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 本周重要数据跟踪：点点互动表现亮眼，暑期档票房景气。1）本周（8 月 17 日-8 月 24 日）电影票房 9.74 亿元。票房前三名分别为《浪浪山小妖怪》 （2.90 亿元，票房占比 30.9%）、《南京照相馆》（2.30 亿元，票房占比 24.5%）、《捕风追影》（1.67 亿元，票房占比 17.8%）；2）综艺节目方面， 《花儿与少年同心季》、《披荆斩棘 2025》、《喜剧之王单口季第 2 季》、 《地球超新鲜》和《新说唱 2025》排名居前；3）游戏方面，2025 年 7 月中 国手游收入前三名分别为点点互动《Whiteout Survival》、点点互动 《Kingshot》和柠檬微趣《Gossip Harbor：Merge&Story》。 投资建议：业绩周期向上，中长期持续看好 AI 应用及 IP 潮玩。1）基本面 底部改善，关注游戏、广告媒体、影视等板块，把握个股α。游戏板块 自下而上把握产品周期及业绩表现，推荐恺英网络、巨人网络、姚记科 技、心动公司等标的；媒体端关注经 ...

点击蓝字，关注我们 今日上午港股 1. 周生生(00116)涨超18%， 周生生发布公告，预计中期持续经营业务股东应占溢利约9亿至9.2亿港元。 2. 小鹏汽车-W(09868)涨超4%， 小鹏汽车-W发布截2025年中期业绩，二季度营收同比增长125.3%，创单 季度历史新高。 3. 舜宇光学科技(02382)涨超6%， 8月19日，舜宇光学科技发布截至2025年6月30日止六个月中期业绩， 中期股东应占溢利同比增加52.56%。 5. 翰森制药(03692)跌超8%， 翰森制药公布，公司折让6.5%配股净筹近39亿港元，主要用于创新药物研 发。 6. 泡泡玛特(09992)涨超6%。 泡泡玛特发布2025年中期业绩，上半年经调整净利同比增长3.6倍。 7. 昆仑能源(00135)跌超3%， 8月19日，昆仑能源公布2025年中期业绩，上半年股东应占溢利同比减少 4.36%，中期息派16.6分。 8. 歌礼制药-B(01672)再跌超8%， 歌礼制药近日公告称，拟以先旧后新方式配售，所得款项净额4.68亿 港元。同时，歌礼制药的控股股东套现近3.9亿港元。 9. 易鑫集团(02858)涨超1%， 易鑫集团发 ...

Group 1 - Nexstar Media Group (NXST.US) announced a cash acquisition of Tegna (TGNA.US) at $22 per share, representing a 31% premium over Tegna's 30-day average stock price as of August 8 [1] - The total value of the transaction is $6.2 billion, which includes Tegna's debt and estimated expenses [1] - The acquisition is expected to be completed in the second half of 2026 [1] Group 2 - Nexstar's CEO, Perry Sook, stated that initiatives promoted by the Trump administration have provided local broadcasters with opportunities to expand influence and compete more effectively against large tech companies and traditional media [1] - The company believes that acquiring Tegna is the best option to capitalize on these opportunities [1]

Group 1 - H&H International Investment, managed by Duan Yongping, has a total market value of approximately $11.5 billion as of the end of Q2 2025 [1] - The investment portfolio includes ten companies, with Apple being the largest holding at 62.47% of the portfolio, valued at $7.2 billion [2][3] - Other significant holdings include Berkshire Hathaway at 14.24% ($1.64 billion) and Pinduoduo at 7.86% ($906.6 million) [2][3] Group 2 - Duan Yongping increased his positions in Apple, Pinduoduo, Google, and Nvidia during Q2, while reducing holdings in Occidental Petroleum, Alibaba, Microsoft, and TSMC [3][6] - Pinduoduo has seen continuous accumulation over two quarters, reflecting a strategic focus on the company, which is led by Huang Zheng, a protégé of Duan Yongping [6][7] Group 3 - Nvidia was newly added to the portfolio in Q1, and after increasing the position in Q2, it now represents 1.32% of the portfolio, up from 0.58% [8][11] - The stock price of Nvidia has surged over 60% since Q2, reaching historical highs, indicating strong market performance [8] Group 4 - Duan Yongping has continued to reduce his stake in Alibaba, selling 235,900 shares in Q2, bringing the total market value of Alibaba holdings to $569 million [12][13] - The decision to sell is likely influenced by Alibaba's stock price performance, which has seen significant gains over the past year [15] Group 5 - Duan Yongping's investment strategy shows a strong influence from Warren Buffett, as evidenced by holdings in companies like Berkshire Hathaway and Occidental Petroleum, which are also favored by Buffett [16] - The recent purchase of UnitedHealth Group aligns with Buffett's investment activities, indicating a strategy of following Buffett's lead [20]

Group 1 - The core viewpoint of the article highlights that Phoenix New Media reported a total revenue of 187.1 million RMB for Q2 2025, representing an 11.2% year-on-year increase, primarily driven by growth in paid service revenue [1] - The company experienced a net loss attributable to Phoenix New Media of 10.4 million RMB, which is an increase of 89.09% year-on-year, with basic net loss per ordinary share at 0.02 RMB [1] - The CEO of Phoenix New Media emphasized the company's commitment to media responsibility and innovation, focusing on enhancing content depth and exploring diverse commercial opportunities, which are gradually yielding positive results [1] Group 2 - The company projects total revenue for Q3 2025 to be between 203.4 million RMB and 218.4 million RMB, with net advertising revenue expected to be between 168.4 million RMB and 178.4 million RMB [1] - Paid service revenue is anticipated to be between 35 million RMB and 40 million RMB for the same period [1]

Core Viewpoint - The article highlights the significance of the China-Kazakhstan Horgos International Border Cooperation Center as a vital hub for cross-border trade, cultural exchange, and international cooperation, enhancing connectivity and economic ties between China and Central Asia [7][14]. Cross-Border Trade Promotion - The Horgos International Border Cooperation Center facilitates easy access for citizens of both countries, allowing them to cross borders with minimal restrictions, enhancing trade and personal interactions [7][8]. - The center features over 5,000 shops and approximately 1,200 merchants, offering products from more than 40 countries, making it the largest cross-border shopping area in Northwest China [8]. - In 2023, the number of people entering and exiting the cooperation center exceeded 6 million, representing a 66% year-on-year increase [8]. Cultural Exchange Initiatives - The center hosts various cultural exchange activities, including events for youth from both countries, fostering mutual understanding and friendship [5][10]. - Media cooperation has been established, with over 40 media outlets from China and Central Asia participating in joint activities, enhancing cultural ties and information exchange [10]. Vocational Education Collaboration - A dual-track training model combining Chinese language and vocational skills has been implemented, focusing on cross-border e-commerce and international trade, benefiting students from Kazakhstan [11]. - The establishment of an incubation base for entrepreneurship in the cooperation center aims to support skill training and job placement in relevant fields [11]. International Medical Services - The Horgos City People's Hospital, designated as a "National Gate Hospital," provides international medical services, including traditional Chinese medicine, to foreign patients, enhancing healthcare cooperation [12][14]. - The hospital has treated 205 foreign patients and conducted 54 free medical check-up events in the first half of 2023, promoting health awareness and cultural exchange [12].

Investment Rating - The report maintains an "Outperform" rating for the media industry [5][39]. Core Views - The media sector has shown a positive performance with a 1.11% increase, outperforming both the CSI 300 (-1.75%) and the ChiNext Index (-0.74%) during the week [12][39]. - The report highlights the significant box office performance during the summer season, with total box office exceeding 60 billion yuan, led by the film "Nanjing Photo Studio" [2][19]. - The report emphasizes the upward trend in the performance cycle, particularly in AI applications and IP-driven products, suggesting a favorable outlook for the industry [4][39]. Summary by Sections Industry Performance - The media sector's performance for the week (July 28 - August 1) was an increase of 1.11%, ranking third among all sectors [12][14]. - Notable gainers included Guomai Culture, Yidian Tianxia, Shanghai Film, and Beijing Culture, while losers included Lansheng Co., Xinhua Media, and ST Fanli [12][39]. Key Highlights - ChinaJoy opened with high attendance, featuring 743 participating companies, of which 31.8% were foreign [2][18]. - The gaming sector is highlighted with the release of new AI functionalities and models, such as Grok's "Imagine" feature and Kimi K2 Turbo, which significantly improved output speed [2][16][17]. - The report tracks significant box office data, with "Nanjing Photo Studio" leading with a box office of 10.23 billion yuan, accounting for 62.9% of the total for the week [3][19]. Investment Recommendations - The report suggests focusing on sectors such as gaming, advertising media, and film, with specific stock recommendations including Kaiying Network, Giant Network, and Yaoji Technology [4][39]. - It also highlights the potential in high-dividend, low-valuation state-owned publishing sectors and the growing demand for IP-driven products and AI applications [4][39]. Company Earnings Forecasts - Key companies such as Kaiying Network, Fenzhong Media, and Mango Super Media are rated as "Outperform" with projected earnings per share (EPS) growth for 2025 and 2026 [5][42].

Core Insights - Sohu reported total revenue of $126 million for Q2 2025, with a significant reduction in net loss by over 40% compared to the same period last year, reaching $20 million [1][3] Financial Performance - Total revenue for Q2 2025 was $126 million, with marketing services contributing $16 million and online gaming generating $106 million [3] - Non-GAAP net loss attributable to Sohu was $20 million, a decrease from a net loss of $34 million in Q2 2024, indicating a year-over-year improvement of over 40% [3] Business Strategy and Operations - Sohu's media division is focused on optimizing products and enhancing social operations to improve user engagement and interaction on the platform [3] - The company has successfully attracted a large number of users through diverse activities, which has strengthened brand influence and created more commercialization opportunities [3] - The online gaming segment remains robust, driven by a user-centric approach and continuous introduction of high-quality new content [3] Share Repurchase Program - As part of a previously announced share repurchase program with a maximum total amount of $150 million, Sohu has repurchased 6.6 million American depositary shares for approximately $83 million as of July 31, 2025 [3]

Group 1 - The financial industry is undergoing a transformation driven by generative AI, raising questions about safety, stability, and trust [1] - A salon titled "AI Financial Double-Edged Sword: Finding Transformation Opportunities from Safety Bottom Line" was successfully held in Shanghai, gathering executives and scholars to discuss balancing AI financial safety and innovation [1] - The deep penetration of generative AI in finance is described as a "revolution of efficiency," reshaping the industry ecosystem [2] Group 2 - One of the core challenges of financial transformation is information asymmetry, necessitating transparent and efficient information flow among investors, enterprises, and regulatory bodies [2] - Financial media, such as Beijing Business Daily, plays a crucial role in bridging information gaps and building industry trust through in-depth reporting and data analysis [2] - Beijing Business Daily's influence in the financial sector is characterized by two main features: in-depth content production across various financial segments and diversified communication formats, including multimedia products [3]

Group 1 - The U.S. stock market experienced a collective decline, with the Dow Jones falling by 1.23%, the Nasdaq by 2.24%, and the S&P 500 by 1.6%, resulting in a market capitalization loss of over $1 trillion [4] - International gold prices rose, with spot gold increasing by 2.22% to $3362.64 per ounce, and COMEX gold futures up by 2.01% to $3416.00 per ounce [4] - The European stock indices closed lower, with Germany's DAX down by 2.66%, France's CAC40 down by 2.91%, and the UK's FTSE 100 down by 0.7% [5] Group 2 - The People's Bank of China emphasized the continuation of a moderately loose monetary policy, aiming to lower the reserve requirement ratio and promote liquidity [6] - The Ministry of Finance and the State Taxation Administration announced the restoration of value-added tax on interest income from government bonds starting August 8, 2025 [7] - The National Radio and Television Administration initiated a campaign to rectify false medical advertisements, aiming for significant results by the end of 2025 [8] Group 3 - The "Zong Family" lawsuit involving Wahaha concluded with a ruling that established three offshore trusts totaling $2.1 billion, benefiting specific family members [2][27] - The automotive industry reported significant sales figures, with BYD selling 344,296 vehicles in July, a slight increase from the previous year [16] - Xpeng Motors achieved a record high in July with 36,717 new car deliveries, marking a 229% year-on-year increase [17] Group 4 - The "three giants" of the food delivery industry, including Meituan and Ele.me, called for an end to irrational competition and subsidies, aiming to establish a healthier industry ecosystem [18][19] - ZhiYuan Robotics completed a strategic financing round led by LG Electronics, marking LG's first investment in the field of embodied intelligence [20] - Alibaba's former chairman, Zhang Yong, joined the Hong Kong Stock Exchange's China Business Advisory Committee [21]