Group 1 - The report from Citi confirms a positive outlook for China's online/offline music entertainment market due to the recovery in consumer demand, the significant potential of the super fan economy, and a healthy competitive landscape supporting sustainable profit growth prospects [1] - There has been a notable quarterly improvement in the payment willingness of young and low-income users, with a decrease in "swing users" who tend to wait for discounts, and an increase in "happy consumers" who claim to be price insensitive [1] Group 2 - Citi raised the target price for Tencent Music's US stock from $20 to $25 and for its Hong Kong stock from HKD 77.7 to HKD 97.1, maintaining an "outperform" rating [1] - The target price for NetEase Cloud Music was increased from HKD 250 to HKD 297, with the rating adjusted from "highly confident outperform" to "outperform" [1]
大行评级｜里昂：确认对中国音乐娱乐市场的正面看法 上调腾讯音乐及网易云音乐的目标价