The outdoor recreational industry is growing rapidly with the increasing inclination to relax, enjoy, explore new places, and undertake new outdoor activities. Outdoor activities are also witnessing a high surge in the US. It was estimated that outdoor recreational activities contributed around $730 billion to the US economy in 2017. Further, with the changing pattern of customer expectations, the outdoor recreational industry has not only confined to hiking and camping but also has expanded to water sports activities. Water sports is considered as the most potential activity in the industry and is anticipated to grow exponentially with the increasing willingness toward water-based activities.

Leisure travel is a form of travel that encompasses a wide range of activities such as visiting new places and staying in hotels and resorts. It provides customers with unique, personal & attentive services, exquisite cuisines, lavish accommodation & amenities, and informative guides. The report studies the leisure travel market based on traveler type that includes solo and group travel; sales channel that includes conventional and online channels; age group that encompasses demographic cohorts, namely, baby boomers, generation X, millennials and generation- z; expenditure type that includes lodging, transportation, food and beverages, events & entertainment and others. The report also provides an analysis of the leisure travel market by region, which is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The board games market is diverse with variety of board games available both for kids and adults. The market offers huge potential owing to the increased adoption of board games across countries. The global board games market is bifurcated into six segments, namely puzzles, tabletop board games, collectible card games, card and dice games, miniature games, and RPG games. Based on themes, the global board games market is divided into educational, strategy and war, fantasy, sports, among others. Board games are normally sold via two prime modes, i.e., retail and online.

12 月传媒板块跑输整体市场表现；2021 年春节鼓励“不返乡”、“就地过年”背景下，一二线票房可能会有超预期可能性，而三四线关停潮可能仍会上演；关注春节档票房，线上娱乐有望受益。

微信发力视频号；苏宁易购与抖音电商达成深度合作，双方在供应链服务和直播品牌IP 打造等方面，展开全方位融合；腾讯小游戏商业化表现亮眼，三七《荣耀大天使》买量、畅销排名稳定；免费阅读赛道持续扩容，腾讯微视入局短剧。

4Q20 基金持仓及相对行业配臵比例与3Q20 相比有所上升（图1），社服行业个股占基金股票投资市值之比为0.16%，环比增加0.02pct，高于股票市场标准行业配臵比例0.03pct，与3Q20 相比增加0.02pct。

无论是行业集中度还是持仓集中度都将持续提升的逻辑继续成立，目前传媒板块整体持仓占流通股比例距历史高点仍有一段距离。我们看好龙头公司持续获取高于行业平均速度的增长，从PE 角度看目前行业龙头估值仍在合理区间。同时关注受疫情影响行业如院线，事实上随着行业的复苏，龙头万达电影已经获得基金加仓。

传媒行业20Q4 基金持仓相比历年同期处于历史低位，环比三连降。重仓股地位较为稳固，分众传媒在重仓榜、加仓榜均拔得头筹。分子板块来看，广告营销、互联网信息服务连续2 季度超配比例提升；游戏板块受行业多重因素影响，Q4 继续遭减持，但头部公司依然为板块重仓股，地位未发生变化，假期来临宅家娱乐时间增加叠加新品周期到来，游戏板块在低估值与业绩增速提升下配置比例有望增加。

互联网头部公司连创新高，下周快手招股，继续重点关注大视频赛道及上下游；版权保护、免费模式带来阅读新增量，字节跳动入股“付费+免费”掌阅科技。

1月27 日传媒板块大涨，其中中信传媒指数涨幅3.12%，包括游戏和影视相关公司涨幅较大。“宅经济”依旧，利好线上娱乐：加大互联网视频内容的供给和便利性有望在短期内进一步提升互联网视频的用户数和在线时长。游戏和互联网视频。“宅经济2.0”一定程度扩大公众活动范围，线下娱乐景气可期。