阿曼《观察家报》 11 月 24 日文章，原题：听有声书也算 " 阅读 " 吗？ 作为一名图书管理员，我最近经常 听到的一个疑问是：听有声书也能算得上是阅读吗？很多人都不同意。博览群书往往带有一种自豪感， 甚至是优越感。如果告诉别人你只是"听"过某本书，说出口时总有些不好意思。美国全国公共广播电台 （NPR）与国际知名民调机构益普索集团近期联合开展的一项民意调查显示，41%的美国成年人认为有 声书不算阅读。 我过去也曾持有相同看法。直到几年前，在机场的一家酒吧里，我注意到邻座的男士正在刷手机，手机 里传出的机械声音高速朗读着每一个字。起初我以为那是无意义的杂音，后来才意识到他是盲人，正在 使用手机的屏幕文字朗读功能。看着他全神贯注于听到的文字、并领会其含义的样子，我突然意识到， 他的阅读方式与我用眼睛阅读本质上并无不同。 由于我患有阅读障碍，阅读对我来说从未轻松过。那次偶然的相遇后，我在自己的手机上尝试了类似的 辅助功能，结果令我豁然开朗。生平第一次，我能够轻松跟上内容，毫不费力地吸收思想，并且保持前 所未有的专注度。 我的经历并非个例，人们对阅读的定义早已跟不上如今人们实际的阅读方式。阅读能培养同理心、专注 ...

Core Insights - The Yangtze River Delta (Yancheng) Digital Audio-Visual Industry Base is a key player in Jiangsu's digital audio-visual industry, housing 121 enterprises and over 5,000 professionals, with a core industry chain revenue exceeding 1 billion yuan [1][3] - The base spans 110,000 square meters and has developed a comprehensive industrial ecosystem covering computing services, technology R&D, smart hardware manufacturing, and audio-visual content production [3] - The base has entered its 3.0 phase, focusing on digital trade, with the "Jiangsu Coastal Digital Trade Port" beginning operations, and expects annual transaction volume to exceed 100 million yuan [3][4] Industry Development - The base has produced 2 feature films, 12 micro-short dramas, 35 animated mobile games, 230 short videos, 120 audiobooks, and nearly 500 AI music tracks [4] - Plans are in place to attract over 300 enterprises within 3 to 5 years, aiming to establish a 10 billion yuan digital audio-visual industry core area [4] - The base's development has progressed through three stages: innovation incubation, service upgrades, and digital trade, strategically aligning with the growth of the digital audio-visual sector [3]

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]

Core Viewpoint - The enthusiasm for reading among young people is still strong, as evidenced by the bustling atmosphere at the Beijing Book Fair, which showcases a vibrant community of readers [1][2]. Group 1: Reading Trends - Young readers have access to a wider range of reading resources, making it easier to find and borrow books [1]. - There is a shift towards diverse reading methods, including e-books and audiobooks, alongside traditional paper books [1]. - The presence of reading communities, both online and offline, encourages social interaction and shared reading experiences [1]. Group 2: Challenges in Reading - Many young people face difficulties in finding time to read due to busy schedules and distractions from electronic devices [2]. - A survey indicates that attention span issues and the tendency to abandon reading are common challenges among youth [2]. - The fast-paced digital age makes it harder for individuals to dedicate time to deep reading and reflection [2]. Group 3: Encouraging Reading Habits - Initiatives such as book donations to students and reading awards in universities aim to foster a culture of reading [2]. - Creating a supportive environment for reading can help young people recognize the value of books [2]. - Emphasizing the importance of a calm mindset is crucial for developing a consistent reading habit [2].

Core Viewpoint - The company, CITIC Publishing, emphasizes its commitment to promoting global cultural exchange and aims to enhance its international presence through strategic partnerships and copyright exports [1] Group 1: Strategic Focus - CITIC Publishing focuses on key themes such as international dynamics, business civilization, and technological innovation [1] - The company aims to attract top thinkers, including Nobel laureates in economics and global business leaders, to enhance its intellectual capital [1] Group 2: Global Partnerships - Over the past decade, CITIC Publishing has established deep collaborations with over a thousand renowned publishers worldwide [1] - The company has successfully exported more than 2,600 book copyrights to over 40 countries, including the UK, US, France, Japan, South Korea, Russia, Italy, and regions in Southeast Asia and the Middle East [1] Group 3: Copyright Export - CITIC Publishing exports around 400 various types of copyrights annually, including e-books, audiobooks, and printed books [1] Group 4: Future Initiatives - The company plans to explore new models of cultural trade, enhance the digitalization of trade, and improve its data governance system [1]

Group 1 - The core theme of the 15th China International Digital Publishing Expo is "Integration of Digital and Real, Intelligent Winning Future," focusing on the evolution of the publishing industry through technology [1][2] - The expo features six major exhibition areas, including digital publishing units from central ministries, local publishing units, and international cooperation, along with numerous forums and live events [1][2] - The event marks the first time the expo is held in Henan, reflecting the province's commitment to advancing digital publishing and fostering a competitive publishing environment [2][3] Group 2 - The integration of digital technology in publishing is exemplified by the AR picture book "Journey to the West: Chinese Mythical Creatures Illustrated," showcasing new pathways for reading experiences [2][3] - The simultaneous hosting of the expo and the Fourth National Reading Conference in Henan aims to enhance the visibility of digital publishing and promote diverse reading methods [4] - Attendees can experience immersive digital content, such as XR films and intelligent database searches, highlighting the shift towards a more accessible and engaging reading culture [5]

Core Insights - Digital technology is profoundly transforming the reading ecosystem in China, with the digital reading user base expected to reach 670 million by 2024, driven by AI and digital advancements [1][2] - The digital reading market is projected to grow from 35.16 billion yuan in 2020 to 66.14 billion yuan in 2024, with a compound annual growth rate of approximately 17.11% [1][2] - The rise of the "Z generation" and the elderly population is expanding the market, while IP derivative businesses are emerging as new growth drivers [1][3] User Growth - The number of digital reading users in China increased from 494 million in 2020 to 670 million in 2024, a growth of approximately 35.63% [2] - The growth is attributed to the natural reading habits of the "Z generation" and the expansion of digital reading platforms into lower-tier cities [2] - National policies promoting reading and digital literacy are providing strong support for the industry's development [2] Reading Behavior Changes - The widespread use of smartphones allows users to read anytime and anywhere, catering to fragmented reading scenarios [3] - By 2024, 80.6% of adults in China are expected to engage in digital reading, with a shift towards flexible, fragmented reading patterns [3][4] - The average daily reading time for users is about 2 hours, indicating that digital reading aligns well with modern lifestyles [5] Market Dynamics - In 2024, the public reading market is projected to reach 48.88 billion yuan, accounting for 73.91% of the total digital reading market revenue [7] - Revenue from advertising and IP derivatives has surpassed traditional subscription income, indicating a shift in revenue models [7][9] - The digital reading market's revenue structure is evolving, with platforms increasingly focusing on monetizing user attention through advertising [9][10] IP Derivatives and Adaptations - The number of adaptations for online literature is increasing, with approximately 30,000 new adaptations in 2024, including nearly 300 new film and television adaptations [8] - The rise of short dramas is notable, with platforms seeing significant revenue from this segment, reflecting changing consumer habits [9] - The digital reading industry is experiencing a transformation, with a focus on balancing content quality and commercial value [11][12] Challenges and Future Directions - Issues such as copyright protection and the impact of AI on content creation are emerging as significant challenges [11][12] - The industry is urged to establish a balance between commercial algorithms and cultural values, ensuring that content quality remains a priority [12][13] - Future developments in digital reading are expected to focus on creating a more intelligent and immersive reading experience, integrating various media formats [13][14]

Group 1 - The recently concluded Shanghai Book Fair attracted over 382,000 visitors, a year-on-year increase of 28.4%, with total book sales reaching 64.727 million yuan, up 31.6% [1] - The fair hosted 1,267 reading activities, marking a 23.8% increase compared to the previous year, and featured 371 publishing units showcasing 160,000 book titles [1] - The event demonstrated the strong mobilization capability of cultural consumption in energizing urban life [1] Group 2 - The 2025 Shanghai Book Fair introduced a new "Yangtze River Delta Brand Physical Bookstore Exhibition Area," highlighting the transformation paths of physical bookstores [2] - This exhibition area featured 20 brand bookstores from Jiangsu, Zhejiang, Shanghai, and Anhui, indicating the fair's focus on expanding the physical bookstore format [2] - The participation of award-winning bookstores like Huizhou Bookstore reflects the challenges faced by physical bookstores due to online retail competition and rising operational costs [2][3] Group 3 - Many bookstores are integrating local cultural elements with unique creative products to achieve brand differentiation, showcasing a "small but exquisite" approach [3] - The fair allows bookstores to extend their retail operations from traditional spaces to an open platform, fostering closer connections with publishers and cultural brands [3] - This shift aims to create a more vibrant cultural ecosystem for physical bookstores by linking publishing, sales, and cultural dissemination [3] Group 4 - The integration of books, cultural products, and activities is exemplified by the Hangzhou Nansong Bookstore, which combines themed books with self-developed cultural products [4] - The evolving role of physical books is highlighted as they transition from being the sole focus to becoming a key component of a multi-faceted cultural platform [4] - The fair promotes diverse reading formats, emphasizing that physical books, e-books, and audiobooks complement rather than compete with each other [4][5] Group 5 - The digital reading landscape is changing, with a decline in the proportion of e-reading users, while the popularity of audiobooks is on the rise [6] - Platforms are increasingly offering diverse reading formats to meet varied consumer demands, with companies like Qimao launching new products to enhance digital reading services [9] - The audio medium is becoming integral to daily life, with platforms like Ximalaya collaborating with major publishers to cover a significant portion of popular literature in audio format [9] Group 6 - The cultural economy is thriving at the Shanghai Book Fair, with traditional cultural products and creative merchandise gaining popularity [10] - Official data indicates significant growth in both book sales and cultural product revenues, with book sales reaching 64.727 million yuan and cultural product sales at 10.17 million yuan in 2025 [11] - The introduction of cultural products is seen as a vital strategy for physical bookstores to attract diverse consumer groups and expand revenue streams [11] Group 7 - The fair's "carnival" aspect is enhanced by the growth of the cultural economy and innovative practices in the "reading +" model, which integrates cultural consumption with tourism and commerce [12] - The event has significantly boosted local retail and dining sectors, with daily foot traffic in key areas increasing and retail dining consumption rising by over 39% [12] - Experts suggest that a clearer thematic focus could enhance the synergy between various elements of the fair, transitioning from additive to multiplicative value creation [12]

Group 1 - The company Readke Culture (301025.SZ) is currently collaborating with ByteDance on the content ecosystem of the "Tomato Novel" platform [2] - Readke Culture has an e-book licensing business partnership with the Tomato Novel platform operated by ByteDance [2] - The company also has an audiobook licensing business collaboration with the Tomato Listening platform operated by ByteDance [2]

Core Viewpoint - The article discusses the decline of traditional reading habits and the diminishing presence of "readers" in the digital age, emphasizing a shift towards fragmented information consumption over deep reading [1][2][3]. Publishing Industry Trends - In the U.S., the print run for academic books has drastically decreased from 800-1000 copies to around 200 copies, indicating a significant decline in traditional publishing [2]. - A survey highlighted that college students are reading less, with reading being overshadowed by platforms like TikTok and Instagram, leading to a perception of reading as an outdated cultural practice [2][3]. - The Chinese publishing industry is experiencing a similar trend, with a reported 31% decline in physical book consumption and an average daily reading time of only 24 minutes compared to 108 minutes spent on mobile browsing [5][6]. Market Dynamics - The overall book market is facing a downturn, with major publishers reporting a 20-30% drop in sales compared to the previous year, and first print runs for new books decreasing significantly [6][7]. - The lack of best-selling titles is evident, with books selling over 10,000 copies being rare, and the industry is increasingly reliant on digital formats and new business models [7][8]. Cultural Implications - The article suggests that traditional reading and the concept of authorship are being challenged by the rise of self-publishing and AI, leading to a cultural shift where reading is no longer a primary means of knowledge acquisition [9][10]. - The author expresses concern that the decline in reading habits could lead to a loss of critical thinking and empathy, which are fostered through deep reading of complex texts [4][5]. Future Outlook - The future of the publishing industry may see a transformation where physical books become a luxury item, akin to vinyl records, while digital content and multimedia experiences take precedence [8][10]. - There is a call for systemic solutions to promote reading among students and the general public, emphasizing the need for a cultural revival of reading practices [11].