金吾财讯 | 在线音乐板块走高，腾讯音乐-SW(01698)涨4.96%，网易云音乐(09899)涨4.62%。东北证券近日研报引述数据显示，行业规模扩容叠加格局分化，差异化优势凸显成长机遇。全球录制音乐市场2024年达296亿美元，同比+4.8%，连续十年增长，流媒体占比69%成核心动力；中国2022年跻身全球前五，2024年增速9.6%高于美、欧成熟市场，版权保护加强与本土音乐创新驱动增长。2)在线音乐赛道竞争格局清晰：全球Spotify以32%用户占比领跑，国内腾讯系(酷狗29%+QQ音乐25%)主导，网易云音乐凭借19%月活占比，以“社区粘性+原创内容”在Z世代(用户占比超90%)中形成差异化优势。3)版权生态从“独家垄断”转向“交叉授权”，网易云通过合作华纳、索尼等厂牌，曲库达1.8亿首，获取腾讯音乐99%独家曲库，消除核心内容缺口。
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