[Zhongtai Securities: publishing industry performance steady upward education digitization + IP copyright driven industry value revaluation] May 11, China and Thailand Securities Research newspaper said that the book publishing industry Q1 performance in 2023 steady upward, with abundant cash flow, high dividends, low valuation and other defensive attributes, in the case of market shocks, the relative income is strong. In addition, private publishing companies have obvious willingness to release innovation to IP value, and IP operation modes are diversified. It is suggested that attention should be paid to private publishing companies with sufficient reserve of high-quality IP content and mature ways of IP operation and realization: fruit wheat culture, reader culture, Chinese online, palm technology, new classics, century Tianhong.