游戏已不仅是一种娱乐方式，手游的崛起让游戏演变为人们日常的“休闲+社交”行为，优质产品即入口和平台；手游走向精品化，产品的生命周期将会不断延长，而不是越来越短；端游、页游转手游的 IP 红利仍在持续，对已经实现 IP 转化的公司未来持续发展保持乐观；买量模式体现了公司获取低成本用户的营销和管理能力，产品仍为本；不必对腾讯、网易过分担忧，内容永远无法垄断，A 股龙头依托“优质产品+精细运营”迅速实现卡位。

市场综述：上周上证综指、深证成指、创业板指涨跌幅分别为-0.15%、-0.65%、-0.78%，传媒行业指数涨跌幅为-1.83%。细分到传媒各子行业来看，各个子行业表现较大差异，其中体育指数涨幅最大，在线教育指数、网络彩票指数等跌幅最大。

我们初步统计了大传媒（包括教育）184 家上市公司的限售股解禁情况，2017 年下半年有解禁压力的共有 76 笔（个别公司有 1 笔以上），因减持新规较为复杂（对大股东限制主要是 5%以上、对定制股份则限制 12 月内减持不超过 50%），我们简单统计显示未来半年 76 笔解禁种，有 27 笔涉及 5%以上的大股东，其中解禁部分全被限售的有 8 笔（多数解禁，部分股东的股权比例低于 5%）。

6 月流动性仍紧的背景下仍推荐业绩增长最大以及流动性最好（成交量最大）的白马游戏股：完美世界、三七互娱、游族网络、中文传媒；以及院线股：万达电影、中国电影、上海电影。另一方面，流动性收缩的预期短期内达到最差的时刻，自下而上低估值，小市值的个股也值得慢慢布局，如行业景气度仍高的教育、内容等板块的低估值个股：世纪鼎利、新文化、长城影视。第三，关注国企改革在三季度的深化：皖新传媒、南方传媒、长江传媒等。

随着互联网和移动互联网民的增长和普及，网络媒体已经成为最重要的营销工具，网络广告市场得到快速发展，艾瑞咨询数据显示，2016年市场总规模达到2902.7亿元，增速32.9%，预计未来市场将继续保持高速增长，行业整合加速，网络广告形式演化不断丰富创新，内容更贴合用户需求。

1． 视频付费会员16 年用户达到了7500 万，17 年预计将会超过1 亿，付费习惯逐渐养成，内容付费投资机会关注度逐渐升温，网生内容风口愈吹愈紧。2． 网络综艺爆款层出不穷，《奇葩说》、《火星情报局》、《娱乐大侦探》等形成了一系列强IP，招商冠名费不断创新高，《奇葩说4》的冠名费已达1.8 亿，总招商费接近5 亿。3． 5 月2 日爱奇艺投资2 亿的超级网综《中国有嘻哈》召开了发布会，《中国有嘻哈》拥有超强的幕后制作团队，《中国好声音》前3 季的制作人陈伟，《跑男》前3 季的总编剧岑俊义，《跨界歌王》总导演宫鹏等；超强的明星团队，吴亦凡、潘玮柏、张震岳等。在社会上引起了极大的关注度，目前正在海选中，热度有望进一步发酵。

The spa market in Europe has been registering positive growth over the last few years and continues to be the largest market at the global level, followed by APAC.The spa market in Europe contributed 40.27% of the market at the global level in 2015.In terms of end users, female participants dominate the market. However, there is a growing demand among males too. For instance, in Bulgari Spa, the ratio between male and female customers is even. As a result of the growing trend, the podiatry clinic has been replaced with a barber’s suite, which offer a more masculine feel.In terms of treatments, although massages and facials remain popular, there is agrowing trend for advanced treatments. Treatments such as advanced facials (Swiss Perfection) and facial acupuncture are growing in demand.The spa market remains highly fragmented. However, new product and service offerings, themes, and concepts provide vendors with a differentiating factor. For instance, the spa at Four Seasons Hotel London at Park Lane is situated in the 10th floor of the hotel and the ceiling is made of glass, which lets guests enjoy sky views and cityscape from the spa.

People buy tickets to attend entertainment events such concerts, sports, movies, and live performances. As the number of events are increasing every year, event managers and organizers are looking for an advanced and upgraded solution to offer maximum comfort and benefit to consumers. Online ticketing, which is one of the major platforms for booking tickets, allows users to book tickets using mobile apps. Customers can choose the event and venue using the app. Users can book tickets at their convenience and store them on their mobile devices, eliminating the need for taking or carrying a hardcopy to the venue. Furthermore, mobile ticket sales will also support inapp advertising, which is cost effective compared with traditional advertising models.The global ticket market is driven by the growing number of live performances andevents. The rise in the number of concerts is resulting in an increase in number of attendees, which generates high revenue for the market. For instance, Sunburn, which is as massive as Tomorrowland, is Asia's largest music festival. Sunburn had 350,000 attendees from across the world in 2015. The music festival is likely to attract a larger number of attendees at its upcoming event in December 2016. The market will also be faced by some challenges, which will have an impact on its revenue growth. Piracy and security concerns is one of the major challenges faced by the market. Customers are skeptical about booking tickets online because of the growing number of incidences of phishing. They fear that their personal and financial information will be stolen and misused. This is likely to hinder the revenue inflow of the market.

Real-time location system (RTLS) and radio-frequency identification (RFID) tags help in increasing the efficiency and performance of fitness professionals, athletes,and individual users.The opportunity in the RTLS market has led to increased number of RTLS vendors.This, in turn, leads to a reduction in the price of RFID tags, which enable increased adoption of RTLS solutions among small and medium-sized enterprises (SMEs).Increased use of RTLS for sports performance tracking is a major factor affecting the growth of the market.

运动营养品有助于提升身体机能、加速肌肉增长和快速恢复体能。随着中国健康文化的兴起、消费水平提升以及消费群体的扩张，国内运动营养品市场有望迎来快速发展。