Market Overview - Investors are showing caution ahead of the upcoming Federal Reserve meeting, with mixed performance in US stock indices. The Nasdaq rose by 0.44% supported by large tech stocks, while the S&P 500 slightly declined and the Dow Jones fell by approximately 0.6% [1] - Tesla's stock surged by about 7.4%, marking its largest daily increase in nearly three months, with a two-day gain of nearly 14% [1] - Circle's stock dropped by approximately 6.3% as its competitor Tether launched a new stablecoin [1] - BioNTech's stock fell over 10% during the day, while Moderna declined by 7.3% due to concerns over vaccine production [1] Bond and Currency Market - US Treasury yields rose, with the 10-year yield increasing by 4.57 basis points [2] - The US dollar fluctuated above the 97 mark, recording its largest weekly decline in about a month [2] Cryptocurrency Market - The cryptocurrency market saw a general upward trend, with Bitcoin rising by about 2% for three consecutive days, Ethereum breaking out of a near two-week range with a rise of over 6.2%, and Solana increasing by 6.3% [3] Commodity Market - Gold prices increased by 0.27% after reaching a new high of $3,674 per ounce before retreating [4] - Oil prices initially fell but later rose, with a peak increase of 3.65% from the day's low, although the gains were significantly reduced [4] Asian Market - The Hang Seng Index rose by 1.7%, with Alibaba reaching a nearly four-year high and Baidu surging by 8%. The ChiNext Index fell by over 1%, while chip stocks surged, with Cambrian Technology briefly reclaiming the title of "stock king" [5] Key Developments - The Chinese Ministry of Finance reported that new social financing in August was 2.57 trillion yuan, with new loans amounting to 590 billion yuan. The M2-M1 scissors difference reached a four-year low [7][18] - The Chinese government is taking measures to promote private investment, emphasizing its importance for stabilizing employment and the economy [6][17] - Morgan Stanley indicated that foreign investors' interest in Chinese assets has reached a new high since 2021, with significant capital inflows expected [22] Company News - Nvidia's DGX Cloud business is facing setbacks as AI developers resist high prices, indicating limited demand in the cloud services sector [9][20] - Gemini's stock debuted with a surge of over 60%, closing up 14%, with a market capitalization nearing $3.8 billion [11][21] - Tether launched a new US stablecoin, intensifying competition with Circle, which saw its stock drop over 6% [11][21] - Alibaba has open-sourced a new architecture model that significantly reduces training costs by 90% and improves inference efficiency by ten times [24]

Market Performance - On September 12, U.S. stock market indices closed mixed, with the Dow Jones Industrial Average down by 273.78 points (0.59%) and the S&P 500 down by 3.18 points (0.05%), while the Nasdaq index rose by 98.03 points (0.44%), reaching a new all-time high [2] - The U.S. technology sector, represented by the "Big Seven" tech companies, saw an increase of 1.14%, with Tesla experiencing a significant rise of 7.36% [4] Commodity Prices - International gold prices increased, with spot gold rising by 0.25% and COMEX gold futures up by 0.19% as of September 12 [5] - In the oil market, light crude oil futures for October delivery rose by $0.32 to $62.69 per barrel (0.51% increase), while Brent crude oil futures for November delivery increased by $0.62 to $66.99 per barrel (0.93% increase) [7] Credit Rating Downgrade - Fitch Ratings downgraded France's sovereign credit rating from AA- to A+ due to a lack of a credible fiscal consolidation plan supported by a majority [8] - France's fiscal deficit is projected to reach 5.4% of GDP in 2024, with public debt at 114% of GDP, contributing to political instability and uncertainty regarding the 2026 budget [8] - The downgrade may impact France's financing environment, with potential limited effects on interest rates due to market expectations, but could trigger investment restrictions for large funds, increasing the risk of bond sell-offs and higher financing costs [9]

以下文章来源于商业弧光 ，作者苗正卿 让品牌吃下定心丸的是，起码截至9月初，互联网巨头们围绕即时零售还在加码。 虎嗅了解到，8月中旬美团内部更多的资源正在从团购、具身智能等方向转移到即时零售，美团把接下来的9月 到12月视为关键战役。而在阿里，即时零售已经成为公司战略级项目，外卖+即时零售被阿里视为整个大消费 生态的一环。 商业弧光 . 听风者，捕光人，最准点的商业节拍 出品｜虎嗅商业消费组 作者｜苗正卿 题图｜视觉中国 一场美团、京东、阿里兴起的"即时零售"大战，正在彻底改写零售生态。 "2024年，很多品牌和品类还在观望即时零售这件事，但今年大家都意识到这是必答题。"一位3C头部公司即时 零售业务一号位告诉虎嗅，他们在2025年上半年紧急扩招了整个即时零售团队，并把以往"交给经销商做"的模 式改为"直营即时零售业务"。 另一家美妆类消费品牌CMO则向虎嗅表示，随着直播电商红利的淡去，圈内已经把即时零售作为关键增长 点。"互联网圈的即时零售大战，可能救了我们，要不是他们砸补贴、拉新，我们的订单量很难半年内有这样的 增速。"该人士透露，她所在的国货品牌订单量2025年4月到8月同比增幅超过40%，增幅之中的6 ...

新的流量、新的节奏， 阿里妈妈给出双11新解法。 电商战场，从来不是静止的池水，而是在用户需求的牵引下不断延伸、不断改道的洪流。 即时零售的兴起，又在今年为行业开辟了新的航道，淘宝闪购业务的开启，将用户的即时需求纳入了淘系的版图。紧接着，阿里又官宣将饿了么、飞猪合并 入阿里中国电商事业群，覆盖"吃穿住行玩"的全场景闭环逐渐显现：让经营空间更大，机会更多。消费者在餐饮、出行之外，也开始在即时决策中关注起手 机、零食、家电等品类，这意味着一个新的增量市场正在打开。 阿里妈妈市场部及商业化运营中心总经理虎豹 对商家而言，这不是被迫的改变，而是一次额外的选择——能否在新的节奏下，新的场域中捕捉到那些原本被忽视的需求，把临时的冲动转化为长期的生 意：当消费者在点外卖时顺带选购数码配件，在订机票时搭配行李箱，这些场景中的即兴消费，正在转化为可持续的商业增长点。 更重要的是，高频消费场景也在为低频商品"铺路"。一个点单习惯健康饮品的用户，往往也会被算法识别为有健身习惯、重视营养的人群。于是，运动装 备、保健品甚至功能性护肤品，都可能在同一次触达中被引导成交。 对商家来说，这意味着高频的外卖场景，正在变成相对低频的电商消费的 ...

即时零售的兴起，又在今年为行业开辟了新的航道，淘宝闪购业务的开启，将用户的即时需求纳入了淘系的版图。紧接着，阿里又官宣将饿了么、飞猪合并 入阿里中国电商事业群，覆盖"吃穿住行玩"的全场景闭环逐渐显现：让经营空间更大，机会更多。消费者在餐饮、出行之外，也开始在即时决策中关注起手 机、零食、家电等品类，这意味着一个新的增量市场正在打开。 电商战场，从来不是静止的池水，而是在用户需求的牵引下不断延伸、不断改道的洪流。 问题是，谁能读懂这场新变化，并找到新的确定性？ 淘系新增长红利：场景重构下的流量再分配 电商的格局变化，从来不是凭空出现，而是无数微观场景的累积。今年，淘宝闪购的爆发就是这种演变的缩影。 在许多品牌眼里，闪购并不是"外卖逻辑"的横向延展，而是打开了一个新的生意入口。用户在这里的消费，已经覆盖零食饮料、手机家电、美妆个护、运动 户外等全品类。今年7月，淘宝闪购带动66个品牌单月成交破千万，395个品牌月成交过百万。这些数字背后，显现的是一个被重构的流量格局：即时零售不 再只是餐饮延伸，而是电商生态里的关键入口。 阿里妈妈市场部及商业化运营中心总经理虎豹 对商家而言，这不是被迫的改变，而是一次额外的选择— ...

巨头们在本地生活这件烟火气的事上又"撞车"了。 近日，阿里巴巴(9988.HK)通过高德入局本地生活到店领域，启动"烟火好店支持计划"，通过发放超10 亿元补贴等措施，鼓励用户到店消费。很快，抖音生活服务业务宣布上线名字颇为相似的"烟火小店扶 持计划"，针对人均消费100元以内的商家，提供流量激励等资源。 而在一年前的本地生活战场里，这种"针尖对麦芒"的竞争发生在美团与抖音之间。2025年，阿里先后通 过外卖与到店，将本地生活打成一场巨头"混战"。 瑞银表示，高德本次升级反映本地生活服务的竞争格局已从即时零售延伸至到店业务，预计四季度竞争 焦点将从外卖转向非食品类即时零售及到店业务。摩根大通认为阿里此举将直接冲击美团到店这一"现 金牛"业务，并下调美团2026-2027年到店利润预期。 多位行业人士对第一财经记者表示，大厂补贴不是为了拉新，而是为了争夺用户心智，沉淀各自APP用 户停留时长，培养消费者在各APP下单习惯，进而将消费力逐步转移至利润更高的泛电商领域，挖掘电 商存量市场中的增长空间。作为当前本地生活领域的头部玩家，美团正面临竞争对手的"虎口夺食"，成 为主要冲击目标。 今日港股收盘，美团股价96. ...

Core Insights - The competition in the local life service sector has intensified, with Alibaba entering the market through Gaode and launching the "Smoke Fire Good Store Support Plan" with over 1 billion yuan in subsidies to encourage in-store consumption [1] - Douyin has also announced a similar initiative called the "Smoke Fire Small Store Support Plan," targeting merchants with an average consumption of under 100 yuan, providing traffic incentives and resources [1] - Analysts predict that the focus of competition will shift from food delivery to non-food instant retail and in-store services in the fourth quarter of 2025 [1] Company Strategies - Alibaba's investment in in-store services is driven by the higher profitability of this business and the need for an independent platform to support local life services, as Taobao cannot cover all scenarios [3] - Meituan has historically maintained its leading position through cash flow control and a strong ground team, but faces challenges from new entrants like Douyin and Alibaba [4] - Douyin's local life services achieved over 300 billion yuan in transaction volume in 2023, but faces challenges in user retention and service fulfillment [4][5] Market Dynamics - The local life service market is evolving into a duopoly between Meituan and Douyin, with Alibaba's re-entry pushing the industry into a new competitive phase [4] - The overall e-commerce market is experiencing slower growth, with traditional platforms like Alibaba and JD.com facing competition from content-driven e-commerce platforms like Douyin and Kuaishou [7][8] - The competition is not just about acquiring new users but also about cultivating user habits and increasing the time spent on respective apps, which can lead to higher-margin e-commerce transactions [1][8] Financial Performance - Meituan's stock has dropped 49.1% from its March high of 189.6 HKD to 96.55 HKD, while Alibaba's stock has risen 98.6% from a low of 76.073 HKD to 151.1 HKD, marking a four-year high [2] - Meituan reported revenue of 918.4 billion yuan and an adjusted net profit of 14.9 billion yuan in Q2 2025, while Douyin's e-commerce GMV is projected to reach 4.2 trillion yuan in 2025 [7]

公益在线北京讯 （记录者 陶凯龙）近年来，随着电商行业的快速发展，部分不良商家利用消费者信息不对称，通过"虚高定 价、低质售卖"等方式牟取不当利益。这类"不合理高价售卖低价值商品"的现象，不仅扰乱了正常的市场秩序，也损害了消费者 体验，成为行业治理中的痛点。 为切实维护平台公平健康的经营环境，保障广大消费者合法权益，抖音电商近期针对相关违规行为开展专项监测与治理，坚决 打击此类扰乱市场秩序的行为。 其典型违规表现为：价格与价值严重背离：商家定价远超市场合理水平；虚假宣传与广告引流：制造虚假卖点、夸大商品宣 传，并借助广告引流，诱导消费者为不合理高价买单。 上述行为严重侵害消费者权益，破坏市场公平秩序。自2025年9月专项治理启动以来，平台已累计下架封禁相关违规商品2.3万 个，处置商家41家。 以下典型违规案例，抖音平台提醒消费者谨慎辨别： 典型违规案例一：虚高定价售卖"云南蜜桔子" 商家"好***超市"上架"云南蜜橘子"商品，将单价虚高设为199.9元/箱，并通过夸大品质、产地的短视频配合广告投放引流，诱 导消费者购买。如，在短视频中夸大宣称橘子品质"九分甜一分酸""云南高山种植"等。经平台调研，市场同类商 ...

今晚八点iPhone 17开始正式预售了，针对此，刘老实想接着昨天的话题继续聊聊。 9 月 10 日，美团闪购与淘宝闪购几乎同时发布消息，为iPhone 17的预售擂响战鼓。 淘宝闪购 美团闪购 一方喊出 "重新定义首发"，另一方则宣称 "全系列首发"，两家平台不约而同地将 "首发" 一词推至聚光灯下，俨然把它当作必争的战略高地。消费者尚未 摸到真机，平台之间的火药味却已扑面而来。 所谓 "首发"，原指新产品第一次正式上市销售，是传统电商多年来屡试不爽的营销利器。而在即时零售崛起的 2025 年，这个词正被赋予全新的战术内 涵。它不再只是时间上的争先，更成为平台供应链能力、区域覆盖密度和用户心智抢占的集中体现。无论是 iPhone 这类顶尖消费电子产品，还是美妆、 潮牌、限量球鞋等高频高值商品，"首发" 的主战场正从传统电商货架式页面，迅速迁移至以 "半小时达" 为标志的即时零售平台。 iPhone 17 在美团闪购和淘宝闪购两个闪购平台的"首发" ，绝非一场简单的营销巧合，而是双方在优质供给争夺上的第一次公开亮剑。这不仅仅是平台之 间的较劲，更预示着品牌方销售策略的根本转变：它们不再将即时零售视为清库存或促 ...

智通财经9月12日讯（编辑 冯轶）据Wind数据显示，本周南向资金累计净流入约608.22亿港元，环比上周骤增84%，并创先近5个月来单周流入新高。 而与此相对的是，南向资金本周累计成交7737.64亿港元，约占同期恒指成交额的49%，占比近几周连续走低。结合本周恒指再度走强，或表明其他资金对 行情的推动作用正持续增加。 | | | | | | | 近七天 近1个月 | 近3个月 | 近1年 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 南向 | | | | | | 排名 | 股票代码 | 股票简称 | 净买入 | 排名 | 股票代码 | 股票简称 | | 净买入 | | 1 | 9988.HK | 阿里巴巴-W | 246.96 | 1 | 1024.HK | 快手-W | | -17.38 | | 2 | 9660.HK | 地平线机器人 .. | 32.12 | 2 | 9992.HK | 泡泡玛特 | | -13.46 | | 3 | 1801.HK | 信达生物 | 11.15 | 3 | 1810.HK | ...