Abstract

Chapter 1　Present Situation and Prospect Report of China's Cultural Tourism Investment

Abstract：In 2019，world economic and trade frictions have continued，the pace of global economic recovery has slowed，and China has entered a period of economic transformation.The cultural industry presents the characteristics of deep integration of culture，technology and finance，and continuously conducts achievements in other fields to form chain group conductive innovations.The high-quality development of the cultural industry has become a new proposition.With the further reform and opening up of China's financial market，cultural industry financing markets have also ushered in new opportunities.From the overview of China's cultural investment in 2019 and the status quo in key areas：firstly，market-oriented model of special fund has become the leading way of financial support for cultural industries.Secondly，the trend of privatization of indirect financing market institutions has become more apparent，and distinctive cultural credit products and services continue to emerge.Thirdly，compared with the overall market value of the cultural media sector in 2018，but still at the bottom of history，VC/PE investment and mergers and acquisitions（M＆A）are relatively quiet.Fourthly，in the first year of cultural and tourist integration，the amount of investment and financing in the tourism sector continued to increase，and cultural and tourist towns and complex investment tended to be rational.Fifthly，the overall global art market has declined，Chinese share has also declined year-on-year although China ranks among the top three.The new coronavirus CORVID-19 is currently aimed at the healthy development of the Chinese cultural investment market in 2020.This article proposes the following prospects：firstly，affected by the CORVID-19，restorative financial measures will become the fundamentals of investment and financing of the cultural industry in 2020.Secondly，new regulations for refinancing on the cultural and tourism industry will benefit significantly from the changes.Thirdly，the CORVID-19 will lead to intensified mergers and acquisitions in the cultural industry，and large-scale CVC will lead the trend of M＆A investment.Fourthly，the CORVID-19 will accelerate the rise of the proportion of digital creative industries，the combination of new technology，such as 5K+8G，and cultural tourism industry will become the focus of investment.Fifthly，IP content investment will shift to the model of“mainstream+superstar”，online celebrity+big IP model will gradually fade away.Sixthly，the CORVID-19 will prompt residents to seek new wealth management channels and the investment value of artworks is prominent.

Key words：Cultural finance；Cultural economy；Culture＆tourism integration

Chapter 2　Present Situation and Prospect Report of China's Media Investment

Abstract：In the long run，the media has a strong periodic attribute，and the development of the media industry is determined by the level of economic development and technology，and its underlying logic has four levels：technology，policy，industry and capital.As far as capital is concerned，under the cold winter of capital in 2019，the investment and financing enthusiasm of media industry is low，but the sub-sectors also have outstanding performance.Although the media industry has reached the bottom of valuation，the overall characteristics are upward，and the cyclical turning point of the industry may appear in 2020.The driving force of the new cycle of the media industry mainly comes from two aspects，one is the imagination space brought by the landing of“5G+AI+Cloud”，and the other is the high-quality content born under the pressure of previous policies.With the rise of new economy and digital creative economy，China's media investment will focus on cloud games，VR/AR and ultra-high definition video in the future.

Key words：Media investment；Valuation bottom；Periodic inflection point

Chapter 3　Report on Investment and Development of China's Newspaper Industry

Abstract：In 2019，the main investment environment of China's newspaper industry is as follows：the overall decline of the advertising market，the biggest decline of traditional media；the oversupply of newsprint，the sharp decline of prices；a large number of newspapers and periodicals closed，the situation of the newspaper industry is still severe；newspapers have changed their editions and reduced their editions，the transformation of paper media is urgent；the integration of newspaper industry continues to advance，and the integration of“newspaper network end”is the trend；“radio and television+newspaper industry””Cross media integration and poor operation lead to separation，separation and combination.At present，the investment opportunities of the newspaper industry include：grasping the technological change，promoting the transformation of the intelligent media；strengthening the construction of the county-level financial media center，promoting the transformation of the local newspaper industry；taking the digital economy as the breakthrough point，cultivating a new format for the development of the newspaper industry.

Key words：Newspaper Investment；Investment Environment；Investment Opportunities

Chapter 4　China Audiovisual Industry Investment Report：Radio，Television and Internet

Abstract：2019 was the 70th anniversary of the founding of the People's Republic of China，the National Radio and Television Administration implemented new development philosophy，strengthened the industry regulation，advanced the radio，television and the internet audio-visual industry high-quality development faster.Various domains including content industry，media convergence，smart radio＆television's construction and internet audio-visual media all have shown a good momentum of development.

Key words：Audio-visual industry；Innovative；High quality development

Chapter 5　China Publishing Industry Development Investment Report

Abstract：This Chapter takes the traditional news publishing industry as the research object，focusing on the current situation，development strategy and investment opportunities of the integration of news publishing industry under the background of intelligent technology，digital technology，network technology and mobile technology.Through scientific analysis of detailed data，macroscopic grasp of social background，comprehensive summary of development achievements，in-depth analysis of development theory，basic judgment of historical orientation and accurate prediction of future trends，it provides intelligent support and strategic consultation for government management departments，industry operators and researchers.The data in this Chapter mainly comes from the Compilation of press and publication statistical Materials in China published by China Press and Publication Research Institute，and it is also obtained through various channels and forms，such as the Internet，survey companies and questionnaires of research groups.

Key words：Chinese publishing industry；Fusion Development；Precision investment

Chapter 6　China Internet Media Investment Report

Abstract：The Internet has developed from the initial“information highway” and“electronic bulletin board”to the current“Internet of everything”.The iterative updating of network technology has provided more possibilities for human life and production.However，in the past2019，the economic development is stable，the era of Internet demographic dividend is gradually gone，and the competition from increment to stock has increasingly become the norm of the industry.Under the economic environment，the investment and financing market of the Internet industry returns to rationality.Although the market development slows down，new technologies，new industries and new models also provide vitality for the investment and financing market.It is predicted that cloud computing，block chain and 5G technology will bring new drivers to the development of the industry in 2020.Internet each fight for traffic and strive for realization has become a constant trend，the development of the Internet will evolve out of what kind of new wind direction，new path？Relying on information technology and Internet industry，network media and time change from the borderline of the primary media developed into today's leading media way，become a passing information and influence the spread of public opinion is the main carrier，so the network media investment and financing conditions help understand compared with 2019 in 2018 network media how to develop a new direction，new trends and new forms，the future network media where money is the problem that this paper will describe.

This Chapter aims to capture network media investment and financing event in 2019 is more representative of the key events，from the significant part of the deduction of the total market，combing the types of investment and financing，the value orientation，to demonstrate the characteristics of the network media industry investment and financing，cause，trends and，in digital academic analysis of the underlying logic of network media investment and financing.

Key words：Network media；Investment；Financing；Internet

Chapter 7　The Investment Report of China's Mobile Media

Abstract：With the mobile Internet technology continually innovated and broken through，mobile media has always been an important focus of Chinese media investment in recent years.Domestic mobile Internet and mobile phones return to steady growth，as the demographic dividend of Internet users gradually fades in 2019.With the advent of the era of intelligent convergence，instant music video，new online retailing，applets，mobile social networking，etc.have become hot spots for mobile media investment in 2019.2019 is the first year of 5G commercial use，the three major domestic operators accelerate investment in 5G network infrastructure and multi-industry cooperative applications.etc.Under the joint action of technology，policy and market，the current situation and trend of China's mobile media investment in 2019 have changed from previous years，but the overall investment prospect is better.

Key words：Mobile internet；Mobile phone；Mobile media Investment；Three operators

Chapter 8　The Report on Internet Finance Investment Development

Abstract：2019 is an inevitable painful period for the transformation of the Internet finance industry.The whole year is shrouded in public opinions such as liquidation exit，data black production and escape from mutual fund.The scale of investment and financing in Internet finance industry and the number of financing have declined compared with previous years.In 2019，Internet giants continued to expand overseas，face brushing payment became a hot spot in the industry，blockchain became a hot word again，and standardized exclusive operation became the norm.It is expected that in 2020，the trend of strong regulation will continue，the rectification of the online loan industry will come to an end，digital currency will continue to be valued by the central bank，and online mutual assistance may become the next trend in the field of mutual finance.

Key words：Internet finance；Investment and financing；Compliance development

Chapter 9　China TV Drama Investment Report

Abstract：In recent years，dramatic changes have taken place in China's teleplay industry.New policies and broadcasting modes have made China's teleplay industry constantly face new challenges of transformation and development.The investment and production of teleplays need to be further optimized and upgraded，and the corresponding regulatory areas need to be further clarified and strengthened.In 2019，the investment scale of the TV drama industry dropped sharply，the number of works and the length of the drama were cut，and the older generation of actors replaced the flow stars to become the new TV drama viewing point.This paper analyzes the development of China's teleplay market in 2019 and the investment environment of the teleplay market，explores the difficulties it is difficult to break through in the transformation period，and puts forward some suggestions that will be conducive to the development of the teleplay investment market in the future.

Key words：China's teleplay；Development status；Investment environment；Future trend

Chapter 10　China Film Industry Investment Report

Abstract：According to the National Film Bureau，the national box office revenue reached 64.266 billion yuan in 2019，an increase of5.4％over the same period of last year.At the current stage of development，film quality has replaced the high box office growth as the focus.In 2019，the mainstream commercial blockbusters were further upgraded，and the perfect combination of“main theme and commercial elements”was realized，resulting in a bumper harvest of social and economic benefits.In 2019，many head film and television products were born，showing strong market demand.At the beginning of2020，affected by the novel coronavirus epidemic，the film market encountered“black swan”，but in the long run，the film market still has great room for development in the future.

Key words：Chinese film market；Box office；Film；Investment；COVID-19 outbreak

Chapter 11　China Game Industry Investment Report

Abstract：With the normalization of the edition approval process and the formulation of relevant regulations and standards，the game industry witnesses a recovery in 2019，and the whole industry gradually becomes standardized.E-sports industry still preveails and the whole industrial chain presents a trend of rapid development.Independent Games made in China are facing great opportunities and challenges.The whole game industry in China is marching on a high-quality road.

Key words：Industry standardization；E-sports；Independent game

Chapter 12　Annual Report on 2019 Chinese Bookstore Retailing Industry Investment

Abstract：In 2019，the whole book retailing industry reached over 100 billion and kept rapid growth.Online channels contributed 70％sales in 2019.However，the investment and financing activities in this industry in 2019 are still not quite active.In 2020，considering the shutdown during Covid-19 outbreak，brick-and-mortar bookstores have to work on their adoption of new technologies and social media marketing and sales of printed books in the long term are still promising.

Key words：Bookstore retailing industry；Brick-and-mortar bookstores；Profitability

Chapter 13　Investment Report of Chinese Cultural and Creative Industries

Abstract：Cultural and creative industries are produced under the background of economic globalization，following the trend of global economic and cultural development，based on culture，content and creativity as the core，and modern technology as the technical means，et knowledge and value as one.As a new emerging industry，it can meet the needs of the public spirit.This report consists of the following content.First，it gives a general overview of the concept of cultural and creative industries.Then it introduces the development status and overall operating model of China's cultural and creative industries.Then it analyzes the market direction and competitiveness pattern，and finally analyzes the problems and risks of it，so as to put forward Suggestions on the future investment mechanism and strategy innovation of China's cultural and creative industry，and forecast the development trend and investment opportunities.

Key words：Cultural and creative industries；The financing way；Investment direction；Cultural and creative industrial park

Chapter 14　Investment Report of China's Culture and Museum Industry

Abstract：In recent years，people have paid more and more attention to the construction of spiritual civilization，and the proportion of cultural consumption expenditure has also increased year by year.As an important branch of the cultural industry，the cultural industry is a special type of cultural industry that is based on the museum's rich collection of cultural relic resources and combined with modern and contemporary consumer habits.How the cultural blog industry can develop better in the future is a problem that the country needs to pay attention to and solve.Based on the general situation of the development of China's cultural industry in 2019，this chapter uses the content analysis method and case study method to discuss the rise of the cultural industry and the current status of development，and analyzes the problems and factors that need to be considered in the investment process of the cultural industry，with a view to future The cultural investment industry development investment direction provides a reference.

Key words：Cultural and expo industry；Culture industry；The palace museum；Cultural and creative products

Chapter 15　Investment Report of China Tourism Real Estate

Abstract：With the development of the tourism and leisure industry to a certain stage，tourism real estate has gradually become an important content of China's real estate development market.Relying on tourism resources，tourism real estate covers the entire region and the entire industrial chain.Advanced tourism real estate form.Compared with traditional real estate development，tourism real estate has more comprehensive functions，more diversified business models，and more objective economic returns.Therefore，it is favored by investors.With the continuous improvement of China's per capital disposable income and the increasing demand for residents'leisure and vacation，the tourism real estate industry will also be further improved.Creative，comprehensive，professional and multi-regional and multi-industry diversified development will become the future of tourism real estate Main development direction.For tourism real estate projects，in order to better attract investment，tourism real estate projects must grasp the nature of the project during the development process；define the regional positioning；create a real estate attraction core；and strengthen scientific operations.For investors，it is necessary to comprehensively consider various factors such as economic policy，economic environment and project quality，to stimulate investment vitality and reduce investment risks.

Key words：Tourism industry；Real estate industry；Resource development；Industry investment

Chapter 16　The Investment Report of China Cultural Theme Park

Abstract：Cultural theme parks are an important part of the tourism industry.In addition tomeeting the needs of public entertainment and leisure and realizing the commercial revenue of investors，the cultural theme parks also carry the important functions of cultural inheritance and communication，and fostering a sense of cultural identity.Chinese cultural theme parks not only carry the tasks of telling Chinese stories，improving public cultural literacy and cultural self-confidence，and enhancing the soft power of Chinese culture，but also play an important part of the cultural industry and tourism economy.The investment on them needs comprehensive consideration of politics，economy，and technology，cultural and historical factors.This report focuses on the cultural functions and economic growth pole of cultural theme parks，and relies on the national strategy of cultural powers to analyze and explore the development approach and growth space of cultural theme parks from an international perspective.Provide reference for future construction.

Key words：Cultural theme park；Chinese story；Gen Z；Profit model；Experience consumption

Chapter 17　Investment Report of Small Towns with Chinese Cultural Tourism Characteristics

Absrtact：“Culture is the soul of tourism.”This chapter explains the origin，development momentum and different stages of cultural tourism characteristic towns，introduces the industrial chain structure of cultural tourism characteristic towns，and analyzes the investment status and investment model of cultural tourism characteristic towns.Finally，in combination with the current development of cultural tourism characteristic towns，the future development direction of Chinese cultural tourism characteristic towns is predicted.

Key words：Characteristic towns；Cultural tourism；Tourism investment

Chapter 18　China Media Listing Report

Absrtact：Macro-economic adjustment and the impact of the international economic environment have brought great uncertainty to the media Industry development.However，with the joint efforts of increasing investment in scientific and technological research and development，promoting media integration and high-quality development policies，the overall growth of listed media companies in 2019 will be maintained.The media market expanded，but the supervision became stricter.The growth rate of the media industry continues to slow down and the market differentiation pattern deepens.The publishing，internet and education services sectors are in good condition，the online games and marketing communication sectors are rising steadily，while the newspapers，radio and television networks，film and television sectors are not performing well.Innovation and integration are the choices for listed media companies to achieve growth and break through the dilemma.

Key words：Media listed companies；Market expansion；Slow growth；Innovation and integration

Chapter 19　M＆A Report of Chinese Media Industry

Absrtact：In 2019，M＆A in China's media industry continued to shrink，and the depressed mood continued to spread，and the M＆A market ushered in restoration and integration.Specifically，in 2019，film and television continued to slump，and the performance dilemma was highlighted；Press and publication have sprung up everywhere，and the industry chain has expanded vertically；The cultural travel market is growing，and the value of fine content appears；The Internet structure has been continuously optimized，and the performance of sub-sectors has been outstanding.This has formed four characteristics of China's media industry mergers and acquisitions in 2019：First，the policy“combination boxing”continues to increase，and the capital market is difficult to hide；Second，the layout of pan-entertainment is obvious，and the tide of goodwill explosion is coming；Third，the copyright industry has broad prospects and MCN performs brilliantly；Fourth，the pace of the Internet has slowed down，and technology dividends have driven growth.In the future，M＆A in the media industry will wait for a new turning point in the economic fluctuation and technological upgrading.

Key words：Media industry；Mergers and acquisitions；Supervision；Atrophy；Repair

Chapter 20　China Overseas Media Investment Report

Abstract：This report examines the characteristics of China overseas media investment in 2019 and puts forward some suggestions through statistical analysis of China's overseas media investment fields，investment destinations and specific investment/acquisition events in 2019.Though China's overseas investment has been falling due to the increase of international trade barriers and the uncertainty of geopolitics in recent years，Chinese enterprises are expected to seek deeper and broader cooperation in countries along the Belt and Road in the future.

Key words：Overseas media investment；“The Belt and Road Initiative”；Investment advice

Chapter 21　Chinese Media Investment Public Opinion Report

Abstract：With the continuous development of all-media，full-time media，holographic media，full-time media and full-effect media have emerged.For this reason，China's mainstream media have generally increased their investment in resources.On the one hand，mainstream media enter various user terminals and occupy the mobile public opinion field；on the other hand，big data promotes the integration of news production and media.With the support of local party committees and governments，the construction of county-level financial media centers has opened up a new path，and at the same time，the investment in socialized commercial new media has increased，and each city has taken the lead.All these indicate that the development of media integration is attracting capital to invest in the media industry，and the investment in media integration has become the focus of public opinion on media investment.Of course，there are also public opinion issues worthy of attention in media investment，and how to embrace the 5G era and realize the iterative innovation and development of media industry will surely become the focus of public opinion in media investment.

Key words：Media integration；County-level financial media；Investment public opinion；5G era

Chapter 22　Investment Report of Chinese Cultural Industrial Park

Abstract：In 2019，the development of China's cultural industry parks is mainly manifested in the following：national parks play a demonstration role，the number of provincial parks has steadily increased，and non-heritage cultural and industrial heritage has become a new hotspot in the construction of cultural industry parks.At the same time，cultural industry parks are facing dilemmas in terms of quality and weight，lack of quality creative parks；inadequate government management，extensive management；prominent talent bottlenecks，and weak intellectual property protection.The future development direction of the cultural industry park is reflected in the trends of achieving digital transformation and upgrading，building parks to share network resources，and strengthening the international competitiveness of brand parks.

Key words：Cultural industry parks；Investment environment；Development direction