快手被罚，显示出直播电商常态化监管的力度。监管技术的进步，堵住了平台利用复杂业态和信息不对 称来规避责任的后路。任何平台都不能再以"探索新模式"为借口，漠视消费者权益、破坏市场公平、挑 战法律底线。 罚款2669.29万元！近日，市场监管总局公布了对快手电商平台运营主体成都快购科技有限公司的处罚 结果，处罚力度和案件细节震动了整个平台经济领域。 快手的违法事实清楚，比如曾经上热搜的"太原老葛""大LOGO"等头部主播虚假宣传案件，以及辛巴假 糖水燕窝事件，都和快手有关系。 中消协曾多次点名快手。早在2020年，中消协就曾发布《直播电商购物消费者满意度在线调查报告》， 指出快手54.7%的交易需要跳转到第三方平台，36.0%的主播引导进行线下交易，高于抖音的29.6%。报 告还指出，受访者对快手的购物满意度低于行业整体满意度，在包括淘宝、天猫、京东、抖音在内的主 流平台中，快手是最低的。 快手被罚，意料之中。但俗话说，说话听声、锣鼓听音，快手受重罚，还被监管部门当作典型案例点名 批评，敲打的可不只是快手。 比如，快手违法行为的第一条"未在首页显著位置持续公示证照信息"，消费者在其他平台也没怎么见 过；第二条，对 ...

Core Insights - The State Administration for Market Regulation (SAMR) imposed a fine of 26.69 million yuan on Chengdu Kuaigou Technology Co., Ltd., a wholly-owned subsidiary of Kuaishou, for seven violations, highlighting the increasing regulatory scrutiny in the live e-commerce sector [1] - The SAMR's actions reflect a tightening regulatory trend in the live e-commerce industry, emphasizing compliance and accountability among platform operators [1] Summary by Category Regulatory Actions - The SAMR released a batch of typical cases in the live e-commerce sector, including penalties for various companies, indicating a focus on compliance failures and false advertising practices [1] - Chengdu Kuaigou's violations included failing to disclose necessary information, charging unreasonable fees, and engaging in false advertising, which collectively posed significant social harm [11] Industry Implications - The substantial fine may impact Kuaishou's brand reputation and market sentiment, prompting investors and partners to reassess the platform's governance capabilities [11] - The regulatory approach signifies a shift towards "penetrating regulation," where the SAMR investigates deeper into business processes and associated behaviors, aiming for comprehensive accountability across the industry [11][12] Market Environment - The SAMR's focus on both large platforms and grassroots cases indicates a comprehensive regulatory strategy aimed at addressing issues in the live e-commerce sector [12] - Other platforms like Douyin, Xiaohongshu, and Taobao Live are also facing numerous complaints from merchants, suggesting widespread challenges within the live e-commerce ecosystem [14]

智通财经2月3日讯（编辑 冯轶）据Wind数据显示，南向资金今日成交约1264亿港元，较前一日缩量约119亿；约占今日恒指成交总额的37.72%，占比继续低 于四成，且降至短线低点。 港股今日短线企稳，南向资金净流入约9.52亿港元。其中，沪港股通净流入约17.33亿港元，而深港股通净流出约7.81亿港元。 不过，盈富基金(02800.HK)作为场内最大规模的ETF遭净卖出37.62亿港元，显示仍有部分资金继续流出。 个股方面，交易所数据显示，今日南向资金 大幅净买入：腾讯控股(0700.HK)19.55亿港元；中国移动(00941.HK)4.08亿港元；美团-W(03690.HK)2.41亿港元。 大幅净流出：中芯国际(00981.HK)15.77亿港元；阿里巴巴-W(09988.HK)11.99亿港元；快手-W(01024.HK)3.68亿港元；长飞光纤光缆 (06869.HK)1.72亿港元。 投资要点 腾讯控股今日跌2.92%，资金前5日加仓663万股，短线继续流入。 中国移动今日涨0.38%，资金前5日减持4164万股，短线仍以流出为主。 美团-W今日跌1.74%，资金前5日减持655万股，短线仍以 ...

晚会再次见到岳云鹏、黄晓明等国民老朋友，奠定扎实的表演基础与广泛共鸣；陈立农、蒲熠星、唐九 洲等新生代偶像的加入，则为晚会注入了鲜明的青春气息，精准连接年轻观众。经典搭档杜海涛与吴昕 将同台重现欢乐基因，带来沉浸式互动体验。而"喜人"孙天宇、蒋易、王男、王广将贡献独特的喜剧看 点。此外，阵容还囊括了彭小苒、谭维维、安崎、上官喜爱、乌兰图雅、NAME组合、奔赴少年CIIU等 多领域实力创作者，多元化的表演形式将同台绽放，充分展现艺术的融合魅力。 众星以热爱赴舞台，以欢喜迎马年。他们将在小年夜的舞台上，用歌声、舞蹈、互动等多种形式，串联 起年味与新意，为观众呈现一场"嗨到跺脚"的新春狂欢。目前，用户上快手搜索"快手马年星晚"，即可 提前解锁明星阵容花絮，让年味提前解冻。 多重互动玩法上线 全民参与赢好礼直通现场 除了豪华的明星阵容，快手马年星晚更注重"全民参与感"，打造了四大互动玩法，为用户准备了 iPhone、金条等多重硬核好礼，并开通了"直通晚会现场"的专属通道，让每一位用户都能从旁观者变为 参与者。 乙巳辞旧岁，丙午启新程。随着马年新春的脚步日渐临近，年味氛围愈发浓厚。为了给全国用户献上一 场兼具仪式感与烟 ...

Core Insights - The New Year shopping festival serves as a critical marketing node for brands to capture consumer demand and gain a competitive edge for the year ahead [1] - Kuaishou's Magnetic Engine provides a comprehensive operational solution for merchants, focusing on traffic strategies, tool empowerment, and policy support to meet diverse industry needs [1] Group 1: AI Tools and Smart Investment - AI tools and precise investment strategies are essential for merchants to reduce costs and enhance efficiency during digital marketing [1] - The brand Yalu Fangge optimized its content strategy and utilized AI tools to significantly increase promotional spending by 92% during the New Year festival, achieving a 129% increase in daily average spending compared to December [1] - Baiyunshan leveraged AI tools and health-focused materials to enhance operational efficiency, resulting in a 30% increase in advertising spending during the early bird period and a 200,000 increase in material exposure [1] Group 2: C Subsidy Policies and Comprehensive Collaboration - Kuaishou's C subsidy policy aims to lower operational costs for merchants and stimulate consumer potential, helping them break through competitive bottlenecks [1][2] - The brand Deyou utilized a 16% C subsidy and a multi-matrix approach to improve its live streaming engagement by 22% and enhance its infrastructure by 50%, leading to a 9% increase in ROI [2] Group 3: Fine-tuned Operations and Long-term Brand Growth - Fine-tuned operations are crucial for merchants to build brand assets and explore new growth opportunities amid concentrated consumer demand [3] - The brand Fuyan Jie optimized its promotional strategies and enhanced user purchase intent, achieving a 200% increase in spending and a 161% increase in product CTR during the New Year festival [3] - The brand Qingquan Runjia shifted its operational strategy to a product and brand combination model, resulting in a 108% increase in ROI during the festival [4] Group 4: Market Adaptation and Product Strategy - The brand Meierya focused on expanding its product line during the New Year festival, utilizing a price-cutting strategy and various promotional methods to drive sales [5] - The overall operational ecosystem of Kuaishou supports brands, factories, and newcomers in finding suitable growth paths, emphasizing the platform's capability to adapt to market demands [6]

Group 1 - The core viewpoint is that various institutions maintain "buy" ratings for different companies, highlighting their growth potential and strategic partnerships [1][2][3][4][5][6][7][8][9][10] Group 2 - China-based pharmaceutical company, Stone Pharmaceutical Group, has entered a significant $18.5 billion strategic collaboration with AstraZeneca, focusing on long-acting GLP-1/GIPR dual-target peptides and multiple obesity/diabetes pipelines, enhancing its AI-driven drug discovery capabilities [1][2] - Baidu Group's cloud business has shown a 10% year-on-year growth in Q4, driven by intelligent cloud infrastructure, with AI-native marketing services now covering 70% of search result pages [3] - Sunny Optical Technology is projected to see a 70-75% increase in net profit by 2025, benefiting from improved ASP and gross margin in mobile lenses and modules [4] - InSilico Medicine has secured over HKD 930 million in cardiovascular metabolic collaborations, continuing its partnerships with major pharmaceutical companies, and has produced 27 preclinical candidate molecules through its Pharma.AI platform [5][6] - Kuaishou Technology is enhancing its platform with advanced AI models, which are expected to improve user engagement and profitability [6] - Decon Agriculture is expected to achieve a target price of HKD 87, with a stable cost structure and leading efficiency in pig farming [7] - Dongfang Zhenxuan has exceeded profit expectations by 68% in the first half of FY26, with self-operated product GMV rising to 52.8% [8] - Hang Lung Properties is experiencing a recovery in retail sales, with Q3/Q4 growth rates of 10% and 18%, respectively, and an improved tenant mix [10]

Group 1 - The Hong Kong stock market experienced a significant drop in the Hang Seng Tech Index, which fell by 3.37% at one point, with major internet companies like Kuaishou, Bilibili, Baidu, Tencent, and Alibaba seeing declines of over 6% [1][3] - The decline in tech stocks was triggered by rumors regarding adjustments to the recognition of high-tech enterprises and related tax policies in China, which have circulated since 2019 without any concrete implementation [3] - Huachuang Securities believes that the rumors are an over-interpretation without solid evidence, and that increasing taxes on internet companies would contradict the current policy aimed at promoting consumption [3] Group 2 - As of January 30, 2026, the Hang Seng Index's price-to-earnings (PE) ratio is at 12.47 times, which is in the 82nd percentile since 2010, while the price-to-book (PB) ratio is at 1.27 times, in the 63rd percentile since 2010 [3] - Galaxy Securities indicates that the tech sector remains a long-term investment focus, with multiple favorable factors such as price increases in the supply chain, domestic substitution, and accelerated AI applications expected to drive upward momentum [3] - Guangfa Securities suggests that the current global dollar cycle is peaking and receding, with the RMB entering a mild appreciation phase, creating a favorable re-pricing window for Chinese equity assets [3]

本周二，港股市场遭遇税收传闻突然袭击，互联网科技股集体跳水。多家券商迅速发声，认为相关传闻属过度推演，在税种、法律及政策逻辑上 均不成立，可信度极低。 香港恒生科技指数当日早盘原本跟随外围走强，但在上午10点50分左右突然大幅跳水，跌幅一度扩大至3.37%，截至午盘跌1.31%。快手一度跌超 7%，哔哩哔哩、百度、腾讯控股一度跌超6%，阿里巴巴一度跌近5%。 市场恐慌源于一则关于"中国将调整高新技术企业认定及相关税收新政"的传闻，涉及金融业及互联网增值服务税率可能上调。华创证券认为，上 述传闻属于过度推演，并没有切实依据，且与目前促进消费的大方针相悖。光大海外更明确指出，该传闻在税种、法律及政策逻辑上均站不住 脚，可信度极低。 传闻再现引发市场震荡 导致市场杀跌的主因是一则税收传闻。在互联网巨头股价杀跌过程中，关于金融业及互联网增值服务（如游戏内购、广告）可能面临增值税率上 调的消息传播甚广，并有传言类比白酒高税率。 分析人士指出，这类"小作文"在市场上传播已经不是第一次。2019年开始就有各种版本流传，但均未实现。去年外媒亦有过类似报道，但随后也 未落地。 机构驳斥：税种混淆与法律约束 针对传言中提到的"游 ...

据券商中国，2月3日早盘冲高的港股市场，突然大跳水。上午10点50分左右，香港恒生科技指数跌幅一 度扩大至3.37%，截至午盘，略有回升，跌1.31%。快手一度跌超7%，哔哩哔哩、百度、腾讯控股跌超 6%，阿里巴巴一度跌近5%。导致市场杀跌的主因，还是"税收"传闻。在互联网巨头股价杀跌过程当 中，一则关于"中国将调整高新技术企业认定及相关税收新政"的消息传播很广。分析人士认为，这 类"小作文"在市场上传播已经不是第一次，去年外媒亦有过类似的报道，但随后也未落地。后面还需要 保持跟踪，相信政策出台会谨慎。 ...

2月3日消息，港股三大指数涨跌不一。截至午间收盘，恒生指数涨0.2%，报26830.23点，恒生科技指数 跌1.32%，国企指数跌0.22%。盘面上，科网股普跌，快手、哔哩哔哩跌超4%，百度、腾讯跌超3%，阿 里巴巴、小米、美团跌超1%；商业航天概念股涨幅居前，亚太卫星涨超9%；中资券商股走弱，中金公 司跌超2%；东鹏饮料港股首日破发。 | 名称 | 最新价 | 涨跌额 | 涨跌幅 ^ | | --- | --- | --- | --- | | 恒生科技指数 | 5453.46 | -72.85 | -1.32% | | 800700 | | | | | 国企指数 | 9060.38 | -19.81 | -0.22% | | 800100 | | | | | 恒生指数 | 26830.23 | +54.66 | +0.20% | | 800000 | | | | 商业航天概念股涨幅居前，亚太卫星涨超9%。SpaceX官网发布马斯克署名的公告，宣布SpaceX已收购 xAI，合并后公司将整合人工智能、火箭、天基互联网、移动设备直连的通信。此外，SpaceX近日向美 国联邦通信委员会提交申请部署百万颗卫星，以构 ...