记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

Core Insights - The performance of Dongfang Hongwan's overseas fund is highlighted, with a 3-year return of 138.98%, ranking third among 9,970 hedge funds globally, while the 1-year return of 26.63% is slightly above the domestic average of 24.32% but significantly lower than the top 5% return of 82.48% [1][3][4] Fund Performance - The fund's 3-year return of 138.98% demonstrates effective strategies of investing in great companies and cross-market allocation [3][5] - The 1-year return of 26.63% is considered less impressive compared to peers, raising questions about the fund's short-term performance [3][5] Holdings and Investment Strategy - The fund's significant holdings include Nvidia, Google, Meta, and Microsoft, with Nvidia being the largest position at $236 million [2][3] - The fund has also invested in Chinese internet companies, notably Alibaba, reflecting a belief in the growth potential of these assets [2][3] Market Context - The current market environment is characterized by a slow bull market in A-shares, with significant short-term opportunities in technology and resource sectors [5] - The divergence in performance among fund managers is attributed to the difference between value investing and short-term speculation [5][6] Long-term Perspective - The fund's strategy emphasizes long-term growth, as evidenced by its commitment to leading companies in the AI sector and its cautious approach to market volatility [6] - The ongoing debate centers around the choice between chasing short-term gains versus investing in stable, long-term performers [6]

（原标题：两部门拟明确"守门人"认定标准，AI新贵们也入围了？） 21世纪经济报道记者 王俊 章驰 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见稿"），明确了对大型 网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速增长的AI公司，以 及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等条件，同样可能进入大型网络平台 的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监督委员会规定》一 脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创 ...

红星资本局11月22日消息，今日，深圳东方港湾投资管理股份有限公司（以下简称"东方港湾"）董事长但斌发微博晒出 东方港湾海外基金在相关榜单的排名情况，这条微博引起了其他基金博主的质疑。 今日凌晨，但斌发微博称，截至2025年10月，Morgan Hedge统计的全球9970家对冲基金榜单显示，东方港湾海外基金三 年期收益回报率排名暂列第三；一年期收益回报率排名暂列第五。 | (日) 日 1 ) | | | | --- | --- | --- | | 25-11-22 00:30 发布于 浙江 来自 iPhone 15 Pro Max | | | | #穿越己忆的河流# 截止2025年10月, Morgan Hedge 统计的全球9970家对冲 | | | | 其余榜单,一年期东方播视剧小集全暂列第三:一年期暂列第五。 | | | | 印 收起 旋转 图 查看大图 | | | | Hedge Fund Top Performers 3 Years - Category | | | | Hedge Funds Fund of Funds CTA other | | | | Hedge Funds - 36 Mon ...

Core Viewpoint - The ongoing court case regarding Xiaomi's "carbon fiber hood" has attracted significant public attention, focusing on whether the promotional statements made by Xiaomi's founder Lei Jun constitute misleading advertising and if the features of optional components align with the promotional claims [1][12]. Group 1: Legal Proceedings - The recent court hearing did not result in an immediate verdict, with Xiaomi's civil defense indicating that the core dispute revolves around the promotional statements made by Lei Jun on social media [1]. - Xiaomi's legal team presented 84 pages of new evidence during the initial hearing, which led to a postponement of the trial [5]. - The new evidence includes critical assertions such as "Lei Jun does not understand structure, his Weibo posts do not count" and "the 42,000 yuan accessory is not a key factor in purchasing the car" [5]. Group 2: Implications of New Evidence - Legal expert Zhou Rui analyzed the implications of the statement "Lei Jun does not understand structure" and its potential impact on the case, emphasizing the significant influence of a company's founder in promotional activities [6]. - Zhou noted that the founder's public statements could be considered promotional under Chinese laws against unfair competition and advertising, which could lead to legal liabilities if found misleading [6]. - Denying the authority of a founder's public statements could have far-reaching consequences for the company's marketing strategies, as it raises questions about the validity of claims made by all sales personnel [6]. Group 3: Background of the Case - The controversy began in May when Xiaomi's SU7 Ultra, which had only been delivered for two months, faced backlash over its optional carbon fiber hood [7]. - Customers participating in the lawsuit argue that the actual functionality of the 42,000 yuan carbon fiber hood does not match the promotional claims made by Xiaomi, alleging false advertising [12].

11月18日，微博公布了2025年第三季度业绩。第三季度，微博净收入为4.42亿美元，约合人民币31.56亿 元，非公认会计准则经营利润为1.32亿美元，约合人民币9.37亿元。 用户方面，截至第三季度末，微博的月活跃用户达到5.78亿，日活跃用户达到2.57亿。值得注意的是， 第三季度微博智搜月活跃用户突破7000万，日活跃用户和检索量环比提升超过50%。 微博方面表示，2025年，公司整体策略仍以提升用户价值为核心，保持微博在热点和文娱内容生态的领 先优势，稳定社交产品竞争力，并在此基础上结合大模型能力重点投入推荐、搜索体系的建设，提升用 户规模和活跃。 微博智搜成突破增长瓶颈关键 微博智搜于2024年首次推出，作为微博基于大模型技术开发的一款AI搜索产品，其作用在于整合平台 内容生态，提升用户信息获取的效率。并且，这一功能在2025年2月份接入DeepSeekR1模型后实现了显 著升级，2025年4月份与微博搜索框正式合体，实现"一键开启智搜"的全场景覆盖。 从三季报来看，微博智搜的威力已开始显现。首先是促进了用户规模与黏性的提升。截至2025年第三季 度末，微博智搜月活跃用户、日活跃用户与平台总检索量 ...

2025年10月13日，一辆汽车在成都天府大道发生致死交通事故，救援时车门无法打开，引发舆论关注。 随着事件发酵，小米汽车口碑遭遇反转，甚至波及创始人雷军。 据智通财经报道，同日，小米公关部总经理王化也即将换岗。 王化于2021年5月升任小米集团公关部总经理。他曾经多次在社交媒体帮助小米进行辟谣和回应等，并 成为小米公关的"知名IP"。有人解读认为，王化此番岗位变化，或许将在一定程度上改变小米对外的宣 传策略。 11月16日，小米创始人雷军连发三条微博谈论汽车安全。 他在其中一条微博表示：在去年4月的一次采访中，自己在谈产品定义时说，"一辆车，好看是第一位 的"，这和"安全是基础、安全是前提"矛盾吗？还质疑："还是在这次采访，我谈设计时候说轮毂最难设 计，这有啥问题？" 雷军还援引了自己在2024年1月3日发布的微博，表达对汽车安全性的重视："小米汽车，安全高于一 切。被动安全、主动安全、电池安全、隐私安全，四重保障，全面守护。"还有在2023年12月发的微 博："电池是电动车最核心，也是最贵的部件，小米采用了最严苛的安全标准。" 在回复网友的评论中，雷军表示："网上有不少人断章取义、歪曲抹黑。"相关表态，疑 ...

一边是上市一年即盈利的亮眼战绩，一边是法务辩护引发的舆论风暴。 2025年下半年，小米在智能汽车赛道上迎来了高光与争议并存的复杂时刻——第三季度财报交出营收破千亿、汽车业务盈利的成绩单，却因碳纤维机盖虚假 宣传诉讼陷入信任危机，法务团队为胜诉抛出的"雷军不懂结构"言论，更让这场品牌信任保卫战雪上加霜。 这场争议的导火索始于2025年5月。小米SU7 Ultra推出售价4.2万元的"碳纤维双风道机盖"选装配置，宣传中强调其采用赛车级碳纤维材质，通过双风道空气 动力学设计实现轮毂散热、提升下压力等功能，整体减重1.3kg的同时拥有1.73平方米的超大尺寸。雷军本人也在社交媒体多次背书，称该机盖"不仅改了外 观件，内部结构也改了，双风道直接导向轮毂支持散热"。 然而首批车主提车后发现，这款高价选装件的实际表现与宣传严重不符。汽车博主拆解测试显示，机盖的双风道仅为外观装饰，内部风道短小且未连接散热 系统或下压力结构，所谓的散热、提压功能并未实现，装饰价值远大于实用价值。 更令车主不满的是，选装该配置后还需取消前备箱，却未获得承诺的性能提升。 要知道，小米汽车能快速打开市场，雷军的个人IP起到了关键作用——上市初期，雷 ...

花旗发表研报指，微博第三季营收符合预期，利润胜预期，总收入按年减少5%至4.42亿美元，其中广 告与营销收入按年减少6%至3.75亿美元，主要得益于阿里带来的广告收入，按年增长112%，但部分被 剔除阿里后的广告收入较去年同期下降13%所抵销。 花旗将微博2025至27年各年收入预测分别降1.7%、5.6%及7.1%，非公认会计准则(Non-GAAP)每股摊薄 盈测则分别降8.9%、10%及11%，以反映第三季业绩及管理层对今年第四季度、2026年展望的质化评 论。花旗予微博美股目标价由14美元降至12美元，鉴于估值不高以及AI搜索产品具有潜在的成长空 间，及改善变现能力的潜在上行空间，维持"买入"评级。 ...

Core Insights - The company's Q3 2025 performance met expectations with a revenue decline of 5% to $442 million, and a Non-GAAP net profit of $111 million, aligning with forecasts [1][2] Performance Review - Q3 2025 revenue was impacted by a high base from the previous year, particularly in the food and beverage sector, while Alibaba's marketing demand remained strong [1] - Advertising revenue decreased by 6%, primarily due to high marketing expenditures during the previous year's Olympic events [1] - E-commerce and automotive sectors showed better growth during the quarter [1] - Excluding Alibaba's advertising revenue, there was a 13% decline, with Alibaba's ad revenue increasing by 112% to $45.5 million, attributed to increased local life business ad budgets and strong marketing demand in e-commerce [1] Development Trends - The company plans to capitalize on the recovery of content marketing budgets and promote growth in performance advertising, which saw an increase in its revenue share during Q3 2025 [1] - Looking ahead to 2026, the company anticipates a rebound in consumer product advertising due to events like the Winter Olympics and the World Cup, along with new product launches from some gaming companies in Q1 2026 [1] Investment and AI Applications - The company reported a fair value increase from its fund investments in publicly listed companies, recognizing a net gain of $118 million in Q3 2025, with expected losses to be reported in Q4 2025 [2] - The CEO highlighted the completion of product modifications to enhance user content consumption and efficiency, with a focus on AI applications [2] - Q3 2025 saw a significant increase in user engagement with Weibo's AI search, with MAU exceeding 70 million and search volume growing over 50% [2] - The company is also enhancing AI applications across the advertising process and plans to release a self-developed open-source model, VibeThinker, in November [2] Profit Forecast and Valuation - The company maintains its Non-GAAP net profit forecast, with current prices reflecting a P/E ratio of 6.0/5.9x for Hong Kong stocks and 5.7/5.6x for U.S. stocks for 2025/2026 [2] - The company retains an outperform rating with a target price of HKD 100.8 / USD 13, indicating potential upside of 26% for Hong Kong stocks and 31% for U.S. stocks based on 2025/2026 Non-GAAP P/E ratios [2]