上 市 公 司 公 司 研 究 / 公 司 点 评 买入（维持） | 市场数据： | 2025 年 11 月 21 日 | | --- | --- | | 收盘价（港币） | 0.82 | | 恒生中国企业指数 | 8919.78 | | 52 周最高/最低（港币） | 1.37/0.40 | | H 股市值（亿港币） | 244.98 | | 流通 H 股（百万股） | 29,875.86 | | 汇率（港币/人民币） | 0.9106 | 传媒 2025 年 11 月 24 日 大麦娱乐 (01060) ——IP 收入超一倍增长，演出业务多元探索 报告原因：有业绩公布需要点评 一年内股价与基准指数对比走势： -7% 93% 193% 293% HSCEI 大麦娱乐 资料来源：Bloomberg 相关研究 证券分析师 林起贤 A0230519060002 linqx@swsresearch.com 任梦妮 A0230521100005 renmn@swsresearch.com 夏嘉励 A0230522090001 xiajl@swsresearch.com 研究支持 张淇元 A0230124080001 ...

Core Viewpoint - The article discusses recent adjustments made by the State Taxation Administration regarding the withholding and prepayment of individual income tax for platform workers in the internet sector, allowing for cumulative withholding methods to ease the tax burden on these workers [1][6]. Group 1: Tax Withholding Methods - The new announcement allows internet platform companies to use cumulative withholding methods for tax prepayment, which is a change aimed at reducing the burden on platform workers [1]. - There are two categories for labor remuneration reporting: one that applies cumulative withholding and one that does not [1]. Group 2: Non-Cumulative Withholding - Non-cumulative withholding applies to general labor remuneration, categorized as one-time income or continuous income within a month [3]. - For non-cumulative withholding, if the income does not exceed 4,000 yuan, a deduction of 800 yuan is allowed; if it exceeds 4,000 yuan, a deduction of 20% of the income is applied [3]. Group 3: Cumulative Withholding - Cumulative withholding is applicable to specific groups, including full-time students earning income from internships and certain commission-based roles such as insurance agents and securities brokers [4]. - For cumulative withholding, a monthly deduction of 5,000 yuan is allowed, and tax rates range from 3% to 45% based on a seven-tier progressive rate system, replacing the previous three-tier system [5][6]. Group 4: Types of Income - Platform workers typically earn labor remuneration through various services provided via internet platforms, including live streaming, education, medical services, delivery, and more [5]. - The adjustments in tax withholding methods are expected to significantly lower the prepayment tax amounts for platform workers [6].

市场是最稀缺的资源，市场资源是我国的巨大优势。"十五五"规划建议明确提出"超大规模市场优 势持续显现"等经济社会发展主要目标，并围绕"建设强大国内市场，加快构建新发展格局"作出战略部 署。系列报道《超大规模市场看优势》将从消费、产业、创新、物流、开放五个方面，看我国超大规模 市场优势何在，如何进一步用好大市场、激活大市场。 我国消费大市场的"世界之最" 充分释放消费大国的市场潜力，是我国推动经济高质量发展、增强内生增长动力的关键举措。我国 超大规模市场体量，14亿消费者共同支撑起全球独有的巨大市场，来梳理一下我国消费大市场的"世界 之最"。 截至2024年，我国汽车产销总量已连续16年位居世界第一，空调、洗衣机、冰箱等家电销量同样位 列全球榜首，同时，我国还是蔬菜、水果、猪肉、水产品、鸡蛋等农副产品的最大消费国。 在数字消费领域，我国拥有全球最大的网上零售市场，网上零售额连续12年全球第一，并且仍在快 速增长，今年前10月达12.79万亿元人民币，同比增长9.6%。 同时，我国在数字消费和创新支付方面引领全球，移动支付交易规模全球第一，2024年达到563.7 万亿元。 层次多元 模式迭代 消费大市场活力充沛 ...

Core Insights - The article highlights the experiences and insights of three female music agents in the independent music scene, aiming to inspire those interested in entering the industry or those who are just starting out [1][2]. Group 1: Industry Overview - The independent music industry is characterized by passion and creativity, with various paths leading to success, emphasizing that there is no single best way to enter the field [2]. - The industry is heavily reliant on personal interest, as financial rewards are often limited compared to other sectors [5][10]. Group 2: Individual Experiences - The first agent, 默默酱, has 10 years of experience, with 6 years specifically in artist management, and emphasizes the importance of never having a losing show [3][4]. - She manages multiple bands simultaneously with a small team, highlighting the resource constraints faced by independent artists [4][13]. - The second agent, 快乐天使, has a diverse role encompassing various tasks from planning to execution, reflecting the multifaceted nature of independent music management [24][27]. - The third agent, 来来, founded her own label and emphasizes the importance of trust and collaboration within the industry [46][49]. Group 3: Challenges and Solutions - Agents face significant challenges, including financial management and the complexities of event approvals, which can be time-consuming and tedious [17][19]. - The agents share strategies for cost-saving during tours, such as consolidating shipments and sharing travel expenses [13][14]. - They also call for more attention and support from investors towards independent music, as small budgets can significantly impact a band's growth [20][58]. Group 4: Career Advice - The agents recommend starting in independent studios to gain comprehensive exposure to the industry, as this can lead to faster career growth compared to larger companies [21][44]. - They stress the importance of passion and interest in the field, suggesting that individuals should not be afraid to pursue their dreams in the music industry [42][43].

Group 1 - Beijing's GDP grew by 5.6% year-on-year in the first three quarters, with an increase of 0.1 percentage points compared to the first half of the year, indicating a stable and improving economic performance [1] - Key industries such as information transmission, software and IT services, finance, and manufacturing contributed over 80% to the city's economic growth [1] - High-end manufacturing led the growth, with the added value of strategic emerging industries and high-tech manufacturing increasing by 17.9% and 9.9% respectively [1] Group 2 - The new consumption sector showed strong performance, with significant growth in the film and performance markets, as well as over 10% revenue growth in travel agencies and related services [1] - Policies promoting consumption, such as the trade-in program for household appliances, have effectively boosted production and sales [2] - The integration of various sectors, including culture, commerce, tourism, and sports, has led to double-digit growth in the number of large events and attendees in Beijing this year [2]

Core Insights - The most significant change in consumer spending over recent years is not the amount spent, but a shift in consumption mindset [1] Group 1: Changes in Consumer Behavior - Consumers are now more willing to invest in experiences such as travel, performances, gourmet food, and fitness, rather than just material goods [1] - There is a growing trend towards spending on smart appliances, indicating a preference for technology and innovation in purchases [1] - The approach to knowledge payment has become more rational and focused, reflecting a shift in how consumers value information services [1] Group 2: Attitude Towards New Energy Vehicles - Previously, consumers were hesitant about new energy vehicles due to concerns over range, safety, and resale value; however, personal experiences have led to a more favorable view [1] - The advantages of new energy vehicles in terms of cost of use, driving experience, and intelligence have prompted consumers to recommend them to others [1] Group 3: Rational Spending - While consumers are willing to pay for intelligence, service, and experiences, spending has become more rational and streamlined, aiming for value [1] - Consumers seek to balance quality of life with spending wisely, ensuring that expenditures are justified and meaningful [1]

Core Insights - The National Day holiday revealed a significant polarization in consumer behavior, with overall retail and catering sales increasing by 2.7% year-on-year, while the willingness to spend has decreased among many consumers [1][3]. Consumer Trends - There is a notable increase in cross-regional mobility, with an average of 30.4 million people traveling daily, reflecting a 6.2% year-on-year growth [1][3]. - The travel preferences are diverging, with outbound tourism thriving while county-level tourism is also gaining traction, indicating a dual trend in consumer spending [3][4]. - Young people are becoming the primary demographic for holiday travel, while older individuals tend to avoid peak travel times [9][10][11]. Entertainment Consumption - The entertainment sector is experiencing a shift, with live performances gaining popularity while the movie market is declining. During the holiday, live performance attendance increased by 39.5% year-on-year, while movie attendance dropped by 4% [6][7]. - The average ticket price for live performances is significantly higher than that of movies, which may explain the shift in consumer preference towards experiences that offer greater emotional value [6][8]. Economic Context - Domestic consumption is increasingly vital for economic growth, especially amid uncertainties in real estate and external trade [3][14]. - Despite a record number of travelers during the holiday, the average spending per person decreased by 12.84% compared to the previous year, indicating a potential concern for future consumer spending [19][20]. - The total expenditure for domestic travel reached approximately 809 billion yuan, a 15.3% increase year-on-year, but this growth is attributed to the increase in traveler numbers rather than higher per capita spending [19]. Future Outlook - The overall consumer price index has shown a decline of 0.3% from January to August compared to the previous year, suggesting ongoing challenges in consumer spending [13][14]. - The importance of consumer spending is underscored by the need for both financial resources and leisure time, with the National Day holiday serving as a critical indicator of consumer sentiment and spending trends [12][16].

Group 1 - The "National Cultural and Tourism Consumption Month" has seen over 29,000 cultural and tourism activities held across the country, with more than 480 million yuan in consumer subsidies provided to enhance travel experiences [1] - The third Beijing Urban Renewal Week, themed "People's City Organic Renewal," features a variety of activities including cultural and artistic experiences, with 5 million yuan in consumer vouchers available for residents [3] - During the 2025 Autumn Cultural and Tourism Consumption Season in Zhejiang Province, a total of 47.75 million yuan in cultural tourism vouchers is expected to be issued, alongside various themed travel routes and performances [5] Group 2 - Dalian City is hosting diverse activities such as music festivals at major scenic spots, with a total of 15 million yuan in consumer vouchers issued for the National Day and Mid-Autumn Festival, including 10 million yuan for department store vouchers and 5 million yuan for dining vouchers [7]

日前，以"人民城市有机更新"为主题的第三届北京城市更新周开幕。9月28日至10月8日期间，开展更新市集，带来中轴线文创、艺术体 验、趣味互动等多种精彩活动。据介绍，本届更新周打造商业、文化、体育、休闲等多类更新场景，其中，通过网络平台投放500万元消费 券，市民在App首页搜索"北京城市更新周"，可线上领取消费券并参与线下实体消费，打卡城市更新地图。同时，依托商业消费、文化展示、 体育休闲类更新项目，将举办国际篮联3对3篮球赛、攀岩比赛和冰球邀请赛等高水平体育赛事，丰富了市民休闲体验，推动文商旅体深度融 合。 央视网消息：记者了解到，在今年的"全国国庆文化和旅游消费月"，各地围绕观演赏剧、游历山河、中秋团圆、文化体验、红色旅游、大 国重器、时代风采等方面丰富特色产品供给，举办超2.9万场次文旅活动，发放超4.8亿元消费补贴，为人们带来更全面、更实惠、更省心的出 游体验。 2025年浙江省金秋文旅消费季期间，预计累计发放文旅消费券4775万元，同时联动OTA平台、金融机构推出消费惠民活动，并联合286 家"百县千碗"门店推出秋日美食品鲜福利。此外，还同步推出十大主题百个推荐点位游览线路、8个数实融合体验场景，以 ...

Group 1 - The core viewpoint of the articles emphasizes the importance of expanding service consumption in China, supported by recent policy measures from the Ministry of Commerce and other departments [1] - The measures include 19 specific actions such as relaxing market access in high-end medical services and exploring the establishment of spring and autumn breaks for primary and secondary schools [1] - The goal is to transform China from a "manufacturing giant" to a "consumption giant," aiming to release substantial market demand and stabilize economic development [1] Group 2 - The articles highlight that increasing service consumption requires addressing three dimensions: enhancing residents' consumption capacity, eliminating consumption concerns, and optimizing supply [2] - The relationship between service consumption and leisure time is crucial, as many services require discretionary time, which is currently limited for many citizens [2] - The introduction of the "Golden Week" in 1999 is cited as a successful example of how extended holidays can boost service consumption, with similar expectations for the proposed spring and autumn breaks [2] Group 3 - The articles stress that both "disposable income" and "disposable time" are essential for the growth of service consumption, and resolving these issues will lead to faster and more efficient development [3]