学用贯通结硕果 新农赋能兴乡村 12月23日，上海市金山区高素质农民培育学用贯通结业暨农业电商联合体成立仪式圆满举行。作为农业 农村部认定的2024-2025年全国70个学用贯通试点县（区）之一，金山区锚定"培育复合型新农人、激活 农业电商生态"的核心任务，完成对100名"农业+直播电商"新农人的系统性培训。活动集成果展示、奖 项颁发、签约合作于一体，全面呈现了金山探索农业人才培育新机制的扎实成效，有效带动"金山味 道"品牌农产品线上销售，为乡村振兴注入鲜活动能。 试点先行，构建"学用贯通"培育新体系 自2024年9月项目启动以来，金山区精准对接特色产业发展需求与农民线上销售迫切诉求，创新推出"理 论精讲+实训强能+实战提效"培育模式。至2025年8月，100名学员系统掌握电商底层逻辑、短视频创意 思维、直播流程设计、账号精细运营等核心技能，借助高校与电商企业共建的专用直播间开展全流程实 战演练，真正实现"理论学透、实操过硬"的无缝衔接，部分学员直播账号单场观看量已突破数千人次。 2025年9月至10月，项目乘势升级推出"AI+电商"专项实训营，以金山特色农产品为实操载体，手把手 培训AI文案生成、数字人直播 ...

此次产业基地的揭牌启用，不仅是中亚集团战略升级的物理体现，更是其智能商业生态成熟的象征。通 过打造这一领先的智能基础设施，中亚集团为数以万计的合作伙伴构建了一个稳固、高效、充满成长性 的数字化经营环境，兑现了其"共筑多元未来"的承诺。集团将持续投入技术研发，确保该基地能引领行 业发展趋势，成为中国智能电商领域的新标杆。 新启用的AI直播电商产业基地并非传统的办公或仓储空间，而是一个集高度智能化与多元功能于一体 的复合式运营中心。它囊括了"AI直播运营中心"、"双轨直播间集群"、"AI数字人矩阵"、"供应链运营 中心"以及"智慧农创展厅"五大核心功能区。其中，最为引人注目的便是能够实现上万个AI数字人直播 窗口同步运行的"AI数字人矩阵"。这一技术突破使得中亚集团能够为全国33个省份的合作伙伴提供 $7 \times 24$ 小时无间断、标准化、高效率的智能直播输出服务。这种全天候、全地域的覆盖能力，极大 地提升了商家运营效率，降低了人力和时间成本，真正实现了对普通人的技术赋能。 基地的启用，是中亚集团将AI技术深度应用于商业全流程的成果展示。其设计理念在于将复杂的电商 运营和供应链管理进行模块化、智能化改造。 ...

Summary of Key Points from the Conference Call Company Overview - The company discussed is "值得买" (What Worth Buying), which is focusing on AI applications in the e-commerce sector and has launched several initiatives to enhance its business model and revenue streams [2][3][4]. Core Industry Insights - The integration of AI in e-commerce is accelerating, with notable developments such as OpenAI's Instant Checkout feature in ChatGPT, allowing seamless transactions within the platform [3][4]. - Domestic platforms like Doubao and Kimi are also adopting similar features, indicating a shift in e-commerce transaction models [3]. - The company is responding to the "AI + e-commerce" trend by providing product information services and enhancing user engagement through AI technologies [4][14]. Key Business Developments - The launch of the 海纳 MCP Service, which provides product card data support to over 40 partners, has seen a fivefold increase in output from November 1 to 20 compared to the previous month, reflecting a surge in demand for AI services [2][5]. - AI-related revenue for the company reached over 30 million yuan in the first three quarters of the year, with expectations to grow to 200-300 million yuan next year [2][8]. - The main business focuses include 主站 QC, 星罗, 指数, and MCP services, with significant improvements in user retention and engagement metrics [7][10]. Financial Performance and Projections - The company has improved its profit margins by divesting low-margin, non-core businesses, leading to a projected annual revenue of several tens of millions from AI-related services [8][9]. - The expectation for AI-related revenue growth is driven by existing business lines and new marketing strategies, with a target of reaching 200-300 million yuan in the next fiscal year [8][14]. Strategic Adjustments - A strategic meeting in October led to a focus on four core business areas, aiming to increase user numbers from over 30 million to potentially over 50 million [9]. - The company is implementing new user acquisition strategies across various channels, including subways and the internet, to achieve double-digit growth [9]. AI Technology Applications - AI is being utilized to enhance user experience and operational efficiency across various business lines, including content recommendation and advertising [10][11]. - The efficiency of advertising campaigns has significantly improved, with the ability to test up to 2000 plans daily compared to 20-50 previously [11]. Future Outlook - The company is positioned for substantial growth, with ongoing data expansion and a strong pipeline of AI-driven initiatives expected to drive performance beyond current projections [17].

Core Insights - The Hong Kong stock market's consumer sector experienced fluctuations, with the consumer ETF (513230) showing a slight decline. Notable performers included Samsonite, which surged over 21%, while companies like Wynn Macau and Miniso faced significant declines [1] Group 1: Market Performance - The consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing major players in the internet e-commerce and new consumption sectors, including Pop Mart, Lao Pu Gold, and Miniso, alongside tech giants like Tencent and Alibaba [2] - During this year's "Double 11" shopping festival, total online retail sales reached nearly 2.4 trillion yuan, marking a new high with a year-on-year growth of over 10% [1] Group 2: Consumer Trends - The "Double 11" event is shifting from a product-driven model to one focused on services, experiences, and emotional value, reflecting changing consumer preferences [1] - The integration of AI technology in e-commerce is becoming increasingly prominent, with platforms aiming to leverage AI to create a "second growth curve" [1]

Group 1 - The Hong Kong stock consumer sector experienced fluctuations, with the consumer ETF (513230) showing a slight decline as of the report time [1] - Notable performers included Samsonite, which surged over 21%, while companies like Wynn Macau and Miniso faced significant declines [1] - The "Double 11" shopping festival saw online retail sales reach nearly 2.4 trillion yuan, marking a new high with a year-on-year growth of over 10% [1] Group 2 - The consumer ETF (513230) tracks the CSI Hong Kong Stock Connect Consumer Theme Index, encompassing a wide range of sectors including new consumption leaders and major internet e-commerce players [2] - The ETF includes companies like Pop Mart, Lao Pu Gold, and major tech firms such as Tencent and Alibaba, highlighting a strong tech-consumer integration [2]

Group 1: E-commerce Performance - Tmall's Double 11 total transaction volume reached 540.3 billion yuan, showing steady growth compared to last year; JD's 11.11 cumulative order amount exceeded 349.1 billion yuan, setting a historical record, with both platforms surpassing 890 billion yuan combined [1] - The overall online retail sales during this year's Double 11 reached nearly 2.4 trillion yuan, a new high with a year-on-year growth of over 10% [1] - Douyin's live-streaming sales exceeded 41,000 merchants, with a year-on-year growth of 500%, indicating the vibrancy of the live e-commerce channel [1] Group 2: Consumer Sector Recovery - The Hang Seng Consumer Index has rebounded nearly 6 trading days since hitting a low of 2580.36 points [2] - The consumer sector in Hong Kong covers e-commerce, trendy toys, new tea drinks, and national tide beauty products, with service consumption accounting for over 60%, resonating with the current Double 11 promotions [4] - The Hang Seng Consumer Index's PE-TTM is only 17.79 times, at a historical low valuation, indicating a significant cost advantage for allocation [5] Group 3: AI and E-commerce Integration - The "AI + E-commerce" concept was frequently mentioned during this year's Double 11, with platforms like Taobao planning for full AI implementation by 2025 [6] - Taobao launched several free AI shopping and search features, including "AI Assistant" and "AI Universal Search," aimed at enhancing user shopping experiences [7] - Major internet technology companies in Hong Kong, such as Tencent and Alibaba, have significantly increased their capital expenditures in AI, with a combined growth of 131% to 116.6 billion yuan in the first half of the year [8] Group 4: Market Trends and Valuation - The Hang Seng Internet Technology Index's PE (TTM) is at 21.89 times, within the 17.18% valuation percentile over the past decade, indicating potential for valuation improvement [10] - Recent policies are expected to catalyze the digital economy and promote the integration of AI into practical applications, enhancing the growth prospects for the internet technology sector [10] - The recent influx of southbound capital into Hong Kong stocks, totaling 6.654 billion HKD, reflects investor confidence in the consumer sector driven by policy support and positive sales performance during Double 11 [5]

Core Insights - The article discusses the rapid evolution of AI digital humans in e-commerce, highlighting their ability to engage in live streaming and sales, which enhances efficiency and reduces costs [2][3] - It emphasizes the challenges that come with this technology, particularly regarding compliance and the need for clear identification of AI-generated content following the implementation of new regulations [2][3] Group 1: AI in E-commerce - AI digital humans are transforming content production and sales by being available 24/7, leading to a smarter era in e-commerce [2][3] - The implementation of the "Artificial Intelligence Generated Synthetic Content Identification Measures" on September 1 requires clear labeling of AI-generated content across various media [2][3] Group 2: Upcoming Events and Expert Insights - The upcoming AI DAY event on November 27 will focus on leveraging AI in e-commerce, featuring experts who will share practical strategies for short video content creation and brand building [4][5] - Key topics include avoiding regulatory risks in specific categories, rapid brand establishment, and enhancing customer retention through targeted video content [20][23] Group 3: Community and Collaboration - The AI DAY initiative aims to create a collaborative ecosystem for various stakeholders in AI, including researchers, investors, and brand operators, to share knowledge and resources [7][8][10] - Participants will have opportunities to connect with industry leaders, gain insights into the latest technologies, and explore investment opportunities [11][12]

Core Insights - The report highlights the increasing participation of Generation Z in the "Double Eleven" shopping event, with over 90% of young people expressing enthusiasm for shopping [3][4][5] - There is a notable rise in consumer confidence among Generation Z, with approximately 40% planning to increase their budget for the 2025 "Double Eleven" event [3][5] - AI technology is reshaping the shopping experience, with around 70% of young people recognizing the application of AI in e-commerce [3][7] Participation Trends - Generation Z's participation in "Double Eleven" has shown a consistent increase, from 81.3% in 2021 to 90.6% in 2024, projected to reach 93.1% in 2025 [4] - The enthusiasm for "Double Eleven" is characterized by a strong emotional drive, indicating it has become an essential annual shopping ritual for this demographic [5] Consumer Sentiment - Positive feedback from respondents includes appreciation for a wider variety of products (21.4%), clearer promotional rules (20.4%), and greater discounts (20.8%) [4] - Conversely, skepticism exists regarding the "lowest price of the year" claims, with 39% of respondents expressing uncertainty and indicating a need for personal verification [4] Budget and Spending Behavior - Nearly 40% of surveyed youth reported an increase in their spending budget compared to the previous year, with this figure rising to 45.15% among youth in major cities [5] - In addition to traditional categories like clothing and electronics, 20% of young people are inclined towards cultural consumption, including books and music [5] Offline and Online Shopping Dynamics - The report indicates that offline shopping is gaining importance, with 31.3% of respondents showing increased interest in in-store activities [6] - The shift from a single shopping day to a shopping season is embraced by approximately 60% of Generation Z, who appreciate the extended time for price comparison [7]

Core Insights - The current e-commerce landscape in Shanghai is characterized by a dominant player, Pinduoduo, alongside several strong competitors and a multitude of smaller players, creating a diverse market ecosystem [2][7]. Group 1: Shanghai's E-commerce Growth - Shanghai's e-commerce sector is experiencing explosive growth, with total e-commerce transactions exceeding 3.27 trillion yuan (approximately 0.5 trillion USD) in the first nine months of 2025, marking a year-on-year increase of 12.7% [2]. - The live-streaming retail sales in Shanghai reached 369 billion yuan (approximately 56 billion USD), reflecting a significant year-on-year growth of 23.6% [2]. - Factors contributing to this growth include Shanghai's status as a fashion consumption hub, a robust manufacturing base, a concentration of quality brands, and supportive government policies [2]. Group 2: E-commerce Structure - The e-commerce structure in Shanghai can be summarized as "one super, many strong, and a long tail of diversity," with Pinduoduo as the leading player, followed by strong competitors like Xiaohongshu and Dewu, and a large number of small e-commerce entities [2][7]. - Pinduoduo reported a revenue growth rate of 7% for Q2 2025, with quarterly revenue reaching 104 billion yuan (approximately 15.5 billion USD) [7]. - The presence of numerous small e-commerce businesses enriches the market ecosystem, allowing for specialization in niche markets and regional services [7]. Group 3: Government Support and Policy Initiatives - The Shanghai government has implemented a three-year action plan aimed at fostering high-growth enterprises, targeting the establishment of over 1,000 such companies by 2027 [5]. - The plan includes nurturing 400 potential gazelle companies, 300 gazelle companies, 200 potential unicorns, and 100 unicorns, with a goal of creating at least two unicorns valued over 10 billion USD [5]. - Additional measures to optimize the business environment include enhancing financing accessibility for small and medium enterprises through initiatives like "park instant loans" and supply chain finance [5]. Group 4: Live-streaming E-commerce Development - Shanghai has emerged as a core hub for live-streaming e-commerce, with transaction volumes surpassing 850 billion yuan (approximately 127 billion USD) in Q1 2025, representing a 32% year-on-year increase [15]. - The city accounted for 18.7% of the national total in live-streaming e-commerce, benefiting from its high-end consumption, brand concentration, and digital infrastructure [15]. - Notably, Douyin's local life business segment achieved a GMV of over 120 billion yuan (approximately 18 billion USD) in 2024, showcasing the digital transformation of offline industries [16]. Group 5: Cross-border E-commerce Development - Shanghai's cross-border e-commerce has expanded significantly since the early 2010s, supported by national initiatives like the "Belt and Road" and "Internet Plus" strategies [18]. - The city was one of the first to establish a cross-border e-commerce comprehensive pilot zone in 2016, which has accelerated its growth [18]. - The Shanghai government aims to cultivate 100 cross-border e-commerce brands and establish 10 live-streaming bases by 2025, targeting an annual growth rate of over 20% in cross-border e-commerce import and export volumes [19].

Core Viewpoint - Qingmu Technology reported significant year-on-year growth in Q3 2025, with a focus on the upcoming Double Eleven sales performance in Q4 2025 [1][2]. Financial Performance - In Q3 2025, the company achieved revenue of 350 million yuan, representing a year-on-year increase of 34% - The net profit attributable to the parent company was 28 million yuan, up 440% year-on-year - The net profit excluding non-recurring items was 26 million yuan, reflecting a year-on-year increase of 1217% - The net profit margin stood at 7.5%, while the gross profit margin was 55% - The expense ratio was 49%, a decrease of 0.75 percentage points year-on-year, with sales expenses at 117 million yuan (up 43% year-on-year), management expenses at 46 million yuan (up 17% year-on-year), and R&D expenses at 10 million yuan (down 10% year-on-year) [2]. Year-to-Date Performance - For the first three quarters of 2025, the company reported total revenue of 1.02 billion yuan, a year-on-year increase of 26% - The net profit attributable to the parent company was 80 million yuan, up 10% year-on-year - The net profit excluding non-recurring items was 75 million yuan, reflecting a year-on-year increase of 19% - Sales expenses totaled 325 million yuan (up 57% year-on-year), management expenses were 136 million yuan (up 21% year-on-year), and R&D expenses were 30 million yuan (down 13% year-on-year) [2]. Profit Forecast and Investment Rating - The company is projected to achieve revenues of 1.5 billion yuan, 2.1 billion yuan, and 2.8 billion yuan for the years 2025, 2026, and 2027, respectively - The net profit attributable to the parent company is expected to be 130 million yuan, 210 million yuan, and 360 million yuan for the same years - Corresponding price-to-earnings ratios are forecasted to be 54.7, 34.4, and 20.1 times - As a leading e-commerce service provider, the company offers comprehensive e-commerce services and has advantages in the large apparel category, with recent expansions into trendy toy sectors, serving clients like Jellycat and Pop Mart - The rapid growth of brand incubation and management services is noted, along with the benefits from AI applications in e-commerce, which are expected to enhance efficiency and reduce costs [3].