证券研究报告 | 2025年07月07日 传媒互联网周报 优于大市 持续看好游戏板块机会，关注暑期档及 AI 应用板块机会 传媒板块本周表现：行业上涨 2.39%，跑赢沪深 300，跑赢创业板指。本周 （6.30-7.6）传媒行业上涨 2.39%，跑赢沪深 300（1.54%），跑赢创业 板指（1.50%）。其中涨幅靠前的分别为吉比特、巨人网络、神州泰岳、 三七互娱等，跌幅靠前的分别为慈文传媒、三维通信、博纳影业、元隆 雅图等。横向比较来看，本周传媒板块在所有板块中涨跌幅排名第 6 位。 重点关注：苹果调整欧盟应用商店规则，国内外 AI 模型及应用持续快速迭 代。1）苹果调整欧盟应用商店规则，以顺应《数字市场法案》新要求，为 开发者开辟更为广阔的空间；2）近日，微信支付正式推出了 MCP 功能，允 许 AI 在与用户互动时直接进行支付，为 AI 商业化铺平道路；3）近日， MiniMax 正式推出了全球首个开源大规模混合架构推理模型—— MiniMax-M1，在全球开源模型评测中排名第二；4)谷歌于近日宣布推出全新 AI 工具套件 Gemini for Education，面向所有使用该平台的学校免费开放， ...

Core Viewpoint - The article discusses the evolution and challenges of China's advertising law over the past decade, emphasizing the need for a regulatory framework that adapts to digital marketing trends and reduces excessive regulation [1][10]. Group 1: Evolution of Advertising Law - The implementation of the new Advertising Law has led to significant growth in the scale and quality of the advertising industry in China, creating a healthier market ecosystem [1]. - The regulatory framework has evolved to address emerging sectors such as internet advertising and celebrity endorsements, with specific guidelines established to fill regulatory gaps [1][2]. Group 2: Challenges Faced by Advertising Regulation - The traditional advertising regulation model is increasingly challenged by technological advancements and the shift to digital marketing, which has transformed how advertisements are disseminated [4][5]. - New marketing methods, such as algorithm-driven recommendations and live-streaming sales, complicate the application of existing advertising laws, as they do not fit neatly into the traditional regulatory framework [6][7]. Group 3: Need for Regulatory Reform - The article advocates for a dual transformation of the advertising law system: deregulation and digitalization, to better align with current market practices [9][10]. - Deregulation should focus on establishing basic safety lines rather than imposing stringent pre-approval processes for all advertising activities [9][10]. - Digitalization requires the advertising law to address the unique challenges posed by online marketing, necessitating updates to existing regulations or the creation of new legal frameworks [11]. Group 4: Reflection on Enforcement Issues - The article highlights the need to reassess certain enforcement practices, such as the absolute prohibition of misleading language, which may not always mislead consumers in the digital age [12]. - A balanced approach is necessary to protect consumer rights while allowing for effective marketing practices, reflecting the changing landscape of consumer behavior in the internet era [12].

营销快讯 在当今数字化浪潮席卷全球的时代，广告行业正经历着前所未有的深刻变革与创新。随着互联网、大数 据、人工智能等技术的飞速迭代，数字广告已俨然成为企业营销战略中不可或缺的核心组成，其广告曝 光量的规模、投放策略的精度、内容创意的质量以及行业数字化转型的深度，都在深刻重塑着市场的竞 争格局，也持续影响着消费者的购买决策路径。 近年来，数字广告的曝光量呈现出爆发式增长态势。相关数据显示，全球数字广告支出在过去数年中持 续攀升，且预计未来几年仍将保持高位增长。这一趋势的背后，是消费者行为模式的巨大转变——越来 越多人将时间与精力投入数字设备，无论是通过电脑、手机还是平板，人们获取信息、娱乐休闲及社交 互动的方式都发生了根本性变革。这为数字广告开辟了更广阔的展示空间和更多元的触达机会，企业得 以借助各类数字平台，将广告精准推送至目标受众，实现大规模曝光。比如，社交媒体的信息流广告、 搜索引擎的关键词广告以及视频网站的贴片广告等，都成为企业吸引消费者注意力的重要抓手。但需注 意的是，单纯追求曝光量的增长并非长久之策，如何在海量广告中突围，吸引消费者关注并转化为实际 消费行为，才是企业需要深耕的课题。 投放策略的精细 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 7 月 6 日 [Table_Title] [Table_Title] 多国关税谈判期限将至，25H1 电影票房为近六年 最高 传媒行业周报系列 [Table_Title2]2025 年第 26 周 ► 市场行情回顾 [Table_Summary] 2025 年第 26 周（实际交易日为 2025.6.30-2025.7.4）上证指 数上涨 1.4%，沪深 300 指数上涨 1.54%，创业板指数上涨 1.5%。 恒生指数下跌 2.37%，恒生互联网指数下跌 1.52%，行业领先 恒生指数 0.86pct。SW 传媒指数上涨 2.7%，领先创业板指数 1.2pct，在申万一级 31 个行业涨跌幅排名中位列第 6 位。子 行业中互联网服务、影视和广告营销位列前三位，分别为上涨 8.26%、上涨 1.42%和上涨 0.26%。 ► 核心观点&投资建议 关税谈判期限将至，外部贸易不确定性再起。本周，据新浪 财经，美国总统特朗普于 7 月 4日宣布启动单边关税通知程 序，计划向多国发函设定新关税税率（10%-70%不等），8 月 1 日生效，7月 9 ...

行 业 及 产 业 2025 年 07 月 06 日 行 业 研 究 / 行 业 点 评 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 看好游戏持续性和 AI 应用 看好 ——互联网传媒周报 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 传媒 相关研究 - ⚫ 从中期增长的角度看本 ...

今年5月，《北京市朝阳区数字广告产业发展三年行动计划（2025-2027年）》正式发布，明确提出到 2027年将朝阳区建设成为"具有全国引领性的数字广告产业高地"。三年行动计划提出，三年时间里，朝 阳区计划建成2个高品质的专业特色产业园，吸引至少5家大型数字广告企业总部或区域总部入驻，培育 10家以上具有较强创新能力和市场竞争力的本土数字广告企业，使数字广告产业营业收入实现年度5% 以上的增长，突破1300亿；打造至少10个数字广告与文化、旅游、商业、金融等产业融合发展的示范项 目，培育新发展动能，打造朝阳数字广告产业新引擎。 其中，在今年的具体任务目标中，朝阳区就计划培育或引进1至2家具有一定影响力的数字广告龙头企 业；引进1至2家龙头企业或其区域总部；吸引至少5家具有一定影响力的数字广告企业及相关上下游企 业入驻国家广告产业园区；推动至少1家企业将大数据分析、人工智能等技术应用于广告业务流程；搭 建至少2个项目合作平台或创业孵化平台；组织3次以上中小微广告企业与优质企业的项目对接活动，促 成至少3个合作项目落地等。 具体任务目标特别提出，朝阳区将加大财政资金投入力度，积极争取国家级、市级和区级相关产业资金 ...

Core Viewpoint - Guomai Culture (600640) plans to repurchase shares and reduce registered capital, aiming to enhance shareholder value and optimize capital structure [1] Company Announcement Summary - Guomai Culture's board approved a share repurchase plan using between RMB 50 million and RMB 100 million of its own funds within 12 months, at a price not exceeding RMB 16.00 per share [1] - The repurchased shares, estimated to be between 3.125 million and 6.25 million shares, will account for 0.39% to 0.79% of the total share capital and will be fully canceled [1] - The company assures that the repurchase will not significantly impact its operations, finances, R&D, profitability, debt servicing ability, or future development [1] - The company will notify creditors and disclose information regarding the repurchase in accordance with relevant laws and regulations [1]

Core Viewpoint - Huayang Lianzhong (603825) experienced a decline in stock price, closing at 12.2 yuan, down 3.17% from the previous week, with a current market capitalization of 3.091 billion yuan [1] Company Announcements - Huayang Lianzhong provided a counter-guarantee to its controlling shareholder, Xiangjiang Group, involving a loan amount of 202 million yuan [1] - The company applied for additional working capital loans of 152 million yuan from Industrial Bank and 50 million yuan from China Transportation Bank, with a loan term not exceeding one year [1] - Xiangjiang Group provided joint liability guarantee for the loans, and Huayang Lianzhong signed a counter-guarantee agreement, paying a guarantee fee of 1% per year [1] - As of the announcement date, the total amount of external guarantees by the listed company and its subsidiaries was 1.6895463 billion yuan, accounting for 395.62% of the latest audited net assets, with no overdue guarantees [1] - The counter-guarantee covers all payments and expenses incurred by the guarantor during the guarantee period, which lasts for the duration of the guarantee and three years thereafter [1] - This guarantee is expected to enhance the company's operational development needs and improve financing efficiency, aligning with the company's overall interests [1]

Group 1 - The core viewpoint of the news highlights the robust growth of the advertising industry in Beijing, with revenue exceeding 150.41 billion yuan in the first half of the year, reflecting an 8.8% year-on-year increase, surpassing target goals [1] - The national advertising industry is projected to achieve a revenue of over 1.5 trillion yuan in 2024, maintaining its position as the second-largest market globally, driven by digital transformation [1] - The digital advertising sector is identified as a key pillar of the digital economy, with advancements in technologies such as 5G, big data, and artificial intelligence facilitating a comprehensive digital transformation of the advertising industry [1] Group 2 - Chaoyang District has emerged as a leading example in the development of the advertising industry, with a year-on-year growth rate of 25% from January to May, and large enterprises achieving over 100 billion yuan in revenue for three consecutive years [2] - The district's advantages in location, business environment, and policy support have significantly contributed to the growth of the digital economy, with the Beijing Digital Economy Computing Center providing essential computational support for the advertising sector [2] - Chaoyang District has successfully attracted 20 advertising and related enterprises to its digital advertising industry park, with an additional 28 projects currently under negotiation [2]

Core Viewpoint - The legal opinion letter from Shanghai Senyue Law Firm confirms that Shanghai Longyun Cultural Technology Group Co., Ltd.'s differentiated dividend plan for 2024 complies with relevant laws and regulations, ensuring no harm to the company and its shareholders [6]. Group 1: Differentiated Dividend Plan - The company plans to distribute a cash dividend of 0.10 yuan per 10 shares (including tax) for the fiscal year 2024, totaling 921,651 yuan (including tax) [4][5]. - The total number of shares eligible for profit distribution is calculated by deducting the shares held in the repurchase account from the total share capital, resulting in 92,165,100 shares participating in the distribution [5]. - The company will not implement capital reserve transfers or bonus shares in this fiscal year, and any changes in total share capital before the record date will not affect the total distribution amount [4][5]. Group 2: Legal Compliance and Verification - The law firm conducted necessary verifications and confirmed that the company disclosed all relevant facts and documents without any omissions or false statements [2][3]. - The legal opinion emphasizes that the firm does not provide opinions on accounting, financial, or auditing matters, and the financial data referenced should not be interpreted as guarantees of accuracy [3]. - The differentiated dividend plan is deemed compliant with the Company Law, Securities Law, and the Guidelines for Share Repurchase, ensuring the protection of shareholder interests [6].