A | NEW YORK -- A'ja Wilson and the Las Vegas Aces secured their place as one of the greatest teams in WNBA history.The Aces became the first team to repeat as champions in 21 years, getting 24 points and 16 rebounds from Wilson and a defensive stop in the closing seconds to beat the New York Liberty 70-69 in Game 4 of the Finals on Wednesday night.“It’s not easy, as you know. This is what it's all about,” Wilson said. “Not a lot of people get to do it. To be short-handed and win is amazing. It makes the win that much better. It's hard to get back to the Finals to win again.”The Aces joined the Los Angeles Sparks (2001-02) and the Houston Comets (1997-2000) as the only teams in league history to win consecutive titles.Las Vegas did it without starters Chelsea Gray and Kiah Stokes, who were both sidelined with foot injuries suffered in Game 3. Gray, the 2022 WNBA Finals MVP, was constantly in the ear of her teammates during timeouts and shouting encouragement from the sideline. Las Vegas was also still missing veteran Candace Parker, who had foot surgery in late July.“We’ve been facing adversity all season, playing without different players. ... We have some professional fighters," said Alysha Clark, who was pressed into the starting lineup Wednesday. “To weather the storm of everything we went through, to show up every single day. To be in this moment right now and do it together, it speaks volumes about us, our chemistry.”Coach Becky Hammon said this was the closest team she has ever been around. The entire team attended the postgame news conference and cheered every answer, especially those by Wilson, the Finals MVP, who finished third in the regular-season MVP balloting.With the game tied at 64, Las Vegas scored six straight points, including the first four by Jackie Young, to go ahead 70-64 with 1:26 left.Courtney Vandersloot hit a 3-pointer on New York's next possession, then stole the ball from Kelsey Plum, which led to Sabrina Ionescu's foul-line jumper to get the Liberty within one with 41.7 seconds left.On the ensuing possession, Las Vegas worked the shot clock down before Hammon called timeout with 3 seconds left on the shot clock. The Aces got the ball to Wilson on a lob, but Breanna Stewart blocked the shot, giving New York one last chance.After a timeout with 8.8 seconds left, the Liberty got the ball to Stewart, who was double-teamed. The ball swung over to Vandersloot in the corner, but her shot missed badly, setting off a wild celebration by the Aces at midcourt.“It's a play we’ve ran before, get the ball to Stewie’s hand,” Liberty coach Sandy Brondello said. “Sometimes they work, sometimes they don’t. We got it where we wanted to, but didn’t make it.”Vandersloot finished with 19 points and Betnijah Laney added 15 for New York. Hammon said before the game she would be “throwing the kitchen sink at (the Liberty), see what sticks, see what works.”The Aces rotated defenses, which stymied New York after the Liberty scored 23 points in the first quarter. “I think they were throwing whatever defense they had at us and make sure it’s ugly,” Stewart said. “Sometimes we lost our flow and ball movement.”Hammon started WNBA sixth woman of the year Clark and Cayla George in place of Gray and Stokes. Clark did a stellar job on her former Seattle Storm teammate Stewart, holding her to 10 points on 3-of-17 shooting. George had 11 points.“Just knowing what she likes to do. And just locking in and making sure that I don’t give that to her," Clark said of guarding Stewart. "I’m so proud of this team.”This was the first close game of the season between these teams. The four regular-season matchups were all blowouts with the closest contest being a nine-point win by New York on Aug. 28. The first three games of the WNBA Finals were also routs, with New York winning Game 3 87-73 to stave off elimination.Game 4 was so tense that Ionescu was seen vomiting into a trash can during a timeout midway through the fourth quarter, shortly after she hit a 3-pointer to get the Liberty within 60-58. Ionescu stayed in the game after the timeout.New York's record fell to 2-10 all-time in the WNBA Finals. Teams that fall behind 0-2 in the best-of-five series Finals have lost all nine of those series.STAR-STUDDED CROWDOnce again, New York drew dozens of celebrities to the game, including basketball royalty Sue Bird and Dawn Staley — the South Carolina coach who loudly cheered on her former star player, Wilson. The two embraced in a long hug after the game. Also in attendance were Liberty Ring of Honor members Vickie Johnson and Sue Wicks, and actors Jennifer Connelly, Issa Rae and Jason Sudeikis.___AP WNBA: https://apnews.com/hub/wnba-basketball。
B | 通过一场交易总对价约 16.2 亿元的重大资产置换，交运股份置出了原先持续亏损的五家汽车零部件子公司，装入久事集团旗下的赛事运营、场馆运营、浦江游览以及久事演艺四大资产，上市公司由此手握F1中国大奖赛、ATP1000上海大师赛、东方体育中心及徐家汇体育公园，和黄浦江超过50%份额的游船与苏州河全域独家运营权等顶级资源。与此同时，根据重组交易方案，交易对方（久事集团等）承诺，2026至2028年，置入资产（赛事、场馆、演艺、都市文旅）实现累计扣非归母净利润需不低于 3.4 亿元，年均超1.13亿。
C | 在这个节点，久事动娱呈现出一种中国国资文体产业相对少见的操盘状态：既有对标国际巨头、意图打破物理天花板的宏大野心，又有面对资源整合、商业规律时的相对克制。交运股份是典型的传统交通运输和汽车零部件企业，重资产、重折旧、重运力，在资本市场仅能获得10倍左右的传统制造业估值，2020至2025年连续六年扣非亏损，累计亏掉22.79亿元。置入资产则完全不同。F1中国大奖赛、ATP大师赛这类顶级赛事IP，本质是对城市核心注意力的独家锁定。
D | 2026年F1上海站三天观赛23万人次、票房同比增长超30%；2025年大师赛观赛突破25万、票房首度破亿，消费拉动25.87亿元。这些资产在特定节点能瞬间聚合全民焦点，具备极强的消费定价权。总经理章华群向生态圈表示：「场馆不仅是承载内容的舞台与容器，更要成为内容的策源地。」商业底层逻辑从重资产运力切换到高毛利、强现金流的现代服务业——这是估值重构的核心。久事动娱总经理章华群战略发布会上，久事动娱首次明确提出对标AEG等国际一流文体产业集团。AEG的业务整合与打法结构是相对清晰的：自有场馆网络提供物理空间，AEG Presents是全球第二大演唱会推广商，能够持续供给内容，AEG旗下职业球队资产保障了基础使用率，以上三者叠加成为一套「内容+空间+赞助」的飞轮，场馆在非赛事日依然被填满，赞助商能购买 365 天全场景的曝光而非一块简单的广告牌。其旗舰资产伦敦 O2 体育馆，凭借 1.30 亿英镑（约 12 亿元人民币）的年营收实现了约 44% 的经营利润率，成为文体场馆商业化的教科书。
E | 从以上结构看，久事动娱重组后置入的业务构成的确与AEG有相似性，其赛事业务对应体育内容，场馆公司对应空间，演艺公司对应演出推广。
F | 但相似不等于相同，AEG的飞轮之所以高效，是其花费数十年重金筑起的自有内容制作与推广能力。相比之下，久事动娱的核心赛事IP均为国际授权运营，并非永久自有资产；演艺板块2025年营收1.2亿元，净利润仍亏损193.93万元。相比于对标AEG如今的体量，或许更值得久事动娱参考的，是AEG如何从重资产的场馆运营商，走向高毛利的内容与商业生态主导者这一条进化路径。久事动娱董事长杨亦斌比外界更清楚这条路的难度。在对话中，他将挑战概括为四个层面：新旧板块如何产生化学反应；运营模式如何提质增效；品牌如何从物流制造转型文体旅；总部架构如何为新业务赋能。实际上，这四个挑战指向同一个命题：这不是一次简单的资产置换，而是一家国企从重资产运营商向内容与体验运营商的系统式转型，挑战艰巨。最硬的约束在于资产本身，「无论是场馆，还是赛事，天花板都是很明显的，票卖完了就卖完了」，杨亦斌直言。F1中国大奖赛、ATP1000上海大师赛每年集中营收约两周，爆发力极强但天然低频，与此同时，场馆折旧、运维和人力却是365天持续消耗，这是全球场馆运营商共同面对的难题。据了解，目前已经有不少新兴国际赛事在与久事动娱接洽。对于上海市场而言，类似F1、大师赛这样的核心体育内容仍然处在供不应求的阶段，对此杨亦斌表示，一方面要形成更多的产品，满足观众的内容消费需求，另一方面则要提升头部赛事的带动效应，以「赛票+」的方式去创新组合城市文体旅产品，进而带动城市经济发展。对于发展节奏，久事动娱仍然强调「稳字当头」，对于保留的物流业务、浦江游览，工作的目标主要是提升效率，「不需要增加多大的规模，但要求提升质量，是否太老了，太久了？」杨亦斌提出，物流板块要深度绑定文体主业，搭建文体专属供应链体系，承接赛事布展、演艺巡展、大型文体活动定制物流服务，提升差异化竞争力。久事动娱董事长杨亦斌战略发布会上，久事动娱与Live Nation、华人文化演艺、NBA中国、CAA、环球音乐、EDC China等伙伴官宣签约，在自有内容能力建成前，外部资源仍然是其必备的内容伙伴，虽然这意味着高毛利内容端可能留在合作方手里，但从「房东」到主理人的逐步过渡，比起重金自建内容团队再交学费，各方面压力都会低得多。真正的不确定性在于整合。物流重视规模、成本、效率，而文体旅则要保证内容、体验和品牌，两种运营逻辑的碰撞远比资产拼合复杂，「行业跨度比较大，好像完全没有相关性，但是这些放在一块了，怎么样能够让它产生一个好的融合效应？」杨亦斌比外界更清楚市场在观望什么，「大家也看到这几天这个市场的波动，市场对我们这个整合以后、重组以后新的动娱还不了解。」他坦言，上市公司身上传统的物流、制造标签仍然很重，「这个品牌怎么转型？怎么转型成为以文体旅交为核心主业的、新的上市公司？挑战很大，工作很多。」久事动娱要回答的本质上是一个行业级问题：国资背景的城市文体资产，究竟能不能靠市场化运营，在资本市场兑现价值？从生态圈的角度看，穿过IP、股份、市值等概念，久事动娱的成功关键只有两个词：内容与运营，稀缺的场馆资源、顶级的 IP 光环，能够在短期内聚焦注意力和吸引商业关注，向下则要覆盖大众健身、体育培训、运动社群等多层次的日常体育消费，再以演艺、会展、商业配套等多元业态，让体育融入市民日常。持续的内容填充与精细化运营，共同转化为稳定盈利。从「交运股份」到「久事动娱」，我们见证的不仅是一家老牌上市公司的价值重构，更是 A 股体育文旅板块估值逻辑的一次重新思考，与中国体育产业资产价值自我正名的关键一步。
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