Group 1: Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Group 2: Core Views of the Report - REITs are investment funds that pool capital through issuing shares or beneficiary certificates, with funds managed by specialized institutions and returns distributed to investors. Originating in the US in the 1960s, they have since expanded globally, providing ordinary investors access to the real - estate market [4]. - China's REITs market, initiated in 2014 with the first quasi - REITs product, has developed a multi - level market including Pre - REITs, quasi - REITs, infrastructure public REITs, and hold - type real - estate ABS, offering diverse investment options and meeting the needs of both financiers and investors [2]. - These REITs products share commonalities in tax planning, capital weakening structures, and financial statement optimization, but also have significant differences in product positioning, categories, rating roles, investor types, and underlying asset types [49][57]. - Looking ahead, China's multi - level REITs market will continue to develop, with infrastructure public REITs expanding through the expansion mechanism, quasi - REITs maintaining their characteristics, and hold - type real - estate ABS filling market gaps [65]. Group 3: Summary by Directory 1. Introduction - REITs are investment funds that pool capital from investors, managed by specialized entities, and distribute returns proportionally. They originated in the US in the 1960s and have grown globally after the 1986 tax reform [4]. 2. China's Multi - level REITs Market (1) Pre - REITs Products - Pre - REITs target infrastructure/real - estate assets that are not yet eligible for public or quasi - REITs but have potential for future development. They use private investment vehicles and aim to exit through public REITs or quasi - REITs [5]. - The development of Pre - REITs is driven by the strict entry requirements of public and quasi - REITs. For example, public REITs have requirements on asset ownership, cash - flow stability, and operator creditworthiness [6]. - The Huaxi Zhangjiang Guangdayuan project is a successful case where Pre - REITs achieved exit through public REITs. During the incubation period, the project adjusted tenant structure and increased revenue to meet public REITs requirements [8][9]. (2) Quasi - REITs Products - As of September 2025, 309 quasi - REITs worth 608.977 billion yuan were issued in China. They are important in the ABS market, with a common dual - SPV structure and can be classified into equity - biased and debt - biased types [14]. - The dual - SPV structure involves an asset - backed special plan and a private fund/trust. For projects with existing debt, the private fund acquires project company equity and repays the debt; for projects without debt, an additional SPV is introduced [15][19]. - Equity - biased and debt - biased quasi - REITs differ in product term, repayment method, LTV, location, and credit enhancement measures [21][24]. (3) Hold - type Real - estate ABS - Hold - type real - estate ABS fills the gap between quasi - REITs and infrastructure public REITs, targeting projects that do not meet public REITs criteria but can operate independently of the issuer's credit. As of September 2025, 14 such products worth 2.1381 billion yuan were listed [25][26]. - It emphasizes asset credit and equity attributes, with a simple transaction structure, long - term nature, and an open - exit mechanism. It also allows higher leverage and does not require mandatory credit rating [28][29]. (4) Infrastructure Public REITs - Since the launch of the first 9 infrastructure public REITs in 2021, as of September 2025, 75 public REITs have been listed in various infrastructure sectors [34]. - They adopt a "public fund + asset - backed security" dual - SPV structure, which inherits and develops from quasi - REITs. The public fund can invest 80% of its assets in infrastructure asset - backed securities and can borrow for project operations [35][36]. - The equity + debt structure can be constructed in multiple ways, including project company capital reduction, accounting policy adjustment, and deferred payment of equity transfer fees [37]. 3. Commonalities of Various REITs Products (1) Tax Planning - REITs product construction may incur additional tax costs, mainly during the real - estate restructuring phase. The state has issued policies to address major taxes such as land value - added tax, VAT, and corporate income tax [49][50]. (2) Capital Weakening Structure - REITs products use an equity + debt structure to achieve capital weakening and take advantage of tax shields. However, there are regulatory limits on the debt - to - equity ratio [54]. (3) Financial Statement Optimization - All REITs products have the potential to optimize financial statements. Quasi - REITs can use off - balance - sheet and on - balance - sheet arrangements, while hold - type real - estate ABS and infrastructure public REITs can reduce leverage through asset sales [56]. 4. Differences among Various REITs Products (1) Product Positioning - Pre - REITs are non - standard products, acting as a "reservoir" for public REITs. Quasi - REITs are standardized fixed - income products, and hold - type real - estate ABS can avoid the high entry barriers of public REITs [58]. (2) Product Categories - Quasi - REITs are divided into equity - biased and debt - biased types. Hold - type real - estate ABS can be evaluated based on cash - flow stability, and infrastructure public REITs are divided into property - right and franchise - right types [59]. (3) Rating Roles - Pre - REITs and infrastructure public REITs do not require rating agencies. Quasi - REITs need credit ratings, while hold - type real - estate ABS can have investment ratings at investors' request [60]. (4) Investor Types - Pre - REITs are suitable for institutional investors with industrial backgrounds. Quasi - REITs are for investors seeking fixed income. Hold - type real - estate ABS attracts long - term institutional investors, and infrastructure public REITs have a diverse investor base [61]. (5) Underlying Asset Types - Pre - REITs' underlying assets are similar to those of infrastructure public REITs but are less mature. Quasi - REITs have a wide range of underlying assets, while hold - type real - estate ABS and infrastructure public REITs have more specific requirements [62]. 5. Summary and Outlook - China has established a closed - loop REITs business model, covering fixed - income and equity products, which meets the needs of market participants and is a financial innovation within the existing legal framework [64]. - In the future, infrastructure public REITs will grow through expansion, quasi - REITs will maintain their position, and hold - type real - estate ABS will fill market gaps [65].

Economic Performance - Shandong Province achieved a GDP of 98,565.8 billion yuan in 2024, growing by 5.7% year-on-year, maintaining its position as the third-largest economy in China[2] - In the first three quarters of 2025, the GDP reached 77,115.0 billion yuan, with a year-on-year growth of 5.6%, surpassing the national average by 0.4 percentage points[2] - The province's industrial investment helped mitigate the negative impact of declining real estate investment, contributing to overall investment growth[2] Fiscal Strength - In 2024, Shandong's general public budget revenue was 7,711.74 billion yuan, a 3.3% increase from the previous year, ranking fifth nationally[4] - The tax ratio was 65.35%, down 4.7 percentage points from the previous year, placing it 13th among provinces[4] - Government fund budget revenue fell to 4,832.12 billion yuan in 2024, a decrease of 1.9% due to declining land transaction prices[4] Debt Situation - By the end of 2024, Shandong's government debt reached 28,428.81 billion yuan, an 18.9% increase from 2023, ranking second nationally[7] - The debt-to-budget revenue ratio was 4.46 times, indicating a moderate level of risk compared to other provinces[7] - The debt growth was concentrated in larger cities, with Qingdao and Jinan having the highest debt levels at 4,382.57 billion yuan and 3,770.56 billion yuan, respectively[8] City-Level Analysis - Qingdao, Jinan, and Yantai led the provincial economy with GDPs of 16,719.46 billion yuan, 13,527.60 billion yuan, and 10,782.83 billion yuan, respectively, accounting for 41.6% of the province's total GDP[3] - Most cities experienced a slowdown in economic growth, with the average growth rate around 5% to 7%[3] - In 2024, the general public budget revenue for Qingdao and Jinan was 1,339.26 billion yuan and 1,083.05 billion yuan, respectively, showing a clear leading advantage[5]

Group 1: Report's Investment Rating - No information provided Group 2: Core Views of the Report - Amid the deepening of local government debt risk prevention and the acceleration of financing platform reform and transformation, with the implementation of the debt - resolution package, there have been phased achievements in implicit debt resolution and financing platform exits. However, bond issuance review maintains a strict supervision of new urban investment financing. In 2025, local governments actively integrated state - owned resources, and the number of entities achieving new - use bond issuance increased, but regional transformation progress varies significantly [2]. - The current debt - resolution policies have two - sided impacts: on one hand, they boost urban investment credit, compress issuance costs and credit spreads, and relieve short - term liquidity pressure; on the other hand, they tighten financing channels and force urban investment entities to accelerate market - oriented transformation [3]. Group 3: Summary by Relevant Catalogs 1. Overview of Urban Investment Bond Issuance under Strict Supervision - Since the Politburo meeting in July 2023 proposed a "package debt - resolution plan", local debt risk resolution has entered a new stage. With a series of supporting policies centered on "controlling new growth, resolving existing debt, and promoting transformation", bond issuance review strictly restricts new urban investment financing while also providing an exit mechanism for list - based management, and the debt - resolution concept is shifting from "risk prevention" to "both risk prevention and development promotion" [3]. - In terms of net financing performance, since 2024, under the influence of strict financing supervision and the maturity peak, the net financing scale of urban investment bonds has dropped significantly, with more than 10 provinces having negative net financing. In the first three quarters of 2025, the total issuance and net financing of urban investment bonds decreased year - on - year, with only 14 provinces having a small net inflow [5]. - Regarding the use of funds raised by urban investment bonds in the first three quarters of 2025, over 80% was used for debt roll - over, about 13% for repaying interest - bearing debts, and less than 1% each for project construction and working capital supplementation. Other uses accounted for about 3% [6]. - From 2024 to the first three quarters of 2025, there were 520 entities achieving new - use bond issuance (excluding duplicates), mainly high - level and high - quality entities. The new - raised funds were mainly used to repay interest - bearing debts, and the proportion of other new - use bonds in terms of the number and amount of issuance was about 30% and 22% respectively [9]. - In terms of regional distribution, Tibet and Qinghai have no new - use urban investment bond issuance. Entities achieving new - bond issuance are mainly from economically strong provinces with rich transformation resources. Guangdong has the most new - break - through entities since 2025. Jiangsu and Zhejiang follow, with relatively active new bond issuances by district - county - level entities [12]. 2. Sample Analysis of Newly - Issued Bond Financing Entities - From 2024 to September 2025, there were about 376 urban investment and transformation - type entities making their debut in the bond market. Zhejiang, Jiangsu, Shandong, and Guangdong had the most newly - issued entities, accounting for 58% of the total. AA+ and above entities accounted for about 80%, and district - county - level entities accounted for about 50% [18]. - Among the newly - issued entities, 273 achieved new uses of bond - raised funds. Guangdong, Shandong, Jiangsu, and Zhejiang were in the top four, accounting for 55% of the total. The proportion of entities achieving new uses in Jiangsu and Zhejiang was relatively low, possibly due to the integration of bond - issuing entities [19]. - Non - top economically developed provinces' newly - issued and new - use entities are concentrated in provincial capitals, while in Zhejiang, Jiangsu, and Guangdong, entities are more widespread and have a more obvious downward trend to the district - county level. Jiangsu and Zhejiang often use internal resource integration of bond - issuing entities, while Guangdong mainly uses government - led integration of regional operating assets [22]. - Newly - issued and new - use entities mainly issue on exchanges, with 85% of exchange - issued entities only issuing private placement bonds. Many entities use guarantee and credit enhancement, and an increasing number explore special - labeled bond varieties [24]. - Over 40% of newly - issued and new - use entities have total assets of less than 10 billion yuan, and 65% have total assets of less than 15 billion yuan. Half of the entities have an asset - liability ratio of no more than 50%, and about 30% have a ratio below 40%. Their main business is relatively focused, but most are in the business expansion and cultivation stage, and about 10% had negative net profits in 2024 [27]. - For district - county - level newly - issued and new - use entities, about half belong to districts and counties with a general public budget revenue of over 8 billion yuan, and 11 belong to those with less than 2 billion yuan but relatively light debt burdens. For prefecture - level entities, 65% belong to prefectures with a general public budget revenue of over 20 billion yuan, and about 20% are from prefectures with over 100 billion yuan [30]. 3. Insights from Cases of Newly - Issued Urban Investment and Transformation - Type Entities - The transformation process varies greatly among regions. Successful entities show provincial concentration characteristics. Local governments and enterprises should choose appropriate transformation plans according to regional urbanization, resource endowments, and their own conditions [33]. - Transformation direction: Entities should clarify their functional positioning and choose transformation directions around serving urban industrial development, improving urban functions, and meeting social and people's livelihood needs. The current transformation directions mainly include urban comprehensive operation and industrial investment and operation entities [35]. - Integration methods: Different regions should choose integration forms based on their resource status and their own conditions, such as government - led integration of regional industrial resources, internal resource integration of bond - issuing urban investment entities, merger integration, and acquisition/merger of external resources [37]. - Asset and business reconstruction: Entities should meet the "335 indicators", have clear main businesses matching their functional positioning, and possess market - oriented operation and self - financing capabilities [38]. - Clarify the boundary with the government: Entities need to clarify the boundaries with the government in terms of debt, property rights, rights and responsibilities, and business, and continuously improve the market - oriented operation mechanism [42].

Investment Rating - The report does not explicitly state an investment rating for the financing leasing industry in the first quarter of 2025 Core Insights - In the first quarter of 2025, the total bond issuance by financing leasing companies reached 1766.14 billion, representing a decrease of 5.99% compared to the same period last year and a decline of 6.77% from the fourth quarter of 2024 [2][3] - The issuance of non-structured products accounted for 52.39% of the total, while structured products made up 47.61% [2] - AAA-rated bonds dominated the non-structured products, comprising 88.33% of the total issuance [9] - The average issuance rates and spreads for leasing companies' bonds showed a downward trend compared to the previous year, with notable differences across various maturities and ratings [16][18] Summary by Sections Bond Issuance Situation - In Q1 2025, 95 leasing companies issued bonds, with 61 companies disclosing their credit ratings [6] - AAA-rated companies accounted for 59.02% of the total, while AA+ and AA-rated companies made up 32.79% and 8.20%, respectively [6][13] - The largest issuance category was ABS, totaling 735.44 billion, which constituted 41.64% of the total issuance [3] Specialty Bond Issuance Trends - The report highlights various specialty bonds, including green bonds, sustainable development-linked bonds, rural revitalization bonds, and technology innovation bonds [10] - In Q1 2025, green bonds had an issuance of 245.16 billion, reflecting a year-on-year growth of 4.60% [10] - Conversely, rural revitalization bonds and technology innovation bonds saw significant declines in issuance, with decreases of 52.79% and 50.00%, respectively [10] Analysis of Issued Bond Rates and Spreads - The average issuance rates for non-structured products showed a decline compared to the previous year, with spreads widening slightly overall [16] - The most significant differences in issuance rates and spreads were observed in 3-year AA+ rated bonds, followed by 9-month and 2-year AA+ rated bonds [16][18] - AAA-rated financial leasing companies had lower issuance rates and spreads compared to most AAA-rated commercial leasing companies [18][21]

Investment Rating - The report indicates a strong investment rating for AAA-rated securities companies, with a significant issuance scale of CNY 2,652.20 billion in the first quarter of 2025, accounting for 96.59% of the total issuance [2][4]. Core Insights - The issuance of corporate bonds and short-term financing bonds was prominent in the first quarter of 2025, with year-on-year growth of 36.82% for short-term financing bonds and 5.25% for corporate bonds, while subordinated bonds saw a decline of 30.94% [2][5]. - The report highlights that higher-rated securities companies have better access to public bond issuance channels and narrower spreads, with AAA-rated companies issuing a total of CNY 2,652.20 billion [3][4]. - No changes in credit ratings for securities companies were reported in the first quarter of 2025, indicating stability in the sector [8]. Summary by Sections Bond Issuance and Credit Rating Distribution - In the first quarter of 2025, a total of 49 securities companies issued bonds, with 40 being AAA-rated, 8 AA+-rated, and 1 AA-rated [7]. - The issuance scale for AAA-rated companies increased by CNY 159.30 million year-on-year, while AA+-rated companies saw an increase of CNY 30.50 million [4][7]. Analysis of Major Bond Types and Spreads - A total of 85 corporate bonds, 24 subordinated bonds, and 53 short-term financing bonds were issued in the first quarter of 2025 [9]. - The average spread for AAA-rated corporate bonds decreased across various maturities, while the spread for AA+-rated bonds increased for 3-year maturities [13][14]. - The average spread for short-term financing bonds issued by AAA-rated companies was 53.51 basis points, showing a significant decrease compared to the previous year [16].

市场表现研究 商业银行 2025 年一季度市场表现分析 金融机构部 王春苗 李玉鼎 摘要：2025年一季度，商业银行债券发行规模合计4708.60亿元，同比减少6.07%。 其中，15家银行发行一般金融债券2970亿元，4家银行发行二级资本债993.60亿 元，5家银行发行永续债745亿元。绿色金融债、小微金融债以及三农专项金融债 等特色品种发行规模合计1750亿元。一季度，同业存单净融资额1.77万亿元，到 期收益率先升后降。同期，商业银行不涉及主体级别调整。截至2025年3月末， 存续发债商业银行主体级别主要分布于A+及以上，其中AAA和AA+级商业银行 占比分别为28.86%和24.57%。 一、 金融债券发行情况 2025年一季度，商业银行债券发行数量为30支，发行规模合计4708.60亿元， 较2024年四季度环比下降19.36%，较上年同期同比下降6.07%。商业银行债券总 偿还量有所上升，一季度净融资额29.30亿元，较上年同期同比下降96.82%。截至 2025年3月末，商业银行存续债券数量1240支，债券余额10.40万亿元。 数据来源：wind，新世纪评级整理 1 / 8 -80.00 - ...

Investment Rating - The report does not explicitly state an investment rating for the high-end medical device industry Core Insights - The high-end medical device market is experiencing stable growth, with a global market size of $345.4 billion in 2023, reflecting a year-on-year increase of 6.64% [2] - In China, the high-end medical device market reached ¥414.45 billion in 2023, growing by 24.9% year-on-year, with a CAGR of 27.8% from 2015 to 2023 [4] - The report highlights the importance of technological innovation and domestic production capabilities in reducing reliance on imports and enhancing market competitiveness [11][14] Summary by Sections High-End Medical Devices - High-end medical devices are characterized by high technical content, significant R&D investment, and complex manufacturing processes, playing a crucial role in precision diagnosis and treatment [1] - The global high-end medical equipment market is primarily concentrated in the US, Europe, and China, which together account for approximately 86% of the market share in 2023 [2] Market Growth and Segmentation - The treatment equipment segment holds the largest market share at 28.67%, followed closely by diagnostic testing equipment at 27.91% in the global market [2] - In China, treatment equipment also leads with a 27.47% market share, followed by diagnostic testing equipment at 26.56% [4] Domestic Innovation and Policy Support - The Chinese government has been actively promoting the development of high-end medical devices to reduce dependence on imports, with a significant increase in the number of approved innovative medical devices [11] - In 2024, the National Medical Products Administration approved 65 innovative medical devices, marking a 6.6% increase from the previous year [12] R&D Investment and Technological Advancements - R&D investment in the high-end medical device sector has been increasing, with companies like Mindray Medical and MicroPort Medical leading in R&D spending [19] - The report notes that the cost structure of high-end medical devices is heavily concentrated on core components and R&D, with core components accounting for 40%-60% of total costs [23] Market Dynamics and Internationalization - The report indicates that the high-end medical device industry is undergoing a transformation driven by domestic substitution and international expansion, with Chinese companies increasingly entering global markets [29][30] - In 2023, China's high-end medical device exports grew by 28%, with significant contributions from imaging equipment [30] Future Trends - The aging population is driving demand for chronic disease management and home medical devices, pushing the industry towards smart and precise development [36] - The integration of AI and robotics in high-end medical devices is expected to enhance diagnostic efficiency and patient outcomes, reshaping traditional healthcare delivery models [38]

Investment Rating - The food and beverage industry is rated as stable for 2024 and 2025 [1] Core Insights - The food and beverage industry in China encompasses various sectors, including agriculture, food processing, and beverage manufacturing. The industry's performance is closely linked to regional economic development, demographic changes, and consumer preferences. Despite ongoing growth, revenue growth rates are declining, and profit margins are slightly decreasing due to economic pressures and weak consumer demand [1][7][12] - The agricultural sector, particularly grain production, is expected to maintain a balance between supply and demand, with significant fluctuations in crop prices influenced by various factors [1][25][32] - The feed industry is experiencing stable production levels, but prices are declining due to changes in downstream demand and raw material price fluctuations [2][45][49] - The food manufacturing sector is showing steady growth and improving profitability, with a stable operational environment [3][52][54] Summary by Sections 1. Industry Overview - The food and beverage industry includes upstream agriculture and downstream food and beverage processing. The industry is experiencing a decline in revenue growth and profit margins due to economic pressures and weak consumer demand [1][7][12] 2. Agricultural Sector - Grain planting area and production are expected to continue growing, with major crops like rice, wheat, and corn maintaining a balance between supply and demand. However, prices are subject to significant fluctuations due to various external factors [25][28][32] 3. Feed Industry - The feed industry is characterized by low levels of scale and high competition, with prices declining due to changes in demand and raw material costs. The industry is gradually moving towards more concentrated production [45][46][49] 4. Food Manufacturing - The food manufacturing sector is experiencing steady growth, with increasing fixed asset investments and stable operational performance. Revenue and profit margins are showing slight improvements [52][54][56] 5. Livestock Farming - The livestock farming sector is recovering, with improved conditions for pig farming due to rising prices and lower feed costs. However, dairy farming faces challenges due to declining prices for raw milk [2][58][59]

Investment Rating - The retail industry is rated as stable for 2024 and 2025 [1] Core Insights - The retail industry is supported by government consumption policies and a steady increase in national income, leading to a stable growth outlook despite external economic pressures [2][6] - The online retail sector continues to grow rapidly due to its convenience and diverse offerings, while traditional retail formats like department stores face challenges [3][6] - The government has implemented various policies to stimulate consumption, including the "old for new" policy, which has positively impacted the retail market [4][12] Summary by Sections Industry Overview - The retail industry has shown volatility due to macroeconomic factors and changing consumer expectations, but has generally maintained a positive growth trajectory [7] - From 2019 to 2023, the growth rates of China's total retail sales of consumer goods were 8.00%, -3.90%, 12.50%, -0.20%, and 7.20% respectively [7] Economic Performance - In the first three quarters of 2024, China's GDP reached 949,746 billion yuan, with a year-on-year growth of 4.8% [11] - The total retail sales of consumer goods from January to November 2024 amounted to 442,723 billion yuan, reflecting a year-on-year increase of 3.5% [12] Consumer Behavior - Consumer spending has outpaced income growth, with service consumption and upgraded products seeing significant increases [14][15] - The consumer confidence index has remained low, fluctuating between 85 and 90, indicating a need for further stimulation of consumer confidence [22][25] Retail Formats - Online retail continues to thrive, with a year-on-year growth of 6.8% in physical goods online retail sales, accounting for 26.7% of total retail sales [65] - The supermarket sector has seen a slight recovery, with a growth rate of 2.6% in 2024, although it remains below the overall retail growth rate [51][55] - The department store sector has faced negative growth, with a decline of 2.9% in retail sales for the first eleven months of 2024 [37][40] Policy Environment - The government has designated 2023 and 2024 as "Consumption Promotion Years," implementing various policies to boost consumer spending [72]

Investment Rating - The cultural media industry is rated as stable for 2024 and 2025 [1] Core Insights - The cultural media industry is influenced by macroeconomic conditions, with a recovery in growth due to offline consumption resurgence after a period of high growth and adjustment [1] - The industry is expected to maintain stability in 2025, with growth in industry output and deeper media integration, alongside broader applications of artificial intelligence [4] - The advertising sector is projected to see moderate growth in 2024, with significant increases in spending on cosmetics and bathroom products, while food and beverage sectors are reducing their advertising investments [48][49] Summary by Sections Industry Overview - The cultural media industry encompasses various segments including film and cinema, advertising, broadcasting, and publishing, with a focus on the transmission of culture through diverse media [6][7] Film and Cinema - In 2024, the film box office revenue is expected to decline due to a lack of quality films, although the cinema count and screen numbers continue to grow, albeit at a slower pace [30] - The total box office revenue for January to November 2024 is projected at 40.27 billion yuan, a decrease of 21.05% year-on-year [31] - The number of new films released in 2024 is expected to drop by 6.65% compared to the previous year [37] Advertising - The advertising market in China is anticipated to grow by 1.9% year-on-year in 2024, with notable increases in cosmetics and bathroom products advertising spending [48][49] - E-commerce platforms dominate advertising spending, while video and short video platforms continue to grow rapidly [53] - Traditional media such as television and newspapers are losing market share to emerging media [53][54] Broadcasting - The traditional cable television sector is facing challenges due to the rise of the internet and new media, leading to a decline in actual cable TV users [56][57] - The number of cable TV users in 2023 was approximately 202 million, with a slight increase in dual-channel digital users [58] Publishing - The book publishing sector has shown growth, with 540,274 new titles published in 2023, reflecting a 7.57% increase [68] - The retail market for books reached 91.2 billion yuan in 2023, with significant growth in online sales channels, particularly through short video e-commerce [73][77] - However, the newspaper and periodical publishing sectors continue to decline, with a drop in both the number of publications and total print runs [67][68] Policy Environment - The cultural media industry benefits from strong government support through policies aimed at enhancing national strength and improving the quality of life for citizens [2][78]