Investment Rating - The report maintains an "Outperform" rating for the media industry, indicating an expected increase of over 10% relative to the CSI 300 index in the next six months [1][37]. Core Insights - The report highlights a decrease in the allocation of public funds to media sector heavyweights, with a total market value of 40.569 billion yuan at the end of Q4 2025, down 31.70% from Q3 2025 [6][10]. - The gaming sector continues to see increased allocation, with a market value of 30.206 billion yuan, representing 74.46% of the total media sector allocation, marking a 1.14 percentage point increase [11][15]. - The report notes a concentration of investment in top gaming companies, with eight out of the top ten heavyweights being gaming firms, reflecting a high level of institutional interest [20][21]. Summary by Sections Heavyweight Stock Allocation - The allocation of public funds to media heavyweights has decreased, with a total market value of 40.569 billion yuan, down 188.25 billion yuan from Q3 2025, resulting in a 31.70% decline [6][10]. - The allocation ratio for the media sector is approximately 1.22%, down 0.56 percentage points from the previous quarter [10][11]. Gaming Sector Performance - The gaming sector's market value is 30.206 billion yuan, accounting for 74.46% of the total media allocation, with a 40.09% over-allocation ratio, the highest recorded [11][15]. - The top three heavyweights in the media sector are gaming, advertising, and film exhibition, with the gaming sector showing the most significant over-allocation [11][15]. Individual Company Focus - The top ten heavyweights in the media sector include major gaming companies such as Giant Network, Century Huatong, and Kaineng Network, with a notable shift in rankings from Q3 2025 [20][23]. - The report indicates a divergence in individual stock allocations, with some previously high-performing companies seeing reduced allocations, possibly due to profit-taking [35][36]. Investment Recommendations - The report suggests focusing on high-growth segments such as AI applications and gaming, which are expected to benefit from favorable policies and upcoming product launches in 2026 [35][36]. - Recommended companies for investment include 37 Interactive Entertainment, Perfect World, Kaineng Network, and others [35][36].

证券之星消息，1月27日出版板块较上一交易日下跌0.89%，粤 传 媒领跌。当日上证指数报收于4139.9， 上涨0.18%。深证成指报收于14329.91，上涨0.09%。出版板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300364 | 中文在线 | 32.23 | 1.45% | 76.81万 | 24.43亿 | | 603230 | 内蒙新华 | 12.58 | 0.96% | 4.99万 | 6202.69万 | | 000719 | 中原传媒 | 12.52 | -0.08% | 7.28万 | 9064.07万 | | 610109 | 山东出版 | 9.17 | -0.22% | 10.25万 | 9334.16万 | | 301025 | 读客文化 | 10.53 | -0.28% | 5.96万 | 6207.88万 | | 601858 | 中国科传 | 20.40 | -0.34% | 9.21万 | 1.87亿 | | 600551 | 时代出 ...

从资金流向上来看，当日出版板块主力资金净流入5535.27万元，游资资金净流入4044.39万元，散户资金 净流出9579.65万元。出版板块个股资金流向见下表： 证券之星消息，1月23日出版板块较上一交易日上涨0.94%，世纪天鸿领涨。当日上证指数报收于 4136.16，上涨0.33%。深证成指报收于14439.66，上涨0.79%。出版板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 300654 | 世纪天鸿 | 11.48 | 6.79% | 50.25万 | | 5.90亿 | | 301231 | 荣信文化 | 40.55 | 4.92% | 10.56万 | | 4.18亿 | | 601900 | 南方传媒 | 16.12 | 3.73% | 38.65万 | | 6.09亿 | | 301052 | 果麦文化 | 42.28 | 3.02% | 8.24万 | | 3.46亿 | | 300364 | 中文在线 | 32.79 | 2.12% ...

Group 1 - The article highlights the top 20 stocks in the S&P China A-Share Dividend Opportunity Index (CSPSADRP) based on their daily and year-to-date performance as of January 22, 2026 [1][5] - The stock "奥特维" (code: 688516.SH) leads with a daily increase of 14.41% and a year-to-date increase of 65.73%, with a dividend yield of 3.21% [1][5] - Other notable performers include "九丰能源" (code: 605090.SH) with a daily increase of 5.95% and a year-to-date increase of 21.51%, and "中国海滩" (code: 600938.SH) with a daily increase of 4.12% and a year-to-date increase of 5.43% [1][5] Group 2 - The overall dividend yield for the index is reported at 4.76%, with a historical price-to-earnings (P/E) ratio of 11.75 times and an expected P/E ratio of 11.07 times [2] - The data indicates a positive trend in stock performance, with several companies showing significant year-to-date gains, suggesting a favorable investment environment [4][8]

证券日报网讯1月22日，中原传媒（000719）在互动平台回答投资者提问时表示，截至2026年1月20日公 司登记在册的股东人数为19966名。 ...

Group 1 - The core point of the article is that Zhongyuan Media (000719) reported the number of registered shareholders as of January 9, 2026, which stands at 18,498 households [1]

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 - The article highlights the top-performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 12, 2026, showcasing significant daily and year-to-date gains along with their respective dividend yields. Group 1: Stock Performance - The top stock, Chongqing Department Store (600729.SH), experienced a daily increase of 10.01% and a year-to-date increase of 11.58%, with a dividend yield of 5.17% [1] - Jiufeng Energy (605090.SH) saw a daily rise of 9.22% and a year-to-date rise of 18.21%, with a dividend yield of 2.42% [1] - Aotewei (688516.SH) reported a daily increase of 8.81% and a year-to-date increase of 35.02%, with a dividend yield of 3.74% [1] - Other notable performers include China Merchants Energy (600026.SH) with a daily increase of 7.24% and year-to-date increase of 16.70%, and Xin'ao Co. (603888.SH) with a daily increase of 6.35% and year-to-date increase of 9.56% [1] Group 2: Dividend Yields and Valuation Metrics - The average dividend yield for the index is reported at 4.76%, with a historical price-to-earnings (P/E) ratio of 11.75 times [2] - The expected P/E ratio is noted to be 11.07 times, indicating a stable valuation outlook for the index constituents [2]

Core Insights - The article highlights the top 20 performing stocks in the S&P China A-Share Dividend Opportunity Index as of January 9, 2026, showcasing significant daily and year-to-date gains along with their respective dividend yields [1][5]. Group 1: Stock Performance - The top performer is Jiufeng Energy (605090.SH) with a daily increase of 4.62% and a year-to-date increase of 8.24%, offering a dividend yield of 2.54% [1][5]. - Weichai Power (000338.SZ) follows with a daily rise of 4.32% and a year-to-date increase of 6.63%, with a dividend yield of 4.00% [1][5]. - Tianshan Aluminum (002532.SZ) shows a daily increase of 2.78% and a year-to-date increase of 12.05%, with a dividend yield of 2.25% [1][5]. - Other notable stocks include China Shenhua (601088.SH) with a dividend yield of 7.82% and a year-to-date increase of 4.81% [1][5]. Group 2: Dividend and Valuation Metrics - The overall dividend yield for the index is reported at 4.76%, with a price-to-book ratio of 1.34 times [2]. - The historical price-to-earnings ratio stands at 11.75 times, while the expected price-to-earnings ratio is slightly lower at 11.07 times [2].

（文章来源：证券日报） 证券日报网讯 1月8日，中原传媒在互动平台回答投资者提问时表示，根据中国结算深圳分公司提供数 据显示，截至2025年12月31日公司登记在册的股东人数为19231户。 ...