头部企业建立庞大体系。社会文化氛围与企业牵头的内容制作形成“关键人物+广阔世界观+永不落幕的剧情”模式。相似的创作起点与扩充模式导致IP 定位近似或重叠。企业的先发规模优势明显，迪士尼等少数大企业掌握行业主导地位，旗下大型IP 占据排行前列。周边商品行业：头部企业与IP 端头部企业紧密合作。孩之宝、美泰等企业占据市场半壁江山，但企业业绩受IP 授权变动影响大，授权费用支出高昂，商品销量受传媒娱乐企业出品内容的市场表现影响明显。市场与消费者：消费者偏好统一，市场波动大；销售渠道向亚马逊等大型电商与沃尔玛等大型百货集中。

【掌趣科技】——《一拳超人（One Punch Man）》自1 月7 日登陆港澳台市场后表现超市场预期，目前处于港澳台地区游戏畅销榜第1-2 名的水平，1 月App Annie 出海排行榜上升16 名至第22 名，建议关注海外发行带来的新的业绩弹性。

继2019 年下降3%后，我们预计澳门总博彩收入今年上半年仍将表现疲软，但下半年有望重拾增长。我们预计澳门2020 年总博彩收入同比增长3%，其中中场博彩总收入持续表现强劲，同比有望增长8%；贵宾业务博彩总收入预计同比下降5%，贵宾业务有望于2020 下半年恢复增长。

在发布 《5G 风起，在线教育正当时——在线教育深度系列二》之后，我们近期对疫情期间在线教育行业变化进行深度跟踪，本篇报告突出贡献以下：1）对在线行业近期流量数据进行跟踪&分析；2）设计一手问卷调查（获得800 份全国样本），从实际反馈进一步分析行业及验证行业大逻辑。

板块业绩预告分化明显。24 家上市公司中有12 家公司盈利和12 家公司亏损，且受上市公司亏损规模较大影响，板块整体净利润预告区间为亏损119.65 亿至亏损80.75 亿元。自2018 年12 月审批重启以来，游戏版号在总量控制中有序下发，推动游戏产业规模稳定增长；在市场新游增加、行业景气回升的整体趋势下，游戏公司经营回归正常节奏，新游陆续上线后对公司业绩有明显的提振作用。完美世界、三七互娱、掌趣科技、昆仑万维等公司受益于自研及发行产品的良好表现，业绩实现同比增长。

SAVE tourism is the concept of tourism where a group of tourists visit to a destination in order to engage in learning, research, or volunteer travel. In SAVE tourism travelers tend to be interested in various activities such as building homes, educating poor children, generating employment and more that contributes to the development of local lives. The global SAVE tourism market is analyzed based on its prospect and future growth rate. The report highlights numerous factors that influence the growth of the SAVE tourism market. These include market forecast, drivers, restraints, opportunities, and role of different key players operating in the market. The report is analyzed for SAVE tourism by type such scientist, academics, volunteer and education. Moreover, it focuses on the sales channel segment, which includes travel agent and online .Furthermore, it includes the revenue generated from the sales of SAVE tourism across North America, Europe, Asia-Pacific, and LAMEA.

The global luxury travel market is growing at a healthy rate of 6.4%, owing to the increase in interest of people in unique and exotic holiday destinations. Luxury travel is a niche market; however, it is gradually gaining market share in the overall travel industry, owing to growth in disposable income and rise in living standards of people. The increase in the number of high-net-worth individual HNIs in emerging markets further propels the growth of the luxury travel market. The global luxury travel market is projected to reach $ 1,614,639million by 2026, growing at a CAGR of 7.9%, from 2019 to 2026. The growth of the luxury travel market is attributable to the large number of luxury travel companies switching to new age technologies. This is to boost the luxury travel status and delivering guests with state of the art facilities. Oculus rift-virtual reality device, Amazon eco-artificial intelligence, Go pro-wearable technology, and DaVinci 3D printing are some of the advanced technologies launched for the customers to enhance their travel experience.

春节期间由于疫情升级，为了尽量减少外出，移动游戏成了大多数人在家消磨时间的一种生活方式。从下载榜单来看，竞技类和棋牌类游戏排行上升较快，其中腾讯旗下多款游戏上榜，其余游戏厂商疫情期间旗下游戏下载量表现不一。

中免近期动态复盘。02/17：多免税店开展“雅诗兰黛旗集团旗下商品3 件6 折”活动；参与活动的免税店包括：日上上海、日上北京、三亚免税店、海口免税店、白云机场、西安机场、杭州机场等。

受疫情影响，游戏行业在春节期间不论下载量还是收入数据均表现强劲，但随着近期企业陆续复工，市场对游戏行业的增长可持续性产生了疑虑：是否行业仅为短期脉冲式增长，是否一季报即为全年高点，行业是否具有长期增长的可持续性？

居家场景使得公众线上娱乐消费需求增强，同时碎片化的娱乐休闲时段演变成集中化的娱乐休闲时段，叠加《爱情公寓5》《下一站是幸福》等优质内容持续供给，长视频作为文化娱乐的主要形式之一显著获益：假期期间电视收视率显著提升；IPTV/OTT 大屏活跃用户数及收视时长持续增长，用户群体显著扩展；长视频平台新增下载量、日活用户数及人均使用时长等核心数据表现亮眼。

游戏行业短期受益线上娱乐需求爆发增长，长期看5G 背景下云游戏开启新增长阶段，维持行业“推荐”评级。关注具备强大自研实力的完美世界、具备长线化运营能力的游族网络、吉比特，产品、买量双管齐下的三七互娱，海外发行能力凸显自研进入收获期的宝通科技。