盈利能力和 PB 修复为行业 19 年主线，当前价格或仍未反映 5G 新技术周期溢价。行业分析框架：短期 PB 估值波动，长期取决于 ROE，传媒公司 ROE 多与净利率相关。长周期中需求端受限于人均收入和消费人口结构，供给侧变化主要是技术周期迭代和监管政策。

2020 年中国数字营销趋势：AdMaster 等数据显示 2020 年中国数字营销增速放缓，广告主的数字营销预算平均增长 14%（其中，广告主在移动端投入占比 75%，PC 端预算增加为 9%）。 

2019年中国游戏市场版号审批重启后呈现稳步恢复态势，我们观察到游戏市场收入增速基本上是用户和 ARPU 的贡献各半。随着行业监管趋严，国内新游戏冲榜上量难度继续增加，大量玩家聚集在小部分头部产品中，头部游戏生命周期继续延长。 

为游戏产品和行业“正名”：“玩物”并不“丧志”，在信息革命的历史上，游戏为 CPU/GPU 创造了庞大的民用需求，推动了摩尔定律的前进不理解科技产生的历史路径与推动因素，就难以对科技未来的发展做出前瞻和“模糊的正确”的判断。

The report on the global adventure tourism market presents a detailed analysis of the trends, future estimations, and thorough study of the market based on type, activity, type of travelers, age group, sales channel, and geography. Adventure tourism involves exploration or travel to remote areas, and includes activities such as mountaineering expeditions, trekking, bungee jumping, rafting, and rock climbing. The market is analyzed based on four regions into North America, Europe, Asia-Pacific, and LAMEA to understand its regional trends. The report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market.

The Europe ski gear and equipment market was valued at USD 1,011.91 million in 2018, and it is projected to reach USD 1,141.66 million by 2024, registering a CAGR of 2.06% during the period 2019-2024 (henceforth, referred to as ‘the forecast period’). The growth of tourism sector specifically during the winter is poised to act as a favorable factor, following a strong participation from the baby boomers' segment. Apart from this, the fusion of gadget in skiing and snowboarding with respect to a strong inclination toward technological innovation and implementation is expected to boost the market for ski equipment and gears.

The report on the Asia-Pacific group travel market presents a detailed analysis of the trends, future estimations, and thorough study of the market.Group travel refers to the people travelling together in a group of two or more than two. Reservations for group travelers are often booked together during the course of their travel, which includes logistics, accommodation, and travelling. Moreover, traveling in a group is relatively more economical than traveling solo, as the costs incurred in meals, transits, activities, and accommodations are shared between the groups. The Asia-Pacific market is analyzed across 12 countries to understand its regional trends. The report highlights the drivers, restraints, opportunities, and growth strategies adopted by the key players to understand the dynamics and potential of the market