证 券 研 究 报 告 传媒行业周观察（20250818-20250822） 关注中报超预期标的及港股流动性变化，看 推荐（维持） 好后续游戏、AI、IP、影视行情 【市场观点】 行业研究 传媒 2025 年 08 月 25 日 华创证券研究所 证券分析师：刘欣 邮箱：liuxin3@hcyjs.com 执业编号：S0360521010001 证券分析师：王世豪 邮箱：wangshihao@hcyjs.com 执业编号：S0360525070005 行业基本数据 | | | 占比% | | --- | --- | --- | | 股票家数(只) | 140 | 0.02 | | 总市值(亿元) | 18,810.16 | 1.63 | | 流通市值(亿元) | 17,127.16 | 1.85 | 相对指数表现 | % | 1M | 6M | 12M | | --- | --- | --- | --- | | 绝对表现 | 12.1% | 11.1% | 81.8% | | 相对表现 | 5.8% | 1.0% | 49.7% | -5% 24% 53% 82% 24/08 24/11 25/01 25/03 ...

Macro Economic Group - In July, M2 growth reached 8.8% year-on-year, the highest since December 2023, surpassing the Wind forecast of 8.3% [5] - M1 growth was 5.6%, also the highest since February 2023, exceeding the Wind forecast of 5.3% [5] - The difference between M1 and M2 was -3.2%, the highest since June 2021, indicating a significant acceleration in the speed of money circulation [5] - Social financing (社融) grew by 9.0% year-on-year, the highest since February 2024, although the growth rate was slightly below the Wind forecast of 9.1% [5] - In July, the incremental social financing was 1.16 trillion yuan, lower than the expected 1.41 trillion yuan and the previous month's 4.2 trillion yuan [5] - Bank credit in July showed a negative increment of 500 billion yuan, marking the first negative value in 20 years [6] - The increase in bank deposits was 500 billion yuan, significantly lower than the previous month's 3.21 trillion yuan [6] Industry Comprehensive Group - Reports indicate that U.S. authorities have installed tracking devices in advanced chips believed to be illegally shipped to China, intensifying competition in the AI sector between the U.S. and China [10] - Domestic AI chip industry is expected to benefit from the heightened competition and the push for self-sufficiency in technology [10] - Dingyang Technology reported a 24.6% year-on-year revenue increase to 278 million yuan in the first half of 2025, with a net profit growth of 31.54% [11] - The overall electronic industry is seeing a rebound in capital expenditure, indicating improved industry conditions [11] Advanced Manufacturing Group - Tesla launched the Model 3 Long Range version, which may alleviate sales slowdown amid increasing competition in the electric vehicle market [13] - Dao's Technology reported a revenue decline of 11.64% but a net profit increase of 108.16%, indicating improved operational efficiency [14] - The Seagull Flying Car Group has commenced a project in Jiangsu with an investment of approximately 1 billion yuan, focusing on flying cars and related technologies [14] Consumer Group - Bandai Namco reported a record sales revenue of 300.4 billion yen for Q1 FY2025, a 7.1% year-on-year increase, indicating strong performance in the IP industry [16] - Zhongchong Co. achieved a total revenue of 2.432 billion yuan in H1 2025, with a 24.32% year-on-year growth, reflecting robust demand in the pet food sector [17] - Moutai's revenue for H1 2025 was 91.1 billion yuan, a 9.1% increase year-on-year, although growth may slow due to market conditions [18]

"聪明钱"流向曝光！暗盘资金破解主力操盘密码>> A股三大指数今日集体上涨，截至收盘，沪指涨0.38%，深成指涨0.77%，创业板指涨0.77%，北证50指 数涨1.22%。全市场成交额12112亿元，较上日放量923亿元。全市场超3800只个股上涨。板块题材上， 美容护理、宠物经济、创新药、IP经济板块领涨；港口航运、化学纤维板块领跌。盘面上，宠物经济概 念涨幅居前，创源股份（300703）、贝因美（002570）、祖名股份（003030）、源飞宠物（001222）涨 停。IP经济概念领涨，曼卡龙（300945）、奥飞娱乐（002292）、实丰文化（002862）涨停。创新药概 念反弹，一品红（300723）、三生国健、华海药业（600521）、亚泰集团（600881）涨停。并购重组概 念持续活跃，综艺股份（600770）、天汽模（002510）、大唐电信（600198）、保变电气（600550）涨 停。港口航运概念跌幅居前，连云港、凤凰航运（000520）、宁波远洋（601022）跌停。高位股集体大 跌，利君股份（002651）、渝三峡A、尤夫股份（002427）等多股跌停。 ...

各位老铁，中午好！这里是帮主郑重的午评时间。今儿A股早盘挺热闹，三大指数集体飘红，创业板指更是涨超1%，像打了鸡血似的。虽说沪指走得稳 当，但创业板这波冲锋号一吹，市场人气明显起来了，全市场3600多只股票上涨，赚钱效应挺显眼。 要说今儿最亮眼的，非宠物经济莫属。这板块跟开了挂一样，可靠股份、天元宠物、源飞宠物这些票齐刷刷封死涨停板，连祖名股份这种做豆制品的都跟着 凑热闹，看来"毛孩子经济"真是势不可挡。为啥突然爆发？咱做了20年财经记者，看市场还是喜欢从长周期去琢磨——现在年轻人晚婚晚育，宠物成了"情 感寄托"，中老年群体养宠消愁，再加上宠物医疗、食品赛道不断细分，这背后是千亿级的消费增量啊。中长线看，宠物经济里那些能做出品牌溢价、打通 产业链的企业，说不定藏着慢牛机会。 再说IP经济，曼卡龙、奥飞娱乐、实丰文化这些票跟着涨停，明眼人都知道，迪士尼开园消息刺激是一方面，更深层的是国产动漫、潮玩IP正在破圈。现在 Z世代愿意为情怀买单，国漫电影票房屡创新高，说明文化消费升级趋势没变。不过咱得提醒一句，IP概念短期炒的是情绪，长期还得看有没有爆款内容支 撑，盲目追高容易踩坑。 创新药板块今儿也打了个漂亮的翻身仗 ...