1)在线音乐订阅为基本盘，公司付费用户数及ARPU持续提升。2Q2025，在线音乐付费用户数同增6.3% 至1.24亿人，ARPU同增9.3%至11.7亿人;2)社交娱乐升级为新增长极，TME Live举办超80场演出，与SM 娱乐合作拓展IP，"泡泡"功能推动粉丝经济;3)B2B SaaS模式下，公司推动音乐与影视、智驾等的合作碰 撞，TME Studio提供全流程音乐服务。 AI全流程重构在线音乐价值链 腾讯音乐2024年付费用户数占国内总体约67%，拥有超2.6亿首授权及共创音乐与音频曲目，并在版权 内容持续扩张、深挖丰富内容生态，旗下QQ音乐、酷狗音乐、酷我音乐月活用户超8亿，在内容与用户 数量上占据领先优势。 三条增长曲线助力公司向"音乐平台"晋级 智通财经APP获悉，财通证券发布研报称，腾讯音乐-SW(01698)向音乐平台公司拓展，具备龙头优势。 该行预计公司2025-2027年总营收分别为323.96/364.94/405.19亿元，归母净利润107.32/103.98/123.01亿 元，对应PE分别为24.11/24.89/21.04倍，首次覆盖，给予"增持"评级。 财通证券主要观点如下： ...

三条增长曲线助力公司向"音乐平台"晋级 1)在线音乐订阅为基本盘，公司付费用户数及ARPU持续提升。2Q2025，在线音乐付费用户数同增6.3% 至1.24亿人，ARPU同增9.3%至11.7亿人;2)社交娱乐升级为新增长极，TME Live举办超80场演出，与SM 娱乐合作拓展IP，"泡泡"功能推动粉丝经济;3)B2B SaaS模式下，公司推动音乐与影视、智驾等的合作碰 撞，TME Studio提供全流程音乐服务。 AI全流程重构在线音乐价值链 创作端，据新浪新闻，"启明星"工具2024年日均生成超5000首曲目、成本仅为人工创作的1/10;宣发端， 算法提升冷启动效率，用户日均使用时长2024年回升至96分钟;消费端，推动付费用户增长，2024年推 荐播放份额显著提升，用户歌曲收藏量同比增长10%。同时，AI提升用户参与度及广告效果，驱动广告 收入增长。 财通证券（601108）发布研报称，腾讯音乐-SW(01698)向音乐平台公司拓展，具备龙头优势。该行预计 公司2025-2027年总营收分别为323.96/364.94/405.19亿元，归母净利润107.32/103.98/123.01亿元，对应 P ...

前一日公布季度业绩的Meta 股价收跌 11.33% ，创下三年来最大跌幅，微软也下跌2.92% ，核心 原因是投资者对两家科技巨头在人工智能（ AI ）领域持续增长的支出预期感到担忧。 这一担忧同样蔓延至芯片板块，导致芯片股整体承压。 费城半导体指数当日跌 1.53% ， 30 只成分股中 22 家下跌， AMD 跌3.59% ，博通跌 2.46% ，英伟达跌 2% 且市值失守 5 万亿美元关口。 当地时间周四，美股市场整体承压，三大股指集体收跌，纳指跌 1.57% ，标普 500 指数跌 0.99% ，道指跌 0.23% ，其中科技股成为拖累市场的主要力量。 对此， Miller Tabak 股票策略师 Matt Maley 表示，这并不代表 AI 泡沫即将破裂或股市迎来重大 逆转，但确实增加了短期回调的可能性。 热门中概股同步多数收跌，小马智行跌6.79% ，百度跌4.54% ，阿里巴巴跌 3.36% ，腾讯音乐 跌 3.23% ，京东跌 2.88% ，理想汽车跌 2.34% ，蔚来跌 1.82% ，拼多多跌1.5% ，小鹏汽车 跌 0.99% 。 市场波动背后，美国经济基本面与政策走向的争议也持续升温 ...

Group 1: Music Stocks Overview - Seven music stocks to watch include Tencent Music Entertainment Group, NetEase, Warner Music Group, Dolby Laboratories, Madison Square Garden Entertainment, Zeta Network Group, and LiveOne, identified by MarketBeat's stock screener tool [2] - Music stocks represent publicly traded companies primarily engaged in the music industry, including record labels, streaming platforms, and live-event companies, providing exposure to revenue streams like streaming subscriptions, licensing, royalties, and live ticket sales [2] Group 2: Tencent Music Entertainment Group (TME) - Tencent Music Entertainment Group operates online music entertainment platforms in China, offering services such as music streaming, online karaoke, and live streaming [3] - The company provides QQ Music, Kugou Music, Kuwo Music, and WeSing, enabling personalized music discovery and sharing of karaoke performances [3] Group 3: NetEase (NTES) - NetEase, Inc. is involved in online games, music streaming, online intelligent learning services, and internet content services, operating through various segments including Games and Related Value-Added Services, Youdao, Cloud Music, and others [4] Group 4: Warner Music Group (WMG) - Warner Music Group Corp. operates as a music entertainment company with segments in Recorded Music and Music Publishing, focusing on artist discovery, marketing, promotion, and licensing of music [4] Group 5: Dolby Laboratories (DLB) - Dolby Laboratories, Inc. develops audio and imaging technologies for various entertainment platforms, including cinema and mobile devices, and licenses technologies like AAC, AVC, and Dolby Atmos [5] Group 6: Other Companies - Madison Square Garden Entertainment (MSGE) is mentioned but lacks specific details in the provided content [6] - Zeta Network Group (ZNB) offers online entertainment performances and music education services, operating an online platform that includes various curricula [7] - LiveOne, Inc. focuses on live music acquisition, distribution, and monetization, operating platforms like LiveXLive and PodcastOne [7]

Market Overview - The Hang Seng Index (HSI) closed at 26,606.21, up by 260.07 points or 0.99% on October 29, 2023 [1] - The index reached a high of 26,714.82 and a low of 26,434.77 during the trading session, with a trading volume of 42.127 million [1] Major Blue-Chip Stocks Performance - HSBC Holdings closed at HKD 109.551, an increase of 2.87% compared to the previous close [2] - Tencent Holdings closed at HKD 655.070, up by 1.56% from the previous close [2] ADR Performance - Tencent Holdings (ADR) traded at USD 655.070, reflecting an increase of 1.56% compared to its Hong Kong stock price [3] - Alibaba Group (ADR) showed a price of USD 174.812, up by 2.23% compared to its Hong Kong stock price [3] - HSBC (ADR) was priced at USD 109.551, which is 2.87% higher than its Hong Kong counterpart [3]

| TME 腾讯音乐 | | 01 | | --- | --- | --- | | 22.900 + +0.080 +0.35% | | 收盘价 10/24 15:59 美东 | | 23.200 + 0.300 +1.31% | | 盘前价 10/27 04:02 美东 | | 一 7 24 4 5 8 8 目 0 | | ● 快捷交易 | | 最高价 23.180 | 开盘价 23.125 | 成交量 288.73万 | | 最低价 22.720 | 昨收价 22.820 | 成交额 6628.74万 | | 平均价 22.958 | 市盈率 24.81 | 总市值 354.7亿 (--) | | 振 幅 2.02% | 市盈率(静) 38.49 | 总股本 15.49亿 | | 换手率 0.53% | 市净率 3.011 | 流通值 123.8亿 | | 52周最高 26.700 | 委 比 -- | 流通股 5.41亿 | | 52周最低 9.984 | 量 比 0.83 | 每 手 1股 | | 历史最高 31.559 | 股息TM 0.183 | 换股比率 2.00 | | 历史最低 2.887 ...

Core Viewpoint - The Hong Kong tech stocks experienced a strong rally towards the end of trading on October 24, with notable gains in companies such as Bilibili, Alibaba, Tencent Music, and Baidu [1] Group 1: Company Performance - Bilibili (09626.HK) saw an increase of over 3% [1] - Alibaba (09988.HK) rose by more than 2% [1] - Tencent Music (01698.HK) and Baidu (09888.HK) also followed with gains [1]

东北证券发布研报称，首次覆盖腾讯音乐-SW(01698)，给予"买入"评级，预计2025-2027年公司EPS为 3.57/3.47/3.96元。腾讯音乐作为行业龙头，随着付费渗透率提升与内容生态完善，预计未来营收增速温 和，盈利能力持续提升，ROE有望维持在历史高位。 腾讯音乐投资看点 1)付费渗透提升，版权资源与原创生态强化，核心业务保持增长。2)社交娱乐协同作用凸显，直播与K 歌业务构筑护城河。3)财务结构稳健，净利率和ROE持续改善，盈利弹性充足。4)国际合作深化，长期 成长空间可期。 行业步入存量竞争，付费渗透与内容升级成为增长引擎 中国在线音乐市场规模自2018年的93.8亿元扩张至2023年的239.8亿元，整体用户规模稳定在7亿左右， 增长空间有限，但付费渗透率持续提升，年轻群体成为核心驱动力。行业竞争格局方面，中游形成腾讯 音乐与网易云音乐双寡头格局。上游版权内容持续扩容，AI作曲、版权确权等新技术加速应用;下游消 费习惯碎片化，多场景、多终端使用需求增加。腾讯音乐凭借曲库体量、社交娱乐服务与生态协同，稳 居行业龙头。 战略聚焦音乐生态建设，产品矩阵与盈利模式多元 在线音乐服务已成为核心业务 ...

Core Viewpoint - Northeast Securities initiates coverage on Tencent Music (01698) with a "Buy" rating, projecting EPS of 3.57/3.47/3.96 yuan for 2025-2027, indicating a stable growth trajectory and improving profitability driven by increased paid user penetration and content ecosystem enhancement [1] Group 1: Company Overview - Tencent Music Entertainment Group, established in 2003, has evolved through the integration of KuGou and Kuwo in 2016 and its dual listing in the US and Hong Kong, leveraging Tencent's ecosystem for competitive advantages in copyright, user base, and traffic [1][2] - As of 2023, Tencent Music has surpassed 100 million paid online music users, solidifying its position as the industry leader [1] - The company reported a revenue of 28.401 billion yuan in 2024, a year-on-year increase of 2.34%, and a net profit of 6.644 billion yuan, reflecting a significant profit growth of 35.04% [1] Group 2: Industry Dynamics - The Chinese online music market has expanded from 9.38 billion yuan in 2018 to 23.98 billion yuan in 2023, with a stable user base of around 700 million, indicating limited growth potential but increasing paid penetration driven by younger demographics [2] - The competitive landscape is characterized by a duopoly between Tencent Music and NetEase Cloud Music, with ongoing expansion in copyright content and the application of new technologies like AI composition [2] Group 3: Strategic Focus - Tencent Music's core business is online music services, accounting for over 70% of its revenue, with a focus on deepening ties with musicians and supporting original works to enhance user engagement and monetization [3] - The company is expanding into long audio and pan-entertainment content, while initiatives like TME live and virtual concerts are exploring new growth avenues [3] Group 4: Investment Highlights - Key investment points include improved paid penetration, strengthened copyright resources, and a robust financial structure with increasing net profit margins and ROE [4] - The synergy between social entertainment and live streaming/Karaoke services creates a competitive moat for the company [4] - International collaborations with entities like Spotify and Universal Music are expected to support long-term growth prospects [4]

Market Performance - Major U.S. stock indices rose over 1%, with the Dow Jones up 1.12% to 46,706.58 points, the S&P 500 up 1.07% to 6,735.13 points, and the Nasdaq up 1.37% to 22,990.54 points, driven by easing trade tensions and a surge in Apple stock [1] - European blue-chip stocks increased by 1.3%, reaching a record closing high, with Infineon and German defense stock RHM leading gains over 5% [1] Technology Stocks - Large tech stocks generally saw gains, with Apple rising 3.94%, Microsoft up 0.63%, Google up 1.28%, Amazon up 1.61%, Meta up 2.13%, and Tesla up 1.85% [2] - Chinese concept stocks also experienced a collective rise, with the Nasdaq Golden Dragon China Index up 2.39%, Alibaba up 3.84%, and NIO up 4.59% [2] Gold Market Dynamics - The proportion of gold in global foreign exchange reserves has surpassed 30%, while the dollar's share has decreased to 40% [3] - Deutsche Bank estimates that if gold prices exceed $5,790 per ounce, gold and the dollar will each represent 36% of global reserves, marking a historic shift [3] - A recent survey indicated that 43% of central banks plan to increase gold holdings, up from 29% the previous year, suggesting a long-term support for gold prices [3]