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A compelling video summarization should allow viewers to understand the summary content and recover the original plot correctly. To this end, we materialize the abstract elements that are cognitively informative for viewers as concepts. They implicitly convey the semantic structure and are instantiated by semantically redundant instances. Then we analyze that a good summary should i) keep various concepts complete and balanced so as to give viewers comparable cognitive clues from a complete perspective ii) pursue the most saliency so that the rendered summary is attractive to human perception. We then formulate video summarization as an integer programming problem and give a ranking based solution. We also propose a novel method to discover the latent concepts by spectral clustering of bag-of-words features. Experiment results on human evaluation scores demonstrate that our summarization approach performs well in terms of the informativeness, enjoyability and scalibility.