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.

市场综述：上周上证综指、深证成指、创业板指涨跌幅分别为-0.15%、-0.65%、-0.78%，传媒行业指数涨跌幅为-1.83%。细分到传媒各子行业来看，各个子行业表现较大差异，其中体育指数涨幅最大，在线教育指数、网络彩票指数等跌幅最大。

游戏已不仅是一种娱乐方式，手游的崛起让游戏演变为人们日常的“休闲+社交”行为，优质产品即入口和平台；手游走向精品化，产品的生命周期将会不断延长，而不是越来越短；端游、页游转手游的 IP 红利仍在持续，对已经实现 IP 转化的公司未来持续发展保持乐观；买量模式体现了公司获取低成本用户的营销和管理能力，产品仍为本；不必对腾讯、网易过分担忧，内容永远无法垄断，A 股龙头依托“优质产品+精细运营”迅速实现卡位。

6 月流动性仍紧的背景下仍推荐业绩增长最大以及流动性最好（成交量最大）的白马游戏股：完美世界、三七互娱、游族网络、中文传媒；以及院线股：万达电影、中国电影、上海电影。另一方面，流动性收缩的预期短期内达到最差的时刻，自下而上低估值，小市值的个股也值得慢慢布局，如行业景气度仍高的教育、内容等板块的低估值个股：世纪鼎利、新文化、长城影视。第三，关注国企改革在三季度的深化：皖新传媒、南方传媒、长江传媒等。