元旦跨城观看演唱会逐渐成为年轻人辞旧迎新的新潮流。大量消费者的跨城出行，使得演出举办城市的 酒店预订量大幅增长。然而，热情背后也隐藏着如票务虚假、住宿"坐地起价"等消费风险。对此，建议 消费者购票时通过演出主办方、票务平台等正规途径购票，谨慎对待"内部票""转让票"，以及无法验真 的电子凭证等非官方票务。 年末电信诈骗频发，购票请关注官方购票平台，千万不要轻信"内部人员"及个人转售/代购。如若首发 没有抢到，请继续关注后续放票信息。凡是绕开正规平台交易，通过私下交易方式或以各种理由缴纳钱 财或"刷流水"的都是诈骗。 2026年元旦将至，跨城观看演唱会、主题乐园烟花秀、冰雪度假等"仪式感"消费备受青睐。12月30日， 为切实提升消费体验，避免权益受损，山东省消费者协会就三大热点场景发布消费提示。 跨城观看演唱会：理性追热，避免被坑 冰雪旅游同样热度不减，无论是北国雪乡还是南方室内雪场都迎来客流高峰。需要注意的是，热门航线 机票价格在假期前后可能出现波动；部分雪场经营资质不全、安全措施不到位，雪具租赁也可能存在押 金难退等问题。消费者如计划参与冰雪活动，建议提前规划行程、尽早购票，并关注退改政策；参与滑 雪等项目 ...

西部证券（002673）发布研报称，大麦娱乐(01060)卡位演出与IP衍生双高景气赛道，看好现场娱乐高 景气的持续性，需求端，悦己与社会需求共振，多次观演比例提升。另外，票务业务贡献稳健基本盘， 而阿里鱼亦可望提供业绩弹性，充分受益于线下娱乐消费的持续复苏与结构升级。该行预计大麦娱乐 2026至28财年的经调整纯利分别为10.6亿、13.54亿及15.77亿元人民币，首予公司"买入"评级。 ...

Group 1: Company Overview - The report covers Damai Entertainment (1060.HK), a leading platform in live entertainment, driven by ticketing and IP derivatives [1][6][8] - The company is positioned in a high-growth sector, benefiting from the recovery and structural upgrade of offline entertainment consumption [1][8] - Expected adjusted net profits for FY26-28 are projected at 1.06 billion, 1.35 billion, and 1.58 billion CNY respectively [1][8] Group 2: Industry Insights - The live performance market is experiencing a significant increase, with ticket sales for large concerts expected to exceed 26 billion CNY in 2024, a year-on-year growth of 78.1% [6] - The demand for live entertainment is driven by both personal enjoyment and social needs, with an increase in repeat attendance [6] - The supply side is expanding with diversification in lower-tier cities and various performance categories [6] Group 3: IP Business - Alibaba's IP licensing platform, Aliyu, is a leading player in the market, with a projected GMV of 4.1 billion USD in 2024 [7] - The company is enhancing its collaboration with top IPs, which is expected to contribute significantly to revenue growth [7] - The film industry is still in a recovery phase, with a total box office of 29.23 billion CNY in the first half of 2025, reflecting a year-on-year increase of 22.91% [7] Group 4: Company Financials - Sinopec Engineering (02386.HK) is highlighted as a leading energy and chemical engineering firm with strong technical capabilities and a solid financial performance [10][12] - The company has a high dividend payout ratio, with a dividend yield exceeding 5%, providing stable returns for investors [10][12] - Expected target price for 2026 is set at 9.50 HKD per share, based on a 13x PE ratio [10] Group 5: Market Trends - The petrochemical industry is facing revenue stability but profit pressures, with a slight revenue decline of 2.6% year-on-year in H1 2025 [11] - The trend of "reducing oil and increasing chemicals" is evident, with a 9.94% year-on-year increase in ethylene consumption [11] - Global refining capacity continues to grow, particularly in the Middle East and Asia-Pacific regions, with a projected capital expenditure of 153.35 billion USD in 2024 [11] Group 6: Aviation Sector - Bank of China Aviation Leasing (02588.HK) is positioned to benefit from the rising aviation industry and the ongoing interest rate cut cycle [14][15] - The company ranks fifth globally with a fleet of 483 aircraft, poised to gain from increased revenues as the aviation market recovers [14][15] - Expected total revenue for 2025-2027 is projected at 2.63 billion, 2.85 billion, and 2.94 billion USD, with net profits of 761 million, 894 million, and 964 million USD respectively [16] Group 7: Medical Sector - Weisi Medical (688580.SH) is experiencing steady growth, with projected net profits of 133 million, 165 million, and 184 million CNY for 2025-2027 [4][18] - The company focuses on rehabilitation as its core business while expanding into aesthetic and urology sectors [18][19] - The company emphasizes product innovation in non-invasive brain-machine interfaces, aiming to create a comprehensive neuro-rehabilitation system [19]

公司深度研究 | 大麦娱乐 现实娱乐头部平台，演出票务与 IP 衍生双轮驱动 证券研究报告 2025 年 12 月 25 日 大麦娱乐（1060.HK）首次覆盖 演出：高景气赛道稳居龙头地位，内容+出海+品类驱动增长。现场演出市场 呈现"量价齐升"高景气度，据中国演出行业协会，2024 年大型演唱会票 房超 260 亿元，同比增长 78.1%。我们看好现场娱乐高景气度的持续性，需 求端，悦己与社交需求共振，多次观演比例提升；供给端，中低线城市与品 类多元化持续扩容。大麦稳居演出票务第一梯队，先发优势强，壁垒深厚， 高市占率的背后，是近 20 年的行业深耕，对上下游的深度整合，以及用户 消费习惯的培养与心智的养成。往后看，一方面，大麦受益于国内演出市场 的高景气度，另一方面，内容+出海+品类拓展亦打开向上空间。 IP：阿里鱼领跑授权蓝海，深化头部 IP 合作贡献业绩弹性。阿里鱼，全球 第六、中国第一大授权代理商，据 License Global，2024 年 GMV 达 41 亿 美元，以"IP2B2C"模式构建竞争壁垒，通过双边网络效应连接三丽鸥、 宝可梦等数百个优质 IP 与 10 万+淘系商家，全链条沉淀 ...

近日，大麦娱乐在尾盘时段表现强劲，股价一度涨超4%，截至发稿时，涨幅稳定在4.6%，报0.91港元，成交额高达1.02亿港元。12月5日，大麦娱乐旗下的 全球演出服务平台大麦国际（MAISEAT）正式推出了独立APP，并在全球各区的苹果应用程序商店成功上架。这一举措标志着大麦娱乐在国际演出市场上 的布局迈出了重要一步。大麦国际业务负责人郑晓波表示，未来大麦国际将持续完善产品功能，以东南亚和日韩演出市场为起点，通过"全平台布局+顶流IP 落地"的双引擎策略，升级全球跨境观演服务体验。 近日，大麦娱乐在尾盘时段表现强劲，股价一度涨超4%，截至发稿时，涨幅稳定在4.6%，报0.91港元，成交额高达1.02亿港元。12月5日，大麦娱乐旗下的 全球演出服务平台大麦国际（MAISEAT）正式推出了独立APP，并在全球各区的苹果应用程序商店成功上架。这一举措标志着大麦娱乐在国际演出市场上 的布局迈出了重要一步。大麦国际业务负责人郑晓波表示，未来大麦国际将持续完善产品功能，以东南亚和日韩演出市场为起点，通过"全平台布局+顶流IP 落地"的双引擎策略，升级全球跨境观演服务体验。 首先，大麦国际APP的推出标志着演出票务平台正由 ...

Group 1 - WeChat Pay has officially launched in Qatar, with QNB becoming the first bank in the GCC to support it, providing a new digital payment tool for retailers to connect with Chinese consumers [5][6] - Meituan Keeta has officially launched in eight cities in São Paulo, Brazil, as part of a five-year investment plan of 5.6 billion Brazilian Reais [5][6] - Shopee and Shein are the preferred overseas platforms for Brazilian consumers, with 96% of consumers engaging in international shopping in the past year [6][7] Group 2 - JD.com has acquired over 85% of CECONOMY in Germany, aiming to accelerate localization in the European market [7] - Cainiao's Hong Kong eHub has launched an automated stacking system, achieving 80% process automation and improving efficiency by 20% compared to traditional methods [7] - MAISEAT has launched a global app to enhance the cross-border ticket purchasing experience, supporting multiple languages and payment methods [8] Group 3 - WuXi Biologics is establishing the first integrated CRDMO center in the Middle East, collaborating with Qatar Free Zones Authority to enhance the biopharmaceutical industry [8] - Changan Automobile plans to launch electric vehicle brands Avatr and Nevo in Europe within two years, focusing on pure electric models [8] - China Power Construction has signed multiple overseas projects in renewable energy and infrastructure across various countries [9] Group 4 - UniXAI has completed a total of 300 million yuan in financing, achieving monthly deliveries of over 100 units of service robots [10] - Daimeng Robotics has secured new strategic financing to accelerate its development in tactile sensing technology and global market expansion [10] - Suisheng Technology has raised millions in angel funding to develop AI recording hardware, with plans to launch its first product in 2026 [11] Group 5 - The AI glasses market is experiencing a surge, with major players like Li Auto and Alibaba launching new products and forming industry alliances [12] - Over one-third of mobile marketers are currently investing in short drama advertisements, indicating a shift in global strategies for Chinese app developers [12]

本报讯 （记者李豪悦）12月5日，全球演出服务平台大麦国际（MAISEAT）推出独立App，已在全球各区的苹果应用程序 商店上架，为全球用户提供更完整、更便捷、更有保障的跨境演出购票体验。 大麦国际App延续了官网功能和体验，支持简中、繁中、英、日、韩等多语言浏览，并接入支付宝全球支付网络，提供多 支付方式、多币种支付的选择。与此同时，大麦国际支付宝小程序也已上线，全球支付宝用户搜索"大麦国际"或"MAISEAT"进 入小程序，也可以享受到和官网、App同样的服务。 目前，大麦国际已承接20余场热门海外演出票务代理，本周内接连开售陶喆、五月天的海外演唱会，同步解锁的两场华语 顶流演出门票迅速售罄，成为国内外粉丝购票新渠道。 郑晓波介绍，未来大麦国际将持续完善产品功能，以东南亚和日韩演出市场为起点，通过"全平台布局+顶流IP落地"的双 引擎，升级全球跨境观演服务体验，并计划接入更多演出类别与增值服务，致力于成为全球观众跨境观演的首选平台。 （编辑 郭之宸） "随着独立App的推出、支付宝小程序的上线，大麦国际正式建立起覆盖网页、小程序与原生应用的全渠道服务矩阵。"大 麦国际业务负责人郑晓波表示，"我们正在系统构 ...

新浪科技讯 12月5日下午消息，全球演出服务平台大麦国际（MAISEAT）推出独立App，已在全球各区 的苹果应用程序商店上架，安卓版本也在同步审核上架中。 新浪科技讯 12月5日下午消息，全球演出服务平台大麦国际（MAISEAT）推出独立App，已在全球各区 的苹果应用程序商店上架，安卓版本也在同步审核上架中。 据介绍，大麦国际（MAISEAT）App延续了官网功能和体验，支持简中、繁中、英、日、韩等多语言 浏览，并接入支付宝全球支付网络，提供多支付方式、多币种支付的选择。与此同时，大麦国际 （MAISEAT）支付宝小程序也已上线。 "随着独立App的推出、支付宝小程序的上线，大麦国际正式建立起覆盖网页、小程序与原生应用的全 渠道服务矩阵。"大麦国际业务负责人郑晓波表示，"我们正在系统构建一个稳定、可信的全球演出服务 体系，这不仅是产品形态的完善，更是为了深化本地运营、贴近全球用户使用习惯。" 据了解，目前，大麦国际（MAISEAT）已承接20余场热门海外演出票务代理，本周内接连开售陶喆、 五月天的海外演唱会。 郑晓波介绍，未来大麦国际（MAISEAT）将持续完善产品功能，以东南亚和日韩演出市场为起点，通 ...

头部歌手的演唱会鸣谢环节，俨然成为了大麦的公开处刑现场。 一些热门短视频中，台上歌手对大麦、猫眼、票星球等票务平台逐一感谢，台下观众则整齐划一地接 上"倒闭"二字，全场顿时充满了快活的空气。 观众和票务平台的关系就像股民和证监会。狂喊倒闭背后，是演唱会观众积攒已久的怨怼。每一个提前 训练手速订好闹钟的消费者，都会在"缺货登记"里学到人生一课。 避不开的大麦 要搞懂抢票的难点，首先要理解大麦在演出票务市场的定位。 大麦的前身"中国票务在线"的成立可以追溯到1999年，顾名思义，主要解决"线上卖票"这个技术问题。 世纪初互联网基建远没有现在发达，有电脑的家庭就没多少，会开任务管理器结束进程已经算极客了。 大麦网时期，创始人曹杰研发了"麦座"票务系统和快速分发技术，解决了在线售票的技术环节，一度是 票务市场唯一的参赛选手。 同一时期，音乐市场恰好处于CD专辑被互联网盗版冲击，流媒体平台尚在萌芽的转型阵痛期，搞不了盗 版的线下演出成为救命稻草，各类演唱会如火如荼，大麦市占率一度接近70%[1]。 理论上来说，在线票务不存在多强的技术难题，头部艺人的票更是不愁卖。撮合平台存在的根基，其实 是个行业上下游集中度问题。 和 ...

Core Viewpoint - The company maintains a "buy" rating for Damai Entertainment (01060) due to high growth in its IP business and steady expansion in its performance business, indicating strong long-term value in the live entertainment sector [1] Performance Summary - For FY26H1 (ending September 30, 2025), the company reported revenue of 4.05 billion, a year-on-year increase of 33%; net profit attributable to shareholders was 520 million, up 54% [2] - Adjusted EBITDA was 550 million, reflecting a 14% year-on-year growth after excluding a one-time financial asset impairment reversal of 160 million from FY25H1 [2] IP Business Performance - Revenue from IP derivative business doubled year-on-year, with ToB licensing business showing significant growth and ToC starting to ramp up. FY26H1 revenue reached 1.16 billion, a 105% increase, with segment performance (gross profit minus allocated sales expenses) at 230 million, up 44% [3] - Profit margin decline was influenced by a one-time impact from the closure of Jinli Naku, while core Alibaba Fish business revenue grew over 100% with profits nearly doubling [3] - ToB licensing includes high-quality IPs such as Sanrio family, Gigi Kawa, and Pokémon, with new additions from Universal Pictures. Alibaba Fish plans to increase team investment and expand downstream partnerships [3] - Retail brand operations have opened several domestic flagship stores, with future plans for more experiential formats like restaurants and small indoor amusement parks [3] Performance Business - Core domestic concert categories showed steady growth, with revenue of 1.34 billion in FY26H1, a 14.5% increase, and segment performance at 750 million, up 4.7% [3] - Profit margin decline may be due to early internationalization efforts and lower margins in performance content investment [3] - Ticketing for core concert categories faced supply constraints, but overall GMV on the Damai platform remained stable, with a 17% increase in ticket buyers year-on-year. The company provided one-stop solutions for over 2,500 performances, a 19% increase [3] - Revenue from live entertainment content grew by 50%, with participation in major concerts and events, extending upstream in the industry [3] - The company is also expanding internationally, with increasing performances by overseas artists in China and growing demand from domestic audiences for cross-border events, starting with Southeast Asia and Japan/Korea [3] Film and Television Content Business - The film segment reported revenue of 1.06 billion in FY26H1, with segment performance at 95 million. The company is adjusting its film investment strategy to focus on lower-risk, high-quality content, with the summer release "Chasing the Wind" exceeding return expectations [4] - The series production segment generated revenue of 480 million, with profits of 40 million [4] Management Efficiency - Management efficiency has improved, with a notable reduction in investment risks from the previous year. The management expense ratio decreased to 16.5% in FY26H1, down 3.1 percentage points year-on-year [5]