In "The Big Banks," Citigroup lowers the target price for NETEASE MUSIC to 275 yuan, maintaining a "Outperform" rating

Citi stated that its fourth music industry survey reconfirms that the fundamentals of China's online music industry remain healthy, with robust long-term growth momentum. The main drivers include a continuous increase in the payment rate, the potential of the super fan economy, and strong user stickiness and product differentiation amid fierce competition. These factors will continue to support a sustainable and high-quality growth outlook.

The bank maintains its target price for Tencent Music-SW (01698.HK) at HKD 92.1, but due to a downward adjustment in peer valuation multiples, it has lowered the target price for NetEase Music (09899.HK) from RMB 310.5 to RMB 275. The bank maintains an "outperform" rating for both