证券研究报告 | 行业定期报告 2025 年 08 月 26 日 DeepSeek 更新 V3.1 版本, 快手 AI 业务收入持续增长 传媒互联网行业周报 TMT 及中小盘/传媒 近期我们继续坚定推荐各个细分行业龙头公司，我们继续坚定看好【神州泰岳】 【南方传媒】【分众传媒】【完美世界】【恺英网络】【巨人网络】【腾讯控 股】【昆仑万维】【中国科传】【芒果超媒】【哔哩哔哩】【中文在线】等 ❑ 过去一周，传媒行业整体上涨 5.82%，在所有行业中排名第 4 位。自年初以 来，传媒板块累计上涨 30.14%，在所有板块中位列第 4 名。近期市场中科 技与 AI 板块持续表现活跃，TMT 领域呈现轮动上涨态势。特别是随着 DS （DeepSeek）新模型的发布，国产算力迎来再次上涨。值得注意的是， DeepSeek 近期更新了 V3.1 版本，并表示其使用的 UE8M0 FP8 Scale 参数 精度是针对即将发布的下一代国产芯片设计。该更新不仅带动了国产算力的 表现，有望在未来进一步促进大模型与国产芯片的适配。同时，公司官方公 众号明确指出：通过 Post-Training 优化，新模型在工具使用与智能体任务 中 ...

证券研究报告 | 2025年08月25日 传媒互联网周报 优于大市 《黑神话》第二部作品发布预告片， "广电 21 条"发布 传媒板块本周表现：行业上涨 6.47%，跑赢沪深 300，跑输创业板指。本周 （8.18-8.22）传媒行业上涨 6.47%，跑赢沪深 300（4.90%），跑输创业板 指（8.62%）。其中涨幅靠前的分别为顺网科技、果麦文化、昆仑万维、智 度股份等，跌幅靠前的分别为上海电影、冰川网络、长江传媒、神州泰岳等。 横向比较来看，本周传媒板块在所有板块中涨跌幅排名第 5 位。 重点关注：《黑神话》第二部作品发布预告片，"广电 21 条"发布。1）深 度求索发布 DeepSeek-V3.1-Base，在 HuggingFace 的热门模型榜上上升至第 四位，巩固了其在长文本处理领域的领先地位；2）智谱发布 AutoGLM 2.0 升级版本，新版本可以在任何设备任何场景下运行，可以支持操作数十个高 频应用；3）"广电 21 条"发布，提出 21 条改革措施，有望增加优质内容 供给、释放创作活力；4）游戏科学发布黑神话系列第二部作品《黑神话： 钟馗》预告片。 本周重要数据跟踪：点点互动表现亮眼，暑 ...

丨证券研究报告丨 市场策略丨点评报告 [Table_Title] 0821 A 股日评：上证指数横盘震荡，行业轮动 趋势延续 报告要点 [Table_Summary] 今日 A 股市场早盘高开后窄幅震荡，整体量能小幅微缩，三大指数涨跌互现，农产品、油气石 化、公用事业等板块领涨。从指数表现来看，上证指数上涨 0.13%，深证成指下跌 0.06%，创 业板指下跌 0.47%，上证 50 上涨 0.53%，沪深 300 上涨 0.39%，科创 50 上涨 0.09%，中证 1000 下跌 0.71%，市场成交额约 2.46 万亿元。 分析师及联系人 [Table_Author] 戴清 SAC：S0490524010002 SFC：BTR264 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 0821 A 股日评：上证指数横盘震荡，行业轮动 2] 趋势延续 [Table_Summary2] 事件描述 •《0820 港股日评：三大股指低开高走，港股通轻 工制造领涨》2025-08-20 •《0819 港股日评：恒生指数高开低走，港股通纺 织服装 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet sector [5][4][38] Core Views - The industry is experiencing an upward performance cycle, with a focus on AI applications and IP trends. The report emphasizes the importance of individual stock performance within gaming, advertising media, and film sectors [4][38] - Key highlights include the release of Google's efficient open-source AI model Gemma3 270M, the testing of Kuaishou's Keling 2.1 video generation model, and the popularity of the overseas AI product MuleRun, which offers a unique virtual machine environment for users [2][4][38] Summary by Sections Industry Performance - The media sector saw a slight increase of 0.20% during the week of August 11-15, underperforming compared to the CSI 300 index (2.13%) and the ChiNext index (8.17%) [12][4] - Notable gainers included Jishi Media and Youzu Network, while Beijing Culture and Light Media faced significant declines [12][4] Key Data Tracking - The box office for the week reached 1.274 billion yuan, with top films being "Wang Wang Mountain Little Monster" (408 million yuan, 32.4% share), "Nanjing Photo Studio" (338 million yuan, 26.8% share), and "Chasing the Wind" (192 million yuan, 12.9% share) [18][3] - In the gaming sector, the top three mobile games in July 2025 were "Whiteout Survival" and "Kingshot" by Diandian Interactive, and "Gossip Harbor: Merge & Story" by Lemon Microfun [26][3] Investment Recommendations - The report suggests focusing on gaming, advertising media, and film sectors, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology for gaming; and Focus Media and Bilibili for advertising [4][38] - The report also highlights the potential of high-dividend, low-valuation stocks in the state-owned publishing sector, and the ongoing growth in IP trends and AI applications across various industries [4][38]

Group 1: Core Insights - Rongchang Biologics (09995.HK) announced that its innovative drug Taitasip (brand name: Tai Ai®) for treating primary Sjögren's syndrome has met the primary endpoint in a Phase III clinical trial in China [1] - Taitasip is the first BLyS/APRIL dual-target fusion protein drug to complete Phase III research in the field of Sjögren's syndrome globally [1] - The clinical trial was a multi-center, randomized, double-blind, placebo-controlled study aimed at evaluating the efficacy and safety of Taitasip, with the primary endpoint being the change in ESSDAI score at week 24 compared to baseline [1] Group 2: Disease Background and Drug Mechanism - Sjögren's syndrome is a chronic inflammatory autoimmune disease characterized by lymphocytic infiltration and damage to exocrine glands, leading to persistent dry mouth and dry eyes, and can affect multiple organ systems [2] - The prevalence of Sjögren's syndrome in China is estimated to be between 0.3% and 0.7%, with an increasing trend indicating a significant unmet clinical need [2] - Taitasip is a novel dual-target fusion protein developed by the company that simultaneously inhibits the overexpression of BLyS and APRIL, effectively preventing abnormal differentiation and maturation of B cells [2] Group 3: Regulatory and Clinical Recognition - Taitasip has received multiple authoritative guideline recommendations in China, including the "Clinical Practice Guidelines for Sjögren's Syndrome" and the "Expert Consensus on B-cell Targeted Therapy for Rheumatic and Immune Diseases" [2] - Internationally, Taitasip has been granted Fast Track designation by the U.S. FDA for its indication in Sjögren's syndrome and has been approved to conduct global multi-center Phase III clinical trials [2]

Investment Rating - The report maintains an "Outperform the Market" rating for the media and internet sector [6][44]. Core Insights - The media sector experienced a weekly increase of 1.52%, outperforming both the CSI 300 index (-2.27%) and the ChiNext index (-0.97%) during the week of August 4-8 [1][13]. - Key performers included Guomai Culture, Yidian Tianxia, Shanghai Film, and Insai Group, while Lan Sheng Co., ST Fanli, ST Zhongqingbao, and Xiangyuan Cultural Tourism saw significant declines [1][13]. - The report highlights the release of GPT-5 by OpenAI, which features a unified system architecture and enhanced multimodal capabilities, marking a significant advancement in AI technology [2][17]. - The film box office for the week reached 1.496 billion yuan, with the top three films being "Nanjing Photo Studio" (646 million yuan, 43.4% market share), "Wang Wang Mountain Little Monster" (391 million yuan, 26.2%), and "Dongji Island" (175 million yuan, 11.7%) [3][19]. Summary by Sections Industry Performance - The media sector's performance ranked 4th among all sectors for the week, with a notable increase of 1.52% [1][14][15]. Key Developments - The report emphasizes the importance of AI applications and IP trends, particularly in gaming, advertising media, and film sectors, suggesting a positive outlook for these areas [4][40]. Company Recommendations - Recommended stocks include: - Gaming: Kaiying Network, Giant Network, Yaoji Technology, and Xindong Company - Media: Focus on advertising growth from economic recovery, recommending companies like Focus Media and Bilibili - Film: Highlighting potential improvements in supply and content, recommending Wanda Film and Light Media [4][40]. Market Data - The report provides insights into the performance of various media segments, including films, TV shows, and games, indicating a recovery in box office performance and strong mobile game revenues [3][19][27].

Group 1: Utilities - Recommended stock: Su Yan Jing Shen (603299.SH) due to its stable cash flow from traditional salt and salt chemical businesses, and the potential growth from gas storage projects [3][4] - The company is expected to enter a performance release period with the first phase of the gas storage project nearing production [4] Group 2: Pharmaceuticals - Recommended stock: Ang Li Kang (002940.SZ) as the impact of centralized procurement is gradually clearing, and new products are expected to drive revenue growth [4] - The introduction of ALK-N001, a promising anti-tumor candidate, is anticipated to enhance the company's innovation capabilities [4] Group 3: Media - Recommended stock: Alibaba-W (09988.HK) with a focus on the stabilization of traditional e-commerce and the potential for growth in the instant retail sector [5] - Alibaba Cloud's leading position in the domestic market and continuous revenue growth are highlighted [5] Group 4: Electronics - Recommended stock: Zhong Wei Company (688012.SH) due to its robust order backlog and continuous revenue growth driven by new product launches [6] Group 5: Non-Banking Financials - Recommended stock: China Life (601628.SH) for its excellent asset-liability matching and early transformation in dividend insurance sales [8] - The company is expected to release significant solvency capacity following asset reclassification [8] Group 6: Automotive - Recommended stock: Li Auto (02015.HK) as the company is positioned to leverage its strategic foresight and adaptability in the evolving automotive landscape [9] - The i-series is expected to maintain strong sales momentum, with the first model projected to achieve over 5,000 monthly sales [9] Group 7: Transportation - Recommended stock: YTO Express (600233.SH) with a leading growth rate in business volume, benefiting from the "anti-involution" trend in the industry [10] Group 8: Agriculture - Recommended stock: De Kang Agriculture (02419.HK) as it is positioned at a pivotal point in the agricultural sector, leveraging technology and innovative models for growth [12] - The company's platform strategy is expected to extend into other agricultural segments, enhancing its market presence [12] Group 9: Metals and New Materials - Recommended stock: Luoyang Molybdenum (603993.SH) with a strong performance in the first quarter, exceeding expectations [14] Group 10: North Exchange - Recommended stock: Yuan Hang Precision (833914.BJ) as a leading player in the domestic nickel-based conductor materials sector, benefiting from stable demand across multiple industries [14][15]

Group 1 - The report indicates that the Hong Kong stock market is in an upward trend with a solid bottom, driven by improved investor sentiment and increased trading volume, particularly from institutional investors [1][2][3] - There is a notable shift towards high-dividend stocks and technology stocks, which are expected to provide momentum for the overall market [1][2] - Concerns about rising overseas risks, particularly related to the appreciation of USD assets and the impending deadline for tariff negotiations, are highlighted [1][2] Group 2 - The report expresses optimism about AI technology, noting strong capital expenditure in US tech stocks and the potential for new AI models in China to boost the tech narrative [2][3] - High-dividend stocks are favored due to the nature of incremental capital and their comparative advantage over A-shares, alongside low funding costs in Hong Kong [2][3] - Investors are expected to focus on sectors with strong performance and undervaluation, such as innovative pharmaceuticals, during the earnings season [2][3] Group 3 - The report lists the top ten recommended stocks, including Meitu, Kuaishou, and various pharmaceutical companies, with detailed financial metrics such as market capitalization and PE ratios [3][8][79] - Specific investment recommendations for each stock are provided, emphasizing growth potential driven by AI applications, strategic partnerships, and market positioning [11][18][23][28][37][48][62][72] Group 4 - The report outlines key assumptions and driving factors for each recommended stock, such as user growth, product performance, and market conditions [13][19][24][30][38][42][49][56][68][74] - Unique insights into the companies' competitive advantages and market strategies are presented, indicating potential for significant growth and valuation improvements [15][20][25][32][39][45][60][69][76]

Summary of Key Points from the Conference Call Industry Overview - The conference focused on the AI and electronic sectors, highlighting the rise of domestic computing power chips and their implications for various industries, including PCB and renewable energy [1][2][3] Key Insights and Arguments Domestic Computing Power Chips - **Rise of Domestic Chips**: Companies like Lishan Technology and Huawei are launching competitive products, such as the Lishan 7G100 GPU, which matches NVIDIA's RTX 4060 in performance [1][2] - **Performance Metrics**: The Lishan 7G100 GPU achieves 50 frames per second in 4K gaming and over 80 frames in 1080P high-frame games, indicating strong market potential [2] - **Government Support**: The Chinese government aims for a total computing power of 30 billion Flops by 2025, with over 35 smart centers planned, indicating a favorable environment for companies like Cambricon and Huaguang Information [1][3] PCB Industry Transformation - **AI Impact on PCB**: The demand for high-performance, complex PCBs is increasing due to AI server requirements, with the server PCB market projected to grow from $10.9 billion in 2024 to $18.9 billion by 2029 [1][4][5] - **Key Players**: Companies such as Shenghong Technology and Huitian Technology are positioned to benefit from these trends [5] Energy Management Challenges - **Data Center Energy Consumption**: The rapid growth in AI has led to increased energy demands in data centers, raising challenges in power stability, cost control, and carbon emissions management [6][7] - **Energy Sources**: There is a growing interest in low-cost energy sources like nuclear and natural gas to meet the high energy demands of data centers [8] New Energy Forms - **Integration of Clean Energy**: New energy forms such as solar, wind, and nuclear are expected to increase their penetration in data centers, driven by both government and corporate investments [9] AI in Media and Internet - **Emerging Technologies**: The media and internet sectors are experiencing a surge in new technologies and applications, including 3D modeling for urban traffic and various new terminal devices [10][11] - **Revenue Growth**: AI is driving significant revenue growth in advertising for platforms like Meitu, Kuaishou, and Bilibili, with AI tools enhancing marketing efficiency [12][13] Additional Important Insights - **Investment Opportunities**: Future investment focus should be on companies that demonstrate data-driven applications of AI, particularly in marketing, e-commerce, and gaming sectors [15] - **Robotics and Autonomous Driving**: The robotics sector is rapidly evolving, with significant advancements in motion control and human-robot interaction, indicating a strong future market [16][17][18] This summary encapsulates the critical insights from the conference call, emphasizing the transformative impact of AI across various sectors and the emerging investment opportunities.

Core Viewpoint - The report highlights a mixed performance across various sectors in Q2 2025, with technology showing strong potential for exceeding expectations, while consumer sectors are experiencing deterioration. The financial sector is performing well, and industrial sectors are seeing varied results based on sub-segments [2][5][6]. Group 1: Technology Sector - The technology sector is expected to outperform in Q2 2025, driven by strong AI infrastructure demand and IT spending. The communication and software segments are likely to see significant growth, while the consumer electronics segment is expected to meet company guidance due to seasonal factors [3][8][13]. - AI infrastructure is projected to be a key growth driver, with companies in this space likely to revise their revenue guidance upwards for 2025 [8][13]. Group 2: Industrial Sector - The industrial sector is experiencing overall recovery, with the MSCI global capital goods index up 21% year-to-date. However, performance is mixed across sub-segments, with discrete automation showing improvement while process automation faces pressure due to high base effects [4][17]. - The U.S. power equipment demand remains strong, but major suppliers may not exceed expectations due to reliance on past order volumes [23][24]. Group 3: Consumer Sector - The consumer sector is facing challenges, particularly in discretionary spending, with notable declines in sectors like luxury goods and apparel. Essential goods are showing more resilience, but overall momentum remains weak [5][41][44]. - The automotive sector is seeing mixed results, with traditional automakers performing well in the U.S. and Europe, while electric vehicle penetration is under pressure [32][33]. Group 4: Financial Sector - The financial sector in the U.S. has recorded positive absolute and relative returns in the first half of 2025, driven by earnings improvements and regulatory easing. The outlook for the second half remains optimistic [6][70]. Group 5: Mining and Commodities - The mining sector, particularly gold and copper, has shown strong performance in Q2 2025, with gold prices reaching historical highs. The agricultural sector is stable, while the chemical sector has downgraded its outlook due to currency headwinds and weak demand [7][74][91]. Group 6: Regional Performance - U.S. companies are benefiting from a weaker dollar, while European firms face headwinds from currency fluctuations. Japanese companies are under pressure from weak domestic growth [2][5].