但就在腾讯音乐(NYSE:TME)、网易云音乐(09899.HK)竖起付费高墙的同时，新的挑战者已经来到了墙下。 背靠抖音庞大流量池的汽水音乐正在攻城略地，年初月活数已接近1亿大关，而腾讯音乐的月活已经连续15个季度下滑。 汽水音乐凭什么杀出重围？这场音乐"三国杀"又将形成什么样的新格局？ 或许，这场在线音乐平台之争的胜负手，还是得回到线下寻找答案。 1999年春晚，"黑土"赵本山吐槽"白云"宋丹丹"心眼太实"，偏揪着一只羊薅羊毛，以至于被扣上"薅社会主义羊毛"的罪名时，全国都在电视机面前笑得前 仰后合。 当时没人能想到，在26年后，"揪着一只羊薅毛"会成为音乐平台咸鱼翻身的"捷径"—— 通过加码情绪消费，发力粉丝经济，腾讯音乐取得了营收净利的大幅增长。刚发布的第二季财报，被巴克莱银行的分析师盛赞"展示了在用户音乐体验的 每一个环节进行变现的强大能力"，是一份"全方位完美的财报"。 而网易云音乐虽然上半年营收同比下降了6%，期内利润却同比飙涨了132.4%。 1、还是粉丝经济的钱好赚 相比于过去追求更大基数的用户，腾讯音乐和网易云音乐在今年上半年均呈现出了同样的趋势： 专注于那些更慷慨的用户，通过提供情绪价值 ...

Investment Rating - The report maintains a positive outlook on certain sectors, particularly focusing on undervalued stocks and sectors that have shown resilience despite market fluctuations [1][11]. Core Insights - The report emphasizes the importance of monitoring quarterly changes in overseas assets, particularly in light of the ongoing US-China trade negotiations and the impact of tariffs on Chinese assets [1][11]. - It suggests that the difficulty in identifying undervalued stocks is increasing as the declines in overseas Chinese assets are being filled [1][11]. - The report highlights specific sectors and companies to watch, including Chinese concept stocks in the US, internet assets in Hong Kong, and consumer goods companies preparing for IPOs [1][11]. Summary by Sections 1. Current Perspectives - The report stresses the need to focus on quarterly changes in overseas assets and the implications of US-China tariff negotiations [1][11]. 2. Industry Tracking 2.1 Consumer & Internet - **Education**: The Chinese education index rose by 2.80%, outperforming major indices, with notable gains from companies like Gaotu and Youdao [10][21]. - **Luxury Goods**: The report notes mixed performance among luxury goods companies, with Richemont showing resilience in high-end jewelry despite macroeconomic fluctuations [24][28]. - **Coffee & Beverage**: The coffee and tea segment remains a key focus for delivery platforms, benefiting from subsidies [11][30]. - **E-commerce**: JD and Alibaba reported strong earnings, with JD's retail business performing particularly well [11][40]. 2.2 Platforms & Technology - **Streaming Platforms**: Tencent Music and NetEase Cloud Music reported strong earnings, with Tencent Music's revenue exceeding expectations [41][46]. - **Virtual Assets & Internet Brokers**: The global cryptocurrency market saw a slight increase, with Bitcoin and Ethereum prices rising [48][49]. 2.3 Media - The report highlights the recent changes in regulations regarding major asset restructuring, which may accelerate the pace of mergers and acquisitions in the media sector [11][28].

Investment Rating - The report maintains a positive outlook on certain sectors, particularly focusing on undervalued stocks and sectors that have shown resilience despite market fluctuations [1][11]. Core Insights - The report emphasizes the importance of monitoring quarterly reports from overseas assets, particularly in light of ongoing US-China trade negotiations and the impact of tariffs on Chinese assets [1][11]. - It suggests that the difficulty in identifying undervalued stocks is increasing as the declines in overseas Chinese assets are being filled [1][11]. - Key sectors to watch include US-listed Chinese assets, Hong Kong internet assets, and consumer-related stocks, with specific recommendations for companies like Pinduoduo, Beike, and Tencent Music [1][11]. Summary by Sections 1. Education - The Chinese education index rose by 2.80% from May 12 to May 16, outperforming major indices [10]. - Notable stock performances include Gaotu (+15.11%), TAL Education (+11.68%), and Youdao (+7.85%), while Thinking Academy fell by 9.85% [10][21]. 2. Luxury Goods - The luxury goods sector showed mixed results, with Richemont's jewelry division demonstrating resilience amid macroeconomic fluctuations [3][24]. - The report notes a decline in sales for brands like Burberry, which saw a 17% drop in revenue, while Richemont reported a 4% increase in revenue [24][28]. 3. Coffee and Beverage Chains - The non-essential consumption index increased by 1.39%, with companies like Ctrip and Tim Hortons showing positive stock performance [30]. - Luckin Coffee's stock decreased by 2.32%, indicating competitive pressures in the beverage market [30][35]. 4. E-commerce and Internet - The Hang Seng Internet Technology Index rose by 2.10%, with notable performances from Vipshop (+10.85%) and Pinduoduo (+7.26%) [32]. - Alibaba's revenue grew by 9% in the last quarter, while JD.com reported a 15.8% increase in revenue [41]. 5. Streaming Platforms - The Hang Seng Media Index increased by 4.3%, with Tencent Music and NetEase Music showing significant gains [42]. - Tencent Music's revenue rose by 8.7%, driven by strong growth in music subscriptions and advertising [47]. 6. Virtual Assets & Internet Brokers - The global cryptocurrency market cap reached $341.9 billion, with Bitcoin and Ethereum prices increasing by 0.6% and 15.8%, respectively [49]. - Companies like Coinbase and Robinhood saw substantial stock price increases, reflecting positive sentiment in the virtual asset sector [50].