卡牌是全球娱乐文化产业的“轻量级”增长引擎，以“符号化载体+规则化互动”为内核，横跨娱乐、收藏、文化三界。1）集换式卡牌融合规则化玩法、文化内容、社交属性及收藏属 性，以策略对抗为核心逻辑，依托丰富多元的玩法体系，形成“对战竞技+社交互动”的玩家生态。高粘性玩家生态赋予其情感层面的“社群价值”，而卡牌本身的战术价值与稀缺性，则赋予其功能层面的“实用与收藏价值”，二者共同构成了集换式卡牌区别于普通卡牌的独特价值逻辑。收藏卡牌聚焦稀缺性与艺术性价值，核心魅力根植于消费者对 IP 的情感认同，以体育球星卡、小马宝莉收藏卡为代表，通过限量发行、IP 情感绑定成为兼具情感寄托与资产属性的文化载体。2）IP 吸引力、社交认同感与悦己消费等多层次需求以及盲盒机制赋能，共同催生卡牌消费热潮。

In-the-water sports equipment refers to sports gear designed specifically for use in aquatic activities, such as swimming, snorkeling, diving, and water polo. This equipment includes items like swim fins, snorkel, diving masks, wetsuits, swim caps, goggles, water polo balls, and more. These specialized tools are crucial for enhancing performance, safety, and overall enjoyment of water-based sports.

Betting on horse racing and other sports is a form of gambling that involves placing a bet on the outcome of sports events. The major objective of betting on horse racing and other sports is to win money. Online and land-based or offline betting is majorly done on various sports events. Brokers and agents act as mediators between customers and bookmakers in the betting process. Betting services are available for various sports, including football (soccer), tennis, basketball, cricket, horse racing, and baseball, among others, at both the professional and non-professional levels. In countries that have relaxed regulations related to sports betting, bettors generally bet through sportsbooks or bookmakers. On the other hand, in countries where betting is illegal, bettors bet through privately run enterprises.

Gambling involves wagering money or valuables on an event with an uncertain outcome, with the primary intent of winning additional money or goods. It encompasses activities like sports betting, casino games, poker, lottery, and horse racing.

港股互联网：泛娱乐和健康收入利润均亮眼，即时零售竞争影响业绩，A股传媒：游戏最为亮眼，其余子行业平淡。港股：泛娱乐消费（游戏、音乐、演唱会）、互联网医疗和潮玩持续高景气，云计算收入加速；即时零售竞争加剧拖累交易平台利润。SW 传媒25Q2收入同比+2.6%，归母净利同比+19.7%，游戏营收同比+22.4%，连续5个季度收入增长加速，利润率为23Q2以来最好水平。

行业延续修复趋势，2025 年上半年行业营收同比增长，板块业绩加速分化。2025 年上半年，长江传媒互联网板块实现营收 2658 亿元，同比增长 4.17%；其中 2025Q2，传媒互联网板块实现营收 1351 亿元，同比增长 2.45%。盈利能力明显修复。2025 年上半年，长江传媒互联网板块实现归母净利润 252 亿元，同比增长 20.3%；其中 2025Q2，传媒互联网板块实现归母净利润 127 亿元，同比增长 15.3%，环比微增 2.6%。

行业基本面强势，A股游戏板块上半年营收同比增长22.8%，业绩已在拐点右侧，25H2及2026年有望持续上调业绩，后续将靠EPS预期修复继续驱动板块景气度提升。另外，板块估值仍处低位，涨幅空间大，配置上建议“高低搭配”。爆款游戏驱动下，板块近三个季度市场规模提升较大。我们认为，在当前宏观经济环境与AI提效的背景下，未来有望保持高增。

营收稳步增长，归母净利润增幅更加明显。2025H1传媒板块整体的营业收入2728.86亿元，同比增长2.91%，营收规模创同期新高，增速相比2024H1提升了1.29pct；归母净利润 222.74 亿元，同比增速由2024H1的-33.43%提升至38.08%。2025Q2传媒板块单季度营业收入1386.90亿元，同比增加1.32%，归母净利润112.64 亿元，同比增加32.62%。

Fitness and recreational sports centers are facilities designed to promote physical health, wellness, and leisure activities. These centers typically offer a variety of amenities, including gyms, swimming pools, courts for sports like basketball and tennis, and spaces for group exercise classes such as yoga, aerobics, and spinning. The primary goal of fitness and recreational sports centers is to create an environment where individuals can engage in physical activities, improve their fitness levels, and enjoy recreational sports in a supportive and community-oriented setting.

2025H1出版行业营收653.5亿元，同比减少8.1%；归母净利润82.0亿元，同比增加14.5%。营收在教辅征订监管趋严、一般图书消费复苏偏弱情况下有所承压。但是，伴随税收优惠政 策落地，行业利润端呈恢复趋势。其中，央企出版集团经营端有所改善；地方国企出版集团经营整体略有波动，但25H1利润端改善明显；民营出版公司业绩分化明显。我们认为，出版市场景气度后续有望在强化新品研发以及渠道转型推动下，逐步回暖。