天眼查App显示，近日，景德镇本蝶陶瓷有限公司成立，法定代表人为樊杰娣，注册资本100万人民 币，经营范围为一般项目：日用陶瓷制品销售，茶具销售，工艺美术品及礼仪用品销售（象牙及其制品 除外），非金属矿及制品销售，日用百货销售，日用品销售，广告制作，纸制品销售，互联网销售（除 销售需要许可的商品），软件开发，广告设计、代理，组织文化艺术交流活动，市场营销策划，企业形 象策划，专业设计服务，图文设计制作，平面设计，文艺创作，礼仪服务，会议及展览服务，广告发布 （除依法须经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

1. 11月28日(周五)美股盘前，由于 CyrusOne 数据中心出现冷却问题，芝加哥商品交易所集团 ( CME ) 暂停交易，导致股指期货周 五继续停牌。然而，追踪主要股票指数的 ETF 在盘前交易中上涨：SPY +0.26%，QQQ +0.42%，DIA +0.11%。 非农持续萎靡之际，特朗普祭出"核弹级"移民限制! 试图封死第三世界劳动力闸门。美国总统唐纳德·特朗普当地时间周四晚间宣 布了一项全面收紧美国移民规定的重磅计划，其中包括暂停来自"第三世界国家"的移民，以及取消在美"非联邦公民"享有的所有 联邦福利和政策补贴。特朗普对于美国国内非法移民的最新立场意味着，在非农就业数据报告已经显著走弱的同时，未来劳动力 市场供给还可能被特朗普政策进一步收紧。因此美国劳动力市场短期内更像是一场"慢性衰退"，不至于瞬间断崖式崩塌，却足以 让美国经济步入长期缓慢甚至负增长区间。 高盛警示：裁员潮持续蔓延，美国就业市场疲软迹象加剧。高盛在其新发布的报告中警告称，美国劳动力市场可能开始走软，因 为私营部门数据显示多个行业正在出现日益加剧的裁员潮。高盛表示，美国各州与计划大规模裁员相关的申报——即WARN申报 ——已飙 ...

Core Viewpoint - The company announced a lawsuit involving its subsidiary, Shenzhen Lian Dong Outdoor Advertising Co., Ltd, against three defendants for unpaid debts totaling approximately 30.76 million yuan, with the principal amount being 28.94 million yuan [1] Group 1 - The lawsuit is currently in the court acceptance stage and has not yet gone to trial, leading to uncertainty regarding its impact on the company's current and future profits [1] - The first two defendants are required to pay the principal debt and overdue payment penalties, while the third defendant is liable for joint repayment [1]

丨证券研究报告丨 报告要点 [Table_Summary] 根据中天盈信（CODC）数据，2025 年 9 月户外广告投放总额为 258.78 亿元，同比增长 12%， 环比增长 14%，剔除范围和刊例增长的净值同比增长 5%。分渠道来看，楼宇液晶呈高速发展 态势，同比增长 18%，环比增长 22%；高铁视频延续回暖趋势，环比增长 12%。分行业来看， 9 月户外视频媒体投放 TOP5 行业分别为网站、饮料、化妆品、视频和酒类，广告投放占比分 别为 23%/16%/10%/7%/6%，网站行业投放持续强劲。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 广告行业跟踪（14）：9 月户外广告市场整体 向好，楼宇液晶投放增长强劲 %% %% %% %% research.95579.com 1 [Table_Title 广告行业跟踪（2] 14）：9 月户外广告市场整体向 好，楼宇液晶投放增长强劲 [Table_Summary2] 事件描述 根据中天盈信（ ...

截至发稿，罗文杰累计任职时间12年224天，现任基金资产总规模1704.45亿元，任职期间最佳基金回报 145.85%， 任职期间最差基金回报-47.6%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 责任编辑：小浪快报 数据显示，南方基金旗下1只基金位居海南高速十大流通股东。南方中证房地产ETF发起联接A （004642）三季度减持6.98万股，持有股数1001.08万股，占流通股的比例为1.02%。根据测算，今日浮 盈赚取约390.42万元。 南方中证房地产ETF发起联接A（004642）成立日期2017年8月24日，最新规模2.02亿。今年以来收益 4.61%，同类排名3804/4206；近一年亏损4.65%，同类排名3966/4008；成立以来亏损41.7%。 南方中证房地产ETF发起联接A（004642）基金经理为罗文杰。 11月28日，海南高速涨5.42%，截至发稿，报7.58元/股，成交1.66亿元，换手率2.30%，总市值74.95亿 元。 资料显示， ...

数据显示，诺安基金旗下1只基金位居遥望科技十大流通股东。诺安灵活配置混合（320006）三季度新 进十大流通股东，持有股数270.25万股，占流通股的比例为0.31%。根据测算，今日浮亏损失约116.21 万元。 诺安灵活配置混合（320006）成立日期2008年5月20日，最新规模8.31亿。今年以来收益35.11%，同类 排名1819/8130；近一年收益29.84%，同类排名2647/8054；成立以来收益467.89%。 11月27日，遥望科技跌5.09%，截至发稿，报8.01元/股，成交17.75亿元，换手率24.12%，总市值74.94 亿元。 资料显示，广东遥望科技集团股份有限公司位于广东省佛山市南海区桂城街道庆安路2号A幢A101室- A105，成立日期2002年7月25日，上市日期2009年9月3日，公司主营业务涉及多品牌中高端时尚皮鞋的 生产和销售,并批发、零售多元化的时尚产品;以移动互联网精准营销为核心的信息技术服务业务。主营 业务收入构成为：社交电商58.70%，新媒体广告32.33%，服装鞋类4.56%，自营品牌与品牌经销 3.97%，其他0.45%。 从遥望科技十大流通股东角度 截 ...

Core Insights - Company maintains a "Buy" rating for 汇量科技 (01860) due to strong Q3 performance with revenue growth of 39% year-on-year and adjusted net profit growth of 167% [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of $1.47 billion (up 39% year-on-year) and adjusted net profit of $84 million (up 167% year-on-year) [1] - In Q3 alone, revenue reached $532 million (up 28% year-on-year and up 7% quarter-on-quarter), with adjusted net profit of $24 million (up 126% year-on-year and up 51% quarter-on-quarter) [1] - Gross margin for Q1-Q3 2025 was 21.24% (up 0.47 percentage points year-on-year), with sales, management, and R&D expense ratios at 3.81%, 3.54%, and 9.09% respectively (down 0.48, 0.64, and 1.21 percentage points year-on-year) [1] Advertising Technology Growth - Q3 advertising technology revenue was $527 million (up 27.8% year-on-year and up 6.7% quarter-on-quarter), with programmatic advertising revenue from Mintegral at $508 million (up 26.2% year-on-year and up 6.6% quarter-on-quarter) [2] - The gaming segment showed strong growth with revenue of $384 million (up 30.5% year-on-year), while non-gaming categories expanded steadily with revenue of $124 million (up 14.5% year-on-year) [2] - Since May 2023, Mintegral has launched four AI-based smart bidding products, optimizing ad performance based on metrics like ROAS and CPE [2] AI Integration and Competitive Edge - The company is deepening AI applications across advertising services, enhancing capabilities in material production and ad placement [3] - New AI features include AI voiceovers, translations, and video functionalities, which are expected to improve service competitiveness and drive sustained revenue growth [3] - The introduction of Hybrid ROAS bidding strategies and IAPROAS optimization is aimed at targeting high-value audiences and enhancing the quality of ad campaigns [3]

丨证券研究报告丨 行业研究丨点评报告丨媒体Ⅱ [Table_Title] 广告行业跟踪（13）：8 月户外广告投放回暖， 楼宇液晶媒体稳健增长 报告要点 [Table_Summary] 根据中天盈信（CODC）数据，2025 年 8 月户外广告投放总额为 227.18 亿元，同比增长 8%， 环比增长 1%，剔除范围和刊例增长的净值同比增长 2%。分渠道来看，8 月楼宇液晶媒体投放 同比增长 13%，环比增长 3%，剔除范围和刊例增长的净值同比增长 2%，保持稳健发展；高 铁视频同比减少 3%，环比增长 15%，热度略有回暖。分行业来看，8 月户外视频媒体投放 TOP5 行业分别为网站、饮料、软件、化妆品和服务业，TO5 行业合计占比 64%，头部行业投放占比 继续提升，网站和软件行业大幅增投。 分析师及联系人 [Table_Author] SAC：S0490516080001 SFC：BUX177 高超 朱子愉 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 广告行业跟踪（2] 13）：8 月户外广告投放回暖， 楼宇液晶媒体稳健增长 ...

Group 1 - The report highlights a significant recovery in the media sector, with the CITIC Media Index rising by 26.42% in 2025, outperforming the CSI 300 by 13.24 percentage points [11][7] - The media sector's revenue for the first three quarters of 2025 reached 416.07 billion yuan, a year-on-year increase of 4.98%, while net profit attributable to shareholders rose by 40.23% [18][7] - Public funds have significantly increased their holdings in the media sector, with a total market value of 59.39 billion yuan, marking a 63.43% increase from the previous quarter [36][7] Group 2 - The gaming sector is experiencing high demand and supply, with a market size of 256.03 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 7.11% [41][7] - The film industry has seen fluctuating box office performance, with total box office revenue of 44.56 billion yuan from January to October 2025, a year-on-year increase of 16.07% [65][7] - The advertising sector has shown moderate growth, with outdoor advertising spending reaching 191.66 billion yuan, a year-on-year increase of 6% [78][7] Group 3 - The policy environment for the media industry has improved significantly, with a more stable regulatory framework and supportive policies emerging [7][3] - AI applications are accelerating in the media sector, with advancements in AI models enhancing their capabilities and driving growth in gaming, film, advertising, and publishing [7][3] - The publishing sector has faced challenges, with total revenue declining by 7.10% to 97.60 billion yuan in the first three quarters of 2025, although net profit increased by 15.43% [87][7]

Core Insights - UBS reports that from early 2025 to now, the China Internet ETF (KWEB) has risen by 37%, with a 5% increase in the current quarter, but earnings expectations have been downgraded by 19%, primarily due to e-commerce investments in instant retail [1] Group 1: Market Sentiment and Valuation - Favorable market sentiment has driven valuation multiples higher, with major internet companies' valuation multiples expanding by approximately 58% to around 17 times the 2025E adjusted P/E ratio, while the U.S. "Tech Seven" has a valuation of about 31 times [2] - Small and mid-cap vertical companies continue to outperform as investors avoid competition pressures among e-commerce giants, with emotional consumption scenarios like online gaming and music showing strong performance [2] - Low-allocated stocks have seen significant rebounds when performance meets expectations [2] Group 2: Structural Highlights in the Macro Environment - The online entertainment sector has exceeded expectations due to adequate content supply and capturing consumer spending, particularly in online gaming and music [3] - China's retail sales have grown by 3.7% year-on-year, with online sales of physical goods performing even better at a 6.3% increase, driven by extended shopping festivals and optimized platform algorithms [3] - Advertising technology and AI-related companies have positive outlooks, while traditional media platforms are underperforming [3] Group 3: Trends in the Internet Industry - Chinese internet giants are increasing capital expenditures and investing in AI, with a focus on GPU efficiency and flexibility in adjusting investment targets based on demand [4] - Domestic AI chip performance is improving due to ongoing self-research investments and local GPU manufacturers' development, with advancements in system-level technologies like "super node" technology [4] - Major cloud companies are maintaining full-year capital expenditure guidance, emphasizing chip utilization and deployment efficiency amid supply chain uncertainties [5] Group 4: Instant Retail Investments - Platforms are increasing investments in instant retail to drive low-frequency e-commerce business through high-frequency delivery transactions, with signs of short-term competition stabilizing [6] - Market share appears to be stabilizing, and the industry is expected to bottom out post "Double Eleven" shopping festival, with competition returning to normal by the end of Q4 [7] - Long-term challenges remain, including intensified competition and the need to accelerate online penetration of delivery services among merchants and consumers [7]