本以为内容创作赛道已经卷无可卷，但回顾2025年，陆续有新锐创作者在不同领域破圈。 一天吃40个鸡蛋、能将水煮蛋技术精确到秒的"蛋神"@爱吃蛋，掀起互联网煮蛋打卡挑战； 聚集了全国各地几十位高考状元的@清年阁，决心建造一个"现实版霍格沃茨"，推动优质教育资源的"普惠下沉"； 偶像爱豆出身的张艺兴，站在冲浪第一线，闯入抽象舞蹈赛道，撬动了一个又一个热度话题； 虽然内卷仍在，但在这些创作者身上，剁椒Spicy发现：如今的创作生态不再只是围着粉丝量打转的"流量金字塔"，而是在不同领域百花齐放。创作者不 必再追着流量跑、刻意迎合大众口味，只要内容足够真诚，再小众的赛道都能闯出一片天。 "超级头部"的时代已经结束，深耕垂直赛道的创作者，现在反而是机会大于挑战。 这背后，是内容生态迭代和流量重新分配孕育出的新机会。根据《2025年网络视听内容创作者白皮书》，截止2024年底，短视频创作者账号规模达到16.2 亿，全国每日短视频上传量突破1.3亿条。规模化的内容产量背后，整个生态开始基于情绪共鸣、兴趣等细分需求，划分成了一个又一个生态圈。 ...... 剁椒Spicy将进一步拆解这些创作者背后的赛道趋势、内容特点、以及创作 ...

浙商证券股份有限公司 浙商证券股份有限公司 10月防守，11月进攻 传媒互联网行业四季度策略报告 行业评级：看好 2025年10月15日 | 分析师 | | 分析师 | 分析师 | | --- | --- | --- | --- | | 邮箱 | fengcuiting@stocke.com.c 邮箱 n | xuziwei@stocke.com.cn | 邮箱 chenlei01@stocke.com.cn | | 证书编号 S1230525010001 | | 证书编号 S1230524120005 | 证书编号 S1230521090002 | □ 10月开盘遇外围因素影响,创业板/TMT避险情绪高涨,前期估值快速提升的游戏板块及阿里巴巴等个股出现不同程度的调整 传媒指数(中信):自9月25日至10月14日3659.98高位下调近10个百分点; 游戏指数(中信)：自9月25日至10月14日2259.37高位下调近14个百分点; 阿里巴巴-W: 自10月3日至10月14日186.2元高位下调近17个百分点 口 但上述板块及个股基本面表现依然强势,建议择机买入: 阿里巴巴云业务表现能支撑估值上调，腾讯游戏及 ...

文化消费，正在成为最显著的生活方式，这种趋势在2025年尤甚。 与此同时，以多人同屏才艺展示为核心的团播，凭借其沉浸式的内容呈现与强互动性，正成为与 "谷子 经济" 并肩的新型文化消费热点，悄然重塑着直播行业的生态格局。 团播作为一种新兴的直播形式，其起源可追溯至早期的秀场直播，但真正的发展始于2021年，最初以简 单的舞蹈表演为主，场景较为朴素，多为纯色背景、固定灯光和单一机位。 直到今年团播引来爆发，相关话题在抖音播放量破亿，让团播从 "直播圈内热" 走向 "大众视野"。根据 中国演出行业协会的权威预测，2025年团播市场规模预计将冲击150亿元人民币。 平台也在加大扶持，今年9月，抖音直播发起"优质团播计划"。该计划旨在通过系统性扶持举措，在 2025年底前培育超过100个符合行业标准、具备内容特色的优质团播，构建多垂类、多场景、多地区的 团播矩阵，形成示范效应。 庞大的市场潜力吸引着众多玩家入局，而36氪近日接触到的「长鲸传媒」就是其中之一。 "最初我们也是团播的观众，却总觉得很多直播间同质化比较严重。" 公会长李帅告诉36氪，正是看到 了行业的优化空间，他开始认真琢磨"要不要自己做团播"，于是202 ...

Group 1: Fixed Income Market Insights - The manufacturing PMI has significantly declined, indicating a favorable environment for the bond market, influenced by the progress in US-China trade negotiations and the Federal Reserve's interest rate cuts [2][6] - The Federal Reserve's recent 25 basis points rate cut and the end of balance sheet reduction in December may ease global liquidity pressures, potentially narrowing the interest rate differential between China and the US, attracting foreign capital back [2][6] - The new public fund regulations are expected to enhance performance benchmark management and optimize information disclosure, primarily impacting actively managed equity funds, which may lead to improved research and risk control capabilities among institutions [2][6] Group 2: Automotive Industry Outlook - The upcoming reduction of the new energy vehicle purchase tax subsidy by half in 2026 is anticipated to impact the sales of electric vehicles, with a projected growth rate of 9% for 2026 [15][19] - The expected decline in subsidies will affect approximately 90% of new energy vehicle consumers, particularly those purchasing lower-priced models, which may lead to a significant drop in total demand [17][18] - Despite the subsidy reduction, the industry is expected to maintain structural opportunities, with a projected 2025 new energy passenger vehicle insurance volume of 12.83 million units, reflecting a year-on-year increase of 19% [18][19] Group 3: Transportation Sector Developments - The logistics sector is showing signs of recovery, with the "Tongda system" companies reporting improved single-package profits, indicating the effectiveness of price increases in the fourth quarter [22][31] - The shipping market is experiencing a surge in VLCC rates, reaching a ten-year high of $125,000 per day, driven by tightening capacity and increased demand [24][25] - The recent US-China trade agreement is expected to alleviate trade tensions and boost shipping activities, particularly in container exports from China to the US [24][25] Group 4: Precious Metals Market Analysis - Recent declines in gold and silver prices follow a two-month period of strong increases, attributed to US-China trade negotiations and the Federal Reserve's monetary policy changes [36][38] - The long-term outlook for precious metals remains positive, with expectations of price recovery supported by ongoing geopolitical tensions and central bank policies [36][37]

Group 1 - The core viewpoint of the report highlights the robust growth of NetDragon's gaming business, particularly the strong long-term operational capabilities of the "Magic Domain" IP series, supported by AI production centers that enhance cost efficiency and gaming experience [1] - The company is expected to achieve revenue of 4.86 billion, 5.31 billion, and 5.84 billion CNY, and net profits of 450 million, 650 million, and 830 million CNY for the years 2025 to 2027 [1] - The report assigns a target price of 16.7 HKD for 2025, based on a valuation of 18x PE, and initiates coverage with a "Buy" rating [1] Group 2 - The company is strategically investing in multiple lines within AI technology and the broader entertainment sector, including a partnership with Zhongke Wenge to develop AI models and applications outside mainland China [2] - In 2023, NetDragon invested 20 million USD in Rokid and signed a five-year strategic cooperation agreement to enhance the interaction between high-quality education and gaming with Rokid's hardware ecosystem [2] - The company is positioning itself in the group broadcasting sector by holding a 46% stake in Hangzhou ShuaiKu Network Technology, which is a leading international MCN agency with over 700 million fans and significant monthly engagement [2]

Core Insights - Dance has become a powerful tool for enhancing the influence of group broadcasts, with its rising popularity reflecting the increasing value of this influence in the entertainment market [1] - The "Get in the Car Dance" has gained significant traction, particularly in Taiwan and other countries, showcasing the dance's viral nature and its ability to engage audiences across different cultures [4][5] Group Broadcast Dynamics - The "Get in the Car Dance" features a catchy melody and simple choreography, making it easy for fans to participate and create their own versions [4][5] - The dance's adaptability to various languages and contexts has contributed to its widespread appeal, with users customizing the content to resonate with their experiences [2][8] - The dance's initial popularity stemmed from its performance in the Eureka live broadcast, where the unique vocal style and strong interaction with fans played a crucial role [5] Viral Spread and User Engagement - The dance's journey from a live broadcast to widespread social media popularity illustrates the power of user-generated content and community engagement [9][12] - Various adaptations of the dance have emerged, reflecting different social contexts and user sentiments, further enhancing its viral potential [8][9] - The dance has been integrated into everyday life scenarios, with influencers and KOLs showcasing it in diverse settings, thus broadening its reach [5][9] Emotional and Social Value - The "Get in the Car Dance" not only serves as entertainment but also fosters emotional connections between broadcasters and their audiences, creating a sense of belonging and community [18][20] - The dance's success highlights a shift towards more personalized and emotionally resonant content in group broadcasts, aligning with contemporary audience expectations [18][19] Future Trends - The evolution of group broadcasts is marked by a focus on individual member stories and deeper emotional connections, moving beyond traditional performance formats [18][20] - The increasing involvement of professional teams in content creation and offline events indicates a trend towards more structured and engaging audience interactions [19][20]

Core Viewpoint - The rise of group broadcasting (团播) in 2023 has transformed the live streaming landscape, attracting many young individuals seeking high income opportunities, despite the industry's high turnover and competitive nature [5][6][18]. Group Broadcasting Overview - Group broadcasting features multiple hosts performing and interacting in real-time, drawing inspiration from TV talent shows with mechanisms for rewards and competition [5]. - On platforms like Douyin, over 7,000 group broadcast sessions occur daily, showcasing the format's popularity [5]. Income Potential and Recruitment - The allure of high earnings, with some hosts reportedly earning over 1 million yuan in a single session, has led to an influx of young talent, including recent graduates and students [6][18]. - Recruitment for group broadcasting positions emphasizes low barriers to entry and high income potential, with salaries ranging from 8,000 to 60,000 yuan, plus commission [8][18]. Work Environment and Challenges - The work environment is demanding, with hosts often working 10+ hours a day, including live streaming and dance training [14][15][18]. - Despite the potential for high earnings, many hosts only receive a base salary, and income can fluctuate significantly based on audience engagement [18][21]. Industry Dynamics - The industry is characterized by intense competition, with hosts needing to continuously improve their skills to maintain their positions [18][21]. - Group broadcasting agencies implement strict recruitment and training processes, focusing on performance and image [18][19]. Regulatory Trends - The industry is moving towards greater regulation, with agencies enforcing rules against inappropriate interactions between hosts and fans to maintain professionalism [21]. - Recent incidents of hosts being terminated for violating company policies highlight the industry's shift towards stricter governance [21].

Core Viewpoint - The collaboration between leading group broadcasting and the brand Jo Malone represents a new exploration in the content e-commerce sector, aiming to enhance user engagement through interactive live streaming experiences [2][6]. Group 1: Industry Trends - The content e-commerce industry is facing challenges, with brands expressing difficulties in maintaining profitability and declining market shares, as evidenced by Bain & Company's research predicting a 0.6% decrease in e-commerce market share in 2024 [3]. - The traditional single sales format in live streaming is experiencing user fatigue, leading to a bottleneck in Gross Merchandise Value (GMV) growth, prompting new consumption brands to seek innovative sales models [3][4]. Group 2: Rise of Group Broadcasting - Group broadcasting has emerged as a new high ground for entertainment content, rapidly developing into a significant traffic pool in 2023, with estimates suggesting a market size of 15 billion yuan by 2025 [5]. - The industry has seen a proliferation of various types of group broadcasts, including national style, dance, drama, and gaming, expanding audience reach and creating new commercial opportunities [5]. Group 3: Case Study of Jo Malone and Joye - The collaboration between Jo Malone and Joye is a prime example of leveraging group broadcasting for brand promotion, aligning the brand's high-end image with Joye's operational expertise to create engaging content for younger audiences [6][7]. - This partnership illustrates the potential of group broadcasting to not only aggregate traffic but also to innovate content that connects brand values with user experiences, paving the way for new commercial pathways in the industry [7].

Core Insights - JD.com officially entered the group broadcasting sector at the end of August, marking a significant signal for the e-commerce live streaming industry [1] - The group broadcasting trend has rapidly infiltrated the entertainment industry, with various celebrities and influencers participating in group dance performances, indicating a shift in public engagement [3][4] - The group broadcasting market is projected to exceed 15 billion yuan by 2025, with the number of broadcasting rooms expected to reach 5,000 to 7,000, showcasing its expansion from niche markets to mainstream entertainment and e-commerce [4] Industry Dynamics - The entry barrier for group broadcasting artists is relatively low, primarily requiring visual appeal, with training available for skills like dancing and emotional engagement [5] - Established broadcasting agencies typically provide comprehensive support teams for artists, enhancing their on-screen performance [6] - Job postings for group broadcasting artists are abundant, often offering a base salary of around 10,000 yuan with additional training and support, indicating a growing demand for talent in this sector [7] Challenges and Opportunities - Despite the appealing aspects of group broadcasting, many artists face significant pressures, leading to high turnover rates and mental health challenges [8] - The demand for high-quality group broadcasting talent is increasing, pushing the industry towards greater specialization and competition, particularly among former idols who bring experience and fan bases [9][10] - Group broadcasting serves as a re-employment avenue for former idols, providing them with exposure and a platform to showcase their skills in a cost-effective manner [11] Market Trends - Competitive events and rewards in group broadcasting resemble traditional talent shows, but top positions are rarely held long-term by former idols, indicating a dynamic and competitive environment [12] - The industry is experiencing a second wave of competition driven by agency transformations and a high volume of new entrants, leading to a standardized production model [13] - The integration of professional artists and e-commerce influencers into group broadcasting is enhancing content diversity and driving sales performance [14] Emotional Engagement and E-commerce - Group broadcasting is transforming emotional engagement into direct monetization, with viewers often rewarding artists for emotional value rather than tangible products [17][18] - The intersection of group broadcasting and e-commerce is exploring how emotional resonance can translate into actual sales, with JD.com testing this model to potentially increase traffic on its platform [19][20] - The success of this integration hinges on balancing emotional content with consumer engagement while allowing for experimentation within the e-commerce framework [21]

Group 1 - JD Global Purchase announced its first trial of group broadcasting during the Qixi Festival, starting on August 28 at 8 PM [1][3] - The group broadcasting format is a new trend in the live streaming industry, characterized by multi-member interaction, strong narrative scenes, and engaging content [1] - JD Global Purchase aims to enhance the cross-border shopping experience by expanding its overseas product offerings and innovating interactive formats [3] Group 2 - The initiative has sparked discussions among netizens regarding the potential to break traditional virtual gift interaction models and introduce new tipping methods [3] - There is curiosity about how the traditional Chinese style group broadcasting will integrate with imported products, whether through thematic scenes or narrative interactions [3] - The specific format of the integration between group broadcasting and sales remains to be revealed, generating anticipation among the audience [3]