11月17日，中南传媒跌0.58%，成交额1.68亿元。两融数据显示，当日中南传媒获融资买入额1312.77万 元，融资偿还1046.56万元，融资净买入266.21万元。截至11月17日，中南传媒融资融券余额合计2.35亿 元。 分红方面，中南传媒A股上市后累计派现117.28亿元。近三年，累计派现32.33亿元。 机构持仓方面，截止2025年9月30日，中南传媒十大流通股东中，香港中央结算有限公司位居第四大流 通股东，持股4127.53万股，相比上期减少4460.57万股。华泰柏瑞上证红利ETF（510880）位居第五大 流通股东，持股2403.44万股，相比上期增加134.19万股。南方中证500ETF（510500）退出十大流通股 东之列。 责任编辑：小浪快报 融资方面，中南传媒当日融资买入1312.77万元。当前融资余额2.29亿元，占流通市值的1.06%，融资余 额超过近一年90%分位水平，处于高位。 融券方面，中南传媒11月17日融券偿还1000.00股，融券卖出800.00股，按当日收盘价计算，卖出金额 9648.00元；融券余量54.17万股，融券余额653.29万元，超过近一年90%分位水 ...

Core Insights - The stock of Zhongnan Publishing and Media Group Co., Ltd. experienced a slight increase of 0.08% on November 11, with a trading volume of 149 million yuan [1] - The company reported a net financing purchase of 3.55 million yuan on the same day, with a total financing and securities balance of 236 million yuan [1][2] Financing and Margin Trading - On November 11, the financing purchase amounted to 16.09 million yuan, with a current financing balance of 229 million yuan, representing 1.05% of the market capitalization [1] - The financing balance is above the 90th percentile level for the past year, indicating a high level of activity [1] - In terms of securities lending, 3,600 shares were repaid while 7,700 shares were sold, with a total selling amount of 93,600 yuan [1] Company Performance - As of September 30, the number of shareholders increased by 42.59% to 30,200, while the average circulating shares per person decreased by 29.87% to 59,434 shares [2] - For the period from January to September 2025, the company reported a revenue of 8.488 billion yuan, a year-on-year decrease of 9.37%, while the net profit attributable to shareholders increased by 22.32% to 1.170 billion yuan [2] Dividend Distribution - Since its A-share listing, Zhongnan Publishing has distributed a total of 11.728 billion yuan in dividends, with 3.233 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the fourth-largest circulating shareholder, holding 41.2753 million shares, a decrease of 4.465 million shares from the previous period [3] - Huatai-PB SSE Dividend ETF ranked fifth among circulating shareholders with 24.0344 million shares, an increase of 134,190 shares [3]

Core Viewpoint - The article discusses the continuation of tax exemption policies for cultural publications, specifically focusing on the VAT exemption for books and related materials until December 31, 2027 [2]. Group 1: Tax Policies - Publications are defined as books, newspapers, periodicals, audio-visual products, and electronic publications published according to the regulations of the State Council's publishing administration [2]. - From now until December 31, 2027, there will be no VAT imposed on the wholesale and retail of books [2]. - Subscription certificates between various issuing units and between issuing units and subscribers or individuals are temporarily exempt from stamp duty [2]. - Electronic publications that have already benefited from VAT refund policies as software products cannot apply for the VAT pre-collection and post-refund policy under this announcement [2].

Group 1 - The core viewpoint of the news is that Zhongnan Publishing Media Group has shown mixed financial performance, with a decrease in revenue but an increase in net profit year-on-year [2] - On September 30, Zhongnan Media's stock price increased by 0.33%, with a trading volume of 168 million yuan, and the net financing buy was negative at 2.85 million yuan [1] - As of September 30, the total margin balance for Zhongnan Media was 213 million yuan, with a financing balance of 211 million yuan, which is high compared to the past year [1] Group 2 - The company's main business includes publishing, distribution, and new media operations, with the largest revenue source being distribution at 59.40% [2] - For the first half of 2025, Zhongnan Media reported a revenue of 6.335 billion yuan, a year-on-year decrease of 8.09%, while the net profit attributable to the parent company was 1.017 billion yuan, a year-on-year increase of 31.46% [2] - The company has distributed a total of 11.548 billion yuan in dividends since its A-share listing, with 3.053 billion yuan distributed in the last three years [3]

Core Viewpoint - Huangpu District is recognized as the heart of Shanghai, serving as its political, economic, and cultural center, with a rich historical background and evolving administrative boundaries since its establishment in 1945 [1][2][3]. Historical Context - Huangpu District has undergone several administrative changes, including the merging of various areas and the establishment of a stable district boundary in 1992, which includes notable locations like People's Square and Nanjing East Road [2][3]. - The district's historical significance is highlighted by its transformation from a collection of different areas into a cohesive urban center, with a notable past involving various cultural and social dynamics [4][5]. Architectural Significance - The "Second Facade of the Bund" refers to a collection of approximately 140 historical buildings along the Huangpu River, showcasing architectural beauty and historical depth [6][7]. - Notable buildings include the former Shanghai Customs House and the original site of the Central Bank of China, which reflect the financial and political history of Shanghai [14][15]. Cultural Heritage - The Yangtze Hotel, established in 1933, is recognized as a historical hotel with significant cultural ties, having hosted numerous celebrities and political figures throughout its history [20][21]. - The area around Hankou Road is rich in historical narratives, serving as a hub for the press and various political activities during the early 20th century [17][25]. Modern Developments - The renovation of the Old Municipal Government Building aims to restore its historical integrity and enhance its status as a cultural and commercial landmark in Shanghai [16][27]. - The ongoing evolution of Hankou Road reflects a blend of historical and contemporary urban life, with diverse businesses and cultural activities coexisting [26].

Core Insights - The total number of newspapers sold nationwide from January to June 2025 reached 820,126 million copies, reflecting a decline of 2.6% [1] - In June 2025, the number of newspapers sold was 135,234.1 million copies, showing a year-on-year decrease of 2.6% and a month-on-month decrease of 1.2% [1] Data Summary - Cumulative newspaper sales from January to June 2025: 820,126 million copies, down 2.6% [1] - June 2025 newspaper sales: 135,234.1 million copies, down 2.6% year-on-year and down 1.2% month-on-month [1] - Statistical data source: National Bureau of Statistics [1]

Core Viewpoint - Changjiang Publishing and Media Co., Ltd. reported a slight decrease in revenue but a significant increase in net profit for the first half of 2025, indicating a strong performance in profitability despite challenges in sales volume [2][7]. Company Overview and Key Financial Indicators - The company generated operating revenue of approximately CNY 3.55 billion, a decrease of 0.70% compared to the same period last year [2]. - Total profit amounted to approximately CNY 689 million, down 3.27% year-on-year [2]. - Net profit attributable to shareholders reached approximately CNY 685 million, reflecting a 28.83% increase compared to the previous year [2]. - The company's net assets increased by 1.99% to approximately CNY 9.72 billion [2]. - Total assets decreased slightly by 0.43% to approximately CNY 13.75 billion [2]. Business Operations - The company focuses on publishing, distribution, and printing of books, periodicals, and digital publications, with a growing emphasis on digital reading and online education [3][4]. - The procurement model includes both independent and centralized purchasing strategies for printing materials and services [3]. - The sales model incorporates both systematic and retail distribution, leveraging a network of physical bookstores and online platforms [4][5]. Marketing and Promotion Strategies - The company has developed a comprehensive online and offline marketing service system, enhancing its presence through various digital platforms and live streaming events [5][6]. - The integration of online education services has been a key initiative, with significant growth in transaction orders through the online education platform [5]. Logistics and Market Position - The company operates a self-sufficient logistics system, utilizing third-party logistics for book distribution [6]. - In the first half of 2025, the company held a market share of 2.16% in physical bookstores, ranking 7th among national publishing groups [6]. Competitive Advantages - The company has been recognized as one of the "Top 30 Cultural Enterprises" in China, highlighting its brand strength and market position [7][12]. - A focus on quality content production has led to numerous awards and recognitions for its publications, including significant entries in national funding programs [8][12]. - The company has successfully expanded its international presence, with a 40% increase in book copyright exports [14]. Innovation and Development - The company is actively pursuing digital transformation and innovation in publishing, with initiatives aimed at enhancing operational efficiency and integrating technology into its services [9][10]. - A robust talent development strategy has been implemented, with extensive training programs and recognition for outstanding employees [10][13]. Social Impact and Cultural Mission - The company emphasizes its cultural mission, producing works that promote mainstream values and contribute to social progress, with numerous publications receiving national honors [8][12].

Group 1 - The article highlights the upcoming Shanghai Book Fair and its associated theme "I Love Reading, I Love Life," aiming to enhance the literary atmosphere in the city [1] - It explains the definition of publications, which include books, newspapers, periodicals, audio-visual products, and electronic publications as per the regulations of the State Council [1] - The article mentions that, according to the announcement from the Ministry of Finance and the State Taxation Administration, the value-added tax (VAT) for book wholesale and retail will be exempt until December 31, 2027 [1] Group 2 - It discusses the importation of books and whether they enjoy preferential tax policies, stating that since January 1, 2021, imported scientific popularization items, including books and periodicals, are exempt from import VAT [2] - The article clarifies that subscription contracts and related documents for the distribution of publications are exempt from stamp duty, continuing the policy established in 1989 [2]

Core Points - The article highlights the story of Ali Akbar, a 72-year-old newspaper vendor in Paris, who is recognized as possibly the last street newspaper seller in France and Europe, receiving a national merit medal from President Emmanuel Macron for his contributions to French culture [1] - Akbar has been selling newspapers for over 50 years, witnessing the decline of print media and the rise of digital alternatives, which has significantly impacted his sales [1] - The article reflects on the cultural changes in Paris, particularly in the Left Bank area, which has transformed from a hub of artists and intellectuals to a mere tourist attraction [1] Summary by Sections Personal Background - Ali Akbar moved to Europe from Pakistan in the late 1960s and started selling newspapers in Paris in 1973 [1] - He recalls that there were 35 to 40 newspaper vendors when he first arrived, but now he is the only one left [1] Sales Experience - Akbar's daily income is affected by the decline in newspaper sales, often selling only 20 copies of "Le Monde" in an 8-hour shift due to the preference for digital news [1] - He notes that before the internet era, he could sell 80 copies within the first hour of publication, indicating a significant shift in consumer behavior [1] Cultural Observations - Akbar expresses nostalgia for the past, stating that the Left Bank was once vibrant with writers, publishers, and artists, but has now become a tourist spot lacking its former soul [1] - Despite the changes, Akbar enjoys his work and employs a unique approach to engage customers, focusing on creating a positive atmosphere rather than just selling [1] Community Impact - Local residents have grown accustomed to seeing Akbar daily, with one woman expressing a familial bond with him, indicating his role in the community [1][2]

Group 1 - The total number of newspapers sold in China from January to May 2025 reached 684,891.9 million copies, representing an 8% increase year-on-year [1] - In May 2025, the number of newspapers sold was 136,868.4 million copies, showing a year-on-year decline of 4.6% but a month-on-month increase of 2.1% [1]