Market Overview - The market saw a slight overall increase, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising by 0.04%, 0.24%, and 0.23% respectively, while nearly 3,500 stocks declined and about 1,800 stocks rose [4] Stablecoin - Stablecoin concepts are gaining traction, with JD Group's chairman expressing intentions to apply for stablecoin licenses globally to reduce cross-border payment costs by 90% and improve efficiency to under 10 seconds [7] - The People's Bank of China governor highlighted the role of blockchain and distributed ledger technology in enhancing the development of central bank digital currencies and stablecoins, indicating a growing global demand for improved cross-border payment systems [7][8] - Traditional cross-border payment systems are slow, taking 3-5 business days on average, while stablecoins can facilitate direct peer-to-peer settlements, potentially replacing traditional methods in the future [8] Methanol - Methanol stocks are performing well, with Jin Niu Chemical achieving a four-day consecutive increase, driven by strong demand from major production and export regions like Iran amidst geopolitical tensions [9][11] - The market dynamics show a divergence in performance, with some stocks like Jiang Tian Chemical experiencing significant declines while others thrive [14] Military Industry - The military sector is showing strength, with several stocks like Changcheng Military Industry and New Light Optoelectronics hitting their daily limits, driven by ongoing tensions in the Middle East [15][17] - The military sector index rose by 0.68%, reflecting a correlation with oil and gas sectors due to geopolitical factors [17] Innovative Pharmaceuticals - The innovative pharmaceutical sector is experiencing a pullback, with leading stocks like Shutai Shen facing declines, while Changshan Pharmaceutical saw a significant increase of nearly 15%, marking a 200% rise year-to-date [20] - The stock has shown a tenfold increase over two and a half years, indicating strong market interest in weight-loss drugs [20]

Core Insights - The 2025 Publishing High-Level Forum and Brand Promotion Conference focuses on "brand building" as a key topic, aiming to recognize and celebrate outstanding brands, books, marketing accounts, and publishing institutions in the publishing industry [1][4] - The "2025 Publishing Brand Development Report" reveals that the development of channels and segments in the book retail market is uneven, becoming a norm in the current landscape [4] Market Trends - The overall book retail market showed a high opening but declining trend from January to May 2025, with positive growth in the first quarter, while the second quarter saw negative growth rates, with April's sales down by 0.56% and May's decline exceeding 10% year-on-year [4] - The impact of the "double reduction" policy and new regulations on educational materials has made educational books a significant variable in the retail market, with market demand shifting towards retail [5] Brand Strategy - Brand building is identified as a strategic competitive resource for publishing companies, with an increasing number of companies focusing on establishing brand systems to gain competitive advantages [4] - Jiangsu Phoenix Science and Technology Publishing House has developed a brand strategy that emphasizes consistency, flexibility, and long-term development, creating a brand matrix for lifestyle books and enhancing user interaction through various channels [7] Technological Innovation - The People's Health Electronic Audio-Visual Publishing House is exploring AI technology in medical education, creating a closed-loop development path that integrates intelligent technology with educational scenarios and clinical needs [8] - The use of AI in the publishing industry is transforming content production processes, enhancing efficiency through automation and intelligent planning [8] Case Studies - The "Humanities Treasure" brand has successfully transformed traditional publishing IP into cultural and creative products, emphasizing continuous innovation as key to brand longevity [8] - The "Pillar of History" brand under Yilin Publishing House has adopted a dual-track model of "import + original" to address market needs while enhancing social benefits through immersive exhibitions and interactive marketing [10]

Core Insights - The 31st Beijing International Book Fair (BIBF) is being held from June 18 to 22, 2023, with Malaysia as the guest of honor [1][3] - The fair features over 22,000 types of quality books from more than 1,700 exhibitors across 80 countries and regions, covering an exhibition area of 60,000 square meters [3] Highlights of the Book Fair - The exhibition includes six major categories: thematic books, philosophy and social sciences, ancient books, science and technology, literature and arts, and children's books, showcasing both domestic and international classics [3] - Two new thematic exhibition areas have been added: one commemorating the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the other focusing on world cultural heritage [3] Activities and Events - A series of literary dialogues and seminars will take place, including the "Beijing Writers' Day" and the "World Writers Talk China" seminar, featuring renowned authors [4] - The newly established Author Focus aims to connect authors with readers through dedicated sessions [4] Special Exhibitions - The fair will showcase a special exhibition on the works of Chinese author Mai Jia, featuring around 80 translated works in over 30 languages [5] - A digital exhibition area will highlight the application of big data, cloud computing, and artificial intelligence in publishing [5] Thematic Zones - The fair includes various thematic zones such as the BIBF Art Book Exhibition, BIBF Illustration Exhibition, and BIBF Food Book Exhibition, catering to diverse cultural interests [6] - The BIBF Art Book Exhibition spans 1,200 square meters and focuses on the visual language and structural expression of books [6]

库存高企加剧了书业的困境。 过去十年里，行业库存册数、码洋金额持续增长。《全国新闻出版业基本情况》数据显示，2021年全国新华书店系统、出版社自办发行单位库存册数 达73.95亿册（张、份、盒），码洋金额1705.77亿元。而10年之前，行业库存册数则是55.86亿册（张、份、盒），码洋金额804.5亿元。出版机构的库 存规模持续攀升。在《出版人》杂志的调研中，多家出版机构在库图书码洋金额超过5亿元，库位不得不持续扩容。 这无疑与行业近几年的销售业绩背离。实际上，图书库存的持续膨胀背后是市场销售萎靡、机构决策失效的共同作用，最终指向了多数书企经营管理 水平的滞后。而当库存规模与业绩增长不再同步，库存问题也已经脱离了供应链管理的逻辑，演变为对行业商业模式的拷问。 销售无力 销售的乏力是库存增长的核心原因。 过去三年里，图书零售市场码洋持续下降，进入2025年第一季度，下行的趋势并没有发生改变。据中金易云统计，2025年第一季度图书市场码洋为 239.24亿元，同比2024年第一季度下降5.34%，动销品种数和动销新品数也同步下滑。 图书市场下行背景下，滞销书却在增多。2019年至2023年图书零售市场销量数据显 ...

此外，系统梳理和深入挖掘北京文化内涵的"北京文化书系"格外抢眼，为海内外读者解锁北京文化的奥 秘提供了新鲜视角。现场，北京彩塑技艺代表性传承人张忠强展示了北京彩塑的神奇。"用陶土泥转一 转，搓一搓，转一转，搓一搓，弯成一个大大的对钩儿，轻轻地一捏，左手和右手相互配合，它已经成 为一只大公鸡的造型了。"他边说边做，一个彩塑公鸡就展现到观众面前。 本报讯（记者路艳霞）今天，第31届北京国际图书博览会在国家会议中心拉开帷幕。北京展区以"书香 京城 悦读世界"为主题，展示图书超过3500册。其中，纪念中国人民抗日战争暨世界反法西斯战争胜利 80周年主题图书集中亮相。 记者在现场看到，主题出版区位于北京展区最显著的位置，市属出版单位精心策划的主题出版类图书 呈"品"字形陈列。其中包括《现代化的中国选择》等主题出版类图书、《艺文北京丛书》等获奖类图 书、《抗日年代》等纪念中国人民抗日战争暨世界反法西斯战争胜利80周年主题图书，共约270种。 在文化传承区，则以实物陈列、科技冰屏播放等形式，重点突出北京中轴线主题，精彩呈现中华文化的 深厚底蕴。《北京中轴线文化遗产图典》《京之轴》《了不起的故宫宝贝》《雨燕飞越中轴线》《北京 ...

Core Viewpoint - The 31st Beijing International Book Fair showcases the achievements of the capital's publishing industry, emphasizing high-quality development and cultural exchange through various themed exhibitions and activities [1][3]. Group 1: Exhibition Highlights - The Beijing exhibition area features the theme "Book Fragrance in Beijing, Joy of Reading Worldwide," with 40 participating publishing units displaying over 3,500 books, including award-winning titles [3][5]. - The thematic publishing area prominently displays around 270 titles, including "The Modernization of China's Choice" and works related to the 80th anniversary of the victory in the Anti-Japanese War [5][7]. - The cultural heritage area highlights the Beijing central axis theme, showcasing significant works that reflect the depth of Chinese culture, such as "Cultural Heritage Atlas of Beijing Central Axis" [7][9]. Group 2: Special Features - The special exhibition area emphasizes original literature, showcasing 345 original literary works and their adaptations in various media [9][11]. - The international display area features 136 multilingual copyright-exported books and 190 works from successful enterprises, illustrating the capital's efforts in cultural diplomacy [11][12]. - The digital publishing experience area offers an immersive space, including AI-integrated products for children and a vast audio material library [12][14]. Group 3: Cultural Activities - The fair includes 32 cultural activities that promote cross-cultural exchange, with Malaysia as the guest of honor, featuring copyright signing and book launch events [14][16]. - A collaborative seminar on international publishing cooperation in the scientific humanities will be held, involving leading academic publishing groups [16][17]. - The Beijing Publishing Group and the Italian Embassy are launching a project for mutual translation of classic works, enhancing cultural exchange between China and Italy [17][18].

Group 1 - The article discusses the evolution of the e-book business model, highlighting the impact of e-commerce platforms and the rise of knowledge payment as a transformative force in the publishing industry [1][2] - The success of the e-book "My Grandmother, Never Internalizing" is attributed to a collaborative effort among the publishing house, WeChat Reading, and the editorial team, which effectively identified market trends and user preferences [3][4] - The e-book achieved significant popularity, with over 400,000 cumulative readings across platforms and sales of over 1.5 million copies of the corresponding paper book [2][8] Group 2 - The article emphasizes the importance of a multi-media approach in promoting both e-books and paper books, leveraging social media and user engagement to enhance visibility and sales [10][11] - The marketing strategy included timely launches and targeted discussions around themes such as "family," "personal growth," and "female empowerment," which resonated with the audience [7][10] - The e-book's success led to a surge in interest for the paper book, resulting in multiple print runs and significant sales growth within a short period [13][15] Group 3 - The collaboration between the editorial team and WeChat Reading allowed for innovative content packaging and marketing strategies, which were crucial for the e-book's breakout success [5][6] - The article highlights the role of digital platforms in extending the lifecycle of books, transforming them from bestsellers to long-term sellers through sustained engagement and promotion [15][16] - The case study illustrates the potential for e-books and paper books to coexist and support each other in a comprehensive publishing ecosystem, maximizing content value and market reach [16]

Core Points - The 31st Beijing International Book Fair will take place at the National Convention Center, highlighting Beijing's cultural heritage and original literature [1][2] - The Beijing exhibition area will cover 350 square meters and feature 40 participating publishing entities, showcasing over 3,500 books [1] - The theme of the Beijing exhibition is "Book Fragrance in Beijing, Joyful Reading Worldwide" [1] Group 1: Exhibition Areas - The exhibition area is divided into thematic publishing, cultural heritage, special features, international display, and digital publishing experience zones [1][2] - The thematic publishing area will display approximately 270 types of themed publications, including award-winning books and those related to the 80th anniversary of the victory in the Anti-Japanese War [1][2] - The cultural heritage area will focus on the Beijing central axis, showcasing nearly 200 books that highlight its beauty and cultural significance [2] Group 2: Special Features - The special features area will emphasize original literature, showcasing 345 premium original literary works and their adaptations in various media [2][4] - The old books section will present historical literature and foreign language books published since the 1950s, including notable titles like "Jane Eyre" [4] - The international display area will feature 136 multilingual copyright-exported books and 190 works from successful enterprises in cultural exchange [4][5] Group 3: Events and Activities - A series of copyright promotion activities will be held, targeting publishing institutions from 15 countries in Asia, Africa, and Latin America [5] - A collaborative seminar on international publishing cooperation will take place, involving discussions on the value and publishing plans for scientific and cultural series [5]

Core Points - The 31st Beijing International Book Fair will take place from June 18 to June 22, showcasing the achievements of the capital's publishing industry under the theme "Book Fragrance in Beijing, Joyful Reading Worldwide" [1] - The Beijing exhibition area covers 350 square meters and features 40 participating publishing entities, displaying over 3,500 books [1] Group 1: Exhibition Highlights - The exhibition area is divided into thematic publishing, cultural heritage, special features, international display, and digital publishing experience zones, aiming to present the new achievements and explorations of the capital's publishing industry from multiple perspectives [1] - The thematic publishing area prominently features around 270 themed publications, including award-winning books and those related to the 80th anniversary of the victory in the Chinese People's Anti-Japanese War [1][2] Group 2: Cultural Heritage and Original Literature - The cultural heritage area showcases nearly 200 books focusing on the Beijing Central Axis theme, highlighting the depth of Chinese culture through various works [2] - The original literature section displays 345 premium original literary works, emphasizing the transformation of literary IPs into various media formats [3] Group 3: International and Digital Engagement - The international display area features 136 multilingual copyright output books and 190 works from successful enterprises, showcasing the capital's publishing industry's international outreach [4] - The digital publishing experience zone offers an immersive space for readers, featuring innovative products like AI story dolls aimed at children [5] Group 4: Events and Collaborations - A total of 32 cultural activities will be held during the fair, including lectures, new book releases, and copyright signing events with Malaysia as the guest country [6][7] - The fair will also host five copyright promotion activities targeting publishing institutions from 15 countries in Asia, Africa, and Latin America, aiming to establish cooperative relationships [8]

中国ETF市场历经20余年稳健发展，当前规模已飙升至3.6万亿元，基金数量突破1000只。ETF以其透明、便宜、灵活、安 全等优点，成为大量投资者布局市场的关键工具。然而，超过60%的个人投资者对ETF仍处于"听说过但不会用"的迷茫期， 他们对专业投资知识与服务的需求日益迫切。 6月中旬，为呼应上交所发起的"以投资者为本，重回报促发展"沪市ETF主题活动，华兴证券与中信出版（300788）强强联 手，以"硬核搭子，邀你做ETF投资行家"为主题开展投教活动。与此同时，华兴证券多多金APP（以下简称"多多金"）4.0 版本焕新上线。本次活动通过阅读投教结合专业服务介绍，为投资者构建知识与服务并重的赋能体系，助力投资者突破 ETF投资门槛，开启指数投资新时代。 面对指数化投资时代的到来，中信出版以书为媒，将专业机构投资经验转化为易于大众理解的知识体系，以优质内容赋能 投教市场高质量发展。此次重点推荐的《这样做，买对ETF》一书，从深度解析ETF"家族图谱"，到详细阐述定投、网格交 易等实战策略，全方位覆盖投资者从入门到进阶的全流程，帮助其逐步建立ETF投资方法论。 中信出版还联合华兴证券共同发布以《这样做，买对ET ...