Core Viewpoint - The market regulatory authority has implemented a recommended national standard for food delivery platforms to address issues such as "ghost deliveries," irrational competition, and insufficient protection of delivery personnel rights [1] Group 1: Key Focus Areas of the Standard - Focus on merchant management within platforms, emphasizing the responsibility of platforms to manage and serve merchants effectively, including compliance with food safety standards [1] - Focus on platform fees and promotional activities, aiming to clarify fee structures and promote fair competition by ensuring transparency in pricing and promotional rules [1] - Focus on labor management for delivery personnel, proposing measures to protect their rights, including reasonable working hours, professional training, and diverse protection mechanisms [1] - Focus on dispute resolution within platforms, encouraging the establishment of a consumer rights protection system and transparent complaint handling processes [1] Group 2: Industry Response - Major platforms such as Taobao Shangu, Meituan, and JD Delivery have publicly committed to implementing the national standard, recognizing its importance for fair competition and service quality [2] - These platforms participated in the drafting and discussion of the standard, expressing their commitment to integrate its requirements into their operations and improve service management for merchants and delivery personnel [2] - The platforms view the implementation of this standard as an opportunity to promote industry regulation, quality service, rational competition, and a win-win ecosystem, contributing to the sustainable development of the food delivery sector [2]

行业点评：国内 AI 资本开支加速，AIDC 需求强化 [Table_Industry] 电力设备与新能源 [Table_ReportDat] 2025 年 12 月 5 日 证券研究报告 行业研究 [行Tabl 业点评报告 e_ReportType] [电Table_StockAndRank] 力设备与新能源 投资评级 看好 上次评级 看好 胡琎心 电新行业首席分析师 执业编号：S1500525080001 联系电话：010-83326711 姚云峰 电力设备与新能源行业联系人 联系电话：18840829584 邮 箱：yaoyunfeng@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲 127 号金隅大厦 B 座 邮编：100031 [国内Table_T AI 资本开支加速， itle] AIDC 需求强化 [Table_ReportDate] 2025 年 12 月 5 日 本期核心观点 事件：11 月 25 日，阿里巴巴集团发布 2026 财年第二季度业绩，在旺盛的 AI 需求推动下，阿里云整体收入同比强劲增长 34%，其中 ...

12月5日，饿了么官方正式宣布：即日起"饿了么"App在更新至最新版本后将全面焕新为"淘宝闪购"。 此次更名被市场视为阿里巴巴集团控股有限公司（下称阿里巴巴，BABA.N、09988.HK）对其电商业务的战略定位调整，即饿了么从独立外卖平台转型 为即时零售履约基础设施，与淘宝流量入口深度协同，完成"30分钟送万物"目标。 投资时间网、标点财经研究员 董琳 新增长引擎正处培育期，阿里巴巴短期盈利承压 投资时间网、标点财经研究员注意到，前一日，阿里巴巴发布了完整版2026财年中期（截至2025年9月30日止六个月）业绩报告。整体来看，在新增长引 擎的培育期下，阿里巴巴盈利能力短期承压。一方面，公司在电商和云业务保持稳健增长态势、多项业务运营效率优化的情况下，收入实现增长；另一 方面，由于在即时零售赛道拓展、用户体验升级及前沿科技研发三大领域的持续投入，公司利润出现一定程度下滑。 此外，中期业绩报告披露，今年5月，阿里巴巴订立买卖协议，向全球出行巨头Uber出售Trendyol GO85%的股权，以约7亿美元（折合人民币50亿元）的 现金对价完成交易，出售事项产生的收益约60亿元，该笔收益已计入2025年上半年投资 ...

Core Insights - The article highlights the competition for the "super entry point" in the AI era, emphasizing that the ability to control data and traffic is shifting from traditional apps to system-level AI agents [2][17] - The recent developments surrounding the Doubao AI assistant reveal the challenges faced by AI companies in navigating existing app ecosystems and data security regulations [5][19] Group 1: Doubao AI Assistant Launch and Challenges - Doubao AI assistant was launched on December 1, enabling cross-application operations, which generated significant market excitement [7][4] - Shortly after its launch, Doubao announced a temporary suspension of its ability to operate financial apps due to security concerns, highlighting the need for clear AI operation guidelines [3][4] - Major apps like WeChat, Taobao, and banks implemented measures to prevent Doubao AI from functioning properly, indicating a defensive response to the new technology [8][10] Group 2: Industry Dynamics and Competitive Landscape - The conflict between AI companies, hardware manufacturers, and app developers illustrates a complex interplay of interests and poses challenges to existing data security frameworks [5][12] - Goldman Sachs identified three core obstacles for third-party AI agents: system-level operation permissions, memory capabilities, and cross-application interface connections [12][14] - The dominance of major smartphone manufacturers in the Chinese market, which hold over 90% market share, makes it difficult for new players to disrupt the ecosystem [14][15] Group 3: Future of AI and App Ecosystem - The article suggests that as voice interaction becomes the primary entry point, traditional app operations may collapse, making it crucial to establish a default system entry point [17][20] - The ongoing battle for AI agents signifies a broader struggle involving major tech companies and highlights the potential for significant shifts in the internet landscape over the next decade [19][20]

12月4日晚间，社交平台多位用户反馈阿里系APP出现支付宝付款异常，涉及淘宝、闲鱼、1688、饿了么等多平台，出现用户完成付款后订单显示 未付款情况，"支付宝崩了""淘宝崩了"登上热搜。目前故障已修复。 故障集中在当晚10:30至12:00左右，部分用户还遭遇账号强制退出、余额显示错误、确认收货失败等问题。 | HT 12月04日 21:46 | | | | | --- | --- | --- | --- | | | 阿里程序员基本全员连夜加班，淘宝崩了、支付宝崩了、闲鱼崩了 ③ | | | | | 104 | | | | [7] 39 | | 图 87 | 175 533 | 截至12月5日，相关服务已全部修复，官方尚未公布具体技术原因。 （齐鲁晚报·齐鲁壹点客户端编辑 张宝帆综合新浪微博、白鹿视频公开信息等） 更有网友戏谑：阿里程序员基本全员连夜加班。 网友表示：平台付款成功却显示"待支付"，客服通道瘫痪超9000人排队。不少网友反映三家集体"罢工"。 | 2 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今天21: ...

Core Insights - The report from China Merchants Securities International predicts an acceleration in AI model integration by 2026, with the U.S. leading in advanced agents and multimodal models like GPT-5 and Gemini 3, while China is rapidly closing the gap through efficient open-source models, creating intense competition in the global market [1] Industry Summary - Cloud capital expenditures remain high to meet the surging demand for inference, indicating a robust investment environment in AI technologies [1] - The emergence of AI agents is expected to trigger a competitive battle for traffic entry points in 2026, highlighting the strategic importance of AI in future market dynamics [1] Company Preferences - The firm maintains a favorable view on large tech companies for their optimal positioning in AI monetization, leveraging strong core businesses to subsidize AI investments and implement monetization strategies [1] - In the Chinese internet sector, the preferred order of segments is advertising > cloud > gaming > value-added services > e-commerce = local services > live streaming, indicating a strategic focus on advertising and cloud services [1] - The firm continues to favor companies with characteristics such as stable profit growth, competitive moats, good risk-reward profiles, and substantial shareholder returns, with top picks being Tencent, Alibaba, and Bilibili [1] - In the U.S. stock market, the preferred order for large tech companies is Alphabet > Meta > Amazon > Microsoft, reflecting a strategic preference based on their capabilities in AI [1]

[Table_Reportdate] 2025年12月05日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251205 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.看好年末风格切换与"开门红"推进下的板块配置机会——非银金融行业周报 （20251124-20251130） ➢ 2.阿里云Q3营收同比增长34%，华为Mate 80系列与夸克AI眼镜发布——电子行业周报 2025/11/24-2025/11/30 ➢ 1.央行：2025年12月5日开展10000亿元买断式逆回购操作 ➢ 2.潘功胜：要把握好货币政策的力度、时机和节奏，更加注重做好跨周期和逆周期调节 ➢ 3.习近平同法国总统马克龙举行会谈 1.重点推荐 1.1.看好年末风格切换与"开门红"推进 ...

来源：钛媒体 淘宝闪购（图片来自官方视频号） 12月5日，淘宝闪购发布消息，即日起，"饿了么"App在更新至最新版本后将全面焕新为"淘宝闪购"。与此同时，原涉及"饿了么"品牌表达的各个场景，近期 也将陆续完成向"淘宝闪购"的升级。 此前，饿了么APP的图标已经把橙色淘宝闪购标识展示在下方，为今天的正式更名埋下了伏笔。值得注意的是， 此次更名时机正值阿里巴巴刚刚公布2026 财年Q2财报不久。这也传递了一种信号，对于外界瞩目的这场始于餐饮终局的即时零售大战，阿里巴巴方面仍旧态度坚定，坚信这一战役是实现"大消 费"蓝图的必经之路，不会因为争议而动摇。 如何评估"闪购" 要理解饿了么APP彻底更新为"淘宝闪购"的意义，首先要回答一个问题，如何评估今年4月以来，淘宝闪购加入外界所称的"外卖大战"的效果。 从财务指标看，2026财年Q2财报确实引发了外界的担忧。核心的指标有两个，一个是利润，一个是现金流。GAAP净利润为206亿元人民币，同比下降 56%，主要归因于运营利润的减少。运营现金流为101亿元人民币，较去年同期减少213亿元人民币。因此，很多来自舆论的声音表达了对于阿里巴巴在即时 零售方面的投入的怀疑。 有趣 ...

经过过去半年快速增长后，站在全新市场格局下的淘宝闪购，迈出新阶段的重要步伐。12月5日上午， 其官方正式宣布：即日起"饿了么"App在更新至最新版本后将全面焕新为"淘宝闪购"。 "更新是为了更好，更好也激励我们常新。"淘宝闪购表示，"这是饿了么多年沉淀的服务和履约能力、 产品技术、用户信任与组织韧性的全面检验和焕新升级，由此将更深度融入阿里集团'大消费平台'战 略，释放更大价值，在服务用户、商家、骑士的道路上迈出更关键的一步。" 阿里"大消费平台"的战略决心和能力 今年5月份，"淘宝闪购"正式成为淘宝App首页一级入口。融合淘宝和饿了么的优势资源与能力，在过 去半年内，淘宝闪购日订单峰值达1.2亿单，8月份的周日均订单达8000万单，整体月度交易用户数突破 3亿，并直接带动手淘DAU同比增长20%。 最新一季阿里财报显示，淘宝闪购在经历快速的规模化增长后，已来到精细化运营的新阶段。在2025年 7月份至9月份，即时零售业务收入增长迅猛、年同比增长60%；9月份以来，在保持住市场规模的同 时，即时零售业务单位经济效益也快速实现显著改善。 "整个阿里大家庭的多方力量前所未有地聚力，五指连心、力出一孔，实施了坚强而 ...

目前阿里巴巴是一众港股科技指数的重仓股，其中，港股通科技指数成分股内，阿里巴巴的权重占比高 达17.62%。相关ETF：港股通科技ETF（159101.SZ），是布局港股科技盈利修复、估值从消费向AI科 技切换的指数工具，支持T+0交易。 12月5日上午，阿里巴巴官宣，旗下饿了么正式改名"淘宝闪购"，淘宝闪购表示："将更深度融入阿里集 团'大消费平台'战略，释放更大价值，在服务用户、商家、骑士的道路上迈出更关键的一步。" 阿里巴巴，率先从"外卖补贴"的迷雾中走出，转身拥抱"AI时代"的欣欣向荣，从算力→模型→ Agent平 台→应用生态全链条覆盖。其中，阿里巴巴千问Qwen超越美国Meta的Llama成为全球第一的开源模型家 族；阿里巴巴正在计划将地图、外卖、订票、办公、学习、购物、健康等各类生活场景接入千问APP， 让千问具备更强大的办事能力。此外，阿里巴巴控股的半导体设计部门平头哥开发出了一款AU芯片， 其功能与英伟达的H20图形处理单元（GPU）相当。9月云栖大会，公司CEO吴泳铭公布了向"超级人工 智能"（ASI）迈进的长期目标，并预计到2032年，阿里云全球数据中心的能耗规模将是现在的10倍。 今年 ...