[CSI Headlines].

The scale of China's online audio-visual market exceeds one trillion yuan, and short video has become the core driving force

On the afternoon of March 26, the 12th China Network Audiovisual Conference released the "China Network Audiovisual Development Research Report (2025)". According to the report, the market size of China's online audiovisual industry will reach 1,222.649 billion yuan in 2024, a year-on-year increase of 6.1%. By the end of 2024, there will be 1.091 billion online audiovisual users, of which 93.8% are short video users, and the average daily usage time is up to 156 minutes, ranking first in Internet applications.

Comments: Driven by multiple factors such as technological innovation, content diversification and policy empowerment, the short video market has shown strong growth potential and broad application prospects. In the future, the short video industry will continue to develop in the direction of intelligence, socialization, and cross-border integration, and pay equal attention to technological innovation and content quality, becoming an important part of the digital economy. With the expansion of new business formats such as the low-altitude economy and the metaverse, the boundaries of short video applications will be further extended, and structural growth is being achieved through deep content cultivation, technology empowerment, and model innovation, and the industry scale is expected to reach a mature period of 2.5 trillion yuan by 2030.

◆Among the A-share companies, BlueFocus (300058) has a short video team of nearly 100 people, which deeply explores the marketing methods and diversity of short videos. Zhewen Internet (600986) is the head marketing partner of Douyin and Kuaishou, and the smart content ecology with live broadcast and short video as the core has begun to take shape.

[CSI Focus].

The "magnesite capital" strictly controls the total amount of resources and the price of magnesite will rise steadily

Recently, the Office of the Leading Group for the High-quality Development of the Magnesite Industry in Liaoning Province has researched and formulated the "Key Points for the High-quality Development of the Magnesite Industry in 2025". The key point clearly states that it is necessary to continue to strictly control the total magnesite resources, set the annual output of magnesite ore to be controlled at 30 million tons in principle, and reduce the total magnesia production capacity to 25 million tons. After this policy was made public, magnesite mining companies in Dashiqiao and Haicheng increased their ore quotations again. The increase in ore prices was quickly transmitted to the downstream product market, and this week, the quotations of fused magnesia and lightly burned magnesia from enterprises in the two places rose.

Comments: 29% of the world's magnesite reserves are in China, and Liaoning Province, the "capital of magnesite", accounts for more than 90% of China's reserves. Haicheng and Dashiqiao in Liaoning are known as the "bases" of high-quality magnesite in the world. Magnesite is not only used as a refractory material, but also has great potential in the field of building materials. In particular, magnesia building materials, such as fireproof boards and lightweight partition walls, have a very broad application prospect in the field of building energy efficiency. As the global demand for green buildings grows, these products are likely to be the next growth point for the magnesite industry. The reduction of production capacity in Liaoning Province will support the steady rise in the price of magnesite resources in the long term.

◆Among the A-share companies, Jinhong Mining, a subsidiary of Beijing Lier (002392) Holdings, is mainly engaged in the mining and processing of magnesite, and the mining area is located in Mafeng Town, Haicheng City, Liaoning Province, with about 48 million tons of magnesite reserves and a licensed mining capacity of 1 million tons per year. The company and Haicheng Magnesia Refractory General Plant established Haicheng Magnesia Mining Company, which has rich magnesite resources and prospective geological reserves of about 830 million tons. Pu Nai Co., Ltd. (002225) has a total magnesite reserves of about 98 million tons in Liaoning, Xinjiang and Tibet, and a total annual mining capacity of about 2.6 million tons.

【Selected News】

○ On March 26, the General Office of the State Council forwarded the notice of the Ministry of Commerce on Several Measures to Support the Cultivation and Construction of International Consumption Center Cities. It is mentioned that the pilot project of innovation and upgrading of the retail industry will be carried out to promote the transformation and upgrading of retail commercial facilities, digital empowerment, and diversified innovation. According to the city's functional positioning, the implementation of the wholesale industry high-quality development project. Create a number of characteristic neighborhoods. Carry out pilot reforms of automobile circulation and consumption, develop new consumption scenarios such as automobile events and RV camping according to local conditions, and expand consumption in the automobile aftermarket. Implement the policy of duty-free shops in the city, and promote the construction and operation of duty-free shops in the city that have been approved for establishment as soon as possible. Excavate local characteristic food resources, cultivate famous dishes, famous snacks, famous chefs, and famous restaurants. Improve the quality of accommodation services, and support the integrated development of accommodation, tourism, health care and other business formats. Vigorously develop the economy of sports events, promote sports competitions into scenic spots, neighborhoods, and business districts, and cultivate brand projects of "traveling with events". Support the use of shopping malls, shopping malls and other places to create new spaces for characteristic performing arts.

○ Recently, Apple's senior management came to China again and visited three supply chain companies: Goertek, Luxshare Precision, and Jieshide Group.

○ Qichacha APP shows that recently, Tencent Technology (Shenzhen) Co., Ltd. "Brain-computer interface-based motion control method and related equipment" patent was authorized. In addition, Chinese scientists have successfully constructed a three-dimensional multimodal map of micron-level brain-computer interface, which has created a new paradigm for brain-computer interface technology research and medical education.

○ The BMW Group announced that it will deepen its strategic cooperation with Alibaba Group to jointly develop an AI engine based on the Tongyi series model and apply it to BMW's next-generation series models in the Chinese market.

○ The State Administration for Market Regulation issued an announcement on matters related to further strengthening the management of raw materials for infant formula milk powder, which pointed out that the use of raw cow milk or raw goat milk is encouraged to produce infant formula milk powder.

○ "Guangxi Pinglu Canal Advanced Manufacturing Industry Development Plan (Draft for Comments)" for public comment. It is mentioned that to carry out large-scale model technology research, encourage software companies such as Runjian Co., Ltd. and Shusi Group to develop vertical field models; Build a manufacturing base for cabled underwater robots and cableless underwater robots.

[Sankei perspective].

Thanks to good end-user demand, display panel prices continue to rise

Thanks to good terminal demand, the price of LCD TV mainstream size panels has risen across the board since January 2025, and is expected to continue to rise in March. The average utilization rate of the LCD industry has rebounded since November 2024 and remains above 80%. With the increase in the concentration of the LCD market, the increase in the voice of Chinese manufacturers, and the depreciation of production lines and the "national subsidy" policy, the LCD industry chain has ushered in an upward turning point. At the same time, in the context of the continuous increase in the penetration rate of OLED, some tracks are expected to grow rapidly. With LCD and OLED both ushering in an inflection point, in the next one or two years, panels and other technology manufacturers will show a trend of "Evergrande", and the profits of the top three companies in the industry may account for 85% or even higher of the profits of the whole industry.

◆Among the A-share companies, the main products of Wright Optoelectronics (688150) include OLED terminal materials and OLED intermediates. Rainbow Co., Ltd. (600707) is a leading manufacturer of liquid crystal substrate glass and liquid crystal panel in China.

[Company News].

○ China Mobile (600941) and Alibaba held a signing ceremony for a strategic cooperation agreement in Beijing. The two parties will carry out in-depth cooperation in digital infrastructure, application ecology, scientific and technological innovation capabilities, and international business, jointly build and operate advanced AI data centers, help both parties improve the scale and efficiency of cloud computing and AI services, deepen the technical exchanges and ecological co-construction of China Mobile's "Jiutian" and Alibaba's "Tongyi Qianwen" AI model, promote the deep integration of AI with various industries, and create greater industrial value.

○ENN (600803) intends to privatize ENN Energy Holdings Limited by way of a scheme of arrangement through its wholly-owned subsidiary, Xinneng (Hong Kong) Energy Investment Co., Ltd., as the offeror, subject to the satisfaction of the conditions precedent. ENN Energy will become a wholly-owned subsidiary of New Energy (Hong Kong) Energy Investment Co., Ltd. upon the effective date of the scheme of arrangement and will be delisted from the Hong Kong Stock Exchange, and the Company will be listed on the Main Board of the Hong Kong Stock Exchange by way of introduction. The company's shares will resume trading from the market open on March 27.

○ Optics Valley Dongzhi, a subsidiary of East Sunshine (600673), will hold a humanoid robot conference in May, which can think like a human with the blessing of embodied intelligent technology.

○Haosen Intelligent (688529) recently said in an institutional survey that in the first stage of humanoid robot application, the company focuses on the development of embodied intelligence in special process scenarios in the automotive field, providing humanoid robots and autonomous mobile robots.

○ AMEC (688012) has once again achieved a major breakthrough in the field of plasma etching technology, with an accuracy equal to about one-tenth of the diameter of a silicon atom of 2.5 angstroms, and one-fifth of the average diameter of a human hair of 100 microns.

○ Shihua Technology (688093) subsidiary plans to invest about 500 million yuan in high-performance optical and integrated circuit polymer materials projects.

○ YIPLI (002096) plans to acquire 51% of the shares of Songguang Civil Explosion for 316 million yuan.

○ Jin Chengxin (603979) signed a daily operation contract of about 278 million yuan.

○ Traffic Control Technology (688015) won the bid of 302 million yuan for the procurement project of urban rail transit signaling system equipment.

○ Jiu'an Medical (002432) plans to repurchase shares for 250 million yuan to 500 million yuan.

[Capital Tide View].

○ On March 26, the net outflow of main funds in Shanghai and Shenzhen was 12.638 billion yuan. The top three sectors with net inflows of main funds were motors, automobiles and photovoltaic equipment, with net inflows of 1.667 billion yuan, 1.036 billion yuan and 973 million yuan respectively. The top three stocks with net inflows of main funds are Wolong Electric Drive, Huafeng Microfiber and JAC, with net inflows of 1.216 billion yuan, 533 million yuan and 508 million yuan respectively.

○ Dalian Heavy Industry (002204) rose on March 26, with a turnover of 4.413 billion yuan and a turnover rate of 27.61%. According to the data of the after-hours Dragon and Tiger List, the special seats for Shenzhen-Hong Kong Stock Connect bought 110 million yuan and sold 79.9599 million yuan, the special seats for one institution bought 35.4728 million yuan, and the special seats for three institutions were net sold 198 million yuan.