上周传媒行业涨跌幅处于各行业板块中上游。传媒板块新热点缺乏，我们认为在此情况下需要关注低估值的细分板块龙头，互联网两大盈利模式广告和游戏的龙头公司 2017 年 PE 已经低至 20-30 余倍，相对数字营销 20%-30%的行业增速和移动游戏 40%以上的增速， PE、 PEG 估值已经是历史较低水平。考虑到注意力线上化的大背景持续进行，且互联网流量价格趋贵，龙头数字营销标的仍具有长期配置价值。

市场综述： 上周上证综指、深证成指、创业板指涨跌幅分别为+2.26%、+1.64%、+0.09%，传媒行业指数涨跌幅为+0.13%。细分到传媒细分子行业来看，各个子行业表现较大差异，其中 O2O子板块涨幅居前，而动漫子板块跌幅居前。

Background music is an integral part of modern commercial space like malls, retail stores, transit, elevators and other public spaces. This kind of music is intended for passive listening, and it helps in improving the ambience of the place. It is also seen to affect the customer's mood positively, resulting in better shopping experiences for the customers and the retailers.

A technology-driven education system like the smart education architecture includes information, resources, and professional development opportunities to support institutions in imparting education to students in a digitally rich environment. In this system, traditional teaching methodologies are transformed to improve the learning process and knowledge delivery. The smart education model uses an array of tools including digital text, graphics, audio-visual, and interactive presentations. These tools allow teachers to demonstrate and communicate easily, improve the teaching process, and engage students in multimedia technologies.

今年传媒板块受到大盘调整带来的冲击，估值整体回落，表现未达预期。但从行业基本面来看，传媒板块具有内生增长动力，预计能维持15%以上的净利润增速。我们认为，在未来十年内，板块的成长属性不会改变。我们对17 年传媒板块的整体行情仍然充满信心。

市场竞争格局既定、人口红利渐减制约手游业务扩张，公司切入大数据应用领域，实现游戏发行成本优化与业务外延式发展。