每经编辑｜陈鹏程 胡玲 1 工信部等七部门联合印发《深入推动服务型制造创新发展实施方案（2025—2028年）》 10月11日，工信部、商务部、市场监管总局等七部门联合印发《深入推动服务型制造创新发展实施方案（2025—2028年）》。《实施方案》提出，到2028 年，服务型制造在制造业高质量发展中的作用进一步增强。完成20项标准制定，打造50个领军品牌，建设100个创新发展高地。其中提到，加强新型信息基 础设施建设，深化"5G+工业互联网"融合应用，按需布局算力基础设施，提升工业数据要素供给，推动人工智能技术与服务型制造融合创新，提升网络和数 据安全保障能力。（央视新闻） 2 中国气象局：我国已建成陆海空天一体化综合气象观测系统 10月11日，国务院新闻办举行"高质量完成'十四五'规划"系列主题新闻发布会。中国气象局局长陈振林在发布会上介绍，目前，我国已建成由9颗风云卫 星、842部天气雷达、9万多个地面气象观测站组成的陆海空天一体化综合气象观测系统，灾害性天气监测率提升到83%。"无缝隙、全覆盖"的智能数字预报 体系能提前3至7天预报区域性暴雨、高温、寒潮过程，提前15天预测全国性重大天气过程，提前6个月 ...

All valuations—whether in stocks, real estate, or any business that generates cash flow—are ultimately based on expectations for future growth. Understanding that simple truth helps investors avoid one of the most common mistakes in the market: judging valuations based on opinion rather than on what the data and price action are signaling. Labeling a stock as “expensive” just because it carries a high price-to-earnings (P/E) ratio is a habit many retail investors fall into while chasing value. In reality, a ...

Core Insights - Kuke Music (KUKE) experienced a stock price increase of 3.36%, reaching $1.85 per share with a total market capitalization of $52.4583 million as of August 21 [1] - For the fiscal year ending December 31, 2024, Kuke Music reported total revenue of 68.921 million RMB, a year-on-year decrease of 35.55%, while the net profit attributable to the parent company was -64.943 million RMB, reflecting a slight year-on-year increase of 0.53% [1] Company Overview - Kuke Music Holdings Limited is an offshore holding company established in the Cayman Islands, primarily operating through its domestic entity, Beijing Kuke Music Co., Ltd. [1] - Founded in 2007, Beijing Kuke is the only domestic platform focused on the operation of non-pop music copyrights and intelligent music education services [1] - The company aims to create a user consumption platform centered around internet music services, providing a comprehensive and rich array of legitimate audio and video resources and educational platforms for music enthusiasts and learners [1] - Kuke Music is committed to promoting the popularization of highbrow music in China and advancing the development of arts education in the country [1]

Group 1 - The core viewpoint of the article highlights the financial performance and market position of KUKE Music, noting a significant decline in revenue while maintaining a slight increase in net profit [1] - As of August 15, KUKE Music's stock price rose by 4.65% to $1.8 per share, with a total market capitalization of approximately $51.04 million [1] - Financial data indicates that for the year ending December 31, 2024, KUKE Music's total revenue is projected to be 68.92 million RMB, representing a year-on-year decrease of 35.55% [1] Group 2 - The company reported a net loss attributable to shareholders of 64.94 million RMB, which reflects a year-on-year increase of 0.53% [1] - KUKE Music Holdings Limited operates primarily through its domestic entity, Beijing KUKE Music Co., Ltd., which focuses on non-pop music copyright operations and intelligent music education [1] - Established in 2007, Beijing KUKE aims to create a comprehensive platform for music enthusiasts and learners, promoting the dissemination of high-quality music resources and education in China [1]

Core Viewpoint - The latest version of Kuwo Music has made a significant breakthrough in the HarmonyOS ecosystem by officially supporting MV playback, becoming the first music application to achieve complete MV interaction on the HarmonyOS 5 system [1][3]. Group 1: MV Playback Feature - The most notable highlight of this update is the official launch of the song-associated MV playback feature, allowing users to enjoy official MVs while listening to their favorite music, providing a true audio-visual integration experience [3]. - Users can like and comment on MVs, share their experiences with other music fans, and switch video quality based on network conditions or personal preferences, enhancing the immersive viewing experience [3]. Group 2: Multi-Device Optimization - The HarmonyOS version of Kuwo Music has undergone deep optimization for multi-device compatibility, ensuring a smooth and convenient user experience across smartphones, tablets, and HarmonyOS computers [5]. - Small screen experience has been optimized to maximize visible content, allowing users to view information while maintaining operational efficiency [5]. - The layout of the homepage on larger screens has been optimized to allow users to adjust the number of columns based on their needs, with a more aesthetically pleasing interface [5][11]. Group 3: Additional Features - The album page has been optimized to fully display album covers without obstruction, regardless of screen orientation [7]. - Web pages and pop-up windows are centered for better visibility, aligning with user operational habits [9]. - For HarmonyOS computers, keyboard shortcuts have been added for convenient control of music and MV playback, significantly improving operational efficiency [11].

Core Insights - NetEase reported Q2 2025 net revenue of 27.9 billion yuan, a year-on-year increase of 9.4%, but below market expectations of 28.4 billion yuan [1] - Non-GAAP net profit attributable to shareholders was 9.5 billion yuan, reflecting a year-on-year growth of 21.8% [1] Revenue Breakdown - Net revenue from gaming and related value-added services reached 22.8 billion yuan, up 13.7% year-on-year, accounting for 81.7% of total revenue [1] - Net revenue from Youdao business was 1.4 billion yuan, an increase of 7.2% year-on-year [1] - Net revenue from NetEase Cloud Music was 2 billion yuan, a decrease of 3.5% year-on-year [1] - Revenue from innovation and other businesses was 1.7 billion yuan, down 17.8% year-on-year [1]

Core Insights - NetEase reported Q2 2025 net revenue of 27.9 billion yuan and a non-GAAP net profit attributable to shareholders of 9.5 billion yuan, with R&D investment of 4.4 billion yuan, representing an R&D intensity of 15.6% [1] - The company continues to focus on a strategy of product quality and global expansion, driving long-term stable growth [1] Gaming Performance - NetEase's gaming and related value-added services generated net revenue of 22.8 billion yuan in Q2, with classic IP "Fantasy Westward Journey" achieving a record high in concurrent users [1][4] - New game releases such as "Yanyun Sixteen Sounds," "Seven Days World," and "Outsider Madness" have shown strong performance, while the upcoming titles like "Forgotten Sea" and "Return to Tang" have generated significant market interest [3][4] Innovation and Technology - The company invested 4.4 billion yuan in R&D, focusing on technological innovation across various sectors including gaming, music, and education [6] - NetEase Youdao achieved a net revenue of 1.4 billion yuan in Q2, marking its fourth consecutive quarter of sustainable profitability under its "AI-native" strategy [1][7] E-commerce and Media - NetEase's innovative and other businesses reported a net revenue of 1.7 billion yuan, with significant sales growth in NetEase Yanxuan products [2] - The media division has seen a 25% increase in daily active creators on the news app, with a 28% rise in average reading volume [2] Social Responsibility - The company has implemented four major initiatives to protect minors online, including AI patrol technology and restrictions on high-age user account creation [8][9] - NetEase has actively participated in developing safety guidelines for AI services aimed at minors, contributing to industry self-regulation [9]

Group 1: Global Macro Insights - The US July CPI increased by 2.7% year-on-year, matching the previous month and below the expected 2.8%. The month-on-month increase was 0.2%, consistent with expectations, while core CPI rose to 3.1% year-on-year, indicating a continuous upward trend over three months [3][4] - The likelihood of a rate cut in September has increased significantly, driven by soft non-farm payroll data and rising employment risks. The appointment of Stephen Moore to the Federal Reserve may further tilt the Fed towards a rate cut [4] Group 2: Company-Specific Insights - Tencent Music - Tencent Music's Q2 revenue reached 8.4 billion yuan, exceeding market expectations by 6%. Subscription revenue grew by 17% year-on-year, with SVIP penetration rising to 12%. Non-member business revenue surged by 47%, driven by advertising and concert revenues [9][10] - The company maintains a forecast of 6.1 million net new members for the year, with an expected ARPPU of 12.2 yuan by year-end. Non-subscription revenue is projected to grow by 30% in 2025, supported by advertising and concert collaborations [9] Group 3: Company-Specific Insights -阅文集团 (Yuewen Group) - Yuewen Group's revenue for the first half of 2025 was 3.2 billion yuan, a 24% year-on-year decline. However, adjusted net profit increased by 36% to 550 million yuan, with an adjusted net profit margin of 17% [5][8] - The IP derivatives business continues to show strong growth, with GMV reaching 480 million yuan, nearing the total for the entire year of 2024. The company expects a 15% decline in copyright operations revenue, while core IP operations are projected to grow by 4% [5][8] Group 4: Valuation Adjustments - For Yuewen Group, the target price has been raised to 39 HKD, reflecting an upward adjustment in valuation based on a 25x P/E ratio, considering the industry's valuation center has shifted upwards [8] - Tencent Music's target price has been adjusted to 30 USD, based on a 30x P/E ratio, highlighting the potential for diversified monetization in the music services sector [10]

Core Insights - Kuke Music (KUKE) experienced a stock price increase of 7.78%, reaching $1.94 per share, with a total market capitalization of $55.0073 million as of August 12 [1] - For the fiscal year ending December 31, 2024, Kuke Music reported total revenue of 68.921 million RMB, a year-on-year decrease of 35.55%, while the net profit attributable to shareholders was -64.943 million RMB, reflecting a slight increase of 0.53% year-on-year [1] Company Overview - Kuke Music Holdings Limited is a Cayman Islands-based holding company that operates primarily through its domestic subsidiary, Beijing Kuke Music Co., Ltd. Established in 2007, it is the only platform in China focused on non-pop music copyright operations and intelligent music education services [1] - The company aims to create a user consumption platform centered around internet music services, providing a comprehensive and rich array of licensed audio and video resources and educational platforms for music enthusiasts and learners [1] - Kuke Music is committed to promoting the popularization of classical music in China and enhancing the development of arts education in the country [1]

Core Viewpoint - Kuke Music (KUKE) experienced a stock price increase of 3.41% on August 12, 2023, closing at $1.861 per share, with a total market capitalization of $52.7758 million [1] Financial Performance - As of December 31, 2024, Kuke Music reported total revenue of 68.921 million RMB, representing a year-on-year decrease of 35.55% [1] - The company recorded a net profit attributable to shareholders of -64.943 million RMB, showing a year-on-year increase of 0.53% [1] Company Overview - Kuke Music Holdings Limited is an offshore holding company established in the Cayman Islands, primarily operating through its domestic entity, Beijing Kuke Music Co., Ltd. [1] - Founded in 2007, Beijing Kuke is the only domestic platform focused on the operation of non-pop music copyrights and intelligent music education services [1] - The company aims to create a user consumption platform centered around internet music services, providing a comprehensive and rich collection of licensed audio and video resources and educational platforms for music enthusiasts and learners [1] - Kuke Music is committed to promoting the popularization of classical music in China and advancing the development of arts education in the country [1]