传媒行业快报：全民阅读持续深化，需求端有望迎新高

Investment Rating - The industry investment rating is "Outperform the Market" (maintained) [2][8] Core Insights - The report highlights the ongoing deepening of national reading initiatives, which are expected to drive demand to new highs. The government is implementing strategies to promote reading, including the construction of public cultural facilities in residential areas [5] - The overall retail market for books in 2024 is projected to have a scale of 112.9 billion, reflecting a year-on-year decline of 1.52%, returning to 88% of the 2019 level. Traditional sales channels are experiencing contraction, while content e-commerce is showing positive growth [5] - The market structure is shifting from channel-driven growth to a new phase of competition and value reconstruction, with significant differences in the mechanisms of active search and interest recommendation [5] - The mobile reading market in China reached a scale of 30.892 billion in 2023, with a year-on-year growth of 11.18% expected in Q1 2024 [5] Summary by Sections Industry Performance - The report provides a comparative performance analysis over different time frames, indicating relative and absolute returns [4] Market Dynamics - The report discusses the evolution of mobile reading, highlighting its growth from 2003 to the present, with a focus on the impact of technology and market competition [5] - The educational support category holds a significant market share of 25.33% in the book retail market, with an impressive year-on-year growth of 18.73% [5] Investment Recommendations - The report suggests monitoring companies such as Read客文化, 学大教育, 读者传媒, 掌阅科技, 中国出版, 出版传媒, 南方传媒, 中文在线, and 安徽新传媒 as potential investment opportunities [5]