Core Insights - The article highlights the experiences and insights of three female music agents in the independent music scene, aiming to inspire those interested in entering the industry or those who are just starting out [1][2]. Group 1: Industry Overview - The independent music industry is characterized by passion and creativity, with various paths leading to success, emphasizing that there is no single best way to enter the field [2]. - The industry is heavily reliant on personal interest, as financial rewards are often limited compared to other sectors [5][10]. Group 2: Individual Experiences - The first agent, 默默酱, has 10 years of experience, with 6 years specifically in artist management, and emphasizes the importance of never having a losing show [3][4]. - She manages multiple bands simultaneously with a small team, highlighting the resource constraints faced by independent artists [4][13]. - The second agent, 快乐天使, has a diverse role encompassing various tasks from planning to execution, reflecting the multifaceted nature of independent music management [24][27]. - The third agent, 来来, founded her own label and emphasizes the importance of trust and collaboration within the industry [46][49]. Group 3: Challenges and Solutions - Agents face significant challenges, including financial management and the complexities of event approvals, which can be time-consuming and tedious [17][19]. - The agents share strategies for cost-saving during tours, such as consolidating shipments and sharing travel expenses [13][14]. - They also call for more attention and support from investors towards independent music, as small budgets can significantly impact a band's growth [20][58]. Group 4: Career Advice - The agents recommend starting in independent studios to gain comprehensive exposure to the industry, as this can lead to faster career growth compared to larger companies [21][44]. - They stress the importance of passion and interest in the field, suggesting that individuals should not be afraid to pursue their dreams in the music industry [42][43].

Major Events - Hong Kong Stock Exchange (00388) plans to make a strategic investment in Xunqing Settlement Holdings Limited [1] - Lai Kai Pharmaceutical-B (02105) signs an exclusive licensing agreement with Qilu Pharmaceutical for LAE 002 (AFURESERTIB) in China [1] - TECHSTARACQ-Z (07855) is expected to inherit the company Tuda Tong's listing on the main board of the Stock Exchange on December 10 [1] - Superstar Legend (06683) intends to establish a joint venture with Yushu Technology to develop consumer-grade IP robots and IP derivative products [1] - Beijing Enterprises Holdings (00392) plans to acquire 100% equity of Beijing Beiran Special Equipment Inspection and Testing Co., Ltd. for 54.6 million yuan [1] - CSPC Pharmaceutical Group (01093) has its application for the marketing of Pertuzumab Injection accepted by the National Medical Products Administration [1] - Rongli Construction (09639) plans to collaborate with CATL to develop efficient energy storage systems and solutions [1] Operating Performance - BeiGene (06160) reports a net profit attributable to shareholders of 1.139 billion yuan for the first three quarters, turning from loss to profit year-on-year [1] - Tencent Music-SW (01698) reports a net profit attributable to equity holders of 2.15 billion yuan in the third quarter, a year-on-year increase of 36.0% [1] - Zhou Li Fu (06168) sees a 32% year-on-year increase in e-commerce revenue for the first ten months, with net profit rising 71% year-on-year [1] - China Resources Land (01109) reports a cumulative contract sales amount of approximately 169.6 billion yuan for the first ten months, a year-on-year decrease of 16.6% [1]

Market Overview - US stock index futures are all up, with Nasdaq futures rising by 0.61%, S&P 500 futures up by 0.38%, and Dow futures increasing by 0.31% [1] - European stock indices show mixed results, with Germany's DAX index up by 1.22%, UK's FTSE 100 down by 0.1%, France's CAC index up by 1.29%, and the Euro Stoxx 50 index rising by 1.25% [1] Company Developments - Wells Fargo indicates a reverse buy signal in the market, raising the S&P 500 index year-end target to 7100 points [3] - AMD anticipates that the data center chip and system market will grow to $1 trillion by 2030 [3] - Samsung Electronics, SK Hynix, and Kioxia plan to increase NAND prices and cut production [3] - Barclays warns that Oracle may run out of cash by November next year, downgrading the company's debt rating to "underweight" [3] - Netflix opens the "Netflix House" theme park in suburban Philadelphia, allowing free public access [3] - Morgan Stanley launches deposit tokens for institutional clients, enabling round-the-clock trading and instant payments [3] - Eli Lilly will start Phase 3 clinical trial enrollment for eloralintide, a treatment for obesity, next month [3] - Sony launches a low-cost version of the PS5 in Japan, set to be released on November 21 [3] - FedEx reports adjusted EPS of $4.05 for Q2, exceeding expectations and alleviating market concerns [3] - Tencent Music reports Q3 total revenue growth of 20.6% to 8.46 billion yuan, with net profit increasing by 36% to 2.15 billion yuan [3] - Oklo, a nuclear power company, reports a Q3 net loss widening to $29.7 million, which is worse than expected [3]

Core Viewpoint - The article discusses the transformative impact of AI on music creation, emphasizing the need to center human creativity and emotional expression in the process of music production [1][2]. Group 1: AI's Role in Music Creation - AI technologies like MuseNet and AIVA are capable of composing and producing music, but they lack the ability to understand the emotional and contextual reasons behind musical choices [1][2]. - The concept of "human-machine co-creation labs" is proposed, where AI acts as a collaborator rather than just a tool, allowing musicians to infuse their personal emotions and cultural backgrounds into AI-generated materials [2][3]. Group 2: Enhancing Creativity and Emotional Expression - The article suggests implementing a "creative trajectory recording" system to document the decision-making process of composers, which serves both copyright protection and cultural acknowledgment [2][3]. - "Emotion data-driven composition" is introduced as an innovative approach, where physiological data from composers is used to influence musical elements, creating a direct link between technology and emotional expression [2][3]. Group 3: Cultural Preservation and Education - Encouraging "cultural memory encoding" practices is essential to preserve the diversity of musical expressions, allowing AI to learn from unique cultural contexts rather than merely replicating them [3][4]. - Future music education should focus on enhancing critical thinking and creativity rather than just technical skills, incorporating interdisciplinary collaboration and algorithmic critique [3][4]. Group 4: Industry Practices and Transparency - The music industry is encouraged to establish "transparent co-creation mechanisms," such as disclosing AI's involvement in music production and the sources of training data [4][5]. - Proposals include dividing revenue among human creativity, algorithm generation, and performance, as well as conducting cultural risk assessments before releasing music [5]. Group 5: The Future of Music - The article concludes that while AI can generate appealing music, the essence of truly meaningful music lies in human experiences and cultural memories [5]. - The future of music will likely differentiate between works that possess "soul" and those that do not, emphasizing the irreplaceable role of human curiosity, empathy, and imagination in artistic expression [5].

Market Performance - The three major US stock indices closed mixed, with the Dow Jones up 1.18% at 47927.96 points, the S&P 500 up 0.21% at 6846.61 points, and the Nasdaq down 0.25% at 23468.3 points [1] - Major US tech stocks showed mixed performance, with Apple rising over 2%, Microsoft up 0.53%, Google up 0.42%, Amazon up 0.28%, while Nvidia fell nearly 3%, Tesla down over 1%, and Facebook down 0.74% [1] - Chinese concept stocks had mixed results, with Xpeng Motors up nearly 8%, Qifu Technology up nearly 3%, Yum China up nearly 3%, and Beike up over 1%, while Hesai Technology fell nearly 10%, Canadian Solar down over 8%, JinkoSolar down over 5%, Tencent Music down nearly 4%, and Alibaba down over 3% [1] European Market - All three major European stock indices closed higher, with the German DAX index up 0.54% at 24090.53 points, the French CAC40 index up 1.3% at 8160.56 points, and the UK FTSE 100 index up 1.26% at 9910.39 points [1] Commodity Prices - International precious metal futures generally rose, with COMEX gold futures up 0.27% at $4133.20 per ounce and COMEX silver futures up 1.52% at $51.08 per ounce [1] - US oil main contract rose 1.51% to $61.04 per barrel, while Brent crude oil main contract increased by 1.7% to $65.15 per barrel [1] Currency and Bond Market - The US dollar index fell 0.14% to 99.48, and the offshore RMB against the US dollar fell by 9 basis points to 7.1225 [1] - US Treasury yields collectively fell, with the 2-year yield down 3.95 basis points to 3.551%, the 3-year yield down 6.44 basis points to 3.534%, the 5-year yield down 5.74 basis points to 3.656%, the 10-year yield down 5.25 basis points to 4.062%, and the 30-year yield down 3.60 basis points to 4.668% [1] - European bond yields also fell collectively, with the UK 10-year yield down 7.4 basis points to 4.386%, the French 10-year yield down 1.5 basis points to 3.422%, the German 10-year yield down 1 basis point to 2.656%, the Italian 10-year yield down 1.1 basis points to 3.398%, and the Spanish 10-year yield down 1 basis point to 3.162% [1]

Core Argument - The article discusses the decline of American cultural influence globally, particularly among youth, highlighting a shift towards local and non-American cultural products [1][4]. Group 1: Cultural Influence Decline - American cultural influence, once a powerful tool during the Cold War, is now rapidly declining, with the image of the U.S. as a "cool culture" diminishing [1][2]. - The cultural boundary between Canada and the U.S. has blurred for decades, but recent political tensions have led Canadians to embrace local culture and resist American products [2][3]. Group 2: Changing Cultural Habits - Canadians are increasingly rejecting American culture, as evidenced by a 25% increase in sales of Canadian authors' works and a 34% rise in streaming hours on Canadian platforms [3]. - The average viewership of the Super Bowl in Canada has dropped by 15% compared to the previous season, indicating a shift in cultural consumption [3]. Group 3: Global Cultural Landscape - The appeal of American pop culture is waning, with a significant drop in the U.S. share of global box office revenue from 92% to 66% over the past 20 years [4]. - More than half of the artists earning over $10,000 on Spotify in 2023 are from non-English speaking countries, reflecting a diversification of cultural influences [4]. Group 4: Broader Cultural Dynamics - Despite the decline of American cultural dominance, global culture continues to thrive, showcasing diversity through various languages and traditions [5]. - The presence of non-American cultural products, such as Korean dramas and Spanish music, is increasingly prominent in youth culture, indicating a shift in preferences [5].

Core Insights - The Global Quanzhou Youth Elite Exchange event was successfully held in Quanzhou, bringing together youth representatives from 24 countries and regions to discuss hometown connections and development opportunities [1][3] - The establishment of the "Global Quanzhou Youth Elite Exchange Base" aims to create a platform for ongoing communication and collaboration among Quanzhou youth both domestically and abroad, contributing to the high-quality development of Quanzhou [1][3] Group 1 - The exchange base serves as a crucial bridge to attract more Quanzhou youth to focus on, return to, and contribute to their hometown [3] - Notable Quanzhou youth representatives shared their entrepreneurial experiences and cultural insights during the event, highlighting the theme of "Quanzhou tea culture going global" and encouraging youth to explore international markets [3] - Three outstanding youths were awarded the title of "Quanzhou Youth Exchange Friendship Ambassador" to inspire and lead others in cultural, economic, and innovative fields [3][4] Group 2 - The event has led to a noticeable ripple effect, with more Quanzhou youth returning to invest, engage in public welfare, and collaborate, thus becoming a driving force for Quanzhou's development [4] - The city plans to further leverage the exchange base to deepen connections with overseas youth and expand cooperation areas, supporting Quanzhou's steady progress in high-quality development [4]

Investment Rating - The industry investment rating is "Overweight," indicating that the industry is expected to outperform the overall market [12]. Core Insights - The report highlights that the gaming sector is experiencing a recovery with increased clarity on new products for 2026, which may lead to upward revisions in performance. The report emphasizes the importance of differentiated competition based on user preferences and game categories [5]. - The music streaming landscape is undergoing adjustments, particularly with the rise of "Soda Music," which has surpassed 100 million MAU. The report suggests a rational perspective on the music market dynamics, focusing on the ROI of user engagement and content monetization strategies [5]. - AI investments are shifting towards a focus on return on investment (ROI), with significant capital expenditures expected in the domestic market. The report identifies key players in the AI and cloud computing sectors, highlighting their potential for revenue growth and valuation attractiveness [5]. Summary by Sections Gaming Sector - The gaming sector is seeing a recovery with more game licenses being issued, and companies are focusing on differentiated competition based on user and genre [5]. - Key companies to watch include Tencent Holdings, Giant Network, and ST Huatuo, with a focus on their performance and product launches in 2026 [5]. Music Industry - The rise of "Soda Music" has led to adjustments in the music streaming market, with a focus on low-cost content production and user community engagement [5]. - The report emphasizes the importance of high-quality user communities for monetization and the challenges of traditional advertising models in music streaming [5]. AI and Technology - The report anticipates a shift in AI investments towards a focus on ROI, with domestic companies increasing their capital expenditures in AI and cloud computing [5]. - Key companies in the AI space include Tencent, Alibaba, and Baidu, with a focus on their cloud computing capabilities and AI applications [5].

在《福布斯》第25届年度榜单中，The Notorious B.I.G、迈尔斯·戴维斯和吉米·巴菲特与一众乐坛传奇一道，加入收入最高的已故名人阵容。本 文还将揭秘迈克尔·杰克逊身后如何狂揽35亿美元。 2001年，"猫王"埃尔维斯·普雷斯利（Elvis Presley）登顶《福布斯》首届已故名人遗产收入榜。此后25年间，这位"摇滚之王"从未缺席任何一届榜单，累 计收入超12亿美元。但真正颠覆身后收入格局的，是另一位乐坛巨匠——猫王曾经的女婿迈克尔·杰克逊。 《福布斯》估算，这位"流行乐之王"自2009年离世后，遗产收入已达到惊人的35亿美元。今年，他以1.05亿美元的收入再度蝉联榜单冠军。一位知名遗产 律师向《福布斯》表示，"论遗产收入，迈克尔·杰克逊一骑绝尘，其他人与他之间隔着一道巨大的鸿沟。" 杰克逊的最大笔收入来自变卖生前积累的资产。 除了拥有自己的音乐作品版权和母带版权外，他还在1985年以4750万美元（相当于如今的1.42亿美元）收购了ATV版权曲库。该曲库包含近4000首歌曲， 其中几乎囊括了约翰·列侬（John Lennon）和保罗·麦卡特尼（Paul McCartney）联手创作的所有热门作 ...

Core Viewpoint - Sony emphasizes its long-term commitment to the Chinese market, showcasing innovative technologies and sustainable practices at the China International Import Expo, highlighting its strategic focus on integrating and leveraging Chinese IP value [2][3]. Group 1: Innovation and Technology - Sony presented several innovative technologies at the expo, including the global debut of the "see-through V2X" system, which enhances driving safety by providing visual warnings in obstructed conditions [2]. - The company also showcased a cabin entertainment system that integrates 360-degree spatial audio and PS5 gaming experiences, demonstrated through a vehicle designed with popular anime themes [3]. Group 2: Sustainable Development - Sony's sustainable agricultural technology, which allows for high-density mixed planting without the need for tillage, fertilizers, or pesticides, has been successfully applied in various crops, achieving zero pesticide residue [4]. - The company introduced SORPLAS, a recyclable plastic material, in its exhibition design, showcasing its fire-resistant properties and potential for space design applications [4]. Group 3: Social Responsibility and Education - The "Sony Dream Classroom" project continues to promote educational equity, while the upgraded "Sony Dream" initiative supports the next generation of creators through technology and creativity [5]. - Sony actively supports youth talent development and women's growth through initiatives like "Young Power" and "Her Power," fostering a diverse and inclusive talent ecosystem [5]. Group 4: Environmental Commitment - The 20th anniversary of the "Sony China Sustainable Development Report" was marked by the introduction of braille and audio versions, highlighting the company's achievements in environmental, social, and governance dimensions [5]. - The exhibition design reflects eco-friendly and inclusive principles, utilizing high-recyclability materials and ensuring accessibility for all visitors [5].