本报讯 （记者袁传玺）近期，抖音在日常治理中发现，有黑产团伙组织地推人员，以线下"扫码领鸡 蛋"为名，诱骗用户配合登录，再通过黑产技术手段盗取用户账号，最终用于售卖、发布违规违法信息 或直接盗刷虚拟资产获利。平台整理相关线索后上报至相关部门。目前，该团伙地推渠道负责人、客服 及技术提供者等5名犯罪嫌疑人已被依法刑事拘留。抖音提醒广大用户保护自己的账号隐私信息，避免 成为盗号黑产"工具人"。 抖音长期以来深入开展账号安全治理，持续打击非法盗用他人账号黑产，2025年平台盗号量已同比下降 63%。针对地推盗号、团伙攻击等典型盗号行为，总结其手法特征，建立多个识别大模型，对疑似被盗 的账号加强实名验证、短信验证、用户提醒等，降低被盗的可能性；加强新设备登录账号的验证能力， 实时阻断非本人操作的新设备登录行为；对疑似黑产登录的账号，平台将限制账号功能，拦截色情、诈 骗等违规内容的发布。 盗号是指通过木马程序、钓鱼网站、撞库攻击（黑客用自动化程序组合排列密码）、地推等手段非法登 录他人账号的违法行为。黑产盗号核心是为了非法获利，包含通过倒卖、租用账号或将账号内的虚拟资 源出售等方式直接变现，用他人账号信息实施诈骗、非法 ...

AI眼镜"百镜大战"背后，是巨头们怕错过下一代入口的集体焦虑驱动的生态豪赌，胜负手不是硬件参 数，而在于对垂直场景的闭环构建与物理世界数据的掌控。 和数年前不同，如今的AI眼镜赛道已不再是少数极客玩家的试验场，而变成一场没有喘息机会的马拉 松。谷歌Glass项目重启、阿里连发六款新品，连车企理想也来凑热闹。巨头扎堆入场，机海战术重 现。 资本狂热与市场冷静形成鲜明对比，一边是全球AI眼镜市场规模预计在2025年达到42亿美元，同比增 长67.2%，另一边却是消费者仍徘徊在观望与尝试之间。 真正的问题是，这场由技术与资本共同推动的硬件狂欢，究竟是智能交互的必然进化，还是又一次被过 度炒作的概念泡沫？是能颠覆人机交互的下一代超级终端，还是重蹈当年谷歌眼镜叫好不叫座覆辙？ 现象：巨头为何集体"戴眼镜"？ 最新数据显示，2025年第一季度全球智能眼镜出货量达到148.7万台，同比暴涨82.3%，中国市场增速更 是高达116.1%，交出49.4万台的成绩单。 2025年尾声的AI眼镜赛道，用群雄逐鹿来形容毫不为过。 短短一个月内，夸克连续发布6款AI眼镜，覆盖从消费级到专业场景；谷歌也悄然重启Glass Enterpr ...

China's open-source artificial intelligence models accounted for nearly 30 per cent of total global use of the technology, while Chinese-language prompts ranked second in token volume behind English, according to a report. This year's surge in open-source large language model (LLM) usage around the world had been fuelled by Chinese-developed systems, including Alibaba Group Holding's Qwen family of models, DeepSeek's V3 and Moonshot AI's Kimi K2, according to a recently published report by OpenRouter, a t ...

淘宝闪购推出的第219天，饿了么也变作了"橙色"。 淘宝闪购推出的第219天，饿了么也变作了"橙色"。 12月5日，饿了么官方正式宣布：即日起"饿了么"App更新至最新版本后将全面焕新为 "淘宝闪购"。 一个夏天的即时零售大战过后，为何迎来了这样的变动？对此，淘宝闪购的表态是："更新是为了更 好，更好也激励我们常新。" 一场面向未来的新战役开启了。饿了么焕新的背后，淘宝闪购将更多承担起阿里推进"远近中场"结合的 全新故事与想象力，同时，这也标志着阿里对大消费平台战略有了更清晰的谋划、更坚定的投入决心。 随着饿了么的焕新，即时零售的故事正式翻开了下一页：阿里的大消费战舰正全速驶向广阔的蓝海。 "焕新"之际 今年4月，淘宝天猫旗下即时零售业务"小时达"正式升级为"淘宝闪购"，并在淘宝App首页以一级流量入 口展示。淘宝闪购的推出被业界视作一支推动大批品类及品牌投入即时零售的有生力量，依托饿了么成 熟的仓配、算法、地图等基础能力，兵分两路，在拿下餐饮订单增长的同时，打开即时零售战场的想象 空间。 阿里最新财报数据显示，第三季度，阿里即时零售业务收入同比增长60%。今年8月，淘宝闪购的日订 单峰值便达到1.2亿单，周 ...

Core Viewpoint - The article discusses the evolving perspectives on growth and value investing, highlighting the need to reassess traditional investment principles in light of modern economic realities and the success of high-growth companies [5][6][7]. Group 1: Growth vs. Value - There is an acknowledged and widening divergence between growth and value investing, with traditional value principles struggling to account for the sustained high growth of companies like Microsoft, Google, and Amazon [7][8]. - The underlying economic structure has shifted, suggesting that reliance on historical value metrics may no longer be sufficient for investment success [7][8]. - Despite the differences, there are fundamental commonalities between growth and value investing, particularly in the importance of honest long-term cash flow estimation and risk management [8][9]. Group 2: Historical Context and Evolution - Historically, there has been a lack of literature supporting growth investing compared to the extensive documentation of value investing, which has created a bias in the investment community [13][14]. - The belief that "value will ultimately prevail" remains entrenched, despite evidence that growth strategies have outperformed passive indices over the long term [14][15]. - The past decade has seen a significant deviation from Graham's observations, with high-growth stocks yielding substantial returns, contrary to his predictions [18][19]. Group 3: Case Studies - Microsoft serves as a prime example of a company that has achieved remarkable long-term growth, with revenue increasing from $60 billion in 2008 to $110 billion in 2018, showcasing a compound annual growth rate of 24% [20]. - Google also exemplifies this trend, with its revenue growing from $21.8 billion in 2008 to $136.8 billion in 2018, reflecting the potential of high-growth companies to deliver exceptional returns [21]. - The article contrasts Coca-Cola's stagnation in stock value over the past 20 years with Facebook's growth trajectory, suggesting that the latter may align more closely with modern investment principles [70][75]. Group 4: Future Investment Landscape - The future of investing will likely be shaped by structural changes in the global economy, necessitating a shift in focus from short-term financial metrics to long-term transformative trends [40][41]. - The concept of "creative destruction" is becoming increasingly relevant, indicating that traditional investment strategies may need to adapt to a rapidly changing economic environment [41][42]. - Companies that can leverage network effects and platform positions may exhibit "super-linear growth," challenging traditional value investment assumptions [61][62].

Key Points - 36Kr will cover the global stories of Chinese brands at CES 2026, following its previous coverage at IFA and GITEX GLOBAL in 2025 [2] - WeChat Pay has officially launched in Qatar through QNB, marking the first bank in the GCC to support this payment method, enhancing digital payment options for retailers [3] - Meituan Keeta has officially launched in eight cities in São Paulo, Brazil, as part of a five-year investment plan of 5.6 billion Brazilian Reais [3] - Shopee and Shein are the top overseas shopping platforms for Brazilian consumers, with 96% of them engaging in international shopping in the past year [4] - dLocal has introduced a new payment method combining biometrics with Pix payments in Brazil, allowing users to confirm payments via facial recognition or fingerprint scanning [4] - JD.com has acquired 85.2% of German retail group CECONOMY, aiming to accelerate localization in the European market [5] - Cainiao's eHub in Hong Kong has achieved 80% automation in its operations, becoming the most digitized air cargo hub in the region [5] - MAISEAT has launched a global app to enhance the cross-border ticket purchasing experience for users, supporting multiple languages and payment methods [6] - WuXi Biologics has signed a strategic cooperation memorandum to establish the first integrated CRDMO center in the Middle East [7] - Changan Automobile plans to launch its electric vehicle brands Avatr and Nevo in Europe within the next two years [7] - China Power Construction has signed multiple overseas projects in renewable energy and infrastructure across various countries [7] - UniXAI has completed a total of 300 million yuan in financing, achieving significant growth in robot deliveries [8] - Daimeng Robotics has secured new strategic financing to enhance its product development and global market expansion [8] - Suisheng Technology has raised millions in seed funding to develop AI recording hardware, with plans to launch its first product in 2026 [9] - The AI glasses market is seeing new entrants, with major players like Li Auto and Alibaba launching their products [10] - Over one-third of mobile marketers are currently investing in short drama advertisements, indicating a shift in global strategy among Chinese app developers [10]

Core Insights - The article discusses the evolution of the food delivery and group buying market in China, highlighting the competitive dynamics between major players like Meituan, Alibaba, and Tencent, and the strategic decisions that shaped the industry landscape. Group 1: Historical Context - In 2010, Wang Xing discovered the group buying model in the U.S. and decided to launch Meituan after several failed entrepreneurial attempts [1] - The group buying market in China quickly became competitive, leading to a "thousand group buying sites" battle, with competitors like Lashou and Wowo having more funding and city presence [3] Group 2: Investment Dynamics - Alibaba invested $50 million in Meituan in 2011, acquiring a 12% stake, while Tencent partnered with Groupon to create Gaopeng [5] - In 2014, Alibaba raised over $20 billion in its IPO and invested $300 million in Meituan, increasing its stake to 15% [5] Group 3: Strategic Divergence - Wang Xing refused to be acquired by Alibaba, aiming to build his own ecosystem similar to Alibaba's, leading to a strategic split between him and Jack Ma [7] - In 2015, Meituan merged with Tencent's investment in Dazhong Dianping, allowing Wang Xing to end the group buying war and emerge as the market leader [7] Group 4: Market Positioning - After the merger, Alibaba's stake in Meituan decreased to 7%, and they later sold 7% of their shares for $900 million, marking a significant exit from the company [9] - Following this, Alibaba launched a counter-offensive by reviving Koubei and acquiring Ele.me for $12.5 billion, intensifying the O2O battle against Meituan [9] Group 5: Future Outlook - The ongoing competition between Meituan and Alibaba in the food delivery sector is expected to continue, with the outcome still uncertain [9]

Core Viewpoint - Major technology giants are intensifying their efforts in hardware development, indicating a rapid shift of AI applications from cloud to edge devices, driven by the explosion of computing power [1] Group 1: Product Developments - Alibaba Group launched its first self-developed Quark AI glasses on November 27, integrating the Qianwen large model with Alibaba's ecosystem services, featuring navigation, payment, and AI Q&A functions [1] - ByteDance, in collaboration with ZTE, introduced a preview version of the Nubia M153 engineering prototype equipped with Doubao mobile assistant technology on December 1, with limited sales [1] - Internationally, companies like OpenAI and Google have also released multiple smart terminal products [1] Group 2: Market Trends - The shift towards edge hardware signifies that edge AI is reshaping the consumer electronics landscape with faster response times and better privacy protection [1] - Fund managers believe that smartphones will continue to be the primary device for AI applications, while AI glasses are also seen as a promising category [1] Group 3: Investment Opportunities - Edge hardware brands and upstream supply chains are expected to benefit first from this trend [1] - Key areas such as system interaction and voice recognition are anticipated to see significant growth opportunities [1]

Summary of Key Points from the Conference Call Industry Overview - The report focuses on the **China Internet** sector, particularly the **Cloud & Data Centers**, **Games**, and **Mobility** sub-sectors, highlighting their performance and future outlook post-3Q results and a recent China Internet trip [1][9][10]. Core Insights and Arguments 1. **Sub-sector Preferences**: - The **Cloud & Data Centers** sub-sector has been elevated to the top preference (1) due to expected sustained AI growth momentum driven by AI training/inference demand and positive order volume outlook for data centers [1][9]. - **Games** sub-sector is now ranked 2, while **Mobility** has dropped to 3, reflecting their defensive nature and favorable pricing power amidst a soft macro backdrop [1][9]. 2. **AI and Valuation Performance**: - The China Internet sector has shown outperformance driven by AI and valuation multiples, with notable EPS growth expected from companies like **Alibaba** and **Tencent** [9][10]. - The sector's median 2026E P/E is noted at **18X**, indicating that valuation multiple expansion has been a significant driver of performance rather than profit growth [9][10]. 3. **Competitive Landscape**: - **Bytedance** is highlighted as a key competitor, particularly with its recent launch of the **Doubao Phone Assistant**, which could disrupt existing app traffic and advertising models [1][9][10]. - The potential for a new era of AI assistants in China is discussed, with implications for user engagement and privacy concerns [9][10]. 4. **Food Delivery and Quick Commerce**: - The competition in food delivery is intensifying, with **Meituan**, **Alibaba**, and **JD** expected to see adjusted EBIT declines in the upcoming quarter [9][10]. - Market share dynamics are projected to stabilize at a ratio of **5:4:1** between Meituan, Alibaba, and JD, with Meituan maintaining a leadership position [9][10]. 5. **Global Expansion**: - The report notes the increasing competition among Chinese players in the **LatAm food delivery market**, with companies like **DiDi** and **Meituan** expanding their international footprints [1][9][10]. - **JD** is also highlighted for its international expansion efforts, particularly in Europe, which could provide a re-rating opportunity for the company [9][10]. Additional Important Insights - The report emphasizes the importance of strategic pivots for eCommerce and local services players in response to Bytedance's advancements in AI and eCommerce [1][9][10]. - The potential disruption of the advertising market due to AI assistants filtering out ads is noted, indicating a shift in how users interact with apps [10]. - The report includes a detailed earnings summary and market reactions for various companies within the sector, providing insights into their performance and future outlook [12][46]. This summary encapsulates the key points discussed in the conference call, focusing on the China Internet sector's dynamics, competitive landscape, and future growth opportunities.

Group 1 - The core viewpoint of the articles highlights the increasing investment and development in artificial intelligence (AI) by major technology companies, both domestically and internationally [1][2] - The launch of new AI products, such as Alibaba's Quark AI glasses and ByteDance's Nubia M153, indicates a growing trend in AI applications and consumer technology [1] - The STAR Market AI ETF (588930) tracks the performance of 30 major AI-related companies, reflecting the overall performance of the AI industry in the STAR Market [1] Group 2 - CITIC Securities notes that the current phase of AI application is still in its early stages, with significant potential for growth in AI capital expenditure (Capex) expected to increase 5-7 times globally by 2030 [2] - China's AI Capex is projected to grow 7-9 times, indicating a robust investment landscape for AI technologies [2] - The low foreign ownership in Chinese tech stocks suggests that if AI investment exceeds expectations, the attractiveness of Chinese AI companies will further increase [2]