东方证券：版权拓展或驱动音乐行业转向流量、付费双增建议关注：腾讯音乐-SW(01698)、网易云音乐(09899)

智通财经2025-07-28

智通财经APP获悉，东方证券发布研报称，有声内容的持续扩容和粉丝经济业务精细化运营有望驱动音乐平台流量从存量博弈转变为用户增长，建议关注：腾讯音乐-SW(01698)：公司近期收购韩国SM，拟收购喜马拉雅。网易云音乐(09899)：公司在独立音乐人孵化层面具备强优势，2024年开始又持续补充Kpop版权，增量Kpop用户抵消了字节音乐平台分流，流量较为稳定。公司付费率或因88VIP导入和付费墙比率...

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东方证券：版权拓展或驱动音乐行业转向流量、付费双增 建议关注：腾讯音乐-SW(01698)、网易云音乐(09899)

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东方证券：版权拓展或驱动音乐行业转向流量、付费双增建议关注：腾讯音乐-SW(01698)、网易云音乐(09899)