12月22日，据统计，2025年全球74%的人口(约60.4亿人)已接入互联网，这一比例高于前一年的71%(约58亿人)。 下图按互联网用户总数列出排名前20的国家。其中，中国以约13亿互联网用户位居榜首，占全国总人口数的90%以上。印度 紧随其后，拥有超过10.3亿互联网用户，尽管其互联网普及率仅为70%，远低于其他国家。美国排名第三，拥有3.24亿互联 网用户。印度尼西亚、巴西、巴基斯坦和尼日利亚在内的大型新兴市场亦排名靠前。 美股频道更多独家策划、专家专栏，免费查阅>> 责任编辑：山上 ...

Core Viewpoint - Tencent Cloud is leveraging its domestic advantages to expand its business internationally, achieving initial success with operations in 22 physical regions and 64 availability zones globally, supported by over 3,200 global acceleration nodes [1] Group 1: International Expansion - Tencent Cloud is focusing on Southeast Asia as a key growth area over the next 3-5 years, driven by stable energy and power supply that supports sustainable data center operations, with Thailand and Indonesia as primary infrastructure targets [1] - The Middle East is also identified as a region with high potential for future growth [1] - Tencent Cloud's differentiated advantages stem from its established cloud service systems in vertical industries such as media and gaming, as well as rich experience in fintech and commercial services, aiding in customer acquisition in emerging markets [1] Group 2: Customer Acquisition Strategy - The core customer acquisition strategy in Southeast Asia includes: (1) deeply exploring the needs of local leading enterprises to encourage small and medium-sized enterprises to migrate to Tencent Cloud; (2) serving Chinese companies going abroad to create an ecosystem of collaboration [1] Group 3: AI Strategy and Talent Acquisition - Tencent has developed a comprehensive AI strategy, integrating AI into its business DNA, with a matrix structure around AI infrastructure, agents, and application layers [1] - The recent strengthening of talent acquisition in AI is expected to lead to an acceleration phase for the company [1] Group 4: Financial Forecast and Investment Recommendation - Tencent is expected to maintain strong growth in its advertising business due to the continuous iteration of AI technology and the proliferation of systems like AIM+ [2] - The company is entering a new product expansion cycle in the shooting game category, which is anticipated to sustain steady growth in both overseas and domestic markets [2] - For 2025-2026, Tencent's revenue is projected to reach 752.4 billion and 827.8 billion yuan, representing year-on-year growth of 14.0% and 10.0%, respectively, with adjusted net profit estimates of 258.6 billion and 295.3 billion yuan, reflecting growth of 16.1% and 14.2% [2] - The estimated reasonable value based on the latest share capital is 754.73 HKD per share, maintaining a "buy" rating [2]

广州赞赏信息科技有限公司（下称当事人）系"微赞"私域直播平台的技术提供及运营方，除提供直播、 回放、互动等基础功能外，还为其平台内直播间提供"虚拟人气""马甲虚拟进场，进行发言、送礼、分 享、下单""直播方自行设置销售数值"等有偿服务，构成帮助平台内经营者虚假宣传。此外，当事人未 能提供充分证据证明，其对相关经营者的资质资格尽到了审核义务，从一定程度上助长了平台内经营者 无序发展的乱象。 近期，部分不法商家通过"免费健康讲座""专家义诊""直播领福利"等形式精准"围猎"老年群体，将其引 流至私域直播间实施虚假营销，侵害老年人合法权益。针对私域直播乱象，市场监管部门持续强化民生 领域反不正当竞争工作，严厉打击各类虚假宣传违法违规行为，取得积极成效。现选取五起典型案例予 以公布。 一、广东省广州市天河区市场监管局查处广州赞赏信息科技有限公司虚假宣传案 当事人的行为违反了《网络反不正当竞争暂行规定》第九条第一款第二、六、七项、《中华人民共和国 反不正当竞争法》（2019年修正）第八条第二款及《中华人民共和国电子商务法》第三十八条第二款的 规定，依据《中华人民共和国反不正当竞争法》（2019年修正）第二十条第一款及《 ...

Core Insights - The conference focused on "cross-border growth and integrated innovation" in the consumer market, highlighting the importance of collaboration among platforms, brands, and IPs to explore new market opportunities [1] Differentiated Operations - The current consumer market is increasingly characterized by stratification and personalization, necessitating precise market strategies to cater to diverse consumer needs [2] - The "14th Five-Year Plan" emphasizes leveraging new demand to drive new supply, with the youth demographic being the most active in this supply-demand cycle [2] - Youth consumer characteristics include rational spending, a growing demand for emotional value, and an increasing preference for instant consumption [2] - The "silver economy" is emerging as a significant consumer group, driven by the aging population and their diverse needs [2] Scene-based Consumption - The integration of online and offline experiences is enriching product forms and marketing strategies, with brands needing to create engaging consumer experiences [6] - Adidas has successfully utilized flagship stores to create trendy consumer hotspots, enhancing brand visibility and driving foot traffic through social media engagement [6] - The importance of creating a closed loop between content distribution and product sales is emphasized, with consumers acting as content nodes [7] Precise Linkage for Breaking Barriers - Successful brand collaborations require careful selection of partners and strategies aligned with specific marketing goals [8] - Dazhong Dianping leverages its platform's network effects to create synergies between products, scenes, and brands [8] - Adidas plans to deepen collaborations with diverse designers to infuse modern interpretations of Chinese cultural elements into its products [8] - The essence of collaboration is to enhance user engagement and attract new customers, ensuring alignment in style and messaging between brands and their partners [9]

抖音生活服务相关负责人介绍，2025年11月20日至2026年1月20日，抖音生活服务陆续联动西单、五道 口、望京、王府井、蓝色港湾、华熙·LIVE五棵松六大核心街区落地"心动街区"活动，邀请关晓彤做代 言人，投入亿级补贴，联动上述六大商圈累计超15000个商家，为用户奉上最低2折起的逛吃好品。西单 是北京"心动街区"活动的线下第一站。 北京商报讯（记者 金朝力）12月18日，由西城区商务局、西长安街街道携手抖音生活服务联合主办 的"星耀西城时尚服装秀暨'心动街区'发布仪式"在西单举行。活动现场发布"心动西单逛吃指南"，包含 多元消费福利、逛吃地图和潮流玩法，同时在西单更新场、君太百货、西单大悦城、汉光百货等场地设 置特色装置打卡点，形成串联式消费体验场景。 ...

每经头条（nbdtoutiao）——海南封关首日直击：为中国探路，全球最大自贸港如何重塑开放边界？ 截至发稿，浙文互联市值为109亿元。 每经AI快讯，浙文互联（SH 600986，收盘价：7.36元）12月19日晚间发布公告称，公司收到了吴瑞敏 女士出具的《关于股份减持结果的告知函》，截至2025年12月19日，本次减持计划期限届满，在本次减 持计划期间内，吴瑞敏女士通过集中竞价交易方式减持公司股份10万股，占公司总股本的0.01%。本次 减持计划实施完毕。 2025年1至6月份，浙文互联的营业收入构成为：互联网服务占比100.0%。 （记者 曾健辉） ...

网络上的"猎物" 微信现在很普及了，很多人习惯在网上晒自己的动态，或是表达心情，或是分享自然风光，或是针砭时弊。例如你今天去医院了，护士和医生都比较忙， 没有时间和你交流，你发文表达医院的服务还需要改进一些。 这本来就是个人心情的一个表达，但如果不小心被人截图传到其他微信群、微博或者贴吧等网络空间，可能会引发一次舆论轰炸，也许你会被"不懂 事""娇气""根本不了解医务人员的辛苦"等批评声包围，没有人在意你只是单纯提个意见。网络上，有些人是"杠精"，他们专门"挑刺"；有些人根本就 是"喷子"，不管你说什么都反驳你，批你一顿；有些人纯属在网络上发泄，甚至说一些与你观点无关的东西。你好像就是他们的"猎物"，等你一出现，大 家群起而攻之。你不知道他们是谁，他们唯一做的事情，就是等待他们的"猎物"出现，然后再集体"开火"。等"猎物"反应过来，他已经在"口水中淹 没"了，这会给人很大的心理压力。 随着更多人的娱乐重心逐渐转移到网络，很多小事件被发布到网上后，容易吸引大量关注，形成了网络暴力滋生的土壤。网络暴力致死致伤事件频发，例 如：一服装店的老板怀疑某个顾客在其经营的服装店试衣服时偷了一件衣服，该老板将顾客的照片上传到 ...

Investment Rating - The report maintains a "Buy" rating for Tencent Holdings (00700.HK) with a current price of 605.00 HKD and a fair value of 754.73 HKD [10]. Core Insights - Tencent Cloud is leveraging its domestic advantages to expand its overseas business, particularly in Southeast Asia and the Middle East, with a focus on stable energy and power supply for data centers [10][12]. - The company has developed a comprehensive AI strategy, integrating AI into its business model and enhancing talent acquisition, which is expected to accelerate growth [10][16]. - The financial forecast remains unchanged, with projected revenues of 7,524 billion RMB and 8,278 billion RMB for 2025 and 2026, respectively, reflecting growth rates of 14.0% and 10.0% [10][25]. Financial Projections - Revenue (in billion RMB): - 2023A: 6,090 - 2024A: 6,603 - 2025E: 7,524 - 2026E: 8,278 - 2027E: 8,915 - EBITDA (in billion RMB): - 2023A: 2,119 - 2024A: 2,941 - 2025E: 3,022 - 2026E: 3,528 - 2027E: 3,991 - Net profit attributable to shareholders (in billion RMB): - 2023A: 1,577 - 2024A: 2,227 - 2025E: 2,586 - 2026E: 2,953 - 2027E: 3,295 - EPS (in RMB/share): - 2023A: 16.32 - 2024A: 23.51 - 2025E: 28.32 - 2026E: 32.34 - 2027E: 36.09 - P/E Ratio: - 2023A: 16.3 - 2024A: 16.1 - 2025E: 19.4 - 2026E: 17.0 - 2027E: 15.2 - ROE (%): - 2023A: 19.5% - 2024A: 22.9% - 2025E: 22.4% - 2026E: 21.7% - 2027E: 20.8% [4][10]. Tencent Cloud Expansion - Tencent Cloud has established infrastructure in 22 physical regions and 64 availability zones globally, with over 3,200 acceleration nodes, focusing on Southeast Asia and the Middle East for future growth [12][10]. - The strategy for acquiring core customers in Southeast Asia includes deepening relationships with local leading enterprises and serving Chinese companies expanding overseas [13][10]. AI Integration - Tencent's AI strategy encompasses infrastructure, platform tools, and application layers, with significant investments in talent acquisition to enhance AI capabilities [16][10]. - AI is expected to drive growth in advertising and gaming sectors, with improvements in user experience and operational efficiency [17][10].

Group 1: Fiscal Revenue and Economic Indicators - In the first 11 months of 2025, national tax revenue reached 16.48 trillion yuan, a year-on-year increase of 1.8%, with the growth rate slightly improving by 0.1 percentage points compared to the first 10 months [2] - Major tax categories showed stable growth, with VAT and domestic consumption tax increasing by 3.9% and 2.5% respectively, while personal income tax grew by 11.5% and corporate income tax increased by 1.7% [2] - The performance of the equipment manufacturing and modern service industries was strong, with tax revenue from computer and communication equipment manufacturing up by 14.1%, and scientific research and technical services up by 14.6% [2][3] Group 2: Employment Trends - The unemployment rate for urban youth aged 16-24 fell to 16.9% in November, a decrease of 0.4 percentage points from October, marking the lowest level in five months [4] - The overall urban unemployment rate remained stable at 5.1%, indicating ongoing employment pressures, particularly among the youth demographic [4] - Recent government meetings emphasized policies to stabilize employment, particularly for key groups such as college graduates and migrant workers [4] Group 3: EU Automotive Regulations - The EU proposed to amend its 2035 ban on the sale of fuel and diesel vehicles, easing carbon emission standards from a 100% reduction to a 90% reduction, allowing more flexibility for traditional car manufacturers [6][7] - The new car registration in the EU saw a 1.4% year-on-year increase in the first ten months of 2025, with hybrid vehicles leading the market share at 34.6% [6] Group 4: Financial Sector Developments - China International Capital Corporation (CICC) announced a merger with Dongxing Securities and Xinda Securities, with the new CICC expected to exceed 1 trillion yuan in total assets and significantly expand its retail network [8][9] - The merger aligns with regulatory guidance to cultivate leading investment banks in China, addressing the high level of competition and service price pressures in the domestic brokerage industry [8] Group 5: Real Estate Financing Issues - A trend of converting business loans to housing loans has emerged as the interest rate for existing housing loans has decreased to around 3%, but this practice lacks policy support and carries significant compliance risks [10][11] - The narrowing interest rate spread between business and housing loans has exposed borrowers to increased financial risks, as the complexities of such transactions can lead to funding gaps [10] Group 6: Apple’s Market Adjustments - Apple has adjusted its iOS applications in Japan to comply with new regulations, allowing developers to distribute apps through third-party stores and integrate various payment methods, significantly reducing its commission rates [12][13] - The reduction of the so-called "Apple tax" in various regions poses challenges to Apple's profit margins, especially as it maintains a higher commission rate in China compared to other markets [12][13] Group 7: Meituan's New Business Venture - Meituan has quietly launched a "Find House" feature, primarily focusing on rental and second-hand housing, while collaborating with third-party real estate service providers for traffic distribution [14][15] - The entry into the real estate market reflects Meituan's strategy to diversify its business amid intense competition in local services, although it faces risks associated with customer satisfaction in this new domain [14][15]

然而，号码资源盘活利用不能以牺牲用户的利益为代价。一些网民分享类似的困扰：新号主频繁收到原 号主的账单、验证码甚至催债电话；使用新办手机号注册应用，不料却被提示"已占用"，若此前用户绑 定的互联网账号未解绑，新号持有人往往无法再次注册……这些琐碎的烦恼反映的是数字时代下的民生 痛点。这些情况不仅打扰现号主的正常生活，还可能导致前号主的个人隐私泄露，也引发公众对于数字 资产处置、数字记忆留存与隐私安全的担忧。 期待运营商、平台、用户等多方形成合力，让手机号码实现"干净流转"，确保每一位用户都能在数字时 代既享受资源便利，又无后顾之忧 不久前，一则"网友新手机号意外登录已故歌手李玟账号"的消息引起广泛关注。有网友发帖称，自己在 使用新办的手机号注册网易云音乐APP账号时，收到验证码后自动登录上了李玟的账号。拥有超26万粉 丝的艺人账号因运营商的二次放号被新用户意外登录，反映出当前数字账号的管理问题——号码回收利 用带来的"数字身份"混乱。 二次放号本是资源循环的理性选择。我国11位手机号码资源有限，若不回收利用，号码供给会更加紧 张，同时，升级至12位号码的社会成本高昂，短期内难以实现。工业和信息化部主导的"二次 ...