互联网行业周报-20251017

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The implementation of the new advertising law on October 1, 2025, reclassifies traffic flow fees as advertising and business promotion expenses, changing the tax deduction logic from full cost deduction to limited pre-tax deduction [2][5] - This policy aims to curb short-term operational models reliant on heavy spending for traffic acquisition and to promote brand building and long-term operations [3][4] Summary by Sections Policy Impact - The new regulations significantly impact high-margin categories in live e-commerce platforms, such as beauty and fashion, where traffic flow fees can exceed the 15% deduction limit, potentially compressing profit margins for businesses heavily reliant on these fees [4] - Established brands with stable customer bases are less affected compared to new or white-label brands that depend on traffic flow for initial visibility [4] Market Response - E-commerce platforms are adopting strategies to mitigate the negative impact of the new policy, such as promoting tools to attract businesses that previously invested less in traffic flow [4] - The adjustments are expected to limit the adverse effects on major platforms like Douyin and Kuaishou, maintaining their commercial viability [4] Consumer Behavior - During the National Day holiday from October 1 to 8, 2025, there was a notable increase in travel and consumption, with a projected total of 24.32 billion trips, reflecting a 6.2% year-on-year growth [5][6] - High user engagement was reported on the Gaode app, with active users surpassing 360 million, indicating a vibrant market for offline dining and travel services [6] Company Performance - Tencent has repurchased approximately HKD 609.6 billion worth of shares in 2025, reflecting confidence in its long-term value and cash flow stability [7] - JD.com reported significant sales growth during its Double Eleven promotion, with orders for electronic products increasing by over 70% year-on-year [8] - ByteDance's Seed team has made substantial advancements in AI research, publishing 60 papers in top international conferences, indicating a strong focus on enhancing research efficiency and application [9][10]