Core Viewpoint - The ongoing copyright dispute between singer G.E.M. (邓紫棋) and her former company, Hummingbird Music, highlights the conflict between creator rights and capital control in the music industry, reflecting a broader trend of similar disputes globally [2][10]. Group 1: Background of the Dispute - G.E.M. claims that after years of signing with Hummingbird Music, she discovered that the copyright of her songs, including popular tracks like "Bubble" and "Together No Matter How Far," does not belong to her [1][4]. - The copyright dispute has lasted over six years, with G.E.M. recently releasing a re-recorded album titled "I AM GLORIA," which includes 12 of her old songs [3][5]. - Hummingbird Music asserts that all music works created during the contract period belong to them, demanding the removal of G.E.M.'s re-recorded album from music platforms [2][9]. Group 2: Legal Framework and Implications - G.E.M. has identified a potential solution to her copyright issues through Article 42 of China's Copyright Law, which allows for "statutory licensing" of music works, enabling her to legally re-record her songs [5][8]. - The statutory licensing provision aims to prevent copyright monopolies and encourages diverse dissemination of works while ensuring that copyright holders receive compensation [6][12]. - The dispute underscores the importance of clear contractual terms regarding copyright ownership, especially in the digital age where creators are more aware of their rights [11][12]. Group 3: Industry Trends and Comparisons - The copyright battle faced by G.E.M. is not an isolated incident; similar cases have emerged globally, such as Taylor Swift's $360 million buyback of her album rights and the issues faced by the band Sodagreen [2][10]. - These disputes reflect a fundamental conflict between traditional "lifetime buyout" copyright models and the emerging awareness of creator sovereignty in the digital era [10][11]. - The complexities of music copyright, which involve various rights types including lyrics, composition, and recording, necessitate that artists pay close attention to contract details to protect their interests [11][12].

Core Viewpoint - The article discusses the transformation of the consumer landscape in China, highlighting the shift from traditional brands to domestic brands driven by the new generation of consumers, particularly the Z generation, who prioritize practicality and value over brand prestige [3][4]. Group 1: Key Trends in New Consumption - The new consumption trend is characterized by a collective disillusionment with foreign brands, as consumers increasingly favor domestic products that offer better value for money [6][7]. - The rise of domestic brands is not driven by nationalism but by a rationalist approach to consumption, leading to a K-shaped differentiation among domestic brands, where innovative brands thrive while traditional ones decline [12][13]. - The automotive industry is witnessing a significant shift towards domestic electric vehicles, with domestic brands capturing over 60% of the market share by 2024, driven by advancements in technology and consumer preferences [9][10]. Group 2: Changes in Consumer Behavior - New consumers are increasingly focused on self-satisfaction, leading to a redefinition of social interactions and consumption patterns, where personal happiness takes precedence over societal expectations [28][32]. - The tourism industry is experiencing a boom, with record-high participation rates, reflecting the desire for personal experiences despite economic constraints [30][32]. - The rise of the "single economy" and "宅经济" (home economy) is reshaping consumer demands, with a preference for personalized, convenient products and services [34][35]. Group 3: Channel Dynamics - Traditional retail channels are rapidly declining as new consumption models emerge, exemplified by the success of snack wholesale stores that offer lower prices and a wider variety of products [20][23]. - The shift towards instant retail is gaining momentum, with projections indicating that the market will exceed 1 trillion yuan by 2025, highlighting a significant change in consumer purchasing behavior [36][37]. - The article emphasizes the need for brands to adapt to the changing landscape, as traditional strategies become less effective in the face of evolving consumer preferences [27].

据悉，此次QQ音乐鸿蒙系统的版本上新是实时声伴分离技术首次落地移动设备端。大会现场，QQ音乐 音频算法研究员林慧镔详细介绍了实时声伴分离背后的技术路径，彰显了QQ音乐与鸿蒙系统合作对释 放硬件潜能、孵化颠覆性创新的赋能价值。据介绍，QQ音乐借助CANN Kit的业界领先端侧NPU自定义 算子编程能力，开发高效算子，快速打通性能瓶颈，助推实时声伴分离技术在手机端得以实现。这一技 术升级可以覆盖QQ音乐站内海量曲目，这意味着，无论用户想唱哪首歌，只需在QQ音乐中轻轻一 点"伴唱模式"按钮，专业级的伴奏即刻生成，再搭配耳返监听功能，仿佛将KTV"搬进"了手机，随时随 地享受沉浸式K歌体验。 除了业界领先的"声伴分离"功能外，QQ音乐针对鸿蒙系统及折叠屏设备进行了深度优化。鸿蒙端技术 负责人周代亮详细介绍了内外屏协同的听歌体验创新：在外屏场景下，QQ音乐通过精简操作、快捷控 件等设计，让用户无需展开手机即可快速切歌与播控，成为内屏沉浸式体验的高效延伸。同时依据折叠 状态自动适配屏幕，精准匹配不同使用场景下的需求。这一适配实践不仅提升了鸿蒙生态的体验连贯 性，更重新定义了折叠屏设备的音乐交互范式。 2025年6月20日 ...

纪录片《隐者山河》展现了著名作曲家陈其钢的创作生涯与艺术追求。 展现中国著名作曲家陈其钢创作生涯的纪录片《隐者山河》近日在上海国际电影节亮相。上周，导演郭旭锋、制 片人元晓帅在上海朵云轩杜比全景声影城与观众见面。 华人指挥大师吕绍嘉与陈其钢30年前在留法时期就认识，多次指挥陈其钢的作品上演。片中配乐之一、陈其钢的 钢琴协奏曲《二黄》，用的就是吕绍嘉与台湾爱乐乐团和钢琴家严俊杰合作的录音。 "陈其钢是一位非常有理想性的艺术家，他的很多观点正是当今世界所缺少的。这部纪录片也很有理想性，不是以 商业为取向去拍摄，从现场看有很大的共鸣。"吕绍嘉在现场告诉第一财经。 在完成北京奥运会开幕式音乐及主题曲《我和你》的创作后，陈其钢的音乐影响力得到广泛认可，成为当今最具 世界影响力的中国作曲家之一。 影片中，陈其钢的自述部分妙语连珠，金句频出。不仅谈及音乐怎么写、自己走过怎样的道路，更多的则是讲述 艺术工作者该怎样直面创作人生、如何面对理想与现实之间的冲突。郭旭锋在映后谈中说道，当今社会的信息噪 音比较大，把有世界影响力的中国人的事迹拍成纪录片，是他的愿望。 郭旭锋认为，陈其钢的音乐能带来"一种烟雾般的记忆"，因此在制作纪录 ...

图片来源： Deezer Deezer 宣布将于周五开始对包含 AI 生成曲目的专辑进行标注，作为其打击流媒体欺诈行为的一部 分。 该公司报告称，每天上传的音乐中约有 18% （超过 2 万首曲目）现在完全由 AI 生成。尽管这些曲 目大多没有走红，但 Deezer 表示其中约 70% 的播放量是虚假的，这些曲目被设计用来欺诈性获取版 税。 为应对这一问题， Deezer 平台上的 AI 生成曲目现已被明确标记。这些曲目也不会出现在编辑精选歌 单或算法推荐中，欺诈性播放量正被从版税支付中过滤剔除。 该公司表示，新标签将成为帮助听众区分人类创作音乐与 AI 内容的重大变革。 Deezer 指出，目前纯 AI 生成的歌曲仅占其平台总流量的 0.5% ，但这一趋势正在快速增长。 此举正值环球音乐集团、华纳音乐集团和索尼音乐娱乐，据传正与 AI 初创公司 Udio 和 Suno 洽谈音 乐授权合作 。 这些唱片公司此前以侵犯版权为由起诉了这两家初创企业，而任何达成的协议都将有 助于解决双方之间的法律纠纷 ， 彭博社本月早些时候报道称。 参考资料 https://techcrunch.com/2025/06/20/de ...

Core Insights - The article highlights the emergence of niche creators on Douyin, breaking the dominance of traditional top accounts, and reflects a shift in user preferences towards more targeted content [1][2]. Music Sector - @田一名爱唱歌 has become the top creator in the music category for May, gaining significant attention through collaborations and unique content that resonates with younger audiences [3][10]. - The collaboration with甲亢哥 resulted in over 295 million likes on Douyin and 1 million views on Bilibili, showcasing the viral potential of cross-genre partnerships [3][10]. - The success of @田一名爱唱歌 indicates a trend where "non-professional" personas are more relatable, and cross-industry collaborations are key to expanding reach [10]. Agriculture Sector - @桃溪兄弟 ranked second in the agriculture category, demonstrating the enduring appeal of rural themes and lifestyle content [11][20]. - Their content, which focuses on rural life and local cuisine, has garnered over a million likes on just three videos in May, indicating strong audience engagement [17][20]. - The creators' approach aligns with national policies aimed at rural revitalization, suggesting potential for commercial partnerships in local agriculture and tourism [20][22]. Food Sector - @小小小海星, the runner-up in the food category, emphasizes emotional connections through her content, which includes cooking for friends and community service [23][30]. - With 9.446 million followers, her videos focus on quality and creativity, reflecting a growing consumer demand for healthy and fresh food options [28][30]. - The creator's involvement in community initiatives positions her as a cultural ambassador, enhancing her influence beyond individual content [30][32]. Overall Industry Trends - The May rankings reveal a transformation in Douyin's content ecosystem, with user demand shifting from broad entertainment to precise, niche interests [31][32]. - Enhanced algorithmic support for niche content has improved visibility for quality creators, fostering a more engaged audience [31]. - Creators are increasingly adopting a value-driven approach, focusing on cultural and social impact alongside commercial success [31][32].

港股悦己消费掘金 20250620 摘要 泡泡玛特海外市场表现强劲，尤其在北美，通过小步快跑的渠道策略、 品牌认知提升和高溢价商品策略，实现了头部 IP 收入的显著增长，并计 划加速全球门店扩张，未来仍有较大增长空间。 网易云音乐以 00 后和 90 后为主要付费用户，订阅付费模式具有增长潜 力，对标 Spotify，付费率仍有提升空间。公司专注于音乐本身和社区 建设，通过提升付费墙比例和客单价，以及加强自制内容，有望提高利 润率和估值。 布鲁可凭借创意积木产品在 6-16 岁用户群中取得成功，通过拼搭角色 类玩具的知识产权壁垒和差异化定位，在细分市场获得较高份额。公司 通过爆款 IP 和经销商渠道下沉，实现稳固增长，并积极储备女性向和高 年龄段 IP。 大麦娱乐受益于演唱会市场的强劲增长，占据市场主导地位。公司正扩 展其他线下演出品类和票务国际化业务，并借鉴 Live Nation 模式，投 资内容厂牌和发展 IP 衍生品，以实现多元化增长。 Q&A 港股月季消费中的泛娱乐板块有哪些投资机会？ 港股月季消费中的泛娱乐板块投资机会主要集中在潮流玩具、音乐演唱会、美 拍以及游戏等领域。首先，潮流玩具行业的重点公 ...

业 及 产 业 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 袁伟嘉 A0230519080013 yuanwj@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 赵航 A0230522100002 zhaohang@swsresearch.com 研究支持 黄俊儒 A0230123070011 huangjr@swsresearch.com 张淇元 A0230124080001 zhangqy@swsresearch.com 联系人 林起贤 (8621)23297818× linqx@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 行 传媒 - ⚫ 新消费因解禁密集、积累较大涨幅后产生分歧，我们认为聚焦基本面有支撑的核心标的： （1）泡泡玛特近期 Labubu3.0 搪胶毛绒补货虽导致二手市场价格有所回落 ...

Investment Rating - The industry investment rating is "Positive" (maintained) [2] Core Views - The gaming industry is entering a recovery phase, with a 9.9% year-on-year growth in the Chinese gaming market as of May 2025, driven by new game releases and upcoming summer titles [5] - AI applications are accelerating in various sectors, including content creation, entertainment, education, and e-commerce, with significant advancements in AI models and tools [4][5] - The report emphasizes the importance of focusing on mid-year performance and new content releases to capitalize on emerging consumer trends in IP [5] Summary by Sections Industry Data Overview - "Delta Action" ranked first in the iOS free chart, while "Honor of Kings" topped the iOS revenue chart as of June 21, 2025 [12][16] - The film "Sauce Garden Case" achieved a weekly box office of 1.37 billion [28] AI Evolution Driving Industry Change - Multiple large AI models have been released or upgraded, enhancing capabilities in various applications [35] - The introduction of the MiniMax-M1 model signifies a shift towards efficient, low-cost AI solutions with strong reasoning capabilities [38] Gaming Sector Insights - The mobile gaming market saw a 12.0% year-on-year growth, with self-developed games generating overseas revenue increasing by 6.9% [5] - New game launches and summer releases are expected to boost the gaming sector's performance in Q2 and Q3 [5] Recommendations for Investment - Key recommendations include Tencent Holdings and Kuaishou-W for large models/agents, with Alibaba-W and SenseTime-W as beneficiaries [4] - The report suggests focusing on mid-year earnings and new content to drive investment in IP new consumption sectors, including gaming, short dramas, films, and trendy toys [5]

Core Viewpoint - The establishment of the first musical theater academy in China at Zhejiang Conservatory of Music aims to create a comprehensive talent cultivation and knowledge system for musical theater, addressing industry challenges and enhancing the development of original Chinese musicals [1][2]. Group 1: Academy and Center Establishment - The Zhejiang Musical Theater Academy will focus on building a unique "industry-university-research-creation" model for musical theater education and talent development [1]. - The newly established Zhejiang Musical Theater Center will adopt a five-in-one development model encompassing teaching, creation, performance, research, and industry [1][2]. Group 2: Industry Trends and Challenges - The Chinese musical theater market has shown strong growth, with original Chinese musicals surpassing imported versions in quantity, becoming a significant part of cultural tourism consumption [1]. - The industry faces challenges such as high production costs, box office pressures, and a shortage of versatile talent, particularly in creating a comprehensive ecosystem that integrates teaching, original incubation, and market transformation [1][2]. Group 3: Educational Approach and Curriculum - The academy will implement an innovative teaching system focused on "modern expression of Eastern aesthetics," training talent across the entire production, performance, and dissemination chain [2]. - The academy plans to adopt a "project-based teaching" model, allowing students to participate in all aspects of original productions, from creation to promotion [2]. Group 4: Future Plans and Collaborations - The center plans to host an annual international musical theater festival and forum, collaborating with top creative forces to establish a "Chinese Story Original Laboratory" to incubate 2-3 original musicals rooted in Chinese culture each year [3]. - The center will develop strategic collaborations with leading domestic theaters and international production institutions, creating a performance chain that includes campus productions, domestic tours, and international exchanges [3].