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 ...

Core Insights - Jinglin Asset, a major private equity firm, significantly increased its holdings in Alibaba during the third quarter of 2025, while also initiating positions in domestic autonomous driving leader WenYuan ZhiXing [1][2] - The firm also made notable increases in holdings of other tech giants such as Facebook, Google-A, and Nvidia [1][2] Holdings Summary - As of the end of Q3 2025, Jinglin Asset held nearly 30 companies in the US stock market, with its top ten holdings including Facebook, NetEase, Nvidia, Pinduoduo, Google-A, Manbang, Futu Holdings, Alibaba, Nebius Group, and Qifu Technology [1] - The market value of Jinglin Asset's holdings in Alibaba rose to $151 million, while it slightly reduced its stake in NetEase, maintaining a value of over $400 million [2] - Other significant increases in holdings during Q3 included Facebook, Nvidia, and Google-A, with Pinduoduo also seeing a small increase, maintaining a value exceeding $400 million [2] New Investments - Jinglin Asset initiated new positions in several companies during Q3, including well-known US firms like Apple and Synopsys, as well as leading Chinese companies such as WenYuan ZhiXing and Atour [4] - Specifically, the firm acquired $54 million in Apple shares and $82 million in Synopsys, while its investment in WenYuan ZhiXing was valued at $27 million [4] - Additionally, Jinglin Asset increased its stake in Atour, with a holding value of $86 million, making it the eleventh largest holding [4] Detailed Holdings Breakdown - The top ten holdings of Jinglin Asset in Q3 included: - Atour: $86 million (1.90% of portfolio) - Synopsys: $82 million (1.80% of portfolio) - Sea Ltd ADR: $73 million (1.70% of portfolio) - New Oriental: $70 million (1.60% of portfolio) - Beike: $70 million (1.60% of portfolio) - Intel: $64 million (1.40% of portfolio) - UnitedHealth: $58 million (1.30% of portfolio) - S&P Biotech ETF: $56 million (1.30% of portfolio) - Apple: $54 million (1.20% of portfolio) - TSMC: $37 million (0.80% of portfolio) [6]

Group 1 - Major US tech stocks showed a pre-market rally on November 12, with AMD rising nearly 6%, Nvidia up 1%, Google A increasing by 0.8%, Amazon and Apple both up 0.4%, Meta rising 0.3%, Microsoft increasing by 0.2%, and Tesla up 0.1% [1] - Chinese concept stocks exhibited mixed performance in pre-market trading, with Tencent Music rising by 6%, Pony.ai up 1%, Alibaba increasing by 0.4%, and Pinduoduo up 0.3%. However, NIO fell by 0.7%, Baidu dropped by 1%, and Xpeng Motors decreased by 3% [1]

Investment Philosophy - The core investment philosophy is that buying stocks equates to buying companies, emphasizing the importance of understanding the business and future cash flows [3][4] - The speaker has not fully utilized their investment capacity, indicating a selective approach to investments [4][9] Apple Inc. - The speaker invested in Apple in 2011, recognizing its evolving business model that balances hardware and software profits [9][10] - The company's strong user-oriented culture is highlighted as a key factor in its success, focusing on product quality and user experience [11][12] - Current valuation of Apple is considered not cheap, with uncertain expectations for high investment returns [18][19] Nvidia - Nvidia is recognized for its strong ecosystem and partnerships, particularly in the AI sector, indicating a competitive edge in the semiconductor industry [21][22] - The speaker acknowledges the potential for AI to drive significant changes in the industry, suggesting a cautious investment approach [21][38] Electric Vehicles - The speaker expresses skepticism about the electric vehicle market's profitability, noting that Tesla has managed to differentiate itself despite overall market challenges [24][25] - The electric vehicle industry is expected to face significant competition, leading to potential failures among many companies [26][27] Berkshire Hathaway - The culture and investment philosophy established by Warren Buffett are expected to persist under new leadership, focusing on long-term cash flow generation [28][29] - The speaker believes that investing in Berkshire Hathaway is preferable to many mutual funds for those unfamiliar with investing [28] Pinduoduo - Pinduoduo is viewed as a risky investment, but the speaker has increased their position due to a better understanding of the company's financials [30][31] - There is uncertainty about Pinduoduo's long-term sustainability compared to more established companies like Apple [33] Kweichow Moutai - Kweichow Moutai is seen as a strong investment due to its unique flavor and cultural significance, with confidence in its long-term viability [34][35] - The speaker emphasizes that investment decisions should be based on future cash flows rather than current valuation metrics [36] Artificial Intelligence - AI is identified as a significant industrial revolution, but the speaker warns of accompanying market bubbles [38][39] - The impact of AI on stock trading is noted, with a suggestion that retail investors may find it increasingly difficult to succeed in short-term trading [41][42]