前文回顾：新华社炮轰直播带货了 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！ 来源：智识漂流 出来混，迟早要还的。过去在灰色地带游走积累的怨气，在此刻完成了总清算。 ------ 柬埔寨要免签，携程忙签约。 但一纸旅游推广协议，没等来"说走就走"的浪漫，倒先炸出了"说删就删"的决绝。 这两天，互联网上疑似最壮观的迁徙，不是去哪个景点打卡，而是用户扛着数据铺盖卷，连夜从携 程"出逃"。 卸载、注销、解绑，一气呵成，仿佛一场数字时代的静默起义。 面对这场"信任雪崩"，携程终于出来"郑重声明"了。声明一如既往地"严谨"：合作是纯广告，不涉数 据；投放已暂停，绝无泄露；协议已上交，欢迎核查。 字里行间，透着大厂特有的沉稳与规范，仿佛在说：这只是个误会，大家别慌。 可用户用脚投票的速度，比声明跑得快多了。 1 网上流传着"48小时卸载量飙升217%"、"300万人点击注销"的说法。 但往深了看，这是新仇勾起了旧账。2014年的支付漏洞、2018年的数据过度收集，每一次安全"前科"， 都像埋在信任里的地雷，只等一个契机被踩响而已。 柬埔寨的合作，恰好成了那根导火索。 这数字应是过于夸张了，但恐 ...

据韩国《亚洲商业日报》报道，12月19日，韩国总统李在明在听取性别平等家族部工作汇报时指出，韩 国的卫生巾价格相比国外偏高，并要求尽快解决这一问题。 性别平等家族部长官元玟京和其他官员提到了增值税征收情况，李在明不解："这些产品不是免征增值 税的吗？中间是不是还加收了其他税费？" "在我看来，国内企业似乎在滥用某种垄断地位，获取过高利润，"李在明表示，"如果调查后发现， （卫生巾的）销售价格远高于生产成本，我要考虑允许免关税进口，以促进真正的竞争。" 本文系观察者网独家稿件，未经授权，不得转载。 当天，李在明表示，"我听说，因为国内产品价格太高，很多国人直接从海外购买卫生巾。为什么会这 么贵？" ...

当地时间12月18日，日本政府去年出台的《智能手机软件竞争促进法》正式生效，该法案直接将矛头指向苹果等国际科技巨头，点名要求其改正应用市场的 垄断现象。在法案正式生效的前一天，苹果公司已在官网发布新闻稿，宣布将更新在日本地区的应用商店条款，在开放第三方应用市场的同时也将"苹果 税"的抽佣比率降低至10%至21%。 所谓"苹果税"，是指当苹果用户通过苹果手机应用商店，付费下载应用或在应用内部购买数字商品或服务时，需先打款给苹果支付系统，苹果抽成10%-30% 后，再将剩下的款项转给开发者。多年以来，其高昂的抽成比率已让来自全球的应用开发商乃至个人消费者怨声载道，可谓"天下苦苹果税久矣" 。 2024年4月，日本国会正式通过《智能手机软件竞争促进法》，授权日本公平贸易委员会对具有垄断地位的软件提供商施加一系列禁止行为与合规义务，旨 在让消费者能够自主选择更低廉、便捷的服务，并提升使用体验。而该法案已指定苹果和谷歌两家国际巨头作为管制对象，禁止其采取排他性措施，例如阻 碍使用第三方的支付手段，或限制外部应用企业使用语音识别等OS功能。 在合规压力之下，苹果公司于12月17日正式宣布对日本市场的iOS系统进行调整，做 ...

人民财讯12月18日电，12月18日，海南自由贸易港正式启动全岛封关运作；国家发改委等六部门：对新 建煤炭开发利用项目和有条件的存量项目，推动清洁高效利用水平应提尽提；两部门部署建立全国统一 电力市场评价制度；市场监管总局：平台要求商家"全网最低价"可能构成垄断；财政部：1—11月证券 交易印花税1855亿元，同比增长70.7%；我国已完成三例侵入式脑机接口临床试验；美股三大指数集体 收跌，纳指跌1.81%，特斯拉跌超4%。 ...

Core Viewpoint - Paramount Global has launched a hostile takeover bid for Warner Bros. Discovery, offering $108.4 billion in cash to acquire all shares, claiming that Netflix's proposal is inferior [1][4]. Group 1: Acquisition Proposals - Paramount's offer is a cash bid of $30 per share, aiming to acquire all of Warner Bros.' assets, including CNN [2]. - Netflix's acquisition agreement includes a mix of cash and stock, priced at $27.75 per share, focusing on Warner Bros.' television, film production, and streaming businesses, while spinning off the cable business [3]. - Paramount's proposal is positioned as more beneficial for Warner Bros. shareholders, with an additional $17.6 billion in cash compared to Netflix's offer [4]. Group 2: Regulatory and Political Factors - President Trump has indicated he will intervene in the regulatory approval process for Netflix's acquisition, citing concerns over market control [8]. - Paramount's strategy includes leveraging Trump's favorable view of competition and their smaller company size to expedite regulatory approval [4][6]. - The involvement of external financing partners in Paramount's bid raises concerns about potential scrutiny from the U.S. Foreign Investment Committee [5]. Group 3: Market Implications - Both acquisition proposals raise antitrust concerns, as Netflix is the largest streaming operator and Warner Bros. is a major Hollywood player with HBO Max [6]. - The deadline for Warner Bros. shareholders to vote on Paramount's offer is set for January 8, with the possibility of an extension [10]. - Analysts suggest that while Paramount's cash offer may be attractive, the associated high debt could pose challenges for the merged entity [10].

Core Viewpoint - The recent surge in memory prices, particularly for 16G DDR5 RAM, is attributed to a combination of monopolistic practices in the industry and production delays rather than solely the demand driven by AI [4][12]. Price Surge Analysis - The price of 16G DDR5 memory has nearly doubled since May 2023, with some high-end models exceeding 1,000 yuan, significantly increasing the cost for consumers [2]. - The perception that AI is the primary driver of this price increase is challenged, as the underlying issue is the monopolistic control of major players in the market [4]. Market Structure - The DRAM market is dominated by three major companies: Samsung, SK Hynix, and Micron, which collectively hold over 90% market share, leaving little room for new entrants [5]. - The high degree of product homogeneity among these companies means that there is little differentiation between brands, leading to high substitutability [5]. Production Characteristics - The production of memory chips is characterized by long lead times, with new factories taking 4 to 5 years to become operational, exacerbating supply issues [7]. - For instance, Micron's new factory in Japan will not be operational until late 2027, which does not alleviate current price pressures [7]. Supply and Demand Dynamics - The current price surge is a result of previous production cuts combined with a sudden spike in AI-related demand [12]. - The production cycle in the storage chip industry is lengthy, leading to mismatches between supply and demand, similar to the "pig cycle" in agriculture [10]. Monopolistic Effects - The oligopolistic market structure amplifies supply-demand mismatches, resulting in significant price volatility [10]. - Major companies are reallocating production capacity from standard DDR4 memory to higher-margin products like HBM, further constraining the supply of standard memory [9]. Emerging Competitors - Domestic manufacturers like Yangtze Memory Technologies and Changxin Memory Technologies are beginning to challenge the dominance of the major players, albeit with limited market share [17][19]. - These emerging companies are focusing on technological advancements and flexibility in production to respond more quickly to market demands [19]. Future Outlook - The rise of domestic manufacturers could lead to increased competition and potentially lower prices in the memory market as they focus on niche segments like edge computing and IoT [21]. - Historical trends suggest that monopolistic markets can be disrupted by technological innovation and increased competition, indicating a potential shift in the memory chip landscape [23]. - If domestic manufacturers can achieve a market share of over 30%, it is anticipated that memory prices will stabilize and return to more reasonable levels [25].

Core Insights - Steam's simultaneous online user count has doubled from 20 million in 2020 to over 40 million, with peak in-game concurrent users surpassing 12 million [1] - In 2024, Steam's game release revenue is expected to reach a historical high, with 224 games generating over $1 million in revenue [1] - However, there are growing concerns about Steam's dominance, with 72% of developers believing it holds a monopoly in the PC gaming market [2] Revenue and Dependency - Steam accounts for over 75% of total revenue for most game studios, leading to a significant dependency on the platform [2] - Many developers express concerns about over-reliance on Steam, indicating a potential risk for the industry [2] Monopoly Allegations - Steam has faced ongoing antitrust lawsuits since 2021, with developers alleging that its 30% commission structure constitutes anti-competitive behavior [4][5] - Wolfire Studios initiated a lawsuit claiming that Valve exploits its dominant position to artificially inflate game prices and impose restrictive terms [4] - The U.S. courts have allowed the case to proceed, indicating a broader potential for collective action against Valve from multiple developers [6] Commission Structure - Steam's commission structure has been criticized for being excessively high, with a standard 30% cut from game sales [10] - Valve's tiered commission model favors larger titles, further exacerbating the financial strain on smaller developers [10][12] Competitive Landscape - Despite the emergence of competitors like Epic Games Store and Microsoft Store, Steam's user base has continued to grow, indicating its strong market position [15] - Epic's attempts to lower commission rates have not significantly impacted Steam's dominance, as it still leads in user engagement and sales volume [15][19] Developer Sentiment - A significant portion of developers believe that platform commission rates should be below 10%, highlighting dissatisfaction with the current structure [13][14] - The challenges faced by competitors in replicating Steam's ecosystem demonstrate the platform's entrenched position in the market [19][22] User Experience and Ecosystem - Steam's ecosystem is not just a game store; it includes social networking, user reviews, and a robust community, making it difficult for competitors to attract users [19][21] - The platform's focus on user experience and continuous improvements has solidified its position, despite criticisms regarding its commission policies [24]

Core Viewpoint - Visa and Mastercard, dominant players in the payment processing industry, have agreed to reduce credit card transaction fees by an average of 0.1 percentage points over the next five years, which has been met with skepticism from retailers who view this as insufficient [1][6][12]. Group 1: Background and Context - The agreement to lower transaction fees follows a lengthy negotiation process that lasted nearly 20 years, culminating in a $30 billion settlement proposal that initially aimed for a 0.07 percentage point reduction [3][6]. - A federal judge rejected the initial settlement, stating that the concessions were inadequate, which prompted the payment giants to revise their offer [3][6]. Group 2: Industry Dynamics - Credit card transaction fees in the U.S. are significantly higher than in the EU, averaging around 2%, which is more than double the EU's capped rate of 0.3% [5]. - The distribution of transaction fee profits heavily favors the card issuers, with issuers taking 70%, card networks 20%, and acquirers only 10%, leaving merchants with minimal profit [5]. Group 3: Merchant Perspectives - Merchants have long been burdened by high transaction fees, with small businesses often seeing these fees consume a substantial portion of their profits, sometimes up to half [14]. - The new agreement allows merchants to choose whether to accept only standard cards to save on costs or to accept premium cards to attract high-end customers, providing them with more control [10][12]. Group 4: Future Implications - Despite the reduction, many merchants remain dissatisfied, arguing that the 0.1% decrease does not adequately address the high fees they face, especially for small businesses [12][14]. - The new agreement is not yet finalized and requires approval from the federal court, raising concerns that payment giants may find ways to offset the reductions through other fees [14][16]. - The ongoing struggle between payment giants and merchants highlights a shift in power dynamics, with recent judicial actions challenging the previously unassailable position of these corporations [16].

Core Viewpoint - A business war ignited by social media comments is unfolding between two tech giants in Shenzhen,影石创新 and 大疆, highlighting the competitive landscape in the consumer electronics sector [1][5]. Group 1: Market Dynamics - 大疆 captured 43% of the global market share in the panoramic camera sector within three months of launching its first product, indicating aggressive market penetration [3][9]. - The competition has intensified as both companies have shifted from a non-competing stance to a full-scale market battle, with影石 being the leader in panoramic cameras and 大疆 dominating the drone market [5][12]. - 大疆's price cuts on popular products have been interpreted as a strategy to eliminate competition, with significant price reductions on models like Osmo Pocket 3 and Action 4 [6][7]. Group 2: Financial Performance -影石 reported a revenue of 29.40 billion yuan in Q3 2025, a year-on-year increase of 92.64%, but its net profit declined by 15.90%, indicating a struggle with profitability despite revenue growth [10][11]. - For the first three quarters of 2025,影石's cumulative revenue reached 66.11 billion yuan, up 67.18% year-on-year, while net profit fell by 5.95% [10]. Group 3: Strategic Responses - 刘靖康's comments about 大疆's "monopoly" may serve to divert attention from影石's financial challenges and create a narrative for strategic expansion [11]. - Both companies are expanding into new markets, with 大疆 launching a robot vacuum and影石 increasing R&D investment, reflecting their need to grow beyond their current market positions [20][21]. - The competition is not just about products and pricing but has evolved into a battle for market influence and narrative control within the industry [21].

Core Viewpoint - A business war ignited by social media comments is unfolding between two tech giants in Shenzhen, with Liu Jingkang of YingShi Innovation and Wang Tao of DJI at the forefront of this confrontation [1][5]. Group 1: Market Dynamics - DJI has captured 43% of the global panoramic camera market within three months of launching its first product, posing a significant threat to YingShi [3][10]. - DJI's market share in the action camera sector has reached 66%, surpassing GoPro to become the global leader [9][10]. - The competition has intensified as both companies have shifted from a non-aggression stance to a full-scale market battle, with price wars and public disputes becoming common [5][15]. Group 2: Financial Performance - YingShi reported a revenue of 29.40 billion yuan for Q3 2025, a year-on-year increase of 92.64%, but its net profit fell by 15.90%, indicating a "growth without profit" situation [13]. - For the first three quarters of 2025, YingShi's cumulative revenue reached 66.11 billion yuan, up 67.18% year-on-year, while net profit declined by 5.95% [13]. - In contrast, DJI's revenue is projected to be around 800 billion yuan in 2024, significantly larger than YingShi's expected revenue of 55.74 billion yuan, highlighting the scale disparity between the two companies [20]. Group 3: Strategic Responses - Liu Jingkang's comments about DJI's "monopoly" may be a strategic move to shift focus from YingShi's financial struggles and create a favorable narrative for its expansion plans [14]. - DJI's aggressive pricing strategy aims to deter competitors by making the market less profitable, while YingShi seeks to leverage marketing tactics to gain traction in the public discourse [7][19]. - Both companies are expanding into new markets, with DJI launching a vacuum robot and YingShi increasing its R&D investment, indicating a mutual recognition of the need for growth beyond their current segments [22]. Group 4: Industry Implications - The ongoing rivalry reflects a broader trend in the tech industry, where intense competition may lead to either collaborative growth or a zero-sum game scenario [23]. - The rapid technological advancements and high product substitutability in the consumer electronics sector make it challenging for any single company to achieve true monopoly status [9][19].