Electronic Sector - TSMC's April revenue exceeded expectations, reaching NT$349.6 billion, with a month-on-month growth of 22.2% and a year-on-year growth of 48.1%, marking a historical monthly high [1] - Cumulative revenue for January to April was NT$1,188.8 billion, a year-on-year increase of 43.5%, also a record for the same period [1] - The growth is driven by AI demand and preemptive stocking by clients concerned about tariff impacts [1] - The electronic sector's Q1 2025 revenue was NT$839.2 billion, a year-on-year increase of 17.6%, with net profit of NT$35.5 billion, up 31.2% [1] - The semiconductor materials sector showed strong performance, benefiting from increased wafer fab utilization and accelerated domestic substitution [1] Communication Sector - Leading optical module companies reported Q1 performance exceeding expectations, with revenue and profit both achieving high growth [2] - The market demand for optical modules is expected to further release due to positive signals from policy and ongoing high capital expenditures from cloud vendors [2] - Major cloud companies' capital expenditures increased significantly, with Microsoft, Meta, Google, and Amazon's spending rising 69% to US$70.6 billion [2] Computer Sector - Google DeepMind released an updated version of Gemini 2.5 Pro, enhancing programming capabilities, allowing users to generate complete web applications and games from a single prompt [3] - The AI industry chain is expected to maintain high prosperity, with strong growth in sectors like intelligent driving and software outsourcing [3] - The impact of tariff policies on computer companies' fundamentals is minimal, with domestic substitution and self-control sectors likely to benefit [3] Media and Internet Sector - Continuous tracking of AI application landing situations is recommended, with a focus on companies with upward marginal fundamentals and M&A themes [4] - The digital media sector has shown strong performance recently, while the film and television sector is expected to decline due to the off-season [4] - Companies like Tencent and Kuaishou are advancing in AI-generated content, indicating a growing potential for AI applications in media [4]

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [4]. Core Insights - The media sector has shown resilience with a 1.39% increase in the index from May 6 to May 9, 2025, driven by market momentum. The report highlights optimism towards AI applications, IP monetization, and mergers and acquisitions as key growth areas for 2025 [1][8]. - AI applications are expected to focus on new investment mappings and data tracking for mature applications, particularly in the multimodal industry direction. Companies with IP advantages and full industry chain potential are seen as having monetization opportunities, especially in trendy toys and film content [1][17]. - The report emphasizes the importance of state-owned enterprises in the media sector, particularly in light of the State-owned Assets Supervision and Administration Commission's focus on market capitalization assessments for state-owned enterprises [1]. Summary by Sections Market Overview - The media sector index increased by 1.39% during the week of May 6-9, 2025, with the top-performing sectors being defense and military (6.44%), communication (5.43%), and banking (3.98%) [8][10]. - The report identifies the top five gainers in the media sector: Baotong Technology (24.7%), Huicheng Technology (16.2%), Shengxunda (12.2%), Zhongqingbao (10.4%), and Huawen Group (9.3%) [11]. Subsector Insights - Key focus areas include resource integration expectations with companies like Zhongshi Media, Guoxin Culture, and Guangxi Broadcasting. AI-related companies such as Rongxin Culture and Aofei Entertainment are also highlighted [17]. - In the gaming sector, companies with strong certainty like Shenzhou Taiyue and Kaiying Network are recommended for attention, along with Perfect World and ST Huatuo [17]. - The report also notes significant interest in Hong Kong stocks, particularly Alibaba, Tencent, and Pop Mart, as well as educational leaders like New Oriental and regional leaders with strong earnings elasticity [17]. Key Events Review - Tencent launched the HunyuanCustom video model, which excels in character consistency and multimodal input, achieving industry-leading performance in various metrics [19]. - Lightricks introduced the LTX Video model, boasting 130 billion parameters and a 30-fold improvement in video generation quality compared to existing models, operable on consumer-grade GPUs [19]. Subsector Data Tracking - The report provides insights into the gaming market, highlighting popular upcoming games and their expected performance [20]. - The domestic film market's weekly box office reached approximately 508 million yuan, with top films including "Dumpling Queen" and "Hunting Gold Game" [21]. - The report tracks viewership for series and variety shows, noting the top-ranking series and their respective platforms [25][26].

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [4]. Core Insights - The media sector has shown resilience with a 1.39% increase in the CITIC primary media index during the week of May 6-9, 2025. The report highlights optimism towards AI applications, IP monetization, and mergers and acquisitions as key growth drivers for 2025 [1][8]. - AI applications are expected to focus on new investment mappings and data tracking for mature applications, particularly in the multimodal industry direction. IP monetization will target companies with IP advantages and full industry chain potential, with opportunities in trendy toys and film content [1][17]. - The report emphasizes the importance of state-owned enterprises in mergers and acquisitions, especially in light of the State-owned Assets Supervision and Administration Commission's focus on market capitalization assessments for state-owned enterprises [1]. Summary by Sections Market Overview - The media sector's performance is buoyed by market trends, with a notable increase in stock prices for companies like Baotong Technology (up 24.7%) and Huicheng Technology (up 16.2%) during the reporting week [11][18]. - The report identifies the top five gainers and losers in the media sector, highlighting significant fluctuations in stock performance [11][14]. Subsector Insights - Key focus areas include resource integration expectations for companies like Zhongshi Media and Guoxin Culture, AI advancements in firms such as Rongxin Culture and Aofei Entertainment, and gaming companies with strong certainty like Shenzhou Taiyue and Kaixin Network [17]. - The report also highlights the importance of education and state-owned enterprises in the media landscape, with specific companies recommended for investment [17]. Key Events Review - Tencent's launch of the HunyuanCustom video model and Lightricks' release of the LTX Video model are significant advancements in AI video generation, showcasing improvements in efficiency and quality [19]. - The report notes the collaboration between Lightricks and major image platforms for data acquisition, indicating a strategic move towards enhancing AI capabilities [19]. Subsector Data Tracking - The report provides insights into the gaming sector, with popular titles currently available for pre-order, and highlights box office performance for films released during the week [20][21]. - It also tracks viewership data for popular series and variety shows, indicating trends in audience engagement [25][26].

证券研究报告·策略报告·策略深度报告 策略深度报告 20250508 5 月港股金股：关税阴霾渐退 2025 年 05 月 08 日 [观点Table_Tag] 3、港股反弹还需增量资金和政策刺激。当前增量资金主要以南向为主，香 港本地资金和海外资金还有增配空间。此外，尽管 5 月 2 日，美元兑港币 汇率触及 7.75 强方兑换保证，仍需继续观察外资流入情况。 ◼ 我们相对看好 AI 科技、内需，同时建议配置部分高股息用作防御： 1、看好 AI 科技：一是，美股科技业绩部分亮眼，一定程度上对全球科技 叙事有所提振；二是，业绩进入真空期，业绩干扰减少，利好主题行情， AI 科技东升仍是重点；三是，港交所和香港证监会推出"科企专线"，进 一步利好科创风偏。 2、考虑配置部分高股息：一是，整体海外风险还在，如果美股科技大跌可 能传导至港股科技；二是，二季度部分港股可能提前派息潮。为避免下半 年可能的在岸人民币压力，部分企业可能提前支付股息。三是，近期港币 流动性有宽松信号，若资金成本继续下降，进一步利好高股息。 3、内需消费仍是全年主线。4 月底政治局会议，明确表示要扩大消费，大 力发展服务消费，增强消费对经济拉 ...

Group 1 - The report indicates that A-share revenue showed a decline in Q1 2025, with a year-on-year decrease of 2.93%, while profit saw a slight recovery with a year-on-year decline of 4.87%. Non-financial sectors experienced a revenue decline of 0.38% but a profit increase of 6.02% [11][12][19] - The report highlights that the main contributors to profit in Q1 2025 were the metal materials and mining, agricultural products, and comprehensive finance sectors, while the banking, coal, real estate, and oil and gas sectors were significant detractors [12][30] - The report notes that the overall ROE for A-shares continued to decline in Q1 2025, with over half of the secondary industries having ROE levels below the historical 40th percentile [44][48] Group 2 - The report identifies that the sectors with the most significant upward adjustments in profit expectations post-Q1 2025 earnings announcements include comprehensive finance, insurance, and media internet, while most sectors saw downward adjustments [12][74] - The report states that the profit margin for A-shares in Q1 2025 was slightly down, with the overall margin at 17.63%, indicating that many industries remain at historical lows [51][54] - The report emphasizes that the agricultural products sector showed remarkable performance with a profit growth rate of 2051.8% in Q1 2025, significantly contributing to the overall profit recovery [29][36]

Group 1 - The report emphasizes a return to technology growth in May 2025, focusing on three main investment directions [2][5] - The recommended "golden stocks" for May include companies from various sectors such as technology, environmental services, defense, and healthcare, with detailed financial metrics provided [3][68] - The report highlights the importance of macroeconomic factors such as "loose monetary policy" and "weak dollar" in influencing market styles, favoring small-cap growth stocks [5][6] Group 2 - For the computer sector, the report recommends Shen Sanda A, citing its strong position in AI infrastructure and data services, with expected revenue growth driven by government and state-owned enterprise demand [10][11] - In the environmental services sector, Hanlan Environment is highlighted for its potential revenue growth and improved cash flow due to ongoing debt resolution and operational efficiency [15][16] - The defense sector's Steel Research High-tech is projected to benefit from increasing market demand for high-temperature alloys, with significant profit growth anticipated [20][23] Group 3 - The report identifies Xiaoshangpin City in the commerce sector as a key player in the small commodity trade, benefiting from the growth of the Yiwu market and new business opportunities in cross-border e-commerce [29][31] - Horizon Robotics is noted for its advanced autonomous driving solutions, with a significant market opportunity as the penetration of high-level autonomous vehicles increases [36][40] - BeiGene is recognized for its innovative drug pipeline, particularly the growth of its core product, with expectations of substantial revenue increases in the coming years [44][45] Group 4 - The report discusses the electronic sector's Jingzhida, which is positioned to capture market share in storage testing machines, with significant growth potential as domestic demand increases [54][55] - In the new energy sector, Sanhua Intelligent Control is highlighted for its strategic partnerships with major automotive manufacturers, anticipating strong profit growth driven by electric vehicle demand [56][57] - Huichuan Technology is noted for its advancements in automation and robotics, with expectations of increased market share and profitability as the industry recovers [62][63]

Group 1: Electronic Sector - The electronic sector's Q1 performance was strong, driven by AI demand, consumer electronics subsidies, and automotive sales growth, with companies like Shenghong Technology and Huidian Co. showing significant earnings growth [2][14][15] - TSMC plans to start mass production of 2nm chips in the second half of the year, with performance improvements of 10-15% and power consumption reductions of 25-30% compared to N3E [2][14] - The report suggests continued focus on high-growth areas such as AI-PCB, SOC chips, and the Apple supply chain, with specific companies recommended for investment [2][14][15] Group 2: Communication Sector - Google's Q1 capital expenditure increased by 43% year-on-year, indicating strong demand for AI computing and alleviating concerns about reduced capital spending among North American cloud providers [3][40] - New Yi Sheng and Zhongji Xuchuang reported significant revenue growth in Q1, driven by AI computing demand and cost reduction strategies, with the overall industry revenue increasing by 48% [3][40] - China Mobile's Q1 revenue showed a slight increase, with cloud services expected to become a new growth driver for operators [3][44] Group 3: Computer Sector - ByteDance launched the Agent platform for internal testing, which is expected to leverage AI capabilities for various applications, indicating a trend towards AI integration in business processes [4][49] - The report highlights the resilience of the AI industry chain and the potential for growth in sectors like smart driving and data elements, with a positive outlook for domestic alternatives due to U.S. tariff policies [4][49] - The report emphasizes the importance of AI applications and the potential for significant market opportunities in various sectors [4][49] Group 4: Media and Internet Sector - The report suggests monitoring the implementation of AI applications and the potential for growth in the gaming industry, particularly in overseas markets [5][5] - Companies like OpenAI and Baidu are making advancements in AI models, indicating a growing trend in AI application development [5][5] - The report recommends focusing on companies that are likely to benefit from mergers and acquisitions in the media and internet space [5][5]

广发证券研报称，从2025年第一季度传媒互联网板块的基金持仓情况看，公募基金对A股传媒行业的配 置比例环比有所提升，传媒板块低配比例有小幅缩窄。结构上看，游戏、互联网、电影院线、动漫板块 的基金配置比例提升，主要系AI产业趋势向好、第一季度票房大盘同比高增提振信心、政策环境趋稳 等。此外，前五大重仓个股市值集中度环比提升。建议继续关注AI对传媒互联网行业带来的业务重构 机会，以及有优质内容和IP在手的公司。 ...

长江证券传媒互联网行业的首席分析师高超高总您给我们大家先打个招呼吧好的各位全新网各位就是天悦首席栏目的朋友好我是长江传媒的负责人高超非常荣幸有这样的一个机会跟大家分享一下我们最近对于传媒互联网这一块的一些观点我们也非常期待您的分享今天的主题定义的是传媒的增长潜力在哪里 也希望通过今天您的分享我们大家对传媒板块的最新动态包括未来板块的一个发展情况有更深入的一个了解我先给大家介绍一下高总高总有着10年的脉方研究的经验武汉大学学士伦敦政治经济学院硕士全面覆盖传媒互联网行业特别期待您的这个分享 首先我们也简介一下政策的导向虽然两会已经过去一段时间了对但是我们也想请教您就是两会也是提出了很多的政策和目标那您作为传媒首席有哪些是两会透露的重要信号会对我们这个行业产生一些影响给我们简要的了解一下 好呀 那我这边的话就是相对来讲我觉得比较大的或者是大家相对关注度比较高的可能是三个方面第一个方面整体来看的话还是树立这个文化资讯或者说是文化出海这一块来看的话其实整体面临着两方面的一个背景一方面来看的话就是其实是一个整体来看文化输出非常重要的一环这个也是保持整个文化开放的一个重要的环节 第二个就是其实站在很多就是这个上市公司或者是 ...

证券研究报告 | 2025年04月14日 传媒互联网周报 优于大市 四部门联合支持体育企业融资发展，电影局称将减少美国进口片 传媒板块本周表现：行业下跌 6.88%，跑输沪深 300，跑输创业板指。本周 （4.5-4.11）传媒行业下跌 6.88%，跑输沪深 300（-2.87%），跑输创业板 指（-6.73%）。其中涨幅靠前的分别为祥源文旅、果麦文化、中南传媒、凤 凰传媒等，跌幅靠前的分别为读者传媒、冰川网络、迅游科技、电魂网络等。 横向比较来看，本周传媒板块在所有板块中涨跌幅排名第 27 位。 重点关注：四部门联合支持体育企业融资发展，电影局称将减少美国进口片 数量，Pika 推出 Pika Twist 新技术。1）国家人工智能基金亮相，规模 600 亿，专注早期人工智能项目的投资；2）OpenAI 宣布 GPT4 退役，被 GPT-4o 取代；3）AI 视频生成平台 Pika 推出了一项革命性的新技术，允许用户以超 现实的方式操控视频中的任何角色或物体；4）国家电影局发声将适度减少 美国进口影片数量；5）四部门近日联合印发的《关于金融支持体育产业高 质量发展的指导意见》明确支持体育企业融资发展。 本周重 ...