注：如提及个股仅供参考，不代表投资建议。指数/基金短期涨跌幅及历史表现仅供分析参考，不预示 未来表现。市场观点随市场环境变化而变动，不构成任何投资建议或承诺。文中提及指数仅供参考，不 构成任何投资建议，也不构成对基金业绩的预测和保证。如需购买相关基金产品，请选择与风险等级相 匹配的产品。基金有风险，投资需谨慎。 每日经济新闻 华创证券指出，红利资产在交运公用、金融、能源化工、食饮、家电、地产、金属、出版等多个行业展 现出配置价值。在交运公用领域，公路、港口、铁路等长久期资产具备防御稳健性，其中公路行业推荐 具备成长潜力的优质高速资产；港口行业海外布局及分红比例提升推升估值弹性；铁路行业受益改革红 利，黄金线路资产具备价格弹性潜力。金融板块中，银行股息率高且资产质量安全边际充足，中长期投 资价值持续。能源化工行业方面，油气作为能源安全基石，长期现金流有保障，资本开支趋势性下修； 煤炭行业反内卷政策超预期，供给约束下行业盈利稳定性增强。金属行业中电解铝企业进入现金流修复 阶段，供需紧平衡支撑铝价，行业吨铝利润有望维持高位。出版行业教育出版主业稳健，稳定高分红叠 加AI教育等新方向布局，配置价值突出。整体来看，红利 ...

Core Viewpoint - The report from CICC indicates that leading companies in the segmented media industry are poised to benefit from industry trends due to their advantages in business scale, technological reserves, and capital operations, with an overall upward trend expected in the media sector by 2025 [1] Group 1: Policy and Content Cycle - The gaming industry is expected to benefit from the normalization of license issuance, leading to a significant recovery in supply, while the video drama industry may enter a critical window for content innovation and mechanism optimization as new broadcasting regulations are implemented [1] Group 2: AI Development - By 2026, AI-native applications are anticipated to expand further, transitioning from tool assistance to creative subjects, which will enhance the production capacity of online literature IP adaptations and optimize revenue in gaming and advertising sectors [2] Group 3: Cultural Export - The cultural export in gaming, online literature, and short dramas has matured, and by 2026, it is expected to enter a new phase of quality, shifting from extensive output to a model that combines "cultural core + localization" for more tailored development [3] Group 4: IP Economy - In 2026, the commercialization paths for domestic IP content, IP consumer products, and IP services are expected to flourish, leading to scaled growth and systematic value reassessment as various segments of the industry mature [4] Group 5: Industry Ranking - The digital media and gaming industries have superior business models, with leading companies' quality content output likely to enhance profitability and international competitiveness; AI technologies are expected to be applied first in these sectors [5] - Social community AI and cultural export provide incremental growth, with ongoing optimization of profitability; marketing and advertising AI will empower the entire process, focusing on efficiency and new advertising formats in the new stable state [5] - The film and cinema industry is awaiting confidence restoration, with a focus on long-term industry upgrade trends; the publishing industry emphasizes the resilience of educational book demand while maintaining high dividends; cable broadcasting is expected to develop steadily, with attention to large-screen potential [5]

Core Insights - The media industry is expected to enter a new cycle by 2026, driven by policy support and advancements in AI, international expansion, and IP development [1] Industry Summary - Leading companies in the media sector are positioned to benefit from industry trends due to their advantages in business scale, technological reserves, and capital operations [1] - The digital media and gaming sectors have superior business models, with top companies likely to enhance profitability and international competitiveness through quality content output [1] - AI technologies are anticipated to be applied first in these sectors, optimizing profitability [1] Subsector Analysis - Social community AI and international expansion are expected to provide incremental growth, leading to continuous improvement in profitability [1] - Marketing and advertising will leverage AI across the entire process, focusing on advertising efficiency and new formats in the new stable state [1] - The film and cinema industry is currently facing confidence issues, with a long-term focus on industry upgrade trends [1] - The publishing sector is emphasizing the resilience of educational book demand while maintaining high dividend yields [1] - The cable and broadcasting sector is expected to develop steadily, with attention on the potential of large-screen scenarios [1]

Core Viewpoint - The publishing sector experienced a decline of 2.09% on December 5, with significant losses led by Times Publishing, while the overall Shanghai Composite Index rose by 0.7% and the Shenzhen Component Index increased by 1.08% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3902.81, up 0.7% [1] - The Shenzhen Component Index closed at 13147.68, up 1.08% [1] - Times Publishing's stock closed at 8.41, down 1.29% [2] Group 2: Individual Stock Performance - Notable gainers in the publishing sector included: - Reader Culture: closed at 10.73, up 1.32% with a trading volume of 205,700 shares and a turnover of 220 million [1] - New Classics: closed at 18.02, up 1.24% with a trading volume of 20,800 shares and a turnover of 37.12 million [1] - Chinese Online: closed at 25.12, up 1.17% with a trading volume of 269,500 shares and a turnover of 670 million [1] - Other stocks in the sector showed mixed performance, with some experiencing slight declines [2] Group 3: Capital Flow - The publishing sector saw a net outflow of 41.45 million from institutional investors and 36.30 million from retail investors, while retail investors had a net inflow of 77.75 million [2] - Key stocks with significant capital flow included: - Chinese Online: net inflow of 26.92 million from institutional investors, but a net outflow of 25.39 million from retail investors [3] - Chinese Media: net inflow of 21.79 million from institutional investors, with a net outflow of 13.37 million from retail investors [3] - Times Publishing: net inflow of 7.87 million from institutional investors, but a net outflow of 5.68 million from retail investors [3]

（原标题：今日看点｜国家卫健委将就时令节气与健康（大雪）有关情况举行发布会） 12月5日重点关注的财经要闻与资本市场大事： 1、国家卫健委将就时令节气与健康（大雪）有关情况举行发布会 12月5日下午3时，国家卫健委将召开新闻发布会，介绍时令节气与健康（大雪）有关情况，并回答媒体 提问。 2、2025第二届磷锂产业高质量发展大会将举行 12月5日，11家公司共发布11个股票回购相关进展。其中，2家公司首次披露股票回购预案，1家公司回 购方案获股东大会通过，1家公司披露股票回购实施进展，7家公司回购方案已实施完毕。 从首次披露回购预案来看，当日共2家公司股票回购预案金额超千万。东阿阿胶、泛微网络回购预案金 额最高，分别拟回购不超2.0亿元、1.58亿元。从股东大会通过回购预案来看，中文传媒回购金额最高， 拟回购不超1元。 4、82.68亿元市值限售股今日解禁 12月5日，共有9家公司限售股解禁，合计解禁量为2.86亿股，按最新收盘价计算，合计解禁市值为82.68 亿元。 从解禁量来看，2家公司解禁股数超千万股。东华科技、佳驰科技、安科生物解禁量居前，解禁股数分 别为1.64亿股、1.04亿股、787.76万股。从 ...

2025年12月2日，果麦文化发布公告称，公司投资4000万元参与制作的动画电影《三国的星空第一部》 因票房未达预期，初步测算亏损金额约为4000万元。这一亏损规模占公司2024年度经审计净利润的 97.9%，且绝对金额远超上市公司需特别提示的100万元门槛。该片于2025年国庆档上映，最终累计票 房仅8771.7万元，分账后片方收入不足3000万元，导致果麦文化投资血本无归。 档期、宣发与定位三重受挫 果麦文化在后续的机构调研中复盘了项目失败的三大核心问题。 其一，档期选择与目标受众严重错位。影片主打中小学生群体，定位偏向"教育产品"，却定档国庆假 期，无法有效触达学生观影需求；若选择暑期档，或可依托长线放映缓解票房压力。 其二，宣发周期不足。影片直至9月才启动宣传，对于无前作基础的原创动画而言，市场预热明显不 足，上映前"想看指数"持续低迷。 其三，类型定位模糊。影片试图融合历史正剧与动画表达，但叙事在《三国志》史实与艺术改编间摇 摆，既未满足历史爱好者的考据需求，也未吸引普通观众，最终导致口碑分化与市场遇冷。 股价暴跌与战略受疑 亏损事件引发资本市场剧烈震荡。目前，果麦文化股价较9月历史高点97.5元下 ...

Core Insights - The report emphasizes the gradual recovery of the chemical industry, with profit declines slowing down and demand gradually rebounding, particularly in sub-sectors like agricultural chemicals and fluorochemicals [22][23] - The AI application in various industries is accelerating, with significant advancements in hardware and software, leading to a reshaping of the global landscape [24][25] - The food and beverage industry is experiencing a slowdown in revenue growth, with rising costs impacting profit margins, yet there are emerging opportunities in niche markets like snacks and soft drinks [27][28] Domestic Market Performance - The A-share market is showing signs of stabilization, with the Shanghai Composite Index and the ChiNext Index trading at average P/E ratios above their three-year median, indicating a suitable environment for medium to long-term investments [9][13][15] - The coal and non-ferrous metals sectors are leading the market, while sectors like internet services and software development are underperforming [9][13] Industry Analysis - The electric power and public utilities sector is rated "stronger than the market," with a focus on stable returns and shareholder value, particularly in large hydropower companies and high-dividend coal enterprises [20] - The photovoltaic industry is facing challenges with overcapacity and price stability, but there is potential for recovery as the market undergoes structural adjustments [30][33] Investment Strategies - The report suggests a balanced investment strategy, focusing on high-dividend assets like banks and utilities for defensive positioning, while also considering growth opportunities in technology and AI sectors [12][24] - Specific recommendations include monitoring companies in the chemical sector that are well-positioned to benefit from supply-demand dynamics and regulatory changes [22][23]

Group 1 - Industrial and Commercial Bank of China (ICBC) has raised the minimum deposit for its 3-year large-denomination certificates of deposit to 1 million yuan, with an annual interest rate of 1.55% [5] - Wanda Group has made its first buyback of a Wanda Plaza after selling over 40 plazas, indicating a strategic shift in its asset management [5] - The storage industry is experiencing significant price increases, leading to predictions of rising prices for smartphones and computers, with manufacturers caught off guard [4] Group 2 - Dell founder Michael Dell and his wife have donated $6.25 billion to establish investment accounts for American children, aiming to provide a financial foundation for 25 million children [8] - The French fashion brand Etam has announced the closure of its online stores in China, indicating a potential exit from the market due to business adjustments [7] - Huawei has regained the top position in China's tablet market with a 31% market share, while Apple's iPad has seen a significant decline in market share to 23% [7]

Group 1 - The core viewpoint of the article is that Tianzhou Culture (300148) has disclosed information regarding its total number of ordinary shareholders as of September 30, 2025, which stands at 47,485 households [1] Group 2 - The company responded to investor inquiries on an interactive platform, indicating transparency in its shareholder information [1] - The data provided is part of the company's quarterly report for the third quarter of 2025 [1]

（来源：浙江出版传媒） 浙江人民出版社新推出的文创产品《妇女一直在工作》定制工牌卡套，自上架以来已售出近千个，多次补货。制作团队选取不同时期女性劳动的历史影像 作为设计图案，通过读者投票，最终从多种文创形式中选定了日常使用率高的工牌卡套。这款小周边不仅是读者的上班好"搭子"，也让更多人关注这本妇 女史经典作品，了解女性劳动背后的历史轨迹。 不知道大家有没有发现，最近，在我们的园区里，有一个神秘的妇女组织出没，成员分布在办公区域、M层快递驿站、食堂、文字里书店、全家便利店、 小卖部，她们都佩戴着 "妇女一直在工作"的工牌卡套。大致的样子如下： 偶遇这些"妇女"，请不要惊讶，因为她们都是《妇女一直在工作》定制工牌卡套的"自来水"和行走的买家秀。 所以，这卡套到底是哪来的？怎么买？ 这就要从我策划责编的一本名为《妇女一直在工作》的书说起。卡套正是发端于这本书（请大家务必记住这本书），是这本书的周边！ 妇女的工卡套硬控了我 《妇女一直在工作》图书联名款定制工卡套，已于今年10月底在浙江人民出版社的小红书店铺上架。 我们图书行业的，习惯了小本经营，胆子小、步子迈得小，连做小商品都很保守，生怕调子起猛了而产生库存，于是开 ...