Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

Group 1 - The 31st Beijing International Book Fair has seen various Chinese children's books reach overseas copyright trade agreements, highlighting the international market's interest in innovative reading and publishing formats [1] - The book "Journey to the West: Chinese Mythical Creatures Illustrated," published by Zhongzhou Ancient Books Publishing House, has successfully exported its copyright to the Arab region, following the first volume's success in multiple languages [3] - The series of picture books "Gold Mountain and Silver Mountain: Me and Nature" by Jiangsu Phoenix Children's Publishing House has attracted significant attention from overseas exhibitors, with multilingual versions and adaptations into radio dramas [3][5] Group 2 - The fair attracted 1,700 overseas exhibitors from 80 countries, showing strong interest in China's rich history and contemporary developments, particularly in the "What is China" theme [6][7] - Beijing Yanshan Publishing House's book "Chinese Gnomon" focuses on ancient Chinese astronomical instruments, showcasing the country's historical mathematical approaches [7] - The China Social Sciences Press signed foreign editions of "The Practice Frontier of Chinese Modernization," providing new insights for developing countries [9] Group 3 - The fair highlighted the international appeal of academic books and journals reflecting China's technological advancements, with significant interest in the latest research in various fields [9][11] - The China Encyclopedia Publishing House presented English versions of "Encyclopedia of Mining and Metallurgy" and "Encyclopedia of Psychology," reflecting the latest research in these fields [11] - The Science Press showcased its journal cluster, which includes over 730 types of journals, focusing on global knowledge collaboration and advancements in intelligent manufacturing and drug innovation [13]

6月18日，第31届北京国际图书博览会（BIBF）在国家会议中心开幕。本届BIBF以"促进文明传承发展，推动交流互鉴共赢"为主题， 吸引80个国家和地区的1700多家展商参展，22万种中外精品图书亮相。浙江出版联合集团携旗下12家单位，重点展销近千种精品图 书，策划举办版权输出、新书发布、战略合作签约等12场活动，以鲜明的"真理味"、浓厚的"国际味"、创新的"融合味"，集中展示主 题图书和学术图书全球传播、医疗农业图书对非出版、中华优秀传统文化图书"一带一路"合作出版、童书国际同步出版、精品教 材"走出去"、海外机构本土化建设等方面的成果。中国版权协会理事长阎晓宏，中宣部进出口管理局副局长赵海云，浙江省委宣传部 副部长、省新闻出版局局长、省版权局局长虞汉胤，集团董事长、党委书记程为民，集团总经理、总编辑、党委副书记芮宏，集团领 导叶国斌、张建江等出席相关活动。 在精品图书展台，浙版集团围绕"溯源""文脉""扬帆"三大篇章，集中陈列近年来重要出版成果。聚焦溯源铸魂，呈现《之江新语》 《干在实处 勇立潮头——习近平浙江足迹》《习近平新时代中国特色社会主义思想在浙江的萌发与实践》等权威著作的多语种海外 突出"真理味 ...

中国新闻出版研究院党委书记、院长冯士新在致辞中表示，数字化时代出版业如何利用人工智能等新兴 技术，创新实现知识服务转型升级，满足用户的知识获取需求，成为当前面临的迫切课题。他认为，加 强顶层设计，提供政策支持；加强平台建设，进一步实现业界资源集聚；加强课题研究，进一步促进出 版业融合发展，从而探索人工智能时代知识服务的新路径，助力出版单位深化知识服务模式创新。 马来西亚国家图书委员会主任穆赫德·海尔·雅迪龙 转自：北京日报客户端 6月18日，由中国新闻出版研究院和广西师范大学出版社集团有限公司主办的第二届中国—东盟知识服 务创新与国际交流发展大会在第三十一届北京国际图书博览会现场召开。 大会以"数智时代出版业知识服务创新与国际合作交流"为核心议题，与会专家学者围绕人工智能时代出 版业知识服务的国际化创新路径，聚焦"新媒体技术应用""版权贸易""传统文化数字化传播"等热点议题 展开交流，探讨了中国—东盟出版业国家交流合作的新模式。 中国新闻出版研究院党委书记、院长冯士新致辞 广西师范大学党委副书记黄文韬表示，此次合作不仅是多方优势资源与前沿智慧的深度聚合，更是中国 —东盟出版业迈向高质量合作的重要里程碑，期待未 ...

中国国际金融股份有限公司 关于 新华网股份有限公司 收购报告书 之财务顾问报告 上市公司名称：新华网股份有限公司 股票简称：新华网 股票代码：603888 股票上市地点：上海证券交易所 财务顾问 北京市朝阳区建国门外大街 1 号国贸大厦 2 座 27 层及 28 层 二〇二五年六月 三、对收购人及其一致行动人主体资格、经济实力、管理能力、其他附加义务及诚 （三）关于收购人及其一致行动人是否具备规范运作上市公司的管理能力的核 五、对收购人及其一致行动人的股权控制结构及其控股股东、实际控制人支配收购 （二）未来 12 个月对上市公司及其子公司重大的资产、业务处置或重组计划 十三、收购人及其一致行动人以及其董事、监事、高级管理人员与上市公司之间的 （三）对拟更换的上市公司董事、监事及高级管理人员的补偿或类似安排.... 17 （四）对上市公司有重大影响的其他已签署或正在谈判的合同、默契或者安排 （二）收购人的董事、监事、高级管理人员及其直系亲属前六个月内买卖上市 十五、对上市公司原控股股东、实际控制人及其关联方是否存在未清偿对上市公司 的负债、未解除上市公司为其负债提供的担保或者损害上市公司利益的其他情形的 第一节 ...

Group 1 - The company has approved a cash dividend distribution plan for the year 2024, which will distribute 6.0 yuan per 10 shares to all shareholders, totaling approximately 613.92 million yuan [1][2] - The dividend distribution will be based on the total share capital as of December 31, 2024, with specific tax treatments for different types of shareholders [1][2] - The record date for the dividend distribution is set for June 27, 2025, and the ex-dividend date will follow [1][2] Group 2 - The cash dividends will be directly credited to shareholders' accounts through their custodial securities companies on June 30, 2025 [2] - The company assumes all legal responsibilities for any issues arising from insufficient cash dividends due to a decrease in shareholders' securities accounts during the application period [2][3]

Group 1 - The acquisition involves Xinhua Net Co., Ltd. being acquired by Xinhua Investment Holding Co., Ltd. through a non-compensatory transfer of state-owned shares, resulting in Xinhua Investment holding 264,679,740 shares, which is 51% of the total shares of Xinhua Net [1][3] - The controlling shareholder of Xinhua Net will change from Xinhua News Agency to Xinhua Investment, while the actual controller remains Xinhua News Agency [1][3] - The acquisition is in compliance with the relevant regulations that allow for exemption from public offering requirements [1][3] Group 2 - Xinhua Investment Holding Co., Ltd. was established on January 18, 2012, with a registered capital of 101 million RMB and is wholly owned by Xinhua News Agency [3][4] - The financial data for Xinhua Investment over the last three years shows total assets of approximately 2.23 billion RMB in 2024, with a net profit of about 154 million RMB [12] - The company has not faced any administrative or criminal penalties in the last five years, nor does it have any significant civil litigation or arbitration related to economic disputes [12]

Group 1 - The stock of Annie Co. has experienced a significant increase, with 4 limit-up days within 7 trading days, resulting in a cumulative increase of 58.42% and a turnover rate of 243.22% [2] - As of 10:51, the stock's trading volume reached 205 million shares, with a transaction amount of 1.766 billion yuan and a turnover rate of 37.08% [2] - The latest total market capitalization of A-shares is 5.234 billion yuan, while the circulating market capitalization is 4.999 billion yuan [2] Group 2 - The margin trading data shows that as of June 19, the margin balance for the stock is 232 million yuan, with a financing balance of 231 million yuan, which decreased by 11.76 million yuan from the previous trading day, a decline of 4.84% [2] - Over the past 7 days, the margin balance has increased by 11.65 million yuan, reflecting a growth of 5.30% [2] - The stock has appeared on the Dragon and Tiger list 5 times due to significant price deviations and trading volume, with institutional investors net selling 4.9399 million yuan while other trading seats collectively net bought 158 million yuan [2] Group 3 - The company's Q1 report indicates total operating revenue of 81 million yuan, representing a year-on-year increase of 15.73%, while net profit was 1.3571 million yuan, showing a year-on-year decline of 59.52% [2] - Recent trading performance shows fluctuations in daily price changes and turnover rates, with notable net inflows and outflows of capital on specific trading days [2]

Core Viewpoint - The rise of digital reading and book live streaming is reshaping reading habits, making it a new cultural consumption choice for many people [1][2] Group 1: Impact of Live Streaming on Book Sales - Book live streaming is becoming increasingly common, providing a new way for publishers to connect with readers and enhance book exposure [2][6] - Publishers can engage with readers in real-time during live streams, offering a customized reading experience that matches reader interests [2][6] - The content e-commerce sector is expected to continue its positive growth, with live streaming contributing to increased book sales [2][7] Group 2: Enhancing Reading Interest - Live streaming can effectively stimulate reading interest through engaging formats like book recommendations and reading excerpts [5][6] - Successful live streams can lead to significant book sales, with some recommendations resulting in sales reaching millions [6][7] - Video book presentations are becoming an integral part of the reading experience in the digital age, even if they do not replace traditional reading [6][7] Group 3: Digital vs. Print Reading - A recent survey indicates that nearly 78.7% of adults read via mobile devices, showing a slight increase from the previous year [7] - Despite the growth of digital reading, there remains a substantial audience for print books, particularly among students and professionals [8] - Digital reading and print reading each have unique advantages, and live streaming can enhance the overall reading landscape by driving interest back to print books [8]

第三十一届北京国际图书博览会在北京举办 22万种中外精品图书集中亮相 精品出版物展集中展示习近平总书记重要著作和相关学习读物，通过一批思想性、艺术性、可读性相统一的 优秀出版物，全面展示新时代以来的重要出版成果。刘同华 摄 6月18日，由国家新闻出版署主办的第三十一届北京国际图书博览会在北京国家会议中心开幕。本届图博会 以"促进文明传承发展 推动交流互鉴共赢"为主题，来自80个国家和地区的1700多家展商参展，共有22万种中 外精品图书集中亮相。 北京国际图书博览会（BIBF）创办于1986年，是我国目前最具国际影响力的书展平台，也是亚洲国际化程度 最高的书展。本届图博会与去年相比新增9个国家，多家国际著名学术出版社参展，设立学术数字出版联合展 台，展示海外中小型数字学术资源，集中展示1万余种优秀进口出版物，打造亚洲领先的原版学术资源馆配平 台，助力科研资源建设。 精品出版物展全面展示新时代以来重要出版成果 国内综合馆吸引了来自全国的600多家单位参展，集中展示中国精品图书和"走出去"成果，助力国家形象传 播。中国出版集团、中国国际出版集团、中国教育出版传媒集团、中国科技出版传媒集团等大型出版集团重 磅亮相， ...