Lacrosse is a team sport in which players try to score points by getting a rubber ball into a long lacrosse stick with a net. They run, carry, catch, shoot, and pass the ball with the net of the stick, just to finally reach the goal. Lacrosse has many benefits associated with it in terms of exercise and competitiveness as the game involves a lot of running, speed, and endurance. The sport is popularly known as the fastest game on two feet. The need for protective gears is important in lacrosse sport apart from lacrosse sticks and balls because there are lots of risk to injury in the sport. Protective gears include helmet, shoulder pads, arm pads, elbow pads, athletic cup, mouth guard, face mask, and eyewear.

2017 年 6 月 5 日至 9 日，苹果召开 WWDC2017，宣布将对 AppStore 改版。具体变化包括改变标签页陈列方式，取消畅销榜、强化搜索功能和竞价广告（ASM）机制。本报告将对 App Store 规则变化及其影响进行分析。

我们认为下半年传媒板块将延续 L 型寻底趋势，人口红利消退使得行业整体增速放缓，未来行业格局将进一步分化。我们仍然看好传媒行业特别是内容产业未来的发展潜力，而精品化趋势以及付费盈利模式逐渐兴起之下，内容产业门槛提升，龙头公司有望迎来重要发展窗口期，推荐关注各细分行业龙头：完美世界、三七互娱、光线传媒、华策影视等。对于营销行业，2017 年年报披露后营销板块商誉减值风险将靴子落地，年底前后是营销板块的配置时点。目前行业格局略微沉闷，我们认为政策有望成为下一波行业推动力量，关注“一带一路”文化走出去以及电影引进片制度改革。

全球游戏市场增速逐步放缓，游戏龙头股价却屡创新高。目前游戏公司 2017年 PE 估值倍数约为 10-30X 区间，其中行业龙头、平台级公司能有 30X 以上估值，纯研发小厂估值最低仅为 10X 左右。龙头公司今年 30%的预期净利润（Non-GAAP）增速并不能完全解释今年普遍 60%以上的涨幅。海外游戏龙头公司上涨更多是由估值水平提升驱动，而非预期净利润提升。涨幅较大的公司的特点包括：行业龙头、近几年业绩增速稳定、研发能力出众、IP 资源丰富。

本周传媒指数上涨 4.10%，跑赢沪深 300 指数 1.53 个百分点，在申万 28 个一级子行业指数中排名第七。本月传媒指数上 涨 2.01%，落后沪深 300指数 4.53个百分点。本周传媒估值上涨 7.65%，细分板块估值普遍上涨。

根据腾讯娱乐报道，微影时代携多家国内公司组成强大的保底阵容，为《变形金刚 5》开出了 26 亿的保底金额，创下中国电影市场保底发行新高，也成为首部被保底的进口分账片，由此证明行业对《变形金刚 5》 的认可程度。该片将于6月23日在中国内地上映。

上周传媒板块指数上涨 3.82%，上证综指上涨 1.70%，深证成指上涨3.91%，创业板指上涨 2.88%。板块涨幅前三游久游戏（21.03%）、万家文化（13.98%）、三七互娱（13.58%）；板块涨幅后三腾信股份（-4.05%）、平治信息（-2.13%）、思美传媒（-1.50%）。 

The spa market in Europe has been registering positive growth over the last few years and continues to be the largest market at the global level, followed by APAC.The spa market in Europe contributed 40.27% of the market at the global level in 2015.In terms of end users, female participants dominate the market. However, there is a growing demand among males too. For instance, in Bulgari Spa, the ratio between male and female customers is even. As a result of the growing trend, the podiatry clinic has been replaced with a barber’s suite, which offer a more masculine feel.In terms of treatments, although massages and facials remain popular, there is a

growing trend for advanced treatments. Treatments such as advanced facials (Swiss Perfection) and facial acupuncture are growing in demand.The spa market remains highly fragmented. However, new product and service offerings, themes, and concepts provide vendors with a differentiating factor. For instance, the spa at Four Seasons Hotel London at Park Lane is situated in the 10th floor of the hotel and the ceiling is made of glass, which lets guests enjoy sky views and cityscape from the spa.

People buy tickets to attend entertainment events such concerts, sports, movies, and live performances. As the number of events are increasing every year, event managers and organizers are looking for an advanced and upgraded solution to offer maximum comfort and benefit to consumers. Online ticketing, which is one of the major platforms for booking tickets, allows users to book tickets using mobile apps. Customers can choose the event and venue using the app. Users can book tickets at their convenience and store them on their mobile devices, eliminating the need for taking or carrying a hardcopy to the venue. Furthermore, mobile ticket sales will also support inapp advertising, which is cost effective compared with traditional advertising models.The global ticket market is driven by the growing number of live performances andevents. The rise in the number of concerts is resulting in an increase in number of attendees, which generates high revenue for the market. For instance, Sunburn, which is as massive as Tomorrowland, is Asia's largest music festival. Sunburn had 350,000 attendees from across the world in 2015. The music festival is likely to attract a larger number of attendees at its upcoming event in December 2016. The market will also be faced by some challenges, which will have an impact on its revenue growth. Piracy and security concerns is one of the major challenges faced by the market. Customers are skeptical about booking tickets online because of the growing number of incidences of phishing. They fear that their personal and financial information will be stolen and misused. This is likely to hinder the revenue inflow of the market.

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.