文 / 杨蕾 来源 / 节点美妆 在今年双11的尾声，天猫总裁刘博（花名：家洛）总结了这场阶段性的胜利："天猫实现了四年以来双11全周期最好的一次增长。"还特别强调，是剔除未 发货退款后成交。京东也在曾经并不擅长的面部护肤品类中实现突破，以12.1%的增速领跑主流平台。抖音则延续其内容引爆能力，为国货品牌打造出一 个又一个增长案例。 可以说，在当前阶段，美妆品牌的胜负手，已超越单纯的"渠道布局"，进阶为与平台深度绑定、共创价值的"生态融合"。 01 天猫：高端美妆的价值堡垒与会员深度运营场 2025年双11，天猫进一步强化其作为美妆品牌"价值堡垒"的定位，其增长逻辑已从单纯的流量竞争，转向通过会员经济与AI工具的深度融合，构建一个品 牌与高净值用户深度绑定的运营生态。 对美妆品牌而言，天猫的核心价值在于其汇聚了消费力强劲、忠诚度高的核心客群，并提供了精细化运营这些客群的有效工具。 《节点美妆》判断，通过今年超长双11，平台与品牌已经共同迈入"深耕细作"的全域运营深水区。美妆作为大快消中最具风向标意义的品类，清晰地折射 出三大平台天猫、抖音和京东已完成从"同质化混战"到"差异化共生"。 对美妆品牌而言，双11不 ...

Core Insights - The article discusses the rising prominence of Chinese AI models, particularly highlighting the emergence of applications like Qwen from Alibaba, which are challenging established players in Silicon Valley [1][11][12]. Industry Overview - The Chinese AI market is transitioning from a "hundred models battle" to a differentiated competition phase, with applications covering various aspects of life and work [3]. - The launch of advanced models such as Baidu's Wenxin 5.0 and Alibaba's Qwen indicates a significant leap in capabilities, with Qwen already demonstrating the ability to generate comprehensive reports and presentations [3][6]. Competitive Landscape - Chinese AI models are not only catering to local users but are also gaining traction globally, with platforms like MiniMax's Hai Luo AI being utilized in over 200 countries [7]. - The performance gap between Chinese and American AI models has narrowed significantly, with reports indicating a mere 0.3% difference in capabilities [16]. Strategic Shifts - Chinese companies are moving away from the capital-intensive strategies of their American counterparts, focusing instead on algorithm optimization and cost-effective solutions [16][17]. - The trend of adopting Chinese AI models in Silicon Valley reflects a shift in preference towards open-source and cost-effective solutions, posing a challenge to traditional closed-source models from American firms [12][13]. Future Projections - Experts predict a surge in "national-level" AI applications around mid-2026 to mid-2027, as the technology matures and integrates more deeply into everyday life [10]. - The next phase of competition will focus on practical applications and user retention, with a need for AI to evolve from being merely entertaining to being genuinely useful [10][18]. Geopolitical Considerations - The geopolitical landscape is influencing the global AI market, with Chinese firms needing to navigate high regulatory barriers in Western markets while exploring opportunities in regions like ASEAN and the Middle East [19].

Market Overview - The U.S. stock market experienced a significant rebound on November 21, 2025, with major indexes closing higher, recovering from earlier losses driven by optimism regarding potential interest rate cuts by the Federal Reserve [1][4] - The Dow Jones Industrial Average (DJI) rose 1.4%, adding 650 points, while the S&P 500 (SPX) gained 1.4%, closing at 6,590 points, and the Nasdaq Composite (IXIC) increased by 1.5% [2] Federal Reserve Influence - New York Federal Reserve President John Williams indicated support for a potential interest rate cut "in the near term," which shifted market expectations significantly, raising the likelihood of a rate cut at the December meeting to 73.1% from 39.1% [4] Corporate Performance - Nvidia (NVDA) reported a 62% year-over-year revenue increase to $57 billion, but its shares fell 3.2% on Thursday and 1.7% on Friday due to concerns over AI valuations [5] - Walmart (WMT) saw its stock decline by approximately 2% on Friday after a strong performance on Thursday, where it had jumped 6.5% following better-than-expected third-quarter results [6] - Retailers like Gap (GPS) and Ross Stores (ROST) had positive performances, with Gap surging 9.5% and Ross jumping 8.5% due to strong earnings [7] Notable Stock Movements - Alphabet (GOOGL) increased by over 3%, while Meta Platforms (META) added 1%. In contrast, Microsoft (MSFT) shares fell approximately 1%, and Oracle (ORCL) slid more than 4% [8] Upcoming Earnings and Economic Data - Several companies, including BJ's Wholesale Club Holdings (BJ) and IES Holdings (IESC), reported earnings after the market closed, with BJ's EPS at $1.16 against a forecast of $1.10 [9][10] - The upcoming week will feature key economic data releases, including the Producer Price Index (PPI) and Retail Sales for September, which were delayed due to a government shutdown [12]

Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 13.37 million shares on November 21, 2025, marking a 0.64% change in total shares held [1][2] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 70.468 million shares [1] - In the last twenty trading days, there were nine days of net increases, totaling 12.0078 million shares [1] - As of now, southbound funds hold 2.116 billion shares of Alibaba-W, accounting for 11.07% of the company's total issued ordinary shares [1][2] Trading Data Summary - On November 21, 2025, total shares held reached 2.116 billion, with a change of 13.37 million shares [2] - On November 20, 2025, total shares held were 2.102 billion, with a change of 21.18 million shares [2] - On November 19, 2025, total shares held were 2.081 billion, with a change of 13.30 million shares [2] - On November 18, 2025, total shares held were 2.068 billion, with a change of 14.37 million shares [2] - On November 17, 2025, total shares held were 2.053 billion, with a change of 8.25 million shares [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across seven business segments [2] - The China commerce segment includes retail businesses such as Taobao, Tmall, and Hema, as well as wholesale operations [2] - The international commerce segment encompasses international retail and wholesale businesses like Lazada and AliExpress [2] - The local services segment includes location-based services such as Ele.me, Amap, and Fliggy [2] - The Cainiao segment offers domestic and international logistics services and supply chain management solutions [2] - The cloud segment provides public and hybrid cloud services to domestic and international enterprises, including Alibaba Cloud and DingTalk [2] - The digital media and entertainment segment includes Youku, Quark, Alibaba Pictures, and other content and distribution platforms, as well as online gaming [2] - The innovation and other segment includes DAMO Academy, Tmall Genie, and other businesses [2]

Key Takeaways Alibaba reports Q2 fiscal 2026 earnings on Nov. 25 with revenues expected to rise 2.17% year over year.BABA shares surged 80.8% year to date but face headwinds from China deflation and PDD competition.Heavy AI investments and quick commerce subsidies are compressing margins amid weak consumer sentiment.Alibaba Group Holding Limited (BABA) is scheduled to report second-quarter fiscal 2026 results on Nov. 25.For the fiscal second quarter, the Zacks Consensus Estimate for revenues is pegged at $3 ...

Core Viewpoint - Alibaba Group Holding Limited is under investigation for potential violations of federal securities laws following allegations that it assists the Chinese military in targeting the US, which has led to a decline in its stock price [1][2]. Investigation Details - The investigation is initiated by The Law Offices of Frank R. Cruz on behalf of investors who may have suffered losses due to these allegations [1]. - A Financial Times article published on November 14, 2025, claims that a White House memo indicates Alibaba provides the People's Liberation Army (PLA) with capabilities that threaten US security [2]. - The memo alleges that Alibaba grants the Chinese government and PLA access to sensitive customer data, including IP addresses, WiFi information, and payment records, as well as AI-related services [2]. Stock Market Reaction - Following the publication of the allegations, Alibaba's shares experienced a decline of $6.04, or 3.78%, closing at $153.80 per share on November 14, 2025 [2].

潮新闻客户端 通讯员 朱秋燕 蔡婉健 "江和城要开盒马NB了""以后买菜购物更方便了"11月21日上午，盒马旗下"超盒算NB"与江和城商圈战略合作签约仪式隆重举行，标志着该品牌正式入驻江 和城B1F青创街区，预计明年1月正式开业，将为周边消费者带来更丰富的消费选择与更优质的生活体验，这也是洋溪街道"红领商圈·一路向洋"党建品牌引 领下推动商圈能级提升迈出的关键一步。 近年来，洋溪街道党工委坚持以高质量党建赋能商圈高质量发展，成立"红领商圈·一路向洋"商务社区党委，构建"1+4+X"组织架构，建立每月"圆桌议事 会"例会机制，通过党建联抓、活动联办、难题联解的多元共治机制，破解以往商圈多头管理、资源分散等难题。积极盘活商圈闲置空间，集成打造"一路向 洋"青创街区，提供创业办公、项目孵化、政策扶持、资源对接、专业运营等一站式服务，吸引多家青创企业首店入驻。超盒算NB便是其中一家，通过积极 对接企业需求、提供政策引导、优化空间布局，成功引入优质商业资源，进一步盘活下沉广场商业空间。 下一步，洋溪街道将继续深化"红领商圈"党建品牌建设，以服务市民美好生活为出发点和落脚点，进一步整合商圈、社区与部门公共服务资源，通过搭 ...

今天分享的是：2025年中国智能芯片行业市场洞察报告 报告共计：28页 《2025年中国运动饮料行业市场研究报告》指出，运动饮料是针对运动中人体水分、电解质流失及能量消耗研发的功能性饮 料，通过科学配比补充水分、电解质、维生素等营养成分，分为电解质补充型、能量补充型、复合功能型三类，与普通饮料 在功能定位、成分配比、市场定位上差异显著，聚焦运动人群的特殊补给需求。行业发展始于20世纪90年代末，历经起步探 索、快速扩张阶段，现已进入成熟阶段，2023年市场规模超200亿元，年复合增长率保持10%左右，预计2030年突破600亿 元。消费群体集中在18-35岁年轻人，男性占比偏高但女性消费持续增长，地域上一线城市消费成熟，二三线城市增速较快， 西部及农村市场潜力逐步释放，健康意识提升、全民健身风潮及消费场景拓展（覆盖办公、户外、校园等）成为核心驱动因 素。竞争格局呈现国内外品牌共存态势，国内品牌如脉动、尖叫、健力宝凭借渠道优势和本土化创新占据重要份额，国际品 牌佳得乐、宝矿力水特依托技术与品牌影响力稳固市场，头部品牌主导市场的同时，新兴品牌通过差异化定位抢占细分领 域。产品创新聚焦低糖无糖、天然成分添加、功能复 ...

第30届联合国气候变化大会（COP30）于11月10日至21日在巴西帕拉州首府贝伦市举办，这是2015年《巴黎协定》签署以来最受瞩目的气候大会。大会首 次将人工智能列为关键讨论主题之一，并发布气候相关"人工智能倡议"，旨在支持各国政府加速开发基于此的气候解决方案。 COP30在巴西贝伦市举办 11月18日举办的中国角数字化日上，人工智能也成为核心主题。中国代表团团长、生态环境部副部长李高，巴西政府COP30特使、前战略事务部副部长马 塞洛.比哈尔，国际电信联盟副秘书长托马斯·拉马瑙斯卡斯参加数字化日开幕并致辞。 今年是阿里巴巴作为核心主办方第三次组织中国角数字化日活动，和国家气候中心、国际电信联盟ITU、世界气象组织WMO、中国信息通信研究院等国 内外机构一起，展示了一系列AI驱动的气候变化解决方案，探讨和展望AI 助力加速气候创新路径。 AI驱动 绿色计算 阿里巴巴作为核心主办方第三次组织中国角数字化日活动 阿里巴巴达摩院决策智能实验室资深算法专家孙亮在大会现场分享，针对在浙江朱家尖岛登陆后又"复活"的"竹节草"，"八观"强度预测误差较其他AI模型 减少50%以上，为浙江9.7万人避险转移提供了科学支撑。 ...

记者丨吴斌 金珊 编辑丨包芳鸣 11月21日，美股开盘上涨，截至北京时间23:40，道指涨0.38%，标普500指数转跌0.08%，纳指转跌 0.56%。科技股涨跌不一，谷歌涨超2%，英伟达跌超4%，甲骨文跌超7%。费城半导体指数跌近3%， ARM跌超5%，AMD跌超4%。纳斯达克中国金龙指数跌0.29%，唯品会涨超4%，乐信、霸王茶姬涨超 3%，小马智行跌超5%，阿里巴巴跌超2%。 现货黄金短线拉升后继续下跌，最新报4065美元/盎司，现货白银跌近2%，报49.6美元/盎司。 加密货币方面，主要币种集体下挫，比特币从8.06万美元回升至8.3万美元，日内跌幅收窄至7%。过去 24小时，全市场超40万人被爆仓。 | 排名 | 而种 | 价格 | 价格(24h%) | | --- | --- | --- | --- | | 1 | B BTC | $83835 | -7.39% | | 2 | ETH | $2729.49 | -8.30% | | 3 | SOL | $126.74 | -9.11% | | 4 | XRP | $1.9276 | -8.32% | | 5 | HYPE | $33.067 | ...