Golf is a popular game that is played in more than 190 countries, while the top 20 countries currently account for almost 90% of the global golf courses. The US witnesses the highest participation in golf, accounting for more than 40% of the global share of the game. Apart from the US, the UK, Australia, Canada, Germany, France, Spain, and New Zealand too account for a significant share of the golf playing population.

Football sportswear is clothing, including footwear, worn for sport or physical exercise. Football sport footwear and apparel is worn for football sports, for practical, comfort or safety reasons. Typically football sportswear includes track pants, shorts, shoes and shirts. Increasing participation in school and college sports and growing popularity of football are expected to drive the growth of the football sportswear market. Furthermore, rise in sportswomen is anticipated to favor the growth of the sportswear market.

互联网广告营销线上化趋势明显，新营销模式快速迭代。在流量结构上，Z 世代用户的价值正在持续体现，在流量见顶趋势下，年轻用户的争夺成为品牌广告主的必争之地，有望分到更多广告预算分配。同时，随着互联网广告行业整体价格提升，效果类广告流量获取成本提升快，以内容营销为主、突出品牌建设、争夺私域流量的营销模式逐步成为新趋势潮流。我们认为，互联网广告平台将均有望受益于互联网广告流量饱和后的价格提升，而拥有更多年轻用户、产品内容丰富度更高的互联网平台将有望获得更大收益。通过分析各平台的财务状况、产品矩阵、内容生态以及用户结构，我们认为腾讯综合竞争力稳固，字节跳动、哔哩哔哩在互联网广告市场争夺中占据优势；快手随着产品结构、内容结构调整有望加速互联网广告收入；新兴的小红书、得物等垂类平台有望快速增长。 

The swimming pool construction market report presents a detailed analysis of the trends, future estimations, and thorough study of the market based on material, construction type, end users and region. On the basis of material, the market is divided into concrete, fiberglass, vinyl liner, and steel frame. By construction type, it is bifurcated into above-ground and in-ground. Depending on end user, it is classified into residential and nonresidential. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The companies analyzed in the report are Aloha Pools Ltd., Aquamarine Pools, Concord Pools and Spas, Leisure Pools, Millennium Pools Pvt. Ltd., Myrtha Pools, Natare Corporation, Platinum Pools, Presidential Pools, Spas & Patio, and Southern Poolscapes.

维持覆盖公司盈利预测不变。当前时点游戏公司估值处于相对低位，考虑行业仍保持较高增速、龙头市占率集中及云游戏带来新机会，我们认为行业估值具备上行动力。A 股看好三七互娱、完美世界、吉比特；港股看好心动公司、祖龙娱乐、友谊时光。

今年一季度，我们看到强劲的线上零售销售，加速增长，主要受益于：1）2020年受疫情影响的低基数效应；2）响应政府春节“就地过年”的号召，各平台加大年货节的营销力度；3）3 月“女神节”大促拉动。一季度线上实物消费渗透率同比小幅下滑1 个百分点至22%（2020 年1 季度为23%，2019 年一季度为18%），主要由于一季度线下消费（含汽车）恢复强劲（线下同比增长36%，线上同比增长30%）。我们认为一季度线上销售保持强劲增长，对于各个电商平台的一季度销售情况而言是一个正面的积极信号，各电商平台一季度有望实现低基数下的加速增长。