Group 1: Music Copyright Market Growth - The music copyright market has experienced explosive growth, with at least $20.4 billion invested in music rights acquisitions since 2019, attracting both financial giants and new private investors from outside the industry [1][14] - In 2024, Blackstone's Hipgnosis completed a $1.47 billion music rights asset-backed securities transaction, while Concord completed an $850 million asset-backed securities transaction, indicating a trend of significant investments in music rights [1][11] - The rise of streaming economies has led to a reassessment of the value of music copyrights, sparking a global wave of acquisitions, securitization, and trading in music rights [1] Group 2: Epidemic Sound and Song Sleuth Acquisition - Epidemic Sound acquired AI music recognition startup Song Sleuth to enhance its ability to track and commercialize songs used in user-generated content, addressing the long-standing issue of unclaimed royalties [3][4] - The new service, Aentidote, aims to improve the accuracy of tracking these unallocated royalties, boasting a success rate of 95% in identifying them [3][4] - This acquisition marks Epidemic Sound's third major acquisition in three years, reflecting its strategy to focus on music commercialization [4] Group 3: Financial Performance of Epidemic Sound - Epidemic Sound reported a 29% year-on-year revenue growth in 2024, reaching 1.921 billion Swedish Krona (approximately $181.62 million), with a 150% increase in EBITDA, amounting to 147 million Swedish Krona (around $13.9 million) [4] - The company has raised a total of $476 million since its founding in 2009, with a significant funding round of $450 million in March 2021, leading to a valuation of $1.4 billion [4] Group 4: Music Industry Securitization Trends - The music industry has seen a surge in securitization transactions, with KKR's Litmus music planning a $464 million music rights bond issuance, supported by a portfolio valued at over $750 million [9][10] - Other notable transactions include Hipgnosis's $1.47 billion and Concord's $850 million asset-backed securities transactions, highlighting the growing trend of music rights securitization [11][12] - The trend of securitization is expected to continue, with various companies actively expanding their music libraries and seeking new funding avenues [10][12] Group 5: Creator Economy and Market Dynamics - The creator economy is projected to reach $5 trillion by 2027, driving demand for accurate music tracking and monetization solutions [5] - Epidemic Sound's CEO emphasized the importance of creating win-win scenarios for all parties in the rapidly growing creator economy, leveraging technology to enhance value for music rights holders and creators [5][6] - New digital platforms are democratizing access to music copyright investments, facilitating direct transactions between rights holders and investors [19][20]

Core Insights - The film market in April 2024 saw a total box office of 1.164 billion yuan, a decrease of 1.075 billion yuan compared to April 2023's 2.239 billion yuan, indicating a significant decline in market performance [1] - iQIYI's "self-produced movie three-stage rocket plan" aims to innovate content and upgrade production to revitalize the film industry amidst changing audience preferences and competition for user attention [1][2] - iQIYI is focusing on nurturing young filmmakers through its "explosive pre-plan," collaborating with China Film Group to discover and support talented directors for commercial and innovative films [2][3] iQIYI's Strategic Plans - The "blockbuster plan" emphasizes continuous collaboration with top filmmakers to create high-quality theatrical films, addressing the industry's need for compelling content [1][2] - The "燎原计划" (Blazing Plan) aims to explore new models for online film collaboration, enhancing the creative vitality of online films and promoting the production of quality content [2][3] - iQIYI's approach includes a structured system for script acquisition, production bidding, budget assurance, and revenue sharing, fostering a collaborative ecosystem among creators and production teams [3] Industry Trends - The film industry is experiencing a reduction in project initiation and budgets, but iQIYI is strategically increasing project numbers and budgets to adapt to market conditions [2] - The influx of new creators is expected to disrupt resource monopolies in the industry, with leading companies implementing standardized processes to lower the trial-and-error costs for newcomers [3] - The focus on high-quality content and innovative storytelling is seen as essential for long-term success in the film industry, as highlighted by industry experts [3]

2025 年 04 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 杨仁文 S0350521120001 yangrw@ghzq.com.cn 证券分析师： 方博云 S0350521120002 [Table_Title] 剧集实现突破，会员收入、人数均创新高 fangby@ghzq.com.cn ——芒果超媒（300413）2024 年&2025Q1 业绩点评 最近一年走势 | 相对沪深 300 | 表现 | | 2025/04/29 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 芒果超媒 | -19.0% | -19.0% | -3.9% | | 沪深 300 | -3.6% | -1.1% | 4.2% | | 市场数据 | | | 2025/04/29 | | 当前价格（元） | | | 22.51 | | 52 周价格区间（元） | | | 18.07-32.10 | | 总市值（百万） | | | 42,109.93 | | 流通市值（百万） | | | 22,998.47 | | 总股本（万股） | | | 187, ...

Core Insights - The 20th China Film Huabiao Awards highlights the transformation and confidence of the Chinese film industry, showcasing its breakthroughs in themes, technology, and cultural expression on the global stage [1][2]. Group 1: Thematic Breakthroughs - Award-winning films like "The Journey Home" and "The Volunteer Army: Heroic Charge" combine grand narratives with personal destinies, reflecting a new stage of deep dialogue with audiences [2]. - Realistic films such as "The 20th Article" and "Miracle: Stupid Kid" focus on various aspects of real life, demonstrating filmmakers' strong social responsibility and humanistic care [2]. - The shift from "didactic" to "empathetic" storytelling in mainstream films has gained both critical acclaim and box office success, forming a new mainstream narrative [4]. Group 2: Industrial Development - The Huabiao Awards witness the innovative development of China's film industry, with increased production efficiency through modular approaches and the application of new technologies like virtual filming and AI [5]. - China's film industrial foundation has reached a level capable of producing world-class blockbusters, as exemplified by "The Battle at Lake Changjin" [5]. Group 3: Cultural Confidence - Films inspired by traditional Chinese culture, such as "Nezha: Birth of the Demon Child," have become significant vehicles for telling Chinese stories, achieving remarkable box office success [8]. - The integration of traditional culture with modern storytelling techniques enhances the international appeal of Chinese films, as seen in the global success of "Nezha" and "The First Part of Fengshen" [10].

Core Insights - The integration of aerospace technology with cultural industries is being actively explored, creating new pathways and models for development [1][2][25] - The "Hua Xia Roaming+" strategy was launched, combining aerospace science fiction, cultural heritage, and commercial scenarios to innovate urban space activation [1][6] - The establishment of the Aerospace Sci-Fi Industry Innovation Alliance and the launch of a billion-level aerospace cultural technology industry fund signify a deepening integration of aerospace IP with traditional culture [6][14] Aerospace and Cultural Industry Integration - The "Aerospace Cultural +" industry ecosystem conference gathered over 200 representatives to discuss the integration of aerospace culture and industry [2] - Experts shared insights on transforming aerospace IP from laboratories to consumer markets and the growth trajectory of the cultural industry [2][4] Aerospace and Low-altitude Economy - The "Aerospace Intelligent +" industry conference focused on the synergy between aerospace technology and the low-altitude economy, highlighting their mutual support [7][14] - A report indicated that airspace below 1,000 meters is expected to be gradually decentralized to city-level management, facilitating low-altitude economic activities [11][12] Urban Renewal Empowered by Aerospace IP - The conference on aerospace technology and future urban industry explored innovative paths for urban space activation through the integration of aerospace technology, cultural heritage, and commercial scenarios [15][19] - Experts presented cases demonstrating how aerospace technology can activate cultural heritage and commercial scenarios, emphasizing its potential as a new growth driver for urban economies [17][19] AI Reshaping Aerospace Sci-Fi Creation - The conference on sci-fi film and animation explored the dual engines of "Aerospace Sci-Fi + AI Creation," discussing the future of cultural technology integration [21][23] - The event highlighted the evolution of Chinese sci-fi and the importance of aerospace IP in building a shared cultural narrative [21][23]

Core Viewpoint - Wankey Technology is leveraging the synergy between Shenzhen and Changsha to create a dual operational model that enhances its global software development capabilities and talent ecosystem [2][3][10]. Group 1: Company Overview - Founded in 2003 by Wu Taibing in Shenzhen, Wankey Technology has evolved from a small office to a global team of nearly 2,000 employees, with operations in seven major cities worldwide [2][3]. - The company specializes in creative design software, offering products such as Wondershare Filmora, Wondershare SelfyzAI, and others, catering to a global user base [2][3]. Group 2: Strategic Development - After going public in 2018, Wankey Technology responded to the "Xiang Business Return" initiative by establishing its global operations headquarters and creative software R&D center in Changsha in 2022 [3][6]. - The company aims to build a digital creative industry cluster by collaborating with partners across the industry chain, research institutions, and universities [3][6]. Group 3: Talent Acquisition and Management - Wankey Technology has adopted a strategy to attract high-end talent by offering competitive salaries comparable to first-tier cities while providing a lower cost of living in Changsha [7][9]. - The company employs a diverse workforce, with over 20% being foreign or returnee talents, and emphasizes the recruitment of high-potential graduates from computer and software-related fields [6][9]. Group 4: Innovation and Collaboration - The integration of teams from Shenzhen and Changsha facilitates real-time collaboration, enhancing the company's ability to innovate and serve global users effectively [3][10]. - Wankey Technology's approach exemplifies a successful model of regional economic collaboration, merging the rapid development pace of Shenzhen with the cultural depth of Hunan [10].

来源：央视网 近日 不少高校相继颁发"AI禁令" 规范学生使用生成式人工智能的行为 与此同时 也有学生依旧依赖AI 并想出了用AI工具给论文"降AI味"的办法 学术创作与AI工具之间的矛盾 究竟如何解？ AI写作"拼凑感"强 代写机构也不靠谱 去年保研武汉大学的小蔡告诉总台中国之声记者，此前他在写本科毕业论文时，曾借助过AI。 小蔡："毕业论文课题研究过程中需要学习新知识，有很多之前不了解的东西，可以把我们不懂的问题 直接输入进去，让AI给我做一个比较系统全面的介绍，也让我们对技术、背景有更多的认识，节省时 间、提高效率。" 小蔡坦言，AI只是辅助工具，自己在论文的写作层面并不会依赖它。"每个人的文章都有不同的写作风 格，直接改写AI提供的文本有很强的拼凑感。" 合理使用AI会事半功倍，反之就会适得其反，甚至面临风险。在河北上大四的小张（化名）告诉记 者，为了图方便，他选择了论文代写机构完成毕业论文（设计）。 "我本身专业能力不是很强，我就想花2000多块钱，（这样就）不用管了，挺合适。机构承诺说这个东 西绝对可以做，会给出论文的开题报告、任务书、开题答辩的论文、中期答辩的论文、最后的论文，还 有论文的降重， ...

本报电（记者徐嘉伟）日前，由中国作家协会网络文学中心、知乎盐言故事主办的"网络文学短篇创作 的兴起与期待"研讨会召开，专家学者与作者代表围绕网络文学短篇创作展开讨论。 "近年来，网络文学短篇的兴起成为一个行业现象，一批短篇作品迅速走向精品化。"中国作协网络文学 中心主任何弘认为，新兴平台涌现出大量优秀中短篇作品，一定程度上改变了网络文学生态，也改变了 人们对于网络文学就是超长篇类型小说的认知，对网络文学的发展有着重要意义。 研讨会上，中国作协网络文学研究院研究员马季、南京师范大学文学院教授李玮、中国作协创研部发展 研究处处长聂梦等专家，结合《乌鸦铃铛》《活在真空里》《祝福》等相关作品展开具体分析。 聂梦表示，网文短篇创作，既要以"抓人"的故事为底本，又要兼顾情趣、腔调、叙事弹性、语体风格 等，这对写作者来说是很大的考验。 《乌鸦铃铛》作者米花、《活在真空里》作者点灯、《祝福》作者核融炉等也分享了各自的创作感受。 "短篇故事在叙事节奏和人物塑造方面，更有限制性，所以在创作时，会倾向于去写具有强烈冲突的剧 情。"米花说，为了在极短的篇幅里呈现核心矛盾与情感，叙事逻辑要尽量简洁、单一。 "长篇网络文学讲究世界观全面 ...

Core Viewpoint - The novel "Bailu Chunfen" by author Liao Jing has been recognized as the "Young Novelist of the Year" by the 2024 Knife Edge Book Award Committee, highlighting the author's unique storytelling that reflects the complexities of modern family life and societal changes in China [1] Summary by Relevant Sections Literary Themes - "Bailu Chunfen" intricately weaves the aging trajectory of the character Xiumei with the life choices of intergenerational women, creating a dense emotional network amidst the pains of societal transformation [1] - The narrative avoids nostalgia, instead delving into sharp realities, reflecting the dislocation of traditional values in modern society [1][5] Character Perspectives - The character Xiumei embodies traditional values, while her granddaughters, Jiayuan and Jiayue, represent modernity and the struggle to balance personal aspirations with familial expectations [6][7] - The novel explores the generational conflict and emotional distance that drives the plot, emphasizing the complexity of female experiences and societal roles [7] Narrative Structure - Liao Jing employs a non-linear narrative style, presenting fragmented memories and experiences that resonate with the emotional states of the characters, creating a "memory map" within the literary framework [8] - The storytelling is characterized by everyday moments and emotions, capturing the essence of seemingly trivial experiences that hold significant weight in the narrative [8] Societal Reflection - The work serves as a reflection of the collective memory of Chinese family life, addressing the challenges of aging and the dissolution of traditional family structures in contemporary society [12][10] - Liao Jing's writing is rooted in personal experiences, transforming individual emotions into broader societal commentary, particularly regarding the complexities of modern familial relationships [11][12] Author's Perspective - Liao Jing emphasizes the importance of detailed storytelling over simplistic narratives, aiming to portray the nuanced experiences of her characters without resorting to melodrama [14] - The author believes that literature should continuously explore new boundaries and perspectives, reflecting the evolving nature of human experiences [18][19]