我们正身处一场创作结构的震荡之中。在音乐领域，AI可以用一句提示生成旋律、歌词、编曲，完成 整套制作流程；它可以模仿任意歌手的声音与风格，复刻审美而不需理解意义；它还可以24小时不休地 产出作品，但这些作品却不需要署名，也无人对其负责。 (责编：胡永秋、杨光宇) 这就是人类创作的尊严边界。AI成为创作引擎后，创作者必须完成一次进化——不再是单纯写作者， 而是控制生成方向、选择表达结构、承担文化责任的那个人。我们不再比谁写得最全，而是比谁判断得 更准、表达得更真。 我们既不能无谓地恐慌，也不能乐观地自负。AI时代，真正能留下来的，是那些愿意承担判断责任、 敢于对表达"签名"的人，是那些有情怀、有审美、有使命感同时又有新技能的践行者。这将是未来创作 的门槛。 （作者为作曲家、音乐制作人） 《 人民日报 》（ 2025年06月05日 20 版） 这场技术革命的影响并非"未来将来"，而是此刻发生。AI冲击的是创作领域的关键结构。如流行音乐行 业以工业化生产为基础，曾依赖词曲工厂、编曲人、Demo制作者、歌词优化师，但这些岗位正被AI快 速替代。再比如传统音乐以手工与技艺为荣，如今却要面对"听起来像"的仿制品充斥平台， ...

研究员：赵丽/谷馨瑜/孙梦琪/蔡涵 基于快于预期的成本费用端优化，我们上调2025/26 年经调整净利润6%/9%至19.3/22.0 亿元，并基于 SOTP 估值上调未来12 个月目标价至240 港元（原184 港元），其中1）核心业务贡献223 港元，基于优 质内容及版权公司平均20 倍年市盈率，以及2025-26 年平均经调整净利润20.1 亿元，2）现金贡献17港 元，基于30%折价。网易云音乐付费墙及ARPPU 仍有较大运营空间，看好长期会员收入增长潜力，维 持买入。 1 季度毛利率优化超预期。2025 年1 季度网易云音乐公布收入18.6 亿元（人民币，下同），同比降 8%，较2024 年下半年2%的降幅扩大，主要因社交娱乐收入下降。毛利率36.7%，同比提升3.7 个百分 点，较2024 年下半年提升4.4 个百分点，好于我们/市场预期，受益于会员订阅收入增长，数专业务收 入增加，及直播分成优化。 机构：交银国际 2025 年展望：1）在线音乐：我们看好会员订阅延续稳健增势，预计在线音乐收入同比增15%，其中会 员订阅收入或增16%，仍受会员规模扩张拉动，预计ARPPU 短期基本持稳，高端会员增 ...

一个名叫EMI的人工智能作曲家，不但能模仿巴赫、莫扎特的风格，且能在短时间内创作出海量新作。EMI的出 现，挑战了人们对古典音乐真实性、情感性和原创性的传统认知，也引发人们对音乐、算法和情感关系的思考 ——人工智能的出现，是在削弱作曲家的工作，还是在帮助古典音乐创作？ 几年前，茱莉亚学院音乐学院学术院长兼艺术总监大卫·路德维希在沃顿商学院发了一篇文章，试图讨论人工智能 如何帮助人们保留古典音乐这个濒临困境的行业。 未来很有可能会出现一个拥有智慧的特别智能体，能学习人类情感，且更加细腻，技术更加全面。 "这篇文章其实写得很快。但直到今天，这个理念依然成立。"路德维希说，在美国，古典音乐面临越来越窘迫的 现实。他常与唱片行业的朋友探讨不同音乐类型，大家的共识是，相比乡村音乐、摇滚乐、R&B、另类音乐等其 他门类，古典音乐的占比约2%，"基本是濒临灭绝的危机状态。" 当人工智能快速发展，是否可以利用科技手段，让更多人便利地接触到古典音乐，从而提升行业的发展？这是路 德维希在茱莉亚学院的实践中不断思考尝试的。 在中国，古典音乐界对人工智能的研究也早已开启。2019年，中央音乐学院成立音乐人工智能与音乐信息科技 系，迄 ...

Core Viewpoint - The report from CMB International raises the target price for NetEase Cloud Music (09899.HK) to HKD 240, maintaining a "Buy" rating due to faster-than-expected cost optimization and growth potential in long-term membership revenue [1] Financial Performance - Adjusted net profit forecasts for 2025 and 2026 have been increased by 6% and 9% respectively [1] - The gross profit margin for the first quarter of this year increased by 3.7 percentage points year-on-year to 36.7%, surpassing both the bank's and market expectations [1] Revenue Drivers - The growth in membership subscription revenue, increased income from various professional services, and optimization of live streaming revenue sharing are key contributors to the improved financial performance [1] Market Outlook - There is significant operational space for the paid wall and ARPPU (Average Revenue Per Paying User), indicating a positive long-term outlook for membership income growth [1]

Group 1 - During the Dragon Boat Festival holiday from May 31 to June 2, a total of 657 million people are expected to travel across regions, averaging 219 million per day, representing a year-on-year increase of 3.0% [1] - The Taixing Water Town hosted six major themed activities and immersive performances, blending traditional customs with modern fashion, creating a cultural feast that attracted thousands of visitors [1] - In Beijing, city parks received 4.49 million visitors during the holiday, a 14.67% increase compared to the same period last year, with the top three parks being Temple of Heaven, Grand Canal Cultural Tourism Scenic Area, and Summer Palace [3] Group 2 - Dragon boat racing has gained popularity, with cities like Guangzhou, Foshan, Hangzhou, Yueyang, and Chengdu being the most popular viewing locations, and foreign tourists making up 18% of the audience, with a 64% increase in international visitors compared to usual [7] - The 2025 Qianfan Music Season and the "Adventure at Sea" music festival in Changping District, Beijing, attracted nearly 70,000 attendees, featuring 19 music groups and 2 esports teams, showcasing a blend of music, esports, food, and cultural tourism [8]

证券研究报告 | 公司深度报告 2025 年 06 月 03 日 腾讯音乐-SW（01698.HK） 音乐恒久远，腾讯音乐始终相伴 TMT 及中小盘/传媒 公司背靠腾讯，内容版权优势稳固，在 AIGC 等创新技术的赋能下持续推进会 员权益分层化、多元化，有望实现付费率及 ARPU 值的进一步提升，首次覆盖 给予"强烈推荐"评级。 ❑ 风险提示：付费用户数增长不及预期、行业竞争加剧、行业监管收紧。 强烈推荐（首次） 目标估值：NA 当前股价：68.9 港元 基础数据 财务数据与估值 | 总股本（百万股） | 3098 | | --- | --- | | 香港股（百万股） | 1433 | | 总市值（十亿港元） | 220.9 | | 香港股市值（十亿港元） | 102.2 | | 每股净资产（港元） | 23.6 | | ROE（TTM） | 9.1 | | 资产负债率 | 23.3% | | 主要股东 | 腾讯控股有限公司 | | 主要股东持股比例 | 47.7967% | 股价表现 % 1m 6m 12m 绝对表现 36 63 22 相对表现 30 43 -2 资料来源：公司数据、招商证券 -40 -20 ...

Group 1: Market Overview - US stock indices opened mixed on June 3, with the Dow Jones down 0.05%, S&P 500 up 0.03%, and Nasdaq up 0.24% [1] Group 2: Company News - Circle Internet Group has raised its IPO size to $880 million, planning to issue 32 million shares at a price of $27 to $28 each, up from a previous plan of 24 million shares at $24 to $26 [2] - Tesla registered 2,600 new cars in Norway in May, marking a 213% year-over-year increase [3] - Spotify was fined 58 million Swedish Krona for data protection violations as ruled by the Stockholm Court of Appeal [4] - NIO reported Q1 2025 revenue exceeding 12 billion Yuan, a year-over-year increase of over 21%, with R&D expenses of 3.18 billion Yuan and vehicle deliveries of 42,094 units, up over 40% year-over-year [5]

Market Overview - US stock index futures showed slight declines before the market opened, with Dow Jones futures down 0.19%, S&P 500 futures down 0.15%, and Nasdaq 100 futures down 0.08% [1] - The OECD reported a downward revision of the US economic growth forecast for this year to 1.6%, a decrease of 0.6 percentage points from the March estimate, indicating a significant slowdown among major economies [2] - The OECD also raised its inflation forecast for the US by 0.4 percentage points to 3.2% [2] Trade and Tariff Developments - The current tariff levels in the US are at their highest since World War II, despite some tariffs being paused [3] - Former President Trump announced plans to increase tariffs on steel and aluminum imports from 25% to 50% [3] - The EU expressed strong regret over the tariff increase and is prepared to implement countermeasures if a mutually acceptable solution is not reached by July 14 [3] Corporate News - Circle Internet Group plans to raise $880 million in its upcoming IPO by issuing 32 million shares at a price range of $27 to $28 per share, an increase from the previous plan of $24 to $26 per share for 24 million shares [4] - Stellantis Group appointed Sébastien Jacquet as the new Chief Quality Officer, effective immediately [5] - Tesla registered 2,600 new cars in Norway in May, marking a 213% year-over-year increase [6] - Spotify was fined 58 million Swedish Krona for data protection violations under the EU's General Data Protection Regulation [7] - NIO reported Q1 2025 revenue exceeding 12 billion Yuan, a year-over-year increase of over 21%, with a gross margin of 10% [8]

悄悄的，陈奕迅女儿已经到"基因觉醒"的年龄了。今年20岁的陈康堤，早前被证实已经与华纳音乐签约。 近期"基因觉醒"的还有游鸿明的女儿游宇潼和摇滚歌手谢天笑的女儿Yulan与兰。游宇潼发布了自己的首张个人专辑《楚门》，女儿Yulan与兰签入博山娱 乐旗下新厂牌浮盐唱片。 在欧美乐坛，13岁的Blue Ivy成为母亲Beyonce巡演舞台上的一大亮点，并在外娱引发了热议，与此同时，Gracie Abrams和Doechii等"二代"今年上半年玩 得风生水起，上升势头格外亮眼。 随之而来的还有外界的"审视"，"关系户""资源咖""走后门"等议论不绝于耳，而且，这种"审视"并不会轻易消失，而是将伴随"二代"的事业始终，直到他 们有一天能成功迈过这道坎儿。 基因觉醒 今年4月19日，Yulan与兰在小红书上开通了自己的账号，身份是"音乐人"。她在第一条视频中自我介绍："我的爸爸叫谢天笑。" 这并不是Yulan与兰第一次"基因觉醒"，2021和2022年，Yulan与兰曾经发过两支个人单曲，但随后她归于沉寂，微博也差不多两年没有更新。直到今年4 月，Yulan与兰才重新开始在社交媒体上活跃起来，看起来，她终于决定认真玩音 ...

Group 1 - SM Entertainment and Tencent Music Entertainment Group (TME) signed a strategic cooperation agreement to expand collaboration beyond music distribution to include new idol group production, IP business, and local performances in the Asian market [1][6] - HYBE announced the sale of its entire stake in SM Entertainment to TME for approximately 243.3 billion KRW (about 1.29 billion RMB), marking a complete exit from its investment in SM [1][3] - Following the transaction, TME became the second-largest shareholder of SM Entertainment, acquiring 9.38% of its total shares [3][9] Group 2 - The partnership between TME and SM aims to launch a local Chinese idol group within the next two to three years, with SM leading the artist incubation process and TME handling brand operations and distribution in China [6][8] - Both companies plan to develop various IP commercialization initiatives, including merchandise and online performances, enhancing their engagement with fans [8][9] - The historical context of Tencent's investments in the Korean entertainment industry highlights a long-standing strategic alliance, with previous collaborations dating back to 2014 [9][10] Group 3 - HYBE is restructuring its global expansion strategy, focusing on investing the proceeds from the sale of SM shares into next-generation platforms and artist ecosystems [5][19] - The establishment of HYBE CHINA indicates a renewed focus on the Chinese market, supporting its artists' activities in the region [21][23] - The evolving relationship between content and platform companies is reshaping the entertainment industry, with platforms increasingly taking on a dominant role in content creation and distribution [24][26]