| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | | 成交额(元) | | --- | --- | --- | --- | --- | --- | --- | | 601929 | 吉视传媒 | 2.12 | 9.84% | 156.13万 | | 3.31亿 | | 600831 | ST广网 | 4.16 | 2.97% | 9.01万 | | 3688.37万 | | 301551 | 无线传媒 | 49.80 | 0.57% | 1.50万 | | 7388.43万 | | 301262 | 海看股份 | 25.98 | 0.46% | 2.70万 | | 6977.69万 | | 600996 | 盖广网络 | 8.23 | 0.37% | 12.86万 | | 1.05亿 | | 834021 | 流金科技 | 7.66 | 0.26% | 9.53万 | | 7290.43万 | | 300770 | 新媒股份 | 40.99 | -0.22% | 2.38万 | | 9708.91万 | | 002238 | 天威视讯 | 8.80 | -0.23% | 8.30万 | | 7 ...

专题：专题|2024年度A股CFO数据报告：美的集团钟铮年薪946万，比亚迪周亚琳896万 作为上市公司核心管理层关键成员，财务总监CFO的地位与作用至关重要。新浪财经《2024年度A股 CFO数据报告》显示，2024年A股上市公司财务总监CFO群体薪酬规模合计达42.70亿元，平均年薪为 81.48万元。 分行业来看，传媒行业（游戏及影视院线不做讨论）上市公司中，60%营收同比下滑，75%净利润同比 下滑，46.67%营收及净利润双下滑。营收及净利润双下滑的上市公司，接近一半的CFO（讨论薪酬同 比变动情况时截止2023年末任期不满1年的不参与统计，下同）薪酬同比增长，表明部分上市公司CFO 薪酬与公司经营业绩脱钩。 注：数据来源于choice，截止2024年末任期不满1年的不参与统计，CFO包括部分公司总会计师等。 责任编辑：公司观察 凡拓数创于2022年9月30日在创业板上市，上市后经营业绩持续恶化。2022-2024年，凡拓数创分别实现 营业收入6.09亿元、5.76亿元、3.65亿元，分别同比下滑14.66%、5.53%、36.59%；归母净利润0.18亿 元、0.11亿元、-1.87亿元，分别同比 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 600996 | 贵广网络 | 8.20 | -0.61% | 16.89万 | 1.38亿 | | 601929 | 吉视传媒 | 1.93 | -0.52% | 199.29万 | 3.80亿 | | 834021 | 流金科技 | 7.64 | 0.00% | 12.67万 | 9676.48万 | | 300770 | 新媒股份 | 41.08 | 0.07% | 3.21万 | 1.31亿 | | 000917 | 电广传媒 | 7.72 | 0.26% | 31.57万 | 2.42亿 | | 000156 | 华数传媒 | 8.27 | 0.49% | 12.77万 | 1.05亿 | | 301551 | 元线传媒 | 49.52 | 0.55% | 1.76万 | 8635.46万 | | 600637 | 东方明珠 | 7.76 | 0.78% | 22.62万 | 1.74亿 | | 002238 | 天威视讯 | 8.82 ...

从资金流向上来看，当日电视广播板块主力资金净流入5059.65万元，游资资金净流出6983.68万元，散户 资金净流入1924.02万元。电视广播板块个股资金流向见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入(元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601929 | 吉视传媒 | 1.03 Z | 9.13% | -4055.37万 | -3.60% | -6235.03万 | -5.53% | | 600037 | 歌华有线 | 1375.25万 | 5.36% | -1874.86万 | -7.31% | 499.61万 | 1.95% | | 002238 | 天威视讯 | 767.95万 | 7.52% | -897.61万 | -8.79% | 129.67万 | 1.27% | | 301551 | 无线传媒 | 687.09万 | 4.20% | 187.54万 | 1.15% | -874.62万 | -5.34% | | 60 ...

Market Overview - The television broadcasting sector increased by 0.03% compared to the previous trading day, with Hai Kan Co., Ltd. leading the gains [1] - The Shanghai Composite Index closed at 3609.71, up by 0.33%, while the Shenzhen Component Index closed at 11289.41, up by 0.64% [1] Stock Performance - Hai Kan Co., Ltd. (301262) closed at 26.22, with a rise of 1.59% and a trading volume of 39,500 shares, totaling a transaction value of 103 million yuan [1] - Other notable stocks include: - Gehua Cable (600037) at 8.57, up 0.94%, with a trading volume of 233,400 shares [1] - Jiangsu Cable (600959) at 3.60, up 0.84%, with a trading volume of 376,900 shares [1] - Huabei Broadcasting (000665) at 5.55, down 0.18%, with a trading volume of 638,800 shares and a transaction value of 353 million yuan [1] Fund Flow Analysis - The television broadcasting sector experienced a net outflow of 166 million yuan from institutional investors, while retail investors saw a net inflow of 119 million yuan [2] - The detailed fund flow for selected stocks includes: - Electric Wide Media (000917) with a net inflow of 16.26 million yuan from institutional investors [3] - Hubei Broadcasting (000665) with a net outflow of 6.07 million yuan from institutional investors [3] - Wireless Media (301551) with a net outflow of 4.93 million yuan from institutional investors [3]

Core Insights - The key to understanding the capital cycle is recognizing how changes in capital allocation within an industry affect future returns, emphasizing the importance of supply-side changes over demand analysis [3] - Industry concentration exhibits an inverted U-shaped distribution throughout different stages of the corporate lifecycle, transitioning from high competition to oligopoly, with dividend yields increasing as companies evolve from recovery to maturity [3] - Current recommended secondary industries include aquaculture, animal health, components, consumer electronics, communication services, advertising, television broadcasting, real estate services, shipping ports, logistics, and railroads [3] Section Summaries 01 Capital Cycle: Supply and Concentration Considerations - The capital cycle framework prioritizes supply and concentration changes over economic conditions, indicating that supply fluctuations drive industry profitability [4] 02 Historical Positioning of Capital Cycles in Sub-Industries - The report categorizes 124 sub-industries based on their capital cycle status from Q3 2008 to Q1 2025, using concentration, profit growth, and capital expenditure growth as key indicators [27] 03 Current Capital Cycle Stages of Various Industries - The analysis identifies industries in optimal or suboptimal capital cycle phases, allowing for targeted investment recommendations [39] 04 Capital Cycle Principles and Case Studies in the US and Japan - The report discusses the principles of capital cycles in the US and Japan, providing case studies that illustrate the application of these principles across different market environments [4] 05 Viewing Capital Cycles Through the Lens of "Anti-Overwork" - The report suggests that the current economic environment, characterized by a push against overwork, influences capital allocation and industry dynamics [4]

Group 1 - The Shanghai Composite Index has recently surpassed the annual high set on March 18, 2025, and is approaching the high from October 8, 2024, indicating a significant market movement [1] - There is a noticeable divergence among various sectors, with banking, agriculture, personal care, military, chemical, transportation, and petrochemical industries showing a higher proportion of stocks exceeding their March 18, 2025 closing prices [1] - Conversely, sectors such as steel, electronics, home appliances, telecommunications, computers, and electrical equipment have a lower proportion of stocks exceeding their March 18, 2025 levels [1] Group 2 - In the secondary industry analysis, financial (banking, insurance, diversified finance), military (naval equipment, ground weaponry), agriculture (animal health, agricultural products, planting, feed), precious metals, personal care products, and chemical pharmaceuticals show a higher proportion of stocks exceeding their March 18, 2025 closing prices [4] - Sectors like home appliances, electrical equipment, TMT (television broadcasting, communication services, consumer electronics, semiconductors, optical electronics), general steel, and machinery (engineering machinery, automation equipment) have a lower proportion of stocks exceeding their March 18, 2025 levels [4] - Comparing to the October 8, 2024 closing prices, banking, motorcycles, military (ground weaponry, aerospace equipment), chemicals (plastics, non-metallic materials), and new consumption (entertainment products, personal care products, retail, accessories) show a higher proportion of stocks exceeding their previous levels [4]

Core Insights - The elderly demographic, particularly those aged 65 and above, is increasingly shifting from traditional television to streaming platforms, significantly impacting viewership trends in both the U.S. and China [2][5][12] - Streaming services are projected to surpass cable and broadcast television viewership in the U.S. by May 2025, marking a historic shift in media consumption [2][5] - Platforms like YouTube are experiencing a surge in viewership among older adults, with a reported 106% increase in watch time on YouTube via television since May 2023 [2][5] Group 1: Streaming Trends - The elderly are becoming the fastest-growing user group for streaming services, with their viewing time accounting for one-third of total television consumption across all age groups [2][5] - Free streaming services such as Tubi, Roku, and Pluto are particularly popular among older viewers, collectively capturing 5.7% of total television viewing time, surpassing paid platforms like Disney+ and Hulu [5][8] - YouTube has redesigned its TV application to enhance user experience, making it more accessible for older viewers [8][9] Group 2: Technological and Content Factors - The decline in technical barriers, with simpler interfaces on streaming devices, has facilitated the transition for older adults from traditional TV to streaming [5][11] - The content strategy shift towards classic shows and familiar programming has attracted older viewers, who prefer nostalgic content over new productions aimed at younger audiences [8][9] - The rise of FAST (Free Ad-Supported Television) channels mimics traditional TV viewing experiences, making it easier for older adults to adapt to streaming [11][12] Group 3: Domestic Context in China - In China, the elderly population still heavily relies on traditional television, with ongoing efforts to simplify access to content through regulatory measures [12][15] - The fragmentation of smart TV ecosystems and complex user interfaces have hindered the adoption of streaming services among older Chinese viewers [12][15] - Initiatives are being implemented to improve user experience for elderly viewers, including the introduction of universal remote controls and simplified subscription models [13][15]

Core Points - Gehua Cable reported a closing price of 7.69 yuan as of June 13, 2025, down 8.99% from the previous week's price of 8.45 yuan [1] - The company's total market capitalization is currently 10.703 billion yuan, ranking 6th in the television broadcasting sector and 1469th among A-shares [1] Company Announcements - Gehua Cable announced a cash dividend of 0.027 yuan per share (before tax) for the 2024 annual equity distribution, with the record date set for June 19, 2025, and the distribution date on June 20, 2025 [1] - The total cash dividend to be distributed amounts to approximately 37.58 million yuan, based on a total share capital of 1,391,777,884 shares [1] - For individual shareholders holding shares for over one year, the dividend income is exempt from personal income tax, resulting in a net cash dividend of 0.027 yuan per share [1] - For Qualified Foreign Institutional Investors (QFII) and Hong Kong investors, a 10% withholding tax applies, leading to a net cash dividend of 0.0243 yuan per share [1]