证券代码：603598 证券简称：引力传媒 公告编号：2026-005 引力传媒股份有限公司 股票交易风险提示性公告 公司主要业务为品牌营销、社交营销、电商营销与运营服务和数据咨询服务。 经公司自查，公司目前日常经营情况正常，主营业务及业务模式未发生重大变化。 市场环境或行业政策未发生重大调整，内部生产经营秩序正常。 二级市场交易风险：公司股票2025年12月30日至2026年1月12日收盘价累 计涨幅79.60%，股价短期涨幅较大。公司的最新动态市盈率为283.20， 最新市净率为36.85，显著高于行业平均水平。截至2026年1月12日，公 司所处的L7租赁和商务服务业的最新静态市盈率为32.49，最新市净率为 2.23。 业绩波动风险：2025年前三季度，公司实现营业收入64.62亿元，实现归 属于上市公司股东的净利润2036.02万元，毛利率2.69%，较去年同期下 降1.73个百分点，主要系行业竞争加剧，媒体政策有所收紧，造成毛利 率及毛利额同时降低。 GEO业务尚未形成收入：公司GEO业务尚未形成成熟的商业模式，其市 场认可度及盈利模式均存在不确定性，该业务尚未形成相关收入。 二、业绩波动的风险 ...

Core Viewpoint - The company, Ingrity Media, has issued a risk warning regarding its stock trading, emphasizing that its GEO business is still in the planning stage and has not yet developed a mature business model [1] Group 1: Company Overview - Ingrity Media's main business remains advertising agency services, and it has not yet generated any revenue from its GEO division [1] - The GEO division is defined as Generative Engine Optimization, which aims to enhance information visibility in generative AI engines through structured content and authoritative source development [1] Group 2: Business Development - As of the announcement date, the GEO division is still being established, and there is uncertainty regarding its market acceptance and profitability [1] - The company has not identified any other media reports or market rumors that could significantly impact its stock trading price [1]

Market Overview - On January 12, the market experienced a significant rally, with all three major indices rising over 1%. The Shanghai Composite Index increased by 1.09% to close at 4165.29 points, the Shenzhen Component rose by 1.75% to 14366.91 points, and the ChiNext Index gained 1.82% to 3388.34 points. The total trading volume in the Shanghai and Shenzhen markets reached 3.6 trillion yuan, marking the second consecutive day of surpassing 3 trillion yuan, an increase of 478.7 billion yuan compared to the previous trading day, setting a new historical record for trading volume in 2024 [1]. Sector Performance - The AI application sector saw a broad surge, with stocks like Ingrity Media achieving five consecutive daily limits, and other companies such as Liou Co., Meian Health, and Tianxia Show also hitting daily limits. The commercial aerospace sector continued its strong performance, with Jin Feng Technology achieving five consecutive limits and Tongyu Communications hitting three limits in four days. The controllable nuclear fusion concept also showed active performance, with China Nuclear Engineering hitting three limits in four days. Conversely, sectors such as insurance, oil and gas, and real estate experienced notable declines [1]. Stock Highlights - A total of 183 stocks in the market (excluding ST and delisted stocks) hit daily limits, with 45 stocks achieving consecutive limits. The overall limit rate was 79%. Notable stocks included Jiamei Packaging, which saw a change in control and achieved 13 limits in 17 days, and Fenglong Co., which achieved 12 consecutive limits. Other highlighted stocks included commercial aerospace stocks like Luxin Investment and Lei Ke Defense, which achieved 10 and 7 limits respectively, and AI application stock Zhi Te New Materials, which achieved six consecutive limits [1]. Emerging Trends - The commercial aerospace sector is gaining traction, with a reported 200,000 new satellite applications in China, primarily from the newly established Radio Innovation Institute. In the nuclear power and fusion sectors, Meta has partnered with Vistra, Oklo, and TerraPower to invest in nuclear power plants to supply electricity for AI applications. Additionally, Elon Musk announced plans to open-source new algorithms within a week, which will include codes for recommending natural content and advertisements to users [14].

Core Viewpoint - The stock of Inertia Media (603598) has experienced a significant increase of 79.60% in closing price from December 30, 2025, to January 12, 2026, indicating a substantial short-term price surge [1] Group 1: Stock Performance - The stock price of Inertia Media has shown a cumulative increase of 79.60% over the specified period [1] - The company has acknowledged the media's classification of its stock as a GEO concept stock [1] Group 2: Business Operations - The main business of the company remains in advertising agency services [1] - The GEO division of the company is still in the planning and formation stage [1] - The GEO business has not yet developed a mature business model, and its market acceptance and profitability remain uncertain [1] - There is currently no revenue generated from the GEO business [1]

Group 1 - Kuaishou concept stocks rose by 8.65%, ranking 6th in concept sector gains, with 46 stocks increasing in value [1] - Notable gainers in the Kuaishou concept include Zhongwen Online and Meiri Interactive, both reaching a 20% limit up, while Liou Co., Zhejiang Wenlian, and Shengguang Group also hit the limit up [1] - The Kuaishou concept sector saw a net inflow of 2.847 billion yuan, with 36 stocks receiving net inflows, and 9 stocks exceeding 100 million yuan in net inflow [1] Group 2 - The top net inflow stocks in the Kuaishou concept include Zhongwen Online with 632 million yuan, followed by Meiri Interactive with 368 million yuan, and Zhidema with 238 million yuan [2] - The net inflow ratios for leading stocks are as follows: Yilv Media at 70.24%, Liou Co. at 65.15%, and Vision China at 48.00% [2] - Other notable stocks with significant net inflows include Sanwei Communication and Shengguang Network, with net inflows of 224 million yuan and 102 million yuan respectively [3]

Market Overview - The market showed strong fluctuations throughout the day, with all three major indices rising over 1%, and the Shanghai Composite Index achieving a 17-day consecutive rise [1] - AI application sectors experienced a significant surge, with stocks like BlueFocus and Hand Information hitting the daily limit [1] - The commercial aerospace concept continued its strong performance, with China Satellite and China Satcom both reaching new highs [1] - The brain-computer interface concept was also active, with stocks like DaoTech and Yanshan Technology hitting the daily limit [1] - Over 4,100 stocks in the Shanghai, Shenzhen, and Beijing markets rose, with a total transaction volume of 3.64 trillion, setting a new record for daily trading in A-shares [1] AI Marketing - The AI marketing concept saw a wave of limit-up stocks, including Gravity Media, Leo Holdings, and BoRui Communication [4] - Elon Musk announced on social media that he would open-source the latest content recommendation algorithm for the X platform within a week, interpreted by the market as his entry into the GEO space [4] - DeepSeek is set to release its next-generation flagship AI model, DeepSeek V4, in February, which reportedly outperforms major models like Anthropic Claude and OpenAI GPT series in programming capabilities [4][7] - Anthropic's Claude Code received a significant update, marking a new phase in global AI programming competition [4] Aerospace Sector - The aerospace sector continued to rise, with stocks like Luxin Investment, Goldwind Technology, and Daye Shares hitting the daily limit [10] - China applied for frequency resources for over 200,000 satellites, indicating a strategic national-level initiative [11] - Experts believe that the establishment of the Radio Innovation Institute will accelerate the 6G process, integrating satellite networks with ground communication networks [14] AI Medical - The AI medical sector also performed well, with companies like Meinian Health and Dean Diagnostics seeing consecutive gains [15] - OpenAI launched "ChatGPT Health," a health-related dialogue space that connects electronic medical records and health applications [15] - The demand for AI in healthcare is expected to grow significantly, driven by an aging population and an increase in chronic disease patients [18]

Core Viewpoint - AI chatbots and AI search overview products are forming new traffic entry points, with MAUs for ChatGPT, Gemini, Doubao, and DeepSeek at 88 million, 65 million, 16 million, and 13 million respectively, creating new information distribution channels, making AI platform traffic a crucial marketing area for advertisers, with GEO as one exploration method [1][2] Group 1: GEO Concept and Functionality - GEO essentially represents a new form of content marketing reshaped by AI, differing from traditional SEO aimed at improving link visibility on search pages; GEO focuses on enhancing the probability of relevant content being retrieved and appearing in AI responses, termed "AI visibility" [1][3] - Currently, GEO is more inclined towards brand building, with companies still in the methodological exploration phase; for instance, the overseas GEO startup Profound offers monitoring analysis and optimization intervention, helping brands quantify their visibility and citation in AI [3] Group 2: Domestic vs. Overseas Strategies - The differences in the corpus ecosystem between overseas and domestic markets lead to varied players and strategies in GEO; overseas strategies focus on creating high-quality website content and leveraging platforms like YouTube and Reddit, while domestic strategies involve extensive content matrix layouts around queries, utilizing self-media and third-party platforms [4] - Domestic large-scale operational platforms have advantages in GEO due to their accumulation of marketing material production, deployment, and transaction conversion data, which aids in understanding traditional business operations [4] Group 3: Investment Recommendations - Companies that are early adopters of GEO are likely to establish a technology-data validation loop, clarifying large model citation logic and accumulating data feedback; relevant stocks include BlueFocus (300058.SZ), Yidian Tianxia (301171.SZ), and InGravity Media (603598.SH) [5] - Large operational companies with extensive operational data and marketing content experience are also recommended; relevant stocks include Worth Buying (300785.SZ), Qiangmu Technology (301110.SZ), and BlueFocus (300058.SZ) [5]

Group 1 - A-shares experienced significant activity with 201 stocks hitting the daily limit up and 9 stocks hitting the limit down on January 12 [1] - The AIGC concept stocks were particularly active, with *ST Dongyi achieving 11 limit ups in 14 days, and other stocks like Yilong Media and Kunlun Wanwei also showing strong performance [1] - AI corpus concept stocks saw gains, with companies like People's Daily and China Science Publishing hitting the limit up [1] Group 2 - Continuous limit up stocks included Jiamei Packaging with 13 limit ups in 17 days and Fenglong Co. with 12 consecutive limit ups [1] - Other notable stocks with multiple limit ups include Lushin Chuangtou, Leike Defense, and China Satellite, showcasing a strong upward trend in the market [1] - Conversely, *ST Aowei faced consecutive limit downs, along with other companies like ST Xuefa and Tianpu Co. also hitting the limit down [1]

Market Overview - On January 12, A-shares experienced a strong rebound after an initial dip, with the Shanghai Composite Index rising by 44.86 points, or 1.09%, closing at 4165.29 points [1] - The Shenzhen Component Index increased by 246.76 points, or 1.75%, closing at 14366.91 points, while the CSI 300 Index rose by 30.99 points, or 0.65%, closing at 4789.92 points [1] - The ChiNext Index and the STAR 50 Index also saw gains of 1.82% and 2.43%, respectively [1] - The total trading volume in the two markets reached 3.6 trillion yuan, marking the second consecutive day of surpassing 3 trillion yuan, with an increase of 478.7 billion yuan from the previous trading day [1] Sector Performance AI Application Sector - The AI application concept saw a strong surge, with over twenty stocks, including Worth Buying and BlueFocus, hitting the daily limit [2] - Catalysts for this trend include announcements related to CES 2026, the launch of new algorithms by Elon Musk, and advancements in AI model capabilities [2] Commercial Aerospace Sector - The commercial aerospace concept continued to strengthen, with stocks like Tongyu Communication and China Satellite hitting the daily limit [3] - China applied for frequency resources for over 200,000 satellites, significantly outpacing SpaceX's application for 42,000 satellites [3] GEO Concept - The GEO concept remained strong, with stocks such as Liou Co. and Inertia Media hitting the daily limit [4] - Elon Musk's announcement to open-source the latest content recommendation algorithm on the X platform was interpreted as a move into the GEO space [4] Photovoltaic Sector - The photovoltaic sector saw renewed activity, with stocks like Maiwei Co. and Dongfang Risheng rising over 10% [5] - Companies in the photovoltaic sector are increasingly focusing on the application of perovskite technology in space [5] Institutional Insights Huaxi Securities - Huaxi Securities suggests that the market's trading volume exceeding 3 trillion yuan indicates a potential continuation of the bull market, supported by positive economic indicators and increased market participation [6] - The report emphasizes the importance of sectors like AI applications, commercial aerospace, and nuclear fusion for investment opportunities [6] Huatai Securities - Huatai Securities believes that the spring market may still have room for growth, recommending focus on sectors such as gaming, duty-free, and batteries [7] - The report highlights the need to consider fundamental expectations and identify high-value opportunities in less crowded themes [7] CITIC Securities - CITIC Securities notes that favorable investment and demand conditions are emerging, with significant government investment plans and policies aimed at boosting domestic demand [8] - The report recommends focusing on low-valuation cyclical sectors like steel structures and infrastructure, as well as industries with recent positive developments such as nuclear energy and storage [8]

Investment Rating - Industry rating: Positive (maintained) [1] Core Insights - AI applications are leading the way, with a focus on Generative Engine Optimization (GEO) and AI animated dramas. The generative engine optimization is evolving from a technical concept to a marketing necessity, while AI animated dramas represent an innovative form of AIGC in the content domain. ByteDance's sponsorship of the Spring Festival Gala is expected to catalyze the AI animated drama sector [5] - The GEO market in China began in the second half of 2025, with service models still undefined, making it difficult to provide clear gross margin estimates. The main commercialization path for GEO focuses on meeting marketing needs to enhance AI recommendation rates, charging based on keywords and AI recommendation duration [5] - The investment suggestion emphasizes continued attention to GEO (companies like BlueFocus, Gravity Media, Leo Group, Zhejiang Wenlian, Yidian Tianxia, Borui Communication, Visual China, and Jiuxi Software) and AI animated dramas (including companies like Huanrui Century, Rongxin Culture, Zhongwen Online, Kunlun Wanwei, and Zhangyue Technology) as thematic investment opportunities [5]