Investment Rating - The report suggests a focus on cloud vendors and companies with exceeding expectations in the current market environment [3]. Core Insights - The report highlights a divergence in market performance, with consumer companies facing pressure while AI technology companies continue to show mixed results. Concerns about AI valuation bubbles persist, but leading tech companies like Microsoft, Google, and Meta maintain strong cash flows, suggesting a stable outlook for cloud vendors [3]. - The gaming demand remains robust, although there is a short-term lack of new game releases. Attention is drawn to the progress of key game tests and launches, which could drive revenue growth for related companies [3]. - The report emphasizes the importance of monitoring quarterly reports from major Chinese companies like Tencent, JD, Baidu, and Alibaba, as well as the ongoing value in sectors like PDD and the gaming industry [3]. Summary by Sections 1.1 Consumer & Internet - **Education**: The education index fell by 3.59%, with notable performance differences among companies. The implementation of a spring and autumn break system in Sichuan is expected to impact the sector positively [11][18]. - **Luxury & Gaming**: The luxury goods and gaming sectors are closely tied to macroeconomic conditions. Recent Q3 earnings from major gaming companies exceeded expectations, benefiting from a longer holiday schedule in 2026 [19][24]. - **Coffee & Tea**: The coffee sector remains vibrant, while the tea sector faces challenges due to reduced delivery platform subsidies and seasonal competition [3][27]. - **E-commerce**: The e-commerce sector is under pressure, with a lackluster performance during the Double Eleven shopping festival [3][35]. 1.2 Platform & Technology - **Streaming Platforms**: The streaming sector is driven by domestic demand, with platforms like Spotify reporting better-than-expected earnings [3][42]. - **Virtual Assets & Internet Brokers**: The cryptocurrency market is experiencing volatility, with a significant drop in global market value. However, there are potential buying opportunities following recent corrections [3][43]. - **Automotive Services**: The automotive aftermarket is projected to decline, with a year-over-year decrease of 4% expected by October 2025 [3][61]. 1.3 Media - The media sector is experiencing mixed performance, with streaming services facing challenges but also opportunities for growth through strategic partnerships and content offerings [3][41].

Core Viewpoint - The ongoing discussion regarding NetEase Cloud Music's lack of compatibility with HarmonyOS has sparked significant public interest, with the company emphasizing ongoing optimization efforts for a future release [1] Group 1: Company Response - NetEase Cloud Music's official customer service confirmed that the application has not yet been adapted for HarmonyOS, citing ongoing optimization and enhancement efforts to ensure a stable and smooth user experience upon release [1] - The customer service team reassured users that they are working on a comprehensive upgrade for the HarmonyOS version of Cloud Music, promising a new and improved experience soon [1] Group 2: Compatibility Issues - Currently, HarmonyOS users cannot directly search for and download Cloud Music, and using third-party applications like Zhuoyi Tong to run the Android version may lead to compatibility issues that need to be reported for resolution [1] - In April, the official Xiaohongshu account of NetEase Cloud Music warned users against downloading unofficial alternatives for HarmonyOS, citing concerns over potential security risks, including unauthorized access to user data and possible malware [1]

Core Insights - NetEase Cloud Music has launched an AI-based sound feature called "AI Tuning Master," aimed at enhancing the auditory experience for users [1][3] - The feature utilizes artificial intelligence to dynamically analyze song characteristics, allowing for intelligent sound adaptation, visual adjustments, and personalized customization [1][3] Group 1: Key Features - The "AI Tuning Master" has four main highlights: it uses AI models to understand audio content and match exclusive parameters for different songs, achieving a "thousand songs, thousand faces" effect [3] - The tuning process is visualized, providing real-time sound wave spectrum displays and music emotion analysis [3] - Users can further adjust settings based on preferences, such as "enhanced low frequencies" and "increased live feel" [3] - The feature includes a real-time listening function, allowing users to compare original sound with adjusted effects before playback [3] Group 2: Market Impact - The "AI Tuning Master" has received widespread acclaim during its testing phase, indicating strong user interest and potential market acceptance [3] - This feature enriches the platform's sound quality service ecosystem and will expand to cover multiple terminal scenarios, including APP, PC, TV, and in-car systems, to meet diverse user listening needs [3]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 網易雲音樂股份有限公司 呈交日期: 2025年11月4日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09899 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | 本月底法定/註冊股 ...

Group 1 - The 2025 Hangzhou International Music and Performing Arts Expo will take place from November 14 to 16, 2025, at Qianjiang Century City, focusing on the theme "Music Without Boundaries, Intelligence to Inspire the Future" [1] - The expo aims to gather top global music and performing arts talents, exploring the integration and innovation of music and performance driven by cutting-edge technology [1] - Key segments of the expo include the return of the highly anticipated China New Music Chart Awards Ceremony and the "MUSIC P.I.E Music and Art Exhibition," which will be open for free to the public [1] Group 2 - Over 40 leading music and technology companies, including Tencent Music Entertainment Group, NetEase Cloud Music, Douyin, Kuaishou, and the International Federation of the Phonographic Industry, will participate, showcasing core industry insights, advanced AI music technology, and immersive interactive experiences [1] - The Lai Fu Island Life Festival, a popular outdoor music IP, is scheduled for November 16, 2025, with the theme "Echoes of the Four Seasons," continuing the "Music Festival +" concept to create a dreamlike world for music fans [2]

Core Points - A user reported that they logged into singer Coco Lee's account on NetEase Cloud Music using a newly registered phone number, which had previously belonged to the artist [1] - The account had 261,000 followers and contained private messages from fans expressing their condolences [1] Group 1: Company Response - NetEase Cloud Music confirmed that the issue arose because the phone number linked to the artist's account was reissued by the telecom operator [2] - The company stated that they have unbound the account from the new user's phone number and allowed the user to reapply for a new NetEase Cloud Music account [2] Group 2: Industry Insights - The phenomenon of "secondary number allocation" occurs when a phone number is returned to the operator after being abandoned by the previous user and is then reissued to a new user [2] - Many users have reported similar issues when registering new phone numbers on various platforms, leading to unexpected access to strangers' accounts [2] - An independent telecom analyst suggested that mainstream applications should implement a system to mitigate issues arising from secondary number allocation, such as requiring re-login after a period of inactivity [2]

Group 1 - The incident involving the late singer Coco Lee's NetEase Cloud Music account being accessed by a new user has raised significant public attention [1][4] - The account had 261,000 followers and contained numerous unread messages from fans expressing their condolences, with messages dated from September to October 2025 [4] - NetEase Cloud Music's customer service explained that the phone number associated with Lee's account had been inactive for a long time and was recycled by the telecom operator, allowing a new user to register it [5][6] Group 2 - The platform acknowledged the need for improved account security measures and stated that they would enhance their protective mechanisms for accounts of deceased individuals [6] - The phenomenon of "second-hand number allocation" is common, where inactive numbers are reassigned to new users, leading to potential access to previous accounts [6] - Analysts suggest that this incident highlights broader issues regarding digital account security and the management of digital legacies, emphasizing the need for platforms to strengthen their security protocols [6]

Core Viewpoint - The incident involving a new user of NetEase Cloud Music inadvertently accessing the account of the late singer Coco Lee highlights potential security and privacy issues related to account management and user data handling by the platform [1]. Group 1: Incident Details - A new user reported that after registering a new phone number with NetEase Cloud Music, they received a verification code and were automatically logged into Coco Lee's account [1]. - The customer service of NetEase Cloud Music confirmed the occurrence of such incidents, attributing it to the previous account holder's phone number being deactivated and subsequently reassigned by the telecom operator [1]. - The customer service indicated that further verification and registration of the specific situation would be necessary [1]. Group 2: Response and Resolution - Following the incident, the user reported that NetEase Cloud Music's official team contacted them and confirmed that the account had been unlinked [1]. - The incident raises concerns about the management of user accounts and the importance of timely unbinding of phone numbers to prevent unauthorized access [1].

Core Points - A user reported logging into the late singer Coco Lee's account on NetEase Cloud Music after registering with a new phone number, raising questions about the account's status and the phone number's previous ownership [1] - NetEase Cloud Music confirmed that the incident was due to the phone number linked to the artist's account being reassigned by the telecom operator, and they have contacted the new user for resolution [1] Group 1 - The incident involved a user accessing an official verified account of Coco Lee, which had 261,000 followers and numerous unread messages from fans expressing condolences [1] - The situation sparked widespread attention and discussion on social media regarding the handling of deceased artists' accounts and the implications of phone number reassignment [1] Group 2 - Coco Lee tragically passed away on July 2, 2023, and was buried in Wuhan, her hometown, alongside singer Yao Beina [2] - Her sister expressed hope that Coco Lee has found peace and is no longer suffering from depression [2]

Core Points - A user reported that after registering a new phone number with NetEase Cloud Music, they were automatically logged into singer Coco Lee's account and could see messages from fans [2] - NetEase Cloud Music's official customer service stated that the incident was due to the artist's team binding the phone number, which was subsequently reassigned by the telecom operator [2] - The new account holder can unlink the number through the telecom app, typically within 24 hours, to register a new Cloud Music account [2]