传媒行业:悦己消费高景气 关注AI应用商业化

申万宏源研究
21 Jul

潮玩、音乐、演唱会等上半年实现较高景气。(1)泡泡玛特公告 2025 中期业绩盈喜:25H1 利润增速不低于 350%,全球市场扩张+IP 扩张+品类扩张,IP 平台化持续验证(2)布鲁可:凭借好而不贵的积木人下沉、出海实现高增长,下半年能否加速重点观察16+、女性市场的扩张。(3)音乐:年轻用户拉动付费收入增长、毛利率提升(面向上游议价能力强、平台集中度高),但网易云音乐去年同期确认一次版权费...

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