传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏

国金证券

2025/09/28

（以下内容从国金证券《传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏》研报附件原文摘录）本周观点关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏：教育：景气略有承压。K12教培行业由于中小机构供给增加，竞争边际加剧，龙头阿尔法能力逐渐趋稳。本周教育部等6部门联合印发《县域普通高中振兴行动计划》，明确要适应学龄人口变化，科学优化资源配置，加快扩大公办学位供给。奢侈品与...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2570493598"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"isCrawlerRequest":true,"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2570493598\",edition:\"fundamental\",auth_exemption:1,,,undefined,":{"share":"https://ttm.financial/m/news/2570493598?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":false,"pubTime":"2025-09-28 18:05","share_image_url":"https://static.laohu8.com/9a95c1376e76363c1401fee7d3717173","id":"2570493598","market":"us","top_or_hot":-1,"title":"传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏","media":"国金证券","content":"<div>\n<p>（以下内容从国金证券《传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏》研报附件原文摘录）本周观点关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏：教育：景气略有承压。K12教培行业由于中小机构供给增加，竞争边际加剧，龙头阿尔法能力逐渐趋稳。本周教育部等6部门联合印发《县域普通高中振兴行动计划》，明确要适应学龄人口变化，科学优化资源配置，加快扩大公办学位供给。奢侈品与...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928180538954a2c8a&s=b\">网页链接</a>\n\n</div>\n","source":"tencent","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-28 18:05 北京时间&nbsp;&nbsp;&nbsp;<a href=http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928180538954a2c8a&s=b><strong>国金证券</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>（以下内容从国金证券《传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏》研报附件原文摘录）本周观点关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏：教育：景气略有承压。K12教培行业由于中小机构供给增加，竞争边际加剧，龙头阿尔法能力逐渐趋稳。本周教育部等6部门联合印发《县域普通高中振兴行动计划》，明确要适应学龄人口变化，科学优化资源配置，加快扩大公办学位供给。奢侈品与...</p>\n\n<a href=\"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928180538954a2c8a&s=b\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU1769817179.HKD","symbol_name":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","start_time":0,"source_url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928180538954a2c8a&s=b","article_id":"2570493598","we_media_id":null,"thumbnails":[],"rights":{"source":"tencent","url":"http://gu.qq.com/resources/shy/news/detail-v2/index.html#/?id=nesSN20250928180538954a2c8a&s=b","rn_cache_url":null,"customStyle":"body{padding-top:10px;}#news_title{font-weight:bold;#titleStyle#;}#news_description span{font-size:12px;#descriptionStyle#;}.footer-note{#statement#}","selectors":".mod-LoadTzbdNews, body","filters":".relate-stock, .hot-list, .recom-box, .wx-sou","directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2570493598","pubTimestamp":1759053936,"columns":[],"sourceInfo":{"source_id":"tencent","name":"腾讯"},"weMediaInfo":null,"summary":"本周观点关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏：教育：景气略有承压。传媒：2025年8月，中国国内游戏市场收入为292.63亿元，环比增长0.61%。投资逻辑关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏。3）我们看多澳门度假娱乐板块、OTA、游戏板块，澳门度假娱乐供需剪刀差持续扩大，国庆假期有望带来催化，受益于全球流动性外溢，负债率边际递减带来的利润上行趋势。","collect":0,"end_time":0,"defaultTopTitle":"qq.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"89988":"阿里巴巴-WR","LU1769817179.HKD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERG MARKETS OPPO \"P\" (HKD) INC","LU0348816934.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (USD)","LU1267930227.SGD":"TEMPLETON GLOBAL BALANCED \"AS\" (SGD) ACC A","01928":"金沙中国有限公司","LU1046422090.SGD":"Fidelity Pacific A-SGD","BK4579":"人工智能","LU1152091168.USD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" INC","BK4588":"碎股","BABA":"阿里巴巴","LU0651947912.USD":"BGF EMERGING MARKETS EQUITY INCOME \"A5G\" (USD) INC","LU1046421795.USD":"富达环球科技A-ACC","00880":"澳博控股","LU0128525689.USD":"TEMPLETON GLOBAL BALANCED \"A\"(USD) ACC","WYNMY":"永利澳门ADR","BK4565":"NFT概念","LU0047713382.USD":"BGF EMERGING MARKETS \"A2\" ACC","LU0067412154.USD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (USD) ACC","LU0052756011.USD":"TEMPLETON GLOBAL BALANCED \"A\" (USD) INC","LU0310800965.SGD":"FTIF - Templeton Global Balanced A Acc SGD","00200":"新濠国际发展","LU1051769294.HKD":"BGF EMERGING MARKETS EQUITY INCOME \"A6\"(HKDHDG) INC","BK4607":"DeepSeek概念股","LU1152091754.HKD":"UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) \"PM\" (HKD) INC","LU2226246903.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT4\" (HKD) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","BK4524":"宅经济概念","BK4220":"综合零售","LU1048588211.SGD":"Blackrock Asian Dragon A2 SGD-H","LU0328353924.USD":"UBS (LUX) EQUITY SICAV - GLOBAL EMERGING MARKETS OPPORTUNITY (USD) \"P\" (USD) ACC","BK4543":"AI","09988":"阿里巴巴-W","LU1051768304.USD":"贝莱德新兴市场股票收益A6","BK4527":"明星科技股","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","BK4531":"中概回港概念","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","LU1008478684.HKD":"UBS (LUX) EQUITY FUND -  CHINA OPPORTUNITY \"P\" (HKD) ACC","LU0797268264.HKD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"AT\" (HKD) ACC","BK4526":"热门中概股","BK4534":"瑞士信贷持仓","LU1515016050.SGD":"Blackrock Emerging Markets Equity Income A6 SGD-H","02423":"贝壳-W","BK4122":"互联网与直销零售","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1105468828.SGD":"Allianz Total Return Asian Equity AM DIS H2-SGD","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","BK4558":"双十一","IE00B0JY6N72.USD":"PINEBRIDGE GLOBAL EMERGING MARKETS FOCUS EQUITY \"A\" (USD) ACC","BK4587":"ChatGPT概念","01128":"永利澳门","02282":"美高梅中国","LU0918141887.USD":"安联亚洲实际收益股票基金","BK4505":"高瓴资本持仓","09999":"网易-S","SCHYY":"金沙中国有限公司ADR","BK4535":"淡马锡持仓","LU0348814723.USD":"ALLIANZ TOTAL RETURN ASIAN EQUITY \"A\" (USD) INC  NC","09961":"携程集团—S","BK4504":"桥水持仓"},"translate_title":"Media Internet Industry Industry Research: Pay attention to the changes of the National Day holiday, and watch Macau vacation entertainment & OTA & games","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"89988":0.9,"01128":0.9,"02282":0.9,"ALBmain":0.6,"BABA":0.9,"09988":0.9,"09999":0.9,"09961":0.9,"02423":0.9,"WYNMY":0.9,"00880":0.9,"00200":0.9,"01928":0.9,"SCHYY":0.9},"content_text":"（以下内容从国金证券《传媒互联网产业行业研究：关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏》研报附件原文摘录）本周观点关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏：教育：景气略有承压。K12教培行业由于中小机构供给增加，竞争边际加剧，龙头阿尔法能力逐渐趋稳。本周教育部等6部门联合印发《县域普通高中振兴行动计划》，明确要适应学龄人口变化，科学优化资源配置，加快扩大公办学位供给。奢侈品与博彩：奢侈品与博彩景气度和宏观经济高度挂钩，澳门博彩毛收入已经连续2月创今年以来新高，好于市场预期。本周受到超强台风“桦加沙”影响，澳门幸运博彩关闭33小时后重启，关注十一表现。咖啡茶饮：1）咖啡：高景气维持；行业具备β性红利，人均咖啡消费量仍有教育潜力。2）茶饮：略有承压；行业逐步迎来淡季，且供给依旧呈快速增加趋势，竞争激烈关注淡季表现。电商：略有承压。1—8月份实物商品网上零售额80964亿元，增长6.4%，电商大盘增速趋缓，行业竞争依旧激烈。阿里速卖通升级“超级品牌出海计划”，海外电商业务逐步向品牌倾斜。流媒体平台：广电总局印发实施《进一步丰富电视大屏内容促进广电视听内容供给的若干举措》，政策落地有助于增加大屏优质内容供给，有望改善长视频行业产量与观众双流失的困局，行业景气度有望得到修复，我们建议关注长视频平台。音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应持续驱动盈利杠杆释放，我们建议持续关注音乐订阅平台。虚拟资产&资产交易平台：降息预期已落地，机构资金流入降温，且前期获利盘多，本周加密货币回调显著，短期或将震荡为主。地产交易：9月22日-9月26日，上海/北京/深圳/杭州/成都二手房成交套数分别为3063/3518/761/3325/5157套，核心城市二手房交易节奏持续承压。建议关注贝壳。汽车服务：截至2025年8月31日，全国共有393家网约车平台公司取得网约车平台经营许可，环比增加1家。网约车监管信息交互系统8月份共收到订单信息7.89亿单，环比增加0.2%。我们持续关注汽车服务市场生态。传媒：2025年8月，中国国内游戏市场收入为292.63亿元，环比增长0.61%。9月，145款国产网络游戏与11款进口网络游戏版号过审。游戏行业保持供需两旺。投资逻辑关注国庆假期的变化，看多澳门度假娱乐&OTA&游戏。1）港股和中概整体观点：924周年庆和阿里云栖大会落地，阿里等科技板块的估值修复明显，短期估值再提升的基础逻辑需进一步蓄力。2024年国庆假期间中概和港股在政策的催化下表现亮眼，其前提条件是整体低估值，但是今年的背景有所不同，建议再观察。2）中美就TikTok在美国情况达成基本框架，对其它在美运营互联网平台带来潜在利好，持续关注在美运营电商平台。3）我们看多澳门度假娱乐板块、OTA、游戏板块，澳门度假娱乐供需剪刀差持续扩大，国庆假期有望带来催化，受益于全球流动性外溢，负债率边际递减带来的利润上行趋势。假期数据对OTA、游戏板块的带动同样明显。4）区块链虚拟资产板块短期震荡为主，北美相关资产前期涨幅较大（降息预期落地），新增叙事有限。中国香港虚拟资产整体弱于预期，短期其独立市场的流动性有限，核心观察海外传统币圈OG们的落地能力。风险提示后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI技术迭代和应用不及预期风险；政策监管风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}