Core Insights - Yongkang, known as the "Hardware Capital of China," plays a crucial role in the global supply chain, producing 80% of massage guns, one-third of thermos cups, and nearly 70% of security doors [2][3] - The local manufacturing industry faces challenges such as intense market competition and product homogenization, necessitating continuous innovation to maintain competitiveness [3][12] - Pinduoduo's "trillion support" plan is pivotal for Yongkang's kitchenware businesses, helping them adapt to market demands and optimize product structures [4][20] Industry Overview - Yongkang's historical significance in hardware manufacturing dates back to ancient times, evolving through various dynasties and becoming a hub for metalworking [5][6] - The rise of e-commerce has transformed traditional manufacturing, with younger generations of factory owners seeking to establish their own brands rather than solely relying on OEM production [7][8] Market Dynamics - The emergence of brands like "Lanjieshi" and "Yizhifu" illustrates the shift from white-label products to branded offerings, driven by consumer demand for quality and innovation [13][15] - Pinduoduo's platform allows for efficient operations, enabling merchants to manage multiple stores with fewer resources compared to traditional e-commerce platforms [8][12] Product Innovation - Successful products, such as a new electronic scale, were developed in response to market needs, showcasing the importance of understanding consumer preferences [9][11] - Innovations in product design, such as semi-automated assembly processes, have significantly improved production efficiency and reduced costs [11][12] Pinduoduo's Strategic Initiatives - The "trillion support" plan aims to enhance the quality of e-commerce by providing substantial financial and operational support to merchants, focusing on long-term growth rather than short-term gains [20][21] - Pinduoduo's initiatives have led to a significant increase in merchant opportunities and a restructuring of industry dynamics, fostering a more competitive environment [21][22] Financial Implications - Pinduoduo's financial commitment to merchant support reflects a strategic shift towards high-quality development, with substantial investments aimed at enhancing the overall e-commerce ecosystem [20][22] - The platform's revenue model has adapted to prioritize merchant success, with significant reductions in service fees and guarantees to lower operational costs for businesses [20][21]

（图片来源：摄图网） 网络购物交易规模持续增长 根据国家统计局的数据，2015-2023年我国网络零售额持续增长，但2020年后增速趋缓，2022年首次跌至 10%以下，随着疫情后社会经济的恢复，2023年增长率有所提高。2023年我国社会消费品零售总额达到 47.14万亿元，其中网络零售额达15.43万亿元，同比增长11.9%，在社会消费品零售总额中的占比为 32.72%。 近期，电商平台的"仅退款"政策迎来重大调整。拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取 消"仅退款"政策。这意味着消费者在收到商品后，无法再直接申请退款而不退货，相关申请将由商家自主处 理，平台非必要不主动介入。 这一政策的调整早有预兆。2024年，淘宝率先对"仅退款"规则进行优化，随后京东、快手等平台也相继跟 进。 业内人士普遍认为，取消"仅退款"有助于电商行业从低价竞争回归良性竞争，保障商家的经营公平，同时也 能促进平台的健康发展。 此前，"仅退款"政策虽为消费者提供了便利，但也被一些不法分子恶意利用，在一定程度上助长了部分消费 者的恶意退款行为。一些不法分子利用这一政策漏洞，故意购买商品后以各种理由申请"仅退款"，导致商 ...

每经记者 陈婷 每经编辑 陈俊杰 4月22日晚间，《每日经济新闻》记者从淘宝方面证实，为平衡实现商家权益保护与消费者体验提升，后续平台将不主动介入消费者在已收到货后的不退货 退款售后申请，由卖家先行与消费者协商处理。 同日，据《北京商报》报道，拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取消"仅退款"，消费者收到货后的退款不退货申请，将由商家自主处 理。不过，截至《每日经济新闻》记者发稿，除淘宝之外，上述多个电商平台尚未对外官方发声。 事实上，去年以来，"仅退款"规则就因争议不断，多个电商平台已经相继对其进行了调整。随着"仅退款"退潮，2025年电商平台之间的竞争又走向了哪个方 向？ "仅退款"退潮背后：一度激发商家与平台对立情绪 就淘宝而言，从去年开始就在逐步取消"仅退款"。 去年7月，淘宝宣布将优化"仅退款"策略，依据新版体验分提升商家售后自主权，对优质店铺减少或取消售后干预。据悉，策略上线后，对店铺综合体验分 ≥4.8分的商家，平台不会通过旺旺主动介入、支持收货后的"仅退款"，而是鼓励商家先跟消费者协商。 到了今年，据记者了解，淘宝以"扶优去劣"为核心战略，对平台运营逻辑进行深度重构与聚焦。 图片 ...

Market Overview - The market is currently experiencing narrow fluctuations and remains in a state of consolidation [1][24] - Major U.S. stock indices rebounded significantly, with the Dow Jones up 2.66%, S&P 500 up 2.51%, and Nasdaq up 2.71%, marking the largest single-day gains in recent weeks [3] Economic Forecasts - The International Monetary Fund (IMF) has significantly downgraded global economic growth forecasts, predicting a decline to 2.8% in 2025 and 3% in 2026, down from earlier estimates of 3.3% for both years [4] - The U.S. economic growth forecast for 2025 has been reduced to 1.8%, with a 40% probability of recession, up from 27% previously [4] Corporate Developments - Baidu released an AI white paper and action plan focusing on generative AI patent layout [9] - Boeing agreed to sell part of its digital aviation solutions business to Thoma Bravo for $10.55 billion [7] - Gree Electric's shareholders approved the re-election of Dong Mingzhu as chairman, with a dividend plan of 10 yuan per 10 shares [12] - Meituan's self-developed fourth-generation drone received a nationwide operational certificate for low-altitude logistics [13] Financial Performance - Newye Semiconductor reported a 384.54% increase in net profit for Q1 2025, with revenue of 4.052 billion yuan, up 264.13% [20] - Hailanxin's Q1 2025 net profit surged by 1324.75%, driven by project completions [21] - Zhonghong Medical's Q1 2025 net profit increased by 1370% [22] - Erkang Pharmaceutical reported a net profit of 28.11 million yuan for Q1 2025, up 868.91% [23] Industry Trends - The pharmaceutical sector is expected to continue its upward trend due to improved fundamentals and technological advancements [24]

科技股普遍走高，特斯拉大涨4%，英伟达、苹果、亚马逊等涨幅超过2%，微软、谷歌A等涨超1%。 高开高走！ 中概股方面，小鹏汽车涨超4%，阿里巴巴、哔哩哔哩涨超3%，拼多多等涨超2%。 本周，多家大型科技企业将发布一季报。投资者将从上市公司业绩中判断特朗普上台后对美国经济的影响。与此同时，美国白宫与多个国家开展的关税谈 判，尚未有实质性进展。投资者仍然对美国经济前景感到担忧。 当地时间4月22日（周二），美股高开高走，截至发稿，道指涨1.75%，标普500指数涨1.71%，纳指涨1.96%，纳斯达克中国金龙指数涨2.28%。 | 道琼斯指数 | 38840.02 | +1.75% | | --- | --- | --- | | .DJI | | | | 标普500指数 | 5246.45 | +1.71% | | .SPX | | | | 纳斯达克综合指数 | 16182.76 | +1.96% | | .IXIC | | | | 纳斯达克中国金龙指数 | 6644.44 | +2.28% | | .HXC | | | 但谷歌当前也面临不少麻烦。当地时间周一，在谷歌反垄断案件补救措施听证会上，美国司法部检察官大 ...

2025.04. 22 本文字数：1427，阅读时长大约3分钟 2024年7月，随着"羊毛党"乱象受到关注，淘宝宣布优化"仅退款"，通过提升店铺体验分商家售后自 主权、升级异常行为识别模型等减少异常"仅退款"。 但到2024年9月，第一财经面向消费者发起的一份问卷显示，仍有47.17%的消费者申请"仅退款"是由 于平台主动询问，多位商家表示2024年"仅退款"订单明显增加，原因指向平台介入"考验人性"，第 一财经发布报道《当"仅退款"维权成为一门生意》，关注到一条替商家上门找消费者"仅退款维 权"的"产业"正在冒头，冲突进一步由线上向线下蔓延。艾媒咨询CEO兼首席分析师张毅对记者分 析，"仅退款"的治理需平台不断优化规则、设置门槛、建立完善商家的申诉处理机制、加强智能风控 体系的建设等。 导读 ： 这项争议政策的不断调整与纠偏之中，平台经历着商家与消费者权益的动态平衡挑战。 作者 | 第一财经 陈杨园 困扰许多电商商家的"仅退款"正在走向落幕。 4月22日，有消息称，拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取消 "仅退款"，上述 电商平台已就全面取消"仅退款"的相关细节与管理部门进行了多轮商讨和修改 ...

央广网北京4月22日消息 22日，北京商报报道称，拼多多、淘宝、抖音、快手、京东等多个电商平台将 全面取消"仅退款"。这标志着，"仅退款"将成为历史。 事实上，取消 "仅退款" 早有预兆。2024 年，市场监管总局推动优化平台经济领域竞争生态，督促各大 电商平台整改"仅退款"和平台补贴、价格收费等领域存在的突出问题，让竞争环境更健康。今年两会期 间，国家相关管理部门明确表示，会对平台滥用"仅退款"规则，造成商户货款两空的突出问题进行治 理。 据了解，淘宝天猫在去年7月率先松绑 "仅退款" 规则。阿里旗下1688平台自今年3月下旬开始，已全面 取消 "仅退款" 政策，在处理商品品质问题的交易纠纷时，根据账号诚信情况判定，由平台补贴受损 方。京东、快手、拼多多等平台也进行了一定优化。 （央广网综合北京商报、中新网、智通财经等） 但随着"仅退款"的广泛运用，问题也随之而来。 一方面，部分平台没有了解纠纷具体情况，不经过商家同意就向消费者发送"仅退款"通知，导致部分商 家责任在尚未明确的前提下就损失了货款和产品。同时，也有商家表示产品如果有质量问题，他们可以 凭借问题产品和厂家或者上游商家索赔，但是仅退款政策给他们带 ...

4月22日，记者获悉，拼多多、淘宝、抖音、快手、京东等多个电商平台将全面取消 "仅退款"，消费者收 到货后的退款不退货申请，将由商家自主处理。 百万用户都在看 最新！国常会，重磅定调！提及楼市、股市 罕见，暴涨92.1%！ 突然宣布，即将涨价！ 关键时刻！英国，突传重磅！ 俄乌局势突变！特朗普，刚刚宣布！ 违法和不良信息举报电话：0755-83514034 记者注意到，取消"仅退款"早有预兆。今年两会期间，国家相关管理部门释放了强烈的信号，明确表示会 对平台滥用仅退款规则，造成商户货款两空的突出问题进行治理。 邮箱：bwb@stcn.com 据了解，此前，淘宝天猫早在去年7月就率先松绑"仅退款"规则，打响行业"反内卷"，其后京东、快手等 电商平台相继进行规则优化。今年，淘宝持续优化营商环境，宣布治理AI假图、羊毛党和违规店群，上线 店铺真实体验分、佣金激励等相关举措，进一步促进行业回归良性竞争。 责编：汪云鹏 校对： 王蔚 这意味着，"仅退款"在2021 年时被拼多多率先推出，后在2024年时被京东、淘宝、抖音、快手等相关平 台相继引入，历时四年正式迎来落幕。记者还获悉，上述电商平台已就全面取消"仅退款"的相 ...

最近互联网圈的关键词动辄就是千亿，比如电商巨头拼多多，年利润刚刚破了千亿，紧接着又发布了个 刷屏的"千亿扶持"项目。 而且收入增速似乎无法满足市场对拼多多的预期，常有业绩良好股价暴跌到底情况。 ▲图源：百度股市通 业绩和股价的此消彼长下，拼多多的市盈率已经来到了10倍以下。——这通常是一家完全不会增长的企 业的估值。相当于，市场对TEMU的估值为零，还预期拼多多的国内电商也会出现停滞甚至衰退。 再看净利润指标的话，拼多多增速放缓的迹象则更加明显。2022年-2024年，拼多多归属于普通股股东 的净利润增速分别为305.96%、90.33%、87.31%，数字一目了然。 在费用支出方面，本季营销费用支出314亿，同比增长18%。从同比增幅看，相比上几个季度40%以上 的增速，是有明显放缓的。但相比市场隐含的预期，稍稍多出十几亿。 支出的部分主要用于国内"国补"推广及Temu海外营销。 百亿"补"需求，千亿"补"供给，高增长神话能"补"回来吗？ 01 告别狂飙时代 2024年，拼多多依旧增长迅猛。据其最新财报，公司全年实现收入3938亿元，同比增长59%，远超同期 阿里8%和京东13.8%的营收增速；非美国会计准 ...

Investment Rating - The report maintains a cautious outlook on the China Internet sector due to trade disputes and delisting risks, while highlighting potential opportunities in domestic consumption-focused companies [1][2]. Core Insights - The ongoing tariff dispute has limited direct operational impacts on most China internet companies, but it poses risks of a global economic slowdown and investment outflows [1]. - Major internet companies are increasing investments to support government initiatives aimed at converting export supply into domestic consumption, which may lead to excess supply and margin pressures if revenue growth slows [1][3]. - Delisting risks for American Depositary Receipts (ADRs) have escalated, prompting companies like PDD and YMM to consider dual listings in Hong Kong [1][4]. Summary by Sections Investment Opportunities - Key picks include Tencent and Alibaba as core AI plays, along with JD.com, YMM, and Meituan for domestic consumption exposure, and NetEase and TME for defensive revenue streams [2]. Government Initiatives - The Chinese government is actively promoting policies to boost domestic consumption, with several internet companies committing to support these initiatives [3][8]. - JD.com has launched a RMB 200 billion scheme to assist cross-border merchants in tapping into the domestic market [9][10]. Delisting Risks - The risk of ADR delisting has increased following comments from US Treasury officials, leading to expectations that companies without Hong Kong listings will seek dual listings [4][20]. - Companies with higher US investor ownership may face greater selling pressure if investment restrictions are imposed [26]. Earnings Outlook - The first quarter of 2025 is expected to be largely on track for major companies, with management's guidance for the second quarter and full year being closely monitored [5][29]. AI Technology Advancement - Despite tariff challenges, Chinese internet companies continue to advance their AI technologies, with significant investments planned for the coming years [6][32]. - Major players like Alibaba and Tencent are ramping up their AI capabilities, with substantial capital expenditures projected [37][38]. Market Performance - China's GDP grew by 5.4% year-on-year in the first quarter of 2025, exceeding expectations, while online retail sales showed a growth of 7.9% year-on-year [47][48].