政府级客户对信息安全性提出较高要求且价格敏感度较低，主要采用传统视频会议 解决方案；企业级客户注重办公协同和产品性价比，主要采用新型视频会议。在建设运营成本影响下，非涉密型政府客户转向使用新型视频会议，新型视频会议解决方案从通用解决方案向场景化和定制化的行业解决方案发展。

短剧、视频内容付费等新模式层出不穷，看好短视频行业拓宽商业化路径。作为内容产品，短剧行业也将逐步出现精品化趋势，关注网文 IP 储备丰富的公司。随着贺岁档临近，定档信息密集披露，上市公司电影储备释放节奏更为透明。12 月已公布的片单中，猫眼娱乐一口气出品了《怒潮》、《一闪一闪亮星星》、《金手指》、《年会不能停》等 4 部电影；万达电影主控出品《三大队》、 参投《瞒天过海》；百纳千成主控出品了《敦煌英雄》和《热搜》； 光线传媒出品《照明商店》；博纳影业出品《爆裂点》；上海电影参投了《再见，李可乐》。进口片方面，好莱坞顶级配置传记片《拿破仑》、连姆尼森主演动作片《疾速营救》、经典 IP 续作《旺卡》以及《海王 2》都将在 12 月上映。

10月17日，真人模拟恋爱互动游戏《完蛋！我被美女包围了》于steam平台发行，好评率92.51%，24小时内在线巅峰65435 名用户。这是一款模拟恋爱的全动态真人互动影像游戏，全程采用第一人称视角拍摄，完全沉浸在场景互动与真人模拟之中。它能让你置身其中，体验真实发生在生活中的故事、场景，让你多做尝试，与你心仪的女孩产生沉浸式恋爱体验。根据SteamDB数据，《完蛋》周末买新用户数量继续攀升，预估销量达87.2万份。此前7天在线人数峰值达6.5万人，对比 2019年真人互动游戏《隐形守护者》峰值8.2万人。

新片陆续定档，短剧业态创造弹性，丰富供给+政策宽松下影视行业长期向好。11 月即将上映的影片包括《惊奇队长2》（11.10）、《无价之宝》（11.10）、《红毯先生》（11.17）、《我 本是高山》（11.24）、《刀尖》（11.24）、《星愿》（11.24）等。其中，中国电影、万达电影参投《无价之宝》，博纳影视主控《刀尖》。12 月已定档影片中，《敦煌英雄》、《热搜》为百纳千成主 控出品，万达电影主控《三大队》、参投《瞒天过海》。今年以来，小程序微短剧逐步发酵为线上娱乐形式的新生力量，其以高爽度内容为基础，短视频投流为渠道，吸引用户高频付费的商业模式正在逐步得到验证，建议关注具备 IP 优势的数字出版公司、优质内容储备丰富的影视制作公司及深耕行业、内容判断能力强的院线公司。

Globalization and growth in the VFX industry have led to global interconnectivity. Due to the continuous development in VFX technology, growth in streaming content, and episodic fare becoming more cinematic based on quality, there is a high-quality VFX in film and series content. There is an increasing demand for VFX artists due to the surging film & episodic VFX content and the gradual ascension of AR and VR. Thus, all these factors increased the demand for skilled artists and the work of VFX studios in Vancouver, London, and Mumbai. Moreover, financial incentives in several locations have helped to globalize the VFX industry.

The transport media is a medical device and essential buffered solution containing peptones, carbohydrates, and other nutrients, excluding growth factors designed and developed for infectious microorganism specimen collection, transport, preservation, and analysis. Transport media solutions preserve the viability of viruses, bacteria, and other microbes during transport without allowing them to multiply in a secure bio-environment. There are types of transport media developed for infectious disease diagnosis.

Board games are tabletop games that typically involve players moving pieces around a board to achieve a specific objective or goal. These games often incorporate elements of strategy, luck, and social interaction, and can be enjoyed by players of all ages. Some popular examples of board games include Chess, Monopoly, Scrabble, and Settlers of Catan. These games have been played for centuries and continue to be a popular form of entertainment and social activity today. These games are known to enhance science, technology, engineering, and math (STEM) skills and act as a tool to provide knowledge and learning experiences to people of every age. These games require active participation from individual players and are quite engrossing. Also, board games can reduce stress, strengthen relationships, and offer entertainment.

Revolutionary technology has brought about digital globalization, enabling businesses and brands to go beyond cultural, language, and geographic boundaries to communicate with customers and market their products and services. Until globalization, being locally relevant was not a requirement, thereby hedging communication. However, cross-border flows in this complex, digitally connected economy have led to the need for more participation in communication, information, searches, and commerce. SMEs are becoming micro-multinationals using platforms such as Facebook, Amazon, Alibaba, and eBay. Individuals have also become ingrained in the process of globalization by using digital platforms, developing international connections, and participating in e-commerce.

Material Type: News inks Industry: Printing ink manufacturing

The tabletop games market is diverse, with a variety of tabletop games available both for kids and adults as well as families & gatherings. The market offers huge potential owing to the increased adoption of tabletop games across countries. The global tabletop games market is bifurcated into six segments, namely, board games, card games, dice games, miniature games, tabletop RPG games, tile-based games, and other tabletop games. Based on themes, the global tabletop games market is divided into educational, strategy and war, fantasy, sports, historical, and others. Tabletop games are normally sold via two prime modes, i.e., offline and online.

我们建议近期营销板块关注两方面机遇：（1）互动影视&微短剧行业近期在爆款产品刺激下热度提升，国内互动影游《完蛋》一度登顶 Steam 国区畅销榜，中文在线短剧平台 Reelshort 海外关注度攀升，产业发展带来新的买量机会，相关标的有望受益。（2）AI+营销：生成式 AI 技术的迅速发展正赋能营销行业的升级迭代。

23Q3，传媒（申万）板块维持增长。23Q3 单季度，营业收入为 1133.94 亿元，同 比-9%；归母净利润为 85.82 亿元，同比增长 24%。2023 年传媒板块归母净利润维持同比增长。

中国第二批大模型通过备案落地。根据钛媒体，11 月 4 日昆仑万维“天工”大模型、 知乎“知海图 AI”模型、金山办公“WPS AI”、好未来“MathGPT”大模型、面壁智能 “面壁露卡 Luca”、月之暗面“moonshot”、美团等多家公司的大模型产品通过备案，可以面向全社会开放服务。目前面壁智能、网易有道、昆仑万维已经官宣了此消息。今年 8 月 15 日正式施行的《生成式人工智能服务管理暂行办法》，加上首批的 10 余个大模型，目前国内有超过 20 个大模型获得审批。随着更多大模型获批，预计国内将有更多 AI 应用从概念到产品化、商业化阶段。

2023 年 10 月，传媒行业指数（SW）跌幅为 5.99%，沪深 300 跌幅为 3.17%，创业板指跌幅为 1.78%，上证综指跌幅为 2.95%。传媒指数相较创业板指数下跌 4.21%。各传媒子板块中，媒体下跌 5.63%，广告营销下跌 1.27%，文化娱乐下跌 7.07%，互联网媒体下跌 10.86%。2023 年 10 月，港股互联网板块跌幅 为 5.77%，恒生科技跌幅为 4.12%，恒生指数跌幅为 3.91%。港股互联网板块相较恒生科技指数跑输 1.66%。

疫后电商发展新常态，亚马逊巨头地位或受挑战。复杂宏观经济背景下，美国市场较欧洲展现消费韧性。疫情对电商发展形成催化，市场更成熟，增速也随之放缓。在跨境电商竞争逐渐白热化的环境下，全球电商巨头亚马逊是否仍具备强劲增长动力、是否仍是国内供应商出海的良好途径，我们对此做出分析。

10月17日，真人模拟恋爱互动游戏《完蛋！我被美女包围了》于steam平台发行，好评率92.51%，24小时内在线巅峰65435 名用户。这是一款模拟恋爱的全动态真人互动影像游戏，全程采用第一人称视角拍摄，完全沉浸在场景互动与真人模拟 之中。它能让你置身其中，体验真实发生在生活中的故事、场景，让你多做尝试，与你心仪的女孩产生沉浸式恋爱体验。

传媒板块在2023年6月达到年内估值高点后，三季度以来估值已明显回落。业绩方面，游戏板块Q3稳中向好，影视板块Q3大幅改善，出版板块Q3延续平稳，广告板块Q3阶段承压，但随着电商消费旺季到来，Q4有望开启改善。随着内容供给的持续释放，以及大模型超多模态不断升级带动AIGC应用不断落地，传媒板块有望再次迎来业绩和估值向上共振。