基于对行业变革的深刻研判，报告精准提炼出两大消费趋势：一方面，消费者不再满足于彩妆的即时修 饰效果，转而追求"妆养合一"的产品价值，并期待实现长效肌肤滋养与肤质改善；另一方面，在快节奏 生活下，消费者将"精简即新精致"奉为美妆哲学，追求高效的化妆流程，直接驱动面部综合盘、眼部综 合盘等多功能品类持续扩容。 此次报告的发布，是值得买科技与鲸鸿动能达成深度合作后的首次成果落地，值得买消费产业研究院凭 借海量内容与消费数据洞察消费决策逻辑，鲸鸿动能依托鸿蒙生态全域数据底座与"鲸鸿指数"量化分析 用户需求，双方共同构建了从需求洞察、产品创新到消费决策的全链路分析模型，为彩妆产业提供了具 备前瞻性与落地性的趋势指引。值得买消费产业研究院执行院长赵一鹤表示，"未来双方将在深化消费 洞察领域合作的基础上协同探索，以专业的数据洞察与科学的分析模型，输出更多领域的趋势洞察报 告，助力产业高质量、可持续发展。" 未来，值得买消费产业研究院将持续携手高等院校、智库机构、行业协会等多方合作伙伴，探索并输出 更多具有深刻洞察和行业指引价值的研究成果，为从业者与品牌商提供市场参考，为消费产业提质升级 注入动能，为"创造人人因消费而幸福的 ...

转自：新华财经 新华财经北京12月25日电（记者丁雅雯）记者25日从值得买科技集团获悉，值得买科技精英挑战赛（简 称ZEM）在猫眼平台开启门票预售。此举标志着值得买科技正加快将兴趣消费模式延伸至电竞等新型 消费场景，通过赛事与线下体验结合，探索消费服务能力向新赛道拓展。 据悉，ZEM是值得买科技与歆赛电竞联合打造的《反恐精英2（CS2）》全球官方积分赛事。赛事期 间，值得买科技将在场馆现场打造值得买科技电竞嘉年华（简称ZEC），与ZEM共同构成ZEF值得买科 技电竞节（简称ZEF）。在兴趣体验与情绪价值日益驱动消费选择的当下，ZEF的价值不仅在于承接观 赛热情，更在于通过场景营造、体验设计与多元互动，让用户的兴趣表达、情绪联结与消费意愿在同一 场景内发生，实现从"兴趣"向"体验"再向"消费"自然转化的路径探索。 值得买科技创始人、董事长隋国栋表示："我们希望通过电竞节，为中国战队搭建与世界强队切磋成长 的舞台，为电竞爱好者营造沉浸式的线下观赛与交流空间，也为硬核外设品牌提供精准触达核心人群的 真实场景，让技术创新在竞技中被感知、被认可。同时，也希望通过这次电竞节，让兴趣在真实场景中 激发需求、转化价值，并将这 ...

在经历了通胀回落、货币政策转向预期反复摇摆以及人工智能投资热潮的反复验证之后，美股正站在一 个不再由"降息叙事"单线驱动的门槛上。 即将进入2026年，投资者面对的将不是一个简单的牛熊判断，而是一组更为复杂的变量组合：美联储政 策空间正在收窄，企业盈利对经济软着陆的依赖度上升，而科技巨头的高估值则要求更为严苛的基本面 兑现。 华尔街开始重新审视一个问题——在增长放缓但尚未衰退的背景下，美股是将延续过去数年的结构性强 势，还是进入一个以分化、轮动和波动为主旋律的新阶段。 2025年震荡上行 对美国股市而言，2025年是极端的一年。 标普500指数在4月一度因特朗普的关税威胁而暴跌至熊市边缘，但随后在政策让步和AI热潮的推动 下，又重新回到上行轨道。 整体而言，美股2025年呈现高档震荡、趋势偏多的走势。特别是科技股持续扮演推升指数的关键角色。 人工智能、云计算与半导体相关投资动能延续，吸引中长期资金配置。 值得注意的是，散户资金净流入美股的规模不断攀升。数据显示，今年以来，散户注入美股的现金量， 较去年同期大幅增长53%，甚至超越了2021年交易狂热时期的高峰。与此同时，散户交易量在市场总成 交量中的占比显著提 ...

Market Performance - The digital media sector increased by 0.88% on December 24, with Vision China leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] Stock Performance - Vision China (000681) closed at 21.98, up 1.62%, with a trading volume of 279,100 shares and a transaction value of 609 million yuan [1] - Other notable stocks included: - Zhangyue Technology (603533) at 19.22, up 1.59% [1] - Fengyuzhu (603466) at 9.11, up 1.56% [1] - Mango Super Media (300413) at 23.68, up 1.28% [1] - Zhaochuang Information (301299) at 52.91, up 1.07% [1] Capital Flow - The digital media sector experienced a net outflow of 45.89 million yuan from institutional investors and 22.75 million yuan from speculative funds, while retail investors saw a net inflow of 68.64 million yuan [2] - The capital flow for individual stocks showed: - Vision China had a net inflow of 36.66 million yuan from institutional investors [3] - Mango Super Media had a net inflow of 2.52 million yuan from retail investors [3] - Other stocks like ST Fanli (600228) and Zhaochuang Information (301299) faced net outflows from institutional investors [3]

目前海南免税店已经有苹果iPhone17系列全系产品在卖，并且有官方价格和免税价格的对比。通过对比不难看出，很多产品都实实在在的变便宜了，同时还 享有其他优惠。比如最顶配的iPhone17 ProMAX 2TB，官方售价17999元，免税店可以16660元带走。 | | 自同言价/元 | 免税营价/元 | FAVICI ST | 575 Dire | | --- | --- | --- | --- | --- | | 17 256GB | ਦੇਰੇਰੇਰੇ | 5820 | 減400 | 5420 | | 白色 图色 看爱正负 雪衣皇家内, 服民早球巴 | | | | | | 17 512GB | 7999 | 7760 | 1 | 7760 | | 白色 图纸 普里比色 雪衣星家巴, 眼毛早球巴 | | | | | | 17 Air 256GB | 7999 | 7760 | 減600 | 7160 | | 深容量负 元日色、法金色、大监巴 | | | | | | 17 Air 512GB | gggg | 9700 | 減600 | 9100 | | 郊容量色 元白色、浅金色、大监巴 | | | | | ...

Investment Rating - The report maintains a "Recommended" rating for the media and internet industry [1] Core Viewpoints - The media and internet industry is driven by performance and AI empowerment, with a focus on core assets in the Hong Kong internet sector and AI applications [3][4] - The report highlights the stable supply in the film industry and the recovery of the box office, with significant growth in ticket sales [16][20] - The gaming sector shows strong performance with an increase in both client and mobile game revenues, driven by dual-end interaction [57][58] - The advertising market is showing steady growth, with a notable increase in spending across various sectors [3][4] Market Review - In November 2025, the media industry index rose by 1.69%, outperforming the Shanghai and Shenzhen 300 index, which fell by 2.46% [5][6] - The media sector's performance varied, with advertising marketing up by 9.68% and the gaming sector down by 0.94% [10][12] Sub-industry Data Tracking Film Industry - The national box office for November 2025 reached 3.553 billion yuan, a year-on-year increase of 89.29% and a month-on-month increase of 36.03% [16][20] - The top film, "Zootopia 2," generated a box office of 1.731 billion yuan, accounting for 54.2% of the monthly total [23] Gaming Industry - The domestic gaming market's actual sales revenue in October 2025 was 31.359 billion yuan, a year-on-year increase of 7.83% [57] - Client games showed a strong performance with revenues of 7.227 billion yuan, up 29.4% year-on-year [58] Advertising Industry - The overall advertising market expenditure increased by 4.3% year-on-year in the first ten months of 2025, with a significant rise of 10.6% in October [3][4]

Core Viewpoint - The company, ZhiDeMai, is leveraging its expertise in the consumer sector and content creation to provide comprehensive operational services for brands on platforms like Douyin, combining e-commerce and content operations [1] Group 1 - The subsidiaries, Risheng Xingluo and Youzhu Technology, are key players in delivering these services [1] - The operational services include marketing planning, flagship store management, live streaming operations, influencer collaborations, short video content production, and advertising [1]

（文章来源：证券日报） 证券日报网讯 12月15日，值得买在互动平台回答投资者提问时表示，截至2025年11月20日，公司股东 账户数37949户。 ...

（文章来源：证券日报） 证券日报网讯 12月15日，值得买在互动平台回答投资者提问时表示，截至2025年12月10日，公司股东 总户数42280户。 ...

Core Insights - The Chinese consumer market is experiencing a dual opportunity driven by policy empowerment and technological innovation, particularly in the integration of artificial intelligence (AI) with consumption [1][2] - The company "值得买" (ZhiDeMai) is strategically aligning its "comprehensive AI" strategy with national policy directives to explore new growth paths in the consumer quality enhancement wave [1][2] Policy and Market Dynamics - The government is implementing a consumption stimulus plan with a budget of 300 billion yuan for consumer goods upgrades, expanding subsidies to digital products [2] - From January to November, the total retail sales of consumer goods increased by 4% year-on-year to 4.56 trillion yuan, with online retail sales growing by 9.1% [2] AI Strategy and Implementation - "值得买" has developed an AI product matrix consisting of a large model, two databases, three engines, and four application categories, enhancing the entire decision-making process from content understanding to decision support [2][3] - The company has a robust data foundation with over 1 billion product data points and 12 billion consumer content entries, facilitating effective AI technology deployment [3] Ecosystem Development - The company is building an "AI + consumption" ecosystem by deeply integrating AI technology into consumer decision-making processes, with significant product upgrades such as the AI-driven "什么值得买" (What’s Worth Buying) guide [4] - The "张大妈" app, launched in September 2025, represents a significant leap in consumer interaction, allowing users to complete the entire purchasing process through conversational AI [4] B2B Market Engagement - "值得买" has created the "海纳" MCP Server, which integrates vast consumer data and AI algorithms to enhance matching between supply and demand, showing a 47% increase in output during the Double Eleven shopping festival [5] - The "值数" AI content insight platform has successfully improved marketing efficiency for brands like Haier, achieving a 33% increase in industry share of voice [5] Collaborative Efforts and Future Outlook - The company is pursuing open collaboration to expand the "AI + consumption" boundaries, with over 40 partners for the "海纳" MCP Server and strategic alliances with firms like 微盟 [6][7] - Continuous investment in AI technology has led to reported AI-related revenues of 32.29 million yuan in the first three quarters of 2025, indicating a positive trend in monetization [7] - Analysts suggest that the synergy between AI technology and consumption policies will create structural growth opportunities in sectors like consumer electronics and smart devices, positioning "值得买" to benefit from industry development [7]