发展概览：2019年，中国网络音频行业市场规模为175.8亿元，同比增长55.1%。精品内容涌现，用户付费意愿提升。音频互动模式多样，拓展多元收入。此外，全场景生态的深化发展更是为整个网络音频行业带来更多想象空间，将推动网络音频行业市场规模进一步增长。

2020年至今国内外宏观经济环境受疫情影响起伏跌宕，在线视频在年初亦经历了内容供应短缺，需求暴涨的供需矛盾。进入3月，国内疫情持续向好，复工复产稳步推进，而海外疫情则在欧美多国爆发，多部好莱坞大片宣布换挡至明年。4月8日，武汉解封，至此国内的疫情防控进入常态化阶段，后疫情时期到来。

依托网页或客户端技术搭建虚拟网络直播间，为主播提供实施表演创作以及支持主播和用户之间互动打赏的平台，是一种基于视频直播的互动娱乐形式，得益于移动互联网的发展，目前娱乐直播的承载方式普遍基于移动APP(应用程序)的形态。

疫情期间，展示类广告市场的支柱行业由交通行业和化妆品护肤品行业转变为IT产品和网络服务行业。IT产品类的广告投入指数同比增长率高达163.9%，医疗服务和教育出国类也应疫情需求而加大广告投放，投入指数同比增长率排进TOP3。从中行业数据看，软件类、网络服务类取代汽车和食品类成为展示类广告的新支柱。另外，在疫情期间，药品行业的投入指数同比增长率也高达70.8%.

Camping is, at present, a social living experience that allows reconnecting with nature, while taking part in wellness services and adventure activities at campsites, which have a positive impact. This has paved the way for many luxurious camps that are attracting families, eco-sensitive professionals, and consumers with deep pockets alike. It is outdoorsy but does not require customers to rough it, which has become its primary appeal. Glamping is a combination of functionality and aesthetics, hence appeals to luxury travelers. Staycations are becoming popular, even among glamping enthusiasts. This has also widened the changes of camping to a previously untapped market, which was into luxurious accommodations.

With the growth in disposable incomes, many solo travelers, families, and couples are all attracted to the ASEAN region for the regional beauty, range of activities, and friendly locals. Backpacking, medical and wellness travel, and food tourism are expected to be some important trends for these countries to embrace in order to increase their appeal in the future. The region also caters to a lot of increasing interest in the economic development potential of tourism in Cambodia, Laos, Vietnam, and Myanmar (Burma). The reasons for this expanding tourist interest in the Far East seem obvious, such as the rising levels of affluence in the visitor source countries; the falling costs of international travel and its increasing availability; the more effective organization of tourism both domestically and internationally, in terms of infrastructural support, packaging and promotion, and the move toward regional promotional strategies in the ASEAN countries; the positive policy support given by governments to tourism development and its importance in national development plans; and the search on the part of tour companies and tourists for new, alternative, more exciting, and exotic destinations away from the overcrowded, overdeveloped resorts of Europe and North America.

The over-the-air transmission platform provides reasonable and extensive access to local as well as other television programs wirelessly. Increase in trend of on-demand content and R&D spending in broadcasting industry fuel the demand for over-the-air (OTA) transmission platforms. Moreover, surge in demand for better picture quality and enhanced audio boosts the demand for over-the-air transmission platforms. Furthermore, service providers are partnering with the other infrastructure providers to develop ATSC 3.0 capable OTA devices. This report features information on Over-the-air (OTA) transmission platform solutions and services offered by key vendors. Furthermore, it highlights the strategies adopted by key market players to improve the market share and sustain competition. The key players operating in the market include AirTV L.L.C, Channel Master, GatesAir Inc., Gemalto NV, Harmonic, Inc., LG Electronics Inc., One Media 3.0, LLC, Sinclair Broadcast Group, Inc., SK Telecom Co., Ltd., and TiVo Corporation.

自2020年初至2020年6月9日，传媒（申万）指数实现涨幅5.96%，跑赢沪深300指数（-1.21%）7.17个百分点，位列中信各子行业（共30个）第11位，居于各子行业较为前列。相较于2017-2019年较为落后的涨幅排名，传媒行业板块行情表现有所活跃，一方面是延续2019年年末MCN大潮下传媒行业板块整体的景气度；另一方面5G落地的逐步推进，为传媒行业带来的新增量空间获得市场的关注与认可。

进军游戏是字节跳动内容与商业化的必选项。字节跳动有较大比例广告收入来自于游戏行业，而腾讯又占据着国内移动游戏超过6 成，无论是防止被扼住游戏广告、视频和直播的咽喉，还是补全内容品类、产业链延伸获得更多收益和稳定性，游戏行业都是必争之地；2）字节跳动当前在游戏产业链沿着“从渠道到研运、从轻度休闲到中重度游戏、国内并举”的路径持续推进，凭借着国内外流量和运营优势，字节跳动在游戏领域（研发、发行等）具备无限潜力。

国际自贸港包括自由港、自由经济区、对外贸易区等，其中自贸港以香港、新加坡、迪拜等为代表，主要侧重免关税、贸易及金融自由化，但旅游零售购物征税差异较大。其中新加坡、迪拜均仅机场免进口三税，市内仅针对外国游客在满足一定条件下退消费税；而香港不仅机场免税，市内包括香化、精品等也均免三税（烟和烈酒等除外），成为购物天堂。

近五个交易日沪深300 指数上涨1.41%，文化传媒行业上涨2.43%，行业跑赢市场1.02 个百分点，位列中信29 个一级行业第六位；子行业中影视动漫上涨1.11%，平面媒体上涨2.89%，有线运营下跌0.33%，营销服务上涨4.73%，网络服务上涨0.71%，体育健身上涨0.5%。

爱马仕自 1837 年创立以来，秉承品质为本，文化驱动，手工制作和坚持高端的发展之道，从最初的马具用品店发展成为如今声名显赫的超级奢侈品巨头。家族治理在公司的发展历程中起到至关重要的作用，在几代人传承中留下鲜明的印记。公司的经营业绩总体处于稳定的增长状态，上市以来的营收和净利润年均复合增长分别高达11%和16%。近几年收入均保持50亿欧元以上，自2010 到2019 年，毛利率一直维持在66-76%之间，净利率维持在17-24%之间，在行业内处于领先水平。目前，爱马仕在全球拥有超过300家门店，其中70%以上为直营店的文化传播渠道，成为全球最顶级的奢侈品品牌之一。

游戏板块基本面表现优秀。Q1 国内游戏市场实现营收732 亿元，其中手游实现营收554 亿元，同比分别增长25%、47%，保持了快速的增长趋势；从上市公司表现来看，Q1 A 股传媒板块游戏板块上市公司整体业绩同比增长18%（头部公司增速更快），位居所有细分板块之首位；2）经历Q2 的市场调整之后，游戏板块整体估值水平处于相对较低水平；暑期即将到来，游戏进入新品上线季；字节跳动加大游戏业务投入，产业格局有望迎来变化，并带来较强的主题投资机会。

相较国外影视制作的制片人制度，国内影视制作长期以来均是导演中心制。导演中心制驱动下的多项目并行，是导致影视制作公司利润表大幅波动的核心风险；流量驱动下的IP 改编、明星加持持续推高制作环节的要素成本；要素成本持续攀升带来的风险爆发于2019 年，量价跌，多项目并行而非公司治理放大了这一风险规模。

本周芒果超媒的《乘风破浪的姐姐》开播，2 天累积了3.4 亿播放量；微信指数“姐姐们”录得1300 多万的热度，已经远超《青春有你》的峰值820 万和《创造营》的峰值875 万左右；而在微博上相关话题的阅读量已经超过了话题阅读量超过50 亿，讨论超260 万。我们曾在此前的长视频的提价报告当中提到，芒果超媒的商业模式领先在内容ROI 高于其他竞争对手，而这背后则是公司整套内容创新体系和顶尖团队作为支撑。我们认为这款爆款节目将给公司带来超预期的会员增长和增添新的头部IP。