当从业者们感叹着AI对于音乐创作的冲击时，一个更大的搅局者已经出现了。 音乐流媒体本质是"二道贩子"的生意，音乐版权是平台参与市场竞争的基础。行业早期，主流音乐平台的资本厚度基本决定了版权护城河的深度。背靠腾 讯的腾讯音乐一度囊括了绝大部分热门歌曲的独家版权。 不过这种局面在20年后迎来了转机。2021年，监管层明确要求，之后各平台不得再签订新的音乐独家版权。随后到2022年底，各家平台已经开始为共享版 权做准备。 独家版权的松绑，让汽水音乐找到了切入市场的天时。2022年6月，汽水音乐正式上线。 资本市场对此反应敏锐，在腾讯音乐2025年三季报发布后，其股价单日跌幅11%；网易云音乐近一周的股价跌幅更接近20%。需要注意的是，腾讯音乐三 季报的表现相当不错，总收入为84.6亿元，同比增长20.6%；调整后净利润为24.8亿元，同比增长27.7%。 由此可见，腾讯音乐和网易云音乐股价的调整，更多是资本市场对在线音乐市场格局生变的担忧，"后浪"凶猛，"前浪"又会否跌倒在沙滩上？ 后起之秀的"奇袭" 汽水音乐的"奇袭"，离不开"天时、地利、人和"。 QuestMobile数据显示，截至2025年9月，汽水音乐的活 ...

Core Points - Xiaomi Auto has announced a new benefit for car owners, offering a 3-month free membership to NetEase Cloud Music for all owners who have taken delivery of their vehicles [1] - The company has also launched a series of promotional activities, including a tax subsidy plan for year-end purchases and free ETC activation, with existing car owners receiving 500 points as compensation [1]

里昂发布研报称，由于各平台战略定位及产品差异化，与字节跳动旗下Soda Music直接爆发正面竞争的 风险较低，重申对网易云音乐(09899)和腾讯音乐-SW(01698)"跑赢大市"评级。网易云音乐目前以2026 年经调整预测市盈率17倍交易，拥有抗经济周期的订阅模式，以及来自多重成本杠杆的稳健长期盈利潜 力，目标价310.5港元。 ...

智通财经APP获悉，里昂发布研报称，由于各平台战略定位及产品差异化，与字节跳动旗下Soda Music 直接爆发正面竞争的风险较低，重申对网易云音乐(09899)和腾讯音乐-SW(01698)"跑赢大市"评级。网 易云音乐目前以2026年经调整预测市盈率17倍交易，拥有抗经济周期的订阅模式，以及来自多重成本杠 杆的稳健长期盈利潜力，目标价310.5港元。 （原标题：里昂：内地音乐平台直接竞争风险较低 网易云音乐(09899)目标价310.5港元） ...

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]