明日主题前瞻 1、可控核聚变 | 据中证报报道，欧盟委员会近日表示，欧盟国家扩大核能计划将需要2410亿欧元（约合2780亿美元）投资，并设立新的融资工具，以降低 私人投资者面临的高成本风险。欧盟委员会在一份投资需求分析草案中称，欧盟国家已制定计划，到2050年将核电装机容量从目前的98吉瓦提高至109吉 瓦。的清洁能源。实现净能量增益的突破长久以来被视为使核聚变成为一种实用且可持续能源解决方案的关键里程碑。如今，NIF已第八次成功实现净能量 增益，不仅刷新自身记录，还展现出朝着实现核聚变能源稳步迈进的态势。 点评：今年以来，核电领域利好消息不断。近期，世界银行的一项决定结束了该行自1959年以来对核能项目的融资禁令。根据中国核能行业协会发布的《中 国核能发展报告（2025）》蓝皮书，全球核能发展迎来全面复兴。在"双碳"目标指引下，我国核电建设进程明显提速，2024年核准核电机组数量创历史新 高，涉及第三代和第四代技术，在建机组数量保持全球第一。按照当前的建设速度和节奏，2030年前我国在运核电装机规模有望跃居世界第一。同时，全球 对清洁能源的需求持续增长，核电作为低碳、高效的能源形式，在能源结构中的地位日益 ...

以下文章来源于市值榜 ，作者市值榜团队 市值榜 . 资本与商业研究 来源丨市值榜（ID： shizhibang2021 ） 作者丨竹铭 编辑丨 何玥阳 图源丨Midjourney 今年618的首日提前到了5月13日，提前了整整36天，号称"史上最长618"。 然而，相比以往的热闹场面，今年变得冷清了不少。各家电商平台的宣传攻势显得不温不火，消费者 的兴趣也在降温。就像一场被调低音量的演唱会——舞台还是那个舞台，但观众不再尖叫。 最为明显的是，过去卖力吆喝、无比活跃的超头主播们，也变得异常低调。小杨哥和薇娅基本已经消 失匿迹，李佳琦和辛巴的直播场次变少，罗永浩去了声量更小的百度电商。如今风头正劲的董宇辉， 直播场次也不算多，而且此前直言"抵触卖东西"，显得较为"佛系"。 这些曾经掌控流量密码的操盘手，正在集体转向何方？在这背后，电商江湖正在搅动怎样的变局？ 低调的超头主播： 从流量中心到去中心化 今年618，直播间里的超头主播正以肉眼可见的速度减少。 作为"淘宝一哥"，李佳琦在经历"口红事件"后低调了不少。今年618他还是如期而至，不过只重点押 注预售日和开卖日，其余时间全交给其他主播。对比去年的节奏，李佳琦露 ...

Core Viewpoint - The rise of short video live streaming platforms is transforming the employment landscape in China, creating new opportunities for rural entrepreneurs and traditional artisans, and significantly contributing to economic growth and job creation [1][2][4]. Group 1: Economic Impact - Short video live streaming has become a significant driver of the digital economy, with retail sales from live e-commerce expected to reach 4.3 trillion yuan in 2024, contributing 80% of the growth in the e-commerce sector [2]. - The traditional e-commerce model faced challenges such as information asymmetry and high channel costs, while live e-commerce has restructured the "people, goods, and market" elements, lowering barriers to entrepreneurship and enhancing traditional industries [2][3]. Group 2: Employment Creation - Over 40 million people have benefited from increased employment and income through short video live streaming platforms, including farmers, artisans, and small entrepreneurs [1][5]. - By the end of 2024, Kuaishou alone is projected to create 43.2 million job opportunities, with 23 million directly from content creators and live streamers, and 20.2 million indirectly through related industries [5]. Group 3: Rural Development - Short video live streaming is recognized as a "new agricultural activity," playing a crucial role in cultivating rural talent and supporting rural revitalization [3][4]. - Kuaishou's initiatives, such as the "Xingnong Plan," aim to connect agricultural production with consumer markets, enhancing the sales of agricultural products and promoting comprehensive rural revitalization [4]. Group 4: Digital Skills Training - Kuaishou has launched the "Happiness Lecture Hall" project to provide digital skills training for rural streamers, women, youth entrepreneurs, and disabled individuals, helping them acquire practical internet skills [7][9]. - The project has reached over 1 million people across 40 counties, establishing a digital bridge from skills training to practical application in agriculture [9]. Group 5: Cultural Heritage Preservation - The rise of short video platforms has provided unique opportunities for the preservation and promotion of intangible cultural heritage, with a 40% increase in views of related content on Kuaishou in 2023 [10][12]. - The "Intangible Cultural Heritage Training Hall" project aims to support artisans in remote areas, helping them improve their income and living conditions while ensuring the transmission of traditional skills [12][13].

Core Insights - The 618 shopping festival has been significantly quieter this year, with major e-commerce platforms showing less promotional enthusiasm and consumer interest declining [1][8] - Top livestreaming hosts are becoming less prominent, with figures like Li Jiaqi and Luo Yonghao reducing their appearances and focusing on other ventures [1][4][5] - The shift towards decentralization in e-commerce is evident, as platforms and brands seek to reduce reliance on top influencers and cultivate a broader range of hosts [9][11] Group 1: Changes in Livestreaming Hosts - Li Jiaqi, once a leading figure, has decreased his presence significantly during the 618 festival, focusing only on key sales days [1][8] - Dong Yuhui, now a prominent figure on Douyin, achieved a record sales figure of 176 million yuan in a single session but maintains a low-key approach with limited appearances [2][8] - Luo Yonghao has transitioned to a smaller platform, Baidu, where his sales figures are considerably lower compared to previous performances on larger platforms [4][8] Group 2: Industry Trends and Shifts - The trend of top influencers stepping back is a response to the need for platforms to decentralize risk, as reliance on a few key figures can lead to significant losses if they fail [9][10] - Brands are increasingly opting for self-operated livestreams and developing their own hosts to reduce dependency on top influencers, as evidenced by the rising GMV from brand-operated streams [13][14] - The overall sales during the 618 festival have seen a decline, with a 7% drop in total sales compared to previous years, marking the first negative growth in 16 years [16][18] Group 3: Future Directions in E-commerce - The future of livestreaming may see a rise in niche influencers who focus on specific categories, as consumers shift their preferences towards expertise and trust [20][21] - Technological advancements are expected to reshape the livestreaming landscape, enhancing efficiency and potentially introducing virtual hosts [21][22] - The competitive edge for future influencers will likely hinge on their ability to manage supply chains effectively, moving from a commission-based model to one that emphasizes control over product quality and pricing [22][23]

E-commerce and New Retail - Luo Yonghao's digital human made its live streaming debut on Baidu E-commerce, marking a significant collaboration that leverages advanced digital human technology to enhance user interaction and drive efficiency in live commerce [1] - The competitive landscape in live commerce is intensifying, with major platforms vying for top influencer resources, and Baidu's digital human technology aims to reduce costs and improve efficiency for Luo Yonghao's live streaming [1] Company Developments - A former Alibaba employee published a lengthy analysis highlighting internal issues such as lack of innovation and management problems, prompting a response from founder Jack Ma acknowledging the company's necessary growth processes [2] - Li Guoqing announced a final settlement regarding property division with Yu Yu, allowing him to focus on AI applications, although specific project details remain undisclosed [3] - The launch of "Super Turn" by Zhuanzhuan Group represents a strategic move in the competitive second-hand market, offering a multi-category shopping experience in a 3000 square meter space [4] Logistics and Supply Chain - Smart logistics company Geek+ has received IPO approval to list on the Hong Kong Stock Exchange, showcasing its leading position in the warehouse robotics sector despite ongoing losses [6] - JD Logistics introduced a cold chain shared warehouse for Douyin's instant retail merchants, addressing logistics challenges in the fresh produce sector and enhancing service offerings [7] AI and Technology - Meituan launched its first AI programming tool, NoCode, aimed at enabling users with no coding experience to create websites and software through natural language interactions [8] - AI startup SiliconFlow completed a significant A-round financing led by Alibaba Cloud, indicating its potential in lowering barriers for developers using advanced AI models [9] - Amazon announced a substantial investment of 20 billion AUD (approximately 93.3 billion RMB) to expand its data center infrastructure in Australia, aiming to enhance cloud computing and AI capabilities [10] - Volcano Engine released the Doubao 1.6 model, which supports long context capabilities, reflecting its competitive positioning in the large model sector [12]

Core Viewpoint - The State Administration for Market Regulation has released a draft regulation aimed at strengthening the supervision of live e-commerce, protecting consumer and operator rights, and promoting healthy industry development [1][4]. Group 1: Regulatory Framework - The draft regulation seeks to clarify the legal responsibilities and obligations of various stakeholders in the live e-commerce ecosystem, including platform operators, live room operators, marketing personnel, and service agencies [1][3]. - It emphasizes the need for platforms to implement compliance management and to establish a blacklist system to address illegal activities [2][3]. Group 2: Industry Challenges - The complexity of the live e-commerce sector, with multiple participants and extended transaction chains, poses new regulatory challenges, necessitating a robust framework to manage risks [3]. - The regulation aims to enhance the responsibilities of live room operators and marketing personnel, ensuring accurate representation of products and services to prevent misleading advertising [3]. Group 3: Stakeholder Engagement - The formulation of the regulation involved extensive consultations through written research, field studies, and expert discussions to incorporate diverse opinions and suggestions [4]. - The next steps include refining the regulation based on public feedback before its implementation to foster the healthy development of the live e-commerce industry [4].

超头主播正设法调动消费者的新鲜感。6月15日，罗永浩以虚拟数字人的形式在百度电商直播，观看量超过300万人。无独有偶，近日薇娅的穿搭秀视频也在 粉丝中传播。今年"6·18"，超级主播们正设法为公司业务攒流量、拓渠道，带动新品牌的曝光。连直呼"实在没力气卖货"的辛巴，也为快手带动超40亿元的 销售额。 超级主播依然是直播机构的"灵魂人物"。尽管近年来他们努力低调，却依然躲不过流量危机感和公司的期待。 "翻新"IP吸引用户 大促期间打开百度优选渠道后，罗永浩于6月15日以虚拟数字人的形象再次在百度电商开播，带货零食坚果、粮油烘焙、洗护清洁等商品，直播近一个半小 时观看量超过300万人。 商业价值最大化 可以看出，在公司业务层面，该如何使"薇娅"这个超级IP与业务发展之间保持安全距离，谦寻依然比较谨慎。在获得不少网友关注后，小程序的封面图片从 薇娅更换成了其他模特。但无论如何，通过薇娅的穿搭秀，服饰品牌TOSEE确实在短期内积累了一大波人气，缩短了冷启动的时间。 无独有偶，身处直播幕后多年的薇娅于近日也走起了"穿搭秀"，由工作人员将视频转发给粉丝们。同时，"谦寻超级会员"小程序在6月12日再次开启了一波 服饰促销， ...

Core Viewpoint - The live e-commerce industry is set to face stringent regulations as a new management guideline has been introduced, clearly defining the responsibilities of platforms, live rooms, hosts, and marketing personnel, marking a significant shift towards compliance in the sector [1][5]. Group 1: Regulatory Changes - A comprehensive management guideline consisting of 57 articles has been released, which systematically clarifies the responsibilities of various stakeholders in the live e-commerce ecosystem [1]. - The new regulations aim to address long-standing issues such as false advertising, product mismatches, and inadequate after-sales service, which have persisted due to weak regulatory oversight and unclear responsibilities among platforms, hosts, and merchants [3][5]. Group 2: Industry Challenges - The live e-commerce sector has been plagued by frequent "failures" or scandals, leading to consumer dissatisfaction and a growing demand for accountability [2][3]. - The competitive landscape has seen problematic hosts repeatedly return to platforms after facing penalties, highlighting the need for more robust regulatory measures to ensure compliance and protect consumers [3][4]. Group 3: Stakeholder Responsibilities - The new regulations impose stricter responsibilities on platforms, including qualification verification, content review, risk identification, and violation handling, thereby enhancing their role in the live e-commerce ecosystem [5]. - Hosts are now required to provide truthful, accurate, and comprehensive information about products or services, which is a significant shift towards greater accountability [5][7]. Group 4: Technological Adaptation - The guidelines also address the use of new technologies, such as AI, mandating clear identification of AI-generated content to prevent consumer deception and safeguard their rights [5]. Group 5: Market Dynamics - The live e-commerce industry is characterized by three key elements: low prices, high traffic, and marketing risks, all of which will now be scrutinized under stricter regulations [6][7]. - Merchants will face not only the challenges of compliance adjustments but also a critical transformation that could impact their survival in the market [7].

"2025年1—5月，电子商务交易额16394.3亿元，同比增长6.1%。网络购物交易额7700.7 亿元，同比增长10.4%。"6月14日，记者从"2025上海数字生活 节"启动仪式获悉，6月13日至6月27日，本届数字生活节将带来80余场线上线下促消费活动，开启盛夏时节的消费盛宴。 乐享文娱票务，携程携手上海博物馆及全国文博景区，重磅推出"法老寻非遗"全国行；摩天轮举办"剧场生活节"推出演出票优惠券包，开设"云游沪上 剧场""剧场citiwalk路线"展示上海的文化旅游资源与缤纷玩法。还有大华虎城商圈标志性消费场景IP"大华夜巷"全面换新，老上海风格融入数字赛博新元 素，启幕"城中夏日汇"。 多元活动与消费场景融合 "2025上海数字生活节"作为上海年度线上重点促消费活动，旨在通过购物、服务等多元化消费融合、场景创新，推动数字消费创新发展，进一步释放消 费潜力，主要包括"2025新品进万家 精品盛典"及"智享生活、外贸优品、品质直播、数字商圈、数字服务、数商兴农"等六大活动板块。 市民可通过线上线下多种方式参与本次数字生活节。线上活动可通过各大电商平台、直播平台参与，享受优惠福利；线下活动，可前往徐汇区西 ...

网红主播美颜泛滥成灾，平时是美女，忘记开美颜瞬间变老太太，近日，一位网红在直播过程中不慎关 闭了美颜功能，瞬间从"妙龄美女"变成"老太太"的画面被网友截图疯传，引发了广泛热议，这一"翻 车"事件虽然令人啼笑皆非，却也再次将"过度美颜"这一直播行业中的普遍现象推上了舆论的风口浪 尖。 美颜技术早已不是什么新鲜玩意，无论是磨皮、瘦脸、大眼，还是自动补光、AI换脸，各类滤镜层出 不穷，足以将任何一张普通的脸庞，塑造成标准化的"网红脸"，而在平台推流、粉丝打赏的利益链条 中，美颜已然成为许多主播获取流量和收益的重要工具，甚至可以说是"门面担当"。 此次翻车事件虽然只是个别现象，但它所折射出的，却是整个行业亟需反思的现状：直播究竟要靠"真 实"打动人，还是继续用虚假的外壳包装所谓的"人设"，美颜本身并没有错，它本质上只是工具，是对 外貌的一种修饰，但一旦被滥用、过度依赖，便会变成欺骗的手段，失去了应有的度和界限。 对于观众而言，也应逐步提升媒介素养，认识到直播并非现实，屏幕里的"完美女性"很多都是技术产 物，不可轻信，更不可为之沉迷，对于平台和行业而言，更应思考是否该引入规范和监管，让美颜不再 成为谎言的遮羞布，而只是 ...