在线音乐行业具有强双边效应，且与经济相关性较弱，我们认为音乐行业的“一超一强”公司属于优质长期现金流资产。音乐行业 特点：1）集中度高，主要系高版权费，新进入者将面临高额投入，因此竞争格局集中（国内腾讯音乐占比约66%，第二名云音乐约 27%）。2）音乐付费供给侧推动音乐付费增长，用户生命周期长，订阅流失率较低。如Spotify 2020年以来订阅用户流失率基本在 4%以下。随着版权意识逐渐变强，平台可以调节付费墙比例和精细化运营，提升订阅渗透率。24年中国数字音乐市场同比增长15%， 高于全球。根据环球音乐公司指引，美国流媒体时代人均音乐消费（剔除通胀）对标CD时代有翻倍空间；中国录制音乐占比GDP来 看，与美国、日本甚至东南亚仍有差距。

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Automotive rear seat infotainment systems are advanced multimedia setups designed for passengers in the back seats of vehicles. These systems typically include high-resolution screens, wireless headphones, and connectivity options like Bluetooth and Wi-Fi. They offer a range of entertainment options such as streaming movies, playing video games, and accessing the internet.

A connected car is a vehicle that has direct access to the Internet, which enables connectivity to all other connected objects like smartphones, traffic lights, and many more.

A corporate event involves organizers and suppliers that deal in the management and delivery of conference/seminar, tradeshow/exhibition, incentive programs, company meetings, and other related events held to achieve a range of professional and business objectives.

Cloud product lifecycle management (PLM) refers to the use of cloud software to manage the entire lifecycle of a product, from its initial concept and design through to its production, deployment, and eventual retirement. This approach leverages the scalability, accessibility, and collaborative features of cloud technology to enhance the efficiency and effectiveness of PLM processes.

Cloud visualization and 3D rendering software refers to digital tools that use cloud computing to generate high-quality, photorealistic images, animations, and simulations from 3D models. These platforms enable users such as architects, designers, game developers, and engineers to render complex visual content remotely without relying on local hardware. By leveraging cloud infrastructure, this software allows faster processing, collaborative workflows, and scalable performance, making it ideal for industries requiring detailed visualization and real-time rendering capabilities.