Core Insights - Liou Co., Ltd. has launched the first MCP (Model Context Protocol) service in the advertising industry, marking a significant step in the integration of AI and marketing [2] - The MCP service has demonstrated practical value and amplification effects of AI across the entire advertising marketing chain [2] Group 1: AI-Driven Marketing Efficiency - Since the launch of the MCP service, Liou Digital has accelerated system transformation around core products like "AI Creative Factory" and "AI Ad Trader," enabling comprehensive penetration of AI in advertising creativity, placement, and optimization [3] - During the recent "6·18" shopping festival, the combination of MCP service and AI Agent increased daily creative output from an average of 150 sets to over 20,000 sets, with 98% passing media review on the first attempt, significantly enhancing conversion efficiency [3] - The AI Ad Trader improved programmatic trading execution from hourly to second-level, performing over 1,200 operations per second, with peak daily human-machine collaboration operations exceeding 2 million [3] Group 2: Supportive Core Systems - The rapid implementation of the MCP service is supported by three core modules: identity authentication and security system, programmatic advertising intelligence hub, and enterprise system integration engine [4] - The MCP employs OAuth standard protocol and TLS encryption for multi-dimensional identity verification, detailed permission management, and operational auditing, ensuring trustworthy data interaction between enterprises and AI [4] - The programmatic advertising intelligence hub covers the entire process from placement management to data analysis, allowing real-time monitoring and automatic optimization of advertising strategies by AI Agents [4] Group 3: Standardization and Ecosystem Development - As the MCP service enters the operational phase, Liou Co., Ltd. is also advancing standardization and ecosystem development [5] - The company is collaborating with the China Advertising Association and the China Business Advertising Association to promote industry standards based on the MCP protocol, facilitating the normalization and scaling of AI applications in advertising [5] - Liou Digital has opened an "Intelligent Agent Plaza" to over 1,500 internal employees, fostering a mechanism for mutual growth between AI and human capabilities, and building a talent pool with practical AI skills [5] Group 4: Industry Transformation - The CEO of Liou Co., Ltd. stated that AI technology is profoundly changing the advertising industry, and the company aims to provide smarter, more efficient, and more open digital marketing solutions through continuous technological innovation and ecosystem development [6] - Industry experts believe that the large model and AI Agent technology's accelerated implementation, along with the MCP service's scalable application and standardization exploration, may provide replicable and promotable models for the industry, aiding more enterprises in embracing AI-driven transformation [6]

证券研究报告 | 行业策略报告 2025 年 06 月 30 日 AI 及无人化聚焦落地，重视稳定币及 RWA 金融创新 计算机行业 2025 年中期投资策略 TMT 及中小盘/计算机 回顾 25 年上半年计算机板块行情，AI、金融科技创新、无人化三大主线轮动。 我们再次重申，科技创新是 25 年增长主线，重点关注 AI 迭代创新及 AI 算力、 金融科技创新、机器人场景落地等方向投资机会。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 284 | 5.5 | | 总市值（十亿元） | 3525.2 | 4.0 | | 流通市值（十亿元） | 3104.0 | 3.9 | 行业指数 % 1m 6m 12m 绝对表现 8.9 9.3 61.3 相对表现 6.8 10.7 47.8 资料来源：公司数据、招商证券 -20 0 20 40 60 80 100 Jul/24 Oct/24 Feb/25 Jun/25 (%) 计算机 沪深300 相关报告 1、《香港虚拟资产服务相关牌照梳理 — — 计算机周观察 20250629 》 2025-06-29 ...

证券研究报告 | 2025年06月30日 传媒互联网周报 优于大市 6 月版号数量创年内新高，OpenAI 宣布 10 月召开开发者大会 传媒板块本周表现：行业上涨 3.21%，跑赢沪深 300，跑输创业板指。本周 （6.23-6.27）传媒行业上涨 3.21%，跑赢沪深 300（1.95%），跑输创业板 指（5.69%）。其中涨幅靠前的分别为欢瑞世纪、冰川网络、龙韵股份、ST 广网等，跌幅靠前的分别为联建光电、ST 返利、ST 大晟、完美世界等。横 向比较来看，本周传媒板块在所有板块中涨跌幅排名第 17 位。 重点关注：字节跳动推出 ProtoReasoning 框架，小米推出 AI 眼镜。1）6 月发放国产、进口版号分别为 147 款、11 款，创年内新高；2）字节跳动与 上海交大联合推出 ProtoReasoning 框架，利用 Prolog 和 PDDL 结构化原型 提升大语言模型的跨领域推理能力；3）小米官宣 AI 眼镜，具备第一人称拍 摄、语音助手和开放式耳机功能，重量仅 40g、定价 1999 元起；4）OpenAI 已正式公布了其下一届开发者大会（DevDay）的时间和地点，定于 2025 年 ...

Core Points - Zhejiang Province has officially launched the "Guidelines for Risk Control and Legal Compliance in Internet Interactive Advertising (Trial)" to address issues in the interactive advertising sector [1][2] - The guidelines include 25 specific measures aimed at innovating platform governance and enhancing consumer rights protection [1] Group 1: Issues in Interactive Advertising - Common illegal practices in interactive advertising include using high winning rates in activities like spinning wheels and red envelopes to attract consumers, which often leads to misleading promotions [2] - Problems such as automatic redirects, inducement to consume, and technical abuse have been reported, negatively impacting consumer experience and posing risks to consumer rights [1][2] Group 2: Guidelines and Regulations - The guidelines clarify the forms of interactive advertising, legal applicability, basic principles, and market supervision principles, requiring identifiable advertising formats and disclosure of entity information to avoid misleading consumers [2] - Content must be truthful and comprehensive, prohibiting false inducements and aiding false promotions, while ensuring that advertisements can be easily closed and do not interfere with normal consumer usage [2] - The guidelines also define the concept of online lotteries and establish management requirements, including the need for clear publication of lottery rules and prohibition of false advertising [2]

Core Viewpoint - The article discusses the severe regulatory violations and penalties faced by Zhitian Technology (ST Zhitian), highlighting significant financial misconduct, obstruction of regulatory enforcement, and the potential for delisting from the stock market due to multiple infractions [1][12][19]. Group 1: Violations and Misconduct - Financial fraud involved inflating revenue by nearly 2.5 billion yuan, accounting for 63.53% of total revenue over two years, with specific methods including fictitious business operations and improper revenue recognition [2][12]. - The company obstructed regulatory enforcement by hiding financial documents and having executives go missing during investigations [3][13]. - The auditing firm, Beijing Yatai, withdrew its audit documents and faced penalties, indicating collusion in the misconduct [4][19]. Group 2: Legal and Regulatory Actions - The company received multiple fines totaling nearly 40 million yuan for various violations, including 8.5 million yuan for financial fraud and 3.5 million yuan for failing to disclose the annual report [8][10]. - Twelve executives were penalized, with significant fines imposed on key individuals, and four core executives received ten-year market bans [9][10]. - Criminal proceedings were initiated against the company for hiding accounting documents, with potential additional charges for failing to disclose important information [5][10]. Group 3: Delisting Risks - Zhitian Technology triggered three delisting mechanisms, making it a rare case in the A-share market, including failure to complete mandated rectifications and significant revenue inflation [12][19]. - The company faces a high probability of delisting due to non-compliance with regulatory requirements and ongoing investigations [12][19]. Group 4: Implications for the Industry - The case signifies a shift towards stricter regulatory enforcement in the capital market, emphasizing a "zero tolerance" approach to financial misconduct [16][19]. - The introduction of rigid delisting rules and a multi-faceted accountability system aims to enhance market integrity and deter future violations [17][18][19]. - The incident serves as a landmark case for reinforcing post-event regulatory oversight under the new registration system, indicating a significant transformation in the capital market landscape [19].

证券研究报告：传媒 | 公司点评报告 发布时间：2025-06-30 股票投资评级 资料来源：聚源，中邮证券研究所 | 公司基本情况 | | --- | | 最新收盘价（元） | 12.60 | | --- | --- | | 总股本/流通股本（亿股）2.53 / 2.53 | | | 总市值/流通市值（亿元）32 / 32 | | | 52 周内最高/最低价 | 18.38 / 7.61 | | 资产负债率(%) | 90.8% | | 市盈率 | -5.83 | | 第一大股东 | 湖南湘江新区发展集团 | | 有限公司 | | 研究所 分析师:王晓萱 SAC 登记编号:S1340522080005 Email:wangxiaoxuan@cnpsec.com 华扬联众(603825) 实控人变更，治理改善，拓展文旅业务新增长点 ⚫ 事件回顾 2025 年 4 月 29 日，公司发布 2024 年年报及 2025 年一季报。 2024 年公司实现营业收入 20.30 亿元，同比下降 63.07%；归母净利 润-5.47 亿元，上年同期为-6.84 亿元。2025 年一季度公司实现营业收 入 1.75 亿元， ...

[Table_Page] 投资策略报告|传媒 证券研究报告 | 年中期策略 | [Table_Title] 传媒行业 2025 | | | | --- | --- | --- | --- | | 关注 | | | AI | | | | 产业进展 | | | 紧扣景气度主线，重视确定性资产，乐观 | | | | [Table_PicQuote] 相对市场表现 [分析师： Table_Author]旷实 SAC 执证号：S0260517030002 SFC CE No. BNV294 010-59136610 kuangshi@gf.com.cn 分析师： 廖志国 SAC 执证号：S0260525060001 15201876785 liaozhiguo@gf.com.cn 分析师： 徐呈隽 SAC 执证号：S0260519110002 021-38003663 xuchengjun@gf.com.cn 分析师： 周喆 SAC 执证号：S0260523050003 SFC CE No. BJD408 010-59136890 zhouzhe@gf.com.cn 分析师： 章驰 SAC 执证号：S026052308 ...

Investment Rating - The report maintains a "Positive" outlook on the gaming sector, highlighting a monthly high in game approvals and encouraging summer promotions [4]. Core Insights - The gaming sector is expected to benefit from a significant increase in new game approvals, with 158 new games (147 domestic and 11 imported) approved in June, marking a new monthly high for the year. This trend indicates a clear easing of regulatory constraints [4]. - The mid-term growth drivers include the expansion of overseas markets and the consumption demands of the post-90s and post-00s generations, improved competitive dynamics leading to better-than-expected profit margins, and AI developments enhancing valuation options [4]. - Key companies such as Giant Network, Huya, and others are expected to show strong performance, with new game launches and innovative strategies aimed at attracting younger users [4]. Summary by Sections Gaming Sector - The report emphasizes the ongoing recommendation for the gaming sector, driven by new game approvals and summer promotional activities. The mid-term logic includes overseas expansion and evolving consumer preferences [4]. - Notable companies like Tencent, NetEase, and Giant Network are highlighted for their expected revenue and profit growth, with specific projections for 2025 and 2026 [6]. AI and Internet Media - AI applications in platforms like Kuaishou and Meitu are showing better-than-expected commercialization, with significant user engagement and innovative content offerings [4]. - The report discusses the potential of AI in education and advertising, with companies like New Oriental launching AI educational products and Tencent enhancing ad efficiency through AI [4]. Consumer Trends - The report identifies high-demand consumer segments in collectibles, music, and live events, with companies like Pop Mart and NetEase Music showing strong growth trajectories [4]. - The report also notes the resilience of advertising platforms like Focus Media, which is expected to benefit from partnerships that enhance media value [4].

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Core Points - The Cannes Lions International Festival of Creativity is facing significant controversy regarding its award standards, particularly after the Brazilian agency DM9's project was found to use AI-generated content, raising questions about the authenticity of submissions [2][4][10] - The festival's response to the controversy includes new requirements for AI usage declarations and ethical review processes, highlighting a long-ignored issue of balancing creativity with authenticity and compliance [7][12] Group 1: Award Controversies - DM9's project, which won the Grand Prix in the creative data category, was revealed to contain AI-generated and deepfake content, leading to its withdrawal and raising doubts about the integrity of the judging process [4][10] - Budweiser's "One-Second Ad" campaign, which utilized a loophole in copyright law to create a one-second advertisement, sparked backlash from musicians and record labels, questioning the respect for creative work and the implications for the copyright industry [6][11] Group 2: Industry Reflection - The ongoing controversies have prompted a reevaluation of the Cannes Lions award system, with concerns that it may be devolving into a "packaging game" where the focus is on visually appealing submissions rather than their genuine social impact [7][11] - The advertising industry is urged to consider the authenticity of the stories being told, emphasizing the need for a shift in the judging criteria to include the value and ethical implications of creative works [11][12] Group 3: Future Directions - There is a call for the Cannes Lions to reform its judging criteria to ensure that creativity is assessed alongside authenticity, compliance, and ethical boundaries, as the reliance on technology and legal loopholes could undermine the industry's integrity [12][13] - The future of creative works is expected to face increased scrutiny from various stakeholders, necessitating a more rigorous and transparent evaluation process to promote sustainable growth in the advertising industry [12][13]