IT 培训是连接学历教育和 IT 产业人才需求的桥梁。IT 产业的人才需求决定了 IT 培训行业的市场空间和发展方向。随着移动互联网的发展，IT 产业规模不断扩张，行业分工细化，技术快速迭代，产生了越来越多的人才需求，促进了 IT 培训需求的快速增长。目前 IT 培训已成为非学历职教规模最大、增长最快的细分领域。从行业竞争格局来看，我们认为 IT 培训行业总体的市场集中度将会提升，但各龙头机构的位次排名存在动态变化。 IT 培训龙头机构之间围绕业务模式的各个环节进行差异化的竞争，最终的竞争结果是其综合运营能力的体现。推荐 A 股 IT 培训龙头文化长城、百洋股份。

由迪士尼皮克斯制作的第19部电影《寻梦环游记》 于11月22日、 11月24日分别于美国和中国大陆上映。影片以墨西哥亡灵日为背景，凭借视觉美感和故事内容，赢得口碑与票房双丰收。根据box office mojo，影片上映首周末在美国本土以5080万美元票房成绩登顶周末票房冠军。

随着中国移动红利时代的成熟，用户由 PC 端向移动端迁徙的趋势放缓，中国的移动互联网领域进入存量市场，与此对应的是买量成本上升，和头部化趋势的显现。因为移动端而新兴商业模式较多产生于移动端，随移动端内容的丰富，占据了用户更多的闲暇时间。我们建议从以下两个维度选股：（1）市场份额领导者；（2）小众精品路线的成功践行者。与此搭配的其余标准还有：专注主业的管理层，相对集中的大股东持股，以及层次较为分明的细分市场格局。

2017年全年传媒板块仍处于估值回调阶段，受到整个市场“脱虚向实”以及金融去杠杆的影响，传媒行业外延并购成为监管重点，导致业绩增速下降。我们认为18年传媒板块在外部环境继续趋紧的情况下更需重视企业内生性增长的机会。从细分领域看，我们看好“消费升级”带来的相关的投资机会。

The rising number of concerts and live performances is a major driver for the growth of the global guitar market. The growing interest in music among the youth population has led to the formation of numerous musical bands that perform various types of music like blues, pop, rock, metal, and electronica. In addition, an increase in the disposable income of consumers is leading to a high demand for guitars in developing countries such as China and India. As a result of changing lifestyles and higher standards of living, individuals are motivated to spend on leisure activities such as music, which is likely to increase sales of musical instruments.

Recreation and sports industries are booming, leading to a demand to fill diversified roles including media relations, advertising and sales promotion, marketing, financial management, facilities planning, and administration. The sports industry is booming with opportunities in all areas such as sports marketing and sponsorship, sports media (traditional and social media), and sports facilities. Investments are being made in the sports industry for enhancing the end-user’s performance, scheduling, online registration, and quick access to information about members of the clubs and leagues.

The global music market is expected to grow at a CAGR of 8.93% during the forecast period 2017-2021 with the digital music segment growing at the highest CAGR of 18.30% followed by the music publishing segment, which is expected grow at a CAGR of 9.79% during the forecast period.

随着《绝地逃生》端游红遍大江南北，“吃鸡”手游也迎来了白热化的竞争。从群雄逐鹿到腾讯、网易“楚汉相争”，大逃杀市场迎来了越来越多的关注。那么最终究竟谁能 “吃到鸡”？大逃杀手游会不会取代王者荣耀？谁是这场“吃鸡”淘金热中的“卖水者”？而手游市场的下一个风口又在哪里呢？我们将在本报告中对以上问题进行探讨。