2021年3月，一则消息砸懵了整个互联网圈：41岁的拼多多创始人黄峥，宣布辞去董事长职务，彻底退 出公司管理层。更炸的是，他要把1000亿美元身家捐出去，全投给教育和科研。 41 岁，正是商界大佬攻城略地的黄金年纪，他却亲手砸碎 "中国最年轻白手起家首富" 的光环，转身当 起 "首善"。这波操作看得众人直呼 "境界太高"，可扒开细节才发现，这哪是单纯的慈善，更像是一场 精准到骨子里的退场。 黄峥的人生，从来都是"算得准"的范本。1980年生在杭州普通工人家庭，父母在流水线干活，他却凭着 数学天赋一路开挂：杭州外国语学校保送浙大竺可桢学院，2002年拿全额奖学金去美国读硕士，毕业时 手里攥着微软、谷歌两份offer。 关键节点上，他永远踩得极准。恩师段永平让他选谷歌，他立刻入职搞搜索算法；2006年李开复邀他回 谷歌中国，他果断回国摸清本土市场；2007年跟着段永平蹭了巴菲特的午餐，回来就辞掉谷歌，放弃即 将兑现的原始股，这魄力，不是冲动，是算准了创业的窗口期。 前几次创业更像"练手"：2007年做欧酷网卖电子产品，做到年入6000万；2010年搞乐其做电商代运营， 赚得盆满钵满；2012年扎进游戏圈，一款手游 ...

言归正传，今天给大家分享一下 2025 年双十一快报。QuestMobile数据显示，2025年双十一基本形成了电商平台、内容平台两分天下的 格局，双方为了实现蓄客，纷纷将开启时间拉长，快手连十一长假没过完就开始了预售，京东、抖音也从10月9日点燃战火，京东今年的 双十一大促周期战线拉长至37天。 与此同步，促销规则简化成为各家都争抢用户的卖点，在"直降、立减"等简化规则的基础上，淘宝、京东结合即时零售，以"分钟级送 达"促单，抖音、快手、小红书等内容电商则以"兴趣激活"、"心智抢占"为手段吸引转化，形成了两种不同的打法。与此同时，AI技术已 经成为了各家APP强化用户体验的标配。伴随着长周期蓄客、简化规则促转化，整个10月份，各家的月活跃用户规模均出现了增长，其 中，抖音APP、京东APP月活跃用户规模同比均增长了14.4%，小红书APP则增长了6.4%。从用户画像上看，双十一期间，京东、小红书 00后用户占比分别为18%、26.1%，同比分别增长了2.7%和2.4%，淘宝、拼多多、抖音的00后用户同比分别增长了1.4%、1.3%、 1.2%……具体各家表现如何？不妨看报告吧。 1、 2025年"双十一"呈 ...

Core Insights - The 2025 Double Eleven shopping festival is characterized by an earlier start and a longer duration, with major platforms extending their promotional periods to attract users [7][10] - E-commerce platforms are simplifying promotional rules to enhance consumer engagement, while content platforms are leveraging user interest to drive conversions [5][10] E-commerce Platform Strategies - JD.com has extended its promotional period to 37 days, while Taobao and other platforms have also lengthened their sales cycles [7] - Major platforms like Douyin and Kuaishou began pre-sales early in October, with Kuaishou starting on October 7 [7] User Engagement and Growth - The early launch of Double Eleven has led to significant growth in monthly active users across platforms, with Taobao's traffic surpassing 1 billion for the first time [8] - In October 2025, the monthly active user growth rates for major apps were as follows: Taobao (3.7%), Douyin (14.4%), Pinduoduo (0.9%), JD.com (14.4%), Kuaishou (3.7%), and Xiaohongshu (6.4%) [8] Promotional Tactics - E-commerce platforms are using simplified promotional strategies such as direct discounts and no minimum purchase requirements to stimulate consumer spending [10] - Instant retail services, like "minute-level delivery," are being introduced by Taobao and JD.com to drive new consumption growth [10] Content E-commerce Performance - Content e-commerce platforms like Douyin, Kuaishou, and Xiaohongshu have seen significant traffic growth on November 11, leveraging their ability to activate user interest and demand [12] User Demographics - The proportion of post-00s users on platforms like JD.com and Xiaohongshu has increased, with JD.com at 18% and Xiaohongshu at 26.1%, reflecting a year-on-year growth of 2.7% and 2.4% respectively [5][15] Technology Integration - AI technology is deeply integrated into the consumer experience across platforms, enhancing user engagement and satisfaction during the shopping festival [14] Market Outlook - The report anticipates a continued evolution in the market landscape, with insights into industry trends and growth strategies for 2025-2026 [19]

随着消费观念日趋理性，叠加电商大促常态化布局，曾以"全民狂欢"标签深入人心的"双十一"，近年屡 屡面临"新意何在"的行业拷问。 在市场竞争从流量争夺转向价值深耕的当下，2025年"双十一"以战线拉长、优惠简化、场景扩容的三重 变化，回应了这份期待。 业内人士表示，今年的大促已跳出传统"低价比拼"，朝着更贴合消费需求、更注重体验感的方向演进。 新机制、新场景撑起消费季 首先，"抢跑"成为今年"双十一"的鲜明特征，大促周期的延长打破了早年"单日狂欢"的模式，升级为一 个长周期的消费季。 《金融时报》记者注意到，各大平台纷纷提前启动大促节点，为消费者预留更充足的决策时间。淘宝天 猫的活动周期从10月中旬延续至11月中旬，京东将大促时段设定为10月9日至11月14日，拼多多则以10 月16日至11月11日的近一个月时长覆盖消费需求。 "拉长战线"的布局，在缓解了物流与服务压力的同时，也顺应了理性消费群体"货比三家"的购物习惯。 金融助力"双十一" 9月1日，《个人消费贷款财政贴息政策实施方案》正式落地，政策红利也在"双十一"消费旺季迎来集中 释放。 从日常餐饮到大宗家电，即时零售的品类覆盖持续拓宽。例如，消费者在淘宝 ...

特朗普政府计划扩大食品关税豁免范围。据《纽约时报》，三位知情人士透露，特朗普政府正在准备对 某些关税实施大范围豁免，以缓解美国消费者因高企的食品价格而产生的焦虑。这一变化将适用于特朗 普4月宣布的某些对等关税，包括来自尚未与政府达成贸易协议的国家的产品。预计豁免将包括牛肉和 柑橘类产品。 欧盟据报加快打击中国电商小额包裹，拟提早明年初征税。 多位美联储官员发表鹰派言论，对通胀表示担忧，并对未来降息持谨慎态度。其中克利夫兰联储主席哈 玛克直言，通胀将在未来2-3年内高于2%的目标，美联储需要维持政策的限制性；美联储卡什卡利表 示，他并不支持上月降息，对12月决策持观望态度；戴利称现在断言12月一定会降息或不会降息还为时 过早，对此持开放态度。 美股方面，三大指数全线下挫，道琼斯指数跌1.65%，标普500指数跌1.65%，纳斯达克综合指数跌 2.29%。 大型科技股普跌，特斯拉跌超6%，英特尔跌超5%，AMD、甲骨文跌超4%，英伟达跌超3%，亚马逊、 谷歌跌超2%。 热门中概股多数下跌，纳斯达克中国金龙指数收跌1.59%。百度跌超6%，哔哩哔哩跌超4%，小鹏汽 车、蔚来跌超3%。 | | | 隔夜美股概览 | ...

Core Insights - The interview with Duan Yongping emphasizes the importance of simplicity and understanding in investment, advocating for a focus on businesses that are comprehensible and trustworthy [2][3]. Background and Personal Philosophy - Duan Yongping's upbringing in a challenging environment instilled a sense of security and independence, allowing him to make decisions without excessive pressure [4][6][11]. - His parenting style mirrors his own upbringing, prioritizing safety and autonomy for his children [8][10]. Business Decisions and Trust - Duan Yongping left the successful company Xiaobawang due to trust issues regarding unfulfilled promises, highlighting the significance of trust in business relationships [16][18]. - The culture at his subsequent company, Bubugao, was built on mutual trust and clear communication from the outset, avoiding the pitfalls he experienced previously [20][22]. Investment Philosophy - The principle of "buying a company when buying stocks" is central to Duan Yongping's investment strategy, emphasizing the need to understand the business and its future cash flows [32][33]. - He has invested significantly in companies like Apple, Tencent, and Moutai, citing their strong corporate cultures and user-oriented approaches as key factors in his decisions [40][44]. Views on AI and Technology - Duan Yongping views AI as a significant industrial revolution but warns of accompanying bubbles, suggesting that while AI can create GDP growth, it may also lead to job reductions in certain sectors [49][62]. - He recognizes the strength of companies like NVIDIA and TSMC in the AI and semiconductor industries, indicating their pivotal roles in future technological advancements [50][51]. Management and Leadership - Duan Yongping's decision to step back from daily management reflects his trust in his team and a belief that they can perform better than he could [53][54]. - He emphasizes the importance of a founder's ability to let go of control, which is often a challenge for many entrepreneurs [56]. General Advice on Investment - For those unfamiliar with investing, Duan Yongping advises against participation unless they have a solid understanding, recommending index funds as a safer alternative [70]. - He cautions against the allure of quick profits seen in others, stressing the difficulty of making money in stock trading for most retail investors [68].

1、中美经贸：中共中央政治局委员、国务院副总理何立峰11月12日晚在京会见美中关系全国委员会董 事会执行副主席格林伯格、会长欧伦斯。何立峰表示，中美在经贸领域拥有广阔合作空间，中美双方应 相向而行，共同维护好、落实好两国元首釜山会晤重要共识和成果，加强合作、管控分歧，推动中美经 贸关系稳定发展。 2、央行：中国人民银行召开党的二十届四中全会精神宣讲报告会，中央宣讲团成员，中国人民银行党 委书记、行长潘功胜作宣讲报告。潘功胜表示，完善中央银行制度是"十五五"时期推动金融高质量发 展、加快建设金融强国的战略举措。要构建科学稳健的货币政策体系，健全覆盖全面的宏观审慎管理体 系和系统性金融风险防范处置机制，持续深化金融供给侧结构性改革，稳步推进金融高水平开放，坚决 维护国家金融安全，为实现党中央确定的"十五五"目标任务贡献更大金融力量。 3、商务部：商务部11月12日消息，在第八届中国国际进口博览会期间，商务部副部长盛秋平在上海组 织召开外资零售企业座谈会，部分外资零售企业代表参加座谈交流。盛秋平表示，当前中国零售业规模 巨大、趋势向好、充满活力，行业发展处于快速变革期。欢迎广大外资零售企业来华发展。希望外资零 售企 ...

【财经日历】 2025年6G发展大会11月13日至14日在北京举行。 百度世界2025大会举行。 EIA公布月度短期能源展望报告。 IEA公布月度原油市场报告。 腾讯控股、哔哩哔哩、京东发布业绩。 | 名称 | Caroline of 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯工业平均 | 48254.82 326.86 | | 0.68% | | 纳斯达克指数 | 23406.46c -61.84 | | -0.26% | | 标普500 | 6850.92 | 4.31 | 0.06% | 当地时间周三，美股涨跌互现，科技股继续承压。截至收盘，道指涨0.68%，再创历史新高，纳指跌 0.26%，标普500指数涨0.06%。 明星科技股分化，英伟达涨0.3%，苹果跌0.6%，谷歌跌1.4%，亚马逊跌1.9%，特斯拉跌2.0%，Meta跌 2.8%，甲骨文跌3.8%。 金融板块发力上攻，高盛涨3.5%，花旗涨2.0%，摩根大通涨1.5%，美银涨0.9%。 个股方面，超威半导体AMD涨9.0%。此前，这家芯片制造商公布了长期财务指引，其中包括强劲的营 收和利润 ...

Group 1 - The Nasdaq Golden Dragon China Index experienced a decline of 1.2% in early trading [1] - Among popular Chinese concept stocks, Baidu fell by 2.6%, NIO by 2.2%, and Xpeng and New Oriental by up to 2% [1] - Alibaba, NetEase, and Li Auto saw declines of up to 0.88% [1] Group 2 - Pinduoduo, JD.com, Yum China, TSMC, WeRide, and Fangdd recorded increases of up to 1.52% [1] - In the ETF sector, CQQQ decreased by 0.98% and KWEB by 0.82% [1]

此外，美国大型对冲基金沃尔弗林资产管理公司（Wolverine Asset Management）持有72万股阿里巴 巴，持仓股数和持仓市值分别环比增长56.68%、146.92%。 沪上一位外资公司策略分析师对上海证券报记者表示，市场对阿里巴巴在人工智能领域方面投入的认可 度正经历一个显著的转变。在过去几个季度，投资者从最初的"将信将疑"转向赋予其更高的置信度。这 一转变源于市场逐渐看清了其AI业务的发展路径与商业化前景，并开始相信，这些投入有望为公司带 来实质性的价值回报。因此，市场普遍认为，阿里巴巴当前的股价尚未完全反映其AI潜力，未来应该 有更多的表现空间。 除了阿里巴巴之外，拼多多、百度也获得了不少机构增持。截至三季度末，摩根大通持有558万股拼多 多，持仓股数和持仓市值分别环比增长17.5%、48.38%；三菱日联信托银行持有252万股拼多多，持仓 股数和持仓市值分别环比增长34.66%、70%；霸菱持有54万股拼多多，持仓股数和持仓市值分别环比增 长11.48%、40.78%。 随着三季度美股持仓报告（13F文件）陆续披露，外资巨头的最新动向浮出水面。数据显示，包括阿里 巴巴、拼多多、百度在内的 ...