传媒行业周报：奈飞与华纳达成收购协议 DEEPSEEK-V3.2 正式发布_老虎社区_美港股上老虎

传媒行业周报：奈飞与华纳达成收购协议 DEEPSEEK-V3.2 正式发布

华西证券12-07 00:00

市场行情回顾2025 年第48 周（实际交易日为2025.12.1-2025.12.5）上证指数上涨0.37%，沪深300 指数上涨1.28%，创业板指数上涨1.86%。恒生指数上涨0.95%，恒生互联网指数上涨0.87%，行业落后恒生指数0.07pct。SW 传媒指数下跌3.86%，落后创业板指数5.72pct，在申万一级31 个行业涨跌幅排名中位列第31 位。子行业中影视、游戏和广电位列前三位...

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与制作能力来构建更稳固的护城河。行业竞争维度因此深化，未来市场可能由少数拥有“庞大内容库+全球直达用户网络”的超级平台主导，对传统影视的发行窗口与商业模式产生深远影响。DeepSeek-V3.2 正式发布，国产大模型推理能力实现全球领先。本周，据官方公众号，DeepSeek 正式发布V3.2 及V3.2-Speciale 版本，新模型在公开推理基准测试中达到GPT-5 水平，其Speciale 版本在多项国际顶级学科竞赛中斩获金牌。技术突破主要体现在引入DSA 稀疏注意力机制，使长序列推理成本降低约六成、速度提升三点五倍，并成为首个支持思考模式下工具调用的开源模型。模型已在官网、App 及API全线更新并同步开源。我们认为，此次升级实现了性能、效率与成本控制的平衡，标志着国产大模型在复杂推理和Agent 任务上已具备全球竞争力，其开源策略将加速技术普惠，推动AI 应用从企业级向消费级市场渗透。当下头部科技企业持续加码算力投入，叠加文娱消费回暖，建议关注以下投资机会：1）港股互联网龙头：促消费稳就业，凸显社会价值；2）游戏行业：政策激励提振内需，科技赋能强化产品竞争力，出海布局增长空间广阔；3）电影及文旅产业：消费政策促进院线复苏，刺激改善型消费需求释放。受益标的包括腾讯、阿里、捷成股份、浙数文化、锋尚文化、名臣健康、大丰实业、奥拓电子、风语筑。传媒行业数据本周院线电影排名前三分别为《疯狂动物城2》《得闲谨制》《鬼灭之刃：无限城篇》；影视剧集排名前三分别为《枭起青壤》《大生意人》《唐朝诡事录之长安》；综艺排名前三分别为《现在就出发第3 季》《奔跑吧天路篇》《喜人奇妙夜第二季》；动漫排名前三分别为《仙逆》《吞噬星空》《开心锤锤》；iOS 游戏畅销榜排名前三为《和平精英》《王者荣耀》《英雄联盟手游》；安卓游戏热玩榜排名前三为 《心动小镇》《境·界 刀鸣》《杖剑传说》。风险提示监管政策不确定性风险；宏观经济下行风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"corporation,merge","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}