Core Viewpoint - The company plans to use part of its idle raised funds for cash management, ensuring that it does not affect the progress of fundraising projects and normal operations [2][5][9]. Group 1: Cash Management Details - The cash management trustee is CITIC Bank, with a redemption amount of RMB 50 million and a continuation amount of RMB 50 million [2]. - The cash management product for redemption is a structured deposit with a term of 90 days, while the continuing product is a large-denomination certificate of deposit [2][12]. - The company has successfully redeemed the structured deposit, recovering the principal of RMB 50 million and earning a return of RMB 278,600 [4]. Group 2: Purpose and Amount of Cash Management - The purpose of cash management is to improve the efficiency of idle raised funds and increase cash asset returns while ensuring that it does not impact project construction and normal operations [5]. - The amount allocated for cash management is RMB 50 million [6]. Group 3: Approval Process - The company held its annual general meeting on May 21, 2025, where it approved the use of idle raised funds for cash management, with a maximum limit of RMB 760 million [9]. - The approval process included consent from the supervisory board and the sponsor institution [9]. Group 4: Impact on Financials - The use of RMB 50 million for cash management represents 8.04% of the company's cash balance of RMB 621.99 million as of the latest reporting period [13]. - This cash management strategy is expected to enhance cash asset returns without affecting the company's main business operations [13].

Core Viewpoint - The article discusses the decline of traditional reading habits and the diminishing presence of "readers" in the digital age, emphasizing a shift towards fragmented information consumption over deep reading [1][2][3]. Publishing Industry Trends - In the U.S., the print run for academic books has drastically decreased from 800-1000 copies to around 200 copies, indicating a significant decline in traditional publishing [2]. - A survey highlighted that college students are reading less, with reading being overshadowed by platforms like TikTok and Instagram, leading to a perception of reading as an outdated cultural practice [2][3]. - The Chinese publishing industry is experiencing a similar trend, with a reported 31% decline in physical book consumption and an average daily reading time of only 24 minutes compared to 108 minutes spent on mobile browsing [5][6]. Market Dynamics - The overall book market is facing a downturn, with major publishers reporting a 20-30% drop in sales compared to the previous year, and first print runs for new books decreasing significantly [6][7]. - The lack of best-selling titles is evident, with books selling over 10,000 copies being rare, and the industry is increasingly reliant on digital formats and new business models [7][8]. Cultural Implications - The article suggests that traditional reading and the concept of authorship are being challenged by the rise of self-publishing and AI, leading to a cultural shift where reading is no longer a primary means of knowledge acquisition [9][10]. - The author expresses concern that the decline in reading habits could lead to a loss of critical thinking and empathy, which are fostered through deep reading of complex texts [4][5]. Future Outlook - The future of the publishing industry may see a transformation where physical books become a luxury item, akin to vinyl records, while digital content and multimedia experiences take precedence [8][10]. - There is a call for systemic solutions to promote reading among students and the general public, emphasizing the need for a cultural revival of reading practices [11].

证券之星消息，7月31日出版板块较上一交易日下跌1.28%，粤 传 媒领跌。当日上证指数报收于 3573.21，下跌1.18%。深证成指报收于11009.77，下跌1.73%。出版板块个股涨跌见下表： | 代码 | 名称 | 主力净流入(元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 300654 | 世纪天鸿 | 2539.13万 | 5.59% | 649.17万 | 1.43% | -3188.30万 | -7.02% | | 301052 果麦文化 | | 1919.62万 | 5.87% | -914.18万 | -2.79% | -1005.44万 | -3.07% | | 601928 凤凰传媒 | | 1530.55万 | 11.52% | -214.95万 | -1.62% | -1315.59万 | -9.90% | | 601098 | 中南传媒 | 860.37万 | 6.74% | 784.98万 | 6.15% | -16 ...

Group 1 - The 33rd National Book Trade Fair highlighted the theme exhibition on natural resources and ecological civilization, showcasing quality publications in this field [1] - The series "Our Land and Ocean" consists of four volumes aimed at enhancing children's understanding of national territory and environmental protection [4] - The "China National Park Giant Panda National Park" knowledge sharing session focused on ecological protection and research monitoring in the Tangjiahe area, emphasizing its rich biodiversity and high forest coverage [5][6] Group 2 - The "Ecological First Lesson: Green Water and Green Mountains for Teenagers" activity aimed to educate children on the importance of ecological civilization and the eight major natural resource elements in China [6]

Group 1 - Guizhou Province is actively promoting the protection of folk art copyrights to aid in the transmission and innovation of traditional culture, establishing a unique path for copyright protection that aligns with local realities [1] - The province has developed cultural and creative products that blend traditional and modern elements, making traditional culture a "new fashion" while continuously advancing copyright protection efforts [1][2] - Guizhou has established a copyright registration platform utilizing blockchain technology to provide efficient and secure services for folk art creators, enhancing copyright service capabilities [1][3] Group 2 - The province organizes regular activities such as live streaming sales, cloud exhibitions, and copyright protection forums, leveraging cultural exchange platforms to build the "Guizhou Copyright Brand" [2] - Guizhou is promoting folk art works like Miao embroidery and wax dyeing at international exhibitions to increase their visibility and influence [2] - The province has registered over 60,000 folk art works and conducted more than 280 copyright knowledge training sessions, supporting over 4,300 creative enterprises and individual studios [3] Group 3 - Guizhou aims to further integrate resources to strengthen the foundation of folk art copyright protection and enhance the value of folk art copyrights, showcasing the province's diverse ethnic culture on a larger stage [4]

中经记者 董曙光 上海报道 7月29日，在由《中国经营报》主办的"破浪·共生——2025中国数字产业大会"上，中国出版集团有限公 司驻上海办事处主任，东方出版中心党委书记、执行董事陈义望发表主题演讲时指出，面对算法写作、 虚拟现实重构阅读等数字技术冲击，出版的永恒价值在于 "对知识的价值判断与体系建构"，并呼吁行 业"驯服技术而非被技术驯服"。 陈义望援引柏拉图《斐德若篇》中苏格拉底对文字的批判论述："文字只会让人类的灵魂遗忘，人们依 赖文字记录便不再努力记忆，他们将信任外在符号，而非内在回忆。" 陈义望提出，当内容生产变得如此便捷，当信息知识的获取如此容易，出版的稀缺性价值是否还存在？ 他阐释道，数字技术驱动的即时生产传播机制颠覆了传统出版周期性规律。"我们出个书最少得6—8个 月，但现在突然之间马上就能生成传播，导致出版业沉淀与反思空间遭遇根本性挤压。" 同时，自媒体与算法推荐正冲击专业出版构建的知识权威体系。陈义望表示，当人人都成为出版人时， 专业出版的价值何在？此外，碎片化阅读与即时反馈机制正在消解人类深度思考的认知能力。 出版从来都不是知识信息的简单搬运和扩散。陈义望以《永乐大典》《中国大百科全书》 ...

Core Viewpoint - The decline of traditional reading habits is evident, with digital media consumption overshadowing book reading, leading to a cultural shift in how knowledge and entertainment are perceived and consumed [1][10][11]. Publishing Industry Trends - In the U.S., academic book print runs have drastically decreased from 800-1000 copies to around 200, indicating a significant decline in traditional publishing [2][5]. - The global digital reading penetration reached 58% by 2023, with the Z generation (post-95) spending an average of 6.2 hours daily on screen reading, while paper book consumption has dropped by 31% [5][6]. - In China, the average adult spends only 24 minutes daily reading paper books compared to 108 minutes on mobile browsing, highlighting a stark contrast in reading habits [5][6]. Market Challenges - The publishing industry is facing a crisis, with major publishers reporting a 20-30% decline in sales year-over-year, and initial print runs for new books dropping significantly [6][7][8]. - The market for bestsellers has shrunk, with very few titles selling over 100,000 copies, and even selling over 10,000 copies is considered a success [7][8]. Cultural Implications - The shift towards digital media and the decline of deep reading are reshaping cultural consumption, with traditional books becoming akin to luxury items rather than essential knowledge sources [9][10]. - The concept of authorship is evolving, with the rise of self-publishing and AI-generated content challenging the traditional publishing model [12][13]. Future Outlook - The publishing industry is undergoing a transformation towards "digital integration," focusing on multi-media products and IP development, indicating a potential decline in the relevance of traditional print books [8][10]. - There is a call for systemic solutions to promote reading habits and protect the publishing industry, emphasizing the importance of reading as a fundamental aspect of cultural survival [13][14].

Core Viewpoint - The company, CITIC Publishing, is collaborating with Shanghai Animation Film Studio and Bilibili to launch the "Chinese Tales" book series, which adapts eight stories from a popular domestic animation, showcasing Chinese cultural essence and diverse aesthetic perspectives [1] Group 1 - CITIC Publishing aims to leverage its advantages in book copyrights and its core competencies in content planning and promotion to enhance the synergy between film, games, and books [1] - The initiative is part of a broader strategy to promote the innovative development and creative transformation of excellent traditional Chinese culture [1] - The company seeks to create a more impactful IP matrix with greater dissemination value and market influence [1]

证券之星消息，7月30日出版板块较上一交易日上涨0.68%，粤 传 媒领涨。当日上证指数报收于 3615.72，上涨0.17%。深证成指报收于11203.03，下跌0.77%。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) | | --- | --- | --- | --- | --- | --- | | 600551 | 时代出版 | 9.72 | -4.89% | 69.35万 | 6.86亿 | | 600825 | 新华传媒 | 7.34 | -1.34% | 39.15万 | 2.90亿 | | 301052 | 果麦文化 | 51.75 | -0.90% | 4.63万 | 2.40亿 | | 300654 | 世纪天鸿 | 11.25 | -0.71% | 1 28.34万 | 3.22亿 | | 601858 | 中国科传 | 19.93 | -0.65% | 4.68万 | 9338.97万 | | 300788 | 中信出版 | 32.14 | -0.37% | 3.13万 | 1.01亿 | | 601928 | 凤凰传媒 | 1 ...

Key Points - The report highlights a moderate recovery in the Chinese economy, with consumption and investment as core drivers [8][12][18] - The A-share market is experiencing a gradual upward trend, supported by long-term capital inflows and favorable policies [5][9][12] - The report suggests focusing on technology growth and cyclical manufacturing sectors for investment opportunities [8][12][21] Domestic Market Performance - The Shanghai Composite Index closed at 3,609.71 with a slight increase of 0.33% [3] - The Shenzhen Component Index closed at 11,289.41, rising by 0.64% [3] - The average P/E ratios for the Shanghai Composite and ChiNext are 14.78 and 41.32, respectively, indicating a suitable environment for medium to long-term investments [8][9] International Market Performance - Major international indices such as the Dow Jones and S&P 500 experienced declines of 0.67% and 0.45%, respectively [4] - The report notes that global risk appetite may improve if the Federal Reserve signals a clear path towards interest rate cuts [8][12] Industry Insights - The machinery sector showed a 7.35% increase in July, outperforming the CSI 300 index [13] - The report emphasizes the importance of focusing on sectors with stable fundamentals and high dividend yields, such as engineering machinery and high-speed rail equipment [14] - The electric power and public utilities sector is rated as "stronger than the market," with a focus on large hydropower companies [18] Sector Analysis - The automotive industry continues to grow, with June production and sales figures showing increases of 5.50% and 8.12% month-on-month [22][23] - The gaming and publishing sectors are expected to perform well, driven by strong demand and favorable policy environments [26][27] - The food and beverage sector is facing challenges, with a decline in most sub-sectors except for health products [33][34] Investment Recommendations - The report recommends maintaining a focus on sectors with strong fundamentals and high dividend yields, particularly in engineering machinery and high-speed rail [14][18] - It suggests monitoring the automotive sector for potential growth driven by policy support and consumer demand [25] - The gaming and publishing sectors are highlighted as having strong growth potential, particularly with the integration of AI technologies [27][28]