作为游客，不破坏旅游资源，保护自然环境，这是最起码的常识、最基本的公德，也是最应守住的法规红线。其次，景区管理部门亦难辞其咎。

我们为什么做旅游？首先当然是满足人的需要，一切社会的生产活动皆是如此。往小的方面讲，产业结构的优化升级，提供更多的就业机会，加快地方的经济发展。

The Global Outdoor Sports and Recreational Market has witnessed dynamic growth in recent years. Consumer enthusiasm for outdoor activities has increased significantly over the past five years, boosting the market revenue to more than $653 billion in 2017.

Thailand's tourism industry is one of the best developed in the world and in the Asia-Pacific region in particular. The growth prospects of the market are exceptionally bright with the country have firmly established itself as a premier tourism destination catering to all types of travellers in all budget categories. With very strong growth potential and a long-standing reputation, the tourism industry in Thailand is well developed with a resilient reputation. The hotel market is diverse and competitive, particularly in the most established destinations, including Phuket and Bangkok. Thailand continues to attract investor interest with hotel developers drawn by rising visitor numbers and a growing list of new and established tourist sites.

Russia has enormous unexploited potential as a tourism destination; however, the structural challenges facing developers are commensurate with the rewards on offer. Outside of St Petersburg and Moscow, transport infrastructure is underdeveloped and there is only limited awareness of the attractions on offer. Corruption is a major barrier to private investors, as are bureaucratic hurdles which make new developments time consuming and costly. Despite these barriers, Russia remains an attractive market as inbound arrivals are increasing and the government is taking steps to develop tourism related infrastructure.

Singapore's tourism industry benefits largely from its strategic location at the heart of Asia Pacific. It will continue to leverage its strong network of infrastructure for sea, road and air travel maintaining its position as a stopover destination in the region. The city-state, however, offers a diversified range of activities for tourists beyond this. Combined with a dynamic hotel sector offering, Singapore will continue to be an attractive place for investors.

Gambling is an activity where one wagers money or something of value on events with uncertain outcomes. When permitted by the law, gambling is often referred to as gaming in many countries. Consideration, chance, and prize are the three major elements of gambling that need to be present. Some of the major gambling activities are poker, casino, betting, and lottery.

Gambling is an activity where one wagers money or something of value on events with uncertain outcomes. When permitted by the law, gambling is often referred to as gaming in many countries. Consideration, chance, and prize are the three major elements of gambling that need to be present. Some of the major gambling activities are poker, casino, betting, and lottery.

付费订阅驱动全球音乐复苏，我国数字音乐市场属起步期：音乐是娱乐产品的刚需品类。据IFPI数据，2017年全球录制音乐市场规模达到173亿美元，同比增长8.1%，其中流媒体同比增长41.1%，付费订阅模式因性价比等优势成为最佳商业模式。2017年我国数字音乐用户达到5.5亿人，数字音乐渗透率仅次于网络视频。然而我国数字音乐商业化刚起步，2017年我国数字音乐付费市场规模仅为32亿元，同比增长约60%，数字影业整体付费率仅不到4%，相比于欧美成熟市场以及国内视频等行业有显著的提升空间。

我们根据上市院线的2018年中报，对其直营影院的运营指标进行深度复盘后发现，基本面出现边际改善：平均票价在2018年上半年大多有所上扬，显示观众的观影需求更为刚性，深层原因在于国产片质量持续上升；三线及以下城市观众对国产片更为青睐，而渠道持续向三四线城市下沉，将对国产片票房形成支撑，形成良性循环；在非票房收入方面，国内院线做出诸多努力，收效显著。但影投公司票房集中度在持续下滑，显示影院去泡沫化过程尚未开始，或对行业整体带来压力，其中银幕扩张较为稳健、运营能力较强的院线相对更为优质，建议关注中国电影、上海电影等。

2018年3月，因监管部门调整，游戏版号申办业务停办。根据《深化党和国家机构改革方案》列出的时间表，要求在18年年底前落实到位。2018年8月30日，教育部等八部委推出《综合防控儿童青少年近视实施方案》通知，通知核心三个重点：1）国家新闻出版署将对网络游戏上线运营数量实施总量调控；2）探索符合国情的适龄提示制度，实现游戏分级；3）采取措施限制未成年人使用时间。

7家营收增长，6家净利润增长，5家总资产破百亿。万达电影、中国电影、华谊兄弟、横店影视、金逸影视、幸福蓝海、文投控股、光线传媒、上海电影、北京文化十家以电影为主要经营项目的A股上市公司2018H1营收总额为199.42亿元，平均营收同比增长12.1%，归母净利润总额45.26亿元。资产破百亿公司有五家，分别是万达电影、华谊兄弟、中国电影、光线传媒、文投控股，万达电影与华谊兄弟实现总资产破200亿。

受移动网络用户高涨的碎片化娱乐需求影响，娱乐消费需求进一步细分，泛娱乐产业呈现玩法多元化趋势。包括游戏、影视、文学、动漫、音乐等“互联网+文化娱乐”业态广泛互联并深度融合。新生代消费者（95/05后）的消费行为从传统的生存型物质性消费逐步转向发展型、服务型等新型消费。用户的付费意识与意愿大幅提升，泛娱乐领域付费规模快速增长，长/短视频、知识付费、数字阅读等多个新兴付费行业崛起。

业绩增幅创新低，内生动力不足。从传媒行业整体营收情况看，18年上半年板块合计营业收入为2185.36亿元，同比增长16.79%，增幅创14年以来新低。从净利润方面看，实现归母净利润共计298.30亿元，同比增长7.06%，增幅较17年同期出现较大程度回落，也是自14年以来净利润同比增幅首次低于营业收入同比增幅，说明板块盈利能力开始出现下滑。18年H1扣非后净利润为223.57亿元，同比仅增长0.45%，低于净利润7.06%的同比增幅，说明18年上半年板块净利润的增长多依靠投资收益、政府补助等非经常性损益拉动，板块内公司内生业绩增长动力几乎停滞。

教育出版是中国图书出版市场中最大的门类，占比超过60%。2017年全国K12在校学生总规模达到1.69亿，教育出版具有需求刚性。同时国内新生儿数量自2010年后步入稳定增长通道，我们预计未来十年在校学生规模将止跌回升，进入长达10年的增长周期。我们认为教育出版行业上市公司资产质地扎实，现金流稳定，板块具有估值支撑。看好主业能力强、地区学生规模增长潜力较大的公司，推荐中南传媒、凤凰传媒、城市传媒，建议关注山东出版。

全球视觉创意行业在2011年的市场规模约为110亿美元，到2016年达到135亿美元，5年累计增长22%。其中美国企业占据多数市场份额。值得注意的是，中国视觉素材市场虽然起步比较晚，但是发展迅猛，市场前景广阔，空间巨大，近5年来市场规模年均增幅达到30%左右。

2018年1-8月国内电影总票房收入458.2亿元，同比增长20.05%，整体表现基本复合预期；1-8月卫视黄金档收视率相较于同期表现下滑明显，同时排名2-7位的热剧收视率相较于去年同期也均有所下滑，6-8月的主要网剧播放量相较于去年同期均有所下滑，同时头部剧的播放量也呈现出竞争力不足的特点；2018年1-6月国内游戏市场规模为1050.0亿元，同比增长5.2%；用户规模5.3亿人，同比增长4.0%。

长期关注“光芒众视”。娱乐需求不会灭，野百合也会有春天。寒冬中有御寒能力（现金储备充裕）并活下来、有魄力逆势扩张、有全产业链抗风险能力的大船（上下游完善）：光线传媒、芒果超媒、分众传媒和视觉中国。