Science, technology, engineering, and mathematics (STEM) toys for in-home applications refer to educational toys and play materials designed to enhance children learning and engagement in STEM subjects. STEM toys for in-home application provide several benefits, such as encouraging children to become actively involved in the learning process and fostering curiosity, problem-solving skills, and creativity. These toys support the development of cognitive skills, spatial awareness, logical thinking, and perseverance. Moreover, STEM toys can come in various forms, catering to different age groups and skill levels. Some examples of STEM toys for in-home applications include building blocks and construction sets, robotics kits, coding games, circuitry sets, science experiment kits, three-dimensional (3D) puzzles, and math manipulatives.

出版行业业绩表现稳健，地方国企出版集团主要产品教材教辅具备刚需属性，为公司经营提供深厚安全垫。同时，地方国企出版集团账上现金充沛，且股息率处于较高水平。虽然市场对于出生人口下滑影响教材教辅收入增长可持续性的担忧是压制出版行业估值的主要因素之一。但是，我们认为，出生人口下滑对教材教辅中短期内影响有限，K12学生结构优化亦能部分对冲出生人口长期下滑影响，这给予了出版公司充足时间以利用在手教育资源优势拓展创新业务方向。另外，一般图书各品类增速分化明显，部分细分赛道上升空间较大，伴随疫后线上线下渠道的边际改善逐渐明显，图书零售市场后续有望焕发活力。

A broad range of comic books and graphic novels that were first created and released in Japan are collectively referred to as manga. Japanese manga are almost always published in black and white in contrast to American comic books, which are usually printed in full color. Usually, full-color prints in manga are reserved for exclusive releases.

国家新闻出版署于12 月 22 日午间发布《网络游戏管理办法》（草案征求意见稿），其中第十七、十八条关于“禁止强制对战”和“限制游 戏过度使用和高额消费”的规定引发热烈讨论，征求意见稿反馈截止时间为 2024 年 1 月 22 日。对此国家新闻出版署有关负责人及时做出回应称《意见稿》旨在保障和促进网络游戏行业繁荣健康发展，保障未 成年人和消费者权益，并进一步修改完善。我们认为此次《意见稿》主要是为了补齐监管缺口，完善监管结构，同时此《意见稿》还有待进一 步完善，应理性看待其影响。