智通财经记者 |肖芳 智通财经编辑 |文姝琪 11月18日，界面新闻从知情人士处独家获悉，AI漫剧成为今年短剧从业者追逐的新内容品类，抖音旗 下营销服务平台巨量引擎的日广告消耗已于近日翻倍。在此之前，巨量引擎AI漫剧的日均广告消耗约 大几百万元，相当于头部消费品牌在高曝光时期的日消耗量。 界面新闻向字节跳动方面求证上述信息，截至发稿，对方暂未回应。 DataEye-ADX在本月初发布的数据显示，漫剧/动漫微剧相关产品超1.9万款，近30天有投放的漫剧产品 共超4000款。其中，《让你赶工期第一季》以3132.3万播放量位居抖音动态漫榜第一名。 图片来 源：智通财经 中国 图片来源：视觉 和真人演员实拍的短剧相比，AI漫剧的制作成本低、盈利预期更稳定。东吴证券的报告显示，AI可使 漫剧制作部分环节提效50%至80%。从成本角度看，漫剧单分钟成本为2000元至5000元，应用AI后降至 1000元至2500元。 上述短剧制作方表示，短剧制作方通过AI技术降低制作成本的诉求非常强烈，但AIGC短期内还很难完 全替代真人演员，尤其在微表情等细节方面。AI漫剧现在也受到短剧制作方的欢迎，就是因为它完全 不需要真人演员参 ...

1、电商行业竞争格局固化，后发者生存空间压缩 今年9月，快手超市正式入驻浙江本土连锁超市多方优选，以"店中店"模式完成线下首秀。这距离其2024年10月推出自营电商业务仅过去11个月，从线上 直播带货到线下场景渗透，快手的动作看似顺应了互联网平台"线下淘金"的热潮，实则是电商行业"老五"在增长天花板下的无奈抉择。 当阿里、京东、美团已在新零售赛道深耕多年，抖音、拼多多凭借内容和低价策略占据市场，快手电商正面临GMV增速腰斩、监管压力加剧、新业务尚 未破局的三重困境。此次牵手区域商超，既是对行业趋势的被动跟随，更是一场关乎生存的战略突围。 01 线上流量见顶，线下成为增量主战场 中国电商市场已形成"阿里、京东、拼多多、抖音"四强争霸的格局，而快手电商占比位列第五，且差距仍在拉大。线上流量红利的消退成为行业共识，互 联网用户规模增速下滑，获客成本较五年前大幅上涨，传统的"流量+低价"模式难以为继。 在此背景下，头部平台纷纷将目光转向线下：美团推出自营折扣超市"快乐猴"，单店SKU超1500个，以0.4元/瓶纯净水等极致低价产品快速抢占市场；阿 里将盒马NB升级为"超盒算NB"，门店数超350家，自有品牌占比达60 ...

大型蓝筹股多数下跌，汇丰控股收报110.738港元，较香港收市跌1.21%；腾讯控股收报629.180港元，较香港收市跌1.15%。 | 序号 | 名称 | 港股代码 | 最新价 | 涨跌额 | 涨跌幅 | ADRICH | ADR换算价(HKD) | 较港股升跌 较 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 1 | 腾讯控股 | ○ 00700 | 636.500 | -4.500 | -0.70% | TCEHY | 629.180 | -7.320 | | 2 | 阿里巴巴-W | 09988 | 154.900 | 0.000 | 0.00% | BABA | 153.262 | -1.638 | | 3 | 建设银行 | 00939 | 8.240 | -0.110 | -1.32% | CICHY | 8.190 | -0.050 | | 4 | 汇丰控股 | 00005 | 112.100 | -0.800 | -0.71% | HSBC | 110.738 | -1.362 | | 5 | 小米集团-W | 0181 ...

今日涨跌幅居前的概念板块 快手概念资金流入榜 | 代码 | 简称 | 今日涨跌幅 | 今日换手率 | 主力资金流量（万 | 主力资金净流入比率 | | --- | --- | --- | --- | --- | --- | | | | （%） | （%） | 元） | （%） | | 300058 | 蓝色光 | 12.42 | 23.61 | 70297.46 | 9.99 | | | 标 | | | | | | 002131 | 利欧股 | 4.73 | 8.07 | 22362.29 | 9.38 | | | 份 | | | | | | 300612 | 宣亚国 | 19.99 | 30.04 | 22248.72 | 23.60 | | | 际 | | | | | | 301171 | 易点天 | 7.50 | 12.69 | 12550.41 | 8.25 | | | 下 | | | | | | 300785 | 值得买 | 4.36 | 30.89 | 10782.89 | 7.18 | | 002400 | 省广集 | 4.94 | 9.60 | 9489.97 | 6.83 | | | 团 | ...

Group 1 - The Hong Kong stock market experienced a slight decline, with the Hang Seng Tech Index dropping over 0.5% on November 17, 2023 [1] - Major ETFs, particularly the Hang Seng Tech Index ETF (513180), followed the index's downward trend, with leading stocks like Trip.com, Lenovo, Baidu, and BYD Electronics underperforming, while Hua Hong Semiconductor, SMIC, and Alibaba showed gains [1] - A number of technology companies, including Baidu, Xiaomi, Kuaishou, Netease, and Xpeng Motors, are set to release their latest financial results this week, with key earnings announcements scheduled for November 17 and 18 [1] Group 2 - According to Minsheng Securities, the recent earnings reports from leading internet companies like Tencent and Bilibili exceeded market expectations, and there is a recommendation to focus on the upcoming financial results from Xiaomi, Trip.com, Kuaishou, and Netease [1] - The report highlights a positive outlook on the revaluation of AI in China, suggesting attention to platform-based internet companies with synergistic advantages in computing resources, model capabilities, and application scenarios, such as Tencent, Kuaishou, Alibaba, Xiaomi, Baidu, and Meituan [1] - As of November 14, the Hang Seng Tech Index ETF (513180) had a latest valuation (PETTM) of 22.47 times, which is lower than other major global tech indices, indicating that the index remains in a historically undervalued range [2]

截至2025年11月17日 09:53，中证沪港深线上消费主题指数(931481)成分股方面涨跌互现，蓝色光标(300058)领涨10.09%，拓维信息(002261)上涨5.89%，易 点天下(301171)上涨5.38%；中国电影(600977)领跌。线上消费ETF基金(159793)上涨0.29%，最新价报1.06元。 | 股票代码 | 股票简称 | 涨跌幅 | 权重 | | --- | --- | --- | --- | | 09988 | 阿里巴巴-W | -0.71% | 11.77% | | 00700 | 腾讯控股 | -0.70% | 10.24% | | 01024 | 快手-W | -0.22% | 6.37% | | 03690 | 美团-W | 1.20% | 5.50% | | 06618 | 京东健康 | -1.16% | 4.86% | | 002558 | 巨人网络 | -2.15% | 3.82% | | 09626 | 哔哩哔哩-W | -0.57% | 3.74% | | 002230 | 科大讯飞 | 0.32% | 3.52% | | 002517 | 恺英网络 | ...

Group 1 - The People's Bank of China announced the November Loan Prime Rates (LPR) for one-year and five-year terms [2][3] - A total of 39 stocks will be unlocked this week, with a combined market value of approximately 951.97 billion yuan [2][3] - The highest market value of unlocked shares is from Ruijie Networks, amounting to 480.34 billion yuan, followed by Innovation New Materials at 105.42 billion yuan [4][5] Group 2 - The State Council held a meeting to enhance the adaptability of supply and demand for consumer goods, aiming to stimulate consumption and promote economic circulation [7] - The Ministry of Finance emphasized the importance of counter-cyclical and cross-cyclical adjustments to maintain economic support through various fiscal tools [8] - The China Securities Regulatory Commission is focusing on enhancing market resilience and attractiveness, aiming for higher quality and value in listed companies [9] Group 3 - The State Administration for Market Regulation released a draft for public consultation on antitrust compliance guidelines for internet platforms [10] - The Ministry of Commerce announced stricter management of second-hand car exports to prevent new cars from being exported under the guise of second-hand vehicles [11] - Yushun Technology has completed its IPO counseling, preparing for its public offering in China [12]

智通财经APP获悉，友邦保险-R(81299)、安踏体育-R(82020)、比亚迪股份-R(81211)上一交易日沽空比 率位于前三位，分别为100.00%、100.00%、95.88%。阿里巴巴-SW(09988)、腾讯控股(00700)、百度集 团-SW(09888)的沽空金额位居前三，分别为27.89 亿元、23.49 亿元、13.17 亿元。吉利汽车-R(80175)、 比亚迪股份-R(81211)、百度集团-SWR(89888)的偏离值位居前三，分别为48.97%、42.86%、38.49%。 前十大沽空比率排行 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-SW(09988) | 27.89 亿元 | 17.60% | 3.14% | | 腾讯控股(00700) | 23.49 亿元 | 18.21% | 1.63% | | 百度集团-SW(09888) | 13.17 亿元 | 40.56% | 3.64% | | 小鹏汽车-W(09868) | 10.69 亿元 | 33.26% | 15.75% | | 京东集团 ...

Core Insights - The article discusses the rise of Douyin (TikTok) and its strategic decisions that led to its success, as shared by Yu Beichuan, a former employee who joined during its early days [2][3][11]. Group 1: Douyin's Growth Phases - Douyin was officially launched in 2016, with significant growth starting in mid-2017, leading to surpassing Kuaishou in daily active users (DAU) by early 2019 [3][11]. - The growth can be divided into several phases: initial growth from 2017 to 2018, rapid expansion from 2018 to 2019, and a focus on commercialization post-2020 [12][13][15]. - By the end of 2018, Douyin's DAU reached 30 million, and by early 2019, it had surpassed Kuaishou, becoming the leading short video platform [11][21]. Group 2: Key Strategic Decisions - Douyin's initial strategy involved not directing users from Toutiao, which allowed it to build a unique user base [46]. - The brand's youthful and independent aesthetic, along with strong content operations, attracted a younger audience [46][49]. - Significant marketing efforts included sponsoring the Spring Festival Gala in 2019, which resulted in a peak DAU of 470 million during the event [87][88]. Group 3: Challenges and Learnings - Despite rapid growth, there were internal concerns about the sustainability of user engagement and the potential DAU ceiling [21][22]. - Attempts to integrate social features were largely unsuccessful, highlighting the challenges of fostering user interaction in a primarily content-driven platform [24][27]. - The company learned that maintaining a balance between rapid growth and user retention was crucial, leading to a focus on enhancing user interaction [81][82]. Group 4: Organizational Culture and Impact - ByteDance's flat organizational structure allowed for direct communication across levels, fostering a culture of ambition and opportunity for young talent [100][106]. - The company's emphasis on extreme execution and strategic thinking contributed to its innovative approach and competitive edge in the market [114][121]. - As the company grew, maintaining its original culture became a challenge, leading to concerns about losing its competitive spirit [108][109].

Group 1 - The State Council emphasizes enhancing the adaptability of supply and demand in consumer goods to further promote consumption policies [2][3] - The meeting highlights the importance of aligning consumption upgrades with industrial upgrades, focusing on high-quality supply to meet diverse demands [3] - There is a push for innovation in new technologies and business models, particularly in key industries, to develop new products and value-added services [3] Group 2 - The China Securities Regulatory Commission (CSRC) stresses the significance of the 14th Five-Year Plan period for establishing a robust financial foundation and enhancing market resilience [4] - The CSRC aims to improve the quality and value of listed companies while ensuring effective regulatory enforcement and deeper market openness [4] Group 3 - The Shanghai Stock Exchange is monitoring stocks with severe abnormal fluctuations, including companies like HeFu China and Huasheng Lithium [5] - HeFu China reported a cumulative increase of 256.29% over twelve trading days, significantly outpacing industry and index growth, leading to a trading suspension [5] Group 4 - Samsung Electronics has raised the prices of certain memory chips by up to 60% due to a supply shortage driven by the AI data center construction boom [6] - Analysts predict a potential price increase of 40% to 50% for contracts in the upcoming quarter [6] Group 5 - The U.S. government has signed an executive order to eliminate "reciprocal tariffs" on certain agricultural products, responding to domestic demand and inflation pressures [7] - This adjustment is seen as a reaction to recent electoral losses for the Republican Party, reflecting voter dissatisfaction with rising prices [7] Group 6 - The upcoming LPR announcement on November 20 is highly anticipated, alongside significant earnings reports from major companies like Nvidia and Baidu [9] - The market is closely watching these developments for insights into future economic and monetary policy directions [9] Group 7 - A total of 56 companies will have their restricted shares unlocked this week, amounting to 5.109 billion shares with a total market value of approximately 983.46 billion yuan [13][14] - The companies with the highest unlock values include Ruijie Networks (480.34 billion yuan) and Innovation New Materials (96.31 billion yuan) [14]