分析师：宝幼琛 S1050521110002 baoyc@cfsc.com.cn 联系人：谢孟津 S1050123110012 xiemj@cfsc.com.cn | 表现 | 1M | 3M | 12M | | --- | --- | --- | --- | | 计算机(申万) | 10.1 | 19.5 | 83.8 | | 沪深 300 | 4.5 | 9.3 | 26.3 | 2025 年 08 月 20 日 研 Spotify（SPOT）：付费用户与 MAU 构筑增长 韧性 究 报 告 推荐(维持) 事件 资料来源：Wind，华鑫证券研究 （UBER.O）：业务与生态构筑协同 效应》2025-08-19 2、《计算机行业周报：智谱 AI 发 布 GLM-4.5V 多模态模型，昆仑万维 发 布 业 界 首 个 多 模 态 深 度 调 研 Agent》2025-08-18 行 3、《小马智行（PONY.O）：营收增 长领跑行业，Robotaxi 爆发+全球化 布局驱动财务拐点》2025-08-18 业 研 2025 年 7 月 29 日 Spotify 发布 2025 年第二季度财报，总收 入达到 42 ...

Group 1 - The forum "Intelligently Seizing the Future: Technology Reshaping the New Ecology of World Publishing" gathered over 300 domestic and international publishing professionals to discuss the application of AI technology, future trends in the publishing industry, and changes in talent demand within the new publishing ecosystem [1][2] - The President of the China Publishing Association, Wu Shulin, emphasized that technological innovation brings both opportunities and challenges to the publishing industry, highlighting the need for proactive transformation and the importance of content quality, talent training, and international collaboration [1][2] - The Deputy Minister of the Guangdong Provincial Publicity Department, Ni Qian, stated that the era of solitary efforts in publishing has ended, and collaboration with technology companies is essential to explore the applications and ethical boundaries of AIGC in content production [2][3] Group 2 - The Secretary-General of the International Publishers Association, José Borghino, noted that AI technology presents new opportunities, and publishers are increasingly adopting AI for various functions such as marketing, design, translation, proofreading, editing, and distribution [2] - Springer Nature Group's Global Book Business President, Tong Enping, pointed out that delegating repetitive tasks to AI allows researchers to focus more on creativity and critical thinking, while also stressing the need for global collaboration to establish international AI standards in publishing [2][3] - The Chief Expert of CITIC Publishing Group, Qiao Weibing, indicated that the traditional publishing industry faces multiple challenges, and AI's involvement could lead to efficiency improvements and the emergence of new development paths, redefining the value of "books" from mere content carriers to comprehensive knowledge services or experiential products [3]

Core Viewpoint - The audio industry in China is experiencing significant growth driven by technological advancements, particularly in AI and multimodal models, enhancing content creation and user experience. The market size is projected to reach 28.7 billion yuan in 2024, reflecting a year-on-year growth of 14.80% [2][9]. Industry Overview - Audio refers to sound signals perceptible to the human ear, typically ranging from 20 Hz to 20,000 Hz. It can be classified into analog and digital audio based on the signal format [2]. Industry Development History - The Chinese audio industry has evolved through four main stages: - **Incubation Period (1996-2005)**: Initiated with Guangdong Pearl River Economic Broadcasting's real-time online broadcasting in 1996 and the introduction of podcasts by Apple in 2005 [4][5]. - **Exploration Period (2006-2015)**: Marked by the launch of early Chinese audiobook websites and regulatory frameworks, including the establishment of Douban FM and the founding of Ximalaya [4][5]. - **Expansion Period (2016-2019)**: Characterized by the introduction of live streaming features by major platforms like Ximalaya and Lizhi, intensifying competition [4][5]. - **Maturity Period (2020-Present)**: Notable events include Lizhi's IPO in the U.S. in 2020 and advancements in AI applications in audio systems, indicating a shift towards comprehensive AI integration in the industry [4][5]. Industry Value Chain - The audio industry value chain consists of: - **Upstream**: Content creation (music, audiobooks, podcasts), raw materials (metals, plastics), and components (resistors, capacitors, microphones) [6]. - **Midstream**: Audio platforms that facilitate content distribution [6]. - **Downstream**: Various listening channels including smartphones, smart speakers, and wearable devices, along with the end-users [6]. Related Companies - Key listed companies in the audio sector include Tencent Music (01698), NetEase Cloud Music (09899), and Edifier (002351), among others [2].