实景互动娱乐兴起，市场规模有望比肩电影市场。预计2021年剧本杀和密室逃脱市场规模分别达到170亿/101亿元，受众以80、90后为主。社交演绎游戏经历三国杀-狼人杀-剧本杀发展历程，剧本杀凭借其较低门槛、沉浸感和社交性广受欢迎。参考电影市场发展规律，剧本杀与密室逃脱2025年中期市场规模有望分别达到560/338亿元。

游戏板块市场关注度较低，PE（TTM）估值处于合理区间。游戏板块由于2020 年疫情高基数影响，2021 年上半年整体业绩增长压力较大，2021 年一季报表现不佳，因此市场关注度较低，估值持续下杀，我们认为当期已经处于配置游戏板块的最佳时点，拥有行业端催化（Chinajoy即将在7~8 月举办），风险收益比较高，核心推荐吉比特、完美世界与心动公司。

Over the last 15 years, the gaming industry has completely evolved from the traditional consoles to a technologically developed graphical mobile entertainment featuring live video streaming assisted by cloud-based infrastructure. The introduction of new gaming methods, especially online gaming platforms, has attracted a large customer base. The gaming industry is hence seen to be a larger market than the music and film industries combined. The COVID-19 lockdown has benefited the gaming industry, resulting in rapid growth in recent months. Owing to the rise in data consumption and usage of smartphones among consumers has resulted in huge growth opportunities in various regions across the world, driving new methods of playing, engaging, and paying. Easy online wallet payment has enabled gamers to play various types of games on a global platform and compete with other online players from different nations. Majorly, online gaming is divided into three segments: real money games, mobile-centric or casual gaming, and esports. Fantasy sports are included under real money games, where the game is played on online platforms and has real stakes based on the outcome of the game.

大宗原料药：关注 6-APA 与 VE 后续供给格局的变化。特色原料药：肝素价格受供求双方叠加刺激进一步冲高，心血管原 料药有望迎来供应格局重构。重视印度疫情下的国内相关产业变革，长期看好原料药转型 CDMO 的成长潜力。本月建议关注大宗原料药中部分产品的供给格局以及特色原料药中 的肝素及心血管原料药的变化，长期看好中国原料药产业作为中国 医药新制造的核心方向之一的显著成长性，有望迎来戴维斯双击。

游戏并不是孤立的存在，她其实一直存在于人类活动中，并伴随科 技和文明的进步，在不断进化。这一章节亮相的 7 款产品，体现了腾讯在游戏“功能性”上的尝试 和畅想，以及让游戏也能成为社会责任的承担载体。这一章节集合了 10 款已经上线以及正在研发中的重磅产品，并且 都具有强烈的对抗属性。针对追求放松精神和愉悦心情的玩家需求。

2020 年疫情导致行业经营受挫，2021Q1 业绩明显好转、但尚未恢复 至 2019 年同期水平。从子 版块来看：一是疫情爆发导致线上娱乐和线下经济走势分化：游戏板 块最为受益，营销板块受益经济顺周期快速恢复，二是 2021Q1 疫情受损板块复苏 势头较为强劲。