今年以来，港股表现强势，互联网、新消费、创新药轮番上涨，成为中国资产中一道亮眼的风景线。 在富国基金港股通红利精选基金经理、海外权益部投资总监宁君看来，"好公司是港股最大的优势"。今年以 来，她管理多只基金凭借对新消费、互联网的前瞻布局脱颖而出，以富国蓝筹精选为例，2025年一季报显示， 该基金同时重仓了泡泡玛特、浪潮数字企业、网易云音乐等。截至2025年6月24日，近一年收益率超45%，在 同类基金中排名前列。 而对于估值，她相较灵活："我们都希望拿到市场性价比最高的公司，但估值没有固定标准。在有一些市场环 境下，结合基本面分析，容易下结论股票是明确低估或者高估；而在另一些情况下则需要随行就市，在有的市 场或者行业，10倍PE可能很贵，换一种情况，15倍也可能便宜，关键看性价比。" 她以某潮玩龙头举例说道："它的核心IP均为独家授权，这种独占性构筑了护城河。虽然市场曾质疑其IP生命 周期，但实际运营中，越是爆火的IP反而越可能延续——粉丝基数形成天然壁垒，这种壁垒一旦形成，成长空 间和盈利韧性会远超预期，然后快速消化估值。" 在采访中，宁君多次提及潮玩龙头这一"现象级案例"，深度研究后，宁君说道："类比国外 ...

敬请参阅最后一页特别声明 1 教育：K12 教培行业高景气维持，非学科产品合规优质供给仍然有限，头部机构暑期招生反馈良好，看好头部机 构持续扩大市场份额。本周，新东方举行 AI 英语一对一产品发布会，App 将于 7 月 2 日正式上线，积极关注。 奢侈品：宏观经济影响奢侈品销售表现，景气略有承压，部分产品创新能力优秀的品牌逆势高增。近日 Prada 集 团宣布 Prada 品牌首席执行官 Gianfranco D'Attis 将于 6 月 30 日离任，关注后续变化 咖啡茶饮：1）咖啡：高景气维持。行业仍具备β性红利，行业门店数依旧呈现净增加态势，龙头同店维持正增 长。2）茶饮，略有承压。外卖平台补贴带动下，行业供给继续增加，有望加剧行业竞争。 电商：略有承压。电商大盘增速放缓，行业竞争依旧激烈；即时零售成为新战场。 旅游消费及 OTA：京东宣布进军酒旅，但酒店供应链长且复杂，短期补贴对行业头部玩家及 OTA 高端酒店业务冲 击有限，关注 OTA 龙头低估值机会。 流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应持续驱动盈利杠杆释 放，我们建议持续关注音乐订阅平台。 虚拟资产 ...

Group 1: IPO Applications - Beijing Stone Century Technology Co., Ltd. has submitted its IPO application to the Hong Kong Stock Exchange, with J.P. Morgan and CITIC Securities as joint sponsors [1] - OmniVision Technologies, Inc. has also submitted its IPO application to the Hong Kong Stock Exchange [2] - Shenzhen Dapu Microelectronics Co., Ltd. has had its IPO application accepted by the Shenzhen Stock Exchange, marking it as the first unprofitable company to be accepted on the ChiNext board [3] Group 2: Corporate Developments - Xiaomi's founder Lei Jun stated that the company will not disclose the 24-hour sales figures for the Xiaomi YU7, despite exceeding expectations [4] - Xiaomi's public relations manager clarified that a person rumored to be a former director was actually a kitchen worker who was dismissed for absenteeism [5] - Dongfeng Nissan's executive issued an apology for inappropriate comments regarding Xiaomi YU7, acknowledging the need for careful communication [6] Group 3: Financial Reports - Alibaba Group reported a net profit of 125.976 billion yuan and revenue of 996.347 billion yuan for the fiscal year 2025, reflecting a 77% year-on-year growth [15] Group 4: Regulatory Changes - The revised Anti-Unfair Competition Law will take effect on October 15, 2025, aiming to enhance market competition order and address new issues arising from economic development [10][11] Group 5: Corporate Restructuring - Li Auto has announced a restructuring of its sales system, with President Ma Donghui now overseeing research, supply chain, and sales [12] Group 6: Technology Developments - Tencent's Hunyuan-A13B, the first open-source MoE model, has been launched on the Magic Dock community, featuring 80 billion total parameters and 13 billion active parameters [14]

最近的华语乐坛，彻底"癫"了。 那艺娜巡演现场，台下观众齐喊"退票"，台上的她却笑得花枝乱颤，伴奏响起，台下画风突变成大合唱，原来这是《爱如火》独特的应援方式； 《歌手2025》舞台上，者来女演唱《侠客令》时把划拳搬上了大舞台，她用西北口音陶醉地喊着"五魁首，六六六"，把GAI看得目瞪口呆； 单依纯演唱改编版《李白》，一句阴阳怪气、似醉非醉的"如何呢，又能怎"魔性洗脑了网友半个月，连奥运冠军全红婵都把签名改成了这句话。 那么，从那艺娜到单依纯，年轻人为何爱上这种"癫"？ 从那艺娜到单依纯，华语乐坛"癫"向何方？ 武汉的农村妇女那艺娜，她的人生可谓一部励志的荒诞剧。 最初，她在网络上冒充俄罗斯人娜娜，被平台封杀后摇身一变成为"大中国娜娜"，带着土味歌曲《爱如火》横扫短视频平台，后经过一系列运作，那艺娜 成为了Gay圈Icon和亚文化圈的抽象女王，把巡演开成了大型玩梗现场。 假唱《苹果香》时直接放童声版，观众不责怪反而笑翻；现场被观众追着喊妈妈，粉丝戏称她是"前苏联留给世界最后的遗物"，"美国有Lady Gaga，中国 有Russian nana"，各种乐子层出不穷。 人气火爆的同时，其商业价值也随之水涨船高。根 ...

四川成都连续12年举办草莓音乐节 投入音乐的怀抱感受纯粹与美好 本报记者宋豪新 舞台上，乐队与歌手轮番上场，将现场变成音乐的海洋；舞台下，乐迷李慕涵和朋友们坐在草地上，享 受音乐带来的快乐。四川成都国际非遗博览园，超5万名乐迷齐聚2025成都草莓音乐节，共赴一场欢乐 的聚会，一起"跳进"音乐节的夏天。 这是李慕涵参加草莓音乐节的第九年。"音乐节总有意外的惊喜。"李慕涵说，虽然平时工作忙，她还是 会抽出时间去现场，"有一次遇到下雨，台下的观众淋着雨也舍不得走，一起跟着大合唱。我至今仍记 得那种感觉。" 今年是草莓音乐节在成都举办的第十二个年头。扎根成都，草莓音乐节有何"密码"？ "成都是西南地区的音乐和演艺中心之一，具有浓厚的文化底蕴，而且包容性强，无论是哪种类型的音 乐，在这里都能找到适宜生长的土壤。"草莓音乐节创始方、摩登天空营销中心总经理李鹏飞说，每一 年音乐节都会加入新元素，为乐迷提供丰富多彩的新体验。"今年我们首次设置了内容体验区，与当地 文化品牌合作，推出多种以本地文化为灵感的互动装置与沉浸式体验，让本地观众有归属感、外地乐迷 有新奇感。" 乐趣"溢出"音乐节。成都市商务局相关负责人介绍，在成都，" ...

国泰海通证券股份有限公司 研究所 国泰海通晨报 2025 年 06 月 25 日 [Table_Summary] 1、煤炭价格见底回升，预计随着全国气温的逐步攀升，再考虑到库存去化，预计未来 4 个月是 关键的基本面验证时点。 2、内容领先，流量优势和资本能力突出，打造全场景声音娱乐帝国。 3、6 月 21 日新加坡海外首店开业，品牌出海进程有望加速，打开出海成长空间。 4、重视航空长逻辑。5 月受益于需求增长与航司收益管理积极改善，国内票价同比首次转正，估 算航司实现行业性盈利。预计暑运供需乐观，盈利有望再创新高。 [汤蔚翔 Table_Authors] 电话：021-38676666 登记编号：S0880511010007 [Table_ImportantInfo] 今日重点推荐 行业跟踪报告：煤炭《煤价开始反弹，基本面底部确立》 2025-06-23 黄涛（分析师）021-38676666、王楠瑀（研究助理）021-38676666 投资建议：从板块推荐角度，依然推荐红利的核心中国神华、陕西煤业、中煤能源；继续 推荐兖矿能源、晋控煤业。 上周五（2025.6.20）港口煤炭价格上涨 1 元/吨，背后反映 ...

距离北京天坛公园西门不到百米，一处小广场人声鼎沸。慕名而来的乐迷们自带小椅子，已经围成一 圈。架起三脚架，放上相机、手机……前排十几个镜头已经备好。 "嘿！今天还真不一样。"一名乐迷喊了声，大家的目光聚向广场。古树下，北京天坛琴之声民乐团的20 多名乐手身穿演出服，手持各种民族乐器，做着演出前的最后准备。 为了能抢到前排位置，65岁的乐迷王霞早早赶来。"我是忠实粉丝，听他们演奏快10年了。"王霞的眼里 满是期待。 演出在《游击队之歌》的旋律中开场。扬琴、二胡、琵琶、笛子、唢呐、大阮、中阮、笙、三弦……民 乐团乐器配置完备，辅以大提琴、电贝司，"金色旋律"伴着鼓点声声入耳，带观众重温波澜壮阔的抗战 岁月。器乐合奏《大刀进行曲》《弹起我心爱的土琵琶》《南泥湾》……现场气氛越来越热烈。 没有指挥，演奏却出奇地整齐。"哪个地方要弱进、反复还是不反复，我们互相一点头，就都明白 了。"民乐团团长贺铁庆说。手上拉着一把二胡，脚边还放着3把，演奏中的贺铁庆格外显眼。"它们分 别是京胡、中音板胡和高音板胡，我会根据乐曲来回调换。"说到二胡，贺铁庆的话匣子就关不住。 "最开始我们在天坛公园以乐会友，只有二胡、扬琴和笛子。后来，越 ...

Core Viewpoint - The integration of traditional ethnic music elements with modern pop styles is essential for making traditional music relevant and appealing to younger audiences [2][3]. Group 1: Ethnic Music and Modern Integration - The artist emphasizes the importance of blending ethnic music with contemporary styles to resonate with the younger generation and to keep traditional music alive [2]. - There is a belief that traditional music should not be confined to museums but should be actively shared and experienced in modern contexts [2]. Group 2: Creative Process and Inspiration - The creative process is deeply connected to real-life experiences, with the artist drawing inspiration from personal life and emotions [3]. - The artist values meticulous craftsmanship in songwriting, taking time to refine lyrics and melodies to create authentic and relatable music [3]. Group 3: Challenges in the Music Industry - The rapid advancement of artificial intelligence in music creation poses challenges, leading to a sense of urgency to produce high-quality, heartfelt works [4]. - There is a call for artists to focus on creating unique and irreplaceable pieces that convey human emotions, rather than succumbing to the pressure of quick and low-quality production [4].

Core Viewpoint - The ongoing copyright dispute between G.E.M. (邓紫棋) and Hummingbird Music has escalated as G.E.M. announces the re-recording of her old songs, highlighting the unresolved issues surrounding the ownership of over 100 songs since their contract termination in 2019 [2][10]. Group 1: Copyright Dispute - G.E.M. claims she has not received royalties for her old songs for over six years and asserts her right to re-record under the "statutory license" provision of copyright law [4][7]. - Hummingbird Music maintains that the copyright and songwriting rights of the original works belong to them, accusing G.E.M. of infringing on reproduction, adaptation, and online dissemination rights [5][7]. - The dispute involves 103 songs, including popular tracks like "光年之外" and "泡沫," with Hummingbird Music asserting their ownership of the original recordings [7][10]. Group 2: Industry Implications - The case underscores a broader issue within the industry regarding the unequal contractual relationships that bind new creators, exposing systemic problems related to copyright ownership and royalty settlements [10]. - The ongoing legal battle reflects the challenges faced by artists in securing their rights and fair compensation in the music industry [10].

Core Insights - The upcoming "2025 National Music Education Conference" aims to enhance national music culture literacy and adapt to the changes brought by artificial intelligence (AI) in music education [1][2] - The conference will feature discussions on how AI can be integrated into teaching and learning processes, creating new teaching models and optimizing personalized learning paths [1] Group 1: Conference Overview - The conference will be held on July 12-13 in Wuhan, organized by the China Musical Instruments Association in collaboration with several prestigious institutions [1] - Since its inception in 2018, the conference has become a leading platform for music education in China, attracting top educators and scholars from both domestic and international backgrounds [1][2] Group 2: Agenda and Activities - The main agenda includes macro trends and policy analysis, with leaders from the Ministry of Education and authoritative experts providing insights into industry opportunities and challenges [2] - Multiple sub-sessions will cover various topics such as AI in music education, psychological health in music education, and practical workshops, catering to diverse needs within the sector [2] Group 3: Target Audience and Goals - The conference targets music education experts, scholars, teachers, students, and parents, as well as professionals from music production and training institutions [2] - The goal is to integrate resources effectively and build a more comprehensive music education service system, promoting the idea that "music makes life better" [2]