2025.12. 22 本文字数：1269，阅读时长大约3分钟 作者 | 第一财经 李隽 国家发展改革委、市场监管总局、国家网信办12月20日联合发布的《互联网平台价格行为规则》 （下称《规则》）明确要求，不得以低于成本的价格销售商品。 奶酪基金投资经理潘俊表示，《规则》明确禁止"以低于成本的价格销售商品或者提供服务"等不正 当竞争行为，并要求动态定价、补贴促销等规则公开透明，目的是为了规范平台价格行为、禁止低价 倾销、价格欺诈、强制补贴等，保护消费者和平台内经营者权益，推动平台经济健康发展。 潘俊认为，《规则》将削弱平台"烧钱换市场份额"的能力。美团、京东集团、阿里巴巴今年的外卖 大战，在规则落地后补贴空间压缩，对行业盈利能力修复是利好。预计恶性"价格战"结束后，互联 网平台可聚焦效率提升、人工智能AI应用、供应链优化，提高盈利可持续性，AI科技属性提高后，估 值也会有提升空间。 红蚁资本投资总监李泽铭称，此前部分平台通过大额补贴抢占市场份额，整个产业链难以实现盈利， 《规定》希望通过限制低于成本价销售的行为，遏制这种趋势。然而执行层面仍面临较大挑战，当前 互联网平台销售的商品和服务部分为非标准化产品，与工 ...

2025.12.22 《规则》还明确："平台经营者、平台内经营者不得违反《中华人民共和国价格法》第十四条第二项规 定，以排挤竞争对手或者独占市场为目的，以低于成本的价格销售商品或者提供服务，扰乱正常的生产 经营秩序，损害国家利益或者其他经营者合法权益。降价处理鲜活商品、季节性商品、积压商品、临期 商品等商品，或者有正当理由降价提供服务的除外。" 港股100研究中心顾问余丰慧向第一财经记者表示，《规则》的发布，对依赖补贴和低价策略吸引用户 的部分互联网平台公司来说，将促使这些企业重新审视定价策略和商业模式，需要转向更加健康可持续 的发展路径，例如提升服务质量和产品差异化。短期内，部分公司的营收增长可能面临一定压力，但长 期来看有利于行业健康发展。 奶酪基金投资经理潘俊表示，《规则》明确禁止"以低于成本的价格销售商品或者提供服务"等不正当竞 争行为，并要求动态定价、补贴促销等规则公开透明，目的是为了规范平台价格行为、禁止低价倾销、 价格欺诈、强制补贴等，保护消费者和平台内经营者权益，推动平台经济健康发展。 潘俊认为，《规则》将削弱平台"烧钱换市场份额"的能力。美团、京东集团、阿里巴巴今年的外卖大 战，在规则落地后 ...

Core Insights - The travel industry is experiencing a surge in demand for New Year's Eve activities, with significant increases in searches for various events and experiences related to "chasing the light" for the New Year [1][4][6] Group 1: Popular Activities and Trends - Searches for "New Year's fireworks shows," "New Year's concerts," and "New Year's camping" have increased by over 500% since mid-December [1] - The "Chongqing Changshou Lake New Year's fireworks show" saw a search volume increase of over 600% [6] - The "Guangzhou Pearl River night cruise" ticket searches rose by 169% [10] Group 2: Hotel and Accommodation Trends - The search volume for "New Year's hotels" increased by 189% since mid-December [9] - Popular hotel options include mountain-top hotels, with "Huangshan mountain-top accommodation" searches up by 397% [9] - The "W Hotel in Chengdu" saw a 60% increase in advance bookings for New Year's [9] Group 3: Regional Highlights - Top cities for New Year's celebrations include Guangzhou, Chengdu, Harbin, and Beijing, among others [4] - The search volume for accommodations in ancient towns and snow-covered areas in Sichuan has also surged, with "Xiling Snow Mountain hot spring hotel" searches up by 107% [12] Group 4: Promotional Activities - Meituan Travel launched a promotional campaign offering discounts of up to 50% on various travel services, covering over 200 cities [4][15] - The campaign includes special offers for hotels, scenic spots, and travel packages to enhance consumer travel experiences [15]

国家发展改革委、市场监管总局、国家网信办12月20日联合发布的《互联网平台价格行为规则》（下称 《规则》）明确要求，不得以低于成本的价格销售商品。 《规则》还明确："平台经营者、平台内经营者不得违反《中华人民共和国价格法》第十四条第二项规 定，以排挤竞争对手或者独占市场为目的，以低于成本的价格销售商品或者提供服务，扰乱正常的生产 经营秩序，损害国家利益或者其他经营者合法权益。降价处理鲜活商品、季节性商品、积压商品、临期 商品等商品，或者有正当理由降价提供服务的除外。" 港股100研究中心顾问余丰慧向第一财经记者表示，《规则》的发布，对依赖补贴和低价策略吸引用户 的部分互联网平台公司来说，将促使这些企业重新审视定价策略和商业模式，需要转向更加健康可持续 的发展路径，例如提升服务质量和产品差异化。短期内，部分公司的营收增长可能面临一定压力，但长 期来看有利于行业健康发展。 有业内人士认为，这将让当前如火如荼的平台"价格战"快速降温，香港上市的这些互联网平台估值有提 升空间。不过，如何定义"低于成本"，需要更明确的标准。预计部分企业将会调整经营策略，受益需要 一定的时间。长期来看，有利于行业发展。 截至12月22日 ...

港股100研究中心顾问余丰慧向第一财经记者表示，《规则》的发布，对依赖补贴和低价策略吸引用户 的部分互联网平台公司来说，将促使这些企业重新审视定价策略和商业模式，需要转向更加健康可持续 的发展路径，例如提升服务质量和产品差异化。短期内，部分公司的营收增长可能面临一定压力，但长 期来看有利于行业健康发展。 奶酪基金投资经理潘俊表示，《规则》明确禁止"以低于成本的价格销售商品或者提供服务"等不正当竞 争行为，并要求动态定价、补贴促销等规则公开透明，目的是为了规范平台价格行为、禁止低价倾销、 价格欺诈、强制补贴等，保护消费者和平台内经营者权益，推动平台经济健康发展。 潘俊认为，《规则》将削弱平台"烧钱换市场份额"的能力。美团、京东集团、阿里巴巴今年的外卖大 战，在规则落地后补贴空间压缩，对行业盈利能力修复是利好。预计恶性"价格战"结束后，互联网平台 可聚焦效率提升、人工智能AI应用、供应链优化，提高盈利可持续性，AI科技属性提高后，估值也会 有提升空间。 红蚁资本投资总监李泽铭称，此前部分平台通过大额补贴抢占市场份额，整个产业链难以实现盈利， 《规定》希望通过限制低于成本价销售的行为，遏制这种趋势。然而执行层面仍面 ...

Core Viewpoint - The article highlights the significant market movements in A-shares, particularly the surge in various sectors such as the Hainan Free Trade Zone and semiconductor industry, indicating a bullish sentiment in the market [3][4]. Market Performance - As of midday, the Shanghai Composite Index rose by 0.64%, the Shenzhen Component Index increased by 1.36%, and the ChiNext Index gained 1.8% [3]. - The trading volume in the Shanghai and Shenzhen markets reached 1.19 trillion yuan, an increase of 97.7 billion yuan compared to the previous trading day [4]. Sector Highlights - The Hainan Free Trade Zone sector saw a notable increase of 9.59%, with 22 stocks hitting the daily limit [4]. - Other sectors that performed well include: - Precious metals, up 4.34% - Free Trade Port, up 4.14% - Storage chips, up 3.32% [4]. Notable Stocks - Zhangzhou Development surged to its daily limit, attributed to the "14th Five-Year Plan" proposal focusing on cross-strait integration [5]. - China Duty Free Group's A-shares and H-shares both rose over 10%, following a strong sales performance of 118 million yuan on the first day of customs closure in Sanya [6]. Commodity Movements - Palladium futures on the Shanghai Futures Exchange hit the daily limit, while precious metals like gold and silver also saw significant price increases, with gold surpassing 4,380 USD per ounce [7][10][19].

人民财讯12月22日电，企查查APP显示，近日，自变量机器人科技(济南)有限公司发生工商变更，新增 美团关联公司汉海信息技术(上海)有限公司、成都龙珠股权投资基金合伙企业(有限合伙)为股东，同时 注册资本增至81.28万元。企查查信息显示，该公司成立于2023年，法定代表人为王潜，经营范围包 含：智能机器人的研发；智能机器人销售；人工智能双创服务平台；人工智能公共数据平台等。 ...

Core Insights - Meituan's Xiaoxiang Supermarket aims to compete with Hema Fresh, Wumart's Pangu Store, and JD's Seven Fresh by targeting consumers with certain purchasing power and a demand for quality and shopping experience [1][15] - The offline store of Xiaoxiang Supermarket complements Meituan's existing online infrastructure, creating a competitive landscape against Hema [1][15] - The supermarket's strategy focuses on enhancing the shopping experience and leveraging supply chain advantages in fresh produce, alcohol, and prepared foods [1][6][12] Store Experience and Layout - Xiaoxiang Supermarket's layout and style are similar to Wumart's Pangu Store, emphasizing service details and cleanliness [1][2] - The store features a mix of standardized pre-packaged products and a rich variety of live seafood, along with a dining area and a bakery section [2][12] - The supermarket enhances customer service by providing tips on product selection and offering free services like steak cooking and melon peeling [4][12] Product Strategy - Xiaoxiang Supermarket emphasizes high-quality self-operated products, including strawberries, juices, and rice, while ensuring safety and quality through direct sourcing [6][8] - The product range is more extensive than Wumart's Pangu Store but still lags behind Hema in novelty and variety [8][10] - The introduction of third-party brands in the prepared food section creates a mini food market atmosphere [10][12] Competitive Landscape - Meituan's Xiaoxiang Supermarket and Happy Monkey discount stores form a three-tier structure in the fresh produce market, competing directly with Alibaba's Hema and its associated logistics [15][18] - The competition is framed within the broader trend of integrating online and offline retail, with fresh produce becoming a focal point for consumer demand [15][16] - The market is characterized by a shift towards medium-sized supermarkets replacing large hypermarkets, with a focus on unique experiences and high-quality offerings [21][23] Future Outlook - Meituan plans to expand Xiaoxiang Supermarket to all first- and second-tier cities, indicating a significant growth strategy [15][25] - The company aims to enhance its supply chain capabilities and product innovation to compete effectively against established players like Hema [25] - The ongoing competition in the fresh produce sector is expected to accelerate as consumer preferences evolve towards integrated shopping experiences [25]

Core Viewpoint - The article highlights the recent trends in the stock market, particularly focusing on the performance of various sectors and the impact of AI developments on investment opportunities in the Hong Kong internet sector [7][9][18]. Sector Performance - The top-performing sectors on December 19, 2025, included: - Commerce and Retail: +3.66% - Comprehensive: +2.22% - Light Industry Manufacturing: +2.17% - Social Services: +2.06% - Environmental Protection: +2.03% [3][15]. - The sectors with the largest declines were: - Coal: -0.44% - Electronics: -0.29% - Banking: -0.29% [3][15]. Capital Flow - The sectors with the highest net inflows of capital were: - Automotive: 2.349 billion - Machinery Equipment: 2.077 billion - Non-ferrous Metals: 0.895 billion [3][16]. - The sectors with the largest net outflows included: - Electronics: -2.979 billion - Pharmaceutical Biology: -2.545 billion - Transportation: -1.031 billion [3][16]. ETF Performance - Notable ETF performances included: - Chemical ETF: +1.75% with a 6-month increase of 37.97% - Hong Kong Stock Connect Innovative Drug ETF: +1.73% with a 6-month increase of 5.81% - Pension ETF: +1.73% with a 6-month increase of 6.79% [5][6][16]. - The Hong Kong Internet ETF (513770) saw a net inflow of 1.25 billion over the past 10 days, indicating strong investor interest [9][18]. AI Developments - Recent advancements in AI by Tencent and Meituan are expected to positively influence the Hong Kong internet sector, with significant capital inflow anticipated [7][18]. - The demand for AI-driven products is projected to drive growth in the optical module sector, with expectations of a doubling in demand by 2026 [19]. Market Outlook - The article suggests that the combination of recovering overseas liquidity and ongoing AI narratives may lead to a resurgence in the Hong Kong AI sector, with 2026 being positioned as a potential investment year for AI applications [9][19].

智通财经APP获悉，根据2025年12月19日披露数据，中国电信（00728）、绿色动力环保（01330）、大 眾公用（01635）位居港股通持股比例前3位，分别为72.10%、70.23%、68.80%。此外，小米集团－Ｗ （01810）、中国平安（02318）、美团-W（03690）在最近有统计数据的5个交易日内，持股额增幅最 大，分别为+30.14亿元、+17.26亿元、+17.09亿元;中国移动（00941）、中国石油股份（00857）、华虹 半导体（01347）在最近有统计数据的5个交易日内，持股额减幅最大，分别为-14.34亿元、-10.05亿 元、-7.97亿元。 具体数据如下（交易所数据根据T+2日结算）： | 公司名称 | 持股数量 | 最新持股比例 | | --- | --- | --- | | 中国电信(00728) | 100.07亿股 | 72.10% | | 绿色动力环保(01330) | 2.84亿股 | 70.23% | | 大眾公用(01635) | 3.67亿股 | 68.80% | | 凯盛新能(01108) | 1.70亿股 | 67.92% | | 天津创业环保股份( ...