智通财经APP获悉，港股恒生指数跌1%，跌235点，报23366点；恒生科技指数跌1.32%。港股早盘成交 1277亿港元。 航空股延续近期涨势，4月民航需求增速较Q1提升明显，机构称Q2盈利改善可期。中国国航(00753)涨 5.76%；南方航空(01055)涨4.36%；东方航空(00670)涨1.85%。 特朗普签署核能"复兴令" 机构指核电发展趋势极为明确。核电股涨幅居前，中广核矿业(01164)涨 5.63%；中广核电力(01816)涨3.92%。 阜博集团(03738)再涨超6%，一季度总收入同比增长约23%，公司加速推进AI生态布局。 腾讯音乐-SW(01698)涨超4%，首季度ARPPU同比改善超预期，公司在线音乐服务稳定增长。 朝云集团(06601)逆市涨超8%，宠物消费市场迎强劲增长浪潮，公司布局新兴宠物赛道。 众安在线(06060)涨超13%，香港立法放行稳定币，众安银行深入布局虚拟资产业务。 荣昌生物(09995)回落逾5%，公司近期配股筹资约8亿港元，机构称配股强化现金状况。 先健科技(01302)现涨超5%，主动脉弓支架系统获国家药监局正式注册批准。 康耐特光学(02276)涨超5 ...

5月23日，第二十一届深圳文博会进入第二天，而广州馆最受欢迎的区域非游戏电竞展区莫属。这里邀 请了一批游戏领域的知名企业入驻并展示各类游戏，而过往青年纷纷体验各自不同端口的游戏。其中， 广州华立科技股份有限公司将其《三国幻战》街机带到展区，吸引了不少年轻人试玩。 大多数人提到"街机"想到的是怀旧，然而游戏既是文化，也是产业，产业要发展就离不开精耕细作。65 英寸4K超大屏幕、炫酷外观设计、三国元素……这些都是游戏能"火"的原因，而成功离不开钻研。华 立科技相关负责人表示，"我们公司成立于2010年，如今已经形成设计、研发、制造、发行、营运、服 务的闭环，有完整的设计研发体系，是国内最大的商用游乐设备发行与运营综合服务商之一。" 颇有意思的是，从游戏电竞展区展示的"拳头"游戏可以看到，厚重的历史文化其实也给游戏带来了生命 力。另一家参展企业——广州灵犀互动娱乐有限公司同样注重研运一体，与此同时，其参展游戏《三国 志·战略版》及其《三国志幻想大陆》也是引入了三国元素，多次登上各大游戏领域排行榜的前列。而 这些都只是有着至少六千家游戏企业的广州在游戏行业内发展火爆的一个缩影。 2024年，广州的游戏产业营业收入约1 ...

中国青年报客户端讯（中青在线记者 温维娜）音乐是青春的诗行，谱写着梦想的华章。5月21日，由北 京团市委、中国青年报社、北京市团校携手腾讯音乐人、TME音乐学堂共同发起的"放歌青春"联合创作 营重磅启动。活动将面向全国招募50位怀揣音乐梦想的年轻人，在北京市团校开启为期一周的沉浸式音 乐培训，为青年搭建通往音乐梦想的桥梁。 据活动主办方介绍，本次创作营汇聚了北京市团校、中央团校讲师团与腾讯音乐人、TME音乐学堂推 荐的业界知名音乐人、词作家、音乐制作人组成导师天团。培训期间，学员不仅能接受专业课程训练， 还将接受文艺创作坚持以人民为导向等思想理论学习，让音乐创作与时代主旋律同频共振。学员还将分 组完成原创歌曲创作，通过教学、实践、参访交流、创作展演等全方位流程，切实提升音乐创作与表演 硬实力。 顺利结业的学员可获由腾讯音乐人、TME音乐学堂、北京市团校联合颁发的结业证书，并直接加入伯 乐计划x青年音乐扶持计划扶持名单，并有机会登上北京市属单位、北京电视台等相关单位举办的演出 舞台，参与中国青年报社重大节点主题音乐作品创作。创作营结营后，将收纳优秀学员作品，发行"伯 乐计划"主题合辑，并获得TME全平台宣传推广 ...

Investment Rating - The report maintains a "Recommended" investment rating for the industry, indicating an expected outperformance of over 10% compared to the benchmark index [12]. Core Insights - The report highlights that AI technology is becoming a core driver of growth and innovation in the music industry, with Spotify leveraging AI for personalized user experiences and content creation [5][9]. - Spotify's Q1 2025 financial results show significant revenue growth, with total revenue reaching €4.19 billion, a 15% year-on-year increase, driven primarily by subscription revenue [6][9]. - The report emphasizes Spotify's global expansion strategy, with active users reaching 675 million, a 12.1% increase year-on-year, and a focus on localized content to enhance user engagement [8][9]. Summary by Sections Financial Performance - In Q1 2025, Spotify achieved a total revenue of €4.19 billion, up 15% year-on-year, with Premium subscription revenue increasing by 16% to €3.771 billion [6][7]. - The gross margin improved to 31.6%, reflecting a 403 basis point increase, driven by better margins in subscription and advertising businesses [7]. - Operating profit reached €509 million, a 203% increase year-on-year, marking a historical high for Q1 [7]. User Growth and Market Expansion - Spotify's monthly active users (MAU) reached 675 million, with a 12.1% year-on-year growth, and premium subscribers increased to 263 million, an 11.4% rise [8]. - The European market remains Spotify's core, contributing 182 million MAU, while Latin America and other regions show significant growth potential [8]. AI and Content Innovation - The report notes Spotify's collaboration with ElevenLabs to integrate AI-generated audiobooks, enhancing content diversity and reducing production costs [5]. - The AI Playlist feature has been expanded to over 40 new markets, significantly increasing user engagement and satisfaction [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][9] Core Views - The company's game business is showing steady growth, with a diversified content strategy [1] - In Q1 2025, the company achieved revenue of 28.83 billion yuan, a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [4] - The gross profit for Q1 2025 was 18.48 billion yuan, with a gross margin of 64.1%, reflecting a year-over-year increase of 0.7 percentage points [4] - The adjusted net profit for Q1 2025 was 11.24 billion yuan, a year-over-year increase of 32.0%, with a net margin of 39.0%, up 7.3 percentage points year-over-year [4] Summary by Sections Game Business Performance - The revenue from games and related services in Q1 was 24 billion yuan, a year-over-year increase of 12.1% [5] - Key titles contributing to revenue include "Identity V," which was the main revenue driver, and several new games like "Marvel Showdown" and "Yanyun Sixteen Sounds" performing well in the market [5] - Long-term operational games are showing stable performance, with titles like "Identity V" and "Naraka: Bladepoint" maintaining steady revenue streams [5] Youdao Business Strategy - Youdao's business is advancing its "AI-native" strategy, achieving a gross margin of 47.3% in Q1 [6] - The strategy focuses on AI-enabled products and services to drive intelligent transformation across various industries [6] Cloud Music Operations - Cloud Music achieved a gross margin of 36.7% in Q1, with a focus on community ecosystem building to enhance user engagement [7] - The platform is leveraging AI capabilities for song recommendations and content creation, enriching its creator ecosystem [7] Financial Projections - Revenue projections for 2025, 2026, and 2027 are 113.86 billion yuan, 118.78 billion yuan, and 124.09 billion yuan respectively, with corresponding net profits of 38.81 billion yuan, 39.92 billion yuan, and 41.31 billion yuan [8] - The company expects a year-over-year revenue growth of 8.1% in 2025, followed by 4.3% and 4.5% in the subsequent years [11]

《代尔夫特的制琴师：维米尔和斯宾诺莎时代的音乐、绘画与科学》，[西] 拉蒙·安德烈斯著，韩烨译，中信出版社丨梦马工作室，2025年4月 版，416页，88.00元 在信息洪流、内卷狂潮、绩效主义和碎片化生活的重压下，几乎所有人都会有过被不停透支的精力匮乏症与绝望的疲惫感。在这时候如果刚好 碰上一本对的书，就像真正的爱情有时就是碰上的一样，那就可以暂时躺卧下来，在阅读中让自己喘口气，回过神来。西班牙哲学家、文学家 《有乐器商摊位的代尔夫特风景》（Ansicht von Delft mit Stand eines Musikinstrumentenverkäufers），卡雷尔·法布里蒂乌斯（Carel Fabritius） 作 布面油画15.4× 31.6cm，1652年伦敦国家美术馆收藏 《有乐器商摊位的代尔夫特风景》局部 《有乐器商摊位的代尔夫特风景》的原文是"Ansicht von Delft mit Stand eines Musikinstrumentenverkäufers"，直译是"代尔夫特与乐器销售商摊 位的景观"，布面油画，尺寸在该书行文中写的是15.4厘米×31.6 厘米（网上也有资料显示该 ...

qoq+2.7%）。我们预期随着SVIP 更高ARPPU 的会员套餐渗透率提升，25Q2 公司ARPPU 将持续提升， 或达11.6 元/月，MPU 或达1.24 亿。 Q1 社交娱乐收入15.5 亿人民币（yoy-11.9%, qoq-4.6%），同比减少主要系对直播互动功能进行了调整 和更严格的合规程序所致。我们预期25Q2 收入或达15.5 亿元（yoy-11%，qoq+0%），同比下滑主要系 公司合续缩紧叠加宏观因素导致。 随着在线音乐付费用户、ARPPU 双增，公司在线音乐收入在整体结构比重持续提高，利润率端有望持 续优化。我们预计 25-27 年归母净利润分别为104/101/112 亿元(25-26 年原预测值为 76/91 亿元，因根据 财报上调arppu，毛利率、其他收益等调整盈利预测)。因25 年有高额其他收益，我们参照可比公司，给 予26 年27 倍P/E，目标价94.86 港币(87.26 人民币)，维持"买入"评级。 风险提示 机构：东方证券 研究员：项雯倩/李雨琪/金沐阳 Q1 营收73.6 亿人民币(yoy+8.7%, qoq-1.4%)，Q1 毛利率44.07% (yoy+3. ...

Group 1 - The Shanghai Meiqi Grand Theatre has reopened with the original West End musical "SIX," which is expected to attract over 80,000 audience members during its 64 performances [1] - The first round of ticket sales for "SIX" saw nearly 10,000 tickets sold out on the opening day, with 600 premium tickets selling out in just 3 minutes, indicating strong market demand [1] - Over 40% of the audience for "SIX" are from outside Shanghai, and more than 50% of ticket buyers are under 25 years old, reflecting a growing trend of attracting younger consumers to the theatre [1] Group 2 - "SIX" has won 35 international theatre awards since its UK premiere in 2017, and its unique musical style and visual appeal have led to over 316 million views on TikTok [1] - The Shanghai Theatre Arts Center aims to introduce the latest international works to Chinese audiences, despite challenges in audience recognition of new productions [1] - The musical is part of the 2025 Shanghai Jing'an Modern Theatre Festival and collaborates with local commercial districts to create combined ticket and dining offers, enhancing cultural consumption [1] Group 3 - The Meiqi Grand Theatre has undergone multiple renovations to accommodate high-tech stage requirements, including rebuilding the stage structure and upgrading mechanical systems [2] - The theatre has created social spaces for audience interaction, including a "theatre social lounge" and a beverage service area with themed drinks [2] - The goal is to drive surrounding business activities and create immersive travel experiences through theatre [2]

Group 1 - The article discusses the shift of high-quality new consumer assets from the A-share market to offshore markets, questioning whether the guidance and focus on hard technology have resulted in substantial tech assets [2] - A new consumer index is formed by 12 selected Hong Kong stocks that resonate with young consumers, including popular brands and entertainment companies [2][3] - The performance of Hong Kong new consumer stocks shows stable growth compared to the declining revenue growth in various A-share consumption categories, with home appliances and gaming being the few exceptions [7] Group 2 - The rise of new consumption is seen as a natural consequence of young consumers wanting to differentiate from traditional consumption patterns, despite the understanding that new consumption will eventually age [9] - The article reflects on the past four years since the peak of new consumption, noting that many investors have exited the market while some have profited from holding onto their investments [12][13] - The current resurgence of new consumption is viewed as a reasonable value return, emphasizing that consumption remains a timeless theme despite changes in the economic landscape and consumer mindset [15][16] Group 3 - The article highlights the disparity in retail pricing and consumer behavior between different city tiers, indicating that lower-tier cities may not experience the same level of economic downturn as higher-tier cities [17][23] - It critiques the homogenization of shopping malls, which have failed to attract consumers due to lack of diversity and innovation, leading to a decline in foot traffic [19] - The post-pandemic consumer behavior reflects a desire for affordable entertainment rather than luxury spending, indicating a shift in spending priorities [20][26] Group 4 - The article discusses the challenges faced by hard technology investments, noting that many projects struggle to achieve significant revenue and profit, despite high valuations [29][32] - It contrasts the investment landscape in China with that of the US and Europe, where manufacturing and industrial companies often face valuation ceilings [33][34] - The article concludes that while consumption has regained wealth effects in the market, there is a cautionary note about the potential for rapid speculative behavior among investors [35][36]

索尼 (6758 JP) 关税影响可控，游戏业务指引超预期 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 19 日│日本 | 消费电子 | 证券研究报告 FY3/25 全年营收 JPY12,957.1bn，同比微降 0.5%，营业利润同比增长 16.4% 至 JPY1,407.2bn ， 高 于 公 司 指 引 的 JPY1,335bn 。 4Q 营 收 JPY2630.2bn，同比-24.4%，低于彭博一致预期 13%；营业利润为 JPY203.6bn，同比-11.2%，高于彭博一致预期 30%。展望 2025 年：1）游 戏、半导体业务或继续成为业绩主要驱动力，FY3/26 游戏业务营业利润指 引超预期；2）公司测算不考虑中美关税缓和情形下，关税对营业利润影响 约 8%，我们认为影响可控且实际影响或更有限；3）金融部门分拆预计 10 月完成，看好分拆后业务进一步聚焦创意娱乐愿景。给予目标价 4,400 日元 （前值：4,500 日元），维持买入评级。 游戏业务指引超预期，看好游戏/半导体业务驱动 FY3/26 业绩 展望 FY ...