回顾日本动漫产业凸显其重全产业运营且重长生命周期产品打造也重渠道 不断强化文化符号价值 日本动漫产业自明治维新后发展，20 世纪50 年代Bandai 与San-X 两家公司成立及日本小学馆集英社等出版商均为日本动漫产业奠定内容与全渠道基础。20 世纪60年代至今日本每年推出多部动漫作品塑造经典动漫人物形象如《铁臂阿童木》《哆啦A 梦》《名侦探柯南》等文化符号，精神记忆也会带来物体的感受，进而带动玩具、手办等衍生品的需求，2019 年日本玩具市场规模8153 亿日元，连续六年超8000 亿日元。

7 月20 日，低风险地区电影院迎来复工首日。根据猫眼数据显示，复工首日全国票房共计349 万元，总出票15 万张。 排片上主要以《战狼2》、《误杀》、《寻梦环游记》等前期上映的高口碑高票房的电影为主，新片仅有《第一次的离别》和《璀璨薪火3D》两部选择在复工首日上映。

持续看好图书板块，关注下半年行业边际改善机会。教材教辅、少儿图书刚性需求下对出版发行板块形成业绩支撑；在新书贡献下降、经典畅销图书长销稳健，一般图书市场中具有领先地位的头部书商优势凸显，关注中国出版、中南传媒、凤凰传媒、中文传媒、新华文轩、中信出版、新经典等。

The growing preference for figure skates in sports and recreational activities, coupled with a rising number of figure skating events and sponsorships, is expected to propel the demand for ice skates in general and figure skates in particular The increasing influence of celebrity endorsement, along with the growing media coverage for such events, is expected to further fuel the market growth. Further, there are various governing bodies, such as The International Skating Union ( International Skating Union of America ( and UK Sport, which promote figure skating events, such as the Olympic and the Paralympics. For instance, UK Sport funded GBP 1 236 million into figure skating for the Olympic winter games held in PyeonChang in 2018 compared to GBP 0 174 million in the Olympic winter games held in Sochi in 2014 This encouraged the involvement of consumers in various figure skating activities in the United Kingdom. Similarly, during 2015 2016 the US Figure Skating spent more than USD 15 million for athlete funding and assistance, sending athletes to international competitions, athlete programs, collegiate skating programs, synchronized skating programs, and awarding performance bonuses In fact, more than 1 700 events, including shows, exhibitions, and competitions, are sanctioned by US Figure Skating each year

The speech-to-speech (S2S) translation breaks down communication barriers among people that typically don’ t speak a common language. The basic purpose that such technology used to serve at its inception stages was to enable an instant oral cross-lingual communication. However, the recent developments in the market have been focusing upon accuracy of the Spoken Language Translation with capability to provide a “real-time” conversation. With globalization and frequent international travel, language difference has been acting as a serious barrier.With S2S, the expectations are to break such barrier to foster international business, international tourism, and equalize communication ability. Additionally, as of 2020, the language with a high demand around the world is Chinese (Mandarin). Ethnologue further estimates that the number of native speakers being 1.2 billion and a billion among them speak Mandarin. This is suggestive that Chinese is the most spoken globally and the second-most preferred for online applications after English. The recent technological advances and innovations to increase computational power whilst building smaller and smaller devices with higher performance has led to a strong demand for information retrieving and communication enabled technologies in the market. Further, as machine translation investments rise, the resultant is a more accurate translation.

6 月申万传媒指数分别跑赢上证综指、沪深300、创业板指和中小板指11.92pct、8.88pct、-0.28pct 、1.98pct，涨幅在申万28 个子行业中居第4 名。估值方面，中位数估值为51.98 倍，较上月46.36倍大幅回升，位于历史后48.85%的分位；相对沪深300 的估值变动不大，处于2.10 倍的水平，低于历史中位数2.21 倍。

泡泡玛特是中国最大且增长最快的潮流玩具公司，引领及推进了潮流玩具文化在中国的大规模商业化。我们认为泡泡玛特是一家兼具消费属性和文化内容属性的IP 运营公司。1）从行业看，公司在潮玩零售市场的国内市占率排名第一，渗透率较低，且IP 授权市场发展仍处于早期阶段；2）从产品端看，公司爆款自有IP“Molly”、独家IP“PUCKY”占19 年营收比重分别为27.1%和18.7%，公司对IP 源头深度把控，部分产品已经具备极强品牌溢价；3）从用户端看，公司把握Z 世代消费心理，线上线下多年探索，走出盲盒零售商业路径；4）从销售渠道看，公司线下渠道是核心销售来源，同时线上销售排名靠前，并加强会员体系搭建。

本研究报告中的内容营销指以营销为目的，内容为载体的商业传播行为，可以是将营销信息和独立内容的二次加工结合，可以是自身打造独立内容再加入营销信息，也可以是将营销信息包装为话题供用户自发讨论和再生产。具体来看，不同内容形式有着不同的内容营销呈现形式，其共同构成了丰富多彩的内容营销生态。此外，本报告主要基于互联网时代的内容营销展开研究。