Group 1 - Tencent Music (TME.US) closed up 3.85% and continued to rise 1.17% in pre-market trading, reaching $21.58 [1] - According to Dongfang Securities, the long-term resilience of the streaming music industry against macroeconomic headwinds is strong, with a projected CAGR of 22% for China's streaming music industry from 2021 to 2024, significantly outperforming retail sales [1] - The expansion of audio content and refined operations in fan economy are expected to shift music platforms from competition for existing users to user growth [1] Group 2 - Continued optimization of head copyright management is driving gross margin growth, while AI is expected to decentralize supply [1] - The report suggests that Tencent Music's acquisitions and integrations will continue in the second half of the year, aiming to stabilize Kpop users and attract new long audio users [1] - The music industry is anticipated to achieve dual growth in traffic and payment through copyright expansion, with Tencent Music and NetEase Cloud Music enhancing traffic and payment rates through copyright supplementation and user operations [1] Group 3 - Tencent Music's acquisition of South Korea's SM and the proposed acquisition of Ximalaya are expected to attract Kpop and long audio users, while NetEase Cloud maintains stable traffic through independent musician incubation and Kpop copyrights [1] - The increase in the proportion of paid users and the expansion of SVIP benefits are driving ARPPU growth [1]

Core Viewpoint - The music industry is expected to achieve dual growth in traffic and paid subscriptions through copyright expansion, as highlighted by Dongfang Securities' recent report on Tencent Music (TME.US) and NetEase Cloud Music [1] Group 1: Company Insights - Tencent Music's stock rose over 3% to $21.31, indicating positive market sentiment [1] - The company is expected to enhance its user base by acquiring Korean company SM and planning to acquire Ximalaya, which will likely attract K-pop and long audio users [1] - The increase in the proportion of paid users and the expansion of SVIP benefits are driving growth in Average Revenue Per Paying User (ARPPU) [1] Group 2: Industry Trends - The report suggests that both Tencent Music and NetEase Cloud Music can stabilize and improve traffic and payment rates through copyright supplementation and user operations [1] - NetEase Cloud Music is maintaining stable traffic by incubating independent musicians and securing K-pop copyrights [1]

智通财经APP获悉，周一美股三大指数集体上涨，恒生指数ADR下跌，按比例计算，收报24674.48点，较香港收市跌58.97点或0.24%。 | .HSIADR 恒生指数ADR | | | --- | --- | | 24674.48 ↓ -58.97 -0.24% | | | ■ 可 可 | | | 最高价 24746.92 开盘价 24746.92 | 成交量 3562.57万 | | 最低价 24397.60 昨收价 24733.45 | 平均价 24572.26 | | 52周最高 25638.77 上 涨 -- | 平 智 -- | | 52周最低 16954.46下 跌 -- | 振 幅 1.41% | | 800000 恒牛指数 24733.45 +225.64 +0.92% | | 大型蓝筹股涨跌不一，汇丰控股收报97.005港元，较香港收市涨0.63%；腾讯控股收报551.117港元，较香港收市涨0.20%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICH | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | -- ...

Core Viewpoint - The music industry is expected to achieve dual growth in traffic and paid subscriptions through copyright expansion, as highlighted by Dongfang Securities' recent report [1] Group 1: Company Insights - Tencent Music's stock rose over 3% to $21.31, indicating positive market sentiment [1] - Tencent Music is expected to enhance its user base by acquiring Korean company SM and planning to acquire Ximalaya, which will likely attract K-pop and long audio users [1] - NetEase Cloud Music is maintaining stable traffic through independent artist incubation and K-pop copyright [1] Group 2: Industry Trends - The report suggests that both Tencent Music and NetEase Cloud Music can stabilize and improve traffic and payment rates through copyright supplementation and user operations [1] - The increase in the proportion of paid walls and the expansion of SVIP benefits are driving growth in ARPPU (Average Revenue Per Paying User) [1]

智通财经APP获悉，周一，腾讯音乐(TME.US)涨逾3%，报21.31美元。东方证券近日发布研报指出，音 乐行业有望通过版权拓展实现流量与付费双增长。报告认为，腾讯音乐和网易云音乐通过版权补充和用 户运营，能够稳定并提升流量及付费率。腾讯音乐通过收购韩国SM及拟收购喜马拉雅，将有望引入 Kpop和长音频用户；网易云则凭借独立音乐人孵化和Kpop版权保持流量稳定。此外，付费墙比例提升 及SVIP权益拓展推动ARPPU增长。 ...

Group 1 - Tencent Music's stock price increased by 3.14% to $21.185 per share, with a total market capitalization of $32.814 billion as of August 4 [1] - For the fiscal year ending March 31, 2025, Tencent Music reported total revenue of 7.356 billion RMB, representing a year-on-year growth of 8.69%, and a net profit attributable to shareholders of 4.291 billion RMB, showing a significant increase of 201.76% [1] Group 2 - Tencent Music is a leading online music and audio entertainment platform in China, operating popular music products such as QQ Music, Kugou Music, Kuwo Music, and WeSing [3] - The company provides a wide range of services including online music, audio streaming, karaoke, live performances, and social interactions centered around music, enhancing user engagement and retention [3] - Tencent Music collaborates closely with music labels and content owners for copyright protection and empowers artists and performers in creation, distribution, and commercialization [3]

| 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | AD ADR最新价(美元) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 550.011 | +0.011 | 0.00% | 70.070 | | 2 | 阿里巴巴-W | 09988 | 118.360 | +2.660 | 2.30% | 120.630 | | 3 | 建设银行 | 00939 | 8.003 | -0.047 | -0.59% | 20.390 | | 4 | 汇丰控股 | 00005 | 96.234 | +0.084 | 0.09% | 61.300 | | 5 | 小米集团-W | 01810 | 52.874 | -0.276 | -0.52% | 33.680 | | 6 | 友邦保险 | 01299 | 73.059 | -0.341 | -0.46% | 37.230 | | 7 | 美团-W | 03690 | 120.489 | -1.111 | -0.91% | 30.700 ...

| 序号 | 名称 | 港股代码 | ADR换算价(HKD) | 较港股升跌 | 较港股升跌% | AD ADR最新价(美元) | | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | 0 00700 | 550.482 | -4.518 | -0.81% | 70.130 | | 2 | 阿里巴巴-W | 09988 | 117.114 | -3.586 | -2.97% | 119.360 | | 3 | 建设银行 | 00939 | 8.156 | -0.034 | -0.42% | 20.780 | | 4 | 汇丰控股 | 00005 | 102.137 | +1.337 | 1.33% | 65.060 | | 5 | 小米集团-W | 01810 | 54.601 | -0.699 | -1.26% | 34.780 | | 6 | 美团-W | 03690 | 126.886 | -1.714 | -1.33% | 32.330 | | 7 | 友邦保险 | 01299 | 74.746 | -0.054 | -0.07% | 38. ...

Financial Performance - As of March 31, 2025, Tencent Music reported total revenue of 7.356 billion RMB, representing a year-over-year growth of 8.69% [1] - The company's net profit attributable to shareholders reached 4.291 billion RMB, showing a significant year-over-year increase of 201.76% [1] Stock Market Activity - On July 29, Tencent Music's stock opened with a rise of 2.52%, trading at $22.145 per share, with a total transaction volume of $5.9553 million [1] - The company's total market capitalization stands at $34.3 billion [1] Upcoming Events - Tencent Music is scheduled to disclose its fiscal year 2025 interim report on August 12, prior to the market opening (Eastern Time) [2] Company Overview - Tencent Music Entertainment Group is a leading online music and audio platform in China, operating popular music products such as QQ Music, Kugou Music, Kuwo Music, and WeSing [3] - The company provides a wide range of services including online music, audio streaming, karaoke, live performances, and social interactions centered around music [3] - Tencent Music aims to enhance user engagement and retention through a community-driven platform that integrates social features with music experiences [3] - The company collaborates closely with music labels and content owners for copyright protection and empowers artists in creation, distribution, and commercialization [3]

腾讯音乐(TME.US)盘前涨超1.6%，报21.95美元。消息面上，东方证券研报指，流媒体音乐行业长期抗 宏观逆风韧性强，2021~2024中国流媒体音乐行业收入CAGR 22%，大幅跑赢社零。其次，有声内容的 持续扩容和粉丝经济业务精细化运营有望驱动音乐平台流量从存量博弈转变为用户增长。另外，头部版 权经营杠杆持续优化驱动毛利率增长，AI有望驱动供给去中心化。该行建议关注腾讯音乐，预计下半 年开始收购整合将持续推进，一方面稳住Kpop用户，一方面引入长音频新增用户。(格隆汇) ...