音乐产业的复杂图景中，资源分配、发展路径、市场期待、个人表达相互交织。蔡徐坤与单依纯，一个从风暴中心用重金砸开一条音乐通路， 一个在天赋基础上借综艺舞台展现棱角，他们的不同轨迹，恰是当下音乐人寻求身份认同与艺术突破的两面镜子。 沉寂已久的蔡徐坤带着新单曲《Deadman》归来，评论区不再是一眼看不到头的粉丝认可，取而代之的是许多人"刮目相看"的感叹。半个月后，实力唱将 单依纯在《歌手2025》舞台翻唱《李白》却引发争议——是惊艳突破还是用力过猛？两种截然不同的声音在热搜上碰撞。 而更深入分析这首歌能够走出粉丝圈层引起音乐市场的关注，核心还是"强反差"的叙事在支撑。 毫无疑问，在《Deadman》出现之前，路人眼中的蔡徐坤更多是梗图角色，是被资本捧出来的流量，是粉丝口中专业实力突出的偶像，不混圈的人几乎不 会主动去听偶像推出的新歌，因而也无从感知所谓的音乐实力与音乐梦想。 1 曾经的蔡徐坤，是网络热梗风暴的中心，"唱跳rap篮球"的标签曾如影随形，然而《Deadman》的推出，似乎成为了一次无声却有力的正名。这首作品最突 出的特质是高度的工业化完成度：氛围营造精准，编曲层次丰富，蔡徐坤演唱水准达标，整体制作毫无 ...

先说大环境，中东那火药桶又炸了。特朗普在社交媒体上直接喊话伊朗领导人，要求他们"无条件投降"，还威胁说下一波打击会"更残酷"。这可不是开玩 笑，市场都在猜测美国可能要下场参战了。现在以色列和伊朗互相扔导弹，连胡塞武装都掺和进来，整个中东局势跟高压锅似的，随时可能爆炸。这种 紧张情绪直接把美股给压垮了，三大指数全线下跌，纳指跌了快1%，标普和道指也没好到哪儿去。 家人们，我是帮主郑重，专注中长线投资20年。昨晚美股又坐了过山车，咱们来好好唠唠。 明天美联储就要公布政策决议了，市场普遍预期会维持利率不变，但大家都在等鲍威尔的表态。如果他释放鹰派信号，说通胀还没控制住，那美债收益 率可能会反弹，黄金和股市可能还要承压。反过来，如果他说通胀有进展，降息预期可能会升温，市场情绪可能会好转。 总的来说，现在市场就是被地缘政治和美联储政策牵着走。中东局势要是继续恶化，油价和黄金还会涨，但股市可能还得跌。中长线投资者可以关注那 些受地缘影响小、现金流稳定的公司，比如消费必需品和公用事业。科技股虽然跌了，但长期来看，AI和新能源车还是大趋势，等市场情绪稳定了可以 慢慢布局。 最后提醒一句，投资别上头，控制好仓位，咱们明天接着聊 ...

Core Insights - The celebrity entrepreneurship boom is cooling down, but top female stars in the film, television, and music industries continue to generate significant income despite economic downturns [2] - The threshold for inclusion in Forbes' list of America's richest self-made women has increased, with the minimum net worth rising from $300 million last year to $350 million this year [3] Group 1: Wealth Trends - Sixteen celebrities made it to the Forbes list, with a total wealth of $14.1 billion, up from $13.3 billion last year, largely due to Selena Gomez's new entry with a net worth of approximately $700 million [3] - The beauty market is experiencing a downturn, impacting the wealth of several female celebrities, including Rihanna, whose net worth decreased by nearly 30% due to poor sales performance of her beauty brand [5][10] Group 2: Business Ventures - Selena Gomez launched her beauty brand Rare Beauty in September 2020, which reported revenues of $367 million by 2023 [4] - Rihanna's lingerie brand Savage x Fenty was valued at $1 billion in early 2021, but has faced challenges, including the departure of its CEO [4][10] - Reese Witherspoon's production company Hello Sunshine was sold for an estimated $900 million, but its current valuation is projected to be less than one-third of that amount by 2025 [5][26] Group 3: Individual Celebrity Performance - Taylor Swift's wealth increased by $300 million to $1.6 billion, driven by her record-breaking Eras Tour, which grossed over $2 billion [6][13] - Kim Kardashian's net worth remains stable at $1.7 billion, with her shapewear brand Skims launching a collaboration with Nike [10] - Judy Sheindlin's wealth grew by 4% to $580 million, thanks to her ongoing successful television program [20]

以下文章来源于首席侧写师 ，作者阳明山人 首席侧写师 . 观人，鉴历史，知天地。 6月17日，资深音乐人陈彼得之子发布讣告，其父于2025年6月14日上午9时46分在成都安详辞世，享年82岁。 一把吉他，一世漂泊，一生爱国心。 然而1949年的人生转折让这样的生活戛然而止。那一年，5岁的陈彼得随父母登上飞往台湾的航班，一家人却不得不将年仅3岁的弟弟留在成都外婆身边。飞机起 飞的那一刻，谁也不知道，兄弟二人的下一次见面竟是在近四十年之后。 "曲未终，人不散。"讣告中的这句话，仿佛是他留给世界的最后告白。 在此，让我们简短回顾一下这位"流行音乐教父"的一生。 从成都到台北 1943年8月12日，成都的暑气正浓。陈晓因——后来以艺名"陈彼得"闻名于世——此诞生。他的父亲是空军飞行员，家境不错，这使他在那个动乱年代依然能过上 安定的生活。 在台湾眷村的岁月里，母亲口中的四川话成了他与故乡唯一的联系。母亲讲述的成都小吃、梧桐树荫，在他心中种下了乡愁的种子。乡音成了他最初的语言记 忆，这份记忆将在半个世纪后重新苏醒，成为届时他音乐创作的灵感来源。 眷村旧照 在台湾的日子里，陈彼得一天天长大。父母都期望他成为工程师，陈彼得 ...

Core Viewpoint - Tencent Music Entertainment Group (TME) announced the acquisition of Ximalaya for approximately 20.5 billion RMB (1.26 billion USD), which includes 12.6 billion RMB in cash and up to 5.1986% of TME's shares [1][2]. Group 1: Acquisition Details - The acquisition was communicated internally at Ximalaya, where founder Yu Jianjun expressed emotional distress despite the financial gain, indicating a sense of loss for the company's future [2][4]. - Yu Jianjun holds 10.61% of Ximalaya through Xima Holdings Limited, translating to over 2 billion RMB in cash-out from the acquisition [2][3]. Group 2: Financial Performance - Ximalaya has achieved profitability for nine consecutive months as of 2023, with an average monthly active user base of 303 million, capturing 25% of the online audio revenue market [3][10]. - Revenue figures from 2021 to 2023 show modest growth: 5.857 billion RMB in 2021, 6.061 billion RMB in 2022, and 6.463 billion RMB in 2023 [7][9]. - Adjusted net profits improved from -718 million RMB in 2021 to 2.24 billion RMB in 2023, largely due to cost-cutting measures [8]. Group 3: Revenue Challenges - Ximalaya's revenue model includes subscriptions, advertising, and live streaming, but faces challenges in monetization, with a low paid user rate of 5.3% compared to competitors [10][12]. - The company has seen a decline in membership subscription growth from 18.9% in 2021 to 8.4% in 2023, with paid content revenue experiencing negative growth for two consecutive years [11]. Group 4: Market Context - The broader content platform industry faces similar monetization challenges, with competitors like iQIYI and Zhihu also struggling to achieve consistent profitability [12][14]. - Ximalaya's valuation has significantly decreased from 4.3 billion USD in 2021 to approximately 2.85 billion USD at the time of the acquisition [15][16]. Group 5: Strategic Implications - The acquisition is viewed as a defensive move for Tencent Music, which is experiencing a decline in monthly active users [18][19]. - The integration of Ximalaya's long audio content with Tencent's music services presents both opportunities and challenges, particularly in aligning different content production models [22][23]. - The acquisition may provide Ximalaya with a capital exit strategy while Tencent Music seeks to enhance its market presence in the audio sector [26].

Core Theme - The Shanghai Summer Music Festival (MISA) is themed "Written for the Future," focusing on the harmonious coexistence of humans and nature, as well as society [1] Event Overview - The festival will take place from July 1 to July 13, featuring 29 concerts, with over half of the performances sold out on the opening day [1] - MISA has designed a series of extension activities around the keyword "environmental protection," including "City Symphony," "MISA Talk," "MISA Workshop," "MISA Ride," and "MISA Pass," aiming to engage the entire community in the festival [1] City Symphony - The "City Symphony" initiative, founded in 2019, brings music to various urban corners, transforming the city into an open concert hall [3] - This year, the initiative has been upgraded, featuring musicians from Colombia, Ecuador, Mauritius, Russia, and Italy, collaborating with local musicians and students from Shanghai [4] - A total of 11 "City Symphony" performances will occur across 8 urban spaces, including notable locations like the Songhu Anti-Japanese War Memorial and the Shanghai Metro People's Square Station [5] MISA Talk - MISA Talk will consist of 6 sessions exploring the relationship between humans and nature, stepping outside the concert hall to engage with the public [8] - The first session will take place on July 2, focusing on traditional Chinese medicine and dietary practices [9] - Other sessions will include discussions on environmental conservation and the connection between urban development and biodiversity [10] MISA Workshop - MISA Workshop will feature weekly sessions starting in June, inviting participants to engage in environmental practices [11] - Activities include creating recycled art and learning about low-carbon living through visits to ecological sites [11] - Collaborations with organizations like Love Recycling will promote recycling initiatives across the city [11] MISA Ride and MISA Pass - MISA Ride encourages low-carbon cycling, offering rewards for participants in a national cycling challenge [12] - MISA Pass will provide various discounts across cultural venues, bookstores, and restaurants, marking a new integration of arts and commerce [12]

6月4日，吉他手邦邦率先在微博抛出12张长图，详述乐队财务纠纷和其他核心矛盾；两天后，"白鲨JAWS乐队"的账号在主唱鱼麦扣的操作下，同样以12 张图回击，内容包含多张乐队收支明细表格、一份给邦邦的律师函，以及针对成员指控的逐条反驳。其中最震撼的是：截至2025年6月5日，乐队工作室累 计亏损超200万元。这巨额的亏损也让不少人倒吸一口凉气，做乐队真的那么赔钱吗？ | 2025/1/10 | | 12/8深圳场 | | 12/14北京场 | 12/22上海场 | 문 | | --- | --- | --- | --- | --- | --- | --- | | 三站的票务收入 | | 463 | | 554 | 587 | 1604 | | | | | ¥81, 536. 32 | ¥96, 183. 81 | ¥100, 368. 52 | ¥278, 088. 65 | | 三站的支出 | 场租 | | ¥33, 936. 00 | ¥55, 311. 00 | ¥73, 320. 00 | ¥162, 567. 00 | | | 租灯+烟机 | | ¥1, 450.00 | ¥1, 200.00 | ¥ ...

行 业 及 产 业 行 业 研 究 / 行 业 点 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 本研究报告仅通过邮件提供给 中庚基金 使用。1 传媒 - ⚫ 继续推荐游戏板块，其中巨人网络《超自然行动组》数据亮眼，中期成长性未被充分预 期。游戏板块政策宽松明确、作为弱周期属性的消费，PE 不到 20x，赔率突出。（1）巨 人《超自 ...

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 ...

Group 1: Retail and Consumer Goods - Yonghui Supermarket has completed the transformation of 100 stores to the "Fat Donglai" model, marking a shift towards a systematic and scalable approach in quality retail [1] Group 2: Environmental Impact - Xianyu reported that user participation in second-hand trading and recycling has led to a cumulative carbon reduction of over 11.8 million tons in the fiscal year 2025, equivalent to the annual carbon emissions from 7.4 million Chinese households [2] Group 3: Technology and AI - Intel, in collaboration with Volcano Engine, launched a new family of general-purpose computing instances powered by Intel Xeon processors, aimed at providing flexible and cost-effective AI computing infrastructure for enterprises [3] - Lenovo introduced its city super intelligent body, which utilizes a "1×N" architecture to enhance urban governance and social services through intelligent collaboration [6] Group 4: Media and Entertainment - Tencent Music Entertainment Group and TVB announced a deep strategic cooperation focusing on integrating music, technology, user ecosystems, and film IPs to explore an innovative ecosystem in the Greater Bay Area [5] Group 5: Renewable Energy - Chendian International signed strategic cooperation agreements for two solar photovoltaic projects in Zambia, aiming to strengthen energy cooperation between China and Africa [8] Group 6: Investment and Financing - Hangzhou Jingjiahang Biopharmaceutical Technology Co., Ltd. completed an angel round financing of several tens of millions of RMB, with funds primarily allocated for preclinical and early clinical development [9] - Zhi Zhi Technology completed a 30 million RMB Series A financing, with funds directed towards the development of intelligent robots and AI technologies [10] Group 7: Government and Policy - The State-owned Assets Supervision and Administration Commission (SASAC) is accelerating the training of chief architects to promote the integration of AI technology innovation and industrial innovation [11] - Shenzhen is set to implement 24 special measures to relax market access, particularly in AI and medical fields, and will explore sandbox regulatory mechanisms [12]