中信建投 TMT 周观点 20250608 摘要 微软 AI 应用收入预计 2025 财年接近 120 亿美元，Copilot 业务贡献 20 亿美元，GitHub 贡献 6 亿美元，均超预期。Salesforce 的 Einstein Automate 营收超 1 亿美元，略低于预期，Data Cloud 营收 10 亿美元，同比增长 120%。 Snowflake 营收同比增长 26%，利润增长 25%，上调全年预期，得益 于数据云需求强劲，RPO 同比增长 34%，新增高价值客户 606 家。推 出 Near Intelligence、OpenFlow 和 Cortex 新型 AI Circle 功能，巩 固其在数据云领域的领先地位。 数据云和数据层面布局加深，Snowflake、Elasticsearch 和 MongoDB 等公司持续投资。AI 基础设施重要性提升，数据咨询和数据 标签订单加速增长。MongoDB、Solr 和 Elasticsearch 排序较高， Applovin、ServiceNow 和 Salesforce 表现稳定。 苹果 WWDC 2025 大会预计展示新技术与产品更新， ...

Core Viewpoint - Shanghai Film is navigating industry challenges by diversifying its business model, focusing on IP operations to create a second growth curve while maintaining its core film distribution and exhibition business [1][2]. Group 1: Film Industry Recovery - The film industry is experiencing a robust recovery, with a significant reduction in production cycles to 1-2 years starting in 2024, and a new product release cycle expected in 2025 [2]. - In Q1 2025, box office revenues are anticipated to set historical records, indicating strong recovery momentum for the industry [2]. - Shanghai Film's cinema operations are primarily located in first- and second-tier cities, benefiting from the industry's recovery, with higher average ticket prices than the industry average [2]. Group 2: IP Development Strategy - The domestic IP market has substantial growth potential compared to Japan, with Shanghai Film's subsidiary, Shanghai Yuan, holding numerous well-known content IPs [3]. - The company is implementing a dual strategy of "renewal and monetization" for its IPs, focusing on building a full industry chain base and exploring new IP universes [3]. - Monetization efforts include commercial licensing, gaming collaborations, and the development of AI toys, which are expected to contribute significantly to revenue if market reception is positive [3]. Group 3: Financial Projections - The company is expected to benefit from the film industry's recovery in the short term, with projections for net profits of 280 million, 380 million, and 450 million yuan for 2025, 2026, and 2027 respectively [4]. - The valuation multiples for these projected profits are estimated at 52.0, 38.6, and 32.9 times [4].