11月25日，汤姆猫涨5.17%，截至发稿，报5.49元/股，成交20.41亿元，换手率11.75%，总市值193.02亿 元。汤姆猫股价已经连续3天上涨，区间累计涨幅8.07%。 资料显示，浙江金科汤姆猫文化产业股份有限公司位于浙江省杭州市萧山区钱江世纪城平澜路299号浙 江商会大厦36层，成立日期2007年6月12日，上市日期2015年5月15日，公司主营业务涉及移动互联网文 化产业。主营业务收入构成为：广告业务72.41%，新商业服务业务11.19%，移动应用发行收入 10.70%，其他2.64%，授权业务2.34%，其他(补充)0.72%。 从汤姆猫十大流通股东角度 数据显示，南方基金旗下1只基金位居汤姆猫十大流通股东。南方中证1000ETF（512100）三季度减持 31.23万股，持有股数3216.02万股，占流通股的比例为0.98%。根据测算，今日浮盈赚取约868.33万元。 连续3天上涨期间浮盈赚取1254.25万元。 南方中证1000ETF（512100）成立日期2016年9月29日，最新规模766.3亿。今年以来收益21.59%，同类 排名1964/4206；近一年收益20.2%，同类排名 ...

万咖壹联(01762)旗下子公司欢聚时代文化传媒(北京)有限公司正式荣膺2025年度华为鲸鸿动能(Petal Ads)N1领域铂金服务商——这一最高等级资质认证，标志着公司在鸿蒙全场景智慧营销生态中的战略 卡位与AI技术壁垒再获权威验证，为其在万亿级物联网流量市场的价值重估注入强劲催化剂。 此次铂金代理资质，正是"AI+生态"战略的闭环——将已验证的AI决策能力注入鸿蒙全场景流量池，构 建竞品难以复制的"生态级数据飞轮"，在提升广告主效能的同时，进一步巩固自身议价能力与市场份 额。 截至2025年，鸿蒙生态设备量已突破10亿台(覆盖手机、平板、车机、智慧家居等诸多领域)，截止25年 6月原生应用及元服务规模达3万个，年内有望突破10万个，用户时长覆盖率99.9%。鸿蒙生态流量即将 进入商业价值的集中兑现期。万咖壹联作为鲸鸿动能的铂金服务商的稀缺标的，已构建起"广度+深 度"的双重护城河： 广度：服务客户超200家，实现13大行业全品类覆盖； 深度：AI营销智能体深度融合鸿蒙全场景流量，通过"多屏触达+精准决策"实现ROI指数级提升。 技术裂变：AI赋能下的第二增长曲线 公司2025年上半年营收同比增长39%至 ...

Core Insights - WanKa YiLian's subsidiary, Huanyujida Cultural Media, has been awarded the Platinum Service Provider status in the N1 field by Huawei's Petal Ads for 2025, marking a significant validation of the company's strategic positioning in the smart marketing ecosystem and AI technology barriers [1][2] Group 1: Strategic Positioning - The elevation to Platinum Service Provider signifies a shift from "commercial services" to "ecosystem co-construction," enhancing the company's role within Huawei's ecosystem [2] - The N1 field is a core business area for Petal Ads, covering 13 key industries, and the Platinum status reflects Huawei's recognition of the company's capabilities in data insights and AI-driven marketing efficiency [2][3] Group 2: Market Opportunities - By 2025, the HarmonyOS ecosystem is expected to exceed 1 billion devices, with a significant increase in native applications and user engagement, indicating a forthcoming concentration of commercial value [2] - WanKa YiLian has established a dual moat of "breadth and depth," serving over 200 clients across various industries and integrating AI marketing technology to enhance return on investment [2][3] Group 3: Technological Advancements - The company's revenue for the first half of 2025 grew by 39% to 1.7 billion RMB, with a full-year growth forecast raised to 50%, driven by the large-scale implementation of AI technology [3] - The partnership with Alibaba Cloud to integrate advanced AI models aims to automate advertising decision-making processes, reinforcing the company's competitive edge [3] Group 4: Valuation Transformation - The capital market is witnessing a valuation shift for WanKa YiLian from a traditional mobile marketing service provider to a core infrastructure player within the HarmonyOS ecosystem [4] - The Platinum status not only enhances immediate revenue visibility but also secures a strategic position in the future IoT traffic landscape, potentially benefiting from ecosystem expansion and monetization [4]

Key Insights - The report indicates that the results of the China-US trade negotiations and the marginal weakening of the macro economy are expected to lead to a continuation of high-level fluctuations in the market, rather than a signal for an adjustment in industrial prosperity [2][3] - The internal diffusion and high-cut-low phenomenon are ongoing, presenting a good opportunity for positioning in the AI industry [2][6] - Key sectors with performance support include energy storage/batteries, military industry, storage, and engineering machinery [2][49] Market Perspectives - The ongoing US government shutdown has led to increased uncertainty regarding the Federal Reserve's interest rate cuts, with a high probability of a rate cut in December [3][12] - Recent data shows a slowdown in the US job market, which aligns with concerns expressed by the Federal Reserve Chairman [14][13] - The October export data showed a decline due to fewer working days and high base effects, with expectations of a slight negative growth in the fourth quarter [4][17][18] Industry Configuration - The report emphasizes that the internal and external diffusion observed does not indicate the end of the first phase of industrial prosperity, as historical trends show that strong sectors often remain robust without significant internal diffusion [6][28] - The AI industry is highlighted as a key area for investment, with a focus on sectors such as computing power and applications, which are expected to continue their growth trajectory [47][48] - Other sectors with solid performance support include energy storage, military, storage, and engineering machinery, which are anticipated to benefit from ongoing demand and market conditions [49][51]

Core Viewpoint - The introduction of the "shake to shake" advertising feature in the Guangzhou Metro app has sparked significant criticism from users due to its intrusive nature, leading to the eventual removal of this feature after public backlash [4][5][6]. Group 1: Advertising Mechanism - The "shake to shake" advertising mechanism is designed to trigger ads when users interact with their phones in specific ways, such as scanning QR codes at metro gates, which has led to user frustration and complaints [4][16]. - Despite the negative reception, this advertising method has proven effective in increasing ad exposure rates, particularly in high-traffic environments like the Guangzhou Metro, which sees around 10 million rides daily [16]. Group 2: Regulatory Response - Regulatory bodies have attempted to address the issues surrounding "shake to shake" ads by establishing standards to prevent automatic ad triggers that do not align with user intent, aiming to protect user rights [5][6]. - The National Cybersecurity Standardization Technical Committee has issued guidelines that specify the conditions under which "shake to shake" ads can be triggered, emphasizing user control and consent [6][12]. Group 3: User Experience and Alternatives - Users have expressed a strong desire for more control over advertising features, with some apps like Bilibili adhering to guidelines by providing options to disable "shake to shake" ads [28]. - For users seeking to avoid intrusive ads, alternatives such as using NFC metro cards or other apps that do not employ such advertising methods are recommended [29][31].

Core Insights - The report by QuestMobile indicates that as of September 2025, the total number of internet users in China reached 1.269 billion, marking a 2% year-on-year increase, with average monthly usage time per user at 178.2 hours, up 8.2%, the highest growth rate in nearly a year [1] - The mobile internet industry is entering a phase of high-quality development, reflected in the rapid growth of the internet advertising market, which reached 187.51 billion yuan in Q3 2025, a 6.4% year-on-year increase [1] Group 1: User Demographics and Trends - The user structure of China's mobile internet is evolving towards a healthier demographic, with first-tier city users accounting for 11.2% of the total, a 0.8% increase year-on-year [3] - Users with online consumption capabilities between 1,000 to 2,999 yuan represent 63% of the total, up 0.9% year-on-year, while users aged 46 and above make up 37.7%, an increase of 1.1% [3][5] Group 2: Advertising Market Dynamics - The soft advertising market is becoming a battleground for various industries, driven by lower costs and more direct conversion effects, aligning with the current shift towards a "trust economy" [3][5] - Marketing strategies are focusing on quickly attracting traffic and achieving conversion loops, with brands leveraging IP collaborations and celebrity endorsements to enhance conversion rates [5] Group 3: Seasonal Marketing Trends - Marketing activities are increasingly aligned with seasonal events, with significant peaks during occasions like Qixi Festival and Mid-Autumn Festival, which serve as key marketing opportunities [7] Group 4: Hard Advertising Strategies - Hard advertising is stabilizing but is becoming more precise and aggressive in response to intensified competition and innovation within the industry [8] - Key players in hard advertising include beauty, personal care, luxury goods, and healthcare sectors, with basic consumer goods also showing strong growth [9] Group 5: E-commerce and Competitive Landscape - The competition among e-commerce platforms is intensifying, with advertising strategies closely tied to business layouts and subsidy plans, emphasizing precision and aggressiveness [11] - Major platforms like Taobao and Douyin are seeing significant budget allocations due to their high transaction proximity and user engagement [13]

Core Insights - The article discusses the long-term performance comparison between dividend low-volatility indices and growth indices in the A-share market, highlighting their convergence in returns by September 2025 [1][4]. Group 1: Dividend Low-Volatility Indices - Dividend investments are often perceived as stagnant and associated with traditional sectors like coal, electricity, and transportation, leading to their neglect in favor of growth stocks [4][5]. - The characteristics of dividend indices include a systematic value screening mechanism that emphasizes sustainable dividend payments and valuation safety margins, which is rare in the A-share market [5][11]. - The compounding effect of reinvested dividends creates a significant long-term return, positioning time as an ally for investors [5][12]. Group 2: Growth Investments - Growth investments are characterized by high volatility and frequent narrative shifts, making them challenging to manage, with the potential for significant losses during market corrections [8][9]. - The allure of growth stocks often leads to emotional decision-making, causing investors to exit positions prematurely during downturns [9][10]. - The article emphasizes that while growth investments can uncover opportunities, they also come with high risks and uncertainties, contrasting with the steadiness of dividend strategies [11][13]. Group 3: Investment Philosophy - The article posits that dividend strategies offer a more suitable investment approach for ordinary investors, focusing on discipline, steady returns, and the power of compounding rather than speculative gains [11][12]. - It encourages investors to reflect on their ability to handle market volatility and whether they can maintain composure amidst market fluctuations, suggesting that dividend strategies may be more aligned with their needs [13][14]. - The conclusion draws a distinction between fleeting wealth stories and the enduring value of stable assets, advocating for a long-term investment perspective [14][15].

Group 1 - The company, Jiayun Technology, announced the convening of its 22nd meeting of the 6th Board of Directors on October 29, 2025, via a communication meeting format [1] - The meeting reviewed the proposal regarding the company's Q3 2025 report [1] - For the first half of 2025, Jiayun Technology's revenue composition was 94.9% from mobile internet business and 5.1% from other sources [1]

Group 1 - The core viewpoint of the news is the anticipation surrounding the upcoming reforms in the ChiNext board, as expressed by the Chairman of the China Securities Regulatory Commission, Wu Qing, during the 2025 Financial Street Forum [1] - The new reforms aim to establish listing standards that better align with the characteristics of innovative enterprises in emerging fields, providing more precise and inclusive financial services [1] - The previous reform initiated in June 2020, which introduced a registration system, significantly reshaped the ChiNext ecosystem and led to a substantial growth trend in the market [2] Group 2 - The ChiNext index outperformed the A-share market following the last reform, with a cumulative increase of 25.12% from August 24, 2020, to August 23, 2021, compared to the Shanghai Composite Index's 2.85% and the Shenzhen Component Index's 7.85% [2] - The first batch of companies listed under the new registration system saw an average increase of 212.4% on their debut, with some stocks rising over 1000% [2] - The number of companies with a market capitalization exceeding 100 billion yuan increased from 9 to 19 after the reform, indicating a significant upgrade in market structure [5] Group 3 - The ChiNext has evolved into a more stable and sustainable growth sector, with its index serving as a benchmark for emerging industries [6] - The market has shifted from a broad pursuit of growth to a focus on high-quality growth, particularly in sectors like new energy and semiconductors [7] - Recent inflows into ChiNext ETFs have been significant, with a net inflow of 227.9 billion yuan from June to August, suggesting a potential for continued valuation recovery [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而 引致的任何損失承擔任何責任。 WANKA ONLINE INC. （股份代號：1762） 自願性公告 有關合營公司蘇州鯨瀾雲科技有限公司增資之最新進展 本公告由萬咖壹聯有限公司（「本公司」，連同其附屬公司統稱「本集團」）自願作出，以知會 本公司股東（「股東」）及潛在投資者本集團合營公司之最新業務及資本發展情況。除文義另有所 指外，本公告所用詞彙與本公司日期為二零二二年十一月十一日之公告所界定者具有相同涵義。 背景 茲提述本公司日期為二零二二年十一月十一日及二零二二年十一月十七日之公告，內容有關（其中 包括）本集團透過直接全資附屬公司蘇州龍盈軟件開發有限公司（「蘇州龍盈」）與獨立第三方合 營夥伴蘇州環秀湖鯨瀾雲創業投資合夥企業（有限合夥）（「環秀湖鯨瀾雲創投」）成立合營公司 蘇州鯨瀾雲科技有限公司（「合營公司」），合營公司的註冊資本爲人民幣16,000萬元（已完成全 部實繳），主要從事移動廣告業務。 本次增資 本公司董事會（「董事會」 ...