部机构和企业的AI内容供应商，既见证了国产AIGC工具从"文化理解不足"到"可商 用"的跃迁，也通过自研平台、社群运营与商业实战，为行业提供了从技术应用到变现的经验。 黄楚杰：我从2016年进入广告行业，以前我的传统业务主要围绕国际度假村，多年来很稳定。 但从2019年开始，我明显感觉到了困难，我肩负着公司拓展新项目的责任，而我们又没有快消类客户的 经验，业务增长出现瓶颈，这种无力感加剧了内心的危机 ...

Group 1: Industry Insights - Deepseek announced the release of its large model V3.1, which utilizes UE8M0 FP8Scale parameter precision, indicating a positive impact on the domestic AI chip and semiconductor industry chain [3] - The Chinese government plans comprehensive reforms in the petrochemical and refining industry, targeting the elimination of small facilities and upgrading outdated operations, with a focus on producing specialty fine chemicals [4] - The adjustment of capacity in the petrochemical industry is seen as a continuation of the "anti-involution" policy, although the profitability of the domestic petrochemical industry is primarily influenced by overseas oil prices [4] Group 2: Advanced Manufacturing - As of June 2025, China's cumulative installed capacity for power storage reached 164.3 GW, a year-on-year increase of 59%, while new energy storage capacity reached 101.3 GW, up 110% [7] - Citigroup raised its target price for lithium carbonate in China from $7,000 to $11,000 per ton, indicating that the recent price increase is seen as temporary due to supply disruptions [7] - EVE Energy reported a revenue of 28.169 billion yuan for the first half of the year, a year-on-year increase of 30.06%, driven by growth in power and energy storage battery businesses [8] Group 3: Consumer Sector - Bilibili reported a revenue of 14.341 billion yuan for the first half of 2025, a year-on-year increase of 21.62%, with a notable rise in gross margin to 36.5% [10] - The gaming segment generated 1.61 billion yuan in revenue, a 60% increase year-on-year, driven by new game seasons and stable operations of long-term products [10] - The advertising business saw a revenue increase of 20%, with performance ads growing by 30% and AI-related ads experiencing a nearly 400% increase [10]

证券研究报告 快手-W (1024 HK) 港股通 2Q 业绩超预期，可灵 B 端商业化在即 2025 年 8 月 22 日│中国香港 互联网 快手 2Q 业绩：营收同增 13%至 350 亿，高于 VA 一致预期 2% (下同)。毛 利率同比改善 0.3pct 至 55.7%，经调整净利润同增 20%至 56 亿（超预期 11%）。分业务看，直播、广告、电商收入同比分别变动 8%、13%、26%， 广告方面，我们预期 3Q 广告同比增长 13%，弱于一致预期 16%，主系海 外广告受监管影响（广告收入占比中位数）；当前货架场景广告位正加速商 业化，内循环广告货币化率有望持续提升。我们预期可灵 25 年收入或达 10 亿+，2B 订阅方案有望于 3Q 推出，推动 B 端商业化加速。我们持续看好快 手在 AI 应用场景的长期渗透率提升。维持"买入"评级。 可灵商业化加速落地，新品"可灵画布"驱动 B 端渗透率 2Q 可灵收入 2.5 亿元，推理层面毛利率已转正。管理层指引 25 年收入为 1.25 亿美元，Capex 指引从 100 亿上提至 120 亿（去年 80 亿）。我们认 为可灵 2B 端变现加速，专业 ...

2025互动创意&媒介营销优秀作品征集活动以敏锐行业洞察，贴合行业发展趋势设置多元赛道。聚焦打 破传统边界的互动形式，实现品牌与用户价值共创；突出前沿技术在营销的融合应用；强调创意设计打 造沉浸式体验；另有品牌出海、城市文旅等专业垂直赛道多维度挖掘卓越营销作品，从创意、策略到效 果等多维度评估，彰显前沿洞察，诚邀参赛，共襄盛举！ 互动创意&媒介营销优秀作品征集活动，从2003年第一届起，22年来，在中国广告协会的指导下，秉 承"现代开启未来"的理念，挖掘了超4万件在创意、数字、品牌营销等领域具有代表性、彰显品牌特色 的优秀作品，为中国品牌彰显实力提供了一个专业平台，同时也为中国广告行业未来发展提供更多借鉴 和思考，推动了广告行业的发展和创新，自开办以来，互动创意&媒介营销优秀作品征集活动结合营销 趋势不断自我革新，致力成为中国营销领域的风向标和广告行业的引领者。 2025互动创意&媒介营销优秀作品征集活动以敏锐行业洞察，贴合行业发展趋势设置多元赛道。聚焦打 破传统边界的互动形式，实现品牌与用户价值共创；突出前沿技术在营销的融合应用；强调创意设计打 造沉浸式体验；另有品牌出海、城市文旅等专业垂直赛道多维度挖掘卓 ...

由 文心大模型 生成的文章摘要 腾讯研究院联合腾讯广告正式发布《从"千人一面"到"一人千面"：人工智能引领广告行业智能化转型》 报告。这份报告聚焦AI技术对广告行业的深度影响，系统梳理行业发展脉络，为行业从业者、研究者 提供了极具价值的参考，引发广告领域广泛关注。 报告明确指出，随着人工智能技术的飞速迭代与深度应用，广告行业正告别过去"千人一面"的粗放式传 播阶段，全面迈入"一人千面"、人机协作的智能化新时代。在这一时代背景下，广告精准度与用户体验 实现双重提升。借助AI强大的数据分析与算法能力，广告平台能够深度挖掘用户的消费习惯、兴趣偏 好、行为轨迹等多维度数据，构建精准的用户画像。基于这些画像，广告可实现个性化推送，让不同用 户在不同场景下都能看到契合自身需求的内容。例如，年轻妈妈群体可能频繁收到母婴用品优惠广告， 而户外爱好者则会更多接触到运动装备新品推荐，这种精准触达不仅提高了广告转化率，也减少了用户 对无效广告的抵触。 人机协作模式成为广告行业智能化转型的重要特征。报告分析，在广告创作、投放、优化全流程中， AI与人类的协同作用日益凸显。AI可快速完成大量重复性工作，如批量生成不同风格的广告素材、实 ...

Core Viewpoint - The article emphasizes that artificial intelligence (AI) is transforming the advertising industry from a "one-size-fits-all" approach to a highly personalized "one-to-one" advertising model, driven by AI's capabilities in understanding user intent and context [4][5][6]. Group 1: AI's Impact on Advertising - AI is evolving from a tool for content production to a core driver of industry growth, reshaping the advertising landscape [4]. - Major platforms like Google, Meta, Tencent, and Kuaishou are actively integrating AI into their advertising processes, enhancing creative production and intelligent ad placement [5]. - The shift from "computational advertising" to "intelligent advertising" is establishing a new infrastructure that allows for deeper understanding of user needs and real-time context [6][9]. Group 2: Intelligent Advertising Infrastructure - The new intelligent advertising infrastructure is built on three pillars: multimodal large models, reasoning engines, and intelligent agent collaboration protocols [9][11]. - Multimodal models enable the understanding of various content types, allowing for dynamic ad generation based on real-time user context [9]. - The reasoning engine enhances AI's ability to plan and execute marketing strategies across the entire customer journey [9]. Group 3: Evolution of AI Agents - AI agents are transitioning from single-function tools to comprehensive "super agents" capable of managing the entire marketing process autonomously [11][12]. - These agents will consist of specialized AI roles that collaborate to optimize advertising strategies, reducing the need for human intervention to high-level oversight [12]. - The interaction between users and ads is being redefined, with AI agents acting as knowledgeable sales consultants that provide personalized recommendations [12][14]. Group 4: Personalization in Advertising - The advertising matching paradigm is shifting from "thousands of faces for thousands of people" to "thousands of faces for one person," focusing on real-time, context-aware ad generation [14][15]. - This transformation allows ads to become more relevant and timely, enhancing user experience by addressing immediate needs rather than relying on past behaviors [15]. Group 5: Industry Transformation and Collaboration - The advertising industry is experiencing a shift towards human-AI collaboration, with platforms enhancing their capabilities and agencies transitioning to more strategic roles [16][18]. - Advertisers are now empowered to build their own intelligent systems, benefiting from the democratization of AI tools [16]. - The demand for talent is evolving, with a focus on strategic creative individuals who can leverage AI and data insights [18]. Group 6: Ethical Considerations and Future Outlook - While AI brings efficiency and scale, the importance of human creativity, emotional resonance, and trust remains paramount in advertising [20]. - The article calls for a balanced approach to AI integration, ensuring that ethical standards and authenticity are maintained in the advertising ecosystem [20].