2017年全年传媒板块仍处于估值回调阶段，受到整个市场“脱虚向实”以及金融去杠杆的影响，传媒行业外延并购成为监管重点，导致业绩增速下降。我们认为18年传媒板块在外部环境继续趋紧的情况下更需重视企业内生性增长的机会。从细分领域看，我们看好“消费升级”带来的相关的投资机会。

IT 培训是连接学历教育和 IT 产业人才需求的桥梁。IT 产业的人才需求决定了 IT 培训行业的市场空间和发展方向。随着移动互联网的发展，IT 产业规模不断扩张，行业分工细化，技术快速迭代，产生了越来越多的人才需求，促进了 IT 培训需求的快速增长。目前 IT 培训已成为非学历职教规模最大、增长最快的细分领域。从行业竞争格局来看，我们认为 IT 培训行业总体的市场集中度将会提升，但各龙头机构的位次排名存在动态变化。 IT 培训龙头机构之间围绕业务模式的各个环节进行差异化的竞争，最终的竞争结果是其综合运营能力的体现。推荐 A 股 IT 培训龙头文化长城、百洋股份。

随着《绝地逃生》端游红遍大江南北，“吃鸡”手游也迎来了白热化的竞争。从群雄逐鹿到腾讯、网易“楚汉相争”，大逃杀市场迎来了越来越多的关注。那么最终究竟谁能 “吃到鸡”？大逃杀手游会不会取代王者荣耀？谁是这场“吃鸡”淘金热中的“卖水者”？而手游市场的下一个风口又在哪里呢？我们将在本报告中对以上问题进行探讨。

Recreation and sports industries are booming, leading to a demand to fill diversified roles including media relations, advertising and sales promotion, marketing, financial management, facilities planning, and administration. The sports industry is booming with opportunities in all areas such as sports marketing and sponsorship, sports media (traditional and social media), and sports facilities. Investments are being made in the sports industry for enhancing the end-user’s performance, scheduling, online registration, and quick access to information about members of the clubs and leagues.

The global music market is expected to grow at a CAGR of 8.93% during the forecast period 2017-2021 with the digital music segment growing at the highest CAGR of 18.30% followed by the music publishing segment, which is expected grow at a CAGR of 9.79% during the forecast period.

The rising number of concerts and live performances is a major driver for the growth of the global guitar market. The growing interest in music among the youth population has led to the formation of numerous musical bands that perform various types of music like blues, pop, rock, metal, and electronica. In addition, an increase in the disposable income of consumers is leading to a high demand for guitars in developing countries such as China and India. As a result of changing lifestyles and higher standards of living, individuals are motivated to spend on leisure activities such as music, which is likely to increase sales of musical instruments.

2017 年初，网易尚能依靠《阴阳师》《梦幻西游》等 RPG 与腾讯在手游市场打成旗鼓相当。然而，从 3 月开始，随着《阴阳师》的未老先衰和《王者荣耀》的持续强势，网易在用户基数、收入和口碑方面都被压制。在暑期，腾讯的 6 款新手游有 5 款成功，网易的 6 款新手游全部失败。进入秋季，网易赖以生存的《梦幻西游》《倩女幽魂》活跃度都出现明显下滑，腾讯的《王者荣耀》却在国庆假期再创辉煌。

Wakeboarding is a sport where athletes are towed behind a motorboat inside a designated watercourse area. Athletes receive two passes inside the course within which they perform as many tricks as possible by using the wake of the motorboat to launch into the air. It is a surface water sport that involves riding a wakeboard over the surface of a water body. A wakeboard is a small, rectangular in shape, thin board with very little displacement and shoe-like bindings mounted to it. It was developed from a combination of water skiing, snowboarding, and surfing techniques.

Music production equipment refers to the set of equipment used in music recording studios for music composition. The music production equipment market is predominantly B2B, where the quality of equipment is of high importance to music producers. Music is fast becoming accessible to the general population, which is increasing individuals' interest in music and the demand for quality music recording equipment.