在投资标的选择上，该行看好腾讯与阿里巴巴作为核心AI受益股；携程与网易则凭借稳健的盈利能力 展现韧性；极兔速递具备跨境业务的增长潜力。 花旗发表研报指，中国互联网板块在2025年表现突出，以31%的涨幅领跑全球主要市场。展望2026年， 中国的AI主题有望成为互联网行业的核心焦点，市场预期将围绕三大方向展开：首先是云基础设施、 及推理Token使用所带来的持续性收入增长；其次是AI聊天机器人之间的流量入口争夺战，主要互联网 企业正加速抢占AI时代的流量关口，以便未来生态系统的变现；最后是垂直领域的玩家透过自主训练 的专有数据AI代理，保持领先地位并加强用户黏性与变现潜力。 ...

Market Performance - Major US stock indices closed higher, with the Dow Jones reaching a record high, driven by strong gains in financial stocks [1][3] - The Dow rose by 594.79 points, or 1.23%, closing at 48,977.18 points; the Nasdaq increased by 160.19 points, or 0.69%, to 23,395.82 points; and the S&P 500 gained 43.58 points, or 0.64%, ending at 6,902.05 points [3] Sector Performance - The S&P 500 energy sector index rose by 2.7%, with major stocks like ExxonMobil and Chevron seeing significant increases due to military actions in Venezuela [5] - The S&P 500 financial sector index increased by 2.2%, with both Goldman Sachs and JPMorgan Chase rising over 3% and reaching all-time highs [6] Technology Stocks - Most large-cap tech stocks saw gains, with Tesla up 3.10%, Amazon up 2.9%, and Meta up 1.29%. However, Microsoft fell by 0.02%, Nvidia dropped by 0.39%, and Apple decreased by 1.38% [3][4] Cryptocurrency and Related Stocks - Cryptocurrency-related stocks experienced a rise, with Strategy stock increasing nearly 5% and Coinbase surging by 7.8% as Bitcoin prices hit a three-week high [6] Chinese Stocks - The Nasdaq Golden Dragon China Index rose by 0.49%, with notable gains in stocks like Beike up over 6% and Bilibili and Tencent Music each up over 3% [6]

在淘宝平台竞争白热化的今天，价格混乱已从个案演变为系统性风险。传统"发现—投诉—等待"的被动模式效率低下，品牌亟需转向"预 防—精准—长效"的主动治理体系。通过前置准备、精准维权与协同管理三步策略，品牌可显著提升控价效能，稳固市场秩序。 一、前置布局：夯实控价基础，赢得先机 高效控价的核心在于"未乱先防"。品牌应优先完成两项关键准备工作： 首先，实现知识产权全维度备案。在淘宝知识产权保护平台，系统化提交商标注册证（含注册号、有效期及续展文件）、专利证书（附 权利要求书）及著作权登记证明（如产品包装、详情页设计）。完整备案后，后续维权无需重复上传基础资质，可直接进入举证环节， 大幅压缩处理周期。某服装品牌通过此举，单条乱价链接处置时间由3天缩短至1天，效率提升显著。 其次，建立具约束力的渠道协议机制。与淘宝授权经销商签署《价格管理协议》，明确最低售价、促销浮动区间及违约责任——如首次 破价扣减保证金，屡犯者终止合作。协议中应载明"品牌有权对未授权销售及违规降价发起投诉"，为后续行动提供法律支撑。同时定期 同步控价政策，减少因信息不对称导致的无意违规，从源头降低乱价概率。 面对海量违规链接，盲目投诉易导致高驳回率 ...

资本开支高增、自由现金流承压但现金保障充裕，云业务利润率长期提升的确定性高 阿里巴巴25Q3的资本开支达到314.28亿人民币，同比增幅达到85.12%，处于高速增长期。阿里巴巴 25Q2、25Q3连续两个季度自由现金流下降引发市场担忧。公司25Q3自由现金流为-218.4亿，主要系"外 卖大战"和大幅增加资本开支的影响。截至25Q3，阿里巴巴集团账面仍有2923亿人民币净现金和其他流 动性投资，为新业务投入提供保障。 智通财经APP获悉，浙商证券发布研报称，维持阿里巴巴-W(09988)"买入"评级，对应目标价为189.09港 币，阿里巴巴作为国内领先的卡位AI全栈的云平台公司，云业务高景气+中期利润率提升的高确定性， 将带来估值提升。 浙商证券主要观点如下： 阿里千问公测23天MAU破3000万，成全球增长最快AI应用之一，与豆包竞争AI入口 阿里千问通过"免费+增值+B端开源"，同时与阿里生态融合，重点聚焦专业级场景与长上下文处理。豆 包则以超1亿DAU居国内AI原生应用榜首，采用闭源多模态Agent路线与"免费+增值+B端MaaS"模式， 覆盖全场景与轻量高频需求。二者在模型架构、生态布局、核心能力与 ...

Summary of Pan-Asia Internet Research Conference Call Industry Overview - **Pan-Asia Internet Sector**: The conference call focused on the outlook for the Pan-Asia internet sector, highlighting the impact of AI adoption on monetization and margins for 2026 [1][4]. Key Insights by Region China Internet - **Performance**: China's internet sector led in 2025 with a +31% return, outperforming the US (+20%), Korea (+14%), SEA (+11%), Japan (+10%), and India (+9%) [5]. - **AI Focus**: Key themes for 2026 include: - Growth in recurring revenues from cloud infrastructure and AI model usage. - Competition among AI chatbots for user traffic. - Companies deploying proprietary AI agents for user engagement and monetization [8]. - **Top Picks**: Tencent and Alibaba as core AI plays, along with Trip.com and NetEase for stable earnings growth [8]. India Internet - **Operating Margins**: Expected improvement in operating margins driven by operating leverage and better unit economics, particularly for companies like Swiggy and Paytm [7]. - **Key Themes**: - Intense competition in quick commerce. - Regulatory easing for fintech, particularly for Paytm. - Rebound in online travel agencies (OTAs) due to sustained demand [7]. - **Top Picks**: Eternal and MakeMyTrip [7]. Korea Internet - **Market Dynamics**: - Coupang expected to gain market share in e-commerce and food delivery. - Integration of AI in KakaoTalk to enhance search capabilities [9]. - Selective approach to gaming due to competition and delays in major game releases [9]. - **Top Picks**: Coupang for e-commerce, Krafton for gaming, and HYBE for K-pop entertainment [9]. Japan Internet - **Growth Drivers**: - Solid online ads market driven by video and staffing ads, while search ads stagnate. - Mid-single-digit growth expected in e-commerce, supported by AI recommendations [10]. - **Top Picks**: Recruit and Nintendo [10]. ASEAN Internet - **Growth Potential**: - SEA positioned as an AI data center hub, supporting digital economy growth. - Intensifying competition between Shopee and TikTok in e-commerce [11]. - **Top Picks**: Grab and GoTo for operational efficiencies and potential synergies from consolidation [11]. Financial Metrics and Valuations - **China Internet Valuations**: - Alibaba Group: Target price of $225, representing a 54.9% upside [13]. - JD.com: Target price of $44, with a 57.8% upside [13]. - **Korea Internet Valuations**: - Coupang: Target price of $28, with an 18.7% upside [12]. - Krafton: Target price of $440, with a 78.9% upside [12]. - **India Internet Valuations**: - Eternal: Target price of $440, with a 58.3% upside [12]. Additional Insights - **Regulatory Developments**: Anticipated changes in India's laws regarding multi-brand retail FDI and fintech regulations [7]. - **Consumer Behavior**: Increased productivity from AI tools may lead to more leisure time, benefiting sectors like travel and online gaming [8]. This summary encapsulates the key points discussed during the conference call, providing insights into the performance and outlook of the Pan-Asia internet sector across various regions.

文 | 道总有理 城市想转型，企业想"拓展"？ 梳理一下互联网买地图景，不难发现：北京、上海、广州、深圳、香港……一众超一线城市，仍旧是大厂们的第一选 择。头部企业在核心城市核心地段的"囤地"，其实也是有战略层面上的长远考量。 2025年，互联网行业掀起一阵"买地潮"。 下半年，阿里巴巴与蚂蚁共同出资72亿港元，在香港下铜锣湾港岛壹号中心共13层商业写字楼。12月份，京东购入香港 中环的中国建设银行大厦部分办公楼层；抖音也以12.14亿元竞得广州市海珠区琶洲中二区AH041101地块。 据悉，仅2025年，字节就有3处总部大楼竣工启用。同时，在上海的杨浦滨江，美团、B站、抖音三大核心项目将于 2026年同步竣工，而贝壳则直接跨界涉足开发领域，并一举拿下成都"地王"。 事实上，不少互联网企业都曾热衷买地置业，不完全统计显示，搜狐、新浪、网易，到BAT再到字节、美团、小米、B 站、快手……大厂一掷千金，中小企业也不吝啬，包括延趣网络、飞鱼科技、三七互娱（维权）、诗悦网络、4399、贪 玩游戏…… 过去几年，互联网一度钟爱轻资产运营，时至今日，企业开始重金囤地，一场席卷互联网行业的"买地运动"背后，到底 藏着什么样 ...

客户端 美股周一大幅向好，科技股展现强势，道指再创历史新高，三大指数均录得升幅收市。美元反复偏软， 美国十年期债息回落至4.16厘水平，金价大幅走高，油价表现亦向上。 今日港股三大指数集体高开，恒指开盘涨0.59%，报26502.40点，恒科指涨0.79%，国企指数涨0.48%。 盘面上，科网股涨多跌少，百度、网易、快手、哔哩哔哩、京东涨超1%，阿里巴巴跌超1%；电力设备 股高开，亿华通涨超4%；锂电池股活跃，天齐锂业涨超3%；保险股延续涨势，友邦保险涨超2%；汽车 股多数上涨，理想汽车涨超1%。 | 名称 | 最新价 | 涨跌幅 √ | | --- | --- | --- | | 但生科技指数 | 5787.01 | +0.79% | | 800700 | | | | 恒生指数 | 26502.40 | +0.59% | | 800000 | | | | 国企指数 | 9192.41 | +0.48% | | 800100 | | | 责任编辑：郝欣煜 美股周一大幅向好，科技股展现强势，道指再创历史新高，三大指数均录得升幅收市。美元反复偏软， 美国十年期债息回落至4.16厘水平，金价大幅走高，油价表现亦向上 ...

Core Insights - The year 2023 is defined as the "starting year" for AI, while 2024 is seen as the "acceleration year," and 2025 marks a critical selection phase in the AI industry as capital begins to retreat and the hype subsides [4] - The reality for AI entrepreneurs in 2026 is that the focus has shifted from merely having a large model to efficiently transforming AI into solutions that customers are willing to pay for [5] Group 1: Market Dynamics - The general large model startup avenue is officially closed, as training a competitive foundational model requires billions in investment and extensive engineering [7] - OpenAI's significant losses, exceeding $12 billion in a single quarter in 2025, serve as a warning that only state capital or trillion-dollar companies can afford to pursue this path [7] - Despite the closure of the general model startup route, opportunities remain for entrepreneurs through open-source models that lower the barriers to high-capability AI usage [8][9] Group 2: Entrepreneurial Strategies - Entrepreneurs are encouraged to leverage open-source foundations like Qwen2 or DeepSeek-V2.5 and focus on high-value, low-error vertical scenarios for application development [13] - The emphasis is on building systems that can deliver measurable ROI, rather than attempting to create new foundational models [15] - The most secure path for entrepreneurs is to utilize existing open-source models to create applications that solve specific, high-frequency, and high-willingness-to-pay problems [34] Group 3: Technological Trends - The focus has shifted from glamorous content generation to practical applications where AI can execute multi-step tasks and deliver measurable business value [17] - The emergence of embodied intelligence is highlighted as a significant area for China's AI industry, leveraging manufacturing capabilities and supply chain integration [20] - The production of embodied intelligent robots has reached a milestone, indicating a shift from experimental phases to large-scale production and real-world applications [24] Group 4: Investment Landscape - The landscape for AI startups is diversifying, with some companies pursuing IPOs while others opt for mergers and acquisitions as a means of exit [26] - The criteria for investors are evolving, with the ability to be acquired or integrated into larger industry frameworks becoming as important as the potential for public offerings [30] - The competition is intensifying, and the focus is shifting from who can enter the market first to who can sustain their position in the evolving landscape [35]

Core Insights - The Nanning Market Supervision Administration conducted a special monitoring of online transactions from October 1 to December 31, 2025, involving 50,098 e-commerce operators and 2,574,863 product links, identifying 55 suspected illegal activities [1][2] Group 1: Monitoring Overview - The monitoring covered various platforms including Taobao, Douyin, Meituan, JD.com, Xiaohongshu, and others, focusing on categories such as food, pharmaceuticals, medical devices, kitchen appliances, and electric bicycles [1] - The suspected illegal activities were primarily concentrated on Taobao (17 cases), Taobao Flash Sale (12 cases), Douyin (8 cases), Meituan (6 cases), JD.com (5 cases), and others [2] Group 2: Types of Violations - Major violations included selling gas appliances without 3C certification, illegal modifications of electric bicycles, food qualification violations, expired or canceled cosmetic registration, and misleading medical claims in food advertising [2] - The Nanning Market Supervision Administration plans to conduct on-site investigations of the identified illegal activities and enforce legal measures accordingly [2]

Market Overview - The overall market is still in a positive expansion phase, indicating a favorable environment for investment opportunities [6]. Stock Market Performance - Major U.S. stock indices opened higher, with the S&P 500 recovering above 6900 points. The Dow Jones increased by 1.23%, reaching a historical high of 49000 points, while the Nasdaq rose by 0.69% and the S&P 500 by 0.64% [3]. - The energy sector showed strength, with companies like Chevron and ExxonMobil benefiting from the anticipated reconstruction of Venezuela's oil infrastructure, with Chevron up 5.1% and ExxonMobil up 2.2% [3]. - Oilfield service companies such as Halliburton and Schlumberger also performed well, rising by 7.8% and nearly 9%, respectively [3]. Commodity Prices - Gold prices surged significantly due to increased risk aversion, with COMEX gold futures rising by 2.84% to $4436.90 per ounce, and silver futures increasing by 7.95% to $76.15 per ounce [4]. Corporate Actions - Tianpu Co. received regulatory warnings from the Shanghai Stock Exchange [7]. - Tianqi Lithium plans to conduct maintenance on its 150,000-ton liquid hexafluorophosphate production line at the Longshan North base [7]. - Weigao Medical intends to acquire 100% equity of Weigao Purui for a transaction price of 8.511 billion yuan [7]. - Three Gorges New Materials plans to acquire a 40% stake in Lingang New Materials for zero yuan [9]. - Fulin Precision plans to invest 6 billion yuan in a project to produce 500,000 tons of high-end lithium iron phosphate for energy storage [9]. Regulatory Developments - The China Securities Regulatory Commission (CSRC) held a meeting to discuss the comprehensive prevention and punishment system for financial fraud in the capital market, emphasizing the need for enhanced regulatory measures and collaboration among departments [5].