里昂：内地音乐平台直接竞争风险较低 网易云音乐目标价310.5港元

Core Viewpoint - The report from Citi indicates that due to the strategic positioning and product differentiation of various platforms, the direct competition risk with ByteDance's Soda Music is low, reaffirming the "outperform" rating for NetEase Cloud Music (09899) and Tencent Music-SW (01698) [1] Group 1 - NetEase Cloud Music is currently trading at a 2026 adjusted forecast P/E ratio of 17 times [1] - The company has a subscription model that is resilient to economic cycles, providing robust long-term profit potential through multiple cost leverage [1] - The target price for NetEase Cloud Music is set at HKD 310.5 [1]