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。 ...

Summary of Conference Call Notes Industry Overview - The discussion primarily revolves around the **media and entertainment industry**, with a focus on the impact of recent policies and technological advancements, particularly in AI and consumer behavior trends [1][4][5]. Key Points and Arguments Policy Signals and Market Trends - Recent government meetings have highlighted important signals that could influence the media sector, emphasizing the need for companies to adapt to these changes [1]. - The market is expected to expand from a national focus to a global one, with significant growth opportunities in international markets following the saturation of domestic markets [2]. Technological Integration - The integration of technology, especially AI, is seen as a crucial factor for the media industry. The evolution of technology from 3G to 4G has previously driven growth, and similar advancements are anticipated with AI [3][4]. - AI is expected to revolutionize various sectors within media, including advertising, film, education, and gaming, by enhancing efficiency and creating new business models [4][12]. Consumer Behavior and New Consumption Trends - The emergence of Generation Z is reshaping consumer preferences, leading to the rise of new consumption patterns in sectors like beauty and gaming [5]. - The success of recent media productions, such as "Nezha" and "Black Myth: Wukong," is attributed to their ability to resonate with audiences on a deeper emotional level, which is essential for driving sales and engagement [6][10]. AI Applications and Industry Impact - AI applications are becoming increasingly prevalent in the media sector, with companies leveraging AI for content creation, advertising efficiency, and consumer engagement [12][20]. - The use of AI tools has shown to significantly reduce costs and improve operational efficiency, particularly in advertising, where companies can generate content more rapidly and effectively [26][27]. Advertising Trends - There is a notable shift in advertising budgets towards high-conversion channels, with social media and performance-based advertising gaining traction over traditional brand advertising [20][22]. - The trend towards high-efficiency advertising is likely irreversible, as companies prioritize return on investment [23]. Future Outlook and Investment Opportunities - The upcoming earnings season is expected to highlight the importance of AI integration and its impact on revenue growth across various media companies [28][29]. - Companies with strong data resources and innovative AI applications, such as Tencent, are anticipated to attract significant investor interest [29][30]. Additional Important Insights - The discussion also touched on the valuation discrepancies between domestic and international tech companies, suggesting that Chinese tech assets are undervalued compared to their global counterparts [31][34]. - The potential for new AI applications and models to emerge in the market is seen as a critical factor for future growth in the media and technology sectors [32][35]. This summary encapsulates the key insights and trends discussed during the conference call, providing a comprehensive overview of the current state and future outlook of the media industry.

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 ...

Investment Rating - The report maintains an "Increase" rating for the media industry, indicating a positive outlook for the sector [7][30]. Core Insights - The media sector experienced a decline of 6.88% during the week of April 7-11, 2025, influenced by market conditions. The report highlights a favorable outlook for AI applications, IP monetization, and mergers and acquisitions in the media sector [11][1]. - Key areas of focus include new applications of AI, tracking data for mature applications, and companies with IP advantages and full industry chain potential, particularly in trendy toys and film content [1][2]. - The report emphasizes the importance of state-owned enterprises in the media sector, especially in light of the State-owned Assets Supervision and Administration Commission's focus on market capitalization assessments for state-owned enterprises [1][2]. Summary by Sections Market Overview - The media sector's performance was notably poor, ranking among the lowest in terms of weekly changes, with the top three sectors being agriculture, retail, and defense, while media, telecommunications, and new energy equipment saw significant declines [11][12]. Sub-sector Insights - The report identifies several companies to watch: 1. Resource integration expectations: Zhongshi Media, Guoxin Culture, Guangxi Broadcasting, Tangde Film and Television, Jishi Media, Youzu Network [2]. 2. AI-focused companies: Aofei Entertainment, Tom Cat, Shengtian Network, Zhongwen Online, Yidian Tianxia, Visual China, Shengtong Co., Jiao Dian Technology, Dou Shen Education, Shiji Tianhong, Jiafa Education [2]. 3. Gaming sector: Strongly recommend focusing on Shenzhou Taiyue, Kaiying Network, Giant Network, and Jibite, while also monitoring Perfect World, ST Huatu, and Ice Glacier Network [2]. 4. State-owned enterprises: Ciweng Media, Wanxin Media, Zhongwen Media, Southern Media, Kevin Education, and Dasheng Culture [2]. 5. Education sector: Xueda Education, Action Education [2]. 6. Hong Kong stocks: Focus on Alibaba, Tencent Holdings, and Pop Mart, with an emphasis on the imminent industry explosion at Fubo Group and the K12 education leader New Oriental [2]. Key Events Review - Nvidia launched the Llama Nemotron Ultra 253B model, which topped the GPQA scientific reasoning benchmark with a score of 76, surpassing Meta's Llama 4. This model features 253 billion parameters and is designed to enhance performance through dynamic resource allocation [3][18]. - Meta released its most advanced open-source AI model, Llama 4, which utilizes a mixture of experts (MoE) architecture, significantly improving efficiency in training and responding to user queries [4][18]. - Kimi team introduced a lightweight visual language model, Kimi-VL, which outperformed larger models in benchmark tests, showcasing strong multi-modal reasoning capabilities [5][18]. Sub-sector Data Tracking - The gaming sector is seeing a rise in popular titles, with several new games available for pre-order on platforms like AppStore [19]. - The domestic film market reported a total box office of approximately 301 million yuan for the week of April 5-11, 2025, with the top three films being "Towards the Sun," "My World Movie," and "Nezha: The Devil Child Rises" [21][20].

Group 1 - The report emphasizes the focus on "April Decision" under the economic context, indicating a shift from expectation-driven trading to fundamental pricing, with economic data, performance realization, and policy changes forming a "stress test" framework for stock prices [4][6][9] - The report highlights a selection of "golden stocks" across various sectors, including mechanical, electronic, environmental, coal and steel, computing, electric new energy, media internet, and pharmaceuticals, with detailed financial metrics provided for each [2][6][72] - The report suggests that the "April Decision" may lead to increased volatility in high-odds growth stocks, while larger, value-oriented stocks tend to perform better historically during this period [4][6] Group 2 - For the mechanical sector, the report recommends Niuwei Co., which is positioned as a global leader in industrial valves, benefiting from strong demand in LNG and marine industries, with expected overseas order growth of over 30% in the first half of 2024 [9][10][11] - In the electronic sector, Tianyue Advanced is highlighted for its core role in AR glasses components, with anticipated demand growth driven by major tech companies' product launches [15][16][17] - The environmental sector's Huanlan Environment is noted for its strong dividend growth and improved cash flow from debt resolution, with significant operational scale expansion through acquisitions [20][21][24] - In the coal and steel sector, Shanjin International is expected to benefit from rising gold prices amid economic stagnation risks, with a strong production outlook and low cost per gram of gold [27][29][30] - Dongtu Technology in the computing sector is recognized for its advanced operating system and AI-driven robotics, positioning it well for future growth in industrial automation [33][34][35] - Keda Li in the electric new energy sector is projected to maintain strong profit growth driven by high lithium battery demand, with a favorable valuation outlook [38][39][41] - XGIMI Technology in the media internet sector is expected to see revenue growth from domestic recovery and international expansion, particularly in the automotive sector [44][45][48] - In the pharmaceutical sector, Sanofi Pharmaceutical is noted for its solid fundamentals and multiple new product launches, contributing to revenue diversification [50][51][53] - Innovent Biologics is highlighted for its robust pipeline and international expansion potential, with several new drugs expected to drive revenue growth [55][56][61] - Zoli Pharmaceutical is recognized for its steady growth in traditional Chinese medicine products and successful new product launches, with ambitious profit targets [65][66][68]