1、 202403040506070809111213141516171819202122242526272829303132343536373940414244454647482 20252025202536.9AI75.750.81.524.820251.5|20253124,6714.6%20241.14.6%4.7%25.4%26.9%21.7%19.3%18.1%31-25.9%2110.4%0.27.9%0.660003C009080213.9%202510-20%80-100 2025|20252025420252025392642520252.09.9%1.59.0%20250.9

2、23.9%42.79.9%0.9514.7%20251.82.0%202420202520237116.7%453227.5%16183913.9%202530.1%0.2%30.2%0.2%0.3%202516.9%18.8%3.6%2025 2025|202552025202510812412482025113202510020254202025-2026 2025|20256研究部专题文章1980202531,40020099%202432%202450%25%8540%202512 7 30%20242700110202411302024“”ZXZX20239503202440%70%

3、202426“”1LIVEX11850%20245150%ZXZX202421302024研究部专题文章 20251*IP*2024102*812024研究部专题文章IFPI202328610.2%PwC20242.0120191.2120282.162.34%50,000FreespaceWonderlandSkytopiaGo Park Sai ShaAXA 2KITECHidden AgendaPeel Fresco Music LoungeHMV2018K11Lost Stars Livehouse Bar&EaterySimply Live by Tin BoxClockenflap

4、CreamfieldsColdplaySwiftonomics 2025910YTD 2025(YTD)28,257 (YTD)0 12.4%264-17.3%-3%0%3%6%9%12%15%18%-2002040608010012020202021202220232024YTD 2025YTDCBD|202511180,000|202546,20045,00086,0000.316.7%94,0000.229.2%2.2%7.1/2.6%4.6/(YTD)91,200 米(YTD)180,000 米23.5%174.5元-14.4%跌幅加快0%5%10%15%20%25%050100150

5、20020202021202220232024YTD 2025 2025YTDYTD12 20250.1|202520256.520.9%0.1 3.1%12130(YTD)65,000(YTD)51,000 20.9%148.1-10.3%0%5%10%15%20%25%02040608010020202021202220232024YTD 2025YTDYTD13YTD 2025|20252024280.825.2%2.7%12120-15030%(YTD)80,000(YTD)278,000 25.2%155.6-7.4%0%5%10%15%20%25%30%35%03060901201

6、5018021020202021202220232024YTD 2025YTD14YTD 2025|20258,0004.332.0%0.923.4%21.1%14.3%70.1/1.7%311.7%2025-202840353(YTD)8,000(YTD)82,400 32.0%70.1-11.8%0%10%20%30%40%02040608020202021202220232024YTD 2025YTD15YTD 2025|2025(YTD)9,161(YTD)0 35.3%74-6.9%0%5%10%15%20%25%30%35%40%45%02468101214202020212022