互联网行业对短剧的重视正不断提升。1月26日，在腾讯年会上，董事会主席马化腾再度谈及这一领 域。他表示，腾讯视频在2025年虽然爆款不多，需要给予成长耐心，但也直面了来自短剧的冲击。未 来，平台除了坚持高品质长视频投入，接下来也要做一些广告驱动的产品。 这已是马化腾连续第二年在内部年会上强调短剧的重要性。2025年初，马化腾首次公开谈及短剧，承认 了"短剧对长内容造成较大的冲击"，并明确坚持精品短剧战略方向，加大对短剧的投入。 短剧的崛起，悄然改变着视频行业的格局。2025年9月，红果免费短剧月活跃用户已达2.36亿，首次超 越B站，并大幅领先于优酷，快速跻身行业前四。尽管腾讯视频月活仍居第一，但后来者的迅猛追赶， 已带来真实压力。 值得注意的是，这股短剧热潮，早已溢出视频平台范畴，成为各类应用争夺用户注意力的共同选择。1 月27日，QuestMobile发布《中国互联网发展年鉴（2025-2026）》，报告显示，在互联网整体流量见顶 的背景下，2025年互联网巨头们不约而同地转向"降本增效"与"用户价值深耕"，而短剧正是提升用户停 留与黏性的有效工具。 "不仅是视频平台，淘宝、拼多多等电商平台、美团等生活服 ...

1月21日，国家税务总局上海市税务局正式发布处罚通报，对拼多多处以10万元罚款。 这笔罚款数额，对于年营收超千亿元的拼多多而言，无疑是九牛一毛，甚至不及部分中小企业的月度营收，看似无关痛痒。但就是这张"象征性"的罚单， 却在即时零售行业引发轩然大波，甚至会让美团、淘宝闪购、京东秒送三大即时零售平台的相关负责人彻夜难眠。因为它背后释放的监管信号，远比罚款 金额本身更具震慑力，更是对所有互联网平台涉税合规的一次郑重警示。 在很多对拼多多颇有微词的网友看来，这10万元罚款"来得太晚"，但大多数人其实并未读懂处罚的核心原因：有人猜测是因为平台上的假货乱象，有人联 想至争议不断的"砍一刀"营销模式，还有人推测是平台自身偷税漏税。事实上，这些猜测都与真相相去甚远。 根据上海市税务局的官方通报，拼多多被罚的核心原因，是"未按照《互联网平台企业涉税信息报送规定》要求，报送2025年第三季度平台内经营者和从 业人员涉税信息"，且在税务机关责令限期改正后，仍未在规定期限内完成整改，最终被依法处以10万元顶格罚款。看似简单的"未报税"表述，背后是国 家对平台经济税收监管的重大变革，更是直接关系到即时零售行业生死存亡的关键节点。 P ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 记者丨董静怡 编辑丨张星 如果以"价格战"定义过去两年中国跨境电商的出海征程，那么2025年，这条赛道的关键词已经改写。 速卖通、Temu、TikTok Shop、SHEIN这四家被称为"出海四小龙"的中国跨境电商平台曾以颠覆性的成 本优势，从亚马逊手中抢夺了大量流量与市场份额。 不过，单纯的低价模式在推动规模增长效果显著，但在抗风险能力上却并不强。当全球贸易规则变化与 关税压力袭来，"四小龙"也开启了转型，强化品牌、深耕本地、提升质量。 与此同时，国际监管的审视日益严峻，从数据安全、商品合规到商业模式本身，平台面临的已不仅是市 场竞争，更是系统性的合规挑战。 在初期的价格优势之后，平台要靠什么持续留住全球消费者？ 图片来源：新华社 逆风 过去，低价一直是"四小龙"的重要标签之一。 中国超大工业体系带来的规模效应以及高效运营的供应链体系为中国B2C跨境出口电商企业带来了价廉 质优的产品，成为中国B2C跨境出口电商业务扩张的重要助力。 2024年以来，受海外通胀影响，消费者对价格的敏感程度提升，间接利好于中国跨境电商平台。平台对 于供应链 ...

记者丨董静怡 编辑丨张星 如果以"价格战"定义过去两年中国跨境电商的出海征程，那么2025年，这条赛道的关键词已 经改写。 速卖通、Temu、TikTok Shop、SHEIN这四家被称为"出海四小龙"的中国跨境电商平台曾以颠 覆性的成本优势，从亚马逊手中抢夺了大量流量与市场份额。 不过，单纯的低价模式在推动规模增长效果显著，但在抗风险能力上却并不强。 当全球贸易 规则变化与关税压力袭来，"四小龙"也开启了转型，强化品牌、深耕本地、提升质量。 与此同时，国际监管的审视日益严峻，从数据安全、商品合规到商业模式本身， 平台面临的 已不仅是市场竞争，更是系统性的合规挑战。 在初期的价格优势之后，平台要靠什么持续留住全球消费者？ 图片来源：新华社 逆风 过去，低价一直是"四小龙"的重要标签之一。 中国超大工业体系带来的规模效应以及高效运营的供应链体系为中国B2C跨境出口电商企业带 来了价廉质优的产品，成为中国B2C跨境出口电商业务扩张的重要助力。 2024年以来，受海外通胀影响，消费者对价格的敏感程度提升，间接利好于中国跨境电商平 台。平台对于供应链的强把控、充分发挥价格优势的策略愈演愈烈，延伸出了风靡跨境圈 的"托 ...

Core Viewpoint - Texas Governor Greg Abbott has expanded the list of prohibited technologies, adding 26 Chinese tech companies and AI platforms, to mitigate security risks associated with foreign adversaries [1][3][4]. Group 1: Prohibited Technologies - The updated list includes various AI institutions such as Zhipu AI, Baichuan Intelligence, and MiniMax, as well as hardware manufacturers like Hisense and tech companies including ByteDance, Baidu, Alibaba, CATL, and TP-Link [1][6][7]. - The Texas Cyber Command (TXCC) is responsible for assessing threats and identifying high-risk technologies to protect sensitive information [1][5][6]. Group 2: Security Concerns - Governor Abbott expressed concerns about hostile actors using AI and other technologies to harvest user data, manipulate users, and compromise their safety [4][5]. - The TXCC aims to prevent cyber attacks that could lead to the exfiltration of sensitive information to malicious entities globally [5][6]. Group 3: Implementation and Oversight - The prohibition is based on a threat assessment conducted by TXCC, which was established in June 2023 as the largest state-level cybersecurity department in the U.S. [6][1]. - The directive to expand the prohibited technologies list was communicated through a letter to key state officials, emphasizing the need for vigilance against foreign threats [4][5].

Core Insights - The Chinese internet advertising industry has transitioned from a phase of "incremental traffic acquisition" to a focus on "efficiency extraction from existing resources" [1][2] - The new rule emerging from this differentiation is that technology determines efficiency, efficiency drives revenue, and ecosystem shapes the landscape [2] Group 1: Advertising Revenue Performance - Alibaba's advertising revenue for Q3 2025 reached 789.27 billion yuan, a 10% year-on-year increase and a slight 2.1% quarter-on-quarter growth, maintaining its leading position in the industry [5] - Pinduoduo's online marketing service revenue was 533.48 billion yuan, an 8% year-on-year increase but a 1.2% quarter-on-quarter decline, indicating a strategic focus on long-term ecosystem development [6][7] - Tencent's marketing service revenue grew by 21% to 362 billion yuan, showcasing the effectiveness of its technology-driven approach [7][8] - JD.com's market and marketing revenue increased by 23.7% to 256.88 billion yuan, driven by the growth of its food delivery business and AI-enabled advertising solutions [10] - Bilibili's advertising revenue reached 25.7 billion yuan, with a 23% year-on-year growth, attributed to the maturation of its user base [11] Group 2: Challenges Faced by Mid-Tier Platforms - Baidu's online marketing revenue fell by 18.6% to 153 billion yuan, primarily due to budget cuts from advertisers and the restructuring of search scenarios by AI [12][14] - Zhihu's advertising revenue declined by 26.19%, reflecting a mismatch between its high-knowledge user base and consumer conversion needs [15] - Automotive media service revenue for Che168 dropped by 8.59%, as traditional advertising models struggle against the evolving strategies of new energy vehicle companies [16] Group 3: Industry Trends and Future Outlook - The differentiation in advertising revenue among internet companies in Q3 2025 signifies a reconstruction of internet marketing value logic, focusing on traffic depth, transaction closure, and technology adaptation [16] - Platforms achieving growth typically exhibit a combination of extensive traffic, ecosystem closure, and deep integration of AI technology, while declining platforms often lack these comprehensive advantages [16] - The future of internet marketing will prioritize platforms that can achieve ecosystem synergy, embedded technology, and full-link value delivery, moving away from traditional single-channel models [16]

Market Performance - The three major U.S. stock indices closed higher on Monday, with the Dow Jones up 0.64% at 49,412.4 points, the S&P 500 up 0.5% at 6,950.23 points, and the Nasdaq up 0.43% at 23,601.36 points [1][2]. Company Updates - Major tech stocks mostly rose, with Apple increasing nearly 3% as it plans to announce a new version of Siri in late February, following a partnership with Google due to internal AI model challenges [2]. - Facebook rose over 2%, Google increased over 1%, while Tesla fell over 3% and Nvidia dropped 0.64% [2]. Earnings Season Insights - Over 90 companies in the S&P 500 are set to report quarterly earnings this week, including major players like Microsoft, Meta, Tesla, and Apple. So far, 76% of the companies that have reported exceeded earnings expectations [3]. - Investors are particularly interested in details regarding AI plans, investment speeds, and expected profits to assess the sustainability of the current bull market [3]. Semiconductor Sector - The Philadelphia Semiconductor Index fell by 0.39%, with Intel dropping over 5.7% after a significant decline of 17.03% the previous week. Intel's projected revenue for Q1 is between $11.7 billion and $12.7 billion, below analyst expectations [3]. Chinese Stocks - The Nasdaq China Golden Dragon Index decreased by 0.63%, with many popular Chinese stocks declining. Notable drops include Hesai down 10.06% and XPeng down 2.39%, while Li Auto rose 1.38% [3]. Commodity Market - Spot gold prices briefly surpassed $5,000 per ounce and then $5,100 per ounce. Long-term forecasts suggest that gold may continue to perform strongly, indicating a need for portfolio diversification [5]. - The cryptocurrency market saw a collective rise, with Bitcoin surpassing $88,000, while Ethereum increased by 4.14% [6]. Federal Reserve Outlook - The Federal Reserve is expected to announce its first policy decision of the year, with a 97.2% probability of maintaining the current overnight rate. Market speculation includes potential rate cuts later in the year [9].

Macro Research - The report highlights a "double hit" moment for US dollar assets due to Trump's comments on Greenland and tariff threats, alongside the early dissolution of the Japanese House of Representatives leading to a sell-off in Japanese bonds [3][4][22] - The US dollar's credit breakdown is re-emerging, with significant impacts on US stocks, bonds, and currencies, resulting in a strong performance of safe-haven assets like gold and silver, while cryptocurrencies face pressure [3][4][22] Strategy Research - In Q4 2025, active funds significantly reduced their holdings in A-shares and Hong Kong stocks, with a focus on increasing allocations to cyclical and financial value stocks, while reducing exposure to technology and healthcare sectors [7][26] - The report indicates a clear rotation in fund styles, with a notable shift towards large-cap cyclical and financial stocks, while growth and consumer sectors saw reductions in allocations [26][27] Fixed Income Research - The appreciation of the RMB and increased foreign exchange settlements may tighten interbank liquidity, depending on whether the central bank will actively increase the supply of base currency [11][14] Industry Research: Photovoltaic Equipment - The report anticipates a new cycle for the photovoltaic equipment industry driven by SpaceX and Tesla's plans to deploy a combined 200GW of solar capacity, with key equipment manufacturers expected to benefit [15][16] - The demand for solar expansion is expected to rise due to the increasing need for low-orbit satellites and the commercialization of space computing, which will drive the demand for core equipment [15][16] Fund Allocation Insights - The report notes a significant increase in allocations to cyclical and financial sectors, particularly in upstream industries like metals and chemicals, driven by improved supply-demand dynamics and geopolitical tensions [27][28] - The technology sector shows a marked divergence, with communication equipment receiving substantial increases due to AI infrastructure investments, while many tech segments faced reductions [27][28]

PDD Holdings Inc. (NASDAQ:PDD) is one of the Most Undervalued Foreign Stocks to Buy According to Analysts. On January 21, Reuters reported that PDD Holdings Inc. (NASDAQ:PDD) was fined 100,000 yuan, approximately $14,359, by the Shanghai district taxation bureau due to failure in submitting tax information as per the requirements. ​ The company has been facing challenges from regulators and increased competition, due to which management has warned of slowing growth in the coming quarters. As reported ear ...

岁末寒冬，年货市场的烟火气在一口口沸腾的火锅中抵达顶峰。从南海之滨的清甜椰香，到岭南大地的 弹牙肉丸，再到广阔西北的脂香羊肉，中国火锅的万千风味，正借着拼多多"多多好特产"的"隐形翅 膀"，跨越山海抵达千家万户。 凌晨4点，盐池县的王乐井乡还笼罩在西北冬夜的寒气中。牛庆磊已经来到牧场，开始了一天的工作。 他身后的养殖户们正将一批"吃中草药、喝碱水"长大的滩羊装车，这些羊即将被送往工厂，分割、包 装，然后通过快递发往上海、福建甚至香港等全国各地。 与此同时，1700多公里外的深圳，余华正在核对当天的椰子鸡订单。从海南运来的文昌鸡将在广东屠 宰，当天新鲜的椰子水和配套的沙姜、小米辣已准备就绪。这些订单大多来自北上广深，一份份清甜的 海南风味，即将成为这些城市家庭年节餐桌上的新宠。 资深电商人老唐的拼多多店铺最近也是"接单到手软"。潮汕牛肉丸、鲜切牛肉，加上毛肚、鸭肠，"鲜 掉眉毛"和"辣得过瘾"在这里实现破圈，也让老唐深深感受到"消费者口味没有封闭界限，潮汕的鲜、川 渝的辣，只要好吃，消费者都爱"。 火锅沸腾的，远不止于食材。海南的椰香、潮汕的"朥"香、宁夏的醇厚肉香，正在借由无数名商家的努 力和拼多多四通八达的 ...