周四盘中，腾讯音乐-SW（01698）股价大涨6.5%，引发市场关注。
消息面上，交银国际发布研报，维持腾讯音乐"买入"评级，目标价17美元/66港元。该券商表示，持续看好腾讯音乐在线音乐业务的稳健增长，预计ARPPU（每付费用户平均收入）提升效果将高于会员数增加。交银国际还看好公司订阅及广告收入增长，以及自制内容增加持续促进毛利率优化。
根据研报，腾讯音乐一季度业绩符合预期。公司一季度收入达73.6亿元人民币，其中音乐订阅收入同比增长16.6%，会员环比增加190万。非会员业务收入同比增长14%，受广告及艺人周边业务拉动。经调整归母净利润为21.2亿元，略超市场预期5%。展望未来，交银国际预计腾讯音乐二季度音乐订阅收入将同比增长16%，会员净增150万，月ARPPU可能同比增长9%至11.6元。该券商小幅上调2025年经调整净利润预期3%至89亿元，反映出对公司未来发展的信心。
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