截止到 1 月 13 日周五收市，本周创业板指下降 3.31%，报 1899.94点；上证综指下降 0.83%，报 3112.76 点；传媒行业指数下降 2.87%，报 1174.85 点，领先创业板指 0.44 个百分点。五涨四美中，七只股票下跌，捷成股份周跌幅最大，跌幅为 5.07%。所有传媒公司中，海虹控股周涨幅最大，为 9.94%，其次为皖新传媒，周涨幅 8.34%，大地传媒排名靠前；本周下降的有 63 只股票，盛天网络降幅最大，周降幅为 11.91%。

从2008年至今，彩票行业持续快速发展，全社会整体销售规模从2008年的1052亿元，增长到2016年3946亿元，年均复合增长率18%，其中2014年及以前为24%，是不折不扣的黄金时代。其中福彩规模稍大于体彩，福彩以相对简单的数字型、即开型玩法为主，体彩中专业性更强的竞技型彩票地位重要。互联网彩票是过去几年行业爆发的主要动力。2015年因2月份起全面禁止互联网售彩，全年行业规模现小幅下滑（-3.8%） 。

Educational technology is a means to enrich the learning experience. To that end, digital classrooms make use of advanced technological learning aids (such as interactive whiteboards and 3D printing) to boost student interactivity and to enhance knowledge retention. As a result, educational institutions have increased their budgets to include more collaboration, assessment, and enterprise resource planning systems in their delivery methods. Standardization of curricula across regions along with increased Internet and broadband penetration are also propelling market growth. Many educational technology vendors have emerged to bolster the teaching and learning experience through their hardware and software solutions. We note that companies in this market have overcome complex regulatory hurdles (across geographies) to expand their market shares.

Fish keeping is among the most popular of hobbies among millions of enthusiasts around the world. The US is the single largest importer of ornamental fish in the world. More than 2,500 marine fish species and 750 invertebrates have been imported into the US since 2000 to meet the demand of hobbyists in the country. On the contrary, countries in the European Union collectively form the largest market for ornamental fish. The growing demand for ornamental fish among hobbyists is fostering the sale of aquarium accessories is increasing. The global aquarium accessories market is expected to grow at a CAGR of 4.82%, during the forecast period.

In this kind of music, the user has access to soundtracks with the help of digital music content websites, generally on a monthly subscription and free-to-access mode. However, the user cannot store it either in physical or in digital form. Spotify is an example of such service. Some digital music content websites offer the option to download music, giving users the ownership of the soundtrack, even without prior streaming. Some users prefer to buy soundtracks in the form of CDs. Other services include iTunes, where the user can download the tracks post subscription payment.

Musical instruments refer to tools or devices that are used to create musical sounds. Musical instruments are made up of materials such as wood, metal, string, and nondurable materials. Some of the most commonly used musical instruments are guitar, piano, wind instruments, keyboard, and percussion.

Visual analytics is an emerging field of analytics that involves the use of visualization, data mining, and statistics to handle massive volumes of data. This is done with the help of human judgement by means of visual representations and interaction techniques. In visual analytics, instead of limiting the analysis to predefined metrics to examine data and study relations between parameters, data analysts are increasingly incorporating analytical reasoning and advanced computation with data visualization. business intelligence tools employ data in tabular forms. Whereas, visual analytics applies tools and practices, which make it easier for non-technical users to interact with the data through visual representations. It enables users to engage in analytical processes through visual representations, which are supported by computer graphics engines with integrated in-memory storage of data. This process facilitates rapid updates of multiple visualizations.

Competency-based education is an educational model in which the emphasis is primarily on acquiring proficiency in skills that are measured through assessments along with credits given to skills learned through work experience or in earlier programs. It differs from traditional education models that rely on a credit hour-based system of credentialing. While traditional educational models are fixed-time models, in competency-based education programs, student competency and learning are the areas of focus with time being a variable, as in competency-based education, since the learning is self-paced, students can prioritize modules, and accordingly allot time for each module.

纸媒行业发展形势严峻，在宏观环境影响及新媒体冲击的形势下，图书出版发行公司依靠教材教辅维持相对稳定的营收，而依赖广告收入的报刊则受到了较大冲击。传统纸媒努力寻求转型，与新媒体不断融合。一边是新媒体向传统媒体渗透；另一边传统媒体通过投资并购向新媒体寻求破局。我们认为在当前形势下，传统出版传媒公司拥有高现金、低负债、内容与渠道、政策与资源等多方面优势，转型升级将成为未来的主旋律。同时，国企改革障碍逐步扫除，未来将加速落地，为传统媒体注入新活力。

行业格局较分散与盈利模式较单一，健身+互联网值得期待：市场集中在一二线城市；目前主要靠预售卡与私教收入。对标海外市场，未来变现将会更加多元化。

国家相关机构统计数据表明，目前我国在运动人群基数不断扩大的基础上，参与体育运动的人群年龄结构较为平均，除课程要求必须参加体育运动的学生群体与不适宜进行体育运动的高龄群体外，各个年龄段的运动人群并没有明显的数量级差，参与运动健身的人群呈现随年龄增长逐步微调的态势。因此，Analysys易观分析认为，运动健身已成为大众生活方式之一。

小程序较 APP 更符合互联网精神。小程序打破了移动互联网时代的“流量分配权”，互联网兴起之前，传统线下渠道有稳定的流量（逛街人群），企业也可以通过户外广告、传单、条幅等手段接触到消费者；互联网时代，流量的分配权被掌握在搜索引擎、电商等平台上；移动互联网时代，APP 入口单一化的局限性愈发明显。

于观剧习惯改变、“一剧两星”政策、IP热、新媒体发展等多方面因素的综合作用，网剧日益火爆。《2016网络自制剧行业白皮书》 显示16年网络自制剧年产量达2079集，加上往年存量，整体市场规模突破5000集。16年网剧年产量在600部左右，网剧产量由14年的激增步入稳定，但播放量在迅速增加。相对于网剧发展早期的粗制滥造和小团队低成本，大制作、高预算的良心网剧逐渐增多，网剧进入2.0时代。

个股方面，万家文化、印纪传媒、皖新传媒、巴士在线、文投控股分别上涨21.00%、8.68%、8.34%、5.86%和4.79%，涨幅居前；幸福蓝海、上海电影、盛天网络、广西广电、长城影视分别下跌14.88%、14.37%、11.91%、11.62%和10.34%，跌幅居前。

上周传媒板块指数下跌 2.40%，上证综指下跌 1.32%，深证成指下跌2.73%，创业板指下跌 3.31%。板块涨幅前三万家文化（21.00%）、印纪传媒（8.48%）、皖新传媒（8.34%）；板块涨幅后三世纪华通（-31.52%）、幸福蓝海（-14.88%）、上海电影（-14.37%）；上周创业板成长股杀跌带动板块下调，年度策略推荐标的文投控股（3.13%）表现良好。 

全行业已进入限售股解禁高发期，预计 2018 年回落。全行业涉及限售股解禁公司数量及解禁事件发生次数在 2016 年达到最高 峰（69 家和 109 次），并将于 2018 年回落至 2014 年水平。定增类限售股解禁规模占总市值比例在 2017 年达到峰值 8.2%，并将 于 2018 年开始回落。受 IPO 解禁影响，行业解禁总规模占总市值比例仍将持续走高至 2018 年的 12%。

2016Q4 全部门店 RevPAR 达158 元，2015Q4 约149 元，同比+6.0%； 其中：直营门店、特许管理门店和特许经营门店分别提升5.2%、7.8%和6.0%,分别对应RevPAR 181 元、152 元、123 元。这一次与往常不同的是，特许管理门店的增幅更大

回顾A股传媒行业2016年表现，用苦不堪言实不为过：以29个中信一级2016年行业涨跌幅为标准，传媒行业以37.7%跌幅排名倒数第一。回顾2013-2015年，随着游戏、电影等行业高速增长，传媒行业经历了3年“牛市蜜月期” ，指数大幅跑赢指数。2016年，伴随着市场风险偏好下降和行业逐渐走向成熟，行业进入后泡沫时代。如何看待传媒互联网行业未来，2000年NASDAQ互联网泡沫（ Dotcom）具有借鉴意义。

总量和结构的差距。当前我国实现体育行业增加值、体育票房收入、赞助收入、票价等相对水平远低于国外，同时我国经济仍在快速发展，因此体育行业绝对值空间巨大；而我国体育服务业在体育行业占比不超过 20%，美日等均超过50%，体育产业结构有待优化，体育服务业空间更大。