Investment Rating - The report maintains a positive outlook on the industry, particularly on consumer sectors supported by fundamentals, indicating an "Overweight" rating for the internet media sector [3][4]. Core Insights - The report emphasizes the importance of focusing on core targets with fundamental support amidst market fluctuations in new consumption trends. Key companies highlighted include Pop Mart, NetEase Cloud Music, and various gaming companies [4]. - The gaming sector is approaching a price-to-earnings ratio of 20x for 2025, with market sentiment divided on sustainability. The report suggests that the rebound in the gaming sector is based on policy easing and better-than-expected performance [4]. - AI applications are noted for their rapid commercialization, with companies like Meitu and Kuaishou showing promising results in this area [4]. - The report also discusses the resilience of advertising companies like Focus Media, which is expected to maintain high dividend ratios despite market concerns [4]. Summary by Sections Consumer Sector - Pop Mart's recent product restocking has led to a temporary decline in second-hand market prices but is expected to enhance brand image and core customer loyalty. The company is expanding its product categories with the opening of its first global store in Shanghai [4]. - NetEase Cloud Music continues to see growth in paid users, particularly among the younger demographic, indicating a strong market position and pricing power [4]. Gaming Sector - Companies like Giant Network and ST Huatuo are highlighted for their innovative game releases and revenue growth, with specific titles expected to drive future performance [4]. - The report notes that the gaming sector's growth is supported by new product launches and improved profit margins [4]. AI Applications - The report identifies significant growth in AI applications, particularly in programming and creative tools, with Cursor's annual recurring revenue exceeding $500 million [4]. - Kuaishou and Meitu are recognized for their successful monetization strategies in AI, with Kuaishou's monthly revenue surpassing 100 million RMB [4]. Advertising Sector - Focus Media is expected to benefit from its high dividend yield and plans for strategic acquisitions to improve market positioning [4].

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 article discusses the challenges faced by artists in the music industry regarding copyright ownership and the importance of re-evaluating the copyright value system to ensure creators retain their rights and benefits from their works [3][9][37]. Group 1: Artist Experiences - G.E.M. (邓紫棋) signed a contract at 15 that transferred her music copyright and recording rights to her former company, resulting in her not receiving royalties for six years due to ongoing legal disputes [5][6]. - During her legal battle, G.E.M. held a world tour but did not benefit from the streaming revenue of her old songs, as the rights remained with her former company [7][8]. - G.E.M. released a re-recorded album to regain control over her music rights, urging fans to support this new version to diminish the value of the original recordings [11][12]. Group 2: Other Artists' Struggles - Wu Qingfeng (吴青峰) faced a similar situation, where his early contract led to a lengthy legal battle over his music rights, ultimately resulting in him urging fans not to listen to the original versions of his songs [16][17]. - Taylor Swift's experience highlights the issue of losing control over her early albums due to a contract with Big Machine Records, which sold her master recordings to a controversial figure [18][20]. - Swift's strategy of re-recording her albums has proven successful, with her re-recorded album achieving significant sales, demonstrating the potential for artists to reclaim their rights [20][22]. Group 3: Industry Insights - The article emphasizes that many artists, especially in China, often unknowingly relinquish their music rights due to a lack of understanding of contracts, particularly when signed at a young age [27][32]. - The current music industry landscape, influenced by social media and streaming, necessitates a re-evaluation of how artists negotiate their rights, as they can now promote their music independently [37][38]. - The importance of artists understanding their rights and the implications of contract terms is crucial for ensuring they do not lose long-term revenue from their works [37][40].

Core Viewpoint - The article discusses a copyright dispute between G.E.M. (邓紫棋) and her former management company, Hummingbird Music, regarding the ownership of music works created during their contract period [1][2]. Group 1: Copyright Ownership - Hummingbird Music claims that all songs, except for "Sky Has No Limits," "After Meeting," and "Like You," were created during the contract period and that the original recordings were also released during this time [1]. - The company has requested that all music platforms immediately remove the remastered songs and has threatened legal action if G.E.M.'s team does not delete the infringing content within 48 hours [2]. Group 2: G.E.M.'s Response - G.E.M. has publicly stated that she will not remove the songs in question, indicating her intention to continue distributing her music [4]. - On June 12, G.E.M. announced the online release of her re-recorded album "I AM GLORIA," which includes songs that are part of the copyright dispute, such as "Bubble" and "Light Years Away" [6]. Group 3: Company Background - Hummingbird Music's associated company, Guangzhou Hummingbird Music Media Co., Ltd., was established in February 2013 with a registered capital of 500,000 RMB, focusing on various entertainment and copyright services [7]. - The company has registered multiple trademarks related to G.E.M., although many of these trademarks are currently invalid or under review [7].

Core Viewpoint - The article discusses the challenges faced by artists in the music industry regarding copyright ownership, highlighting the struggles of several musicians, including G.E.M., Wu Qingfeng, and Taylor Swift, who have fought to regain control over their music rights after signing contracts that relinquished their ownership to record labels [3][4][5]. Group 1: Artist Experiences - G.E.M. signed a contract at age 15 that transferred her music copyright and recording rights to her former label, resulting in her not receiving royalties for six years due to ongoing legal disputes [4][6]. - Wu Qingfeng faced a similar situation, where he lost the rights to his music after signing a contract with a music company, leading to a lengthy legal battle to reclaim his rights [8][9]. - Taylor Swift's experience involved her original label selling her first six albums' master recordings to a controversial figure, prompting her to re-record her albums to regain control and encourage fans to support her new versions [12][13]. Group 2: Industry Practices - The article highlights the problematic nature of contracts in the music industry, particularly for young artists who may not fully understand the implications of relinquishing their rights [18][20]. - It emphasizes the shift in the music industry's revenue model, where artists now have more avenues for exposure and income, making it crucial for them to negotiate better terms regarding their rights [20][21]. - The article suggests that the current copyright structure often disadvantages artists, as many are unaware of the long-term consequences of their contracts, leading to a need for greater awareness and negotiation power among musicians [19][21].

Core Viewpoint - The article explores the contrasting paths of two music artists, Cai Xukun and Shan Yichun, highlighting the complexities of the music industry where resource allocation, development paths, market expectations, and personal expression intertwine [1][19]. Group 1: Cai Xukun's Return - Cai Xukun's new single "Deadman" marks a significant comeback, showcasing a high level of industrial completion with precise atmosphere creation and rich arrangement, positioning him at the forefront of Chinese pop music [2][4]. - The song has garnered substantial attention, with 2.96 million views on Bilibili's music festival video and 2.3 million views on its music video, indicating a shift in public perception beyond just his fanbase [2][4]. - The success of "Deadman" is attributed to the top-tier resources available to Cai Xukun, including a high investment in production and collaboration with elite teams, which enhances the persuasive power of the work [4][16]. Group 2: Shan Yichun's Controversial Performance - Shan Yichun's performance of "Li Bai" on "Singer 2025" sparked controversy, with mixed reactions regarding her bold reinterpretation of the original song, reflecting the challenges artists face in balancing personal expression with audience expectations [10][12]. - Her recent marketing efforts have focused on enhancing her "human" image, which has resonated with younger audiences, yet her attempt to break away from formulaic performances has led to polarized opinions [12][13]. - The criticism of her performance underscores the difficulty for artists to achieve growth and breakthrough while maintaining a narrative that aligns with their established persona [13][14]. Group 3: The Broader Implications for Artists - Both Cai Xukun and Shan Yichun's experiences illustrate the necessity for artists to produce high-quality works that also convey their personal narratives, as this dual requirement is essential for establishing their value in the music industry [14][19]. - The article emphasizes that in the current digital age, merely having good music is insufficient; artists must also craft compelling stories to stand out in a saturated market [19].

Core Viewpoint - The article reflects on the life and legacy of Chen Peter, a significant figure in the Chinese music scene, highlighting his contributions to pop music and his deep-rooted patriotism [30]. Group 1: Early Life and Musical Journey - Chen Peter was born on August 12, 1943, in Chengdu, and his family moved to Taiwan in 1949, leaving behind his younger brother [8]. - Despite his parents' wishes for him to become an engineer, Chen Peter pursued music, influenced by Western artists like The Beatles and Elvis Presley [10]. - He adopted the stage name "Chen Peter" while performing in nightclubs, where he gained initial recognition [11]. Group 2: Rise to Fame - Chen Peter released his first album "Rose Anna" in April 1971, which included popular songs like "Pearl Mountain's Love" [13]. - He innovatively blended rock and R&B into Chinese pop music, creating a unique style that earned him the title "Father of Taiwanese Pop Music" [15]. - By the 1980s, he was a household name, with multiple hit songs and a reputation for making other artists successful through his songwriting [16][18]. Group 3: Challenges and Return to Roots - Despite his success, Chen Peter faced personal struggles, including severe depression, leading to a hiatus from the music scene [20]. - In 1988, he returned to mainland China, reuniting with his brother after nearly 40 years and holding concerts that celebrated his heritage [22]. - His later works incorporated traditional Chinese poetry, showcasing his commitment to cultural heritage [23]. Group 4: Legacy and Final Years - Chen Peter continued to create music into his later years, releasing songs that resonated with his roots and the Chinese identity [29]. - He participated in significant cultural events, such as singing "I and My Country" during a flash mob in Chengdu, which highlighted his enduring connection to his homeland [27]. - His passing on June 14, 2025, marked the end of an era, but his influence on Chinese music and culture remains profound [30][32].

Investment Rating - The report maintains a positive outlook on the gaming sector, particularly recommending Giant Network's "Supernatural Action Group" due to its strong performance and growth potential [6]. Core Insights - The gaming sector is expected to benefit from clear policy support and its nature as a resilient consumer segment, with a price-to-earnings (PE) ratio below 20x, indicating attractive odds for investment [6]. - Giant Network's "Supernatural Action Group" has shown significant growth in daily active users (DAU) since the beginning of the year, demonstrating its long-term operational capabilities and potential for revenue growth [6]. - Century Huatong's revenue increased by 16% in March, maintaining its position as the second-largest mobile game publisher in China, with notable titles achieving record global revenues [6]. - The report highlights the potential of various sectors including trendy consumer products, music, concerts, and gaming, with specific mentions of companies like Alibaba Pictures and Pop Mart [6]. Summary by Sections Gaming Sector - Continued recommendation for the gaming sector, with a focus on Giant Network's "Supernatural Action Group" and Century Huatong's strong revenue growth [6]. - Notable performance of other companies such as Netease and various emerging titles in the mobile gaming market [6]. Entertainment and Media - Positive outlook on consumer spending in trendy products and music, with companies like NetEase Music and Tencent Music showing growth in paid user segments [6]. - Alibaba Pictures rebranding to Damai Entertainment and its strategic moves in the concert and IP derivative markets [6]. AI Applications - Attention on undervalued AI applications with rapid commercialization progress, highlighting companies like Meitu and Kuaishou [6]. - Kuaishou's AI video monetization exceeding 100 million RMB monthly, indicating strong market performance [6]. Advertising Sector - Concerns regarding the recent adjustments in Focus Media due to market fears of domestic demand weakness, but the company maintains advantages in elevator advertising and high dividend ratios [6].

作者/富十几 编辑/章鱼 娱乐圈抽象之神，又发力了。 上周五，单依纯一句"如何呢？又能怎？"，基本登顶2025上半年最出圈的互联网热梗。 昨晚一首《Dear Friend》又把#单依纯秒了# 送上热搜。 舆论纷纷扰扰，单姐在自己的舒适区进出自如。半场《歌手》归来，关于单依纯的争议，也愈发突出。 有人说她彻底疯了； 也有人说在她身上看到了天才的具象化，今天的她就是天后雏形。 互联网越是热议，单依纯的简历越是豪华。 从前，她只是两次登上春晚、在上海梅奔连开三场演唱会，出道半生，归来才23岁的年轻歌手。但如今，她的身份再次刷新: 当代互联网的「精神图腾」。 01 单依纯，能有多「疯」？ 单依纯的身上充满了标签和争议。 只要登台献唱，关于她究竟是"00后自己的邓丽君/王菲/那英"，还是活在热搜上的"预制天后"，总能让全网吵个天翻地覆。 不过吵归吵，争归争，虽然单依纯是不是天后雏形的问题还没有统一答案，但广大年轻网友还是在单依纯身上达成了一个基本共识： "我闺蜜当明星就她这死出"。 《歌手》播了四期，单依纯手里的鬼畜扇子不断更新迭代，一到候场就焊在了脸上。 自打她勇闯娱乐圈，留下不少在各大综艺上随地大小睡的珍贵影像资料 ...

Core Viewpoint - G.E.M. (邓紫棋) released a re-recorded album titled "I AM GLORIA," which includes her representative works, amidst a long-standing copyright dispute with her former label, Hummingbird Music [1][5][6]. Group 1: Background of the Re-recorded Album - The re-recorded album is a response to a copyright statement issued by Hummingbird Music, which claimed ownership of over 100 songs released during G.E.M.'s contract with them [6][7]. - G.E.M. revealed that her first contract, signed at age 15, was a buyout agreement, resulting in her losing ownership of her works despite retaining the right to be credited as the author [7][8]. Group 2: Legal Framework and Challenges - G.E.M.'s legal team found a basis for re-recording under Article 42 of China's Copyright Law, allowing recording producers to use previously recorded music without the copyright owner's permission, provided they pay reasonable compensation [8][10]. - The re-recorded album allows G.E.M. to regain control over the distribution of her works' income, which had previously been a source of frustration due to the lack of royalties from her past works [10][12]. Group 3: Industry Context and Implications - The struggle for control over recording rights is a significant challenge in the music industry, where record labels typically retain ownership of the master recordings, making it difficult for artists to reclaim their rights [12][13]. - The situation reflects a broader trend in the music industry where artists are increasingly aware of their rights and are taking steps to regain control over their works, as seen with other artists like Taylor Swift [15][16]. Group 4: Artist Empowerment and Industry Evolution - G.E.M.'s actions symbolize a growing awareness among artists regarding their rights, emphasizing that music is not just a product but an extension of their identity and creative sovereignty [16][17]. - The industry is witnessing a shift where artists are challenging traditional copyright systems through re-recording, repurchasing, and independent releases, aiming to highlight the importance of creative ownership [16][17].