Group 1 - The report by Zhongyin Securities focuses on the development trends of the consumption industry during the "15th Five-Year Plan" period, particularly highlighting the global competitiveness of the lifestyle and entertainment soft consumption sector [1] - The report presents characteristics and future directions of the consumption industry, analyzing retail formats, international expansion, and industry data [1] Group 2 - In terms of retail formats and store scale, the global retail landscape is dominated by major players, with Walmart leading at $676 billion in revenue and 10,692 stores by 2025, followed by Amazon and Schwarz Group [2] - Domestic chain brands are expanding significantly, with brands like Mixue Ice City exceeding 41,000 stores and Luckin Coffee reaching 21,343 stores, indicating accelerated market penetration and chain development in China [2] - The rise of instant retail and delivery services is evident, with brands like 7-Eleven integrating with platforms like Uber Eats and DoorDash to enhance online channels [2] Group 3 - The internationalization of lifestyle and entertainment soft consumption is becoming a significant trend, with domestic entertainment companies accelerating their global presence in long videos, short dramas, and variety shows [3] - Platforms like iQIYI and Tencent Video are collaborating with international platforms such as Netflix and Disney+ to promote quality content globally, while short dramas are rapidly penetrating overseas markets [3] - Short video platforms like TikTok and Kuaishou are experiencing significant growth in overseas user bases, with TikTok leading in global downloads and user interactions [3] Group 4 - From an industry data perspective, the consumption sector is showing differentiated performance in 2024-2025, with essential consumption sectors like food and beverages remaining stable, while discretionary sectors like social services and textiles exhibit volatility [4] - The Hang Seng consumption-related index indicates that the non-essential consumption sector in Hong Kong is outperforming essential consumption, reflecting growth potential in discretionary consumption [4] - The report emphasizes that during the "15th Five-Year Plan" period, lifestyle and entertainment soft consumption will further rely on content innovation, technological empowerment, and globalization to gain prominence in global markets [4]

Group 1: Currency and Economic Outlook - Barclays reports that despite recent negative events, the US dollar has remained resilient, with no significant decline observed since May, even amid weak economic data and challenges to the Federal Reserve's credibility [1] - Goldman Sachs predicts that the US economy will recover in the coming months, which may support the dollar's continued strength [1] Group 2: Oil and Emerging Markets - Goldman Sachs states that a complete ban on Russian oil imports by the EU is unlikely due to reliance from certain member states like Hungary and Slovakia, and any potential ban would only redistribute oil flows rather than reduce global supply [2] - Goldman Sachs expects emerging market stocks and currencies to rise by the end of the year, raising the MSCI Emerging Markets Index target from 1,370 to 1,480 points, indicating a potential 10% upside [2] Group 3: Domestic Market Insights - Dongfang Jincheng forecasts stable and ample market liquidity by year-end, with potential for a new round of reserve requirement ratio cuts and government bond purchases [4] - CITIC Securities highlights the long video industry benefiting from favorable policies, which may enhance production capacity and efficiency for content creators [6][10] - CITIC Securities notes a recovery in the restaurant industry, with August seeing a year-on-year increase in dining revenue, suggesting structural opportunities for leading companies with strong compliance and quality [8] Group 4: Sector-Specific Developments - CITIC Securities indicates that the carbon fiber industry is in a recovery phase, with strong demand in wind energy and aerospace sectors, recommending attention to high-quality companies with international exposure [9] - China Galaxy Securities observes a slight increase in cement prices due to seasonal demand, with expectations for further price support from rising coal prices [11][12] - China Galaxy Securities also reports positive signals in panel procurement ahead of the overseas promotional season, indicating a potential peak in TV demand [13] Group 5: Electronic Materials - Huatai Securities emphasizes the importance of electronic cloth in the PCB-CCL supply chain, predicting a supply shortage for various specialty electronic cloth products until 2026, and recommends companies with rapid capacity expansion [14][15]

NO.1中信证券：推荐有望受益于后续政策的影视剧平台公司 ｜2025年9月25日星期四｜ 中信证券研报称，碳纤维行业正处于周期底部复苏阶段，价格企稳，开工率回升。需求呈现结构性回 暖，风电领域增长强劲，航空航天持续复苏，低空经济(如eVTOL、无人机)成为新爆发点。建议关注具 备高端应用、新能源优势、出海敞口的优质企业。 NO.3中金：Rubin或推动微通道液冷技术应用 中金公司（601995）发布研究报告称，近期中国台湾经济日报报道，英伟达在推动供应链进行微通道水 冷板开发、使得微通道冷板应用预期增强，推动AIDC液冷通胀逻辑再强化。看好新方案的切换过程 中，供应链的格局或产生变化，带来国产液冷链配套的机会，相关的产业链公司，包括传统VC厂商、 液冷模组厂商、散热器厂商以及3D打印厂商有望受益。 中信证券研报表示，通过复盘2010年以来影视剧行业面临政策以及其对于行业内上游内容制作公司、下 游平台的业绩影响。中信证券认为广电总局《进一步丰富电视大屏内容促进广电视听内容供给的若干举 措》涉及多方面，后续有望陆续落地配套政策，推动长视频平台及优质内容制作公司提高内容周转效率 和投资效率、提升单剧和剧集IP商业化 ...

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [11]. Core Viewpoints - The report emphasizes the importance of the internet cloud computing sector, driven by AI advancements and self-developed chips, which are expected to enhance profitability and avoid homogenization in competition [4][3]. - The report highlights the acceleration of revenue for domestic internet cloud companies in Q2 2025, driven by strong growth in AI-related computing power and token revenue [4]. - The gaming sector is also recommended, with expectations of continued growth in Q3 2025 due to new product contributions and a favorable valuation basis [4]. Summary by Sections Internet Cloud Computing - The report suggests that the domestic market is replicating the growth trajectory of North American cloud giants, with AI driving cloud demand and capital expenditures [4]. - Key players recommended include Alibaba, Tencent, Kingsoft Cloud, and Baidu, each with unique strengths in AI applications and self-developed chips [4]. Gaming Sector - The report anticipates a positive outlook for the gaming sector, with a projected PE range of 15-20x for 2026, indicating potential for valuation uplift [4]. - Recommended companies include Tencent, Giant Network, and Huya, with specific focus on their strong operational capabilities and IP value [4]. Long Video and Film Industry - The report notes a policy bottoming out for long video series, which is expected to improve project turnover and ROI for film investments [4]. - Companies like Mango TV and Reading Group are highlighted for their potential recovery in fundamentals [4]. Consumer Entertainment - Continued recommendations for consumer entertainment companies such as NetEase Cloud Music and Pop Mart, indicating growth potential in the sector [4].

行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 行 业 及 产 业 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230525070008 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 2025 年 09 月 22 日 继续推荐互联网云+芯片，游戏板 块，提示长视频政策底 看好 ——互联网传媒周报 20250915-20250919 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提 ...

Core Viewpoint - The recent rumors regarding the film and television market have triggered a significant surge in stock prices within the media sector, indicating potential positive changes in the industry [1][2]. Group 1: Market Reaction - Four stocks, including Huazhi Shumei and Baina Qiancheng, reached the 20% daily limit increase, reflecting strong market enthusiasm [1][2]. - The Hong Kong-listed company, Reading Group, saw a rise of over 25%, showcasing the widespread impact of the rumors [2]. Group 2: Policy Implications - The State Council's notice on promoting high-quality cultural development emphasizes the need for quality content creation in film and television, which may support the sector's recovery [2]. - Huaxi Securities suggests that the media industry is likely to benefit from a more supportive regulatory environment, similar to the gaming industry, which has seen a significant profit increase following regulatory relaxations [4]. Group 3: Industry Trends - The domestic film and television market is expected to experience intensified competition and innovation in content by the first half of 2025, with major platforms like iQIYI and Tencent Video dominating new content supply [3]. - The first half of 2025 will see a release of innovative themes in long-form dramas, indicating a shift in viewer preferences [3]. Group 4: Driving Forces - The media and entertainment sector is driven by two main factors: policy changes and AI integration [4][5]. - The relaxation of game licensing regulations has led to a doubling of game approvals, which is expected to translate into improved financial performance for the media sector as well [4]. - AI advancements, such as the development of new models and applications, are anticipated to enhance the media landscape, providing new opportunities for growth [5].