市场综述：上周上证综指、深证成指、创业板指涨跌幅分别为-3.40%、-4.20%、 -4.85%，传媒行业指数涨跌幅为-4.44%。传媒行业涨跌幅处于所有板块几乎垫底位置，大部分传媒细分板块呈下跌局面，其中迪士尼指数子板块跌幅最小，而人工智能子板块跌幅最大。

一方面，政策鼓励“互联网+电影”。广电总局电影局颁发给电商平台电影发行经营许可证，给予电商平台深入参与电影产业的资格。另一方面，加强对市场的监管和规范。针对电影市场假票房购买现象，成立全国电影市场专项治理办公室，对全国票房进行监管。同时，颁布影院票务系统实施细则，要求每张电影票原始信息报至国家数据平台，并对违规行为进行实时通报。

2015年中国网络游戏市场继续保持增长势头，实际销售收入达到1403.3亿元，但增长速度有所放缓，较2014年增长28.2%，整个游戏市场增长，主要由于游戏用户的增长以及移动游戏的高速增长。

Sports and fitness wear is worn during workouts, sports, or any physical exercise to provide the wearer comfort and style. T-shirts, hoodies, shorts, and tracksuits are typical sport-specific apparel used while playing sports and doing other physical activities such as exercise. Sports and fitness apparel is designed to be lightweight and has thermal properties that allow the wearer to stay warm in cold conditions and vice versa. Modern-day sports apparel is made using advanced fabrics, which remove the wearer's perspiration away from the body to the outer surface of the apparel so that it can evaporate. Sports and fitness apparel is also available in various fashionable designs. The crossover between fashion and exercise has propelled the demand for sports apparel and fitness among women.

An LMS is a software application used to plan, deliver, and manage online courses. It uses web-based technology to manage, administer, track, and evaluate the performance of participants. LMS is widely adopted by corporations and educational institutions, especially in the higher education sector. The substantial cost benefits and increased employee efficiency and productivity have prompted leading companies worldwide to replace traditional forms of learning with LMS. Additionally, organizations operating global-scale businesses prefer LMS, as it enables them to train employees irrespective of their geographical location.

Advertisements include any paid form of non-personal presentation and promotion of ideas, goods or services by an identified sponsor. It is an effective tool used in business to differentiate goods and services in a meaningful way to connect the consumer with the brand. Increasing competition in the business world has made it mandatory for businesses to advertise. In addition, the advent of digital media has made advertising an affordable proposition for SMEs. Advertising and marketing on digital platforms reaches a larger audience and helps the SMEs to stay competitive in the market.

市场回顾：板块持续调整，推动行业回归理性。（1）行情：2016 年传媒板块整体处于大幅调整期，其中影视动漫、有线电视网络板块回调幅度较大。目前，行业整体市盈率调整到 2013-2014 年水平，营销服务、平面媒体等子板块估值回落到 40X 以下。（2）政策：2016 年以来，广电总局、文化部、证监会等监管部门不断出台监管政策，涉及网络剧、网络游戏、网络直播、电视栏目、VR 等各个细分领域。政策的密集出台对板块调整起到推波助澜的作用，但确实也起到引导优质作品产出、促进行业分化的作用。（3）并购重组：在更严政策背景下，相较 2015 年，板块整体外延并购趋于理性，并购事件显著减少，但上市公司商誉仍在持续累计，反映出并购标的体量不断放大。

1、我国电影产业进入从量变到质变的产业升级阶段。中国电影与电影企业逐步将市场拓展至全球。2、中国动漫市场将快速发展，大量外部资本进入行业，国产动漫行业将迎来快速增长期。3、消费者版权付费意识形成，版权付费交易市场经过多年的培育逐步进入成熟与创新发展阶段。

本周 A 股跌幅较大，监管层对险资举牌进行约束或成主要诱因，此后大盘震荡走低。截止到 12 月 16 日周五收市，本周创业板指下降 4.85%，报 1998.11 点；上证综指下降 3.40%，报 3122.98 点；传媒行业指数下降 4.36%，报 1243.08 点，跑赢创业板指 0.49 个百分点。

国务院取消影视演员资格证，打破传统思维不再“纸上谈兵”；行业协会打击电视剧收视率造假：制片方购买收视率每集达 50 万；文化部：网络直播平台须有许可证 主播要实名；视频行业BAT份额超过50％； 三部委下发广电系整合意见关注其投资受益方；多层资本市场文化板块扩大，1400 家文化企业发力股权融资； 工夫、华谊、网易影业联手《阴阳师》将拍影视剧；广电总局：微博微信等社交应用传播视听节目应取得许可证；梦想直播与掌阅科技达成战略合作将在明年共同孵化百部优质 IP。

国内游维持稳步增长，但出境游有所回落。其中，前三季度国内游人数达到 33.6 亿人次，同比增长 11.0%（15 年全年为 10.5%），而上半年出境游旅游人数为 5903 万人次，增速由 15 年全年的 9.0%下降至 4.3%。 公司：前 3 季度旅游公司业绩增速有所放缓，营收、归母净利润和扣非归母净利润增速平均为 18.2%、17.8%和 12.8%，业绩增长主要来自业内公司的外延扩张，剔除并购并表影响后增速分别为-1.4%、14.9%和 10.9%。