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 ...

Core Points - Meituan has announced the launch of "Rider Apartments" across the country to provide housing for riders in need [1] - The company will offer rental subsidies to ensure that the actual monthly rent remains below market levels [1] - For example, in the vicinity of the Temple of Heaven in Beijing, Meituan riders can rent a single room for 700 yuan, while similar rental prices in the area exceed 1500 yuan [1] - The "Rider Apartments" will feature various room types, including single rooms, shared rooms, and family rooms, equipped with amenities such as independent showers, washing machines, water dispensers, and 24-hour hot water supply [1] - Dedicated personnel will be responsible for daily maintenance, relieving riders from concerns about appliance repairs and cleaning [1] - The first batch of 600 riders will begin moving into these apartments in cities like Beijing, Shenzhen, and Chongqing [2]

Core Insights - Keeta, Meituan's overseas business, has launched in Dubai and Abu Dhabi, aiming to disrupt the local food delivery market with aggressive strategies such as zero commission for merchants and significant user subsidies [1][2][8] - The competition in Dubai's food delivery market is intense, with established players like Deliveroo, Talabat, and local platforms already in operation, making Keeta's entry a critical test of Meituan's business model on a global scale [2][6][10] Market Entry Strategy - Keeta's strategy includes offering "zero commission" to attract merchants and aggressive promotional campaigns like "buy one get one free" to quickly gain market share [1][5][7] - The platform has tailored its user interface to local aesthetics and preferences, emphasizing local cuisine and providing services in English only, which highlights its focus on local users [3][4] Operational Insights - Delivery times are competitive, with orders typically arriving within 30 minutes, and the platform offers compensation for delays, mirroring successful strategies from Meituan's domestic operations [3][4] - Keeta employs a unique rider compensation model in Dubai, where riders are contracted through labor companies, earning around 3,000 AED (approximately 5,800 RMB) per month, which is typical for basic service jobs in the region [4][6] Competitive Landscape - The existing food delivery market in Dubai features multiple players, with commission rates generally ranging from 20% to 30%, indicating a challenging environment for new entrants like Keeta [6][9] - Keeta's rapid promotional activities and high visibility through social media and local advertising are designed to quickly establish brand recognition and user engagement [7][9] Global Expansion Strategy - Keeta's launch in Dubai is part of Meituan's broader strategy to seek new growth avenues internationally, with plans for further expansion into markets like Brazil [8][9] - The company is investing heavily in talent acquisition for its overseas operations, indicating a long-term commitment to establishing a significant presence in international markets [9][10]

此前，为满足用户线上精准选店需求，美团发布2026洗浴指南，28城共174家特色洗浴中心入选。指南 精选了一批具有极致出片、地道搓澡、纵享美食、亲子乐园等特色服务的优质洗浴中心，通过一、二、 三钻分级，提升用户选店效率。 为助推全国洗浴消费热潮，11月19 日，美团正式上线 "半价洗浴" 活动专区，推出系列半价神券，11月 22日小雪节气当天，洗浴品类当天交易规模突破1亿元，北京、上海、沈阳、长春、长沙、扬州等多个 城市交易规模同比增速超100%。 美团最新数据显示，刚过去的周六当天，洗浴行业交易规模破亿。全国超2000家优质特色洗浴中心，整 体交易规模同比激增超152%，全国洗浴大发展元年正式来临。 ...

（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 ...

人民财讯11月23日电，11月23日，美团发布的数据显示，刚刚过去的周六，正值小雪节气，冬日洗浴消 费迎来大幅增长，当天行业交易规模突破1亿元，北京、上海、沈阳、长春、长沙、扬州等多个城市交 易规模增速超100%。平台上超2000个商家整体交易规模同比增长152%。 ...

Group 1: Key Economic Events - The week of November 24-30 will feature significant financial events, including earnings reports from Alibaba, Meituan, Li Auto, NIO, and Pony.ai, as well as the Huawei product launch for the Mate 80 series [6][7] - The U.S. Department of Labor will release the September PPI on November 25, while the U.S. Commerce Department will publish the third-quarter GDP revision and October personal income and spending data on November 26 [9][10] - China's official manufacturing PMI and October profits of industrial enterprises will be released next week, with the manufacturing sector showing signs of a slowdown [10] Group 2: Corporate Earnings - Alibaba's earnings report is scheduled for November 25 before the U.S. market opens, followed by Meituan on November 29, and earnings from Li Auto and NIO also expected [7][8] - Newly listed companies such as Pony.ai and WeRide will also report earnings, alongside established firms like Dell, HP, and Bosideng [7] Group 3: Political and Regulatory Developments - Trump plans to sign an AI policy called the "Genesis Mission" at the White House, which may involve increased collaboration between national laboratories and private sectors in AI technology [12] - Trump has set a deadline of November 27 for Ukraine to accept the U.S. "28-point plan," which includes commitments from Ukraine regarding NATO and peace negotiations with Russia [11][12] Group 4: Market Insights - Michael Burry has indicated that major tech companies are underestimating depreciation, which could inflate profits by $176 billion from 2026 to 2028, with specific companies like Oracle and Meta facing significant profit overstatements [12][13]

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]