记者 李唐 今年2月1日，《全民阅读促进条例》（以下简称《条例》）正式施行，处于低谷的出版业正翘首以盼甘 露的降临。不可否认，近两年出版业的生态出现了问题，业务的急剧下滑和读者的持续流失，都使《条 例》的实施显得意义重大。 这部冠以"全民阅读"的条文，将在阅读和出版领域激起怎样的涟漪？作为出版界的重镇，中信出版集团 一直在突围与创新中行走于业界前沿。我们采访了中信出版集团总经理段甲强，请他结合中信出版的发 展历程，展望《条例》的施行对出版业的影响。 中信书店活动。受访者供图。 经济观察报：《全民阅读促进条例》于2月1日实施，你称这是"出版界的一件大事和喜事"，标志着全民 阅读从倡导性活动转变为有法律保障的文化活动。你认为这部条例对出版行业的根本性影响体现在哪些 方面？ 段甲强：2025年4月发布的《第二十二次全国国民阅读调查报告》显示，我国成年国民3.4%的认为自己阅 读数量很多，15.8%的认为阅读数量较多，49.9%的认为阅读数量一般，28.9%的认为阅读数量很少。 在这样的背景下，国务院颁布的《全民阅读促进条例》意义重大，有助于调动各方面积极性，在全社会 大力营造良好的阅读氛围，标志着全民阅读工作从政策 ...

朱珠 华鑫证券分析师: 好的，谢谢小秘书，各位好，我是华星传媒的猪猪。那今天我们非常荣幸邀请到中信出版 的领导庞雪莹庞总来对话，因为我们举办了一个 AI 系，AI 应用的系列的会议。中信出版 作为这个央企的大众阅读的龙头，那今天我们主要是围绕公司的业务来进，以及 AI 的布 局，来进行一个对话。那个雪莹雪莹总，莹莹，庞总你在听吗？ 中信出版庞总: 喂喂，喽喽，我在。 朱珠 华鑫证券分析师: 好的，今天的会议就直接就。然后接下来，我想先问一个问，第一个问题，就是公司也指 出来会将动漫 IP 定义为 15 的支柱，目标是打造 1~2 个全国影响力的 IP。那目前来说， 这类的 IP 会以，后续以收购为主，还是自研孵化为主？ 中信出版庞总: 感谢大家，感谢大家今天来，就是参加我们这个交流。我们确实是在 12 月底的时候举办 过了一个，就是小型的投资者交流会，当然也同步到线上了。我就逐一回答一下，就是朱 朱老师的问题。那第一个关于这个 IP 业务，也是大家比较关心的。其实我们在会上有告诉 大家，就是说我们整个的这个未来 5 年，公司其实也是计划将整体的这个 IP 大运营板块。 放到公司的主营板块里面，形成，就是说我们 ...

Core Insights - The publishing sector experienced a rise of 1.52% on February 3, with notable gains from companies like Zhongwen Online, which led the sector with a 4.01% increase [1] - The Shanghai Composite Index closed at 4067.74, up 1.29%, while the Shenzhen Component Index closed at 14127.1, up 2.19% [1] Group 1: Stock Performance - Zhongwen Online (300364) closed at 31.91 with a gain of 4.01%, trading volume of 588,700 shares and a transaction value of 1.855 billion [1] - Ning Media (002181) saw a 3.25% increase, closing at 12.38 with a trading volume of 1,254,400 shares and a transaction value of 1.536 billion [1] - Other notable performers included Southern Media (601900) with a 2.68% increase, China Science Publishing (601858) up 2.27%, and Anhui New Media (601801) up 2.21% [1] Group 2: Market Flow - The publishing sector experienced a net outflow of 171 million from institutional investors, while retail investors saw a net inflow of 242 million [2] - The data indicates that retail investors were more active in the market, contrasting with the outflows from institutional and speculative funds [2] Group 3: Individual Stock Flows - Zhejiang Publishing (601921) had a net inflow of 10.2522 million from institutional investors, while it faced a net outflow of 11.2103 million from speculative funds [3] - Southern Media (601900) recorded a net inflow of 7.0367 million from institutional investors, with a significant outflow of 14.4210 million from speculative funds [3] - Retail investors contributed a net inflow of 738.43 million to Southern Media, indicating strong retail interest [3]

这部以"全民阅读"命名的行政法规，自国务院审议通过之日 起，便在出版与阅读领域反响强烈。它被寄予厚望——在纸质 阅读式微、注意力碎片化、出版业深度调整的时代背景下，成 为一剂强心针，系统性地推动书香社会建设。 作者：李唐 封图：东方IC 书店会逆势重光吗？ 这是近期萦绕在出版业界的一个共同的疑问。在中信出版集团总经理段甲强的眼里，书店的春天， 似乎已经脚步临近了。 最近，有不少地方政府和大型央企，都向中信出版集团抛来了橄榄枝，邀请他们洽谈合作，利用其 城市休闲空间，开办大型书店。而中信出版集团的一家新书店，也即将开业，这似乎为久已溃退的 书店业，带来了一抹亮色。 这个亮色，是《全民阅读促进条例》（下称《条例》）带来的，《条例》将于2026年2月1日正式 施行。这部以"全民阅读"命名的行政法规，自国务院审议通过之日起，便在出版与阅读领域反响 强烈。它被寄予厚望——在纸质阅读式微、注意力碎片化、出版业深度调整的时代背景下，成为一 剂强心针，系统性地推动书香社会建设。 《全民阅读促进条例》旨在由政府主导，系统性推动全民阅读，明确各级政府在阅读设施建设、资 源供给等方面的职责；鼓励社会力量积极参与，开展各类阅读活动以 ...

2026年是"十五五"规划开局之年，更是中国经济激活新增长引擎、迈向高质量发展的关键节点。由国家 发改委宏观经济研究院出品，院长黄汉权领衔解析的《中国经济2026》正式出版。本书以扎实数据与前 沿研判，解读中国经济，提供与时俱进的经济读本。 《中国经济2026》深入解读当下备受关注的经济话题，如"消费市场新趋势与消费升级动力挖掘""新兴 产业发展机遇"等，既为政府精准施策提供科学依据，也为企业把握市场脉搏、调整发展战略指明方 向，从中洞察中国经济未来图景。 《中国经济2026》 中信出版集团 编辑：杨琳 在这本书中，各位专家学者基于"十四五"规划的收官成效，围绕"十五五"新开局新形势、新内需体系与 消费新动能、全国统一大市场与改革深化、新质生产力与产业创新、区域协调与民生保障现代化、高水 平安全与开放新格局六大核心议题，系统分析经济运行的重点与挑战，精准提出宏观政策、内需主导、 科技创新、产业升级、民生改善等关键领域的破局路径，助力读者读懂"十五五"经济发展逻辑。 展望2026年，人工智能技术等研发应用步伐加快，"十五五"规划开局红利释放，科技创新引领新质生产 力稳步发展，改革深化持续激发社会活力…… 中国经 ...

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting its strong performance relative to the market [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The integration of AI in cinema operations and new interactive experiences is anticipated to explore new commercial boundaries [3][4][15]. - The AI Spring Festival Gala is expected to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][4][16][17]. - The report emphasizes the ongoing transformation in the media landscape driven by technological advancements, particularly in AI, which is expected to create new business models and content production paradigms [3][4][16]. Industry Overview - The media industry has shown strong performance, with a 50.7% increase over the past 12 months compared to the Shanghai and Shenzhen 300 index, which only increased by 22.7% [1]. - The report notes that the film market is set to feature four major films for the Spring Festival, with themes ranging from national security to family-friendly animation, indicating a diverse content supply [15]. - The gaming sector is experiencing growth, with the market for legendary games projected to exceed 400 billion yuan in 2026, driven by technological advancements and the proliferation of mini-games [23][24]. Recommended Stocks and Rationale - The report recommends several stocks, including Wanda Film (002739), Mango Super Media (300413), and BlueFocus Communication Group (300058), citing their strong positions in the industry and potential for growth [4][9]. - Specific companies are highlighted for their innovative approaches, such as Wanda Film's integration of AI in its operations and the development of new interactive entertainment experiences [15][16]. - The report also mentions the potential of companies like Bilibili (9626.HK) and Tencent (0700.HK) to leverage AI technologies in their marketing strategies [4][9].

Investment Rating - The report maintains a "Buy" rating for the media industry, highlighting strong performance compared to the Shanghai and Shenzhen 300 indices [1][9]. Core Insights - The first quarter of 2026 is expected to benefit from the Spring Festival and the AI Spring Festival Gala, with diverse film offerings catering to various audience preferences. The cinema industry is actively embracing AI and exploring new commercial boundaries [3][15]. - The AI Spring Festival Gala is anticipated to reignite interest in AI applications and competition for new traffic entry points, with various AI-driven apps emerging to enhance digital marketing and e-commerce [3][16][17]. - The report emphasizes the importance of quality content in driving audience demand amidst increasing competition from other entertainment options, suggesting that cinema operators must innovate to maintain competitiveness [15]. Industry Overview - The media industry has shown significant growth, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index reflecting varying performance levels [14]. - The report notes that the film industry in China is projected to generate substantial revenue, with the total industry output expected to exceed 8,172.59 billion yuan in 2025, indicating a robust market [28]. Recommended Stocks and Rationale - Key stocks to watch include: - Wanda Film (002739): Leading cinema chain participating in the Spring Festival lineup [4]. - Mango Super Media (300413): Benefiting from historical drama series [4]. - BlueFocus Communication Group (300058): Innovating in AI-driven marketing [4]. - Shanghai Film (601595): Engaging in AI collaborations to enhance content creation [4]. - The report suggests that these companies are well-positioned to leverage AI advancements and capitalize on the upcoming Spring Festival [4][9].

Investment Rating - The report assigns an "Accumulate" rating for the cultural communication industry [1]. Core Insights - The upcoming launch of ChatGPT advertisements and the significant growth of Kuaishou's Keling AI, which has surpassed 12 million monthly active users, indicate a rapid commercialization of AI applications [3][6]. - The report highlights the continuous iteration of Keling AI's products, which has contributed to its user growth and revenue increase, with a monthly revenue exceeding 20 million USD in December 2025 [12][15]. - The report emphasizes the potential for innovative advertising models and content creation in the AI sector, suggesting a favorable outlook for both consumer and business applications [15]. Summary by Sections Industry Overview - The media index increased by 1.9756% from January 16 to January 23, 2026, outperforming the Shanghai and Shenzhen 300 index, which decreased by 0.62% [16]. - The report recommends focusing on vertical segments with high growth potential, listing companies such as Kailing Network, 37 Interactive Entertainment, and Perfect World as key investment targets [16]. AI Developments - OpenAI's advertisement testing is limited to adult users in the U.S. using the free version or the new "ChatGPT Go" subscription, ensuring that paid users and minors do not see ads [6][9]. - The advertisement model will charge based on impressions (CPM), differentiating it from traditional click-based models [7]. Keling AI Performance - Keling AI's monthly active users reached over 12 million as of January 2026, driven by product updates and features like motion control [12][15]. - The app ranked first in download charts in multiple countries and saw a 350% increase in paid users month-over-month [15]. Market Trends - The report notes a strong demand for AI applications in both consumer and business sectors, with expectations for innovative advertising and content creation models [15]. - The report suggests that the gaming and entertainment sectors are likely to benefit from advancements in AI technology, with a focus on new content formats and user engagement strategies [15].

Core Viewpoint - The publishing sector experienced a significant decline, with a drop of 4.09% on January 16, led by China Science Publishing, which fell by 9.99% [1] Market Performance - The Shanghai Composite Index closed at 4101.91, down 0.26% - The Shenzhen Component Index closed at 14281.08, down 0.18% [1] Individual Stock Performance - China Science Publishing (601858) closed at 21.54, down 9.99% with a trading volume of 313,900 shares and a turnover of 694 million yuan - Rongxin Culture (301231) closed at 38.52, down 9.41% with a trading volume of 109,500 shares and a turnover of 432 million yuan - Zhongwen Online (300364) closed at 32.91, down 8.46% with a trading volume of 1,288,400 shares and a turnover of 428.1 million yuan - Other notable declines include Southern Media (601900) down 5.09%, Tianzhou Culture (300148) down 4.90%, and CITIC Publishing (300788) down 4.86% [1] Capital Flow Analysis - The publishing sector saw a net outflow of 1.067 billion yuan from institutional investors, while retail investors contributed a net inflow of 943 million yuan [1] - The table of capital flow indicates that Southern Media had a net inflow of 11.2999 million yuan from institutional investors, while it faced a net outflow of 44.1266 million yuan from retail investors [2]

Group 1 - The publishing sector experienced a significant increase of 6.55% on January 12, with Zhongwen Online leading the gains [1] - The Shanghai Composite Index closed at 4165.29, up 1.09%, while the Shenzhen Component Index closed at 14366.91, up 1.75% [1] - Zhongwen Online's stock price rose by 20.00% to 34.98, with a trading volume of 1.4284 million shares and a transaction value of 4.634 billion [1] Group 2 - The net inflow of main funds in the publishing sector was 1.316 billion, while retail funds saw a net outflow of 474 million [1] - Zhongwen Online had a main fund net inflow of 634 million, accounting for 13.68% of its trading volume, while retail funds had a net outflow of 262 million [2] - Nanfang Media reported a main fund net inflow of 109 million, representing 30.53% of its trading volume, with retail funds experiencing a net outflow of 46.82 million [2]