fifth welcome the God of wealth. Welcome the God of wealth in two ways, one is the use of incense, a glance.

we chose the latter, and by our various industry groups and ECM and the securities department colleagues to produce this report, as the first greetings of the chicken, to you. In the front of the report is the forecast of 17 market segments, the last is about the A-share market and private equity market forecast A.

1, video entertainment

trend change

and video paying customers to maintain rapid growth, become the new engine of the entertainment industry: 2016 is the year of the establishment of the paid video market, this year the Chinese paid video users is close to 60 million. We expect this figure to close to 2017 by the end of and reach 2.2-2.5 billion in 2020. This year, the compound growth rate of more than 40% of the market is to replace the compound annual growth rate dropped to the single digit box office market, becoming the new engine of China’s entertainment industry".

and attention network drama companies would be subject to capital concern: the major video sites in the background of the development of spare no effort paying users, who focus on network drama production, with American TV production genes and dare to subscribers of revenue sharing network drama production company will transfer to the capital by safety concern. They have the opportunity to enjoy the high-speed development of the Chinese film market in the past 10 years with the close to the movie box office.

scene + content + product "in the form of entertainment will appear in large numbers, forming a mash up trend. The film and television IP extension is not a new concept, Disney many years ago has been with the theme park and the lion king musical for the world’s film and television industry to make an example of. What we call today "Scene + content + product" is far more than Disney, is the entertainment content through a specific scene with completely unrelated industries grafting. For example, has been held for three consecutive years in Shanghai Simple Life Festival Music Festival (scene), singing and dialogue (content) and organic food and household products (products) perfectly integrated together. In 2017, a similar scene is a form of entertainment creation.

in theaters and online ticketing platform entered a consolidation period. In 2017, the China movie market is likely to occur in a new round of consolidation. Prior to Wanda to represent the integration of different market share driven, a new wave of integration is the starting point to get the scene. To BAT as the representative of the Internet Co is paying attention to the cinema audience gathered and users (especially young audiences and users) scene value, therefore is likely to strong financial muscle to participate in a new round of war to the integration of cinema. Smaller independent theaters will usher in the best opportunity to sell cash. Online ticketing areas, we don’t believe that the cat’s eye, lithography, Taobao, glutinous rice four pattern of hegemony is a sustainable market pattern. Thus, in 2017, two of them took the lead in integrating and forcing the other two to follow the consolidation