Core Viewpoint - Pinduoduo, after ten years in the market, adopts a low-profile strategy amidst fierce competition in the internet sector, focusing on supply chain, logistics, and technology rather than engaging in direct confrontations with competitors [2][57]. Group 1: Company Milestones and Strategy - Pinduoduo celebrates its tenth anniversary with minimal fanfare, contrasting with other companies that typically hold grand celebrations [4]. - The company acknowledges a slowdown in growth and lack of sustainable profits during its earnings call, which raises questions about its future strategy [6]. - Pinduoduo employs a "flanking strategy" in the competitive landscape, particularly in the national subsidy war, adapting its approach to secure subsidies and maintain competitive pricing [8][10]. Group 2: Market Adaptation and Innovations - Pinduoduo shifts from a "light operation" model to establish subsidiaries aimed at securing subsidy qualifications and lowering prices on key products [11]. - The company capitalizes on the shift in subsidy focus from large appliances to fast-moving consumer goods, reinforcing its reputation for low prices [13]. - A new smart coupon system is being tested to retain potential buyers by offering targeted discounts based on user behavior [15][16]. Group 3: Expansion and Growth - Pinduoduo's "Westward Plan" aims to penetrate previously underserved regions, enhancing its logistics capabilities and expanding its market reach [18]. - The unexpected rise of "Duoduo Grocery" fills the market gap left by competitors, leading to significant growth in community group buying [20][22]. - By September 2024, "Duoduo Grocery" achieves a GMV close to 300 billion yuan, with growth rates exceeding 60% [26]. Group 4: International Strategy - Pinduoduo's international platform, Temu, expands rapidly, covering nearly 90 countries and achieving a revenue target of $90 billion for 2024 [30][32]. - Temu's strategy includes aggressive subsidies in European markets to attract price-sensitive consumers, while also focusing on compliance and local operations [35][37]. Group 5: Financial Performance and Industry Impact - Pinduoduo's financial outlook shows a profit exceeding 100 billion yuan in 2024, with a strong cash reserve of over 400 billion yuan, positioning it well against industry risks [43]. - The company's strategies have disrupted the e-commerce landscape, forcing competitors like Alibaba and JD to adopt low-price strategies [45]. - The community group buying sector is transformed, with "Duoduo Grocery" emerging as a dominant player following the exit of Meituan [47].

| 公司名称 | 成交金额 | 净买入额 | | --- | --- | --- | | 阿里巴巴-W(09988) | 25.32 亿元 | +8733.76 万元 | | 小米集团-W(01810) | 20.44 亿元 | +3.49 亿元 | | 长飞光纤光缆(06869) | 17.85 亿元 | +2.51 亿元 | | 中国移动(00941) | 14.10 亿元 | -8.13 亿元 | | 腾讯控股(00700) | 13.48 亿元 | -2.61 亿元 | | 中国海洋石油(00883) | 13.09 亿元 | -2.25 亿元 | | 中芯国际(00981) | 11.32 亿元 | -3627.61 万元 | | 盈富基金(02800) | 10.27 亿元 | -10.22 亿元 | | 中金公司(03908) | 9.47 亿元 | -1033.08 万元 | | 农业银行(01288) | 6.37 亿元 | +2.12 亿元 | 深港通（南向）十大活跃成交公司 智通财经APP获悉，2025年12月18日当天，阿里巴巴-W(09988)、小米集团-W(01810)、长飞光纤光 ...

南向资金今日净买入12.57亿港元，小米集团-W、美团-W、长飞光纤光缆净买入额位列前三，分别获净 买入9.04亿港元、4.34亿港元、3.70亿港元。净卖出方面，盈富基金、中国移动、中国海洋石油分别遭 净卖出14.22亿港元、12.94亿港元、2.25亿港元。 (本文来自第一财经) ...

Core Viewpoint - Meituan's LongCat team has officially released and open-sourced the LongCat-Video-Avatar model, which enhances virtual human video generation capabilities [1] Group 1: Model Features - The LongCat-Video-Avatar model is built on the previously open-sourced LongCat-Video base and supports video generation from audio, text, or images, along with video continuation functionality [1] - The model significantly improves action realism, long video generation stability, and identity consistency [1] Group 2: Technical Innovations - The model employs "decoupled unconditional guidance" technology, allowing virtual humans to exhibit natural states such as blinking and posture adjustments during speech pauses [1] - To address common quality degradation in long video generation, the team introduced a "cross-segment latent space stitching" strategy, which aims to prevent cumulative errors from repeated encoding and decoding, claiming it can generate videos up to 5 minutes long while maintaining stable visuals [1] Group 3: Performance Metrics - In terms of identity consistency, the model utilizes reference frame injection with positional encoding and a "reference jump attention" mechanism to maintain character traits while reducing motion stiffness [1] - The model has achieved advanced levels of lip-sync accuracy and consistency metrics in evaluations on public datasets like HDTF and CelebV-HQ, and has shown leading performance in comprehensive tests covering commercial promotion and educational scenarios [1]

格隆汇12月18日｜南下资金今日净买入港股12.57亿港元。其中： 据统计，南下资金已连续15日净买入小米，共计147.5053亿港元；连续7日净买入美团，共计59.9241亿 港元；连续6日净卖出中海油，共计20.9138亿港元；连续5日净卖出中国移动，共计28.8582亿港元。(格 隆汇) 净买入小米集团-W 9.03亿、美团-W 4.34亿、长飞光纤光缆3.69亿、农业银行2.11亿、腾讯控股1.07亿； | | 沪股通 | | | 深股通 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 深鉄転 | 净买入额(亿) | 成交额 | 名称 | 涨跌幅 | 净买入额(亿) | 成交额 | | 阿里巴巴-W | -1.3% | 0.87 | 25.32亿 | 阿里巴巴-W | -1.3% | -2.43 | 16.86 Z | | 小米菲国-W | -2.5% | 3.49 | 20.44亿 | 中金公司 | 2.5% | 0.13 | 12.22 亿 | | 长飞光纤光镜 | -0.7% | 2.51 | 17.85 Z | ...

港股通(深)活跃成交股 小米集团-W(01810)获净买入9.03亿港元。消息面上，高盛发表研究报告指，小米正快速发展其人工智能基础设施与应用 能力，并崛起为顶级的开源模型开发者，将加速其"人、车、家全生态"的智能化整合。该行继续预期小米会带来更多人工 智能相关成果，并将人工智能应用拓展至其不断扩大的生态系统。 智通财经APP获悉，12月18日港股市场，北水成交净买入12.57亿港元，其中港股通(沪)成交净卖出10.95亿港元，港股通 (深)成交净买入23.53亿港元。 北水净买入最多的个股是小米集团-W(01810)、美团-W(03690)、长飞光纤光缆(06869)。北水净卖出最多的个股是盈富基金 (02800)、中国移动(00941)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | | | 25.32 乙 | | HK 09988 | 13.10亿 | 12.23亿 | +8733.76万 | | 小米集团-W | 11.96亿 | 8.48 亿 | 20.44 Z | ...

智通财经APP获悉，12月18日港股市场，北水成交净买入12.57亿港元，其中港股通(沪)成交净卖出10.95亿港元，港股通 (深)成交净买入23.53亿港元。 北水净买入最多的个股是小米集团-W(01810)、美团-W(03690)、长飞光纤光缆(06869)。北水净卖出最多的个股是盈富基金 (02800)、中国移动(00941)、中海油(00883)。 | 股票名称 | 买入额 | 卖出额 | 买卖总额 | | --- | --- | --- | --- | | | | | 净流入 | | 阿里巴巴-W | | | 25.32 乙 | | HK 09988 | 13.10亿 | 12.23亿 | +8733.76万 | | 小米集团-W | 11.96亿 | 8.48 亿 | 20.44 Z | | HK 01810 | | | +3.49 乙 | | 长飞光纤 ... | 10.18 乙 | 7.67亿 | 17.85亿 | | HK 06869 | | | +2.511Z | | 中国移动 | 2.99亿 | 11.12 乙 | 14.10 亿 | | HK 00941 | | | -8.13 亿 | ...

Core Insights - Meituan has decided to suspend its "Tuan Hao Huo" (Meituan E-commerce) business to focus on exploring new retail formats [1][4] - The decision comes as the grocery retail industry evolves, and the current express e-commerce model struggles to meet the demands of instant retail consumers [1] - Meituan's Q3 financial report indicates strong growth in its new business segments, particularly in grocery retail [1] Group 1 - The "Tuan Hao Huo" business was launched in August 2020 as a B2C e-commerce initiative and was later integrated into the Meituan app [1] - The internal email from Meituan highlights the need for change in response to industry trends and consumer needs [1] - The company plans to communicate with affected personnel regarding future plans following the business suspension [1] Group 2 - Meituan has been actively exploring new retail formats and has announced plans to expand instant retail services, including the continued expansion of its flash purchase business [1] - The "Xiang Xiao Supermarket" service network has already reached over 30 cities, including major urban centers like Beijing, Shanghai, and Guangzhou [1]

Group 1 - The core viewpoint of the article is the official release and open-sourcing of the SOTA-level virtual human video generation model, LongCat-Video-Avatar, by Meituan's LongCat team [2] - The model is built on the LongCat-Video foundation and continues the core design of "one model supports multiple tasks" [2] - LongCat-Video-Avatar natively supports key functionalities such as Audio-Text-to-Video (AT2V), Audio-Text-Image-to-Video (ATI2V), and video continuation [2] Group 2 - The underlying architecture of the model has been comprehensively upgraded, achieving significant breakthroughs in three dimensions: action realism, long video stability, and identity consistency [2]

技术话语的权威构建：从"阿里P7美团T8王校长Spring源码"看中国互联网技术文化现象 在中国互联网技术社群中，"阿里P7美团T8王校长Spring源码"这一短语已演化成一种独特的文化符号，它超越了简单的技术分 享范畴，折射出行业特有的权威认同机制、知识传播路径与技术层级文化。这一现象背后，是大型互联网企业技术职级体系、 开源框架影响力与知识付费生态的复杂交织。 技术职级的社会化重构：从内部体系到行业标尺 阿里P7与美团T8所代表的，远不止两家公司的内部职级。在十余年发展中，这些原本用于企业内部人才评定的体系，已逐渐 演变为整个中国互联网行业的技术能力标尺。P7（高级专家）和T8（高级技术专家）所象征的，是在复杂业务场景中验证过 的架构设计能力、带领中型技术团队的经验，以及解决系统性技术难题的实绩。 这一现象的产生，源于头部互联网企业技术实践的标杆效应。当阿里的中间件体系、美团的即时配送系统等解决方案被行业反 复研究时，其背后的技术决策者也自然获得了行业话语权。因此，"阿里P7/美团T8主讲"成为知识产品的重要信任背书，它意 味着所讲授内容经过了超大规模业务场景的锤炼，而非纸上谈兵的理论推导。这种权威转移机 ...