上海展览中心、上海书城双主场附近商圈与书展的联动更密切。推出"书展文化味蕾地图"，宣推周边文 化地标、运动休闲场馆、怀旧老字号餐饮等。中信书店·跳岛声音书店正式启幕，在南京西路商圈打造 了一个可听可见的"播客会客厅"；久光百货组织大型文具展，以1万款全球新奇玩具产品吸引书展客 流。据大数据监测及综合测算显示，书展双主场活动参与人群直接带动餐饮、零售、住宿、交通及其他 服务（含票务）消费约1.81亿元。上海书展举办期间，上海展览中心主场所在南京西路商圈的日均客流 56.8万人，线下零售餐饮消费同比增长39.07%；上海书城主场所在南京东路商圈的日均客流63.5万人， 线下零售餐饮消费同比增长23.95%。 （文章来源：第一财经） 8月19日，2025上海书展暨"书香中国"上海周顺利收官。本届书展首次推出上海展览中心、上海书城双 主场，深入全市16个区分会场、100家实体书店。本届书展共接待市民读者超38.2万人次，同比增长 28.4%；图书销售总码洋6472.7万元，同比增长31.6%；文创产品销售收入1017万元，同比增长100.1%； 全市共举办1267场阅读活动，同比增长23.8%；出票39.58万张，其 ...

Core Insights - The 2025 South China Book Fair successfully transitioned from a regional book fair to an international platform, showcasing a significant increase in participation and cultural activities [1][2] - The event featured over 1,500 domestic and international publishing institutions, presenting nearly 500,000 types of publications and cultural products, including 20,000 imported original books from top international publishers [2][3] - The fair emphasized cultural consumption and international copyright trade, facilitating 102 copyright agreements, highlighting its role as a key platform for cultural exchange [2][9] Group 1: Event Overview - The South China Book Fair, held from August 19, attracted over 55 million participants both online and offline, with 2,335 cultural activities conducted at the main venue and 467 sub-venues [1][2] - The event's theme, "Book Fragrance Bay Area, Meeting the World, Sharing the Future," was reflected in four major exhibition halls and various interactive zones [1][2] - The fair's innovative approach included a hybrid model combining offline and online experiences, enhancing accessibility and engagement [1][2] Group 2: International Participation - The fair featured participation from 23 countries and regions, showcasing a diverse range of cultural products and publications [2][5] - Notable international publishers such as Penguin Random House and Hachette presented bestselling titles, including Bill Gates' autobiography and works by Nobel laureate Han Kang [4][5] - The introduction of the Bologna Children's Book Fair's illustration award and the International Silent Book Award marked a significant expansion of the fair's international influence [2][3] Group 3: Cultural Exchange and Copyright Trade - The event served as a critical platform for international copyright negotiations, with a focus on promoting Chinese culture abroad and facilitating cultural exchange [9][10] - The fair included a dedicated area for Chinese cultural influence, showcasing high-quality publications related to China, thus enhancing its global presence [9][10] - Multiple copyright agreements were signed with publishers from various countries, further solidifying the fair's role in international publishing collaboration [10][11] Group 4: Technological Integration and Innovation - The fair incorporated advanced technology into the reading experience, featuring VR experiences and AI-hosted events, transforming traditional book fairs into interactive cultural experiences [14][15] - The integration of IP-driven cultural products has become a significant aspect of the fair, with creative industries playing a crucial role in enhancing the economic impact of the event [14][15] - The introduction of a pre-order system for upcoming books allowed for better market demand forecasting and reduced risks for publishers [7][15] Group 5: Community Engagement and Participation - The fair's stamp collection activity encouraged community engagement, transforming the event into an immersive cultural exploration for attendees [15] - This initiative particularly benefited younger audiences by lowering barriers to serious reading and promoting diverse cultural interactions [15] - The overall experience was designed to foster a deeper connection between readers and cultural content, enhancing the fair's impact on cultural consumption [15]

Core Viewpoint - Zhejiang Version Media has obtained the offline publishing rights for "A Mortal's Journey to Immortality," with the first five volumes set to be published in May 2025 [1] Group 1 - The company announced on an interactive platform that its subsidiary, Zhejiang Literature Publishing Co., Ltd., will publish the physical book version of "A Mortal's Journey to Immortality" in 2024 [1] - The first set of volumes (1-5) is scheduled for release in May 2025 [1] - According to the publishing contract, there are currently no additional licensing agreements beyond the accompanying merchandise [1]

Investment Rating - The report maintains a "Market Perform" rating for the media sector relative to the Shanghai and Shenzhen 300 Index [1] Core Views - The report expresses a positive outlook on sub-sectors such as gaming, publishing, and IP derivatives, highlighting strong performance and growth potential in these areas [12][13] - The gaming market in H1 2025 reached new highs in both market size and user data, supported by favorable policies and the integration of AI technology [12][42] - The publishing sector shows stable demand for educational materials, with a recommendation to focus on state-owned companies with high dividend yields [13] - The film sector is expected to see improved performance in Q3 due to the summer box office demand, despite a weaker Q2 [14] Summary by Sections Investment Recommendations - Continuous optimism for gaming, publishing, and IP derivative sectors due to strong performance and growth potential [12] - Emphasis on the gaming sector's resilience and AI's role in enhancing valuation [12][42] - Recommendations to monitor companies with positive fundamentals ahead of the upcoming mid-year reports [12] Market Review - From July 21 to August 15, 2025, the media sector rose by 6.56%, outperforming the Shanghai and Shenzhen 300 Index [15][16] - The gaming and broadcasting sectors saw significant increases of 12.55%, while the publishing sector grew by 1.35% [16] - The overall PE ratio for the media sector as of August 15, 2025, is 31.11, significantly above the historical average [22] Industry News - New policies from the Shanghai Municipal Government aim to support high-quality internet content creation [23] - The approval of 127 domestic game licenses in July 2025 indicates a robust regulatory environment for the gaming industry [25] - The central government emphasizes the importance of artificial intelligence in driving economic growth and innovation [25] Monthly Data Film Market - In July 2025, the domestic film market generated a box office of 4.067 billion yuan, a year-on-year decrease of 24.38% [26] - The total box office for the first seven months of 2025 reached 33.299 billion yuan, reflecting a 13.72% increase year-on-year [26] Game Market - The domestic gaming market's actual sales revenue for the first half of 2025 was 168 billion yuan, marking a 14.08% year-on-year increase [42] - The user base for games reached 679 million, a 0.72% increase from the previous year [42]

经济观察报 记者 宋馥李 2025上海书展于8月19日落下帷幕。从8月13日至19日，2025上海书展暨"书香中国"上海周接待了五湖四海的"爱书人"。上海书展已是第二十一届，作为中国 年度重要图书新品首发地和面向个体读者的阅读风向标，上海书展逐渐成为全国最具影响的图书展会之一。它不仅是一个专业的图书展览，更是一场全民的 文化盛宴。 今年，上海书展首次设置了上海展览中心、上海书城"双主场"，阅读活动达到1267项，创下历史新高，首次作为双主场之一亮相的上海书城，也展销图书品 种超12万种。 秒穿越版画黄金时代 文布拉姆斯曾言《目然的超目燃主义》 比他广受赘誉的《镜与灯》"更为重要" "文 "中 欧洲版画500年 从达 - 芬奇到去勒 给中国弦 从占罗马帝国到战后和林 200余幅欧洲经典版画 纸本原作 高清采集 CON NY pages Chriffustenurt 1513. Jar. 2bi.j. 11Tay. 3atman ben großmechtigen Kin 逛展人声鼎沸 场外烈日炎炎，场内人声鼎沸。如果用一个字形容上海书展，一定就是"热"！展会在8月中旬开幕，正值盛夏时节，在主会场上海展览中心，为 ...

Group 1 - The 2025 Shanghai Book Fair introduces new cultural activities, integrating various resources to enhance urban consumption vitality through "Book Fair + Consumption," "Book Fair + Cultural Creativity," and "Book Fair + Night Market" [1] - The event features over 120,000 types of books and more than 1,200 reading activities, including the launch of new books that address social hot topics, such as the "Super League" and a themed book related to ancient Egyptian civilization [4] - The publishing industry aims to respond quickly to changing reader demands and cultural tourism needs, as highlighted by the release of books like "Super League is Here" and "The Pyramid in China," which reflect current trends [6] Group 2 - Many booths at the 2025 Shanghai Book Fair offer derivative cultural and creative products, with numerous readers engaging in purchasing activities [7] - The fair actively links book consumption with night market activities, launching a series of themed events to enhance the overall experience [7]

从资金流向上来看，当日出版板块主力资金净流出2.7亿元，游资资金净流出2226.95万元，散户资金净流 入2.92亿元。出版板块个股资金流向见下表： | 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 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601921 | 浙版传媒 | 3082.69万 | 11.39% | September 1998 401.01万 | 1.48% | -3483.70万 | -12.88% | | 301052 | 果麦文化 | 2354.94万 | 7.64% | -180.25万 | -0.58% | -2174.70万 | -7.06% | | 301231 | 荣信文化 | 942.76万 | 4.50% | -2266.75万 | -10.83% | ﻟﻠ 1323.99万 | 6.33% | | 601098 | 中南传媒 | 687.77万 | 5.63% | -983.84万 | -8.06% | 296.07万 | ...

Group 1 - The 2025 Nanguo Book Festival in Qingyuan is actively promoting various activities such as themed book exhibitions, lectures, and public sales, leveraging local resources like bookstores and libraries [1] - Qingyuan has established 529 public libraries and new reading spaces, enhancing the accessibility of reading services across urban and rural areas [1] - A book donation ceremony resulted in the donation of 9,000 books to rural reading spaces, supporting cultural revitalization in the countryside [1] Group 2 - The "Palm Farmhouse Bookstore" has been launched, offering over 20,000 e-books and 50,000 audio books, available 24/7, thus breaking traditional time and space limitations [2] - The digital platform aims to enhance the quality of life for villagers by providing diverse reading materials and supporting various formats to cater to different age groups [2] - Qingyuan is promoting a comprehensive reading service system that integrates community libraries and cultural service centers, ensuring full coverage in towns and villages [2]

Core Viewpoint - The 2025 South China Book Festival, themed "Book Fragrance Bay Area · Reading the World · Sharing the Future," is set to take place from August 15 to 19 at the China Import and Export Fair Complex, showcasing a vibrant cultural atmosphere that attracts numerous citizens and readers [1] Group 1 - The event has evolved beyond a mere book exhibition into a grand cultural carnival, with attendees actively engaging in various exhibition areas [4] - The newly established "Reading the World" pavilion features an unprecedented scale, including guest country pavilions from Vietnam, Southeast Asian countries, European countries, and international brand publishing pavilions, with exhibitors from 23 countries and regions [8] - The main venue covers approximately 40,000 square meters, featuring four major themed exhibition halls, 24 specialty pavilions, and four interactive functional areas, showcasing nearly 500,000 types of publications and cultural creative products from over 1,500 domestic and international publishing institutions [9] Group 2 - While books are the core focus of the exhibition, they are integrated with various sectors such as IP, cultural creativity, gaming, and art, highlighting a multi-faceted approach to cultural presentation [11] - The organizing committee expresses hope that the festival will serve as a cultural bridge for both domestic and international exchanges, allowing international publishing achievements to enrich Chinese readers and promoting Chinese wisdom globally through copyright trade and joint publishing [13]

Core Insights - The 2025 Shanghai Book Fair has seen a significant increase in participation and activities, with a total of 1,267 reading events, marking a 23.8% increase from the previous year [1] - The event has attracted over 50,000 visitors on both Saturday and Sunday, setting new attendance records [1] - The fair has become a cultural celebration, providing a platform for readers and publishers to connect and engage [2] Event Highlights - The introduction of "dual main venues" and various sub-venues across the city has enhanced the reach and impact of the book fair [1] - The "Reading Night Market" generated sales of 156,000 yuan in just one day, showcasing the event's ability to drive consumer engagement [4] - The fair has successfully integrated cultural tourism with reading, creating themed routes that connect literary landmarks and exhibitions [6] Sales Performance - Shanghai Literature and Art Publishing House reported strong sales of their book blind boxes, with sales increasing from 300 to 1,000 units over the first three days [3] - Shanghai Translation Publishing House achieved sales of 673,000 yuan and 10,494 books sold in the first five days, nearly matching last year's total sales for the entire event [3] - The fair has also seen a surge in sales for cultural IP-related products, with high demand for merchandise linked to popular titles [7] Consumer Engagement - The fair has provided a unique opportunity for readers to discover books outside their usual interests, fostering a sense of community among book lovers [2] - The introduction of discount reading vouchers has attracted a younger demographic, with a notable increase in evening sales [7] - The event has facilitated collaborations between various cultural brands, enhancing the overall consumer experience [7]