[Table_Title] 证券研究报告 / 行业策略报告 AI 赋能教育、IP 衍生品打开全新增长曲线。AI 赋能下的教育出版产品 形态日益多样化，从纸质图书到电子出版物，再到虚拟仿真平台和智能 教辅系统，出版企业正在通过技术手段打破传统内容边界，实现教育出 版的多维创新。出版行业近年来在 IP 内容开发方面展现出强劲的增长潜 力，尤其是在商品化和跨界合作层面，IP 的价值链条得到了显著延伸。 对比出版与传媒行业其他板块近几年的行情，出版行业同涨不同跌。我 们认为 2023 年 5 月后，由于出版板块回撤较小，估值高于传媒行业其他 板块。2025 年至今经过其他板块上涨，目前出版板块已经回归传媒行业 整体价格中枢，且从估值上来看，出版行业在传媒各板块中明显低于平 均水平，当前配置性价比较高。2026 年是 AI 应用大年，我们认为传媒 行业将受益于 AI 应用引来一轮上涨行情，其中出版板块因为同涨不同 跌的历史特性，将跟随传媒主升浪共同上涨，且高位回撤较小，具备极 高的长期持有价值。 出版板块三大主线：1.具有红利优势及所处地区人口具有优势（主业稳 固）的标的，业绩稳健，现金储备充足，分红政策稳定，配置性价 ...

证券代码：601019 证券简称：山东出版 公告编号：2026-001 山东出版传媒股份有限公司 关于全资子公司2026年开展纸浆套期保值业务的公告 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 完整性依法承担法律责任。 重要内容提示： 交易目的、交易品种、交易工具、交易场所和交易金额: 山东出版传媒股份有限公司（以下简称"公司"或"山东出版"） 全资子公司山东省出版对外贸易有限公司拟在 2025 年开展纸浆 套期保值业务的基础上，通过上海期货交易所继续开展纸浆套期 保值业务，交易品种包括与生产经营相关的纸浆期货业务，业务 规模为在手合约的保证金在任意时点不超过人民币 4000 万元（不 含标准仓单交割占用的保证金），额度在 12 个月内循环使用。 已履行的审议程序：2026 年 3 月 3 日，公司召开第四届 董事会审计委员会 2026 年第一次会议，审议通过《关于公司全资 子公司 2026 年开展纸浆套期保值业务的议案》，并同意提交公司 董事会审议；2026 年 3 月 6 日，公司召开第四届董事会第四十次 （临时）会议，审议通过《关于公司 ...

Investment Rating - The report maintains a positive outlook on the media and internet industry, particularly highlighting the growth potential driven by AI applications and content quality [1]. Core Insights - The media and internet industry index rose by 17.94% in January 2026, outperforming the Shanghai and Shenzhen 300 index, which increased by 1.65% [6][8]. - The film industry experienced a significant decline in box office revenue, with January 2026 box office at 1.965 billion yuan, down 69.15% year-on-year and 47.08% month-on-month [16][18]. - The gaming industry saw record-high user revenue, with actual sales revenue reaching 350.789 billion yuan in 2025, a year-on-year increase of 7.68% [30][34]. - The advertising market grew by 5.4% year-on-year in 2025, with notable increases in sectors such as telecommunications and personal goods [16]. - AI applications are rapidly advancing, with companies like Zhihui and Minimax listing in Hong Kong, indicating a strong market interest in AI commercialization [1][4]. Market Dynamics - The media industry index showed a strong performance in January 2026, with all sub-sectors experiencing growth, particularly advertising marketing, which rose by 35.73% [7][8]. - The film industry is expected to see a rebound in February 2026 due to the release of new films during the Spring Festival [25][29]. - The gaming market continues to expand, with a user base of 683 million, marking a historical high [30][34]. Sub-industry Data Tracking Film Industry - January 2026 saw a total of 41 films released, with a box office champion being "Zootopia" at 423 million yuan, accounting for 21.5% of the total box office [16][26]. - The average ticket price in January 2026 was 38.84 yuan, down 17.45% year-on-year [18]. Gaming Industry - The domestic mobile gaming market generated 257.076 billion yuan in revenue in 2025, a 7.92% increase year-on-year [30][34]. - The number of approved domestic game licenses increased significantly, with 177 games approved in January 2026, indicating a stable supply for the market [42][44]. Advertising Industry - The advertising market's total expenditure increased by 5.4% in 2025, with significant growth in sectors like telecommunications and IT products [16].

Core Insights - The publishing sector experienced a rise of 1.52% on February 3, with notable gains from companies like Zhongwen Online, which led the sector with a 4.01% increase [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Group 1: Stock Performance - Zhongwen Online (300364) closed at 31.91 with a gain of 4.01%, trading volume of 588,700 shares and a transaction value of 1.855 billion [1] - Ning Media (002181) saw a 3.25% increase, closing at 12.38 with a trading volume of 1,254,400 shares and a transaction value of 1.536 billion [1] - Other notable performers included Southern Media (601900) with a 2.68% increase, China Science Publishing (601858) up 2.27%, and Anhui New Media (601801) up 2.21% [1] Group 2: Market Flow - The publishing sector experienced a net outflow of 171 million from institutional investors, while retail investors saw a net inflow of 242 million [2] - The data indicates that retail investors were more active in the market, contrasting with the outflows from institutional and speculative funds [2] Group 3: Individual Stock Flows - Zhejiang Publishing (601921) had a net inflow of 10.2522 million from institutional investors, while it faced a net outflow of 11.2103 million from speculative funds [3] - Southern Media (601900) recorded a net inflow of 7.0367 million from institutional investors, with a significant outflow of 14.4210 million from speculative funds [3] - Retail investors contributed a net inflow of 738.43 million to Southern Media, indicating strong retail interest [3]

Group 1 - The core viewpoint of the report indicates that the fund, AI Fund China Europe Dividend Select Mixed Initiation A, has shown a profit of 1.5113 million yuan in Q4 2025, with a weighted average profit per fund share of 0.032 yuan. The fund's net value growth rate for the reporting period was 2.8%, and the fund size reached 61.4973 million yuan by the end of Q4 [3][15] - The fund is categorized as a mixed equity fund, with a unit net value of 1.29 yuan as of January 22. The fund managers are Liu Yong and Zhang Xue Ming [3] - The fund management expresses optimism about the future of dividend investment in China, suggesting there is still room for further development and deeper exploration. They plan to enhance research in this area and refine existing dividend strategies [3] Group 2 - As of January 22, the fund's three-month cumulative net value growth rate is 4.09%, ranking 514 out of 689 comparable funds. The six-month growth rate is 6.58%, ranking 603 out of 689, and the one-year growth rate is 18.55%, ranking 581 out of 673 [3] - The fund's Sharpe ratio since inception is 1.3735, indicating a favorable risk-adjusted return [8] - The maximum drawdown since inception is 6.78%, occurring in Q2 2025, which is the highest quarterly drawdown recorded [11] Group 3 - The average stock position since inception is 86.6%, compared to the peer average of 84.04%. The fund reached its highest stock position of 92.16% at the end of Q3 2025 and its lowest of 67.43% at the end of Q3 2024 [14] - As of the end of Q4 2025, the fund's top ten holdings include Guangzhou Development, Nanjing High-Tech, Weifu High-Tech, Huadian International, Ordos, Nanjing Steel, Wuxi Bank, Shandong Publishing, Guiyang Bank, and Zhongchuang Zhiling [18]

证券日报网讯1月20日，山东出版（601019）在互动平台回答投资者提问时表示，公司主营业务以出 版、发行、印刷、印刷物资贸易等为主，版权收入占比较小。 ...

Core Viewpoint - The provincial government emphasizes the importance of enhancing the capabilities and competitiveness of state-owned enterprises (SOEs) in Shandong, focusing on high-quality development and innovation in response to new economic challenges [1][2]. Group 1: Development Strategies - The government aims to accelerate the cultivation of new productive forces, optimize traditional industries, and foster emerging industries while ensuring a forward-looking layout for future industries [2]. - There is a strong emphasis on promoting green and low-carbon transformation, focusing on building a new energy system, energy conservation, carbon reduction, and efficient resource utilization [2]. - The government plans to enhance the safety of industrial and supply chains, stabilize supply chains, and improve autonomous innovation capabilities [2]. Group 2: Internal Management and Governance - The internal management of enterprises will be strengthened, guided by the improvement of the modern enterprise system with Chinese characteristics, including a robust decision-making system and internal control mechanisms [2]. - Continuous optimization of state-owned resource allocation is prioritized, focusing on core responsibilities and deepening restructuring and asset revitalization [2]. - There is a call for SOEs to take on social responsibilities and contribute more to the construction of a modernized strong province [2]. Group 3: Leadership and Political Construction - The importance of strengthening the leadership and political construction of SOEs is highlighted, with a focus on enhancing grassroots foundations and deepening anti-corruption efforts [2]. - SOE leaders are encouraged to enhance their overall perspective and resilience in tackling challenges, while maintaining integrity and promoting reform and development [2].

Core Viewpoint - The publishing sector experienced a significant decline, with a drop of 4.09% on January 16, led by China Science Publishing, which fell by 9.99% [1] Market Performance - The Shanghai Composite Index closed at 4101.91, down 0.26% - The Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - China Science Publishing (601858) closed at 21.54, down 9.99% with a trading volume of 313,900 shares and a turnover of 694 million yuan - Rongxin Culture (301231) closed at 38.52, down 9.41% with a trading volume of 109,500 shares and a turnover of 432 million yuan - Zhongwen Online (300364) closed at 32.91, down 8.46% with a trading volume of 1,288,400 shares and a turnover of 428.1 million yuan - Other notable declines include Southern Media (601900) down 5.09%, Tianzhou Culture (300148) down 4.90%, and CITIC Publishing (300788) down 4.86% [1] Capital Flow Analysis - The publishing sector saw a net outflow of 1.067 billion yuan from institutional investors, while retail investors contributed a net inflow of 943 million yuan [1] - The table of capital flow indicates that Southern Media had a net inflow of 11.2999 million yuan from institutional investors, while it faced a net outflow of 44.1266 million yuan from retail investors [2]

Core Viewpoint - Shandong Publishing (601019) is actively expanding its book business both domestically and internationally, enhancing its cultural influence and market presence through copyright exports to over 40 countries [1] Group 1: Business Operations - The company's book business primarily focuses on Shandong but aims to reach a national audience [1] - Shandong Publishing has successfully exported book copyrights to more than 40 countries, including the United States, United Kingdom, Germany, South Korea, Russia, UAE, Indonesia, Thailand, and Vietnam [1] - The company has engaged in copyright exports in over 30 languages, which has effectively increased its international communication capabilities [1] Group 2: Future Plans - The company plans to further expand its market coverage and enhance its brand influence and market share [1]

Core Viewpoint - The company, Shandong Publishing (601019.SH), is actively engaged in international book copyright trade, exporting to over 40 countries, which enhances its global influence and cultural impact [2]. Group 1: Business Operations - The company's book business is primarily focused in Shandong province but also serves the entire nation [2]. - The company has successfully exported its products to countries including the United States, United Kingdom, Germany, South Korea, Russia, UAE, Indonesia, Thailand, and Vietnam, covering over 30 languages [2]. Group 2: Future Plans - The company aims to further expand its market coverage and enhance its brand influence and market share [2].