中泰证券指出，具体后续部署路径上，将按照不同教育阶段特点，分类推动人工智能通识教育，培养胜 任智能时代的高素质人才。AI+教育商业化潜力充足，用户付费意愿强，权威研究机构 MarketsandMarkets预测，到2025年，全球规模将突破300亿美元，年复合增长率超40%。海外公司商业 模式落地顺畅，而到国内层面，教育公平化需求旺盛，政策扶持力度明确，看好具有产品力/推广能力 优势的相关公司，伴随相关细分政策落地，后续进行市场下沉与落地推进，挖掘业绩增长新动能。 截至2025年12月31日 10:14，中证传媒指数(399971)强势上涨2.07%，成分股蓝色光标(300058)上涨 15.73%，利欧股份(002131)上涨9.94%，易点天下(301171)上涨7.51%，视觉中国(000681)，中文在线 (300364)等个股跟涨。传媒ETF(159805)上涨2.20%，最新价报1.39元。 传媒ETF紧密跟踪中证传媒指数，中证传媒指数从营销与广告、文化娱乐、数字媒体等行业中，选取总 市值较大的50只上市公司证券作为指数样本，以反映传媒领域代表性上市公司证券的整体表现。 消息面上，教育部在新闻发布 ...

从去年到今年，促消费、促内需，一直是社会的重要议题。 此前，重要工作会议更是将"坚持内需主导，建设强大国内市场"定位明年八大重点任务之首。 但回望过去一年，在大盘整体上涨的趋势之中，跌幅居前的，仍大多是消费板块。 但，转机往往在危机之中酝酿，在今年最惨的板块之中，又到底能否酝酿出新的机遇呢？ 01 白酒板块 年内跌幅12.44% "买你的白酒去吧，老登。" 这句以一己之力打造出老登股和小登股概念的话，足以表现出如今白酒板块的尴尬处境。 同花顺数据显示，在申万二级行业指数之中，今年年内下跌的16个行业中，有十个均为消费板块。 | 申万二级行业指数排名 | | --- | | | 简称 | 年涨跌幅(%) | | --- | --- | --- | | T | 专业连锁II | -14.72 | | 2 | 铁路公路 | -12.86 | | 3 | 三恩山 | -12.44 | | 4 | 房屋建设 II | -11.80 | | 5 | 非白酒 | -11.61 | | 6 | 出版 | -7.22 | | 7 | 调味发酵品 II | -6.04 | | 8 | 煤炭开采 | -5.55 | | g | 中 ...

从去年到今年，促消费、促内需，一直是社会的重要议题。 此前，重要工作会议更是将"坚持内需主导，建设强大国内市场"定位明年八大重点任务之首。 但回望过去一年，在大盘整体上涨的趋势之中，跌幅居前的，仍大多是消费板块。 同花顺数据显示，在申万二级行业指数之中，今年年内下跌的16个行业中，有十个均为消费板块。 | | 简称 | 年涨跌幅(%) | | --- | --- | --- | | 1 | 专业连锁II | -14.72 | | 2 | 铁路公路 | -12.86 | | 3 | 三恩山 | -12.44 | | 4 | 房屋建设 II | -11.80 | | 5 | 非白酒 | -11.61 | | 6 | 出版 | -7.22 | | 7 | 调味发酵品 II | -6.04 | | 8 | 煤炭开采 | -5.55 | | 9 | 中药 II | -5.02 | | 10 | 数字媒体 | -4.95 | | 11 | 厨卫电器 | -4.11 | | 12 | 轨交设备 II | -3.08 | | 13 | 乘用车 | 勾股大数据_97 | | 14 | 通信服务 | -2.74 | | 15 | ...

Core Viewpoint - The article discusses the significant downturn in various consumer sectors, particularly the liquor and retail industries, highlighting the challenges and potential opportunities for recovery amidst changing consumer behaviors and market dynamics [2][4][43]. Group 1: Liquor Industry - The liquor sector, especially the white liquor segment, has faced substantial declines, with the overall white liquor market down by 12.44% this year [9][15]. - Major brands like Wuliangye have reported significant drops in revenue and profit, with a 10.26% decline in revenue and a 13.72% drop in net profit for the first three quarters [17]. - The white liquor industry is experiencing a shift from a growth-driven model to one focused on consumer preferences, with a need for companies to adapt to changing consumption patterns [26][27]. Group 2: Retail Industry - The professional chain sector has seen a dramatic decline of 14.72%, with many traditional retail models struggling to survive [28][30]. - Companies like Renrenle have faced severe financial difficulties, leading to a significant reduction in store numbers and ultimately triggering delisting procedures [34][35]. - The shift towards online shopping and changing consumer preferences have forced traditional retailers to innovate or face extinction [36][39]. Group 3: Non-White Liquor Sector - The non-white liquor sector, including beer and wine, has also suffered, with a reported decline of 11.61% this year [40]. - Major players like Budweiser APAC have experienced significant sales drops, with a 9.5% revenue decrease and a 24.4% decline in net profit [46]. - The industry is witnessing a trend of cross-industry competition, with liquor companies diversifying into other beverage categories to adapt to market changes [51][56]. Group 4: Publishing Industry - The publishing sector has faced a 7.22% decline, with the overall market for printed books down by 10.40% [60]. - Despite the downturn, some publishing companies have managed to increase profits through cost control and operational efficiency, with a 14.65% rise in net profit for listed companies [61][62]. - The industry is undergoing significant transformation, moving from traditional sales models to more dynamic content management and IP development strategies [70][71]. Group 5: Seasoning Industry - The seasoning sector has seen a 6.04% decline, with companies like Qianhe Flavor struggling due to a drop in revenue and profit [74]. - The industry is facing challenges from both market saturation and changing consumer preferences, necessitating a shift in strategy for many companies [81]. Group 6: Traditional Chinese Medicine - The traditional Chinese medicine sector has experienced a 5.02% decline, with companies like Pian Zai Huang facing significant revenue and profit drops [86]. - The industry is under pressure from regulatory changes and increased competition, pushing companies to innovate and diversify their product offerings [91][92]. Group 7: Digital Media - The digital media sector has reported a 4.95% decline, with traditional advertising models struggling to adapt to new market realities [97][100]. - Companies like Mango TV have seen significant revenue drops, highlighting the challenges of maintaining profitability in a rapidly changing landscape [101][104]. Group 8: Kitchen and Bathroom Appliances - The kitchen and bathroom appliance sector has faced a 4.11% decline, with major players like Boss Electric experiencing revenue drops for the first time in years [112]. - The industry is grappling with reduced demand due to a slowdown in the real estate market, necessitating a shift towards innovation and international expansion [117][118]. Group 9: White Goods - The white goods sector has seen a 2.02% decline, with companies like Gree Electric facing significant challenges due to market saturation and increased competition [126][129]. - The industry is shifting towards a more rational consumer base that prioritizes product quality and brand reputation over traditional growth drivers [133]. Group 10: Hotel and Restaurant Industry - The hotel and restaurant sector has experienced a 1.37% decline, with many businesses struggling to convert increased tourism into profits [140][141]. - The industry is witnessing a shift towards more refined operational models, with companies focusing on member engagement and digital transformation to enhance profitability [142][143].

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | --- | | 000681 | 视觉中国 | 22.81 | 5.16% | | 79.23万 | | 17.82亿 | | 300785 | 值得买 | 40.96 | 4.46% | | 23.33万 | | 9.46 Z | | 603533 | 掌阅科技 | 20.11 | 3.34% | | 28.49万 | | 5.72亿 | | 300413 | 芒果超媒 | 23.82 | 0.68% | | 21.42万 | | 5.13亿 | | 603466 | 风语筑 | 9.21 | 0.66% | | 7.59万 | | 6993.61万 | | 603888 | 新华网 | 19.19 | 0.47% | | 4.67万 | | 8973.02万 | | 603000 | 人民网 | 18.88 | 0.37% | | 6.29万 | | 1.19亿 | | 002095 | 生意宝 | 17.82 | -0.61% ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [3]. Core Insights - The company is positioned as a leading IP ecosystem platform in China, leveraging content and community operations to drive growth. It has developed nearly 200 IPs and is enhancing its commercial value through a unique product development model [6][11]. - The company is expected to achieve total revenues of 29.96 billion, 32.62 billion, and 35.32 billion yuan from 2025 to 2027, with year-on-year growth rates of 12%, 9%, and 8% respectively. Adjusted net profits are projected to be 2.26 billion, 3.26 billion, and 4.33 billion yuan, with significant growth in the latter two years [44][43]. Summary by Sections Company Overview - The company has a total share capital of 413.76 million shares, with a market price of HKD 190.80, resulting in a market capitalization of approximately HKD 78.95 billion [1]. - The company has undergone significant development since its inception in 2009, evolving from a community platform to a comprehensive video community with a focus on IP development and commercialization [10][11]. Business Highlights - AI marketing is enhancing content production and optimizing advertising efficiency, with the introduction of the "Peanut AI" tool expected to significantly improve content creation and advertising effectiveness [25][27]. - The advertising business is projected to grow substantially, with revenues expected to increase by 27.7% and 20% in 2024 and the first half of 2025, respectively [29][31]. - The gaming segment is also showing strong performance, with revenues from established games and new releases contributing to overall growth. The game "Three Kingdoms: Strategize the World" has been a key driver of revenue [37][34]. Financial Forecast and Valuation - The company is expected to see a steady increase in revenue and profitability, with adjusted net profits turning positive by 2025. The projected P/E ratio for 2025 is 32.2, indicating a favorable valuation compared to peers [41][44]. - The financial analysis indicates a significant improvement in gross margins, expected to reach 39.6% by 2027, driven by operational efficiencies and revenue growth [43][20].

异动分析 数据要素+鸿蒙概念+DeepSeek概念+期货概念+AIGC概念 1、据2022年年报：公司是国内领先的大宗商品信息服务企业，是专注于大宗商品市场数据监测、交易 价格评估及行业数据分析、行业深度研究的专业服务提供商。通过采集大宗商品交易相关数据和信息， 经过集中处理、深度挖掘和全面分析，制作出契合客户需求的信息和数据产品。 来源：新浪证券-红岸工作室 12月30日，卓创资讯跌0.72%，成交额3231.14万元，换手率1.06%，总市值32.25亿元。 主力没有控盘，筹码分布非常分散，主力成交额1230.72万，占总成交额的6.8%。 技术面：筹码平均交易成本为57.58元 2、2024年9月27日互动易回复：公司目前已经开发了鸿蒙版卓创资讯APP和卓创短讯APP，上述应用程 序预计将于近期上线应用市场。 3、2025年02月18日官微：近日，作为领先的大宗商品信息服务商，卓创资讯凭借在技术领域的前瞻性 布局和资源投入，完成DeepSeek系列大模型的本地化部署，成功实现从技术引入到落地应用。 4、2023年7月27日互动易回复：公司红桃3期货端是公司开发的大数据软件客户 端之一，主要针对大宗 商品 ...

（责任编辑：董萍萍 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 截至2025年12月30日 10点49分 ，港股三大指数集体拉升，恒生指数涨0.24%，恒生国企涨0.50%， 恒生科技涨0.98%。恒生互联网ETF（513330）上涨0.58%，最新报价0.517元，盘中成交额已达9.02亿 元，换手率2.60%。成分股方面涨跌互现，迈富时领涨10.00%，优必选上涨7.20%，百度集团-SW上涨 7.14%，越疆上涨5.31%，心动公司上涨3.17%；东方甄选领跌2.27%，新意网集团下跌1.30%，金山云下 跌1.07%，云知声下跌0.83%，美图公司下跌0.71%。 从估值层面来看，恒生互联网ETF跟踪的-最新市盈率（PE-TTM）仅22.87倍，处于近10年21.77% 分位，即估值低于近10年78.23%以上的时间，估值处于较低水位。 按申万一级行业分类，恒生互联网ETF跟踪的指数权重集 ...

来源：新浪证券-红岸工作室 12月29日，卓创资讯涨1.15%，成交额3759.02万元，换手率1.24%，总市值32.48亿元。 异动分析 数据要素+鸿蒙概念+DeepSeek概念+期货概念+AIGC概念 1、据2022年年报：公司是国内领先的大宗商品信息服务企业，是专注于大宗商品市场数据监测、交易 价格评估及行业数据分析、行业深度研究的专业服务提供商。通过采集大宗商品交易相关数据和信息， 经过集中处理、深度挖掘和全面分析，制作出契合客户需求的信息和数据产品。 2、2024年9月27日互动易回复：公司目前已经开发了鸿蒙版卓创资讯APP和卓创短讯APP，上述应用程 序预计将于近期上线应用市场。 3、2025年02月18日官微：近日，作为领先的大宗商品信息服务商，卓创资讯凭借在技术领域的前瞻性 布局和资源投入，完成DeepSeek系列大模型的本地化部署，成功实现从技术引入到落地应用。 4、2023年7月27日互动易回复：公司红桃3期货端是公司开发的大数据软件客户 端之一，主要针对大宗 商品期货相关产品基本面数据分析，为期货参与者提供相关资讯服务。 5、2023年年报：公司已推出卓创资讯 AI 平台及信息自动化生 ...

证券之星消息，12月29日数字媒体板块较上一交易日下跌0.2%，芒果超媒领跌。当日上证指数报收于 3965.28，上涨0.04%。深证成指报收于13537.1，下跌0.49%。数字媒体板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600228 | *ST返利 | 5.75 | 3.05% | 24.50万 | 1.41亿 | | 66ZI0E | 草创资讯 | 53.80 | 1.15% | 7024.0 | 3759.02万 | | 600640 | 国脉文化 | 12.46 | 1.14% | 7.33万 | 9122.03万 | | 603533 | 掌阅科技 | 19.46 | 1.09% | 10.61万 | 2.05亿 | | 002095 | 生意宝 | 17.93 | 0.56% | 2.34万 | 4195.73万 | | 301313 | 凡拓数创 | 26.20 | 0.11% | 1.37万 | 3575.31万 | | 300987 | 川网传媒 ...