2025 年前三季度传统媒体中图书销售整体呈现负增长，实体店、平台电商以及垂直及其他电商持续低迷，2025 年以来新媒体用户规模持续扩大，微短剧数量与质量双升，游戏行业市 场规模保持增长态势，上半年用户规模创历史新高。随着数字化技术的普及和用户习惯的改变， 媒体行业的需求结构正经历深度重塑，市场格局呈现“流量向巨头集中、传统媒体转型求生” 的竞争态势。信用评级方面，媒体行业发债主体集中在传统媒体细分行业，级别以 AAA 为主，2025 年三季度，AAA 级别主体发行规模同比有所增加，无担保债券发行信用利差（平均数）环比小幅上升。随着一系列推动媒体行业健康发展的政策陆续出台，2025 年前三季度，媒体行业整体平稳运行，同时 AI 技术逐步赋能媒体生产与传播。展望 2025 年全年，媒体行业处于出清修复阶段。

The global AI in learning and development market encompasses the spectrum of technologies, platforms, and services that utilize artificial intelligence to transform corporate training and employee upskilling.

游戏行业政策端积极、新品表现亮眼，我们对游戏行业整体乐观。1）关注优秀产品储备，推荐业绩稳健增长的恺英网络、巨人网络、吉比特、三七互娱，推荐具备业绩反转能力的完美世界，相关标的星辉娱乐。2）海外布局积极的公司，推荐神州泰岳，相关标的 ST 华通、冰川网络、宝通科技。3）AI 布局积极，存在业务创新可能性 的公司，推荐姚记科技、浙数文化，相关标的顺网科技、盛天网络。

A lottery is a legal form of gambling, which involves randomly drawing numbers to award a prize. Lotteries have different levels of acceptance across the globe, with some governments banning lotteries while some endorse lotteries at the state as well as national levels. Hence, it is a common phenomenon to find regulations around managing a lottery and the means of drawing a lottery. However, the popularity of lotteries has increased due to the growing prize amounts as well as rising awareness due to marketing techniques used by companies. The introduction of new games as well as lotteries at different price points, is making them affordable.

Data science can be represented as a blend of data inference, algorithm development, and technology. Data science is used to solve analytically complex problems. It includes various technologies such as deep learning, NLP, ML, data analytics, big data and AI. The prominence of data science is increasing in industries like automotive, BFSI, retail, and healthcare.

Music streaming services allow consumers to stream and listen to music using a device connected to the internet. These services can be accessed through desktops and mobile devices that have Internet connections, supportive audio players, and supportive operating systems.

Motorsports involve organizing competitive race events for motorized vehicles. These events generally involve custom cars, trucks, and motorcycles. F1, NASCAR, IndyCar, and the WRC are some of the popular motorsport events. F1 is the most popular among them, closely followed by IndyCar Series and NASCAR.

Game-based learning connects educational content with computer or video games and is used by students interested in different subjects, including science, technology, engineering and math (STEM), language learning, and social sciences. It is designed to balance the study of the subject matter with gameplay and has certain defined learning outcomes. Game-based learning helps students learn in an immersive and engaging environment. Moreover, it aids educators in motivating learners to perform and understand complex topics with ease within a limited time. It allows the creation of an imaginative world for learners to plan, analyze, and experience complex realities without much difficulty.

Golf tourism is a kind of special leisure tourism where people undertake trips or travel for the purpose of playing golf. The destination in golf tourism is a golf course. The main types of golf tourism are domestic and international, and both men and women avail of golf tourism services. Golf courses can attract more business guests by cooperating with tourism agencies

集换式卡牌以收集和交换卡牌为核心玩法，经由IP与消费者产生情感链接，为玩家提供多维度价值。集换式卡牌兼具观赏和收集、即时体验、社交、投资等多维度价值，相较于其他IP衍生品类，具备轻量便携，单价低的特点，通过集换机制进一步强化了其社交货币属性。目前以宝可梦为代表的TCG卡牌（2024年销售约14亿美元）和以球星卡为代表的收藏卡牌（Fanatics Collectibles 2024年收入达16亿美元）依托竞技和交易生态的构建成为全球两大主导品类。