将自愿执行《外卖平台服务管理基本要求》国家标准，把标准要求系统融入平台运营管理和服务流程之中，持 续优化平台规则，提高商户与配送员服务管理水平，提升消费者体验，保障配送员、消费者和商户各方权益。 近日，美团、京东外卖、淘宝闪购分别发布关于执行《外卖平台服务管理基本要求》推荐性国家标准的声明： 本文综合自：智通财经 来源：上观新闻 ...

北京商报讯（记者 金朝力）近日，抖音生活服务启动"洗浴季"活动，特别打造"我在北方洗大澡"主题专 场，推出明星达人推广、亿级补贴（含现金与流量扶持）、万份到店好礼、百店同播等系列举措助力冬 日"暖经济"。用户在抖音APP内搜索"洗浴季"或"洗浴团购"，可点击活动banner进入主会场，抢最高88 元洗浴按摩优惠券，相关团购商品最低3折起。 活动聚焦用户"冬季暖身""缓解换季疲惫"等核心需求，将洗浴、按摩、温泉服务从单纯的"休闲选择"升 级定位为"冬季必备生活方式"，联合20000多个洗浴商家，针对"个人放松""朋友聚会""家庭休闲"等不同 场景推出30000余个超值团购套餐。此外，活动推出沈阳、哈尔滨、大连、重庆、深圳、杭州、武汉、 郑州、北京多个城市洗浴地图。 ...

Core Insights - The speech by Joe Tsai emphasizes the importance of making decisions based on acceptable lower limits while aiming for unlimited potential [5][8] - Tsai highlights that innovation should be driven by customer needs rather than arbitrary pursuits [10][11] - He discusses the competitive advantage of lower operational costs in AI development, particularly in the context of China versus the US [13][14] - The strategy of open-sourcing core capabilities while monetizing surrounding services is presented as a viable business model [15][16] - Effective management involves hiring smarter individuals and trusting their expertise [19][20] - Understanding both the world and human nature is crucial for personal and professional growth [21][22] Group 1: Decision-Making - Good opportunities are defined as those where one can accept the worst-case scenario while not seeing the upper limit [5] - The concept of asymmetric risk is introduced, where minimal, controllable costs can lead to significant future gains [8] Group 2: Innovation - Innovation should be a response to pressing customer needs rather than a goal in itself [10] - Historical examples from Alibaba illustrate that successful innovations stem from addressing specific market pain points [11] Group 3: Competition - The discussion on AI competition highlights that lower costs in China provide a structural advantage over the US [13] - The importance of widespread adoption of AI is linked to cost efficiency, which can dilute competitive disadvantages [14] Group 4: Business Model - The approach of open-sourcing AI models while generating revenue through cloud services is outlined as a strategic model [15] - This model allows for the creation of a dependency on the company's services, enhancing profitability [16] Group 5: Management - Effective management is characterized by recruiting individuals who are more knowledgeable and capable than oneself [19] - Trusting and compensating these individuals appropriately is essential for organizational success [20] Group 6: Personal Growth - The ability to quickly understand new knowledge and analyze problems is emphasized as a critical skill in a rapidly changing world [21] - Understanding human psychology is equally important for creating successful products and navigating business dynamics [22]

走进2025年末，城市街景正在悄然变色，淘宝闪购骑士纷纷换上了橙黑新制服。12月5日上午，阿里巴巴官方正式宣布：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"。这标志着阿里在即时零售领域的布局进入新阶段。 可见这一次，阿里巴巴的野心远不止外卖市场份额，而是要通过淘宝闪购这台稳定的高频增长引擎，完成"远场、中场、近场"的一体化拼图，构建一个全新 的大消费闭环。正如阿里高层明确提出的目标："三年内为平台带来一万亿元人民币的商品交易总额"。这不仅仅是份额的争夺，更是对整个大消费版图的重 构。 01品牌焕新背后：当"万物"涌入近场生活圈 "淘宝闪购"的出现是一切故事的开端。2025年4月淘宝闪购出现在了手淘的显眼位置，"用淘宝闪购点外卖更便宜"成了消费者对它的初印象。 2025是属于淘宝闪购的一年。从4月"淘宝小时达"升级为"淘宝闪购"开始，到8月阿里业务的深度整合，日订单峰值已达1.2亿单，周日均订单量达8000万 单，月度交易买家数突破3亿，饿了么携手淘宝闪购在订单规模、用户增长和运力覆盖方面持续突破。 动辄十几元的补贴吸引和创造了大量的需求，QuestMobile数据显示，7月淘宝APP闪购 ...

Core Viewpoint - Chinese assets have shown a strong rebound, with significant gains in various indices and stocks, indicating renewed interest from global investors in the Chinese market [1][2]. Group 1: Market Performance - The Nasdaq Golden Dragon Index rose by 1.29%, and the three-times leveraged FTSE China ETF surged over 4%, reversing a week-long decline [1][2]. - Popular Chinese concept stocks experienced substantial increases, with Dingdong Maicai rising over 10% and Baidu increasing nearly 6% [1][2]. - Multiple foreign institutions have released optimistic reports on Chinese assets, with Morgan Stanley redefining the Chinese stock market as a "growth market" [2]. Group 2: Economic Outlook - Morgan Stanley set a target for the CSI 300 Index at 4840 points by December 2026, suggesting a forward P/E ratio for the MSCI China Index in the range of 12 to 13 times [2]. - JPMorgan's Rajiv Batra noted that the Chinese stock market is in the early stages of recovery, with attractive valuations and relatively low holding levels [2][3]. - Various institutions, including OECD and Goldman Sachs, have raised their GDP growth forecasts for China, with Goldman Sachs adjusting its 2025 forecast from 4.9% to 5.0% [3]. Group 3: Federal Reserve's Interest Rate Expectations - The U.S. core PCE price index for September rose by 0.2% month-on-month and 2.8% year-on-year, aligning with expectations and reinforcing the likelihood of a rate cut by the Federal Reserve [4][5]. - The probability of a 25 basis point rate cut in December has risen to 87.2%, with expectations for further cuts in early 2026 [5][6].

Group 1: Company Overview - Alibaba Group is a leading global e-commerce internet technology group that restructured its organization in June, merging Ele.me and Fliggy into its e-commerce business unit, and in August, it adjusted its business structure into four main segments: China E-commerce Group, International Digital Commerce Group, Cloud Intelligence Group, and Others, focusing on "E-commerce, Cloud + AI" as its core business, enhancing organizational concentration and cohesion [1] Group 2: Investment Logic - Instant retail is crucial for maintaining e-commerce traffic advantages, with Alibaba entering the market in May through food delivery services. User activity metrics show a year-on-year increase in Daily Active Users (DAU) from May to October, with growth rates of +3%, +7%, +17%, +19%, +12%, and +9% respectively [1] - Order volume peaked at 120 million in July, with market share for Taobao Flash Purchase and Ele.me rising significantly from 29.4% in Q4 2024 to 42.8% in Q3 2025 [1] - Delivery capability has seen over 240% growth in the number of delivery personnel from April to August 2025 [1] - User Experience (UE) investments are at their highest in FY26Q2, with losses halved from peak levels, and improvements expected as scale and efficiency increase [1] Group 3: AI Strategy - Alibaba Cloud is recognized as a "full-stack AI company," pursuing top-tier self-research capabilities in AI chips, cloud computing platforms, and foundational large model capabilities. It operates in 29 public cloud regions and 92 availability zones globally, with over 3,200 edge nodes [2] - Annual capital expenditures exceed 100 billion yuan, with the Qwen series large models significantly upgraded to Qwen3-Max, enhancing performance and creating a closed-loop with applications like Qwen APP, Quark, Taobao, and DingTalk [2] - The latest PPU chip technology from Alibaba's T-head is at the forefront domestically [2] Group 4: Profit Forecast and Valuation - The traditional shelf e-commerce advantage is expected to stabilize market share, while cloud business driven by AI shows significant future growth potential. Adjusted net profits for FY2026-2028 are projected at 107.9 billion, 149.4 billion, and 175.8 billion yuan, with corresponding adjusted P/E ratios of 24.8, 17.9, and 15.2 times [2] - The e-commerce business (excluding instant retail) is assigned an 11 times earnings valuation (EBITDA basis), while the cloud business is given a 7 times price-to-sales valuation, with other businesses currently not contributing to valuation. The target market capitalization is set at 3.36 trillion yuan, with a target price of 192.48 HKD, initiating coverage with a "Buy" rating [2]

以下文章来源于镜相工作室 ，作者镜相作者 镜相工作室 . 商业世界的风向与人 来源丨 镜相工作室 （ID： shangyejingxiang ） 作者丨 马舒叶 编辑丨 卢枕 图源丨Midjourney AI焦虑已经从大厂渗透进了大学这座象牙塔。在一片"被替代"的忧惧声中，一群来自非北上广深、非 985高校的大学生，主动跳进了这股浪潮——他们不是来做实习的，是来兼职"拧螺丝"的，拧的是AI 大模型的螺丝。 在"AI将替代99%的岗位"和"拿AI offer月入3万"两种声音的共同影响下，这批不容易挤进大厂实习 队伍的大学生，走进了大厂数据标注的流水线，成为新的AI工人。他们每天在大厂提供的兼职平台上 抢单、标注、纠错、优化，月收入大多在1000到2000元之间。在这条看不见的AI流水线上，他们既 是训练者，也是被挑选的对象。 他们分散在成都、郑州、武汉、厦门等非一线城市的角落，在课余或下班后的时间里，登录那个决定 他们今晚"有活干"还是"白蹲守"的后台，他们标注图片，校准对话，贡献乡音，优化代码，试图找到 新的机会。 对于大厂来说，大学生群体兼具垂直领域的专业知识和充足的参与热情，是完成最基础的AI数据标 注 ...

今天分享的是：新搜索时代：2024五大平台实操指南（淘宝、京东、拼多多、抖音、小红书） 报告共计：51页 新搜索时代电商平台搜索运营实操指南总结 电商行业已迈入"新搜索时代"，用户搜索行为呈现平台多元化、全域化和泛化三大特征，搜索在商家生意中的确定性价值愈发 凸显。这份指南围绕五大主流平台，系统拆解了新搜索时代的运营逻辑与实操方法。 平台层面，传统货架电商与内容平台呈现差异化特征。淘宝、京东、拼多多作为货架电商，搜索核心围绕商品展开，虽面临流 量下滑，但仍是高转化的关键阵地。淘宝流量结构以推荐为主，搜索逻辑最复杂；京东搜索仍是核心流量来源，用户习惯搜完 即买；拼多多已从"货找人"转变为搜索占主导。小红书和抖音则作为内容平台，成为搜索流量增长的核心引擎。小红书70%月活 用户有搜索行为，KFS方法论（KOL+搜索+信息流）实现精准种草；抖音独创"看后搜"被动搜索形态，FACT+S方法论打通内容 场与货架场，搜索转化效率显著。 方法层面，商家需主动适配新搜索趋势。选品上，高客单、强需求动机的品类（如3C数码、大家电、家装等）更需重点布局。 围绕商品生命周期，搜索可在选品洞察、新品冷启动、成熟期转化等环节发挥作用。 ...

Core Insights - The event aims to strengthen cooperation between banks and enterprises, creating a platform for communication among import and export companies [2] - The collaboration between Jining Xicheng Branch and Alibaba Jining focuses on integrating resources to provide comprehensive cross-border financial services [2] - The summit received positive feedback from participating companies, highlighting its relevance to actual business needs [2] Group 1: Event Overview - On November 12, Jining Xicheng Branch and Alibaba Jining held an import and export trade summit [2] - The summit aimed to leverage Alibaba's e-commerce ecosystem and the bank's financial service experience [2] - The event included discussions on current import and export trade policy trends and financial tool applications [2] Group 2: Financial Services Offered - The collaboration will provide one-stop cross-border financial services, including payment settlement and financing support [2] - Customized financial solutions were introduced to meet the needs of enterprises of different sizes [2] - The content of the presentations combined policy insights with practical applications to clarify development directions for businesses [2] Group 3: Future Plans - Jining Xicheng Branch plans to continue enhancing cross-border financial services and deepen outreach activities [2] - The focus will be on accurately matching enterprise needs and innovating financial service models [2] - The goal is to support local enterprises in expanding overseas markets and inject strong financial momentum into the region's export-oriented economic development [2]

Market Overview - US stock market continued to rise on December 5, supported by expectations of Federal Reserve interest rate cuts and positive US-China trade signals, with all three major indices closing higher [1] - The Dow Jones Industrial Average increased by 0.22% to 47,954.99 points, the Nasdaq Composite rose by 0.31% to 23,578.13 points, and the S&P 500 gained 0.19% to close at 6,870.40 points, marking four consecutive days of gains for the S&P 500 [1] Technology Sector Performance - Major US technology stocks mostly rose, with the US Tech Giants Index increasing by 0.20%. Facebook saw a nearly 2% rise, Google over 1%, Microsoft up 0.48%, Amazon up 0.18%, and Tesla up 0.1% [2] - Despite declines in Apple and Nvidia by 0.68% and 0.53% respectively, the overall performance of technology stocks remained strong [2] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 1.29%, with notable individual stock performances including Baidu up nearly 6%, Xiaomi over 2%, Meituan nearly 2%, and Xpeng, iQIYI, and TAL Education all up over 2% [3] - Dingdong Maicai led the gains among Chinese stocks with an increase of over 11% [3] Mergers and Acquisitions - Netflix announced its agreement to acquire Warner Bros. Discovery for approximately $72 billion [4] - SoftBank is reportedly in talks to acquire AI infrastructure investment company DigitalBridge [4] - Albemarle, the world's largest lithium producer, saw a 5% increase in stock price after UBS upgraded its rating from "neutral" to "buy" and raised the target price from $107 to $185 per share [4] Commodity Market Movements - Gold prices experienced volatility, closing at $4,197.4 per ounce, down 0.26%, after initially rising over 1% [5] - Silver prices, after reaching a historical high, ultimately closed up 2.07% [5] - In the oil market, WTI crude oil futures for January delivery rose by 0.69% to $60.08 per barrel, while Brent crude for February delivery increased by 0.49% to $63.75 per barrel, supported by ongoing geopolitical risks [5] Cryptocurrency Market - The cryptocurrency market faced pressure, with Bitcoin dropping below $89,000, down 3.59% in a single day, and major altcoins like Ethereum and Solana also experiencing declines of over 3% [8] US-China Trade Relations - Positive signals emerged from US-China trade relations, with discussions between Chinese Vice Premier He Lifeng and US Treasury Secretary Yellen focusing on practical cooperation and addressing mutual concerns in the economic field [9] Federal Reserve Interest Rate Expectations - Market attention is on the Federal Reserve's interest rate cut expectations, with the core PCE price index for September at 2.8%, below the expected 2.9%, reinforcing the likelihood of a rate cut next week [10] - The probability of a 25 basis point rate cut next week is at 87%, according to CME's FedWatch tool [10]