证券研究报告 | 2025年12月22日 传媒互联网周报 优于大市 智谱和 Minimax 即将上市港交所，《阿凡达 3》上映拉动票房 行业上涨 0.54%，跑赢沪深 300，跑赢创业板指。本周（12.15-12.21）传媒 行业上涨 0.54%，跑赢沪深 300（0.35%），跑赢创业板指（-1.31%）。其中 涨幅靠前的分别为广西广电、三维通信、完美世界、三七互娱等，跌幅靠前 的分别为博纳影业、ST 返利、慈文传媒、浙文互联等。横向比较来看，本周 传媒板块在所有板块中涨跌幅排名第 16 位。 | 公司 | 公司 | 投资 | 昨收盘 | 总市值 | EPS | | PE | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 代码 | 名称 | 评级 | （元） | （百万元） | 2025E | 2026E | 2025E 2026E | | | 002517.SZ | 恺英网络 | 优于大市 | 22.53 | 481 | 1.01 | 1.20 | 22 | 19 | | 002027.SZ | 分众传媒 | 优于大市 | 7.31 ...

Investment Rating - The report maintains an "Outperform" rating for the media and internet industry [5][4][35]. Core Insights - The media industry has shown a weekly increase of 0.54%, outperforming both the CSI 300 index (0.35%) and the ChiNext index (-1.31%) during the week of December 15-21, 2025 [11][12]. - Key performers in the industry include Guangxi Guangdian, Sanwei Communication, Perfect World, and 37 Interactive Entertainment, while notable decliners include Bona Film Group, ST Fanli, Ciwen Media, and Zhejiang Wenlian [11][12]. - The release of "Avatar 3" has significantly boosted box office revenues, contributing to a total of 706 million yuan in film box office for the week, with "Avatar 3" alone accounting for 381 million yuan (53.9% of the total) [18][20]. Summary by Sections Industry Performance - The media sector ranked 16th in terms of weekly performance among all sectors, with a 0.54% increase [11][12][13]. - The top three films for the week were "Avatar 3" (381 million yuan), "Zootopia 2" (242 million yuan), and "Deqian Jinzhi" (46 million yuan) [18][20]. Key Developments - ByteDance launched the Doubao model 1.8 and Seedance 1.5 Pro, enhancing capabilities for audio-visual content generation [2][15]. - Tencent introduced the Mix Yuan video model 1.5, a real-time interactive experience platform [2][16]. - OpenAI released the GPT Image 1.5 model, improving image generation and editing capabilities [2][17]. - MiniMax and Zhiyu passed the Hong Kong Stock Exchange hearing, with plans to list in January 2026 [2][17]. Investment Recommendations - The report suggests seizing opportunities in the gaming sector, particularly with companies like Giant Network, Kaiying Network, and Jibite, as the gaming sector is expected to rebound [4][35]. - It also highlights the potential in AI applications and the film industry, recommending platforms like Mango TV and Bilibili, as well as content producers like Light Media and Huace Film [4][35].