(本文来自第一财经) 美股周二收盘，道指收涨0.39%，标普500指数涨0.25%，纳指涨0.59%。苹果(AAPL.O)和英伟达 (NVDA.O)涨于1%一线，英特尔(INTC.O)涨8%，波音(BA.N)涨10%。纳斯达克中国金龙指数收跌 0.65%，阿里巴巴(BABA.N)跌近2%，小鹏汽车(XPEV.N)跌近8%。 ...

Group 1 - The Nasdaq China Golden Dragon Index fell by 0.65% on December 3rd, indicating a downward trend in popular Chinese concept stocks [1] - Notable gainers included Atour, which rose over 5%, and Tiger Securities, which increased by over 2% [1] - Significant decliners included XPeng Motors, which dropped over 7%, and iQIYI, which fell over 3%, along with NIO, Global Data, and Bilibili, each declining over 2% [1] Group 2 - Alibaba, NetEase, and ZTO Express each experienced a decline of over 1% [1]

Overall Performance - Alibaba's FY2026 Q2 revenue reached 247.8 billion yuan, a year-on-year increase of 5%, exceeding Bloomberg's expectations by 1% [1] - Excluding disposed businesses, the like-for-like revenue growth was 15% year-on-year [1] - Adjusted EBITA was 9.1 billion yuan, down 78% year-on-year, and below Bloomberg's expectations by 36% [1] - Non-GAAP net profit was 10.4 billion yuan, down 72% year-on-year, also falling short of Bloomberg's expectations by 38% [1] Core E-commerce - CMR increased by 10% to 78.9 billion yuan, driven by an improved take rate and the introduction of basic software service fees starting in September [2] - Instant retail revenue surged by 60% year-on-year to 22.9 billion yuan, with the company transitioning from scale expansion to user experience optimization [2] - During the Double 11 shopping festival, Taobao App saw double-digit growth in purchasing users, and the number of 88VIP members exceeded 56 million [2] Cloud Business - Cloud Intelligence Group revenue reached 39.8 billion yuan, a year-on-year growth of 34%, up from 26% in the previous quarter [3] - External customer revenue grew by 29%, with adjusted EBITA increasing by 35% to 3.6 billion yuan [3] - AI-related product revenue has seen triple-digit growth for nine consecutive quarters, becoming a core growth driver [3] - Alibaba Cloud holds a 35.8% market share in China's AI cloud market, ranking first [3] AIDC Performance - AIDC revenue grew by 10% year-on-year to 34.8 billion yuan, with adjusted EBITA achieving profitability for the first time at 162 million yuan [3] - The improvement was attributed to enhanced user experience and efficiency in investments [3] - AliExpress expanded its overseas hosting model to over 30 countries, and the B2B segment launched the AI Agent procurement engine, Accio, to improve matching efficiency [3] Investment Outlook - Revenue projections for Alibaba from FY2026 to FY2028 are 1,041.4 billion yuan, 1,160.2 billion yuan, and 1,286.1 billion yuan, reflecting year-on-year growth of 4.5%, 11.4%, and 10.9% respectively [4] - Non-GAAP net profit estimates for the same period are 100.1 billion yuan, 150 billion yuan, and 190.5 billion yuan, with year-on-year changes of -36.6%, +49.8%, and +27.1% respectively [4] - The company maintains a "buy" rating [4]

Core Viewpoint - The article discusses the emergence of tutorials on social media that promote exploiting shipping insurance for profit, highlighting the potential legal risks and industry crises associated with such practices [1][3][4]. Group 1: Shipping Insurance and Its Purpose - Shipping insurance was developed to address disputes over return shipping costs in online shopping, becoming an essential service for e-commerce platforms and logistics [3][4]. - The original intent of shipping insurance is to compensate buyers or sellers for shipping losses incurred during legitimate returns [4][5]. Group 2: Exploitation of Shipping Insurance - Recent tutorials have surfaced that instruct consumers on how to profit from shipping insurance by choosing to return items via cheaper third-party shipping services [3][4]. - The calculation for potential profit involves comparing the insurance payout to the actual shipping cost, with examples showing how small differences can accumulate to significant amounts [3][5]. Group 3: Legal and Ethical Implications - Legal experts warn that intentionally returning items for profit violates the principles of good faith and could lead to civil lawsuits for unjust enrichment [4][5]. - The rise of fraudulent claims related to shipping insurance has been noted, with law enforcement highlighting a case where an individual fraudulently claimed shipping insurance over 30,000 times, resulting in illegal profits exceeding 200,000 yuan [5][6]. Group 4: Impact on the Insurance Industry - The cumulative effect of these fraudulent activities could lead to increased operational costs for insurance companies, potentially resulting in higher premiums for consumers and businesses [6][7]. - The increase in fraudulent claims may force some businesses to discontinue shipping insurance services, negatively impacting honest consumers [7][8]. Group 5: Regulatory Responses and Future Directions - Insurance companies are implementing protective measures, such as real-time monitoring of unusual claims and requiring specific shipping methods to prevent exploitation [8][9]. - E-commerce platforms are also utilizing big data analytics to monitor and identify abnormal return behaviors, although challenges remain in balancing consumer experience with fraud prevention [9][10]. - Future reforms may include more precise risk assessments for insurance premiums and enhanced data sharing between platforms and insurers to combat fraudulent activities [10][11].

智通财经APP获悉，周二，纳斯达克金龙指数跌逾1%，热门中概股普跌，阿特斯太阳能(CSIQ.US)跌逾 10%，小鹏汽车(XPEV.US)跌近6%，阿里巴巴(BABA.US)跌逾2%。 ...

Core Insights - JD.com has officially announced the free opening of its digital human live streaming service to all merchants, allowing them to easily set up their own AI hosts [3][4]. Group 1: Digital Human Live Streaming Features - The digital human live streaming service enables merchants to create 24/7 live streaming rooms, enhancing transaction efficiency [1][6]. - Merchants can choose from nearly 300 character models and over 200 voice styles, providing flexibility in presentation [4][6]. - AI-generated scripts simplify content creation, reducing the pressure on merchants to produce live content [4][6]. - Digital humans can interact with users in real-time, addressing inquiries and preventing engagement drop-offs [1][4]. - AI-driven content distribution maximizes reach, allowing for effective user engagement and content virality [1][4]. Group 2: Business Impact and Performance - The digital human initiative has already driven hundreds of billions in GMV, showcasing significant business impact [6][7]. - The average conversion rate for sales through digital humans has increased by 30%, indicating improved sales performance [6]. - During the 11.11 shopping festival, the number of merchants using digital human live streaming grew nearly sixfold compared to the previous year [7]. Group 3: Technological Advancements - The JoyAI model has evolved to support a wide range of applications, including the generation of long-form videos and high-quality character animations [7]. - Advanced technologies such as DPO reinforcement learning have addressed common challenges in AI-generated content, enhancing precision and speed [7]. - The latest digital human technology allows for the rapid creation of personalized digital hosts, making it accessible for small and medium-sized businesses [7].

Core Viewpoint - The recent investigation by CCTV has exposed a fraudulent milk powder production chain, revealing the alarming presence of counterfeit dairy products in the market, which has raised significant concerns about food safety in China [1][4]. Group 1: Fraudulent Production and Distribution - The counterfeit milk powder was produced in unsanitary conditions, using low-cost ingredients like vegetable fat and maltodextrin, and was falsely marketed as high-quality imported products [1]. - The scale of the fraud involved over 6 million yuan, with more than 6,000 boxes of fake milk powder distributed nationwide through e-commerce and social media platforms [1]. - The profit margins for the counterfeiters exceeded 10 times, with production costs ranging from 2 to 4 yuan, while retail prices on e-commerce platforms reached 30 to 88 yuan [1]. Group 2: Role of E-commerce Platforms - E-commerce platforms facilitated the distribution of counterfeit products through precise algorithmic targeting, reaching health-conscious consumers and price-sensitive groups [2]. - The low-cost, wide-reaching distribution model allowed small-scale producers to access a national market without the need for physical storefronts, significantly enhancing the scale of fraud [2]. - Trust in these platforms was manipulated by influencers promoting the products as "overseas direct supply" and "duty-free specials," which misled consumers and created a false sense of security [2]. Group 3: Regulatory and Legal Implications - Existing laws, such as the Food Safety Law and the E-commerce Law, clearly define the responsibilities of e-commerce platforms in ensuring food safety and holding them accountable for counterfeit products [3]. - The involved platforms failed to verify essential documentation for the counterfeit products, indicating a serious neglect of their regulatory responsibilities [3]. - The legal framework emphasizes that platforms cannot evade responsibility by claiming non-self-operated sales, and regulatory bodies must enhance accountability measures against negligent platforms [4].

短短几个月，烧掉的资金比想象中更多，热闹的表象下，其实不少商家和平台都陷入了进退两难的处 境。 而让人没想到的是，因为这场烧钱大比拼，让一旁观战的拼多多以4238亿的现金，打败阿里，成了当前 中国互联网企业"现金王" 巨头押注新赛道 这次的烧钱大战，起因很直接：电商老业务吃不准了。淘宝和京东这些老牌平台，这几年用户增长基本 见顶，甚至偶尔下滑。可新玩家没闲着，抖音、拼多多仍是一路高歌猛进。 眼看老路堵死，各家必须找出路，所以纷纷盯上"即时零售"——也就是现在点个外卖，不只是点饭，超 市、药店甚至花店，都能立刻送到，饭菜杂货通通抢着做。 如此庞大的市场，谁也舍不得放手。 大家好，我是乔叔，这期咱们一起聊聊即时零售烧钱大战，看几家互联网巨头砸下七百多亿，最后到底 谁赢谁亏，谁才是这场转型中的真正赢家。 今年夏天，很多人发现点外卖时优惠券比菜还多，奶茶外卖价格低得像不要钱一样。看似外卖平台各家 撒红包，大家薅得热火朝天，但背后其实是几个互联网巨头拼命砸钱抢市场。 所有人逐渐明白，这么补下去根本吃不消。三大平台"烧"了七百多个亿，只有没下场的大公司像拼多 多、腾讯追着数钱，各大巨头不砸广告不补贴的，都成了真正的赢家， ...

Core Insights - The article highlights a unique e-commerce seller who prioritizes customer satisfaction over sales, emphasizing a more personal and quality-driven shopping experience [5][6][7]. Group 1: Seller's Approach - The seller actively engages with customers post-purchase, offering easy returns and prioritizing their satisfaction [5]. - The seller focuses on quality products by personally testing and selecting items, which contrasts with the typical e-commerce model that often relies on advertising and middlemen [7]. - The seller's business model is based on direct connections with manufacturers, allowing for lower prices without compromising quality [7]. Group 2: Customer Experience - The article describes a shift in consumer behavior, where customers are increasingly willing to trust sellers who provide curated selections, reducing the need for extensive price comparisons [8][10]. - Specific products purchased by the customer include affordable and high-quality items, showcasing the seller's commitment to value [10]. - The article suggests that in a market dominated by algorithms and aggressive marketing, finding a trustworthy seller is a rare and valuable experience [10].

执业证书号： S0010525070001 邮箱： zhaoliang@hazq.com 阿里巴巴[Table_StockNameRptType] -SW（9988.HK） 公司点评 FY26Q2 业绩点评：云业务加速增长，即时零售有望迎来 UE 改善 | 投资评级：买入（维持） [Table_Rank] | | | --- | --- | | 报告日期： 2025-12-02 | | | [Table_BaseData] 收盘价（港元） | 154.90 | | 近 12 个月最高/最低（港元） 185.1/76.1 | | | 总股本（百万股） | 19,089 | | 流通股本（百万股） | 19,089 | | 流通股比例（%） | 100.00 | | 总市值（亿港元） | 29,568 | | 流通市值（亿港元） | 25,568 | [公司价格与恒生综指走势比较 Table_Chart] [Table_Author] 分析师：金荣 -20% 0% 20% 40% 60% 80% 24/05 24/08 24/11 25/02 25/05 阿里巴巴-W 恒生指数 -20% 30% 80% 130% ...