这是美国流行文化有史以来最糟糕的时代吗？ 最近，《大西洋月刊》（The Atlantic）旗下撰稿人Spencer Kornhaber写了一篇文章来论述这个命题，引发了不少音乐行业从业者关注。 这位记者采访了美国知名音乐历史学者Ted Gioia，后者直言不讳地指出，当代文化创作已陷入创造力枯竭的困境，艺术与娱乐的整体质感正在肉眼可见地 滑坡，其影响甚至辐射至一个国家的社会情绪与政治稳定。 尤其是音乐行业，愈来愈多的观察者质疑，音乐越来越不像一项艺术创作，更像一项由资本驱动的资产管理。甚至认为，大批私募公司的涌入，让经典曲 库不断侵蚀新作品的曝光与流通空间，令音乐生态逐渐趋于封闭与保守。 那么，在收听人群愈加全球化、创作环境空前开放的背景下，这种"经典老歌压倒新音乐"的论调真的成立吗？私募公司是否真正搅乱了音乐行业的市场？ 音乐行业的"衰落论" 近几年，音乐市场的"衰落叙事"已经成为美国顶级文学刊物中的敏感话题。 2023年，《纽约时报》一篇报道宣称，我们正处于自印刷术发明以来，文化上最缺乏创新、最缺乏变革、最缺乏开拓精神的世纪。 最近，数据分析公司YouGov的民意调查显示，美国人认为2020年代是一个世纪 ...

证券研究报告 | 2025年05月21日 | 晨会纪要 | | --- | | 数据日期:2025-05-20 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3380.47 | 10249.17 | 3898.17 | 11510.62 | 2850.94 | 997.67 | | 涨跌幅度（%） | 0.38 | 0.76 | 0.54 | 1.04 | 1.03 | 0.24 | | 成交金额（亿元） | 4502.90 | 7193.90 | 2016.36 | 2657.65 | 3242.13 | 175.15 | 【重点推荐】 宏观与策略 固定收益专题研究:海外债市系列之三-美国国债市场图谱 【常规内容】 宏观与策略 宏观专题:AI、关税与黄金的启示——2025 年中期宏观展望 行业与公司 电子行业周报：财报季彰显景气，关税博弈趋于缓和，积极布局"估值 扩张" 腾讯音乐(TME.N) 海外公司财报点评:ARPPU 值提升或将成为订阅 ...

Core Theme - The 2025 Shanghai Summer Music Festival (MISA) will take place from July 1 to 13, featuring a diverse lineup of orchestras, ensembles, and artists, with a focus on the theme "Writing for the Future" [1] Group 1: Festival Overview - MISA will host 4 professional symphony orchestras, 7 music ensembles, multiple student art groups, and nearly 50 conductors and solo artists [1] - The festival includes 29 live performances and over 20 online broadcasts, along with various extension activities such as MISA Talk, MISA Ride, MISA Pass, and MISA Workshop [1] Group 2: Featured Performers and Events - The New York Philharmonic and Hamburg Philharmonic will perform at MISA, alongside the Shanghai Symphony Orchestra [2] - The festival will feature renowned conductor Esa-Pekka Salonen and pianist Alexander Kantorow, who will perform works by Debussy and Beethoven [2] - The closing concert will be conducted by music director Yu Long, featuring a commissioned piece by composer Zou Ye to commemorate the 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War [2] Group 3: Special Themes and Collaborations - MISA will debut an environmentally themed symphonic work titled "Tree," composed by Liang Haoyi, showcasing a unique sound palette and visual storytelling [2] - The festival will also include performances of game music, with orchestras presenting pieces from popular games like "Monster Hunter" and "Genshin Impact" [3] - Celebrating Bach's 340th anniversary, MISA will host three themed concerts featuring various ensembles, including the Goldfinch Baroque Ensemble and the German vocal group Sliks [3]

Group 1 - Morgan Stanley suggests that investors can buy US stocks on dips following Moody's downgrade of the US rating [2] - The Reserve Bank of Australia emphasizes that maintaining low and stable inflation is a top priority [2] - Danske Bank delays expectations for a Federal Reserve rate cut due to easing recession risks [2] Group 2 - CITIC Securities highlights the continuous catalysts in the nuclear fusion sector, indicating strong growth prospects [2] - CITIC Construction Investment notes that the global online music industry is experiencing both volume and price increases, building long-term growth potential [2] - Galaxy Securities reports that positive factors in the banking sector are accumulating, with improvements expected [2] - Tianfeng Securities mentions that Xiaomi's self-developed chips may accelerate changes in the competitive landscape of high-end domestic smartphones [2] - Zhongtai Securities anticipates structural market opportunities in the vitamin sector due to price increases and performance realization [2] - Everbright Securities sees potential acceleration in the commercialization process, focusing on the application of exoskeleton robots in medical rehabilitation [2] - Guotai Junan Securities indicates that the liquor industry is seeking a bottom in its cycle, highlighting its investment value [2]

Core Viewpoint - The company reported strong financial performance in Q1 2025, with significant year-over-year and quarter-over-quarter growth in revenue and net profit, driven by its gaming and educational segments [1][4]. Financial Performance - In Q1 2025, the company achieved revenue of 28.829 billion yuan, representing a year-over-year increase of 7.4% and a quarter-over-quarter increase of 7.8% [1] - The net profit attributable to shareholders was 10.301 billion yuan, showing a year-over-year growth of 34.9% and a quarter-over-quarter growth of 17.5% [1] - The adjusted net profit was 11.237 billion yuan, with a year-over-year increase of 32% and a quarter-over-quarter increase of 16.1% [1] - Gross margin improved to 64.1%, up 0.7 percentage points year-over-year and 3.3 percentage points quarter-over-quarter [1] Gaming Business - The gaming and value-added services segment generated revenue of 28.83 billion yuan, with a gross margin of 68.8% [2] - New game releases contributed significantly to revenue growth, with titles like "Marvel Duel" and "Yanyun Sixteen Sounds" achieving high player engagement [2] - Long-standing games like "Identity V" and "Blood Strike" also saw substantial revenue increases, with "Identity V" experiencing a 123% rise in global revenue [2] Educational Segment (Youdao) - Youdao reported revenue of 1.298 billion yuan, a decline of 6.7% year-over-year and 3.1% quarter-over-quarter [4] - Operating profit increased by 247.7% to 104 million yuan, marking a historical high for Q1 [4] - The AI-driven strategy led to significant improvements in profitability, with learning services revenue reaching 602 million yuan, and AI subscription services growing over 40% year-over-year [4] Music and Other Segments - NetEase Cloud Music generated revenue of 1.858 billion yuan, down 8.4% year-over-year, but showed effective cost control with a gross margin of 36.7% [5] - The innovation and other business segment reported revenue of 1.624 billion yuan, a decrease of 17.6% year-over-year [6] - The company is focusing on enhancing product offerings and leveraging AI technology across various segments to improve user experience and operational efficiency [6] Future Outlook - The company plans to continue its focus on innovation and long-term operations in Q2 2025, with multiple game releases and expansions in the educational sector [3][4] - The company expects to maintain strong revenue growth across its diversified product matrix, with a target price of 203 HKD and a "buy" rating [7]

金融界5月20日消息，周一港股承压低开后下挫，恒科指曾跌超2%，随即跌幅收窄，恒指及国指午后一 度翻红，最终均小幅收跌；周二开盘，港股恒生指数涨0.28%报23398.35点，恒生科技指数涨0.22%报 5266.61点，国企指数涨0.31%报8486.65点，红筹指数涨0.24%报3866.97点。 中信建投：国内音乐行业需求稳定，两大龙头通过社区建设和独立音乐内容扶持实现差异化，双龙头具 有长期成长潜力。看行业，相比长视频，国内音乐平台具有更良性的增长环境。一方面，音乐平台受益 于更高的迁移成本、更长的内容生命周期、更强的付费粘性；另一方面，短视频为音乐平台提供高效宣 发渠道，两者并非竞争关系。而独家版权终结降低成本压力，监管引导良性竞争，激发增长潜力。看增 长，海外产品提升增长想象空间。Spotify 的高付费率打开国内龙头收入增长空间；扶持独立音乐人策 略增强对全球三大唱片公司的议价能力，打开毛利率空间。随着国内双龙头聚焦在线音乐主业的"付费 会员和 ARPPU"双轮驱动，在良性竞争环境和行业格局下，看好业绩可持续增长。 本文源自：金融界 作者：青枫 华泰证券：往前看，美国对华关税水平低于市场预期，出 ...

歌手马頔几年前在综艺上的片段引发了一众模仿与调侃。而比起出圈的热梗"爷们儿要脸""北京孩子"，一个令人唏嘘的现实是，听众早已不再 听《南山南》之类的民谣。当短视频神曲以周为单位涌现，用不上几天，新的音乐内容又会出现。在海量的旋律里，似乎没人真的在意民谣到 底该往何处行去。 互联网的记忆，总在不经意间乍现。几年前出现在《我是唱作人2》中的综艺片段，如今已成为各大社交媒体上的热梗来源。 原始视频是这样的：歌手马頔一脸笃定，对着镜头说，"《南山南》那种歌，说实话分分钟写出来，不用一星期，三天。为什么我不写了？（轻抚式打 脸）爷们儿要脸，咱是一北京孩子，首先得对得起自己。" （图/《我是唱作人2》） 随着视频爆火，"要脸的爷们儿"也在自己的个人账号上回应。他说在当天录制前，事先已经小酌，等入镜时，自己"上劲儿"了，才有了这个名场面。这一 语境下，"北京孩子"的言论似乎可以归纳为酒话，但与此同时，很多人又不禁慨叹，属于《南山南》的那个时代好像真的已经过去了。 纵使马頔现在花费更多的"分分钟"，也未见得能博得挑剔的音乐听众们的青睐了。相较于短视频音乐在人们生活中的渗透程度，民谣的受众影响力正在逐 渐减弱。 流传的民谣，一 ...

2025 年 05 月 19 日 公司研究 评级：增持(维持) 研究所： | | chenmz@g | | --- | --- | | 券分析师: 券分析师: | 陈梦竹 ટા 尹芮 S03 | 证券分析师： 陈梦竹 S0350521090003 chenmz@ghzq.com.cn 证券分析师： 尹芮 S0350522110001 yinr@ghzq.com.cn ——网易-S（9999.HK）2025Q1 财报点评 最近一年走势 事件: 2025 年 5 月 15 日公司公告 2025Q1 财报，2025Q1 实现营收 288.29 亿 元（YoY+7.4%、QoQ+7.8%）；归母净利润为 103.01 亿元（YoY+34.9%、 QoQ+17.5%），non-GAAP 归母净利润为 112.37 亿元（YoY+32%、 QoQ+16.1%）。 国海证券研究所 请务必阅读正文后免责条款部分 [Table_Title] 游戏稳健，降本增效带动利润显著增长 1、主要财务指标分析：网易 2025Q1 实现营业收入 288.29 亿元 （ YoY+7.4% 、 QoQ+7.8% ） ； 归 母 净 利 润 为 ...

Core Viewpoint - Huang Zitao's sanitary napkin brand "Duo Wei" launched on May 18, 2025, generating significant attention due to his celebrity status and the product's necessity in the female market [1] Sales Performance - The brand achieved impressive sales, with 195,000 orders in the first 15 minutes and 241,000 orders in 20 minutes, totaling over 40 million yuan in sales within the first hour of the live broadcast [1] Product Pricing and Specifications - Duo Wei adopts a high cost-performance strategy, with a basic pack of 62 pieces priced at 49.8 yuan, averaging 0.8 yuan per piece, and offers larger packs for remote areas at the same unit price [2] - The product line includes various options such as day-use and night-use pads, with competitive pricing praised by consumers as "industry conscience" [2] Production and Quality Control - The production facility has three lines capable of producing 1,200 pieces per minute, aiming for 100% automation by June 15, and has passed 17 national quality tests [2] - The brand emphasizes transparency with QR codes for tracking and live monitoring of production lines [2] Market Challenges and Consumer Feedback - Despite positive feedback on product quality, there are concerns regarding the brand's male leadership in a female-dominated market, with suggestions for product improvements [3] - Huang Zitao has invested several hundred million yuan in acquiring and upgrading the production facility, indicating a commitment to the sanitary napkin industry [3] Business Expansion - Huang Zitao's business ventures extend beyond sanitary napkins, with involvement in 15 companies across various sectors including entertainment, e-commerce, and technology [4][5] - His previous experience in entertainment and e-commerce, particularly in live streaming sales, has contributed to his brand's initial success [5] Entrepreneurial Aspirations - Huang Zitao's transition from celebrity to entrepreneur showcases his potential, but he faces challenges in a competitive sanitary napkin market dominated by established brands [6][7] - The brand's long-term success will depend on maintaining product quality and adapting to consumer needs beyond initial celebrity-driven sales [7]

今年，钢琴家张佳林、小提琴家张精冶及大提琴家宋昭创立的基因三重奏迎来成团20周年。 20年前，三位毕业于中央音乐学院的大男孩，以"玩"为目的，组建了一支室内乐三重奏。个性完全迥异的三个 人，经历诸多磨合争吵，一路并肩走来，成为国内成立最早、时间最久的室内乐组合。 今年，钢琴家张佳林、小提琴家张精冶及大提琴家宋昭创立的基因三重奏，迎来成团20周年。他们为此举行"时光 重现——基因三重奏二十周年典藏版音乐会"，从北京、天津、上海到广州，一路开启贝多芬巡演之路。 三重奏第一次登台是在2005年4月24日，演出的第一首曲目是贝多芬的《D大调第五号钢琴三重奏"幽灵"》。早 年，三个年轻人常常在酒后"畅想"：什么时候能把贝多芬的钢琴三重奏全录成唱片？"当时就呵呵一笑，觉得根本 是没影的事儿。"没想到20年后，他们已经录制了包括贝多芬钢琴三重奏全集在内的七张唱片，演出邀约不断。 "我们凑在一起，从来没有远大崇高的目标，也没想过成名致富。我们只是为了兴趣，为了彼此能多一种交流方式 去演奏。"张佳林说，这支"体制外"室内乐组合，不靠组合谋生，只希望生活因音乐的存在而变得单纯，谈不上坚 守，而是纯粹的赤诚。他们从未刻意维持，只是 ...