| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300364 | 中文在线 | 32.35 | -9.10% | 161.67万 | 54.59 Z | | 300148 | 天舟文化 | 5.26 | -4.71% | 72.61万 | 3.93亿 | | 301025 | 读客文化 | 11.10 | -4.39% | 13.75万 | 1.58 Z | | 301231 | 荣信文化 | 25.53 | -3.48% | 4.40万 | 1.16亿 | | 666109 | 出版传媒 | 7.12 | -3.39% | 6.73万 | 4893.05万 | | 600825 | 新华传媒 | 7.13 | -3.26% | 29.46万 | 2.15亿 | | 600551 | 时代出版 | 8.96 | -3.14% | 17.58万 | 1.60亿 | | еозада | 读者传媒 | 6.66 | -3.06% | 15.04万 | 1.02亿 | | 600229 | 城市传媒 ...

Market Overview - The publishing sector saw a slight increase of 0.01% on August 6, with Xinhua Wenhui leading the gains [1] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Individual Stock Performance - Xinhua Wenhui (601811) closed at 15.72, up 1.95% with a trading volume of 45,500 shares and a turnover of 71.28 million yuan [1] - Changjiang Publishing (600757) closed at 9.72, up 1.04%, with a trading volume of 123,800 shares and a turnover of 120 million yuan [1] - Tianzhou Culture (300148) closed at 5.30, up 0.95%, with a trading volume of 707,000 shares and a turnover of 374 million yuan [1] - Other notable stocks include Zhongwen Online (300364) at 26.19, up 0.69%, and China Publishing (601949) at 6.89, up 0.58% [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 172 million yuan from institutional investors, while retail investors saw a net inflow of 198 million yuan [2] - The overall capital flow indicates a mixed sentiment, with institutional investors pulling back while retail investors are more active [2] Detailed Capital Flow for Selected Stocks - Zhongnan Publishing (601098) had a net inflow of 9.97 million yuan from institutional investors, while retail investors saw a net inflow of 2.49% [3] - Reader Media (603999) experienced a net inflow of 477.75 million yuan from institutional investors but a net outflow of 736.95 million yuan from retail investors [3] - Longjiang Publishing (600757) had a net inflow of 237.24 million yuan from institutional investors, with retail investors contributing a net inflow of 10.42% [3]

证券代码：601019 证券简称：山东出版 公告编号：2025-034 山东出版传媒股份有限公司 关于总经理辞任及聘任公司总经理的公告 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。 一、公司总经理辞任情况 1 致，自本次董事会会议审议通过之日起算。 公司第四届董事会提名、薪酬与考核委员会 2025 年第三次 会议已对李涛先生的任职资格进行了审核，认为上述人选符合公 司高级管理人员任职资格的相关规定。 李涛先生不持有本公司股份，未受过中国证监会及其他有关 部门的处罚和证券交易所惩戒。任职资格符合《公司法》等法律 法规关于高级管理人员任职资格要求。 特此公告。 山东出版传媒股份有限公司（以下简称"公司"）董事会于 2025 年 7 月 25 日收到公司董事、总经理申维龙先生的辞职报告 书。因工作调整原因，申维龙先生申请辞去公司总经理及第四届 董事会提名、薪酬与考核委员会委员职务，该辞职报告书自送达 公司董事会之日起生效。辞去以上职务后，申维龙先生仍旧在公 司担任党委副书记、董事职务。 申维龙先生在担任公司总经理期间，恪尽职守、 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-35 山东出版传媒股份有限公司 关于选举李涛先生为公司董事的公告 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。 经山东出版传媒股份有限公司（以下简称"公司"）控股股 东、实际控制人山东出版集团有限公司提名，第四届董事会提名、 薪酬与考核委员会资格审核，公司于 2025 年 7 月 28 日，召开第 四届董事会第三十五次（临时）会议，审议通过了《关于提名李 涛先生为公司第四届董事会董事候选人的议案》，同意李涛先生 为公司第四届董事会董事候选人，同意将上述候选人提交公司股 东大会采取累积投票的方式进行选举。任期自股东大会审议通过 之日起至第四届董事会届满之日止。 上述董事候选人任职资格符合相关法律、行政法规、部门规 章、规范性文件对董事候选人任职资格的要求,不存在《公司法》 规定的不得担任公司董事的情形。上述董事候选人未曾受到中国 证券监督管理委员会的行政处罚，不存在上海证券交易所认定的 不适合担任上市公司董事的其他情形。 李涛先生简历： 李涛，男，回族，河北沧州 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-033 山东出版传媒股份有限公司 第四届董事会第三十五次（临时）会议决议公告 一、董事会会议召开情况 山东出版传媒股份有限公司（以下简称"公司"）第四届董事 会第三十五次（临时）会议于 2025 年 7 月 28 日上午在公司会议 室以现场会议方式召开，公司全体董事于 2025 年 7 月 24 日全部 收到当日发出的关于召开本次会议的书面或电子邮件通知。会议 由公司董事长刘文强先生召集并主持，会议应出席董事 6 名，实 际出席董事 5 名，独立董事朱炜女士因工作原因不能出席会议， 书面授权委托独立董事蔡卫忠先生代为出席会议并表决。另外， 公司拟聘任总经理候选人及董事候选人出席了本次会议，公司全 体监事、高管成员列席了会议。会议的通知、出席人数、召集和 1 召开程序、议事内容和表决程序均符合《公司法》等法律、法规、 规范性文件及《公司章程》的相关规定。 二、董事会会议审议情况 （一）审议通过了《关于聘任李涛先生为公司总经理的议案》 本议案已经公司第四届董事会提名、薪酬与考核委员会 2025 年第三次会议审议全票通过，并同意提交公司董事会审议。 本 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-032 山东出版传媒股份有限公司 关于对全资子公司提供担保的实施公告 ?对外担保逾期的累计数量：无。 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。 重要内容提示: ?被担保人名称：公司全资子公司：山东省印刷物资有限公 司（简称"物资公司"） 、山东省出版对外贸易有限公司（简称"外 贸公司" ），以及外贸公司全资子公司：山东高志出版国际贸易有 限公司（简称"高志公司" ）。 ?本次担保金额及已实际为其提供的担保余额：公司本次为 物资公司提供的银行授信担保为 0.50 亿元，为外贸公司提供的 银行授信担保为 15.62 亿元，为高志公司提供的银行授信担保为 供的担保余额为 87,698.47 万元。 ?本次担保不存在反担保。 ?特别风险提示：公司本次为资产负债率超过 70%的子公司 外贸公司担保的金额为 15.62 亿元，敬请投资者注意相关风险。 一、担保情况概述 了《关于公司 2025 年度对全资子公司提供担保额度的议案》 ，同 意公司 2025 年度为全资子公 ...

证券代码：601019 证券简称：山东出版 公告编号：2025-032 山东出版传媒股份有限公司 关于对全资子公司提供担保的实施公告 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。 重要内容提示: 被担保人名称：公司全资子公司：山东省印刷物资有限公 司（简称"物资公司"）、山东省出版对外贸易有限公司（简称"外 贸公司"），以及外贸公司全资子公司：山东高志出版国际贸易有 限公司（简称"高志公司"）。 本次担保金额及已实际为其提供的担保余额：公司本次为 物资公司提供的银行授信担保为 0.50 亿元，为外贸公司提供的 银行授信担保为 15.62 亿元，为高志公司提供的银行授信担保为 2.00 亿元。截止本公告日，为以上三家全资子公司实际发生提 供的担保余额为 87,698.47 万元。 本次担保不存在反担保。 对外担保逾期的累计数量：无。 特别风险提示：公司本次为资产负债率超过 70%的子公司 外贸公司担保的金额为 15.62 亿元，敬请投资者注意相关风险。 一、担保情况概述 2025 年 5 月 7 日，公司召开 2024 年年 ...

Core Viewpoint - The AI Fund, China Enterprise Dividend Mixed A (019015), reported a profit of 1.6032 million yuan for Q2 2025, with a net value growth rate of 4.59% during the period, and a total fund size of 33.8038 million yuan as of the end of Q2 2025 [3][16]. Fund Performance - As of July 18, the unit net value was 1.128 yuan, with a one-year cumulative net value growth rate of 9.58%, ranking 446 out of 584 comparable funds [3][4]. - The fund's performance over the last three months showed a growth rate of 8.11%, ranking 436 out of 615, and over the last six months, it had a growth rate of 9.65%, ranking 338 out of 615 [4]. Investment Strategy - The fund manager indicated that with the implementation of U.S. President Trump's tariff policies, global trade tensions are rising. They believe that state-owned enterprise stocks with self-controllable and domestic demand attributes will have better defensive characteristics [3]. - The report suggests that the concept of "dividend" investment, particularly high-dividend stocks, is expected to expand to broadly defined dividend stocks with potential high dividend capabilities. These companies typically have high operational barriers, stable ROE, and abundant operating cash flow, indicating a potential for sustained dividends while still being undervalued historically [3]. Fund Holdings - As of June 27, the fund's top ten holdings included Yanzhou Coal Mining Company, Shandong Publishing Group, Zoomlion Heavy Industry Science and Technology Co., New Media Group, Bohai Ferry, Phoenix Media, Nanjing Steel Group, Nanjing High Accurate Drive Equipment Manufacturing Group, China Shenhua Energy Company, and China Construction Bank [19]. Risk Metrics - The fund has a Sharpe ratio of 0.6765 since inception, indicating a reasonable risk-adjusted return [9]. - The maximum drawdown since inception is 14.12%, with the largest quarterly drawdown occurring in Q3 2024 at 11.88% [12]. Fund Positioning - The average stock position since inception has been 91.66%, compared to the peer average of 83.17%. The fund reached a peak stock position of 93.42% at the end of Q1 2024 and a low of 89.12% at the end of 2024 [15].

Industry Overview - The book retail industry refers to the process of selling books directly to end consumers, utilizing careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [3] - Since 2020, China's book retail market has experienced fluctuations, with the market size declining from 98.7 billion yuan in 2021 to 87.1 billion yuan in 2022 [6] - In 2023, the market began to recover, with the retail market size slightly increasing to 91.2 billion yuan, representing a growth rate of 4.7% [6] Market Trends - By 2024, the integration of online and offline book sales channels has been established, driven by the rise of short video e-commerce and innovations in physical bookstores, leading to a significant market growth [6] - The industry code volume has reached 112.9 billion yuan in 2024, with a year-on-year growth rate of 23.8% [6] - The market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [8] Sales Channel Structure - In 2024, the market share of different sales channels is as follows: platform e-commerce accounts for 40.92%, short video e-commerce for 30.48%, vertical and other e-commerce for 14.71%, and offline physical stores for 13.99% [8] - The significant increase in the market share of short video e-commerce and offline physical stores compared to the previous year indicates a dynamic growth in the book retail sector [8] Key Players - Notable listed companies in the industry include CITIC Publishing (300788), China South Publishing (601098), Xinhua Wenhui (601811), and others [2] - Other relevant enterprises include Zhejiang Xinhua Bookstore Group, Beijing Ren Tian Bookstore Group, and various local bookstores [2]

Core Insights - The Chinese book retail market has experienced fluctuations since 2020, with a decline in market size from 987 billion yuan in 2021 to 871 billion yuan in 2022, followed by a slight recovery to 912 billion yuan in 2023, representing a growth rate of 4.7% [1][5] - In 2024, the market is expected to achieve rapid growth, with the industry scale reaching 1,129 billion yuan, a year-on-year growth rate of 23.8%, driven by the rise of short video e-commerce and innovations in physical bookstores [1][5] Industry Overview - Book retail refers to the process of selling books directly to end consumers, involving careful selection, pricing, promotion, and distribution to meet consumer demand while achieving commercial benefits for publishers and distributors [2] - The industry has seen a stable growth in the number of physical bookstores, with a rise of distinctive and diverse new bookstores, contributing to a preliminary establishment of an integrated online and offline sales channel [2] Market Dynamics - The book retail market is undergoing transformation, reflected in changes in consumer habits, marketing models, channel diversification, policy support, and technological advancements [7] - In 2024, the market structure shows that platform e-commerce accounts for 40.92% of the market, short video e-commerce for 30.48%, while vertical and other e-commerce and offline physical stores account for 14.71% and 13.99%, respectively [7] Book Categories - The largest category in the book retail market is children's books, accounting for 28.16% of the market in 2024, followed by educational materials at 25.33%, supported by a large user base of students [9] Competitive Landscape - The market competition is characterized by diversification and the integration of online and offline sales. Major online platforms like Dangdang and JD Books dominate the market, while physical bookstores like Xinhua Bookstore and independent bookstores enhance their competitiveness through cultural experiences and events [11] - Companies such as CITIC Publishing, Zhongnan Media, and Xinhua Wenhui are key players in the market, each with distinct business focuses ranging from educational materials to digital publishing [13] Development Trends - The integration of online and offline channels is accelerating, with a predicted stable online channel share of 65%-70% and offline bookstores achieving 30%-35% in the next five years [17] - Digitalization and personalized services are emerging trends, with the digital education market expected to exceed 5 billion yuan by 2025, accounting for 15% of the overall market [18][19] - Government policies are continuously supporting the industry's transformation and high-quality development, with initiatives like a 5 billion yuan fund for physical bookstore upgrades [20]