证券研究报告|投资策略周报 [Table_Date] 2025 年 11 月 23 日 [Table_Title] 抖音电商 1-10 月 GMV 同比增速超 30%，中国澳门特区政府估算 2026 年赌收为 2360 亿澳门元 抖音本地生活服务业务在今年同样大幅增长，1-10 月 同比增速接近 60%，全年 GTV 预计将超 8000 亿元。 据《晚点 LatePost》，美团 2024 年的到店 GTV 为 1 万亿元左右，今年二、三季度受外卖大战等影响，增 速有所放缓。 在抖音电商板块，字节跳动高层在集团今年上半年的 全员会上，提出抖音电商当前阶段的新战略：耐用消 费品（包括家电、消费电子产品）实现市场份额突 破；通过优化流量分配机制，提升结算 GMV。 在本地生活板块，抖音到店业务份额不断增长，生活 服务靠用户主动搜索带来的下单率，约是刷短视频直 接下单的 10 倍；目前用户通过搜索后下单创造的 GMV 在抖音生活服务整体 GMV 中的占比已超过 50%。 ► 中国澳门特区政府发布《2026 年财政年度预算 案》法案，估算 2026 年博彩毛收入为 2360 亿元 11 月 18 日，中国澳门特区政府 ...

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见 稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速 增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等 条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监 督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的 配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数量的企 ...

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

Investment Rating - The report maintains an "Overweight" rating for the computer sector [4]. Core Insights - Google has achieved a breakthrough in multimodal technology with the release of Gemini 3 and Nano Banana Pro, establishing a leading advantage in multimodal applications. Tencent and Alibaba are promoting AI application accessibility, while domestic hard-tech companies like Moore Threads and Yushutech are advancing towards IPOs, marking a significant acceleration in the capitalization of hard technology assets [2][4]. Summary by Sections Investment Highlights - Google released Gemini 3, outperforming competitors like GPT-5.1 and Claude Sonnet 4.5 in tests related to mathematics, reasoning, and multimodal understanding. The Nano Banana Pro enhances text rendering accuracy in images and supports generating professional-grade images at up to 4K resolution. These products signify a complete technological layout from foundational models to professional application tools in generative AI [4]. - In China, significant advancements in AI application ecosystems have been noted, particularly in multimodal generation and general assistant fields. Alibaba launched the "Qianwen" app, while Ant Group introduced the "Lingguang" AI assistant, indicating a shift from B2B to B2C strategies. This development, alongside models like DeepSeek, creates a comprehensive AI application ecosystem in Hangzhou [4]. - The hard-tech sector in China is reaching a critical point of capitalization, with Moore Threads initiating an IPO at a price of 114.28 yuan per share, aiming to raise 8 billion yuan for AI training and inference chip development. Yushutech is also progressing towards a public offering, focusing on humanoid and quadruped robots [4]. Recommended Stocks - The report recommends the following stocks with an "Overweight" rating: - Nicheng Technology (日联科技) - Kingsoft Office (金山办公) - Hehe Information (合合信息) - Hikvision (海康威视) - Newland (新大陆) - Daotong Technology (道通科技) - Hand Information (汉得信息) - Haiguang Information (海光信息) - Related stocks include Zhongke Shuguang (中科曙光) [4][5].

（原标题：两部门拟明确"守门人"认定标准，AI新贵们也入围了？） 21世纪经济报道记者 王俊 章驰 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见稿"），明确了对大型 网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速增长的AI公司，以 及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等条件，同样可能进入大型网络平台 的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监督委员会规定》一 脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]

21世纪经济报道记者 曹媛 深圳报道 四家企业的差异化AI布局也"浮出水面"——华为致力于给千行百业提供"超级底座"，腾讯重塑C端服务打造"超级入口"，平安打 造专业领域"超级客服"，比亚迪以AI重构出行打造"超级终端"。 尽管定位不同、行业各异，但这四家企业正以多元路径推动AI深度融入千行百业，既体现出深圳"场景应用最开放、算力供给最 普惠、产业生态最健全、创新创业最便捷"的发展优势，也折射出我国AI产业从技术突破到场景落地的最新趋势。 在"深圳创新四姐妹"等企业的带动作用下，深圳人工智能产业创业氛围浓厚、科技创新力强。《深圳市加快打造人工智能先锋 城市行动计划（2025—2026年）》中明确，到2026年，深圳全市人工智能企业数量超3000家，独角兽企业超10家，产业规模年 均增长超20%。 11月的深圳，被誉为"中国科技第一展"的高交会与"中国规模最大金融盛会之一"的深圳金博会相继闭幕。高交会作为全球科技成 果的"首发秀场"，此次意向成交与投融资金额突破1700亿元；金博会是金融赋能实体的"实践窗口"，此次部分项目意向与投融 资金额达10.55亿元。 记者注意到，在这两大顶级展会上，"深圳创新四姐妹"（ ...

11月21日，恒生指数收出六连阴，六日累计跌幅达6.84%。在市场连续调整之际，上市公司回购出现"井 喷"。 公告显示，11月21日，中国石油化工股份、中远海发等再次入市回购了公司H股。 龙头公司领衔 本轮港股回购潮呈现"行业覆盖面广、龙头企业领衔"的特点。11月21日入市回购的港股企业中，各领域 头部企业成为主力军。 科技板块，腾讯控股于11月21日斥资6.36亿港元回购104.2万股股份，腾讯年内已累计回购7482.8万股， 占授权回购时已发行股份的0.81%，累计回购金额达635.08亿港元，无论是回购规模还是频次，均稳居 港股市场首位；小米集团-W11月21日再度出手，回购数量800万股，回购金额3.03亿港元，年内累计回 购金额已达23.48亿港元。 快手科技于11月21日回购75万股，回购金额约4777.14万港元。年内已累计回购约510.16万股，占授权回 购股份总数的0.1191%，累计回购金额约22.47亿港元。 此外，蒙牛乳业11月21日斥资290.6万港元回购20万股H股股份；金山软件11月21日斥资约999.59万港元 回购34.7万股H股股份；瑞声科技11月21日斥资1109.77万 ...

Group 1 - The US stock market saw a collective rebound with the Dow Jones increasing by over 1%, the S&P 500 rising by 0.98%, and the Nasdaq gaining 0.88% [1] - Major technology stocks experienced mixed results, with Google up over 3%, Intel rising more than 2%, and Apple increasing nearly 2%, while Oracle fell over 5% and Netflix, Microsoft, AMD, and Tesla dropped more than 1% [1] - Popular Chinese concept stocks mostly rose, with the Nasdaq Golden Dragon China Index up 1.23%, XPeng increasing over 1%, Future rising over 3%, and Dongzi gaining nearly 2% [1] Group 2 - Analysts from Bank of America suggest that the close collaboration between tech giants and OpenAI may lead to potential troubles for these companies [2] - Many large companies are simultaneously competing with OpenAI while seeking partnerships with the AI research firm [3] - OpenAI's expenditures are significantly disproportionate to its revenues, indicating that it may take decades to match current spending levels [4] Group 3 - Tencent has repurchased over 2.3 billion HKD worth of shares in the last four days, acquiring a total of 409,900 shares at prices ranging from 606.5 to 669.0 HKD, amounting to 2.543 billion HKD (approximately 2.315 billion RMB) [5] - Year-to-date, Tencent has repurchased 125 million shares for a total of 57.7 billion RMB, ranking second in the Hong Kong stock buyback list, with HSBC leading at over 60 billion RMB [5]

Core Viewpoint - The recent withdrawal of NetEase games from OPPO's app store highlights a growing tension between game developers and traditional Android distribution channels, primarily due to high revenue sharing models that limit profit margins for developers [1][4][15]. Group 1: Game Withdrawal from OPPO - NetEase games, including popular titles like "Onmyoji: Yokai House" and "Fantasy Westward Journey," will cease operations on OPPO channels starting from November 2024, with a complete withdrawal expected by October 2025 [1]. - This trend of withdrawing from OPPO channels began last year and reflects a broader industry shift away from traditional Android distribution methods [1][4]. Group 2: Revenue Sharing Issues - The high revenue sharing model, often referred to as "Android tax," has become a critical issue for game developers, with reports indicating that Android channels take up to 50% of revenue, significantly higher than the 30% typically charged by platforms like Apple's App Store [6][15]. - The "hardcore alliance" established by major Android manufacturers in 2014 set a standard revenue share of 50% for game developers, which has persisted in the industry [8]. Group 3: Alternative Distribution Models - Developers are increasingly exploring alternative distribution methods, such as using platforms like TapTap, which do not charge revenue shares, allowing for greater profitability [10][12]. - Successful titles like "Genshin Impact" and "Awakening of Nations" have demonstrated that it is possible to achieve significant revenue without relying on traditional Android channels [12][14]. Group 4: Industry Evolution - The gaming industry is transitioning from a "traffic-driven" model to a "content-driven" model, where the quality of the game itself becomes the primary factor in attracting users [14]. - Despite the shift, the costs associated with customer acquisition through alternative channels have increased, as seen in NetEase's substantial advertising expenditures [14][15].