2025天府书展将于10月17日在成都开幕。聚焦国际文化融通、拓展对外交流视野，是本届书展的亮点之 一。除携手法兰克福书展，天府书展还将举办"互鉴文明·共育书香——2025'一带一路'出版合作交流研 讨会""见证与共鸣：中国生态文明的世界回响——《万物同舟：一位法国生态学家的30年中国科研行 纪》新书推介会暨版权输出文化交流活动"等活动，旨在搭建更多交流平台，扩大四川文化国际"朋友 圈"，推动中华文化更好走向世界。 本届天府书展将深度挖掘巴蜀文化深厚底蕴与四川文旅独特魅力，在主展场特设"文旅融合展区"，邀请 阿坝州、北川县参展，展示两地自然风光与民族风情。新华文轩出版传媒股份有限公司党委书记、董事 长周青表示，天府书展主展场将首次设立阿坝藏族羌族自治州文旅融合展区，深度融合"非遗+阅读+体 验+消费"，让读者在展场领略川西的秀美风光，体验织绣制作、唐卡绘画等藏羌民俗活动，观看龙头 琴弹唱、萨朗舞等民俗表演，感受"天下九寨沟 大美阿坝州"的独特魅力。 此外，本届天府书展将设立"数字主题展区"，展示游戏动漫、数字IP等行业创新成果，举办电竞比赛等 互动活动，打造"数字+文旅"应用场景，培育信息消费新增长点。"今年 ...

Core Viewpoint - 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] Group 1: Publishing Sector Overview - The publishing sector is characterized by a clear competitive landscape, with at least one publishing group in each province, focusing on both publishing and distribution, including textbooks and supplementary 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 the content copyrights of publishing companies serve as important sources for data corpus in the context of AI developments [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: Company Analysis - Xinhua Wenhui - Xinhua Wenhui is one of the largest leading companies in the publishing sector, demonstrating outstanding management and operational capabilities [2] - The company's management capabilities are evident in its integrated supply chain services, focusing on both demand and supply-side management, and enhancing content production quality and efficiency [2] - Operational capabilities include developing new growth points through store adjustments and online-offline integration to mitigate external risks, as well as optimizing product structure in response to educational policy changes [2] Group 3: Business Segments - The company has a stable development across various business segments, including 15 publishing media units covering books, periodicals, audio-visual, electronic, and online categories [2] - In reading services, the company operates 181 retail stores in Sichuan Province and has established a multi-scenario online and offline reading service system [2] - The education service network consists of 152 subsidiaries covering Sichuan Province, with clear division of responsibilities between headquarters and subsidiaries [2] Group 4: Investment Outlook - The company is expected to achieve net profits of 1.681 billion, 1.779 billion, and 1.910 billion yuan from 2025 to 2027, with corresponding PE ratios of 11, 10, and 10 times [3] - The company is rated as "recommended" for its strong management and operational capabilities, which are expected to drive steady growth across its business segments [3]

李娜：我们营业时间也是从平时的8个小时调整到9~10个小时，主要销售的产品是图书、文创纪念 品还有咖啡饮品，假期的营业额比平时增长很多，是平常营业额的3~4倍。 根据文化和旅游部数据，假日8天，全国国内出游8.88亿人次，较2024年国庆节假日7天增加1.23亿 人次；国内出游总花费较2024年国庆节假日7天增加1081.89亿元。不同于以往"走马观花"式的游览，今 年的旅游市场"情绪价值+文化体验"成为主要消费偏好，演唱会、赛事、影视IP继续成为出行核心触发 点。 在江苏，"苏超"将赛事流量转化为点燃消费的新引擎。南京等地开设集美食、文创与特色商品为一 体的观赛"第二现场"，将赛事热度延伸至消费端。南京银杏里文化艺术街区负责人朱晓峰透露，南京队 对阵连云港队比赛当天，球迷们围坐在巨型LED大屏前，品港城风味，尝金陵美食，当天街区消费额较 日常增长超过两成。 朱晓峰：为外地球迷提供我们南京本地的特色美食，提供连云港的一些手作文创产品以及连云港特 色的美食。 央广网北京10月10日消息 据中央广播电视总台中国之声《新闻和报纸摘要》报道，习近平总书记 指出，要增强消费能力，改善消费条件，创新消费场景，使消费潜力充 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對 其準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內 容而產生或因倚賴該等內容而引致之任何損失承擔任何責任。 DADI INTERNATIONAL GROUP LIMITED 大地國際集團有限公司 本公佈乃大地國際集團有限公司（「本公司」）根據香港聯合交易所有限公司（「聯交 所」）GEM證券上市規則（「GEM上市規則」）第17.10條及香港法例第571章證券及期貨條 例第XIVA部項下之內幕消息條文（定義見GEM上市規則）刊發。 茲提述本公司日期為二零二五年六月二十二日及二零二五年七月二日及二零二五年九月 十日及二零二五年十月六日之公佈（「該等公佈」），除另有指明者外，本公佈所用詞 彙與該等公佈所載者具有相同涵義。 業務營運 本公司主要從事提供環境諮詢服務、圖書出版及發行業務，目前還逐步開展礦山開發和 修復以及石材加工和安裝業務。自本公司股份暂停买卖起至本公告日期，本公司在所有 重大方面继续如常进行其业务营运，并将继续密切监察其财务状况及业务营运。 有關復牌進展之最新情況 （於開曼群島註冊成立並於百慕達存續之有限 ...

Core Insights - The Guangdong-Hong Kong-Macao Greater Bay Area Cultural Investment Conference serves as a platform for connecting leading enterprises, innovative projects, and peer institutions, facilitating accelerated growth in IP development, technology integration, and commercialization [1][3] - The conference is recognized for its value in trend foresight, precise resource matching, and efficient ecological collaboration, particularly in the "cultural+" sector [3][4] - The company emphasizes the importance of sustainable business models, content creativity, and technological integration in cultural investments [6][7] Investment Focus - The company prioritizes projects that demonstrate a clear path from creative ideas to scalable implementation, ensuring a closed-loop business model [6] - Key investment areas include cultural content, technological infrastructure, and digital marketing, with notable investments in major publishing and media companies [7][8] - The company aims to create mutual business growth opportunities among its portfolio companies, leveraging synergies in the cultural and technology sectors [8][9] Future Trends - The company identifies the future lifestyle as a deep resonance between technology, culture, and the demands of the new generation, with a focus on high-tech solutions [4][5] - Investment strategies are directed towards areas such as AIGC applications, health consumption, and virtual reality ecosystems [5] Investment Strategy - The investment strategy is described as a "pyramid-style portfolio," allocating 60% to stable cash flow mature companies, 30% to growth-oriented firms, and 10% to early-stage disruptive projects [10] - The company aims to balance risk and return by maintaining patience and confidence in supporting portfolio companies through challenging periods [10] Ecosystem Contribution - The company seeks to enhance the cultural industry ecosystem in the Greater Bay Area by facilitating efficient resource allocation and innovation through capital [11][12] - The integration of creative, technological, and manufacturing capabilities is highlighted as essential for meeting the diverse emotional and consumption expectations of the new generation [11][12]

Group 1 - The event "I am a shareholder, entering the Shanghai Stock Exchange listed company - Phoenix Media" was organized to enhance the quality and investment value of listed companies and strengthen investor awareness [1][3] - Phoenix Media is recognized as a leading enterprise in the publishing industry, consistently ranked among the "Top 30 Cultural Enterprises in China" and "Top 50 Global Publishers" [1][4] - The company employs a dual-driven strategy of "content is king, digital intelligence empowerment," showcasing strong momentum in the collaboration between traditional publishing and emerging businesses [1][4] Group 2 - During the event, Phoenix Media's Chairman Zhang Chaoyang and Vice General Manager Xie Zhijian presented the company's operational highlights, financial performance, and future strategic layout [2] - The industry analysis provided by Hua Fu Securities highlighted trends, competitive landscape, and digital transformation pathways within the media publishing sector [2] - The interactive Q&A session allowed investors to engage with the management team on topics such as business development, industry challenges, and shareholder returns [2] Group 3 - Shanghai Stock Exchange awarded Phoenix Media a commemorative cup for its positive practices in investor relations management and shareholder rights protection [3] - Hua Fu Securities aims to enhance corporate governance and market transparency through initiatives like "entering listed companies," contributing to a healthy capital market ecosystem [3] - The company, Jiangsu Phoenix Publishing and Media Co., Ltd., is one of the largest and most influential publishing and distribution companies in China, with a strong presence in content production and distribution channels [4]

Group 1 - Zhang Xuefeng's account "Zhang Xuefeng Teacher" has been banned from being followed on multiple platforms including Weibo, Douyin, Kuaishou, and Bilibili due to violations of community regulations and laws [1][3] - The store "Fengyue Wanjun," managed by Zhang Xuefeng, is still operating normally and focuses on book consulting and after-sales service, despite the issues with his social media accounts [1][3] - Zhang Xuefeng, whose real name is Zhang Zibiao, gained popularity in June 2016 with his video "Seven Minutes to Interpret 34 985 Universities" and is the vice president and co-founder of Suzhou Yantu Education Technology Co., Ltd [1][3] Group 2 - Zhang Xuefeng has been a controversial figure, often making headlines for his remarks, such as stating that all liberal arts majors are part of the service industry, which led to a lawsuit from a liberal arts blogger [3] - In 2023, he sparked discussions by suggesting that if he were a parent, he would discourage his child from pursuing journalism, which drew reactions from educators at several universities [3][4] - The Dean of the School of Journalism and Information Communication at Huazhong University of Science and Technology acknowledged the influence of Zhang Xuefeng's views on students' choices in their major selections, emphasizing that studying at university is not solely for job prospects [4]

Core Viewpoint - Zhejiang Publishing Media Co., Ltd. (referred to as "Zhejiang Media") reported a mixed performance in the first half of 2025, with a revenue decline but a significant increase in net profit, indicating resilience in its operations despite market challenges [1][2]. Financial Performance - In the first half of 2025, Zhejiang Media achieved an operating income of 5.093 billion yuan, a year-on-year decrease of 2.66% [1]. - The net profit attributable to shareholders was 676 million yuan, reflecting a year-on-year increase of 33.50% [1]. Business Development - The decline in revenue was primarily attributed to a sluggish growth in the overall book retail market, with online book sales experiencing a year-on-year decrease [1]. - Despite the drop in online sales, the company's educational materials business showed stable growth, contributing to an increase in total profit and net profit attributable to shareholders [1]. Tax and Operational Efficiency - The increase in net profit was significantly aided by a 25% tax burden optimization resulting from the restoration of cultural enterprise income tax policies [1]. - The company has focused on strengthening its publishing core business and optimizing its distribution service system to enhance operational efficiency [1]. Digital Transformation - Zhejiang Media is advancing its digital transformation by focusing on three main areas: developing a large model for the publishing industry, enhancing data connectivity across the entire production chain, and exploring AI+education integration [2][3]. - The company is collaborating with iFlytek to improve content production quality and efficiency through intelligent editing and review processes [2]. Publishing Ecosystem and Investment - The company is expanding its publishing qualifications and ecosystem, with new electronic and audio-visual publishing qualifications to promote cross-industry integration [3]. - Zhejiang Media is actively investing in the Zhejiang Digital Publishing Fund to strategically position itself in the "culture + technology" sector [3]. Future Outlook - The company plans to continue focusing on the entire industry chain of "editing, printing, distribution, and supply" while balancing the five elements of "books, stores, digital, chains, and people" [3]. - Future strategies include solidifying the core publishing business, enhancing cultural services, promoting nationwide reading, and driving digital empowerment to improve core competitiveness and create long-term value for shareholders [3].

Group 1 - The 2025 "I and the Temple of Earth" Beijing Book Fair concluded with a theme of "Reading, Encountering a Better Self," attracting a total of 550,000 visitors and hosting over 100 cultural reading activities [1] - During the event, nearly 8.5 million yuan in book subsidy vouchers were distributed, which aimed to reduce the cost of purchasing books for readers [4] - The vouchers were structured in three tiers: 50 yuan off for purchases over 100 yuan, 20 yuan off for purchases over 50 yuan, and 10 yuan off for purchases over 30 yuan, utilizing both online and offline distribution methods to reach different reader demographics [4] Group 2 - The collaboration between government subsidies and corporate discounts effectively lowered book purchasing costs, allowing more citizens to enjoy reading [4] - The issuance of the book subsidy vouchers received a positive response from readers, significantly boosting book sales and reflecting a strong reading culture in Beijing [4] - The initiative not only provided financial benefits to avid readers but also stimulated enthusiasm for book consumption and reading activities [4]

Core Insights - The 2025 "Book Fragrance Yangtze" Reading Week and Wuhan Book Fair took place from September 19 to 21, showcasing the achievements of the publishing industry in Hubei and promoting cultural development along the Yangtze River [2][3] - The event featured a theme of "Reading the Yangtze, Wisdom Gathering," aiming to enhance cultural heritage, invigorate the publishing industry, and ignite public reading enthusiasm [2][3] Event Overview - The fair was organized by multiple entities including Hubei Yangtze Publishing Media Group and aimed to serve the development of the Yangtze Economic Belt and the "Book Fragrance Hubei" initiative [2] - The event included a main venue in Wuhan and 15 sub-venues across the province, adopting a comprehensive approach that integrated online and offline activities [3][4] Exhibition Features - The main venue featured six thematic exhibition areas focusing on various aspects of reading and cultural services, breaking traditional categorization by publisher [3][4] - Over 110 themed book exhibition booths displayed more than 70,000 quality books across various genres, along with immersive reading spaces themed around popular IPs [4][6] Cultural Activities - The event included a series of cultural activities such as lectures by renowned authors and interactive experiences, enhancing the overall cultural engagement [5][11] - A total of 30 high-quality cultural lectures were held, along with over 300 community activities, promoting widespread cultural participation [11] Economic Impact - The fair attracted over 400 publishing units and showcased nearly 10,000 unique cultural products, emphasizing the integration of culture, tourism, and creative industries [7][8] - The establishment of the Yangtze Cultural Creative Industry Alliance aimed to enhance resource sharing and cultural innovation across the Yangtze River region [8][9] Community Engagement - The event provided significant discounts and cultural vouchers, encouraging public participation and making cultural products more accessible [10][11] - The initiative aimed to build a comprehensive reading system that benefits all demographics, reinforcing the importance of reading in enhancing national literacy [10][11]