Real-time location system (RTLS) and radio-frequency identification (RFID) tags help in increasing the efficiency and performance of fitness professionals, athletes,and individual users.The opportunity in the RTLS market has led to increased number of RTLS vendors.This, in turn, leads to a reduction in the price of RFID tags, which enable increased adoption of RTLS solutions among small and medium-sized enterprises (SMEs).Increased use of RTLS for sports performance tracking is a major factor affecting the growth of the market.

本周传媒板块大幅回调，下跌 3.24%，跑赢创业板综（-4.47%）、跑输中小板综（-1.37%）及沪深 300（0.69%）。传媒板块于 6 月初展开反弹，本周出现较大回调。本周中报预披露基本结束，个股之间业绩出现分化，同时上半年至今政策、行业等方面利空逐步出尽，板块方面谨慎乐观，我们认为业绩为王、精选个股依旧是主旋律。

上周传媒板块指数下跌 3.24%，创业板指下跌 3.18%，两项指数跌幅收窄，情绪影响有所缓解，核心标的中文传媒、游族网络、慈文传媒等呈企稳迹象，我们第一时间点评提示游族网络员工增持机会及组织慈文传媒董事长增持电话会议，其后游族及慈文均有明显修复。上周板块内底部增持（慈文、唐德等）、员工激励（游族）、终止减持（思美）等积极信号正在积累。由于中报业绩两极分化、政策压制及大股东质押风险，短期板块或继续承压，建议继续以业绩为核心，聚焦绩优股超跌机会。

我国的世界遗产目前遇到的瓶颈主要体现在高峰客流量不断挑战和突破承载力上限、保护力度不够（过度开发和不合理商业化）、资产证券化率低等。报告分析了如何曲线救国，绕开自然景区、宗教和文物资产不能上市的限制，将相关资产上市的成功案例。

市场综述：上周上证综指、深证成指、创业板指涨跌幅分别为 0.13%、-0.37%和-1.87%，传媒行业指数涨跌为-0.47%。细分到传媒各子行业来看，各个子行业表现较大差异，其中电子商务指数涨幅最大，动漫指数跌幅最大。

电影产业方面，上半月优质影片缺乏，下半月重归增长。《变形金刚 5：最后的骑士》 虽为下半月票房贡献 11.27 亿，但总体而言《变 5》票房未达预期。根据 7 月片单情况，国产片数量与质量大幅度提升，《悟空传》、《建军大业》和《战狼 2》 等国产大片均于 7 月上映，预计 7 月份电影市场票房主要由国产片带动。院线方面， 2017 年 6 月全国院线票房冠军仍为万达院线。

传媒指数本周大跌 3.81%，单周跌幅创年内之最，指数接近年内新低。我们认为近期一系列突发政策事件是下跌的主要因素，而乐视事件的发酵进一步影响了市场对传媒板块的配置意愿。短期的下跌释放了情绪压力，具备内生业绩支撑、基本面过硬的龙头品种的配置性价比进一步提高。建议波动中把握机会，超跌时候要敢于加仓。中报季临近，我们预判仍然是分化行情。预计中报后，强势板块的个股也将出现新的分化。

We increase our 2017 Macau gross gaming revenue ("GGR") growth forecast from 14.4% to 16.5%. 2017 total GGR year to date through June increased by 17.2% YoY. Despite the rapid GGR growth, monthly GGR amounts have still been significantly less than the highs reached in 2013 and 2014, indicating further room for recovery. Additionally, we estimate that gaming table capacity will increase by just 2.9% in 2017. The Taipa Maritime Terminal opened on 1 June 2017 and we expect that it will serve as a catalyst for increased visitation to Macau in 2H17 as it ramps up.

Language learning, one of the oldest segments of the global education market, within the non-formal education category has improved with the evolution of teaching and learning methods. This has improved the credibility and success rate of services offered in this market, resulting in increased expenditure by individuals, corporates, and educational institutions toward language learning courses. Training in the English language is more prominent in the market compared with other languages, given the importance of the academic and corporate sectors. However, the emergence of other languages will also contribute to market growth in the future. The globalization of business and staggering growth of emerging economies have resulted in some other languages gaining shares in the global language learning market. As a result, the number of learners enrolling for courses to learn languages such as Mandarin, French, Spanish, and Arabic is on the rise.

电影市场在第二季度已经开始复苏并走向了健康的增长方向：我们认为，从影响票房的最核心两个因素——票价和内容来分析，结论为：1）观众开始接受较高票价（没有补贴）的观影事实，2017Q2观影人次已经出现明显改善；2）在内容不分伯仲的情况下，2017 年第二季度的票房实现了接近20%的增长，显示出市场情绪已经好转；3）平均票价开始企稳，市场观影情绪好转已经传到终端票价上，院线单方面通过降价稳定市场需求的行为强度开始减弱。