本周，15 家行业协会（学会）签署了我国首份《知识产 权保护宣言》，随着 4 月 26 日知识产权日及 6 月 1 日新修订 《著作权法》正式实施，有望带动各行各业注重知识产权保 护，推进知识产权强国建设，知识产权板块将迎来更多的投 资机会。近期广电各非上市的省级子公司签订了经营业绩考 核《目标责任书》，为一网整合及未来的一体化经营打下良 好铺垫，我们认为近期中国广电集约化内容采购及省级子公 司签订责任书等事项加快了我们对于广电上市资产整合的预 期。

Golf is a popular game that is played in more than 190 countries, while the top 20 countries currently account for almost 90% of the global golf courses. The US witnesses the highest participation in golf, accounting for more than 40% of the global share of the game. Apart from the US, the UK, Australia, Canada, Germany, France, Spain, and New Zealand too account for a significant share of the golf playing population.

Football sportswear is clothing, including footwear, worn for sport or physical exercise. Football sport footwear and apparel is worn for football sports, for practical, comfort or safety reasons. Typically football sportswear includes track pants, shorts, shoes and shirts. Increasing participation in school and college sports and growing popularity of football are expected to drive the growth of the football sportswear market. Furthermore, rise in sportswomen is anticipated to favor the growth of the sportswear market.

互联网广告营销线上化趋势明显，新营销模式快速迭代。在流量结构上，Z 世代用户的价值正在持续体现，在流量见顶趋势下，年轻用户的争夺成为品牌广告主的必争之地，有望分到更多广告预算分配。同时，随着互联网广告行业整体价格提升，效果类广告流量获取成本提升快，以内容营销为主、突出品牌建设、争夺私域流量的营销模式逐步成为新趋势潮流。我们认为，互联网广告平台将均有望受益于互联网广告流量饱和后的价格提升，而拥有更多年轻用户、产品内容丰富度更高的互联网平台将有望获得更大收益。通过分析各平台的财务状况、产品矩阵、内容生态以及用户结构，我们认为腾讯综合竞争力稳固，字节跳动、哔哩哔哩在互联网广告市场争夺中占据优势；快手随着产品结构、内容结构调整有望加速互联网广告收入；新兴的小红书、得物等垂类平台有望快速增长。