Group 1 - The event "Children's Book Carnival" will be held in Nanjing from October 3 to 5, focusing on the theme "Reading Cultivates New People, Reading Accompanies Growth" [1] - The carnival is organized by Nanjing Publishing Media Group, Nanjing Association for Science and Technology, and Nanjing Publishing Industry Association, with support from various institutions including Jiangsu Bank [1] - The event aims to create a positive reading atmosphere to enhance the cultural quality and technological innovation capabilities of Nanjing's youth [1] Group 2 - The carnival will feature a variety of children's literature, science popularization books, and educational materials, providing a "one-stop" reading experience for children [1] - A cultural product exhibition area will showcase innovative and culturally rich products, blending traditional cultural elements with modern design [1] - The interactive experience area will include VR/AR experiences, science experiments, and puzzle games to engage children [2] Group 3 - The cultural activity area will host reading sharing sessions with children's literature authors and science lectures on topics like paleontology and plant-animal protection [2] - Participants in the "reading check-in" activity can receive books and stationery as rewards [2] - The event will offer multiple discounts and benefits for attendees, including book coupons and discounted cultural products [2]

Group 1: Overall Industry Performance - The media sector's half-year report shows record high operating scale and significant profit growth for H1 2025, with performance differentiation among sub-sectors [1] - The gaming sector demonstrates strong growth potential, with A-share gaming companies reporting nearly 24% year-on-year revenue growth and approximately 75% net profit growth [1] - The publishing sector faces revenue decline due to changes in educational material subscription methods and shrinking demand for general books, but profits have increased due to favorable tax policies [1] Group 2: Gaming Sector Insights - The gaming industry benefits from high market sentiment and supportive policies, with user ARPU increasing and market scale growing steadily [1] - AI's contribution to cost reduction and efficiency improvement is notable, with R&D expense ratios decreasing from 11.02% in H1 2024 to 9.01% in H1 2025 [1] - Companies are encouraged to focus on product cycles, performance, and new product development in the gaming sector [1] Group 3: IP Derivative Products - The rise of cultural consumption in China is driven by generational shifts, with younger consumers favoring emotional spending, social currency, and collectibles [2] - The maturity of the IP licensing commercialization system and advantages in domestic manufacturing supply chains are boosting the demand for IP derivative products [2] - Content companies are increasingly exploring IP derivative businesses to optimize revenue structures and enhance profitability [2] Group 4: Publishing Sector Analysis - The publishing sector shows stable performance with good profit quality and low valuations, making state-owned publishing companies attractive for long-term investment [3] - High dividend yields of over 5% in some companies provide defensive investment value [3] - Several state-owned publishing companies are advancing digital transformation using AI technologies to improve performance resilience [3] Group 5: Film and Television Sector Outlook - Despite a weak Q2, the film and television sector is expected to see marginal recovery in Q3, with ticket sales showing slight improvement compared to the previous year [4] - The upcoming National Day holiday and a rich lineup of films are anticipated to boost viewing demand [4] - Some content companies are diversifying revenue streams by exploring derivative products based on their IP, reducing reliance on box office performance [4]

Core Viewpoint - Six key projects were signed during a meeting in Sanya, covering various industries such as low-altitude economy, urban renewal, international education, and medical devices, which will inject new momentum into the upgrading of Sanya's real economy [1] Group 1: Project Highlights - The Southern Airlines General Aviation Hainan Regional Headquarters project aims to help Sanya establish a low-altitude economy demonstration zone [1] - The FIA Formula E World Championship project will introduce top international events like Formula E, enhancing Sanya's international influence [1] - The Sanya Bay New City urban renewal project focuses on creating a high-quality urban area and livable environment, aligning with the "International Tourism Community" core positioning [1] Group 2: Economic and Cultural Development - The Haitang Bay industrial land project will promote the agglomeration of modern service industries [1] - The Higher Education Publishing House overseas business headquarters project will support Sanya's international cultural dissemination and enhance the city's soft power [1] - The Sanya Yazhou Bay Science and Technology City medical device one-stop comprehensive service operation platform project will serve the development of Sanya's health industry, gradually forming a characteristic industrial cluster effect [1]

Group 1 - The National Copyright Administration of China announced the winners of the 2025 China Copyright Gold Award, which includes various categories such as works, promotion, protection, and management awards [1][2] - The list of winners includes notable works such as "My Aletai" (book), "Nezha: The Devil's Child" (film), and "Black Myth: Wukong" (game), showcasing a diverse range of creative industries [2] - The award recognizes contributions from different sectors, including publishing, animation, television, and traditional performing arts, highlighting the importance of copyright in fostering creativity [2] Group 2 - The winners of the promotion award include organizations like People's Education Press Co., Ltd. and Mango Super Media Co., Ltd., indicating a focus on enhancing the reach and impact of creative works [2] - The protection award recognizes institutions such as the Shanghai Pudong New Area People's Court Intellectual Property Tribunal, emphasizing the role of legal frameworks in safeguarding intellectual property rights [2] - The management award highlights the efforts of various administrative bodies in overseeing copyright-related activities, reflecting the collaborative approach to copyright management in China [2]

Investment Rating - The report maintains an "Outperform" rating for the media sector [1] Core Viewpoints - The media sector has shown significant performance with favorable policies and AI-driven growth, particularly in the gaming segment [1][4] - The gaming sector is experiencing robust growth, with a year-on-year revenue increase of nearly 24% and net profit growth of approximately 75% [4][13] - The report highlights a divergence in performance among sub-sectors, with gaming showing strong growth while publishing and film sectors face challenges [4][12] Summary by Sections Investment Recommendations - The media sector's H1 2025 report indicates record-high revenue and significant profit growth, with a positive outlook on gaming, publishing, and IP derivative products [4][12] - The gaming sector benefits from favorable policies and AI advancements, leading to improved valuations and sustained performance [4][13] Market Review - From August 18 to September 26, 2025, the media sector rose by 11.76%, underperforming the ChiNext index by 12.60 percentage points but outperforming the CSI 300 and Shanghai Composite indices [3][16] - Among sub-sectors, the gaming sector increased by 28.36%, while the publishing sector declined by 2.19% [3][16] Industry News - Recent government policies, such as the "Artificial Intelligence +" initiative, are expected to enhance the media sector's growth prospects [25] - The gaming industry saw the approval of 145 domestic game licenses in September 2025, indicating a healthy regulatory environment [50] Monthly Data - In August 2025, the domestic film market generated a box office of 5.991 billion yuan, a year-on-year increase of 48.59% [26][27] - The gaming market's actual sales revenue in August 2025 was 29.263 billion yuan, with a year-on-year decline of 13.01% [44]

Group 1 - The company Zhejiang Shuju Culture (600633) announced on September 29 that it plans to acquire a 6% stake in Zhejiang Publishing Group's subsidiary, Zheban Media (601921), through a private agreement [1] - The share transfer price is set at 8.82 yuan per share, totaling 1.176 billion yuan for the entire transaction [1]

Core Viewpoint - The publishing sector experienced a slight decline of 0.05% on September 29, with Guomai Culture leading the losses, while the Shanghai Composite Index rose by 0.9% and the Shenzhen Component Index increased by 2.05% [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3862.53, up 0.9% [1] - The Shenzhen Component Index closed at 13479.43, up 2.05% [1] - Guomai Culture's stock price fell by 3.30% to 76.49, with a trading volume of 107,900 shares and a transaction value of 810 million [2] Group 2: Individual Stock Performance - ST Huawen saw a price increase of 5.19% to 2.84, with a trading volume of 518,400 shares and a transaction value of 144 million [1] - Other notable stocks included Publishing Media, which rose by 1.33% to 6.88, and Rongxin Culture, which increased by 0.84% to 23.94 [1] - Conversely, stocks like Guangdong Media and Southern Media experienced declines of 1.60% and 1.49%, respectively [2] Group 3: Capital Flow - The publishing sector experienced a net outflow of 85.48 million from institutional investors and 63.03 million from retail investors, while retail investors saw a net inflow of 149 million [2] - ST Huawen had a net inflow of 22.87 million from institutional investors, while it faced a net outflow of 9.22 million from retail investors [3] - The overall capital flow indicates a mixed sentiment among different investor categories within the publishing sector [2][3]

Core Viewpoint - The release of the multimedia book "There is a Kind of Missing Called Shenyang" aims to promote Shenyang as a cultural tourism destination during the National Day holiday, serving as a unique cultural gift for visitors and residents alike [1][3]. Group 1: Book Overview - The book is authored by broadcaster A Bao and published by Liao Hai Publishing House, featuring six themes that showcase Shenyang's historical context, red memories, artistic trends, culinary map, and seasonal vitality [3]. - It integrates text, audio, and travel routes to create an immersive city guide that is readable, audible, and experiential [3][4]. Group 2: Cultural Significance - The book is positioned as a cultural guide for tourists and an emotional connection for residents, encouraging both new and returning visitors to explore Shenyang [3]. - It represents a successful practice of cross-industry collaboration and innovation in publishing, aiming to enhance the cultural identity of Shenyang and support its development as a national-level tourist city [3][4]. Group 3: Future Plans - The book will be released in multiple languages to share Shenyang's stories globally, further promoting the city's cultural narrative [4].

"谁在工作里都会有崩溃的时候。这确实是起点。"工作第七年，营销编辑晓雯决定辞职单干。 在这个故事的开始，"崩溃"的那部分源于营销编辑们可能普遍都会面临的一些困境，而选择自己做是长时间的困境和不停地尝试之后得出的结论。 晓雯离职时的身份是一个营销编辑，合作各类营销工作会是她未来相当长一段时间工作的重点。在营销方法不停失效、书的营销预算一再压缩的当 下，"营销编辑单干"是一个不算明智的选择，这意味着有很大的风险得不到足够的收入。 从过去一年的实践来看，单做营销，的确是收入不够，晓雯同时也做了很多其他工作来养活自己这个没有投资人的"工作室"。给需要文化内容加持的品牌 做营销，给互联网公司做文化类活动策划运营，尝试音视频的创作和宣发工作……在出版业学会的技能也用在了不同的领域，用来维持生活所需和原创策 划的前期投入。在找到办法解决生存问题之后，各种工作交织在一起，反而比只在一个行业中工作多了些新的视角。同时，熟悉的营销工作也有了长期合 作伙伴。 《春晖》内页 "这个问题不是营销岗位本身带来的，跟某个公司好不好也没有太大关系，而是现在的整体环境导致的，其他岗位可能也有类似的问题。"对晓雯来说，如 果要让自己享受工作，能 ...

Global Market Overview - The global stock market experienced a slight decline this week, with US and global stock indices down by 0.4-0.5% [2] - The A-share market remained resilient, with the CSI 300 index rising by 1%, leading global gains [3] - European and Asia-Pacific stock markets generally saw declines, with notable volatility in markets like India, which dropped by 2.6% [5][6] Tariff Concerns - Increased volatility in global stock markets was noted in the latter half of the week, linked to Trump's renewed tariff discussions [7] - Starting October 1, tariffs of 50% will be imposed on kitchen cabinets, bathrooms, and building materials, 30% on imported furniture, and 100% on patented and branded pharmaceuticals [8] - These tariff announcements have raised short-term market concerns, particularly affecting markets with high export ratios [9][10] Historical Context - A previous tariff crisis in April led to a significant undervaluation of the global stock market, which was later seen as a good investment opportunity [14][15] - The global stock market indices recovered from the April lows, with A-shares and Hong Kong stocks leading the recovery from May to August [19][20] Impact of Tariffs on the Dollar - The increase in tariffs is viewed as a double-edged sword for the dollar, potentially hindering inflation reduction and affecting the Federal Reserve's interest rate decisions [21][22] - High tariffs are primarily seen as negotiation tools rather than final objectives, with limited actual implementation expected [24][25] Investment Opportunities - The current market fluctuations may present opportunities for undervalued assets, similar to the investment phase following the April tariff crisis [28][29] - A global stock market star rating chart indicates previous undervaluation phases in 2018, 2020, and 2022, with the market currently around 3.0 stars [30][31] Global Index Investment Options - There are substantial global stock index funds available in overseas markets, totaling over a trillion dollars, but such options are limited in mainland China [33] - The company has launched a "Global Index Advisory Portfolio" that diversifies investments across US, UK, Hong Kong, and A-share indices [34] Book Release - A new edition of "The Long-Term Investment Secret" has been released, which has gained significant popularity, ranking first in sales on major platforms [39] - The book emphasizes the long-term benefits of stock investments and provides comprehensive insights into market knowledge and strategies [40]