文/申万宏源证券研究所首席经济学家 杨成长 在需求端，要以"两稳"为基础，提升居民消费能力和消费意愿 近年来，我国持续提高居民收入、完善社会保障，推动消费需求潜力不断释放。但居民收入结构的调整 是一个长期过程，社会保障体系的健全和完善也难以一蹴而就。若按照三口之家年收入在10万元至50万 元之间作为中等收入群体的界定标准，当前我国已形成超过4亿多人的中等收入群体。对于中等收入群 体来说，股市及楼市等财产性收入是影响消费的重要因素。当前提振居民消费意愿的基础是要切实实现 稳楼市、稳股市，通过"两稳"来尽快稳定居民财产性收入预期，推进居民家庭资产负债表修复。在股市 方面，要发挥好资本市场内生稳定机制，持续吸引中长期资金入市，完善上市公司质量提升和退市常态 化机制，让市场在合理波动中逐步上行。在楼市方面，要加快构建"市场+保障"的房地产发展新模式， 在收购存量商品房方面给予地方政府更大自主权，推动库存合理消化，稳定市场预期。 在供给端，要顺应经济新形态的变化，加大优质商品消费、服务消费的供给 当前我国已逐步形成实物经济、服务经济、数字经济三大形态并存的发展格局，且服务经济、数字经济 形态占比持续提升。伴随经济形态转 ...

央行：实施好适度宽松的货币政策 央行发布2025年第一季度中国货币政策执行报告。下阶段，实施好适度宽松的货币政策。根据国内外经 济金融形势和金融市场运行情况，灵活把握政策实施的力度和节奏，保持流动性充裕，使社会融资规 模、货币供应量增长同经济增长、价格总水平预期目标相匹配。把促进物价合理回升作为把握货币政策 的重要考量，推动物价保持在合理水平。畅通货币政策传导机制，进一步完善利率调控框架，持续强化 利率政策的执行和监督，降低银行负债成本，推动社会综合融资成本下降。发挥好货币政策工具总量和 结构双重功能，坚持聚焦重点、合理适度、有进有退，引导金融机构加力支持科技金融、绿色金融、普 惠小微、扩大消费、稳定外贸等。坚持以市场供求为基础、参考一篮子货币进行调节、有管理的浮动汇 率制度，坚持市场在汇率形成中的决定性作用，增强外汇市场韧性，稳定市场预期，坚决对市场顺周期 行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险，保持人民币汇率在合理均 衡水平上基本稳定。探索拓展中央银行宏观审慎与金融稳定功能，维护金融市场稳定，坚决守住不发生 系统性金融风险的底线。 "降息潮"延续！存款利率全面迈向"1时代" 今 ...

二、我是怎么从不信到真香的？实操步骤大公开！ 朋友们，若有人说在爱奇艺发视频能月入过万，你是否也像我当初，第一反应是"新型骗局"？讲真，为搞副业，我踩坑无数，学费交了不少。所以，当在 顺为网创看到"爱奇艺创作者分成计划"时，我内心充满不信。但今天，我必须用四个月的真实经历来"打脸"自己，因为我确实靠它月均收入1.5万余元。 对想尝试0成本网上创业方法又怕被骗的朋友，我的经历或许能给你些许信心，因为我深知被"割韭菜"的滋味。 请看我的数据，绝无虚构。四个月，粉丝从0到4.7万，总收入近6万元。此金额与大佬相比不值一提，但对普通人，每月多此笔钱，生活品质显著提升。 购物、旅行都更有底气。以往总觉网上赚钱不靠谱，也确被骗过，故对此类信息尤为警惕。但此项目因免费且操作简单，我抱"再试一次"心态尝试，未曾 想结果如此惊喜！ 一、这"爱奇艺分成"葫芦里卖的什么药？ 简而言之，爱奇艺不仅是观影平台，也需内容生产者。你提供视频，平台按播放量分钱。初听或觉玄乎，我亦曾怀疑。但后来发现，其模式与B站、抖音 等无本质区别，仅收益计算有差异。最令我意外的是，爱奇艺当前对"二次创作"内容审核较松。这对新手极为友好，无需担心作品完美度， ...

Core Viewpoint - The long video platforms are facing significant challenges as the short content market, particularly micro-dramas, is rapidly expanding and reshaping viewer preferences, leading to a strategic shift in content production and consumption [1][10][11]. Group 1: Market Trends - The micro-drama market in China is projected to reach 634.3 billion yuan in 2025, surpassing the film box office for the first time, with a user base of 6.62 million by the end of 2024 [1]. - The average daily usage time for micro-drama users is 72 minutes, indicating a strong engagement level [11]. - The abandonment rate for the first five episodes of long dramas is as high as 50%, reflecting a shift in viewer attention [11]. Group 2: Company Strategies - iQIYI is prioritizing short content, launching initiatives like the "精品微剧千部计划" and hosting the "爱奇艺荧光之夜" to promote micro-dramas [13][10]. - Tencent Video is focusing on high-quality short dramas, with plans to allocate 10-20% of its long drama budget to short content development [29]. - Youku has established a "微短剧中心" to consolidate its short drama efforts, indicating a renewed commitment to this segment [21][25]. Group 3: Industry Dynamics - The entry of major long video platforms into the micro-drama space is expected to enhance content quality and user retention, creating a new growth curve for the industry [26][27]. - The competition among platforms is intensifying, with each aiming to leverage their existing resources and expertise to capture market share in the short content arena [18][29]. - The overall landscape is evolving, with micro-dramas not just supplementing long video content but also opening up substantial new market opportunities [29].

证券代码：301318 证券简称：维海德 深圳市维海德技术股份有限公司 投资者关系活动记录表 编号：2025-02 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 □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 8 日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司接待 人员姓名 董事长兼总经理 陈涛 董事、副总经理兼董事会秘书 杨莹 财务总监 吴文娟 独立董事 陈丹东 投资者关系活 动主要内容介 绍 1.目前的业务增长情况如何？未来有哪些具体的市场 扩展计划？ 答：2025 年第一季度，公司实现营业收入 19,306.61 万 元，较上年同期增长 66.06%；归属于上市公司股东的净利润 4,230.66 万元，较上年同期增长 92.94%；归属于上市公司股 东的扣除非经常性损益的净利润 3,715.97 万元，较上年同 期增长 107.86%。2025 年，公司将持续推进市场渠道建设， 拓展产品矩阵，提升运 ...

5、公司是否有基于大模型做一些应用到产品端的？ 证券代码：002835 证券简称：同为股份 深圳市同为数码科技股份有限公司 投资者关系活动记录表 编号：2025-001 | 投资者关系 | □特定对象调研 □分析师会议 □现场参观 | | --- | --- | | 活动类别 | □媒体采访  业绩说明会 □路演活动 | | | □新闻发布会 □其他 （请文字说明其他活动内容） | | 参与单位名称 | 参与公司 2024 年度网上业绩说明会的投资者 | | 及人员姓名 | | | 时间 | 2025 年 5 月 8 日 | | 地点 | 全景网"投资者关系互动平台"（http://ir.p5w.net） | | 上市公司接待 | 郭立志：董事长、总经理 | | 人员姓名 | 刘杰：财务总监、董事会秘书 | | | 杨春祥：独立董事 | | | 杨晗鹏：副总经理 | | | 公司于 2025 年 5 月 8 日（星期四）15:00-17:00 在全景网举办了 2024 年年度业绩说 | | | 明会，本次业绩说明会采用网络远程的方式举行，相关问题及回复情况如下： | | | 1、郭总，你好，公司很大的业务在 ...

2023年年底，拥有中国背景的短剧App"ReelShort"下载量一度超过TikTok，登上美国iOS娱乐榜Top 1， 这让许多人看到了海外短剧这片蓝海。几乎同时，国内的点众、掌阅、昆仑万维等短剧平台，也在尝试 出海，把霸总、赘婿翻拍给外国人看。 一年多时间过去，短剧出海踩了不少坑，一些创作者慢慢摸索出可能走得通的小径，钟惠就是其中之 一。她在2023年年底收到一家头部短剧平台的邀请，加入了这家平台的海外团队，亲历了从产品开发、 上线App，再到投放翻译剧、上线自制剧，一家短剧平台从0到1出海的全过程。 钟惠从十多岁开始写网文、出书，后在多家公司担任内容负责人，十几年来见证了从网文到短剧，不同 时代内容形态的变化，也赶上了短剧出海的风口。2024年3月上线的短剧《Forbidden desires:Alphas Love》由她担任总编审，是她的第一个短剧作品，也是平台第一部单日投放超百万美金的爆款自制 剧，累计播放量达3亿+。 在海外拍短剧，翻倍的成本、文化的隔阂都是问题。更重要的是，初期市面上没有任何可参照的标准， 只能一点点试错。在钟惠看来，如今海外短剧已经过了拓荒的阶段，正在走向精耕细作。越来越多、 ...

5月8日，优酷发布2025片单，官宣超200部精品内容，其中包括《藏海传》《长安二十四计》《唐宫奇 案之青雾风鸣》等多部古装剧以及《悬案》《剥茧》等19部精品悬疑剧。(新浪财经) ...

Core Insights - The company reported a decline in both revenue and net profit for 2024, with total revenue at 14.08 billion yuan, down 3.75% year-on-year, and net profit attributable to shareholders at 1.364 billion yuan, down 61.63% due to a one-time tax asset reversal [1] - In Q1 2025, the company continued to experience revenue decline, with total revenue at 2.9 billion yuan, down 12.76% year-on-year, and net profit attributable to shareholders at 379 million yuan, down 19.80% [1] - The company plans to distribute a cash dividend of 2.2 yuan per 10 shares, totaling 412 million yuan [1] Business Performance - The company's Mango TV internet video business revenue decreased by 4.10% to 10.179 billion yuan in 2024, with membership business showing healthy growth, increasing revenue by 19.30% to 5.148 billion yuan [2] - The advertising business saw a slight recovery but still declined by 2.66% to 3.438 billion yuan, while the operation business faced a significant drop of 42.44% to 1.593 billion yuan due to industry governance impacts [2] - The new media interactive entertainment content production business grew by 9.77% to 1.262 billion yuan, and the content e-commerce business revenue decreased by 7.87% to 2.6 billion yuan, with a GMV of 16.1 billion yuan [2] Content and Production - In Q1 2025, the company had six variety shows in the effective viewing TOP 10, leading among long video platforms, and increased investment in drama series by 12% [3] - The company has over 100 drama series in reserve, which is expected to drive future business growth [3] - The company's gross margin for 2024 was 29.03%, down 3.95 percentage points, and net margin was 9.54%, down 14.19 percentage points, primarily due to the one-time tax asset reversal [3] Future Outlook - The company anticipates a positive impact from tax policy changes from 2025 to 2027, which will benefit profits [4] - Revenue projections for 2025-2027 are 14.608 billion yuan, 15.438 billion yuan, and 16.448 billion yuan respectively, with net profits of 1.839 billion yuan, 2.045 billion yuan, and 2.408 billion yuan [4] - The company maintains a "buy" rating with projected EPS of 0.98, 1.09, and 1.29 for 2025, 2026, and 2027 respectively, and corresponding PE ratios of 23, 21, and 18 [4]

Investment Rating - The report maintains a positive outlook on the A-share media sector for 2024 and Q1 2025, highlighting significant growth in gaming, film, and publishing sectors [4][5]. Core Insights - The report indicates that the overall performance of the media sector in 2024 remains under pressure, but there are signs of improvement in quarterly trends, with a notable increase in net profit by 38.6% year-on-year in Q1 2025 [5][6]. - The gaming industry shows a strong upward trend, with Q1 2025 revenue growth of 21.9%, marking the best growth rate in nearly 13 quarters, driven by new product launches and the upcoming AI gaming developments [11][15]. - The film sector benefits from a resurgence in box office performance, particularly driven by the success of "Nezha: Birth of the Demon Child," with Q1 2025 box office revenue increasing by 49% year-on-year [5][14]. - The publishing sector demonstrates resilience, with net profit recovering to levels close to Q1 2023, despite a slight revenue decline [14]. Summary by Relevant Sections Gaming Sector - Q1 2025 revenue increased by 21.9%, with a net profit margin of 13%, up 2.4 percentage points from the previous year [11][15]. - Companies like Century Huatong and Perfect World reported significant growth, with expectations for continued improvement in the second half of 2025 as new products are launched [15][21]. Film Sector - The domestic film market saw a 49% increase in box office revenue in Q1 2025, with average ticket prices reaching 46.8 yuan [5][14]. - The success of major films like "Nezha: Birth of the Demon Child" has positively impacted the industry, leading to improved profit margins for cinema chains [14]. Publishing Sector - The publishing industry experienced a slight revenue decline of 4.2% year-on-year, but profit margins improved significantly due to tax exemptions for state-owned publishing companies [14]. - The overall financial health of major publishing groups remains stable, with expectations for consistent dividend payouts [14]. Advertising Sector - The advertising market continues to face pressure, but companies like Focus Media show resilience with a year-on-year revenue increase of 5% and net profit growth of 9% [14]. Long Video Sector - The long video sector is impacted by macroeconomic factors, with a shift in user attention towards short dramas affecting brand advertising revenues [5][14].