证券代码：000156 证券简称：华数传媒 华数传媒控股股份有限公司投资者关系活动记录表 2、公司三大业务板块发展情况？ 编号：2025-008 | 投资者关系 | □特定对象调研 □分析师会议 | | --- | --- | | 活动类别 | ■业绩说明会 □媒体采访 | | | □新闻发布会 □路演活动 | | | □现场参观 □其他 | | 活动参与人员 | 线上投资者 | | 时间 | 2025 年 5 月 13 日 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（https://ir.p5w.net） | | 形式 | 线上交流 | | 上市公司接待 | 董事长鲍林强、董事兼总裁乔小燕、财务总监车通、副总裁兼董事 | | 人员姓名 | 会秘书洪方磊、独立董事鞠宏磊 | | | 一、董事长致辞 | | | 欢迎各位参加华数传媒本次浙江辖区上市公司投资者网上集体 | | | 接待日主题活动暨2024年度业绩说明会。在此，我代表华数传媒，对 | | | 各位的积极参与表示最热忱的欢迎和最衷心的感谢！此次活动，我 | | | 们将在公司经营情况、未来发展战略等方面与各位投资者进行互动 ...

证券研究报告 | 行业深度 | 家用电器 如何看待小米大家电 2025 年的增长持续性？ ——家用电器行业深度报告 投资要点 2024 年小米白电规模大幅增长，黑电经营质量提升 2024 年小米智能大家电收入同比增长 56.4%；其中空调出货量 680 万台，同比增长超 50%。2024 年小米品牌电视线上零售均价同比增长 57%（奥维云网），价格指数大幅提 升，并且红米电视线上零售市场份额提升显著。我们认为小米 2024 年在家电领域的成 功来自于：1）天时：顺应消费降级趋势；2）地利：薄利多销的打法、持续差异化产品 创新的能力、造车及企业家 IP 引流的营销方式；3）人和：改造大家电事业部，家电 在人车家全生态战略地位提升。 2025 年空调：中低端市场竞争加剧，小米向更高价格带寻求突破。 1）2025 年国补政策有所调整，空调释放销量弹性，但预计价格弹性不大。线上 2100~2700 元核心价格带竞争加剧。本轮国补一个消费者至多可以补贴三台空调，因 此空调量增明显，25 年国补以来，冰箱、洗衣机、空调线上销量同比-7%、+1%、+6%， 空调跑赢其他白电；但 25Q1 空调线上零售均价同比-3%，反映当 ...

Group 1 - Vidda TV has entered the top two in the domestic online TV market by the first quarter of 2025, following its rise to the top five in 2023 [1] - The growth of Vidda TV is attributed not only to sales data but also to learning from competitors skilled in marketing [1] - The company emphasizes the importance of adhering to laws and regulations in future marketing activities, respecting competitors, and maintaining a fair market environment [1]

2025 年 5 月 12 日 每日市场观察 中证全指开盘后小幅下跌，随后低位震荡盘整至收盘。沪指与深成指同 样收跌，其中沪指盘面分化明显，大盘股走势明显更强。板块方面，公 共事业、银行、能源等领域涨幅居前，前期热点军工、科技、消费等领 域调整明显。由于中证全指已回补上方缺口，故资金暂时回归防御风格 也属正常。 深成指和创业板指尚未补完缺口，因此后续仍有机会。短线来看，军工 板块博弈加剧，但考虑到推动板块的外部事件影响深远，因此仍然值得 跟踪关注。消费及科技领域相关利好具有一定确定性，对短线资金的吸 引力可能会有所降低。但对比中外同类板块估值，A 股相关领域仍有提 升空间，可留意长线机会。 以军工板块近期热点为视角，可窥探今后国内市场部分投资逻辑将出现 本质变化，内部主导有望逐步取代外部追随。当前有不少资金仍保留传 统思路，可能会带动市场博弈加剧。短线机会有望增多，同时难度也会 提升。长线对比估值，机会始终存在。 【市场回顾】 市场概况：5 月 9 日，市场全天震荡调整，创业板指领跌截至收盘，沪 指跌 0.3%，深成指跌 0.69%，创业板指跌 0.87%。 【今日关注】 【资金面】 主力资金流向：5 月 9 ...

在A股市场按下优胜劣汰、出清风险的"加速键"之际，年内已有140余家上市公司遭遇"披星戴帽"，在实施 风险警示后，这批公司多数迎来股价重挫，因此连带布局的基金也较为受伤。但从比例来看，公募基金"踩 雷"的比例仍然较低，且多数为ETF等被动资金。 值得一提的是，具备专业性和定价权的公募基金对ST股的兴趣较过往已经大幅下滑，但仍有部分公司在有可 能摘帽之际依旧会被公募相中，近日多家相关公司机构调研会议上吸引了包括公募基金等机构参与。 个别"披星戴帽"股有公募持仓 随着年报披露完毕，多家上市公司在新"国九条"严规下被实施退市风险警示，Wind数据显示，在优胜劣汰节 奏加快的背景下，年内已有超过140家上市公司被实施ST，5月6日和4月30日就分别有27家和43家公司"披星戴 帽"。 且多数被实施退市风险警示的个股，在公告披露后均迎来股价的重挫，因此个别参与布局的公募基金也颇为受 伤。 4月30日，主营业务是电视、互联网和移动互联网视频等内容的制作、发行和营销的中广天择公告，因2024 年 度经审计的利润总额、净利润、扣除非经常性损益后的净利润孰低者为负，且扣除与主营业务无关的业务收入 和不具备商业实质的收入后的营业 ...

值得一提的是，在市委统战部的指导下，由一财万项策划和执行的首届"上海青年科创嘉年华"也取得了良 好反响。嘉年华直面青年创新创业"三有三缺"特点，即"有青春、有创意、有勇气"，但"缺资金、缺经验、 缺资源"，邀请近百家投资机构、吸引近百个创业项目共同参与，旨在以"核心赛道强聚焦、新兴领域广覆 盖、产业生态全呈现"的布局，创设"伯乐"与"千里马"的大集会，启发前沿创新思想的大碰撞，促成多维创 大放送两大板块全程高能。《活力城市》板块感受上海的创新温度和创业浓度；《新质青年》板块聚焦新 科技，对话新未来。结合论坛现场与Y50大放送的嘉宾精彩发言，第一财经报道团队通过视频与文字新闻 形式及时传递优质内容，其中由视频新闻衍生的"上海瞪羚企业数量全球第一"、"上海科创中心建设十年磨 一剑"等话题均登上社交媒体热榜，《宇树王兴兴：第一桶金来自上海，坚持做人形机器人有几个原 因》、《上海国投公司总裁：已搭建"六大母基金"为主干的矩阵》等深度图文报道亦受到全网广泛关注。 5月10日，第六届上海创新创业青年50人论坛在上海中心开幕。本届论坛以"青年与城市共成长"为主 题，聚焦青年创新创业全过程、全要素、全链条，设置了主旨演讲、年 ...

Core Viewpoint - The A-share market is accelerating the elimination of underperforming companies, with over 140 listed companies facing delisting risk warnings this year, leading to significant stock price declines for many of these companies [1][2][4]. Group 1: Market Dynamics - More than 140 listed companies have been implemented with ST (Special Treatment) status due to new regulations, with 43 and 27 companies receiving this status on April 30 and May 6, respectively [2]. - Companies under delisting risk warnings generally experience sharp declines in stock prices, impacting funds that have invested in these stocks [2][4]. - The "shell value" of listed companies has significantly decreased due to strict enforcement of delisting regulations [7]. Group 2: Fund Involvement - Despite the decline in interest from public funds in ST stocks, some companies that may potentially remove their ST status are still attracting attention from public funds [1][7]. - Among the 140+ companies facing delisting risk, only 19 have fund holdings, primarily from passive funds like ETFs [4]. - Public funds have a low "踩雷" (踩雷 means to hit a mine, referring to investment losses) ratio, with most holdings being in theme ETFs rather than actively managed funds [4]. Group 3: Specific Company Cases - *ST天择, an AI media concept stock, saw its stock price drop significantly after being placed under ST status, despite previously attracting substantial public fund investment [3][2]. - 松发股份 also faced ST status due to negative financial performance, with public funds holding a high concentration in this stock [3]. - ST华通, which faced ST status due to financial fraud, has seen a recovery in stock price, with 22 equity products investing in it as of the end of Q1 this year [7]. Group 4: Investment Strategies - The process for a stock to enter a core stock pool involves multiple layers of scrutiny, with fundamental performance being the primary criterion [5]. - Fund managers must undergo a complex approval process to invest in high-risk ST stocks, reflecting a cautious approach in the current regulatory environment [8]. - Some index funds may choose to retain ST stocks in their portfolios, while others may opt to remove them based on their investment strategies [6].

EchoStar (SATS) Q1 2025 Earnings Call May 09, 2025 11:00 AM ET Company Participants Dean Manson - Chief Legal OfficerHamid Akhavan - President and CEOPaul Orban - Executive VP & CFO of DishJohn Swieringa - President of Technology & COOMarlane Pereiro - High Yield Credit ResearchWalter Piecyk - General Partner Conference Call Participants Sebastiano Petti - Senior Research AnalystBrent Penter - Associate Analyst - Equity ResearchBryan Kraft - AnalystAdam Rhodes - Senior Credit AnalystSam McHugh - AnalystJona ...

证券代码：002238 证券简称：天威视讯 问题 4、领导您好，请问公司在 2025 年的市场份额有何变化？ 答：您好！在有线电视业务和宽带业务方面，公司 2025 年计划以 宽带为抓手、持续固移产品融合力度，力争用户体量稳步增长。数字 电视业务优服务、强体验，丰富大屏节目内容资源，以优质免费节目 引流，同时优化电视操作便捷性，提升用户体验，稳固现有基础用户 同时拉动电视用户不断回流。宽带业务优产品、拓渠道，充分发挥公 司全光宽带网络覆盖的资源优势，锚定宽带刚需市场，加大推动 5G 业 务和千兆光网的融合力度，提升光纤宽带业务的市场占有率。 问题 3、现在公司的各个业务占比是多少 答：您好！公司 2024 年年报已披露相关数据，具体请详见 2024 年年度报告第三节 管理层讨论与分析 四、主营业务分析 2、收入与成 本，感谢您的关注！ 问题 6、领导好！随着行业竞争的加剧，公司如何应对来自其他通 信运营商的竞争？有哪些差异化竞争优势？ 编号：2025001 答：尊敬的投资者您好！公司面临的竞争风险主要有：有线业务 发展持续承压、业务转型风险、广电 5G 市场竞争白热化、前沿人才队 伍储备不足。应对措施如下：有 ...

Core Insights - The launch of ultra-high-definition embedded micro set-top boxes at the 31st China International Radio and Television Information Network Exhibition marks a significant step towards improving television viewing experiences and indicates advancements in new technologies and devices, creating new opportunities in the market for televisions and set-top boxes [1] Group 1: Industry Trends - The rapid development of mobile devices has highlighted the complexity and outdated functionality of many television products, leading to persistent low sales as consumer demands for smart, convenient, and high-definition options remain unmet [1] - The National Radio and Television Administration's efforts to address issues related to complex operations and excessive fees in the television industry have led to significant improvements, with the introduction of ultra-high-definition embedded micro set-top boxes and universal remote controls providing a technological opportunity for hardware upgrades and high-quality development [1] Group 2: Consumer Preferences - As living standards improve and viewing habits change, televisions are transitioning into improved consumer products, necessitating manufacturers to focus on user needs and enhance product experience and added value [2] - Manufacturers are encouraged to optimize product design towards integrated set-top boxes, single remote control usage, mobile remote access, and voice control, while also providing personalized services based on user habits and viewing preferences [2] Group 3: Product Quality and Market Competition - The trend towards larger and higher-resolution smart TV screens has led consumers to compare products extensively, with high cost-performance ratio products being more competitive in the market [2] - The significant increase of 520.4% in MiniLED television sales in the first quarter of this year exemplifies the industry's shift towards higher quality and lower consumption products [2] - Collaboration among various stakeholders is essential for the continuous transformation and upgrading of the industry, focusing on co-developing new technologies and products to enhance compatibility and interoperability among different devices [2]