2026.02. 02 本文字数：2195，阅读时长大约4分钟 作者 | 第一财经 吴丹 "我们会带他回台北，与我父亲合葬在一起，一个有山有水、他熟悉的地方。"2月2日，袁惟仁的姐姐以一则简短讣告，证实知名词曲作者、音乐制作人 袁惟仁因病逝世，终年57岁。 这一消息引来全网哀悼。老狼在微博只写了四个字："R.I.P 小胖。"简短中蕴含无言惋惜。歌手张宇以"我们亲爱的小胖今天离开我们了"转发消息，游 鸿明则用《离家500里》暗喻："这次，他离家不止500里了。" 更多的歌迷在留言中感叹，他们青春成长的过程中，无论悲伤、平静，或是深夜、开车时，都会听袁惟仁的歌。"听着《征服》分手，又听着它走出了 低谷。" "婚礼播了《梦一场》，现在，写歌的人走了。" 袁惟仁一生写了将近200首歌，写尽痴男怨女的悲欢离合，成就了华语乐坛令人怀念的黄金时代。但他生命的最后八年，却是漫长无声的病痛折磨。 2018年，袁惟仁在意外摔倒之后引发脑溢血，2020年再次摔倒后，被判定为植物人状态。这些年，他早已远离公众视野，长期卧床，接受母亲、姐姐 的照顾。 他似乎早已离开，但又从未离开。他是S.H.E《听袁惟仁弹吉他》里那个才华横溢的"小胖 ...

智通财经记者 | 实习记者 卢灿秋 记者 徐鲁青 智通财经编辑 | 姜妍 "就这样被你征服/切断了所有退路/我的心情是坚固/我的决定是糊涂/就这样被你征服喝下你藏好的毒的毒/我的剧情已落幕/我的爱恨已入土……" 这首曾是无数人青春背景音的《征服》的词曲作者，被乐坛成为"小胖老师"的中国台湾地区音乐人袁惟仁，于今日离世，享年57岁。 袁惟仁的一生，从民歌餐厅里抱着木吉他走出，到华语乐坛最喧哗的黄金年代，再到见证潮水退去，与自己所坚守的音乐相离后又相近。 讣闻发出后，一位歌迷在QQ音乐《征服》一歌中留言道——"小胖老师的剧情，已落幕。" 在2014年发行的专辑《木吉他》中，袁惟仁在同名歌曲里描述了这一许多人梦想发源的场景—— "有天晚上我经过/西门町的餐厅叫木吉他/想起1985年初次登台演出有多可怕/我的前面是芝麻龙眼/后面是周华健/在毫无掌声的表演后/才明白自 己是什么咖……" "凡人二重唱"于1991年发行了第一张专辑，组合活跃时期，袁惟仁曾为之进行了大量的词曲创作。他的创作细腻、多元，探索过民谣、爵士、摇滚等多种曲 风。其中最独特的是歌曲中的和声写作，当时二重唱风格并不多见。这支二人组合发行了《杜鹃鸟的黄昏 ...

袁惟仁一生写了将近200首歌，写尽痴男怨女的悲欢离合，成就了华语乐坛令人怀念的黄金时代。 "我们会带他回台北，与我父亲合葬在一起，一个有山有水、他熟悉的地方。"2月2日，袁惟仁的姐姐以一则简短 讣告，证实知名词曲作者、音乐制作人袁惟仁因病逝世，终年57岁。 这一消息引来全网哀悼。老狼在微博只写了四个字："R.I.P 小胖。"简短中蕴含无言惋惜。歌手张宇以"我们亲爱 的小胖今天离开我们了"转发消息，游鸿明则用《离家500里》暗喻："这次，他离家不止500里了。" 更多的歌迷在留言中感叹，他们青春成长的过程中，无论悲伤、平静，或是深夜、开车时，都会听袁惟仁的 歌。"听着《征服》分手，又听着它走出了低谷。" "婚礼播了《梦一场》，现在，写歌的人走了。" 袁惟仁一生写了将近200首歌，写尽痴男怨女的悲欢离合，成就了华语乐坛令人怀念的黄金时代。但他生命的最后 八年，却是漫长无声的病痛折磨。 2018年，袁惟仁在意外摔倒之后引发脑溢血，2020年再次摔倒后，被判定为植物人状态。这些年，他早已远离公 众视野，长期卧床，接受母亲、姐姐的照顾。 投身音乐创作的袁惟仁，被称为"金曲制造机"。1993年，他创作的《执迷不悔》，让王 ...

中新网2月2日电 (王诗尧)据ETtoday星光云、联合报等台媒报道，台湾知名音乐人袁惟仁病逝，终年57 岁。2月2日，知名音乐人老狼在社交网站发文：R.I.P 小胖。 如今，"凡人二重唱"中那个深情唱着"你说宿命总是要你远走"的歌手，曾在综艺里留下或温暖、或犀利 点评的导师，属于他的故事按下了休止符。 永远的"小胖老师"——袁惟仁，一路走好，愿音乐替你继续远行。 2006年起，袁惟仁多次担任《超级女声》《超级星光大道》《华人星光大道》《天籁之声》等两岸歌唱 比赛的评委。因为身材原因，观众们喜欢亲昵地叫他"小胖老师"。作为歌唱比赛的"常驻导师"，袁惟仁 还曾分析过两岸选手的选曲风格："大陆选手更喜欢KTV受欢迎的歌，台湾的小孩子喜欢一些无厘头， 奇奇怪怪的歌。" 由于参加综艺次数频繁，袁惟仁的音乐创作事业一度停滞，也曾因此被人吐槽、调侃。对于自己为 何"热衷"上歌唱节目，他在《勇敢一点：听袁惟仁谈选秀》一书中解释，为了比赛，他每天在不同的地 方飞来飞去，有时醒来都不知道自己身处何处。 审美疲劳的他也有过突然想辞掉评委工作的时候，但当他一打开电视，耳边仿佛有个声音告诉他，"如 果没有选秀，我们岂止错失一个天王天 ...

家属发布悼文："我们会带他回台北，与我父亲合葬在一起，一个有山有水、他熟悉的地方。 庆幸他留下了众多歌曲，想念时听，开车时听，伤心时听，平静时听……他无处不在。" 据报道，知名歌手、音乐制作人袁惟仁去世，享年57岁。 歌手老狼也发文悼念："R.I.P 小胖。" 袁惟仁外号"小胖老师"，为中国台湾男歌手、词曲作家及音乐制作人，他的母亲陈凤荣，是台 湾卑南族南王部落的工艺家。1986年，袁惟仁以双人组合"凡人二重唱"的名字，开始在民歌餐 厅驻唱。 袁惟仁的音乐履历，基本覆盖了华语音乐的黄金期，他从歌手转型为制作人，获得了巨大成 功。 1991年，"凡人二重唱"出版第一张专辑《杜鹃鸟的黄昏》，即入围第4届金曲奖最佳演唱组 奖。随后的第三张专辑《大伙听我唱支歌》，就拿下了第5届金曲奖最佳演唱组奖。 1993年，袁惟仁遇到了自己的事业转折点：王菲。 这一年他首次为王菲谱曲《执迷不悔》。随后的几年，袁惟仁依旧以"凡人二重唱"的形式发展 自己的演唱事业，直到1996年，袁惟仁进入上华唱片制作部担任制作人，金牌制作人时代就此 开启。 从1996年到2004年，他担任了S.H.E、动力火车、齐秦、迪克牛仔、熊天平、许美静等歌手 ...

2026.02. 02 本文字数：601，阅读时长大约1分钟 来源 | 中国新闻网、红星新闻、极目新闻 据中新网援引台媒报道，著名音乐人袁惟仁病逝，终年57岁。 家属发布悼文："我们会带他回台北，与我父亲合葬在一起，一个有山有水、他熟悉的地方。庆幸他留下了众多歌曲，想念时听，开车时听，伤心时听，平静时 听……他无处不在。" 此外，他也曾为另一位华语乐坛"天后" 王菲 ， 创作出 《旋木》《执迷不悔》等 优秀 作品。 微信编辑 | 苏小 第一财经持续追踪财经热点。若您掌握公司动态、行业趋势、金融事件等有价值的线索，欢迎提供。 专用邮箱：bianjibu@yicai.com （注：我们会对线索进行核实。您的隐私将严格保密。） 2月2日，知名音乐人老狼在社交网站发文：R.I.P 小胖。 2018年，袁惟仁在上海录制节目时意外跌倒，头部受伤引发脑溢血中风，同时还被查出脑部有肿瘤，清醒后回台东老家疗养。 然而 2020年袁惟仁 再 度发生 摔倒 意外 ， 紧急送医抢救后仍意识不清，随后只能长期卧床，被医生判定为无意识状态的植物人，平时由妈妈、姐姐、姐夫轮流照顾 。 2024年1月，据台媒报道，友人透露袁惟仁最新近况为意 ...

Core Viewpoint - The article highlights the successful integration of Chinese cultural IPs into global markets, particularly through the gaming industry, showcasing how interactive experiences can enhance cultural understanding and participation among global players [1][3]. Group 1: Cultural Export through Gaming - The gaming IP has become a key player in the cultural export wave, with NetDragon's classic online game "Conquer" launching a large-scale themed event "Rongcheng Xunfu" to promote Chinese culture globally [1][8]. - The event features a dedicated storyline that allows players to explore Fuzhou's historical and cultural narratives through immersive gameplay, transforming cultural symbols into game resources [3][5]. - The initiative aims to create a two-way interaction in cultural dissemination, moving from traditional one-way output to global participation [5][10]. Group 2: Market Performance and Growth - The Chinese gaming industry has seen significant growth, with self-developed games generating $20.455 billion in overseas sales in 2025, marking a 10.23% increase year-on-year [8]. - "Black Myth: Wukong" achieved over 28 million copies sold and generated $9 billion in revenue, highlighting the global appeal of high-quality Chinese cultural content [8]. - The "Conquer" game has established a mature user community across multiple languages, further enhancing its role as a cultural exchange platform [8][9]. Group 3: Strategic Initiatives and Collaborations - NetDragon has initiated the "Digital Mountains and Seas - Fuyou New Life" project in collaboration with various institutions to enhance the cultural influence of Fujian through cross-industry cooperation [10]. - The company has been integrating traditional Chinese cultural elements into its games since 2004, continuously attracting global players and promoting cultural understanding [10]. - The focus is shifting from merely entering global markets to deepening cultural connections and experiences, aiming for a more profound impact in the digital landscape [10].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [4]. Core Insights - The company leverages its long-standing IPs in gaming and embraces AI to enhance efficiency and reduce costs, particularly in the MMORPG sector [2][36]. - The education segment, led by Mynd.ai, is transitioning towards a SaaS model, which is expected to improve profitability as the market for educational hardware enters a replacement cycle [3][55]. - Strategic investments in AI, AR, and the broader entertainment sector are aimed at building a long-term growth ecosystem [4][69]. Summary by Sections 1. Gaming and Application Services - The company has a strong foundation in MMORPGs, with flagship IPs like "Magic Domain," "Conquest," and "Spirit of Heroes" contributing to stable cash flow [36]. - AI integration has led to a 26.7% reduction in R&D costs in the gaming segment, enhancing profitability [51]. - The gaming segment is expected to generate revenues of 2,594 million, 3,160 million, and 3,318 million yuan from 2025 to 2027, with respective year-on-year growth rates of -25%, +7%, and +5% [76]. 2. Education Segment - Mynd.ai, a leader in educational interactive display devices, has a market share of nearly 16% in the global stock of interactive devices as of 2024 [3][56]. - The transition to a SaaS model is underway, with a 8% quarter-on-quarter growth in SaaS subscriptions, particularly for the flagship application "Explain Everything" [63]. - Revenue from the education segment is projected to be 1,685 million, 1,769 million, and 1,946 million yuan from 2025 to 2027, with year-on-year growth rates of -20%, +5%, and +10% [76]. 3. Strategic Investments - The company has made strategic investments in AI, AR, and the entertainment sector to create synergies with its core gaming and education businesses [4][69]. - Investments in companies like Rokid and Shuaiku Network are expected to enhance market competitiveness and provide new channels for user engagement [72][75]. - The collaboration with Zhongke Wenge aims to develop AI applications for various sectors, positioning the company as a leader in AI technology deployment [70].

Core Insights - The article highlights the integration of digital technology and cultural industries, particularly focusing on the gaming sector as a platform for innovative transmission and dissemination of traditional culture [1][5][6] Group 1: Cultural Integration through Gaming - The game "Conquer" by Wanglong has launched a new profession "Hero" and an annual expansion pack "Heroic Spirit," incorporating elements of Dunhuang art into its gameplay, thus creating a digital representation of the Silk Road [1][3] - The game allows players to engage in immersive tasks that transform them from mere observers of history to active participants in Silk Road civilization [3][5] Group 2: Innovative Cultural Transmission - This design breaks the traditional one-way model of cultural dissemination, enabling a dynamic transformation of Dunhuang culture through playable digital scenes, thus broadening its reach [5][6] - The integration of "gaming + cultural tourism" is emerging, with initiatives like "reservation for expansion pack unlocking physical tickets," effectively converting players' virtual cultural interests into real-world experiences [6] Group 3: Global Cultural Influence - As a significant player in enhancing national cultural soft power, the game "Conquer" has been instrumental in showcasing Chinese cultural elements globally since its launch in 2004 [6][8] - Successful cultural products like "Black Myth: Wukong" indicate a shift in cultural storytelling consumption and demonstrate China's capability to create globally resonant cultural products [8]

Group 1: Company Overview - The report maintains a "Buy" rating for Chow Tai Fook (1929), predicting a net profit of HKD 8.064 billion, HKD 10.089 billion, and HKD 11.006 billion for the fiscal years 2026-2028, with a target price of HKD 19.68 based on a 24x PE for FY26 [2][4] - Chow Tai Fook's retail value for FY26Q2 increased by 4.1% year-on-year, with mainland China showing a 3.0% increase and Hong Kong, Macau, and others showing an 11.4% increase [3][4] - The same-store sales turned positive across the board, with mainland China same-store sales up by 7.6%, and gold jewelry sales up by 10.6% with an average price of HKD 7,900, reflecting a 23% year-on-year increase [4][5] Group 2: Industry Insights - The report highlights the strong online growth for Chow Tai Fook, with e-commerce retail in mainland China increasing by 28.1% year-on-year, accounting for 6.7% of retail value and 15.5% of sales volume [5] - The report notes that the jewelry retail market is experiencing a structural shift, with the proportion of high-margin priced gold products in mainland China reaching 29.9%, up by 5.1 percentage points year-on-year, which is expected to enhance gross margins [4][5] - The gaming industry, represented by NetDragon (0777), is also highlighted for its stable growth, with projected revenues of CNY 48.6 billion, CNY 53.1 billion, and CNY 58.4 billion for 2025-2027, driven by strong IP operations and AI integration [6][7]