传媒行业遭遇戴维斯双杀。根据中信一级行业指数，传媒行业2016全年暴跌37.71%，在29个中信一级行业指数涨跌幅中排名垫底，而表征全市场的沪深300则同期下跌11.28%。进入2017年，传媒板块仍未能摆脱跌势，至5月11日止中信传媒指数下跌12.58%，排名倒数第五，同期沪深300则上涨1.9%。 业绩方面，无论从净利润增速、 EPS增速以及ROE方面分析，均得出行业整体业绩下滑。

根据今日头条算数中心的数据，2016 年今日头条累计激活用户达 7 亿。渗透度、日新增用户量等指标占据行业第一。旗下 App 除新闻应用外，还涵盖娱乐、工具、音乐、教育和图书等多种类型的应用。

截止到 2017 年一季度，我们综合市值及盈利状况等因素，从综合消费者服务、互联网软件与服务、传媒、软件和信息技术服务板块的 2567 家新三板公司中筛选了 181 家互联网传媒行业新三板上市公司进行分析

传媒互联网行业 2016 年仍然站在风口上，投资并购活动频繁。2016 年传媒互联网领域的风口分别是：网络直播、网红经济、网生内容、共享经济等，传媒互联网产业已然成未来社会基础产业。直播领域监管不断加强，内容持续输出不稳定和政策风险依然存在，看好行业龙头企业及财经等垂直细分领域机会。网红经济具有自带流量，转化率高，适合精准营销，平民化等优点，还将不断发展壮大。网生内容网感元素突出，迭代速度快，碎片化，适应快节奏生活的需要，网综网剧网大均进入发展快车道，短视频成为投资风口。从共享单车到知识共享，共享经济时代已然到来，并将继续引领2017 投资方向。

板块发展趋势：板块业绩分化，估值逐步回归基本面。2016 年，传媒板块整体营收增速为 23.54%，归母净利润增速为 22.26%。板块内部业绩出现分化，互联网、游戏等行业受益于行业的高景气度和高毛利持续呈现高增长。从板块基本面来看，我们预期整体板块 2017 年仍有望保持 15%-20%左右增速，内生增长将成为更重要的增长动力；另一方面，当前板块估值相对于板块增速仍然有一定估值溢价，预期估值回归大浪潮仍将持续。板块内部逐步分化。从 NASDAQ 泡沫的历史经验看，整体市场将回归理性，但对于真正具有成长性的白马公司，市场仍然会给予远高于板块平均水平的估值。

Cloud gaming is a type of online gaming that allows gamers to access and play games that are stored on a remote server. These games can be accessed using internetconnected devices for free or by paying a subscription fee. The global cloud gaming market will grow at a CAGR of 28.86% during the forecast period. The growth is attributed to the rising population of gamers, increasing gamification, and growing adoption of mobile devices. In 2015, the Americas accounted for a major share of the global market. The US was the key revenue-generating country in 2015. Microsoft, NVIDIA, Playkey, PlayGiga, and Sony are some of the prominent vendors operating in the market.

The global casino gaming equipment market is expected to grow at a CAGR of 15.25% during the forecast period. The easing of government regulations related to casino markets is one of the major factors contributing to the growing demand for casino gaming equipment. Many countries, such as Japan, are aiming at legalizing casino gaming because of the growing popularity of gambling and the high revenue contribution from casinos globally. The market growth is also driven by factors such as the increasing middle-class population and rising disposable income. This rise in demand for gambling games is leading to an increase in the construction of new casino centers across the world. For instance, Marina Bay Sands, which opened in April 2010, generated a revenue of $1.06 billion from the casino in 2010 and more than $2.3 billion in 2015.

A casino is more of a tourist attraction and indoor amusement zone. It offers services in hotels, restaurants, and shopping malls. The majority of the revenue comes from gambling. Casinos are concentrated in certain regions because gambling is illegal in several parts of the world. However, a large number of countries are easing regulations to support the growth of casinos because they are becoming very popular and are contributing significantly to a nation's economy in the form of tax.

5 月 27 日，证监会发布《上市公司股东、董监高减持股份的若干规定》，新规在短期内有望缓解市场情绪，解禁压力减少，从长期看，减持限制会对一级市场产生深远影响，一级募投活跃度可能下降。基本面扎实、内生成长性强的优质标的将更具备投资价值，平治信息代表次新股板块也有积极因素。

2016 年中国网游市场规模达到 1789 亿元，同比增长 25%。其中，手游、端游、页游的市场份额分别为 57%、34%、9%。2016 年手游市场规模达 1023 亿，同比增长 82%，首次超越端游，成为网络游戏最大细分市场。手游用户同比增长 16%，达到 5.28 亿人，00后玩家崛起+付费能力提升，未来手游市场将从爆发式增长期进入平稳高速增长期，步入后红利时代。

截至 2017 年 5 月 19 日，新三板挂牌文娱行业共有公司 219 家，待挂牌公司 1 家，已进行做市转让的企业为 25 家，做市文娱公司数量占新三板文娱行业（219 只）的 11.4%，而做市文娱企业总市值（118.15 亿元）占所有挂牌文娱企业总市值（910.91亿元）的 13.0%。（2）新增挂牌。上周新三板文娱行业无新增挂牌企业。（3）上周新三板无文娱企业发布定增预案。近四周新三板文娱行业拟融资额 0.3亿元。上周新三板无实际募资。近四周新三板文娱行业实际募资总额达 2.58亿元。2016 年至今新三板挂牌文娱企业实际募资总额达 70.08 亿元。