金吾财讯 | 浦银国际表示，全球在线音乐行业保持着快速增长，成为音乐市场的重要增长驱动。该行认为行业较为稳定的竞争格局以及平台逐渐提升的议价权，为音乐流媒体带来利润提升空间，而渗透率提升、订阅费提价、音乐外领域内容拓展将推动音乐流媒体平台未来的长期增长。
该行首次覆盖Spotify(SPOT.US)：全球布局，挖掘新兴市场潜力；长音频布局有望打开长期空间；给予“买入”评级，目标价555美元。
首次覆盖腾讯音乐(TME.US/01698)：拥有丰富的版权优势，并受益于腾讯生态；付费墙提升推动用户付费转化，SVIP推动ARPU提升；给予“买入”评级，目标价14.5美元/56港元。
首次覆盖网易云音乐(09899)：差异化定位，抓住年轻用户；商业化仍有较大潜力；给予“买入”评级，目标价145港元。
考虑到竞争格局、业绩增长确定性和估值水平，行业首选腾讯音乐。
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