证券研究报告 2025年05月16日 行业报告： 行业专题研究 传媒 2024年及2025年第一季度传媒行业回顾 作者： 1 行业评级： 上次评级： 强于大市 强于大市 维持 （ 评级） 请务必阅读正文之后的信息披露和免责申明 分析师 孔蓉 SAC执业证书编号：S1110521020002 分析师 曹睿 SAC执业证书编号：S1110523020003 摘要 传媒行业 2025年传媒行业以景气度回升为核心趋势，一季度已见报表层面明显得到改善，估值层面传媒整体估值处在中枢水平，部分龙头公司估值仍 具优势，未来在政策改善、内容常态化供给、以及AI带来的产业变革下，我们坚定看好传媒行业25年投资机会。 游戏 2025年1-3月国内游戏市场收入同比增长18%，环比-1.2%；国内移动游戏收入同比增长20.3%，环比-2.2%；端游市场收入同比增长6.8%，环比 +3.6%；自研游戏海外收入同比增长17.9%，环比-0.6%。 影视院线 供给影响大盘复苏，行业承压。2024年影视院线板块公司实现总营收357.33亿元，yoy-14.3%；实现归母净利润-25.13亿元，yoy-348.6%。 25Q1影视院线板块公司实 ...

正松老师在近期路演中深入分析指出：在数字经济深度渗透的当下，企业获客逻辑正经历根本性重构。当流量竞争从 "跑马圈地" 转入 "精耕细作"，构建 "数据驱动的获客生态" 成为中小企业突破增长瓶颈的必由之路。迈富时珍岛集团携手 T 云平台的实践表明，数智化转型的核心价值在于通过全链路能力闭 环，将碎片化的流量运营转化为可持续复用的数字资产积累，为企业长远发展奠定底层能力基石。 一、破解转型困局：中小企业数智化获客的现实挑战 然而，踏上这条转型之路的中小企业，往往面临三重现实阻碍： 其一，投入产出失衡的效率之痛：盲目采购各类营销工具导致系统割裂，年均无效技术投入超过 50 万元；缺乏精准流量分析能力，搜索引擎广告点击转化 率普遍低于 1.5%，大量预算浪费在非目标客群曝光上。 其二，多平台运营的管理之困：分散管理百度、抖音、小红书等数十个平台账号，人力成本占据营销预算的 30% 以上；内容生产依赖人工原创，从策划到 产出的周期长达数天，难以匹配平台内容更新频率。 其三，数据断层的商机流失之殇：客户咨询信息散落在各个渠道后台，40% 的潜在商机因跟进不及时而流失，更无法沉淀客户行为数据以指导精准运营。 面对这些行业共 ...

从持股市值来看，2025年Q1SW传媒行业的前十大重仓股分别为分众传媒（002027）、恺英网络 （002517）、芒果超媒（300413）、巨人网络（002558）、完美世界（002624）、神州泰岳 （300002）、光线传媒（300251）、昆仑万维（300418）、三七互娱（002555）、上海电影 （601595），游戏行业占据6席。从行情表现看，前十大重仓股股价2025年Q1表现存在差异，光线传媒 表现亮眼，股价上升123.83%。 基金重仓配置集中，抱团现象显著 2025年Q1SW传媒行业基金前5、前10、前20大重仓股的市值占整体SW传媒行业基金重仓市值的比例分 别为60.03%、79.41%和93.66%，较2024年Q4环比分别0.09pct、+0.73pct、-0.14pct，抱团现象较为显 著。 风险因素：监管政策趋严;新游延期风险;新游表现不及预期;技术发展不及预期;商誉减值风险。 万联证券发布研报称，从2025年Q1SW传媒行业的基金重仓配置及估值水平看，估值水平明显有所修 复，行业整体仍处于低配区间，存在较大提升空间，游戏及广告营销领域头部公司是机构关注的核心， 建议关注游戏版号 ...

Group 1 - The core viewpoint of the articles emphasizes that artificial intelligence (AI) is fundamentally reshaping traditional industries, leading to a reconfiguration of business power dynamics globally [1] - In the manufacturing sector, AI technologies like the defect detection system from Bianying Technology are revolutionizing quality control processes, enabling rapid assessments that challenge traditional practices [1] - In healthcare, AI models such as AlphaFold are drastically reducing drug development timelines from three years to three weeks, allowing smaller pharmaceutical companies to compete with larger firms [1] - The legal industry is also experiencing transformation, with AI-driven tools like "YuanDian WenDa" enhancing efficiency in generating legal analysis reports [1] Group 2 - Entrepreneurs are facing systemic challenges such as cognitive isolation and strategic disorientation due to the rapid evolution of AI, which is not a reflection of their capabilities but rather a necessary evolution in understanding [2] - The Entrepreneur Club (AIEC) aims to facilitate a second evolution for entrepreneurs by providing cognitive accelerators and connecting them with industry leaders to overcome bottlenecks [2] - AIEC emphasizes the importance of ecological collaboration as a key to breaking through challenges, linking various stakeholders in the AI ecosystem [2] Group 3 - AIEC's mission is to empower entrepreneurs through technology, resource integration, and strategic collaboration, enabling them to transition from passive adaptation to active leadership in the AI landscape [3] - The club was established in 2025 with the vision of fostering AI industry development and creating a global incubation network for AI innovation [3] Group 4 - AIEC offers multi-dimensional insights into AI solutions across various sectors, including manufacturing, energy, and law, addressing the challenges posed by AI-driven transformations [4] - The club is building a network of entrepreneurs across different industries to facilitate deep collaboration and break down traditional barriers [5] Group 5 - AIEC provides a comprehensive brand empowerment system that integrates the latest AI technologies, supporting members in innovation, talent recruitment, and establishing credibility in the AI era [6] Group 6 - Several entrepreneurs are actively seeking new opportunities in the AI era, indicating a growing interest in leveraging AI for business transformation [7] Group 7 - Industry leaders express optimism about AI's potential to revolutionize their respective fields, emphasizing the need for collaboration and adaptation to fully harness AI's capabilities [8][9][10][11][12][13] Group 8 - AIEC is committed to supporting its members through tailored resources and activities, including visits to leading AI enterprises and expert sharing sessions to enhance knowledge and collaboration [15][16][17]

2025年，AI正以颠覆性力量重写营销底层逻辑，开启"人机协同"的增长新纪元。5月15日，由微播易主办的第九届社交媒体风向大会"AI+营销 增长新范 式"在南京金鹰世界G酒店盛大启幕。本次大会汇聚20+位AI技术先锋、营销翘楚、品牌领袖、媒体平台、内容创作者，围绕AI驱动的产业生态重构、战略布 局转型、商业运营提效、营销范式革新，展开可落地的增长方法论。 南京市建邺区副区长孔南钢、南京市商务局电子商务和信息化处处长徐雪峰、南京市建邺区商务局副局长高云霄等南京市相关领导莅临现场指导支持。建邺 区副区长孔南钢致开场辞："非常高兴第九届社交媒体风向大会在建邺举办，首先代表建邺区热烈欢迎大家的到来，一起共探AI数字时代的商业未来。南京 市建邺区，这座'未来之城'，正以开放包容的姿态、蓬勃发展的电商生态，期待与各位携手共创社交电商新篇章。" 大会重磅发布《2025 AI营销新范式应用指南》与《2025社交媒体与KOL营销趋势报告》，为企业把握AI时代机遇、构建差异化竞争力提供实战方法建议， 共享营销增长新范式。 以下是专家们对营销增长新范式的核心观点集锦： 未来的时代属于那些懂得如何与AI共舞、如何实现高效人机协同、如 ...

二、本人任职资格符合下列法律、行政法规和部门规章以及 公司规章的要求： （一） 《中华人民共和国公司法》关于董事任职资格的规定； （二）《中华人民共和国公务员法》关于公务员兼任职务的 规定（如适用） （三）中国证监会《上市公司独立董事管理办法》、上海证 券交易所自律监管规则以及公司章程有关独立董事任职资格和 条件的相关规定； （四）中共中央纪委、中共中央组织部《关于规范中管干部 辞去公职或者退（离）休后担任上市公司、基金管理公司独立董 事、独立监事的通知》的规定（如适用） 独立董事候选人声明与承诺 本人金小刚，已充分了解并同意由提名人浙文互联集团股份 有限公司董事会提名为浙文互联集团股份有限公司第十一届董 事会独立董事候选人。本人公开声明，本人具备独立董事任职资 格，保证不存在任何影响本人担任浙文互联集团股份有限公司独 立董事独立性的关系，具体声明并承诺如下： 一、本人具备上市公司运作的基本知识，熟悉相关法律、行 政法规、部门规章及其他规范性文件，具有 5 年以上法律、经济、 会计、财务、管理或者其他履行独立董事职责所必需的工作经验。 本人已经参加培训并取得证券交易所认可的相关培训证明 材料。 （五）中共中央 ...

万联证券版权所有发送给杭州同花顺数据开发有限公司 .同花顺.yjbg@myhexin.com p1 [Table_ReportType] ——传媒行业跟踪报告[Table_ReportDate] [行业核心观点： Table_Summary] 2025 年 Q1 SW 传媒行业指数上升 6.37%，资金保持高活跃度，估值 （PE-TTM）震荡调整，跑赢近七年均值水平。从 2025 年 Q1 的基金 重仓配置情况看，SW 传媒行业仍处于低配，以 SW 传媒行业重仓为基 准，游戏板块及广告营销板块受到市场关注，维持超配，基金重仓 配置集中，抱团现象较为显著。 投资要点： 传媒行业重仓配置维持低配，游戏及广告营销板块仍为市场关注重 点。2025 年 Q1 SW 传媒行业的适配比例为 1.71%，基金重仓比例为 1.04%，低配比例为 0.68%，环比来看有所修复。以 SW 传媒行业重仓 为基准，游戏板块与广告营销维持超配，其余子板块持续低配。 游戏板块占据前十大重仓股主要部分，市场关注度较高。从持股市值 来看， 2025 年 Q1 SW 传媒行业的前十大重仓股分别为分众传媒、恺 英网络、芒果超媒、巨人网络、完美世界 ...

Core Insights - The article presents the ATOM methodology for brand social growth on Xiaohongshu, emphasizing a four-step model: Assumption, Test, Optimize, and Magnify to achieve effective product promotion [1][2]. Group 1: Brand Social Growth Model - The ATOM model consists of four phases: Assumption (defining target audience and product features), Test (validating through data-driven methods), Optimize (refining content based on performance metrics), and Magnify (amplifying successful content through various channels) [2][6][47]. - The model highlights the importance of data-driven strategies and dynamic adjustments to enhance brand visibility and engagement on Xiaohongshu [2][6]. Group 2: Assumption Phase - In the Assumption phase, brands need to create a human-product-environment combination and develop a "hit product strategy" that includes catchy names, selling points, and storytelling [2][50]. - Identifying core target audiences through data analysis, including user comments and product reviews, is crucial for recognizing product opportunities and consumer scenarios [1][2][14]. Group 3: Test Phase - The Test phase utilizes the PAVG model (Performance, Advertising, Value, Growth) to select influencers and employs a pyramid or olive-shaped influencer matrix for effective outreach [2][50]. - The KOC (Key Opinion Consumer) program is implemented to gather authentic feedback and build brand reputation [2][50]. Group 4: Optimize Phase - The Optimize phase employs the 3E model (Education, Engagement, Value) to analyze metrics such as click-through rates (CTR) and comment density, allowing for adjustments in titles, images, and content scenarios [2][50]. - Emphasizing practical content that addresses consumer pain points and highlights collaborations with popular IPs can enhance engagement [2][50]. Group 5: Magnify Phase - The Magnify phase focuses on leveraging multiple channels for traffic distribution, including CPC advertising and SEO optimization, to expand the reach of high-performing content [2][50]. - The effectiveness of the model is evaluated using core metrics like Cost Per Engagement (CPE) and Xiaohongshu search volume, supplemented by auxiliary metrics such as CPM, CTR, and positive review rates [2][50]. Group 6: Performance Evaluation - The evaluation of brand performance on Xiaohongshu is based on a closed-loop optimization process, ensuring continuous improvement from insights to execution [2][50]. - Key performance indicators (KPIs) are established to measure the success of brand campaigns and their impact on consumer engagement [2][50].

利欧集团股份有限公司投资者关系活动记录表 编号：2025-001 投资者关系活 动类别 □特定对象调研 □分析师会议 □媒体采访 ■业绩说明会 □新闻发布会 □路演活动 □现场参观 □一对一沟通 □其他 参与单位名称 及人员姓名 线上参与公司 2024 年度网上业绩说明会的全体投资者 时间 2025 年 5 月 15 日 地点 公司通过价值在线（www.ir-online.cn）采用网络远程互动的方 式召开业绩说明会 上市公司接待 人员 董事长、总经理 王相荣 董事、副总经理、董事会秘书 张旭波 副总经理、财务总监 杨浩 独立董事 戴海平 投资者关系活 动主要内容介 绍 一、公司什么时候分红？ 答：公司将于2025年5月23日召开2024年度股东大会审议 2024年度利润分配方案，上述利润分配方案审议通过后，公司 将另行发布《权益分派实施公告》，明确具体的分派事宜。 二、请问一下公司现在员工人数有多少？ 答：截至2024年12月31日，公司员工人数为6,280人。 三、近期公司公布业绩表现不错，题材概念也挺好，利好 消息也都有，并且公司简介中技术水平处于行业领先地位。但 为什么就是股价升不上去甚至还大体处于底 ...

Company Overview - The company operates in internet marketing based on data research, focusing on e-commerce sales services, product development, and digital marketing services, with a deep layout in industries such as liquor, beverages, daily chemicals, and maternal and infant products [1] - The company has established a significant presence in live e-commerce and short video e-commerce, with nearly 4,000 square meters of live broadcast bases and 45 live broadcast rooms in key e-commerce cities like Hangzhou and Beijing [1] Partnerships - The company collaborates with major liquor brands including Luzhou Laojiao, Shanxi Fenjiu, Wuliangye, and Qingdao Beer, among others, and has established deep strategic partnerships with major domestic e-commerce platforms such as JD.com, Tmall, Douyin, Kuaishou, and Pinduoduo [2] Business Performance - In 2024, the company achieved a GMV of 8.2 billion CNY, a year-on-year increase of 7% - The operating revenue reached 3.676 billion CNY, reflecting a growth of 30.18% - The net profit attributable to shareholders was 260 million CNY, up by 29.61% [3] Product Strategy - The company has launched strategic flagship products, including "Six-Year-Old Rare Product" and various gift boxes, achieving nearly 100 million CNY in GMV since their launch [4] - The company is expanding its product matrix and enhancing online penetration through strategic cooperation with core partners [4] Financial Management - The company has not distributed dividends for 12 years due to negative retained earnings, with a surplus reserve of 132.82 million CNY and a capital reserve of 1.298 billion CNY as of December 31, 2024 [5] - The company emphasizes investor returns through improved information disclosure, share buybacks, and employee stock ownership plans, having repurchased 22.34 million shares for a total of 101 million CNY [5] Market Expansion - The company is actively exploring overseas markets and emerging platforms, leveraging platforms like TikTok, Lazada, Tokopedia, and Shopee to provide comprehensive e-commerce services [6] - The company aims to develop new product lines and enhance its market presence in various sectors, including liquor and daily chemicals [6]