Market Overview - On December 30, the Hunan state-owned enterprise reform sector fell by 0.91% compared to the previous trading day, with Electric Broad Media leading the decline [1] - The Shanghai Composite Index closed at 3965.12, down 0.0%, while the Shenzhen Component Index closed at 13604.07, up 0.49% [1] Stock Performance - The top-performing stocks in the Hunan state-owned enterprise reform sector included: - Changjiang Line (001208) with a closing price of 24.38, up 10.02%, and a trading volume of 1.0724 million shares, totaling 2.571 billion yuan [1] - ST Zhanggu (000430) with a closing price of 7.57, up 4.99%, and a trading volume of 468,060 shares, totaling 354.3 million yuan [1] - Zhejiang Zhongcheng (002522) with a closing price of 5.62, up 1.44%, and a trading volume of 593,600 shares, totaling 333 million yuan [1] Capital Flow - The Hunan state-owned enterprise reform sector saw a net inflow of 67.6943 million yuan from institutional investors, while retail investors contributed a net inflow of 28.5 million yuan [2] - The sector experienced a net outflow of 353 million yuan from speculative funds [2] Individual Stock Capital Flow - Key stocks with significant capital flow included: - Changjiang Line (001208) with a net inflow of 638 million yuan from institutional investors, representing 24.82% of the total [3] - Zhejiang Zhongcheng (002522) with a net inflow of 50.1955 million yuan from institutional investors, representing 15.06% of the total [3] - Electric Broad Media (000917) saw a significant decline of 10.00% in its stock price, closing at 10.35 [2]

Core Insights - The National Social Security Fund (NSSF) has significantly increased its investment in technology stocks, with a market value exceeding 46.9 billion yuan as of Q3, marking an 18-fold increase compared to the same period in 2011 [1] Group 1: Investment Trends - The NSSF's heavy investment in technology stocks includes sectors such as electronics, communications, computers, and media, reaching a historical high [1] - Six technology stocks have been held by the NSSF for over 24 consecutive quarters, indicating a strong long-term commitment [1] Group 2: Key Companies - Transsion Holdings leads with a market value of over 4.5 billion yuan, focusing on mid-to-high-end products and expanding into AIoT and home appliances [3] - Pengding Holdings ranks second with over 3.2 billion yuan in market value and is recognized for its leadership in the PCB industry, capitalizing on AI-related growth opportunities [3] - Yealink Network, with a market value exceeding 1.2 billion yuan, is noted for its competitive edge in AI meeting products and cloud office terminals, driving market share and performance growth [3] Group 3: Company Performance - Zhongnan Media has been held for 55 consecutive quarters and is actively transforming its business model while showing strong profit growth [2] - The net profit of Zhongyuan Media increased by 46.94% year-on-year, reflecting its resilience amid industry transitions [2] - The net profit of Pengding Holdings increased by 21.95% year-on-year, showcasing its robust financial performance [2]

Core Viewpoint - The company has announced the addition of new members to its sixth board of directors' professional committees, reflecting ongoing governance and structural changes within the organization [1][3]. Group 1: Board Committee Additions - The company has appointed Yu Hongshan as a member of the Board Strategic Committee, with He Lihui as the convener and members Zhou Yixiang, Liao Shengqing, and Yu Hongshan [1]. - Yi Sha has been added as a member of the Board Audit Committee, with Li Guilan as the convener and members Yang Zhuang, Lei Hui, and Yi Sha [1]. Group 2: Board Meeting Details - The sixth board of directors' ninth meeting was held on December 19, 2025, via telecommunication, with all 11 directors participating in the voting [3][4]. - The meeting was convened by Chairwoman He Lihui and utilized a named voting method to pass the agenda items [4][5]. Group 3: Capital Increase Proposal - The company plans to increase capital by 231 million yuan to its wholly-owned subsidiary, which will be renamed from Hunan Xiaoxiang Morning Post Media Operating Co., Ltd. to Xiaoxiang Morning Post Media Group [6]. - Of the total capital increase, 163 million yuan will be used for acquiring all shares of Zhongnan International Exhibition Co., Ltd. and Zhongnan Metro Media Co., Ltd., while 68 million yuan will be allocated for media technology upgrades and industrial transformation projects [6].

证券代码：601098 股票简称：中南传媒 编号：临 2025-056 1、增补余洪山为董事会战略委员会委员。增补后董事会战略委 员会召集人为贺砾辉，委员为周亦翔、廖圣清、余洪山； 2、增补易莎为董事会审计委员会委员。增补后董事会审计委员 会召集人为李桂兰，委员为杨壮、雷辉、易莎。 特此公告。 中南出版传媒集团股份有限公司董事会 二〇二五年十二月十九日 中南出版传媒集团股份有限公司 关于增补公司第六届董事会专业委员会成员的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中南出版传媒集团股份有限公司（以下简称"公司"）于 2025 年 12 月 19 日召开第六届董事会第九次会议。审议通过了《关于增补 专业委员会成员的议案》，增补公司第六届董事会专业委员会成员如 下： ...

证券代码：601098 股票简称：中南传媒 编号：临 2025-055 中南出版传媒集团股份有限公司 第六届董事会第九次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中南出版传媒集团股份有限公司（以下简称"公司"）第六届董事会 第九次会议于 2025 年 12 月 19 日以通讯方式召开。本次会议于 2025 年 12 月 14 日以电子邮件和送达的方式发出会议通知及相关资料。会议应参加表 决董事 11 人，实际参加表决董事 11 人。会议召开符合《公司法》和《公 司章程》的有关规定。 本次会议由董事长贺砾辉女士召集，采用记名投票方式，审议并通过 如下议案： 一、审议通过《关于增补专业委员会成员的议案》 详见上海证券交易所网站及刊载于《中国证券报》《上海证券报》《证 券时报》《证券日报》的《中南传媒关于增补公司第六届董事会专业委员会 成员的公告》（编号：临 2025-056）。 表决结果：同意 11 票，反对 0 票，弃权 0 票。 二、审议通过《关于向全资子公司增资的议案》 二〇二五年十二月十九日 2 / 2 ...

Group 1 - The company Zhongnan Media (SH 601098) held its sixth board meeting on December 19, 2025, via telecommunication to review proposals including the addition of members to its professional committee [1] - For the year 2024, Zhongnan Media's revenue composition is as follows: distribution accounts for 80.76%, publishing for 27.97%, materials for 10.36%, printing for 7.89%, and media for 6.4% [1] - As of the report date, Zhongnan Media has a market capitalization of 19.8 billion yuan [1]

Core Insights - On December 17, 2023, brokerage firms provided target prices for listed companies, with notable increases for Honglu Steel Structure (002541), Jiuzhou Pharmaceutical (603456), and Huarui Precision, showing target price increases of 56.76%, 48.99%, and 36.02% respectively, across the professional engineering, medical services, and general equipment industries [1][2]. Target Price Increases - Honglu Steel Structure (002541) received a target price of 25.27 yuan, with a target increase of 56.76% from Guotai Junan Securities [2]. - Jiuzhou Pharmaceutical (603456) has a target price of 26.64 yuan, reflecting a 48.99% increase from Huachuang Securities [2]. - Huarui Precision (688059) was assigned a target price of 110.05 yuan, indicating a 36.02% increase from Guotou Securities [2]. - Other companies with significant target price increases include Hefeng Co. (603609) at 32.58%, Tianci Materials (002709) at 27.56%, and Anfu Technology (603031) at 26.56% [2]. Rating Adjustments - On December 17, only one company had its rating upgraded, with Qunyi Securities (Hong Kong) raising Tianci Materials (002709) from "Hold" to "Buy" [3][4]. First Coverage - A total of nine companies received initial coverage on December 17, including SAIC Motor (600104) and Weilan Lithium (002245), both rated "Buy" by Aijian Securities [4][5]. - Jiuzhou Pharmaceutical (603456) was also rated "Recommended" by Huachuang Securities, while Zhongke Chuangda (300496) and Kema Technology (301611) received "Buy" and "Increase" ratings from Dongbei Securities [4][5].

Core Viewpoint - The company reported a decline in revenue for the first three quarters of 2025, but a significant increase in net profit, indicating a shift in profitability despite lower sales figures [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 8.488 billion yuan, a year-on-year decrease of 9.37%, while net profit attributable to shareholders was 1.170 billion yuan, an increase of 22.32% [1]. - In Q3 2025, the company reported revenue of 2.153 billion yuan, down 12.94% year-on-year, and a net profit of 153 million yuan, down 16.33% year-on-year [1][2]. - The overall gross profit margin for the first three quarters of 2025 was 46.12%, an increase of 2.00 percentage points year-on-year, continuing the upward trend from Q2 [2]. Cost Structure - The expense ratio for the period was 30.49%, an increase of 1.46 percentage points year-on-year, with sales, management, and R&D expense ratios at 15.59%, 14.30%, and 0.61%, respectively [2]. - The increase in sales and management expense ratios is attributed to the dilution effect from declining revenue [2]. Strategic Initiatives - The company is actively upgrading its core regional stores towards standardized, information-based, and diversified new business models [3]. - An announcement was made regarding the investment of 48 million yuan for the renovation of Hunan Book City, which will include restructuring internal functions, optimizing space, and overall facade renovation [3]. - Post-renovation, Hunan Book City aims to introduce new business models such as dining and IP-themed retail, expanding into IP product agency and related derivative businesses [3]. Investment Outlook - The company has slightly lowered its profit forecast, expecting revenues of 12.9 billion yuan for 2025 and net profits of 1.55 billion yuan, with an EPS of 0.86 yuan [4]. - The projected P/E ratios for 2025, 2026, and 2027 are 13, 13, and 12 times, respectively, maintaining a "buy" rating [4].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the benchmark index within the next six months [8][14]. Core Insights - The company has experienced a decline in revenue but an increase in net profit, with a reported revenue of 8.49 billion yuan for the first three quarters of 2025, down 9.37% year-on-year, while net profit attributable to shareholders rose by 22.32% to 1.17 billion yuan [5][6]. - The company is focusing on optimizing its business structure and exploring new business models, such as "bookstore + IP" [7]. - The gross profit margin has shown a recovery trend, reaching 46.12% for the first three quarters of 2025, an increase of 2.00 percentage points year-on-year [6]. Financial Performance Summary - For the first three quarters of 2025, the company reported a total revenue of 8.49 billion yuan, with a net profit of 1.17 billion yuan, reflecting a year-on-year growth of 22.32% [5]. - The company’s revenue for Q3 2025 was 2.15 billion yuan, down 12.94% year-on-year, while net profit for the same period was 153 million yuan, a decrease of 16.33% [5][6]. - The company plans to invest 48 million yuan in upgrading its flagship store, aiming to enhance customer experience and diversify its business offerings [7]. Earnings Forecast - The earnings forecast for 2025, 2026, and 2027 estimates revenues of 12.9 billion yuan, with net profits of 1.55 billion yuan, 1.61 billion yuan, and 1.67 billion yuan respectively [8][10]. - The expected EPS for the same years is projected to be 0.86 yuan, 0.89 yuan, and 0.93 yuan, with corresponding P/E ratios of 13, 13, and 12 [8][10].

Core Viewpoint - The Social Security Fund has significantly increased its holdings in technology stocks, reaching a historical high in market value, reflecting a growing preference for the technology sector [2][5]. Group 1: Market Value and Growth - As of the end of Q3 this year, the Social Security Fund's holdings in technology stocks (TMT sectors: Electronics, Communication, Computer, and Media) exceeded 46.9 billion yuan, marking a historical high for the same period [2][4]. - The market value of technology stock holdings has increased by nearly 61% compared to the end of Q3 last year and has grown more than 18 times compared to the same period in 2011 [5]. Group 2: Sector Distribution - Within the technology sector, the Social Security Fund holds the highest market value in the electronics industry, close to 27.4 billion yuan. The computer sector follows with over 7.7 billion yuan, while the media and communication sectors have market values of 7.3 billion yuan and 4.4 billion yuan, respectively [4]. Group 3: Individual Stock Holdings - Transsion Holdings leads the individual stock holdings with a market value exceeding 4.5 billion yuan. The company is expected to maintain rapid growth due to its ongoing transition to mid-to-high-end mobile products and increasing smartphone penetration in Africa [6]. - Other notable stocks with holdings exceeding 1 billion yuan include Pengding Holdings, Focus Media, Unisoc, and Shenzhen South Circuit [7]. Group 4: New Entrants - In Q3, the Social Security Fund's 113 combination and the Basic Pension Insurance Fund's 802 combination newly acquired 20.9 million shares of Unisoc, with a market value nearing 1.9 billion yuan, benefiting from the growth in the special IC industry and domestic substitution demand [9]. - Additionally, the fund established a new position in Giant Network with 27.8 million shares, valued at over 1.26 billion yuan, supported by the steady operation of its game IP series [10]. Group 5: Long-term Holdings - The Social Security Fund has maintained long-term positions in several technology stocks, including Zhongnan Media, Zhongyuan Media, Phoenix Media, and others, with holdings lasting over 24 quarters. Notably, Transsion Holdings and Yilun Network have market values exceeding 1 billion yuan [13]. - The long-term holdings primarily consist of industry leaders with generous dividends and high dividend-yielding media stocks [14].