Sports nutrition products have increasingly gained popularity, mainly among athletes and individuals involved in vigorous physical activities. The growing emphasis on staying healthy and in shape, rising participation in sports, health clubs, sports clubs, and gyms are some of the key drivers contributing to the growth of global sports nutrition industry. In recent years, health clubs and fitness centers have witnessed consistent growth, due to increase in health concerns and change in lifestyle. The rise in health awareness and the need for adequate nutritional content in food have also fostered the demand for sports nutrition products. A surge in the number of the middle-aged and geriatric population engaged in sports activities has further fueled the sports nutrition market growth. Most of the health clubs sell protein supplements, nutrition bars, energy drinks, and similar sports nutrition products. Additionally, some health clubs also hire dieticians to assist consumers with the selection of these products. Therefore, sports supplements are witnessing an increase in popularity and demand, due to the growing number of health centers and fitness clubs worldwide, as these function as primary distribution channels for these products.

Smart learning includes new educational contexts, which focus on students’ use of technologies It not only depends on the hardware and software available, but also on how they are articulated in the online training or in conjunction with the technological ecosystem present in the region. The learning trend encompasses a broad range of activities, tools, and services, which are aiming to improve educational outcomes of students and employees directly. The smart learning sector is most likely to be benefited from the rising interest in distance learning, as well as the expanded use of these services on smartphones, tablets, other mobile devices, and wearable technologies These factors open up several possible growing paths for industries engaged in smart learning and services. Schools and training centers are moving from the traditional blackboard approach to integrating smart technology into learning environments At the university level, institutions are adopting innovative methods, such as smart learning, to provide alternative pathways and opportunities for students to develop relevant and valuable skills in line with industry requirements. Smart classrooms at colleges and universities are also transforming the way education is being taught and conducted Smart classrooms are technologically advanced, which enables teaching and learning opportunities like never before By placing a digital learning technology, equipped with specialized software, assistive listening devices, and audio/visual capabilities in the classroom, infinite methods of teaching and learning are growing together as a unit

2020H1 中报总结：疫情冲击板块整体业绩，商誉持续下降，现金流有所改善。1）行业龙头净利润占比集中并有分化，收入、净利润、扣非净利润同比下降：游戏公司现金流净额高主要因疫情下游戏流水高；影视板块中电影行业由于上半年影院关闭净利润同比大幅下降；出版龙头公司净利润同比降10%左右；2020H1 传媒行业营收同比下降9.09%，净利润同比下降29.24%。2）受疫情一次性冲击影响，板块整体盈利能力下降，当前处于行业复苏前夜。2020H1 毛利率为23.33%同比下降15.54pct，净利率为11.49%同比下降0.5pct。3）负债率小幅上升，偿债能力、现金流有所提升。H1 资产负债率为36.75%上升3.02pct，现金流量净额上升31.83%至152 亿元。4）商誉逐步降低，H2 将有276.14 亿待解禁。A) 20H1 商誉同比下降26.68%至789 亿元。B）其中横店影视解禁规模超125 亿元。

① 9 月首批版号下发： 9 月1 日，版署下发游戏版号，过审产品共计57款，包含祖龙研发、腾讯代理《鸿图之下》，另有网易、巨人、友谊时光在列；②宝通科技《终末阵线：伊诺贝塔》首测开放：9 月2 日，宝通科技研发的弹幕射击手游《终末阵线：伊诺贝塔》开启首测。③《信条》上映：9月4 日，诺兰执导的科幻动作电影《信条》正式上映。

2020 年8 月中信传媒行业区间涨跌幅为2.21%，广告营销、媒体、互联网媒体、文化娱乐涨跌幅分别为3.79%、3.29%、1.92%、1.12%。86 家上市公司收涨，中体产业涨幅64.21%领涨行业，天地在线、焦点科技、联创股份、思美传媒、华谊嘉信、华谊兄弟涨幅在28%以上。

国内影院复工后发先至，复工6周后票房修复赶上日、韩复工4个月的修复水平。根据boxofficemojo 数据，8月国内票房与观影人次为去年同期的40%+，影院复工率达到90%+，放映场次恢复到去年同期的70%左右。受《八佰》的强势拉动，近2周电影票房与观影人次均超出去年同期30%以上。国内票房市场复工6周即达到日、韩市场复工4个月的修复水平。我们认为，电影产业链的投资逻辑既有短期来自复工带来的触底反弹，更兼具中长期产业链供需格局演变下的基本面支撑。

中国广电等47 家发起人共同组建广电股份，广电“全国一网”整合加速8 月26 日11 家广电上市公司公告参与投资成立中国广电网络股份有限公司，发起人一共47 家，包括中国广电、战略投资者、持有或合计持有非上市省级有线电视网络公司51%股权股东、已上市网络公司、北京北广传媒投资发展中心有限公司等。

行业整体营收增长承压，在经历2015 年-2016 年并购重组潮带来的高峰后行业营收增速明显放缓，2020 年H1 受疫情影响雪上加霜，传媒板块170 家上市公司合计实现营收2,549 亿元，首次出现负增长，同比-9.83%。在营收承压和商誉减值的影响下，传媒板块整体实现扣非归母净利润109 亿元，同比减少38.38%，行业整体经营表现依然存在较大压力。

博纳影业是行业知名的全产业链布局的电影集团公司。公司是国内首家从事电影发行业务的民营企业，自2003 年成立以来深耕影视行业，不断向产业链上下游延伸。2003 年，博纳携手保利全资子公司东方神龙合资成立北京保利博纳电影发行公司，开始向上游投资制作布局，2010 年，公司成功登陆纳斯达克，成为了中国第一家在美IPO 的影视公司，同年公司开始大力拓展影院业务。2019 年，公司获得《关于加快电影院建设促进电影市场繁荣发展的意见》后的首块院线牌照，开始进入院线业务。

umSmWary传＃ 媒指数年初至今（截止 9.6 日）上涨 30.16%，跑赢沪深 300 指数13.72 个百分点，列28 个一级行业第9 位，板块相对收益突出。其中我们持续推荐的游戏板块、新媒体平台表现亮眼。从公募基金持仓情况来看，19Q2 是传媒股仓位最低谷，此后传媒仓位均持续提升。

2020H1游戏行业因疫情影响整体增速提升明显。根据游戏工委数据，2020H1中国游戏 市 场 规 模 达 1394.93 亿 元 ， 同 比 增 长 22.3% ； 其 中 手 游 / 端 游 / 页 游 占 比 分 别 为 75.6%/19.6%/2.8%，手游占比持续提升，同比提升8pcts。整体游戏行业ARPU达212元， 同比增长20.1%。