本报讯(记者袁传玺)12月24日，抖音生活服务发布《2025文旅数据报告》(以下简称"报告")。报告显 示，过去一年，文旅消费旺盛，抖音酒旅团购订单量同比增长42%。沉浸式旅游成主流，用户关注点和 需求更加多元，赛事游、冰雪游、演唱会游、非遗游、小城游火热，苏超、鸡排哥、IP游等成年度文旅 热词。平台推出2025年"心动榜酒店"，上榜酒店订单量同比增长152%，平台整体酒店民宿订单量同比 增长63%。 从订单消费看，上海、北京、成都、郑州、杭州等入围十大热门旅游城市。洛阳、湖州、秦皇岛、开 封、徐州等入围十大热门宝藏城市。抖音景区团购订单量同比增长32%。 "乡村游"火热，抖音古村古镇团购订单量同比增长102%。上饶婺源篁岭景区、枣庄台儿庄古城、石家 庄龙泉古镇、江门赤坎.广东华侨国际旅游度假区、盘锦黑风关古镇旅游区成五大"乡村游"目的地。同 时，非遗旅游愈发火热，抖音非遗酒旅相关团购订单量同比增长45%。 2025年，粉丝经济持续迸发活力，苏超等草根赛事带动地域消费。数据显示，抖音演唱会团购订单量同 比增长78%，上海、北京、成都、南京、大连成热门演唱会城市。邓紫棋上海站、五月天北京站、华晨 宇佛山站等演唱 ...

转自：新华财经 12月24日，抖音生活服务发布《2025文旅数据报告》（下称"报告"）。报告显示，过去一年，文旅消费 旺盛，抖音酒旅团购订单量同比增长42%。沉浸式旅游成主流，用户关注点和需求更加多元，赛事游、 冰雪游、演唱会游、非遗游、小城游火热，苏超、鸡排哥、IP游等成年度文旅热词。平台推出2025 年"心动榜酒店"，上榜酒店订单量同比增长152%，平台整体酒店民宿订单量同比增长63%。 2025年，粉丝经济持续迸发活力，苏超等草根赛事带动地域消费。数据显示，抖音演唱会团购订单量同 比增长78%，上海、北京、成都、南京、大连成热门演唱会城市。邓紫棋上海站、五月天北京站、华晨 宇佛山站等演唱会受用户欢迎。抖音体育赛事曝光超626亿次。其中，"苏超"全面带动参赛城市周末的 美食、景区、商圈、夜市消费。5月10日至10月15日，江苏抖音团购销售额同比增长68%。 过去一年，用户更加关注市井烟火，平台"烟火气"相关内容同比增长30%，分享次数同比增长226%， 带动烟火经济更加旺盛。与此同时，平凡个体成为城市或家乡代言人。因独特经营方式走红的"鸡排 哥"，带动景德镇文旅消费。数据显示，受"鸡排哥"热度影响，景德镇 ...

12月24日，抖音生活服务发布《2025文旅数据报告》（下称"报告"）。报告显示，过去一年，文旅消费旺盛，抖音酒旅团购订单量同比增长42%。沉浸式旅 游成主流，用户关注点和需求更加多元，赛事游、冰雪游、演唱会游、非遗游、小城游火热，苏超、鸡排哥、IP游等成年度文旅热词。平台推出2025年"心 动榜酒店"，上榜酒店订单量同比增长152%，平台整体酒店民宿订单量同比增长63%。 从订单消费看，上海、北京、成都、郑州、杭州等入围十大热门旅游城市。洛阳、湖州、秦皇岛、开封、徐州等入围十大热门宝藏城市。抖音景区团购订单 量同比增长32%。"NPC游"、"IP游"持续出圈，万岁山武侠城、河头老街·大唐百戏园、上海迪士尼度假区、北京环球度假区、郑州银基动物王国、上海海昌 海洋公园、河南宝泉旅游区、清明上河园、南京牛首山文化旅游区、重庆动物园成为十大热门景点。 "乡村游"火热，抖音古村古镇团购订单量同比增长102%。上饶婺源篁岭景区、枣庄台儿庄古城、石家庄龙泉古镇、江门赤坎·广东华侨国际旅游度假区、盘 锦黑风关古镇旅游区成五大"乡村游"目的地。同时，非遗旅游愈发火热，抖音非遗酒旅相关团购订单量同比增长45%。非遗景区、美食、 ...

动画电影《哪吒之魔童闹海》中的角色深受网友喜爱。图 为该电影在泰国曼谷的首映活动现场，人们打扮成动画角 色模样与电影展板合影。 新华社记者 孙玮彤摄 明星和粉丝的这种关系，可以被称为"准社交关系"。所谓"准社交"，是区别于传统社交关系的另一种模 式：在日常认知中，社交是双向的，有来有往、彼此互动；而一个"准"字则表明，准社交关系虽然带有 社交的属性，其实是一种非典型的单向关系。 据媒体报道，11月，英国《剑桥词典》将准社交（parasocial）选定为2025年度词汇。词典的编纂者表 示，准社交一词准确地捕捉到了2025年的时代特征，并且展示了语言的演变。 与媒介息息相关 《剑桥词典》网站对"准社交"进行了解释：形容一个人单方面地感觉自己与某个他/她并不相识的名 人，或一本书、一部电影、一部电视剧中的角色，或一个聊天机器人等有密切联系。 这条解释中，有两点值得关注。其一，名人或者书、电影、电视剧中的角色，这与大众传播媒介有直接 关联。 图片由AI生成 王星是一个地道的"追星族"：自己喜欢的男明星的爱好、言语、行为，她如数家珍。"他是懂我的，他 说的每句话都说到了我的心坎上。"这是王星经常挂在嘴边的一句话。听上 ...

那天，镜头里的邹市明，手里举着鸡爪，眼睛微红，毫不掩饰地说，自己创业失败了。 那一刻，多少人心里咯噔一下。 这个曾经在拳台上打得对手满地找牙的男人，怎么就混成了在直播间带货的中年人？ 从奥运冠军到生意场的"落败者"，邹市明只用了七年。 表面看是拳王败走麦城，实则是一场英雄主义与现实逻辑之间的冲撞，打赢拳赛的人，却没能打赢时代 的牌局。 邹市明不是没流量。 他是中国拳击的开路人，两届奥运金牌，世界拳王头衔，加上《爸爸去哪儿》刷脸，无论在哪个领域， 按理说都自带光环。 但拳迷的热情和市场的口袋，并不总是同步。 他在上海黄浦江边砸下重金，建起18000平方米的拳击馆，场地高大上，装修气派到不输五星酒店，可 来锻炼的人却没跟上。 他以为自己是品牌，结果市场告诉他，观众不等于用户，喜爱不代表消费。 拳击本就是小众运动，在国内缺少土壤和教育基础，邹市明再火，也撑不起一整条产业链。 他没能从粉丝文化过渡到用户生态，这一步，一不小心就踩空了整个创业逻辑。 他去不同城市开拳馆，带孩子训练，做内容、搞品牌、还拉起了电竞、餐饮这些周边业务，看起来像个 体育理想主义者。 但现实告诉他，市场不是看你动不动情，而是看你能不能盈利。 邹市 ...

近日，美图旗下产品WHEE正式推出"物料编辑器"功能，覆盖小卡、吧唧、海报等多种物料形态，为年 轻追星群体提供一站式的物料制作解决方案，能够轻松创作高质量和个性化的应援作品。 在追星文化盛行的今天，粉丝对个性化和高质量应援物料的需求日益强烈，但市面上通用的作图工具却 存在多种问题，如缺乏追星场景化模板，专业设计门槛过高等等，导致粉丝制作物料常面临模板少、操 作复杂、效果不专业等痛点。 WHEE相关负责人介绍称，通过丰富的自定义模版及简单指令操作，追星人群可轻松快速制作小卡、吧 唧、海报等主流物料，整个设计和制作过程呈现出一站式、专业化、高自由度这三大特点。 在体验过"物料编辑器"后，用户Youki对这一功能赞不绝口，"以前只能羡慕别人的应援物料，现在跟着 简单指令操作，就能把偶像的照片变成独特的吧唧和海报，成就感满满。" 据了解，后续WHEE还将上线模板分享、作品展示等互动功能，构建粉丝共创社区，实现从设计、制作 到传播的全链路助力。此外，WHEE还通过明星联动与生态构建，打造"星粉共创"的全新体验，如与张 含韵2025年"归韵"巡回演唱会合作，为粉丝经济注入新活力。 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Music (TME.N) with a target price of $21.84, indicating a potential upside of 20.0% from the current price of $18.20 [1][5]. Core Insights - Tencent Music's revenue for Q3 2025 reached 84.6 billion RMB, driven by strong performance in online music services, which saw a year-on-year growth of 27.2%, accounting for 82.4% of total revenue [3][8]. - The company is focusing on building new business models around fan economy, with non-subscription revenue showing accelerated growth, primarily from advertising services, offline performances, and artist-related merchandise sales [3][5]. - The penetration rate of the SVIP membership program has increased, leading to a 17.2% year-on-year growth in subscription revenue, reaching 45.0 billion RMB [4][9]. - The company is leveraging AI technology to enhance its content creation, distribution, and commercialization processes, aiming to solidify its leadership in the online music market [10][12]. Financial Summary - Total revenue is projected to grow from 27,752 million RMB in 2023 to 40,215 million RMB by 2027, with a compound annual growth rate (CAGR) of approximately 9.8% [6][15]. - Net profit is expected to increase significantly from 4,920 million RMB in 2023 to 11,198 million RMB in 2027, reflecting a strong growth trajectory [6][15]. - The adjusted net profit margin is forecasted to improve from 18.81% in 2023 to 29.79% in 2027, indicating enhanced profitability [6][15]. Market Position and Valuation - The report highlights Tencent Music's strategic shift from user scale expansion to deepening user value extraction, supported by technological innovations and product iterations [10][12]. - The valuation is based on an 8x price-to-sales (PS) ratio for online music business and a 5x price-to-earnings (PE) ratio for social entertainment business, justifying the target price of $21.84 [5][12].

机构：天风证券 深化全渠道零售网络布局 公司继续深化覆盖全渠道零售网络的布局，线下与线上渠道进一步融合，以求为消费者提供无 缝一致 的购物体验，线上销售伴随消费者行为习惯变化稳步增长；不断升级包括"不止盒子""微商城"及"江南 布衣+"多品牌集合店等新兴消费场景或产品，为消费者提供更多增值服务。 公司在全球经营的独立实体零售店总数由2024 年6 月30 日重组后的2025 家增加至2025 年6 月30 日的 2117 家，其中JNBY 品牌961 家。 公司发布2024/2025 年报 FY25 收入55 亿，同比+4.6%，净利润9 亿，同比+6.0%；毛利率65.6%，同比-0.3pct；派发末期股息每 股普通股0.93 港元，财年总派息金额每股普通股1.38 港元。 加强品牌力建设 公司积极顺应市场变化、主动抓住市场机遇，继续坚持"设计和品牌力双驱动""多品牌规模化发 展"和"粉丝经济"战略，以"生于独到，立于多元"为主题庆祝公司成立三十周年。速写品牌在成立二十 周年之际，以"第二十回"为设计主旨，继续诠释"幽默再思考"的品牌理念，首次推出"黑支线b line"系 列。同时，公司品牌矩阵进一步丰富， ...

Core Viewpoint - The article discusses the rising popularity and economic potential of pixel art beads (拼豆) as a creative and therapeutic hobby, particularly among young people, driven by the success of IPs like "Zootopia 2" and the influence of social media and celebrity endorsements [5][7][22]. Group 1: Market Dynamics - "Zootopia 2" has generated significant box office revenue of 31 billion in China, contributing to a broader trend in IP-related merchandise, including pixel art beads [5][7]. - The pixel art bead market is projected to reach nearly 1 billion by 2026, with a current average price of 50 yuan per hour for DIY experiences, benefiting around 18,000 DIY craft stores nationwide [7][12]. - The online market for pixel art beads is thriving, with platforms like Taobao and Pinduoduo seeing monthly sales exceeding 10,000 units for popular stores, especially those linked to "Zootopia" [7][28]. Group 2: Consumer Behavior - Pixel art beads have evolved from a children's toy to a form of emotional therapy for adults, becoming a popular stress-relief activity [13][21]. - The trend has gained traction on social media, with over 520 million discussions on Xiaohongshu and 5.9 billion views on Douyin related to pixel art beads [15][28]. - The low barrier to entry and high satisfaction from creating pixel art make it an appealing hobby for many, with users reporting significant emotional benefits [20][21]. Group 3: Celebrity Influence - The popularity of pixel art beads surged after a mention by celebrities during a live stream, leading to increased interest and participation from new fans [22][25]. - The commercial viability of pixel art beads has expanded from individual hobbies to a structured business model, with high profit margins reported by craft stores [25][26]. Group 4: Economic Model - The pixel art bead economy operates on a clear profit model, attracting users with low-cost experiences while maintaining engagement through continuous IP-related designs and materials [32]. - Craft stores report that pixel art projects can account for up to 60% of total revenue, with some generating over 2 million in sales [26][32]. - The market's growth is supported by a strong repeat purchase rate for materials, as enthusiasts frequently buy supplies to create new designs [28][32]. Group 5: Challenges and Future Outlook - Despite the market's growth, the pixel art bead industry faces significant challenges related to IP rights and copyright issues, which could hinder its scalability [36][39]. - The lack of legal authorization for many designs limits the potential for brand development and large-scale investment, keeping the industry in a precarious position [42][47]. - There is a call for more structured copyright solutions and a focus on original content to ensure sustainable growth in the pixel art bead market [47].

Core Insights - Cristiano Ronaldo is transitioning from a football player to a capital investor, leveraging his brand and influence in various sectors, particularly technology and sports [1][3][21] - His investment in the AI startup Perplexity highlights a strategic move towards high-growth technology sectors, aiming to capitalize on the increasing relevance of AI in daily life [2][12][16] Group 1: Financial Achievements - Ronaldo's total annual income reached $260 million in 2024, with a projected personal wealth of $1.4 billion by 2025, making him the first billionaire in football history [1][5] - His brand "CR7" has expanded into various consumer products, contributing significantly to his wealth through partnerships and endorsements [4][5] Group 2: Investment Strategy - Ronaldo's investment strategy is characterized by a preference for high-growth sectors like AI and NFTs, contrasting with more conservative approaches taken by other athletes [9][20] - He has made significant investments in various companies, including a $40 million stake in the free football game "UFL" and a strategic investment in Perplexity AI [8][12] Group 3: Brand Expansion - The "CR7" brand encompasses a wide range of products, including clothing, hotels, and fitness centers, leveraging Ronaldo's global influence and social media presence [4][5] - His partnership with Perplexity AI includes the launch of an interactive section that allows fans to engage with his career, enhancing brand visibility and user engagement [15] Group 4: Market Trends - The AI sector is experiencing rapid growth, with Perplexity achieving a valuation of $20 billion within three years, indicating strong investor confidence and market potential [14] - Ronaldo's involvement in AI reflects a broader trend among celebrities investing in technology, aiming to diversify their portfolios and maintain relevance in a changing market landscape [17][20]