国内市场以红果短剧为主导的独立 APP 在 2024 年下半年开启高增，2025Q1 时长同比增长 5.5 倍。因短剧切片时长较短，使得情绪“钩子”较为密集，广告加载率上限较高，构成了与长剧相比天然的差异。以广告为商业化核心的红果 DAU 月广告 ARPU 或已达 29 元，超越爱奇艺、芒果等长视频平台的会员 ARPU。对于短剧平台来看，我们认为国内市场在字节流量高压之下新兴独立短剧 APP 崛起的可能性较低，但长视频平台如能稳住存量用户叠加短剧业务拓张依然有望逆风翻盘。此外，盗版对于视频板块的分流在 2024 年开始影响渐增，其中对于付费剧集的影响显著高于对于免费激励广告模式的影响。如持续无法在窗口期管控盗版，我们认为付费短剧和付费长视频流量都将持续被分流。

布鲁可产品矩阵持续丰富：通过高频次、多价格带、全年龄段 SKU 开发体系，覆盖 9.9 元至 399 元全价格带，并实现单 IP 多版本迭代（如奥特曼群星版已推至第 14 弹），构建丰富产品矩阵，持续巩固龙头地位。

传媒行业：景气度趋势延续，Q2消费复苏可期－2025年4月社零数据点评

Ice hockey equipment refers to the specialized gear used by players to ensure safety, performance, and compliance with the sports regulations. It includes essential items such as hockey sticks, skates, helmets, shoulder pads, elbow pads, gloves, shin guards, and jerseys, as well as goaltender-specific gear like leg pads, blockers, and catch gloves. These items are designed to protect players from physical contact, falls, and puck impact while enhancing agility, speed, and control on the ice. Equipment varies slightly depending on position (forward, defense, goalie) and level of play (recreational, amateur, professional).

A climbing gym is an indoor facility designed for rock climbing, providing a safe and controlled environment for climbers of all skill levels. These gyms feature artificial climbing walls that mimic natural rock surfaces, equipped with various holds to create distinct climbing routes.

由于国家利好政策的加持激励，文化娱乐产业供给端将呈现多元增长趋势，传媒行业也将持续修复上行。基于可选消费的稳健修复逻辑，传媒行业细分领域或将迎来上行机遇。建议布局业绩确定性较强、股息率高且分红率稳健的行业头部。

卡游：国内泛娱乐产业龙头，手握奥特曼等热门 IP 资源。卡游是中国泛娱乐产品领域的龙头公司，集换式卡牌 是公司的核心产品。卡游发展历程可以大致分为 3 个阶段：2011-2018 年：率先布局集换式卡牌，获奥特曼等 热门 IP 授权，推出卡牌系列。2019-2022 年：建设 IP 矩阵并搭建自有生产线。2022 年至今：丰富 IP 系列并 开发多元化产品。截至 2024 年底，公司 IP 矩阵中的 IP 数量已达到 70 个。股权结构看，李奇斌夫妇持股比例 高，合计持股 83.5%，股权集中；红杉、腾讯分别持股 10.5%、3.0%，获头部投资机构和互联网龙头的投资。

Books are collections of written, printed, or illustrated pages bound together, typically containing text, images, or both. They serve as vessels for knowledge, stories, and information, spanning various genres such as fiction, non-fiction, poetry, and academic works. Books can be physical, with paper pages, or digital, accessible on electronic devices. Books play a crucial role in education, entertainment, and cultural preservation, allowing readers to explore new ideas, experiences, and worlds.