Market Overview - On October 10, the publishing sector declined by 0.17%, with Guomai Culture leading the drop [1] - The Shanghai Composite Index closed at 3897.03, down 0.94%, while the Shenzhen Component Index closed at 13355.42, down 2.7% [1] Individual Stock Performance - Guomai Culture's stock price fell by 19.18% to 49.46, with a trading volume of 311,800 shares and a transaction value of 154.3 million [2] - Other notable declines included: - Zhongwen Online down 6.07% to 26.48 [2] - Tianzhou Culture down 0.85% to 4.65 [2] - Conversely, Zhongyuan Media rose by 2.91% to 12.02, with a trading volume of 101,600 shares and a transaction value of 121 million [1] Capital Flow Analysis - The publishing sector experienced a net outflow of 357 million from institutional investors, while retail investors saw a net inflow of 259 million [2][3] - Notable capital flows included: - Zhongwen Media with a net inflow of 25.6 million from institutional investors [3] - Shandong Publishing with a net inflow of 14.4 million from institutional investors [3] - Retail investors showed a mixed response, with some stocks like Longjiang Media experiencing significant outflows [3]

我们需要家人和朋友理解：有一亿美国人患有精神疾病，他们不是迷失的灵魂、无望的失败者。我们完 全有可能好转，过上幸福的生活，并建立有意义的关系。 ——国会议员帕特里克·J. 肯尼迪谈被诊断患有躁郁症 为什么人身体的其他器官生病了会得到同情，唯独大脑不会呢？ ——鲁比·瓦克斯[1] 藏在阁楼里 我很幸运，我亲历了我所从事的医学专业历史上最急剧、最积极的巨变，我见证了它从精神分析派的异 教逐步转变为基于大脑的医学科学的过程。 40年前，我的表妹凯瑟琳因患精神疾病需要接受治疗，我避开了当时最负盛名、最成熟的精神病院，担 心它们可能只会让情况变得更糟。放在今天，我会毫不犹豫地把她送进任意一家大型医疗机构的精神 科。作为一名既有临床护理一线经验又有精神病学前沿研究经历的医生，我目睹了势如破竹的进步改变 了精神病学……但不幸的是，不是人人都能从中受益。 我担任哥伦比亚大学精神病学系主任不久后，有人请我给66岁的金太太会诊。她因严重的皮肤感染入 院，看起来长期未接受治疗。这令人费解，因为金太太受过良好的教育，家境富裕。她毕业于医学院， 她先生是一位著名的亚洲实业家，按理说她可以获得最好的医疗服务。 我与金太太交谈后，很快明白 ...

校。 中国教育出版传媒集团等还举办了"中西AI赋能教育创新交流会"，浙江少儿出版社和山东文艺出版 社举行了出版作品西班牙语版权签约，以及中西智利三方版权洽谈会等一系列活动。 西班牙国际图书博览会于1983年由西班牙出版商联合会创办，已成为西班牙及全球西语国家最具影 响力的书展之一。 10月8日，中国驻西班牙大使馆、西班牙华苑中文学校、西班牙知华讲堂等代表在"中国书架"落成仪式 上剪彩。张宇恒 摄 展会期间，以提升中华文化国际影响力、讲好中国故事为宗旨的"中国书架"项目落户西班牙华苑中 文学校，便于海外中文学习者获取优质中文图书，这也是该项目自2018年启动以来首次落户海外中文学 参观者在中国图书展台翻阅书籍。张宇恒 摄 新华网马德里10月10日电（张宇恒）为期三天的第43届西班牙国际图书博览会9日在首都马德里落 下帷幕，来自50多个国家和地区的近500家展商参展。中国参展单位携千余种精品图书在展会亮相。 中国教育出版传媒集团、人民出版社等14家出版单位组成的中国书展代表团重点展示了中国主题精 品图书、纪念中国人民抗日战争暨世界反法西斯战争胜利80周年图书、中华优秀传统文化图书、中国原 创科幻图书、2025年中 ...

Group 1 - The core viewpoint of the news is that Reader Culture's stock experienced a decline of 1.65% on October 9, with a trading volume of 45.62 million yuan, indicating a potential concern in market sentiment [1] - On October 9, Reader Culture had a financing buy-in amount of 6.52 million yuan and a net financing buy-in of 3.18 million yuan, with a total financing and securities balance of 107 million yuan, which is 2.79% of its market capitalization [1] - The company’s main business revenue composition includes 82.16% from physical books, 17.69% from digital content, and minimal contributions from copyright operations and promotional services [1] Group 2 - As of July 18, Reader Culture had 17,300 shareholders, an increase of 2.84%, while the average circulating shares per person decreased by 2.77% to 16,002 shares [2] - For the first half of 2025, Reader Culture reported a revenue of 168 million yuan, a year-on-year decrease of 15.38%, and a net profit attributable to the parent company of 6.13 million yuan, down 46.90% year-on-year [2] - Since its A-share listing, Reader Culture has distributed a total of 88.84 million yuan in dividends, with 55.24 million yuan distributed over the past three years [3]

Group 1 - The publishing sub-sector exhibits high dividend attributes and stability within the media sector, with leading companies showing gross margins between 30%-40%, net margins around 10%, and ROE generally above 8% [1] - The stock price changes in the publishing sub-sector in 2023 are attributed to a market consensus on valuation reassessment, as publishing companies' content copyrights serve as important sources for data corpus in the context of ChatGPT [1] - In 2024, the market shows a preference for high-dividend sectors, with leading companies in the publishing sector having relatively high dividend yields compared to the media sector [1] Group 2 - Shandong Publishing is one of the largest leaders in the publishing sector, benefiting from unique cultural resources such as Confucian, military, legal, and regional cultures, which provide a foundation for producing distinctive quality books [2] - The company has implemented significant cultural projects, including the "Two Creations" initiative and the "Four Famous" project, aimed at building a "Shandong Edition" brand and enhancing international communication [2] - The publishing main business focuses on creating a matrix of Shandong Edition books, consolidating educational publishing services, and developing customized educational products that meet market demands [2] Group 3 - The integration of technology drives digital intelligence fusion, with initiatives such as new media marketing matrix development and the promotion of "AI + publishing" models [3] - The company is expected to achieve net profits of 1.674 billion, 1.781 billion, and 1.871 billion yuan from 2025 to 2027, with corresponding PE ratios of 10, 9, and 9 times [3] - The company is given a "recommended" rating based on its leading position and innovative business characteristics [3]

（文章来源：证券日报） 证券日报网讯 10月9日晚间，荣信文化发布公告称，截至2025年9月30日，公司通过回购专用证券账户 以集中竞价方式累计回购公司股份数量814，000股，占公司总股本的0.96%。 ...

Core Insights - The publishing sector experienced a slight decline of 0.14% on October 9, with Guomai Culture leading the drop [1] - The Shanghai Composite Index closed at 3933.97, up 1.32%, while the Shenzhen Component Index closed at 13725.56, up 1.47% [1] Publishing Sector Performance - ST Huawen (000793) saw a closing price of 2.98, with a rise of 4.93% and a trading volume of 548,200 shares, amounting to a transaction value of 161 million yuan [1] - Zhongwen Online (300364) closed at 28.19, up 3.11%, with a trading volume of 739,100 shares and a transaction value of 2.107 billion yuan [1] - Other notable performers included Zhonghua Media (600373) with a closing price of 10.37, up 2.07%, and Changjiang Media (600757) at 8.66, up 1.76% [1] Capital Flow Analysis - The publishing sector saw a net outflow of 12.54 million yuan from institutional investors and 2.92 million yuan from retail investors, while individual investors contributed a net inflow of 15.46 million yuan [2] - Zhongnan Media (601098) experienced a significant net outflow of 18.84 million yuan from institutional investors, while Zhongwen Online (300364) had a net inflow of 18.10 million yuan [2] - ST Huawen (000793) recorded a net inflow of 15.70 million yuan from institutional investors, despite a net outflow from retail investors [2]

Core Points - The 45th Indonesia International Book Fair was held in Jakarta, featuring over 120 exhibitors from 20 countries and regions, showcasing tens of thousands of books [1] - Nearly 20 Chinese publishing institutions participated, presenting over 400 titles and 700 copies of quality books, aimed at providing Indonesian readers with insights into Chinese culture [1] - The Chinese publishing representatives emphasized the importance of cultural exchange and the growing collaboration between Chinese and Indonesian publishers [1][2] Group 1 - The event highlighted the participation of Chinese publishers, including Renmin University Press and Higher Education Press, which brought a diverse range of books to the fair [1] - Local Indonesian readers expressed interest in the showcased books, particularly those that provide insights into China's modernization and cultural aspects [1] - The collaboration between Chinese and Indonesian publishers has deepened since 2018, with a focus on meeting local market demands and enhancing cultural exchanges [1] Group 2 - The book fair included over 150 supporting activities, such as new book launches, seminars, and illustration exhibitions [2] - A notable event was the launch of the book "The Image of China in the Eyes of Indonesia," which explores the historical and contemporary cultural exchanges between the two countries [2] - The author of the book highlighted the increasingly diverse and rich portrayal of China in Indonesia, aiming to foster mutual understanding through cultural insights [2]

Group 1: Industry Overview - The publishing sub-sector exhibits high dividend attributes and stability within the media sector, with leading companies showing gross margins between 30%-40%, net margins around 10%, and ROE generally above 8% [1] - The competitive landscape in the publishing sector is clear, with at least one publishing group in each province, focusing on both publishing and distribution, including textbooks and educational materials as key business areas [1] - The stock price changes in the publishing sub-sector in 2023 are attributed to a market consensus on valuation reassessment, as publishing companies' content copyrights serve as important sources for structured data in the context of AI developments [1] Group 2: Company Profile - Zhongnan Publishing - Zhongnan Publishing is one of the largest leading companies in the publishing sector, with strong core business capabilities across publishing, distribution, printing, media, digital education, and financial services [2] - As of the first half of 2025, Zhongnan Publishing holds a 6.07% market share in the national new book retail market, ranking first, and a 5.25% share in the comprehensive book retail market, ranking second, with a year-on-year increase of 0.05 percentage points [2] - The company ranks first in the education, composition, and arts sectors, second in academic culture, biography, and medicine, and third in music, literature, popular science, maps, and fine arts [2] Group 3: Business Segments - The book publishing segment is the most prominent, with solid construction in both general and specialty book publishing [3] - The distribution segment focuses on "reading," maintaining a leading position in the issuance of themed publications [3] - The digital education segment has seen significant user growth, with platforms like "Beike Net" reaching 8.52 million users and "A+ Education" app having 6.37 million users by mid-2025 [3] Group 4: Financial Projections - Zhongnan Publishing is expected to maintain its leading position, with projected net profits of 1.732 billion, 1.860 billion, and 1.927 billion yuan for 2025-2027, corresponding to PE ratios of 13, 12, and 11 times respectively [3]

Core Points - The company issued its first ultra-short-term financing bond for 2025, with a total amount of 1 billion yuan and a maturity of 270 days at an annual interest rate of 1.69% [1] - The total amount of principal and interest paid upon maturity reached 1,012,501,369.86 yuan, which was processed by the National Interbank Funding Center [1] - The issuance details were previously announced on January 8 [1]