1月7日，广受关注的《直播电商监督管理办法》(以下简称《办法》)由国家市场监管总局和国家网信办 联合发布，并将于2月1日正式实施。《办法》聚焦直播电商平台经营者、直播间运营者、直播营销人 员、直播营销人员服务机构四类主体，明确划定了行为红线，直播间运营者、直播营销人员不得进行虚 假宣传、不得进行商业诋毁、不得销售或者提供违法商品或者服务等。 在1月7日中国医药新闻信息协会举办的"大健康产品数字营销领航营"中，作为全程参与《办法》起草的 专家之一，国家市场监管总局新零售与直播电商专家委员会专家杜东为对《办法》的几大要点进行了解 析。 明确直播间运营者的身份公示、更新要求。《办法》规定，直播间运营者应当核验直播营销人员的姓 名、身份证件号码、经常居住地址、联系方式、所属直播营销人员服务机构以及与直播营销相关的专业 资质、职业职务等身份信息，并及时核验更新，保存相关记录备查，确保直播营销人员身份信息真实有 效。保存记录自直播结束之日起不少于三年。直播间运营者应当在每次直播前将核验无误的直播营销人 员身份信息报送直播电商平台经营者。直播电商平台经营者要求申请进入平台的直播间运营者提供上述 信息，同时，要求直播间运营者 ...

Core Viewpoint - The newly released "Live E-commerce Supervision Management Measures" aims to enhance supervision and management of live e-commerce, protect the legal rights of consumers and operators, and promote healthy development in the industry, effective from February 1, 2026 [1]. Group 1: Responsibilities and Regulations - The measures clarify the legal responsibilities of four key entities: platform operators, live room operators, live marketing personnel, and service agencies, forming a closed-loop regulatory framework [2]. - Platforms are assigned a crucial role, with responsibilities including qualification verification, credit evaluation, and complaint mechanisms, thereby establishing a comprehensive responsibility system [2]. - The regulation includes private domain live streaming under legal supervision, addressing the challenges of monitoring this area due to its hidden nature [2]. Group 2: Blacklist System and Compliance - A blacklist system is established, requiring platforms to list operators and personnel who severely violate laws, with provisions for appeals and re-evaluation [3]. - The measures prohibit individuals on the blacklist from circumventing penalties by changing accounts and encourage information sharing between platforms for joint punitive actions [3]. - Clear behavioral boundaries are set for operators and marketing personnel, including prohibitions on providing illegal goods or services and false advertising [3]. Group 3: Artificial Intelligence and New Risks - The measures proactively include AI-generated content in regulatory oversight, mandating clear identification of digital personas used in live e-commerce to prevent misuse of technology as a shield for illegal activities [4][6]. - A case involving AI-generated advertisements misleading consumers highlights the necessity for such regulations [6]. Group 4: Collaborative Governance - The measures emphasize the need for a cross-departmental and cross-platform collaborative governance mechanism to address the complexities of live e-commerce [7]. - The regulation aims to enhance cooperation between market supervision and internet information departments, focusing on issues like false advertising and deceptive practices targeting vulnerable groups [7]. - Major platforms are already taking action against violations, with initiatives to combat fraudulent activities and ensure compliance [7]. Group 5: Industry Impact - Experts believe the measures will significantly promote industry standards, eliminate non-compliant entities, and guide the sector from chaotic growth to a focus on quality, fostering long-term healthy development in live e-commerce [8].

针对直播电商领域虚假宣传、低俗"擦边"、AI仿冒公众人物、打着"特供"旗号销售假冒伪劣商品，以及 传播违禁商品售卖信息和私域直播诱骗老年人消费等问题，持续开展集中整治，坚决遏制网络直播电商 乱象。 《直播电商监督管理办法》将私域直播纳入监管，并要求平台要保存直播回放、直播互动信息、订单详 情、交易记录等信息，保存时间自交易完成之日起不少于三年。 21世纪经济报道记者章驰 1月7日上午，市场监管总局召开《网络交易平台规则监督管理办法》《直播电商监督管理办法》专题新 闻发布会。 ...

针对直播电商行业特点，强化监管手段，将流量管控纳入监管工具箱，明确规定市场监管部门、网信部 门将直播间运营者、直播营销人员、直播营销人员服务机构违法情况通报直播电商平台经营者的，直播 电商平台经营者应当对相关主体及时采取警示、限制功能、限制流量、暂停直播、限期停播、关闭账 号、禁止重新注册账号、列入黑名单等处置措施。 21世纪经济报道记者章驰 1月7日上午，市场监管总局召开《网络交易平台规则监督管理办法》《直播电商监督管理办法》专题新 闻发布会。市场监管总局网监司司长朱剑桥介绍，有关部门创新监管工具，强化流量监管机制。 ...

Core Viewpoint - The newly released "Live E-commerce Supervision Management Measures" by the State Administration for Market Regulation and the National Internet Information Office aims to clarify the legal responsibilities of live stream operators, hosts, and MCN institutions in response to the rapid development of the live e-commerce sector [1][3]. Group 1: Regulatory Requirements - Live stream operators are required to improve information disclosure, identity verification, pre-compliance review, and error correction systems [1]. - MCN institutions must standardize their recruitment, training, and management of hosts [1]. - Platforms are mandated to retain live stream playback, interaction information, order details, and transaction records for at least three years from the completion of the transaction [3]. Group 2: Enforcement Measures - The measures introduce traffic regulation methods to penalize illegal activities, requiring platforms to take actions such as warnings, functionality restrictions, traffic limitations, and live stream suspensions upon discovering violations [3]. - The regulation aims to increase the cost of illegal activities from the source, deterring those with a sense of impunity and encouraging compliance among industry participants [5]. Group 3: AI and Content Responsibility - In cases where AI-generated content is used in live e-commerce, the live stream must continuously inform consumers that the images or videos are generated by artificial intelligence [5]. - If illegal activities occur involving AI-generated content, the live stream operator managing or using that content will bear the corresponding responsibility [7]. Group 4: Additional Regulations - The State Administration for Market Regulation and the National Internet Information Office also announced the "Network Transaction Platform Rules Supervision Management Measures," which will take effect on February 1, outlining the responsibilities of platform operators in rule-making, fair execution, and dispute resolution [9].

政策出炉，红线划定，直播电商猛踩刹车。1月7日，市场监管总局、国家网信办联合对外公布近日制定 的《直播电商监督管理办法》(以下简称《办法》)，聚焦直播电商平台经营者(平台)、直播间运营者(商 家)、直播营销人员(主播)、直播营销人员服务机构(MCN机构)四类主体，压实责任义务，完善监管机 制。同日召开的市场监管总局2026年首场专题新闻发布会，正是聚焦《直播电商监督管理办法》与《网 络交易平台规则监督管理办法》。新规联袂出台，意味着平台经济尤其网络交易、直播电商等热门领 域，其发展和治理走向新阶段，成为多数受访企业和专家的共识。 平台商家主播机构责任划清 市场监管总局网监司司长朱剑桥表示，《办法》结合直播电商行业特点，细化了《电子商务法》等法律 规定，进一步明确不同主体的法律责任，构建了全链条责任体系。 具体来看，在压实直播电商平台经营者责任方面，从事前、事中、事后三个维度，系统规定了平台在身 份信息核验登记、信息报送、直播营销人员培训、直播间运营者分级分类管理、平台内违法行为处置、 风险识别及处置、交易信息保存、消费者权益保护等方面的责任义务。 在压实直播间运营者、直播营销人员责任方面，《办法》划定了直播间 ...

Market Overview - The A-share market experienced a slight increase on Wednesday, with the Shanghai Composite Index rising by 0.05% to close at 4085.77 points, and the Shenzhen Component Index increasing by 0.06% [1][7] - The total trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan [1][7] - In terms of industry performance, coal, electronics, and telecommunications sectors led the gains, while oil and petrochemicals, non-bank financials, and beauty care sectors lagged [1][7] - Concept sectors such as photoresists, newly listed technology stocks, and storage chips saw increases, while DRG, internet insurance, and brain-computer interface sectors declined [1][7] - The Hong Kong market saw the Hang Seng Index drop by 0.94% to 26458.95 points, and the Hang Seng Tech Index fell by 1.49% [1][7] Important News - The Ministry of Industry and Information Technology and eight other departments issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'", aiming for key AI technologies to achieve reliable supply by 2027, with a focus on high-level intelligent computing infrastructure [2][8] - The State Administration for Market Regulation and the National Internet Information Office jointly released the "Supervision and Management Measures for Live E-commerce", targeting issues such as false marketing and counterfeit products in the live e-commerce sector [2][8] Industry Insights - In 2025, the FDA approved 46 new drugs, marking a decline in the number of approvals compared to 2024 and 2023, but the types of approved drugs were diverse and highly innovative [9][10] - The majority of the new drugs approved by the FDA in 2025 were focused on oncology, covering various solid tumors and hematological malignancies, with 34 new drugs undergoing special review processes [10] - Major multinational pharmaceutical companies led in new drug approvals, with notable approvals from Merck, Eli Lilly, Boehringer Ingelheim, and GlaxoSmithKline, while domestic companies like Zhongshan Kanfang Biopharmaceutical and Jiangsu Dize Pharmaceutical also received FDA approvals [10] - Investment recommendations suggest focusing on cutting-edge technology platforms, particularly those with ADC, siRNA, and cell gene therapy capabilities, and companies with global competitive research pipelines [10][12]

Core Viewpoint - The new regulations introduced by the State Administration for Market Regulation and the National Internet Information Office aim to enhance the supervision of online trading platforms, focusing on ensuring fair practices and protecting the rights of both operators and consumers in the live e-commerce sector [1]. Group 1: Regulation of AI-Generated Content - The "Live E-commerce Supervision Management Measures" incorporate flow control into regulatory tools and include AI-generated content, such as digital human anchors, to prevent the misuse of new technologies for spreading false information [2]. - The regulations require that operators using AI-generated images or videos in live e-commerce must clearly label such content and continuously inform consumers [2]. Group 2: Protection of Consumer Rights - The "Network Trading Platform Rules Supervision Management Measures" address issues like "refund only," "forced choice," and "big data discrimination," prohibiting platforms from unreasonably restricting operators' autonomy and charging unreasonable fees [3]. - The measures further specify illegal practices such as forced low-price sales and restrictions on consumer choices, enhancing protections for consumer rights [3]. Group 3: Transparency and Accountability - The new regulations emphasize the importance of transparency in platform rules, requiring platforms to publicly disclose rules clearly and understandably, especially regarding fees and dispute resolution [4]. - Platforms must inform operators and consumers of any negative management measures taken, including the rationale and basis for such actions, and provide channels for appeals [4].

办法聚焦直播电商平台经营者、直播间运营者、直播营销人员、直播营销人员服务机构四类主体，压实 责任义务，划定行为红线，完善监管机制。 据新华社北京1月7日电 记者7日从市场监管总局获悉，市场监管总局和国家网信办近日联合发布《直播 电商监督管理办法》。 办法明确划定了行为红线，直播间运营者、直播营销人员不得进行虚假宣传、不得进行商业诋毁、不得 销售或者提供违法商品或者服务等。同时，明确了直播间运营者的义务，包括信息公示、核验实际经营 者信息和直播营销人员身份信息、实时管理直播间互动内容、事前合规审核、实施明码标价等方面。 办法规定，直播营销人员服务机构应当建立健全内部管理制度，规范直播营销人员的招募、培训、使 用、管理等，在与直播间运营者的商业合作以及直播选品中履行必要的核验义务。 办法系统规定了直播电商平台经营者的责任义务，包括身份信息核验登记、信息报送、直播营销人员培 训、直播间运营者分级分类管理、平台内违法行为处置、风险识别及处置、交易信息保存、消费者权益 保护等方面。 ...

市场监管总局和国家网信办近日联合发布《直播电商监督管理办法》，加强直播电商监督管理，保护消 费者和经营者合法权益，促进直播电商健康发展。 回应技术发展，规范数字人直播。办法将数字人主播等人工智能生成内容纳入监管，避免新技术成为生 成或传播虚假信息的"挡箭牌"，促进人工智能技术在直播电商领域的规范应用。 强化协同治理，构建跨部门跨平台监管合力。办法推动监管部门之间联动处置，规定了市场监管部门与 网信部门之间的线索移交、信息共享、会商研判等协作机制。同时建立监管部门与平台之间的协同处置 制度，以推动发挥各自优势，形成治理合力。 （文章来源：人民日报） 压实主体责任，构建全链条监管体系。办法细化了电子商务法等法律规定，从事前、事中、事后三个维 度，进一步明确直播电商平台经营者、直播间运营者、直播营销人员、直播营销人员服务机构等主体的 法律责任。 创新监管工具，强化流量监管机制。办法针对直播电商行业特点，强化监管手段，将流量管控纳入监管 工具箱，明确规定市场监管部门、网信部门将直播间运营者、直播营销人员、直播营销人员服务机构违 法情况通报直播电商平台经营者的，直播电商平台经营者应当对相关主体及时采取警示、限制功能、限 ...