半导体行业 2025 年 12 月 5 日 刘梦麟 SAC 执业证书编号： S0340521070002 电话：0769-22110619 邮箱： liumenglin@dgzq.com.cn 报 陈伟光 S0340520060001 电话：0769-22119430 邮箱： chenweiguang@dgzq.com.cn 超配（维持） 半导体行业双周报（2025/11/21-2025/12/04） 机构预计 2026 年全球半导体市场规模有望接近万亿美元 行 业 周 投资要点： 资料来源：东莞证券研究所，iFind 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 半导体行业指数近两周涨跌幅：截至2025年12月4日，申万半导体行业指数 近两周（2025/11/21-2025/12/04）累计上涨1.82，跑赢沪深300指数2.22 个百分点；2025年以来申万半导体行业指数累计上涨41.03%，跑赢沪深300 指数25.48个百分点。 SAC 执业证书编号： 半导体行业（申万）指数走势 行业新闻与公司动态 ...

Core Insights - The article highlights the competition for the "super entry point" in the AI era, emphasizing that the ability to control data and traffic is shifting from traditional apps to system-level AI agents [2][17] - The recent developments surrounding the Doubao AI assistant reveal the challenges faced by AI companies in navigating existing app ecosystems and data security regulations [5][19] Group 1: Doubao AI Assistant Launch and Challenges - Doubao AI assistant was launched on December 1, enabling cross-application operations, which generated significant market excitement [7][4] - Shortly after its launch, Doubao announced a temporary suspension of its ability to operate financial apps due to security concerns, highlighting the need for clear AI operation guidelines [3][4] - Major apps like WeChat, Taobao, and banks implemented measures to prevent Doubao AI from functioning properly, indicating a defensive response to the new technology [8][10] Group 2: Industry Dynamics and Competitive Landscape - The conflict between AI companies, hardware manufacturers, and app developers illustrates a complex interplay of interests and poses challenges to existing data security frameworks [5][12] - Goldman Sachs identified three core obstacles for third-party AI agents: system-level operation permissions, memory capabilities, and cross-application interface connections [12][14] - The dominance of major smartphone manufacturers in the Chinese market, which hold over 90% market share, makes it difficult for new players to disrupt the ecosystem [14][15] Group 3: Future of AI and App Ecosystem - The article suggests that as voice interaction becomes the primary entry point, traditional app operations may collapse, making it crucial to establish a default system entry point [17][20] - The ongoing battle for AI agents signifies a broader struggle involving major tech companies and highlights the potential for significant shifts in the internet landscape over the next decade [19][20]

12月4日晚间，社交平台多位用户反馈阿里系APP出现支付宝付款异常，涉及淘宝、闲鱼、1688、饿了么等多平台，出现用户完成付款后订单显示 未付款情况，"支付宝崩了""淘宝崩了"登上热搜。目前故障已修复。 故障集中在当晚10:30至12:00左右，部分用户还遭遇账号强制退出、余额显示错误、确认收货失败等问题。 | HT 12月04日 21:46 | | | | | --- | --- | --- | --- | | | 阿里程序员基本全员连夜加班，淘宝崩了、支付宝崩了、闲鱼崩了 ③ | | | | | 104 | | | | [7] 39 | | 图 87 | 175 533 | 截至12月5日，相关服务已全部修复，官方尚未公布具体技术原因。 （齐鲁晚报·齐鲁壹点客户端编辑 张宝帆综合新浪微博、白鹿视频公开信息等） 更有网友戏谑：阿里程序员基本全员连夜加班。 网友表示：平台付款成功却显示"待支付"，客服通道瘫痪超9000人排队。不少网友反映三家集体"罢工"。 | 2 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 今天21: ...

《外卖平台服务管理基本要求》（GB/T 46862—2025）推荐性国家标准近日正式发布实施。12月4日晚 间至5日，淘宝闪购（原"饿了么"）、美团、京东外卖相继发布关于执行上述推荐性国家标准的声明。 三平台分别声明称，淘宝闪购、美团、京东外卖作为标准起草单位之一，深度参与了本标准的研制、起 草与论证工作。在标准制定过程中，积极建言献策，充分参与核心条款讨论，对标准确立的公平理性竞 争、严守食品安全底线、提升服务质量、协调各方权益等核心理念高度认同。 淘宝闪购、美团、京东外卖均声明称，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。 三平台称，将以本标准实施为契机，积极助力推动外卖行业规范管理、品质服务、理性竞争、生态共 赢。与社会各界一道，维护公平有序的市场环境，助力餐饮外卖行业高质量、可持续发展。 转自：北京日报客户端 截图来 源："市说新语"微信公众号 据国家市场监管总局微信公众号"市说新语"12月4日消息，针对近年来外卖行业存在的"幽灵外卖"、非 理性竞争 ...

12月5日，美团、京东外卖、淘宝闪购相继通过各自平台发布声明称，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。 每经编辑｜何小桃 针对近年来外卖行业存在的"幽灵外卖"、非理性竞争以及外卖配送员权益保障不足等问题，近日，市场监管总局发布实施推荐性国家标准《外卖平台服务 管理基本要求》。 ■ 针对"幽灵外卖"问题 外卖新国标规定，外卖平台、用工合作企业应采取措施充分保障配送员的休息权，科学合理设置配送员的劳动时间和劳动强度，确保配送员获得必要的休 息时间：限定配送员每天接单时长原则上不超过8小时，接单时长达到8小时后，应向其发出是否继续接单提示。配送员自主确认继续接单的，应合理设置 配送员8小时外的接单时长，避免配送员超时劳动、过度劳累引发健康和安全风险。向连续接单时长超过4小时的配送员发出疲劳提示，原则上20分钟内停 止向其推送订单，停止推送订单时长自配送员完成当前订单任务时起算。宜通过发放休息时长补贴，联合合作商户给予免费饮用水、折扣简餐等方式，引 导配送员在收到疲 ...

Core Insights - The report from China Merchants Securities International predicts an acceleration in AI model integration by 2026, with the U.S. leading in advanced agents and multimodal models like GPT-5 and Gemini 3, while China is rapidly closing the gap through efficient open-source models, creating intense competition in the global market [1] Industry Summary - Cloud capital expenditures remain high to meet the surging demand for inference, indicating a robust investment environment in AI technologies [1] - The emergence of AI agents is expected to trigger a competitive battle for traffic entry points in 2026, highlighting the strategic importance of AI in future market dynamics [1] Company Preferences - The firm maintains a favorable view on large tech companies for their optimal positioning in AI monetization, leveraging strong core businesses to subsidize AI investments and implement monetization strategies [1] - In the Chinese internet sector, the preferred order of segments is advertising > cloud > gaming > value-added services > e-commerce = local services > live streaming, indicating a strategic focus on advertising and cloud services [1] - The firm continues to favor companies with characteristics such as stable profit growth, competitive moats, good risk-reward profiles, and substantial shareholder returns, with top picks being Tencent, Alibaba, and Bilibili [1] - In the U.S. stock market, the preferred order for large tech companies is Alphabet > Meta > Amazon > Microsoft, reflecting a strategic preference based on their capabilities in AI [1]

Core Viewpoint - Ele.me has rebranded to Taobao Flash Purchase, marking a step towards integrating lifestyle services with e-commerce as part of Alibaba's strategy to create a large consumer platform [4]. Group 1: Company Updates - Ele.me and Taobao Flash Purchase will undergo a complete rebranding, with the transition starting immediately [1]. - Alibaba's revenue for Q2 of FY2026 (Q3 2025) was 2,477.95 billion yuan, a 5% year-on-year increase, but operating profit dropped by 85% to 53.65 billion yuan due to investments in instant retail and user experience [5]. - Meituan reported a slight revenue increase of 2% to 954.88 billion yuan for Q3 2025, but faced an adjusted net loss of 160.10 billion yuan, compared to a profit of 128.29 billion yuan in the same period last year [4]. Group 2: Market Competition - The intense competition in the food delivery sector has significantly impacted the financial performance of major players like Alibaba, Meituan, and JD.com [4]. - JD.com reported a total revenue of 2,991 billion yuan for Q3, a 14.9% year-on-year increase, but net profit fell by 54.7% to 53 billion yuan, with new business losses reaching 157.4 billion yuan [5]. Group 3: Strategic Focus - Both Alibaba and JD.com view instant retail as a long-term strategy, with JD.com focusing on establishing market share in the "quality takeaway" sector [5]. - Alibaba has seen significant improvements in unit economic efficiency (UE) for Taobao Flash Purchase since October, with losses per order halved compared to July and August [6]. - Meituan's CEO emphasized the unsustainability of the price war in the food delivery market, advocating for high-quality and sustainable development in the industry [6].

【#阿里出售海外子公司股权进账60亿#】12月4日，阿里巴巴在2026财务年度中期报告中披露，2025年5 月，公司订立买卖协议，出售Trendyol GO（为Trendyol全资拥有的子公司，于土耳其经营本地生活服务 业务）85%的股权。出售事项的现金对价约7亿美元（人民币50亿元），已于截至2025年9月30日止六个 月期间完成。 及：已收现金对价，Trendyol GO净资产账面值及 对Trendyol GO 15%保留股权的公允价值。 今年5月,优步公司（Uber）宣布将以约7亿美元的 现金收购土耳其食品配送平台Trendyol GO 85%的 股份。Trendyol GO成立于2010年,由土耳其电商 平台Trendyol运营,后者大股东为阿里巴巴。 公告披露，该出售事项产生的收益约人民币60亿元，计入截至2025年9月30日止六个月未经审计简明合 并利润表的利息收入和投资净收益，主要虑及：已收现金对价，Trendyol GO净资产账面值及对Trendyol GO 15%保留股权的公允价值。 今年5月，优步公司（Uber）宣布将以约7亿美元的现金收购土耳其食品配送平台Trendyol GO 85%的 ...

[Table_Reportdate] 2025年12月05日 [证券分析师： Table_Authors] 方霁 S0630523060001 fangji@longone.com.cn 证券分析师： 李嘉豪 S0630525100001 lijiah@longone.com.cn [晨会纪要 Table_NewTitle] 20251205 重点推荐 财经要闻 晨 会 纪 要 证券研究报告 HTTP://WWW.LONGONE.COM.CN 请务必仔细阅读正文后的所有说明和声明 [table_summary] ➢ 1.看好年末风格切换与"开门红"推进下的板块配置机会——非银金融行业周报 （20251124-20251130） ➢ 2.阿里云Q3营收同比增长34%，华为Mate 80系列与夸克AI眼镜发布——电子行业周报 2025/11/24-2025/11/30 ➢ 1.央行：2025年12月5日开展10000亿元买断式逆回购操作 ➢ 2.潘功胜：要把握好货币政策的力度、时机和节奏，更加注重做好跨周期和逆周期调节 ➢ 3.习近平同法国总统马克龙举行会谈 1.重点推荐 1.1.看好年末风格切换与"开门红"推进 ...

最新声明。 12月5日消息，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。 标准研制过程中，市场监管总局坚持"需求牵引、问题导向"，多次组织专家论证和座谈调研，积极听取相关部门、平台企业、专家学者、行业协会、平台内商家和 配送员代表的意见建议，不断提升标准的合理性和可操作性。 标准立足行业实际，针对外卖行业存在的突出问题予以回应。一是聚焦平台内商户管理，强化主体责任落实。通过规范商户入驻审核、加强日常运营管理以及推 进"互联网+明厨亮灶"等方面内容，引导外卖平台切实履行食品安全主体责任，守护消费者"舌尖上的安全"。二是聚焦平台收费与促销行为，强化竞争秩序规范。通 过明确平台收费规则及促销活动管理等要求，引导外卖平台简化收费项目、规范促销行为，营造公平有序的市场竞争环境。三是聚焦平台用工管理，强化配送员权 益保障。围绕劳动报酬、工作时长和社会保障等方面，提出优化配送规则、保障劳动收入以及降低劳动强度等规定，助力配送员权益保障。四是聚焦平台内争议处 理，强化协商机制建设。引导平台建立完善消费者权益保护体系，完善消费者、商户、配送员等多元主体投诉机制，畅通投诉举报与异议反 ...