2025 年 07 月 04 日 传媒 中期策略报告：关注扎实基本面支持下 有新业务推进及兑现的龙头标的 充分受益于互联网的传媒板块，面向 AI 科技，也需要重新叙事。 传媒互联网是"文化与传播"在互联网时代的"变轨"，文化作品 下沉成各种内容（爆款）、传播体系在互联网时代的审核权下放至 各大平台。如果回到文化与传播的本质，那 AI 时代的"变轨"则 聚焦于 AI 时代如何出爆款，围绕于此，延伸出几条产业逻辑线： 1）互联网时代出的新内容形态，主要在游戏、直播、短视频，影 视、动漫画、文学的内容形态变化不大；AI 时代的新内容形态会 是什么？ 关注：万达电影、博纳影业；恺英网络、神州泰岳、ST 华通、三 七互娱、顺网科技、浙数文化、姚记科技；新华文轩、中国科传、 长江传媒；内蒙新华、川网传媒、元隆雅图。 风险提示：细分方向轮动过快的风险、文化公司内部治理偏弱 的风险、新业务进展低于预期的风险、AI 伦理风险。 行业深度分析 证券研究报告 投资评级 领先大市-A 维持评级 | 目标价（元） 评级 | | --- | | 首选股票 | 2）互联网时代变化不大的内容形态——影视、动漫画、文学，会 否在 AI 时代， ...

Group 1: U.S.-China Relations and Technology - The U.S. government has lifted export restrictions on chip design software to China, allowing companies like Synopsys, Cadence, and Siemens to fully restore access to their software and technology for Chinese clients [1] - The U.S. Commerce Department has not confirmed reports of President Biden planning to lead a business delegation to China, emphasizing the need for mutual respect and cooperation in U.S.-China economic relations [1] Group 2: AI Developments - Grok 4 has been introduced as the latest flagship model by xAI, boasting unparalleled performance in natural language, mathematics, and reasoning, with future support for visual and image generation [2] - The news publishing industry is facing challenges as traffic from AI-driven search results is increasing, leading to a decline in direct visits to news websites, with a significant drop in natural traffic from over 2.3 billion visits to below 1.7 billion [3] Group 3: Medical Device Regulations - The National Medical Products Administration of China is implementing supportive policies for high-end medical devices based on brain-computer interface technology, aiming to optimize the review process for innovative medical devices [5] Group 4: Corporate News - Xiaomi's founder Lei Jun expressed regret over the company's first self-developed chip, Pinecone, during a live stream, indicating a shift in focus to their new chip, Surge O1 [6] - Xiaomi has recently applied for multiple "REDMI" trademarks across various categories, indicating potential expansion into new markets [6] Group 5: Legal and Market Developments - Yongtai Technology has filed a lawsuit against Tianci Materials for defamation, with the case involving a total claim of 57.52 million RMB [7] - Dong Mingzhu, the chairwoman of Gree Electric Appliances, has fallen off the list of the most powerful businesswomen in China for the first time in 15 years, highlighting a shift in recognition towards female entrepreneurs in the AI sector [7] Group 6: Gaming Regulations - Tencent Games has announced that minors will be limited to a total of 27 hours of gaming during the summer vacation, aligning with similar regulations from NetEase Games [7]

Core Viewpoint - The 15th Jiangsu Book Fair is being held in Suzhou, featuring over 400 publishing units and more than 500 suppliers, showcasing over 100,000 publications across various genres, and promoting reading culture through numerous activities [1][2][3] Group 1: Event Overview - The book fair lasts for 5 days and includes the China Publishing Association's 2025 Collection Book Exhibition and the National Children's Book Trade Fair [1] - The theme of the fair is "Book Fragrance Converges in Suzhou, Reading Joys Compete First," emphasizing a reader-centric approach and cultural promotion [1][2] Group 2: Activities and Features - The fair features over 190 reading promotion activities and collaborates with more than 220 physical bookstores across the province for reading promotion and book sales [1][2] - New features include the "Old Books New Knowledge" exhibition area and various interactive activities such as "Stamp Collection" [2][3] - Notable authors are invited for reading promotion activities, enhancing reader engagement and book selection [2][3] Group 3: Online and Offline Integration - The fair emphasizes online and offline integration, with discounts available on various platforms, including Tmall and JD, and live streaming sales at the venue [3] - A total of 12 live streaming rooms are set up at the fair to boost book sales [3] - The event also includes the launch of the 2025 Provincial Youth Reading Activities and the first session of the "Book Fragrance China·National Reading Lecture Hall" [3]

Core Points - The 15th Jiangsu Book Fair is being held in Suzhou, featuring over 400 publishing units and more than 100,000 publications [1][2] - The theme of this year's book fair is "Book Fragrance Converges with Su Rhythm, Reading Brings Joy," focusing on promoting reading culture and enhancing consumer engagement in the publishing industry [2][3] - The event includes various activities such as book launches, reading sharing sessions, and exhibitions that highlight local culture and literature [3][4] Group 1 - The book fair emphasizes reader-centered services and promotes new reading trends, with over 190 reading promotion activities planned [1][3] - A special focus is placed on showcasing books related to Xi Jinping's thoughts and the high-quality development of Jiangsu's economy and culture [2][3] - The fair features a variety of themed exhibitions, including a special area for "Old Books, New Knowledge" and a "Cultural Life Quality Exhibition" [3][4] Group 2 - The event aims to enhance the reputation of "Su Edition" books by showcasing local authors and award-winning titles [4] - The fair includes a series of professional exhibitions and experiential activities related to books, such as photo exhibitions and literary showcases [3][4] - Notable authors and cultural figures are participating in the event to promote good books and engage with readers [3]

Group 1 - The average wage increase for Japan's fiscal year 2025 is 5.25%, marking the highest growth in 34 years, surpassing the previous year's 5.10% [2][3] - The strong wage growth reflects a tight labor market, with companies facing pressure to recruit and retain employees, which may lead to a more hawkish stance from the Bank of Japan in future monetary policy meetings [2][3] - The information and publishing sector saw the highest wage increase at 5.65%, indicating a significant shift from long-standing wage stagnation [3] Group 2 - Small business employees experienced a wage increase of 4.65%, the largest in 33 years, narrowing the wage gap with large enterprises to 0.6 percentage points [4] - Approximately 70% of employees work in small and medium-sized enterprises, making their wage growth crucial for national wage trends [4] - The government has committed to providing cash subsidies to alleviate inflation burdens and aims to increase average annual salaries by 1 million yen by fiscal year 2030 [5]

Core Insights - The 15th Jiangsu Book Fair has returned to Suzhou, showcasing a blend of local culture and literature [1] - The event features various exhibitions highlighting Suzhou's literary history and contemporary works [1][2] - Interactive experiences and modern interpretations of traditional culture are emphasized throughout the fair [3][4] Group 1: Literary Exhibitions - The "Wu Gate Ancient and Modern Stars" exhibition presents Suzhou's literary heritage, including historical displays and contemporary literature [1] - Notable works such as "Collection of Fan Wen Zheng Gong" and "Wu Du Wen Cui" are available for visitors to explore [1] - A unique "long scroll" artwork narrates significant events and figures in Suzhou's history, enhancing the visual experience [2] Group 2: Cultural Experience Spaces - The "Su-style Book Fragrance Cultural Experience Space" combines traditional and modern elements, offering a sensory immersion into Suzhou's culture [3] - Interactive installations, such as VR experiences of the Forbidden City, allow visitors to engage with historical artifacts [3] - The "Great Beauty of Chinese Characters" exhibition reinterprets Chinese characters through contemporary art, attracting attention from visitors [4] Group 3: Community Engagement - The fair includes a "Yamei - Dialogue" area for various activities, fostering connections between scholars and the public [4] - Events such as lectures, book launches, and academic discussions are scheduled to enhance cultural exchange [4] - Local cultural brands and technological innovations are showcased, reflecting Suzhou's modern cultural landscape [4]

来源："网信中国"微信公众号 互联网新闻信息稿源单位名单仅明确列出稿源单位主体（报纸、期刊、通讯社、广播电台、电视 台、互联网站），不再一一展示其公众账号、应用程序、论坛、博客、微博客、即时通信工具、网络直 播等具体服务形式。其中，中央和国家机关、群团组织等政务发布平台和省级政务发布平台明确展示其 官方网站、微博公众账号、微信公众账号、应用程序。 稿源单位（除中央和国家机关、群团组织等政务发布平台和省级政务发布平台外）取得互联网新闻 信息服务许可的公众账号、应用程序、网络直播等服务形式发布的新闻信息，皆可作为新闻信息转载来 源。稿源单位取得互联网新闻信息服务许可情况，可通过国家网信办官方网站（www.cac.gov.cn） ——"全国网信政务办事大厅"版块——"互联网新闻信息服务单位许可信息"入口进行查询。 中大利|周早】 （1） 家／ 及 大 ） （ ） ） （ ） ） （ ） （ ） ） （ ） （ ） ） | 序号 | 中央新闻单位(19 家) | 主管主办的报刊网站（67 家） | | --- | --- | --- | | | | 人民日报海外版 环球时报 | | | | 证券时报、证券时报网 中国 ...

Core Insights - The 31st Beijing International Book Fair concluded with over 1,700 exhibitors from 80 countries and regions, showcasing 220,000 types of books and achieving 2,826 international copyright trade agreements [1] Group 1: Exhibition Highlights - The fair featured a prominent display of quality publications, including themed books and ancient texts, with over 2,400 titles showcased in six major sections [2] - Shanghai organized nearly 30 publishers to exhibit over 2,000 titles, highlighting red culture and award-winning publications, demonstrating the city's achievements in copyright export [3] Group 2: International Cooperation - A signing ceremony for the "China-Azerbaijan Classic Works Translation" project took place, granting rights for translating and publishing significant Chinese literary works in Azerbaijani [4] - Beijing's exhibition area displayed over 3,500 titles and established over 350 output intentions with nearly 40 foreign publishing institutions [5] Group 3: Copyright Trade Agreements - The fair resulted in 2,826 international copyright trade agreements, with 1,955 related to copyright output and 753 for imports, indicating significant progress in promoting Chinese literature abroad [7] - Shanghai's initiatives to support copyright export have led to over 200 projects funded since 2013, with financial support exceeding 8 million yuan [7] Group 4: Literary Promotion - The China Writers Association has been actively promoting copyright output, signing over 160 translation projects covering 29 languages, enhancing the global reach of Chinese literature [8] - Notable author Mai Jia participated in a dialogue with international scholars and publishers, emphasizing the importance of literary communication in bridging cultural gaps [8]

证券代码：601928 证券简称：凤凰传媒 公告编号：2025-019 重要内容提示： ● 每股分配比例 江苏凤凰出版传媒股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 2.分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以下简 称"中国结算上海分公司"）登记在册的本公司全体股东。 3.分配方案： 本次利润分配以方案实施前的公司总股本2,544,900,000股为基数，每股派发现金红利0.5元（含税），共 计派发现金红利1,272,450,000.00元。 A股每股现金红利0.5元 本次利润分配方案经公司2025年5月13日的2024年年度股东会审议通过。 ● 相关日期 ■ ● 差异化分红送转： 否 一、通过分配方案的股东会届次和日期 1.实施办法 （1）无限售条件流通股的红利委托中国结算上海分公司通过其资金清算系统向股权登记日上海证券交 易所收市后登记在册并在上海证券交易所各会员办理了指定交易的股东派发。已办理指定交易的投资者 可于红 ...

Core Viewpoint - Qingdao Urban Media Co., Ltd. has decided to change the purpose of repurchased shares from "future equity incentive plan" to "cancellation and reduction of registered capital" and will cancel 10,500,216 shares, reducing the total share capital from 671,208,000 shares to 660,707,784 shares [1][2][3]. Group 1 - The decision to cancel the repurchased shares was approved during the board meeting on April 24, 2025, and the annual general meeting on May 16, 2025 [1]. - The company has complied with legal requirements regarding creditor notification and has not received any objections from creditors regarding the cancellation of shares [2]. - The cancellation of shares is based on the legal requirement that repurchased shares must be utilized within three years, and since the company did not implement an equity incentive plan during this period, it opted for cancellation to protect investor interests [2]. Group 2 - The total number of shares to be canceled is 10,500,216, which is expected to be completed by July 2, 2025 [2]. - After the cancellation, the company's total share capital will decrease to 660,707,784 shares, maintaining the same percentage distribution of share types [3][4]. - The cancellation will not affect the company's debt repayment ability, ongoing operations, future development, or control rights, and it will not harm the interests of shareholders, especially minority shareholders [5].