Group 1 - 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] - The stock price changes in the publishing sub-sector in 2023 are attributed to a market consensus on valuation reassessment, as publishing companies' content copyrights serve as important sources for data corpus in the context of ChatGPT [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 - Shandong Publishing is one of the largest leaders in the publishing sector, benefiting from unique cultural resources such as Confucian, military, legal, and regional cultures, which provide a foundation for producing distinctive quality books [2] - The company has implemented significant cultural projects, including the "Two Creations" initiative and the "Four Famous" project, aimed at building a "Shandong Edition" brand and enhancing international communication [2] - The publishing main business focuses on creating a matrix of Shandong Edition books, consolidating educational publishing services, and developing customized educational products that meet market demands [2] Group 3 - The integration of technology drives digital intelligence fusion, with initiatives such as new media marketing matrix development and the promotion of "AI + publishing" models [3] - The company is expected to achieve net profits of 1.674 billion, 1.781 billion, and 1.871 billion yuan from 2025 to 2027, with corresponding PE ratios of 10, 9, and 9 times [3] - The company is given a "recommended" rating based on its leading position and innovative business characteristics [3]