" AI 其实不是真的在创造，而是把人的创造能力更低成本地复制。" "谁能成功地让人类和工具（特别是 AI ）实现高效协作，谁就能拥有源源不断的商业机会。" "内容的真正控制者，并非创作者，而是平台，它们决定了内容的生产、传播以及是否上架。" 今天上午，特赞科技创始人范凌博士在混沌的直播课上这样讲到。 范凌博士的课程实际上也回答了大模型爆火之后的几大争议： AI 会不会取代人的工作？ AI 生成的低质内容会不会有损高端品牌形象？ 来自 AI 的信息和数据是否可靠？ 品牌增长应不应该用 AI 做矩阵号？ …… 以下内容根据部分课程内容整理： 授课老师 | 范凌 特赞科技创始人 &CEO 我们在最卷的行业里 AIGC 我是全职创业者，也是全职教师。我的父母都是艺术家，而我自己则是理工科出身。所以我有一颗艺术的 心，有一个工程的脑。如何将心与脑的距离拉近？早在经营公司之前，我就每天都在思考这件事儿，它像 是我的一个人生使命。 创业前，我在美国伯克利大学教授人机交互。那时，人机交互与人工智能似乎是对立的两种思想。人工智 能的目标是创造一台可以取代人类的机器，而人机交互则认为人 + 机器可以完成人类和机器都做不了的事 ...

Group 1 - The report analyzes the current state, challenges, strategies, and trends of digital marketing for tourism destinations based on a survey of over 1,100 tourism marketers globally [1][6][8] - Key challenges faced by tourism marketers include precise touchpoint marketing, keeping up with advertising technology trends, and evaluating the ROI of digital marketing strategies, all at 29% [13][16] - Digital advertising spending accounts for the highest proportion at 45%, with social media taking up 28% of the digital advertising budget [19][23] Group 2 - Future investment directions for tourism marketers include interactive videos, machine learning, and chatbots, with AR, VR, instant messaging applications, and smart voice devices potentially disrupting existing marketing methods [2][4] - Nearly 40% of marketers plan to increase spending on social media in 2020, indicating its continued popularity as a marketing channel [30][56] - Data analysis is crucial for tourism marketing, helping to target users, understand customers, and predict ROI, with 65% of marketers adopting more personalized email marketing strategies [18][20]

资料显示，满贯集团是香港大健康品牌全渠道营销管理商，专门为中成药、保健、皮肤护理、个人护理 及其他健康护理产品提供全渠道品牌代理、推广营销、管理及分销销售的一站式服务，在香港、澳门、 及东南亚等地覆盖接近十万个线上及线下销售点，销售超过300个本地及海外品牌，并积极开拓优质自 有品牌以及合作品牌产品，提供超过2000项产品。 值得一提的是，年报显示，2024年，满贯集团实现收入8.76亿港元，同比下降26.9%；实现股东应占溢 利324万港元，同比减少98.9%。 在股价暴跌后，有投资者对2024年的业绩提出了一些质疑。 4月17日，满贯集团（03390.HK）一度飙涨逾130%，涨幅也一度位列全市第一。 不过，在4月16日，满贯集团遭遇了瀑布式;闪崩下跌，市值直接跌去逾90%，已不足5亿港元。因此， 虽然4月17日股价出现大幅回升，但两日连起来看，股价的整体跌幅依然巨大，并直接放量跌成了仙 股;。 而满贯集团之所以在4月16日出现暴跌，其中一个原因是遭遇了强平。 4月16日晚间，满贯集团就股价与成交量异动发布公告称，公司主席兼控股股东王嘉俊最终控制的 Tycoon Empire所持1.29亿股普通股，已于4 ...

Investment Rating - The report maintains a "Market Perform" rating for the media sector, in line with the overall market performance [1] Core Insights - The media sector experienced a decline of 12.20% from March 14 to April 11, 2025, underperforming compared to the Shanghai Composite Index and other indices [3][13] - The report suggests focusing on the gaming sector due to its resilience against US-China tariffs and potential for valuation recovery, supported by favorable WTO policies [11][12] - There is an emphasis on the cyclical recovery of the advertising market driven by government initiatives to boost consumption [12] - The report highlights the defensive value and high dividend yield of state-owned publishing companies, which are expected to provide stable long-term returns [4][7] Summary by Sections Investment Recommendations - Focus on the gaming sector, which is expected to recover due to strong domestic demand and favorable regulatory conditions [11][12] - Monitor the advertising market for cyclical recovery as government policies aim to stimulate consumption [12] - Consider state-owned publishing companies for their stable performance and high dividend yields [4][7] Market Review - The media sector's performance from March 14 to April 11, 2025, saw a 12.20% decline, with only 20 out of 142 stocks rising during this period [3][14] - The current PE ratio for the media sector is 26.38, above the historical average of 24.46, indicating a relatively high valuation [17] Industry News - The Chinese government has implemented a consumption stimulus plan, which is expected to positively impact the media sector [18] - The gaming industry continues to receive support from regulatory bodies, with a significant number of game licenses issued in early 2025 [11][41] - The advertising market is showing signs of recovery, with specific sectors like entertainment and cosmetics increasing their ad spending significantly [52][54] Monthly Data - In March 2025, the domestic film market generated a box office of 1.925 billion yuan, a decrease of 30.95% year-on-year [21] - The gaming market reported a sales revenue of 27.953 billion yuan in February 2025, reflecting a year-on-year growth of 12.3% [37][39] - The advertising market is projected to grow by 1.6% in 2024, with notable increases in specific channels such as elevator advertising [52][54]

Core Insights - The digital marketing industry is characterized by a diverse midstream service model, which includes various types of marketing services and solutions that leverage advertising platforms to reach target audiences [1][2]. Industry Overview - The digital marketing industry can be segmented into three main stages: upstream technology and content supply, midstream digital marketing services, and downstream demand [1]. - Midstream service providers are increasingly integrating content production capabilities into their offerings [2]. Regional Distribution - The most developed digital marketing industry clusters are found in Guangdong and Beijing, with a significant concentration of midstream service providers [5]. - Jiangsu province has the highest number of digital marketing industry parks, totaling 16, followed by Shandong and Hubei [8]. Business Performance - The performance of digital marketing companies is significantly influenced by the economic conditions of downstream industries. From 2023 to 2024, companies are focusing on client expansion and project development, particularly in key sectors like automotive and healthcare [9]. - Notable revenue figures for 2023 include: - BlueFocus: 23.79 billion - Three People: 4.77 billion - Liou Group: 8.38 billion [12][13]. Investment Trends - Digital marketing companies are primarily investing in business expansion and technological advancements. Recent investment activities include: - Qingmu Group plans to invest approximately 150 million in brand promotion and channel development [16]. - Yuanlong Yatu is investing about 510 million to enhance its creative design capabilities [16]. - Yinhui Group is investing 760 million in developing an AIGC marketing model to enhance service capabilities [16].

刚准备发，发现国家电影局就电影方面应对美升级对华关税答记者问：适度减少 美国影片进口数量。 这明天国产电影不得起飞喽！ 然后我一看今日机构买入数据， A股复盘 | 贸易孤立 / 2025.04.10 泰国： 财政部长Pichai Chunhavajira周四表示，欢迎美国宣布的90天关税暂 停，称这一时机将使两国能够达成互利协议。他告诉曼谷的记者， 谈判将重点放 在实现泰国与美国及其他伙伴国贸易平衡上。 日本： 经济产业省一名官员周四表示，如果根据世界贸易组织规则(WTO)发现任 何不公平做法，日本经济产业省将考虑对中国钢铁进口采取行动。该官员还表 示，日本将继续敦促美国政府免除其钢铁和铝关税。 东盟： 经济部长发表声明称，东盟承诺不对美国关税采取报复性措施，并表达与 美国进行坦诚和建设性对话以解决贸易相关问题的共同意愿。 所以，今天华尔街日报一篇文章说，越南成了最大的赢家！ 在"解放日"宣布关税 措施时，越南当时被加征了46%的关税，而现在越南成了最大的赢家之一，因为 越南将与大多数其他国家一样获得10%的关税税率。 | | 净买入 | | | 净或H | | --- | --- | --- | --- | ...

近日华扬联众（603825）(603825.SH)发布公告，公司股东姜香蕊持有的上市公司364.97万股股票将被司 法拍卖。证券之星注意到，姜香蕊作为公司原控股股东、实控人苏同及华扬企管的法定一致行动人，三 者所持股份已历经多轮强制拍卖。这场由债务危机引发的股权处置风波已经导致公司控制权易主。 2025年2月，长沙国资正式掌舵华扬联众，短短几天内在二级市场掀起巨震。华扬联众股价在连续涨停 后又快速暴跌。其股价快速切换背后，或许可以在公司持续亏损的经营业绩上找到注脚。 原实控人持续被迫退场 3月31日，华扬联众发布公告，公司股东姜香蕊持有的上市公司364.97万股股票将被司法拍卖。而姜香 蕊和华扬联众原控股股东、实控人苏同及华扬企管存在一致行动关系。 据公告披露，2月10日至2月26日，苏同持有的988.9万股公司股票已被成功拍卖。竞买人许譞以约1亿元 的价格竞得760万股股票，剩余股票被竞买人洪清法以2896.7万元竞得。完成过户后，苏同及其一致行 动人持有上市公司股份比例从22.67%降至18.76%。 而4月21日至4月22日，姜香蕊持有的364.97万股公司股票也面临被司法拍卖，若本次拍卖完成交割，苏 ...

Group 1: Industry Overview - The Chinese digital marketing industry can be divided into multiple tiers based on company revenue, with BlueFocus being the only company exceeding 50 billion yuan in revenue, placing it at the top tier [1] - The first tier includes companies with revenue between 10 billion and 50 billion yuan, represented by Leo Group and Zhejiang Wenlian [1] - The second tier consists of companies with revenue between 5 billion and 10 billion yuan, including Sanrenxing, Simi Media, and Tianlong Group [1] Group 2: Market Share - BlueFocus holds the largest market share in the Chinese digital marketing industry, accounting for approximately 8.8% in 2023, followed by Leo Group with over 2% [4] Group 3: Market Concentration - The concentration ratios CR3 and CR5 for the Chinese digital marketing market in 2023 are 13.35% and 15.54%, respectively, indicating a relatively low market concentration with a significant number of players [7] Group 4: Company Strategies - Companies in the digital marketing industry focus on resource integration and building comprehensive business ecosystems to provide integrated digital marketing services [9] - Various companies have developed specific business layouts, such as BlueFocus offering a full value chain service across multiple industries, and Leo Group providing integrated marketing services through data flow [10][12] - The industry is characterized by a competitive landscape with many players, leading to a low concentration and high competition [13]

底子好、估值低的传统赛道公司，正成为公募基金调研寻找估值切换逻辑下的"老树发新芽"。 近期，基金经理在传统赛道大规模调研的现象引发市场关注，其调研访问的信息大多指向传统赛道企业在 新兴赛道业务的积累和释放，而在基金调研传统赛道企业的背景下，头部公募近期举牌在人形机器人材料 领域有应用前景的化工企业进一步彰显了这一新策略。价值派基金经理独辟蹊径买入15倍估值的传统医学 网站股票，并在AI医疗的估值包装下实现数倍获利，这一低价买老票的业绩效果，远超该基金经理重仓的 新赛道股票，暗示了赚估值切换的钱，更吸引公募的持仓兴趣。 多位基金经理分析认为，由于市场对新事物的热度和认知充分，当前背景下难以通过合理价格重仓介入， 但部分传统赛道公司可能拥有向市场提供了低价切入新世界的机会，尤其是新技术的重大突破对传统赛道 的许多公司构成估值切换利好，形成对传统经济的赋能，第二增长逻辑让传统行业焕发出新的活力。 甚至公募基金在 调研 建筑工程造价软件领域的广联达时，关注的核心都指向该家建筑造价软件公司在人 工智能相关技术和应用产品上的布局策略，基金公司调研压塑机赛道的东亚机械时，公募人士关注的问题 也指向是否工业机器人的机械臂业务 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 （於開曼群島註冊成立的有限公司） 根據戰略合作協議，邁富時將向本公司全部相關業務提供AI技術支持及解決方案， 包括但不限於為短視頻直播、市場合作渠道擴張與管理、客戶AI助理、AI智能客 服、數據分析及圖像識別等方面提供綜合AI功能。此外，邁富時引入的DeepSeek 等大模型技術設計、開發的AI賦能方案，將向本公司提供技術支持和培訓，為本公 司業務發展提供賦能與服務。訂約各方將共同探索AI在本公司白酒業務領域的應用 場景、聯手打造白酒行業垂直AI模型、以人工智能推動業務創新與發展及白酒行業 升級。 – 1 – 戰略合作協議期限為三年，自二零二五年三月二十七日起至二零二八年三月二十六 日。 （股份代號：1280） 自願公告 戰略合作協議 本公告乃由中国奇点国峰控股有限公司（「本公司」）為告知本公司股東及有意投資者 本公司及其附屬公司（「本集團」）的最新業務發展自願作出。 戰略合作協議 本公司董事（「董事」 ...