主播&达人 1、李佳琦退出名下美愿公司 天眼查工商信息显示，北京美愿企业管理有限公司发生工商变更，李佳琦、戚振波等人退出股东行列，新增冰吉零（上海）网络科技有限公司为股东。 | 变更记录 6 0 ■ | | | | 局 数据纠错 | 变更项目 · | 变更时间 ~ | 司 导出 | 爬天眼查 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 序号 | 变更日期 | 变更项目 | 变更前 李佳琦 持股比例:39.8082% 认缴出资额:40.2103万元 【退出】 | 变更后 | | | | >> | | | | | 森子元 特股比例:3.7534% 认缴出资额:3.7913万元 【退出】 | | | | | | | | | | 康振波* 持股比例:34.4504% 认缴出资额:34.7984万元【退出】 郑明 持股比例:8.1222% 认缴出资额:8.2042万元【退出】 王瑞 持股比例:4.5772% 认缴出资额:4.6234万元【退出】 | | | | | | | | | 投资人变更(包括出资 | 蔚英辉 持股比例:2.9127% 认缴 ...

唯品会控股有限公司(唯品会)是中国领先的品牌折扣电商平台，也是中国大型综合电商中专注于运 营"品牌特卖"折扣产品的标杆企业。中金唯品会奥莱REIT以中国浙江省宁波市杉井奥特莱斯项目作为 底层资产，具备优异的资产品质与可持续运营能力，是国内奥特莱斯领域的标杆性项目之一。中金唯品 会奥莱REIT的成功上市，为消费基础设施引入长效资金，为居民消费升级提供优质场景，为扩大内需 和双循环注入可持续新动能，亦为稳定并活跃资本市场、助力国民经济持续回升贡献力量。 集团未来将坚定不移地持续加大在中国核心智能基础设施不动产领域的投资布局，依托全产业链协同效 应及REITs领域先发优势，持续深化与国内头部商业运营商和产业方的合作，为基础设施资产的高效盘 活与价值提升注入更强动力。 首程控股(00697)发布公告，近日，集团所属首程基石旗下公司(公司全资附属公司)参与管理的北京平准 基础设施不动产股权投资基金合伙企业(有限合伙)(北京平准基金)投资中金唯品会奥特莱斯封闭式基础 设施证券投资基金(中金唯品会奥莱REIT)。本次投资将进一步盘活存量资产，推动居民消费升级和扩大 内需，为消费基础设施发展注入了新动能。 ...

Core Viewpoint - The investment by Shoucheng Holdings in the CICC Vipshop Outlets REIT aims to revitalize existing assets, promote consumer upgrades, and expand domestic demand, injecting new momentum into the development of consumer infrastructure [1] Company Summary - Shoucheng Holdings' subsidiary, Shoucheng Jicheng, is participating in the management of the Beijing Pingzhun Infrastructure Real Estate Equity Investment Fund, which is investing in the CICC Vipshop Outlets REIT [1] - Vipshop Holdings Limited is recognized as a leading brand discount e-commerce platform in China, focusing on "brand special sale" discount products [1] - The CICC Vipshop Outlets REIT is based on the Shanjing Outlets project in Ningbo, Zhejiang Province, showcasing excellent asset quality and sustainable operational capabilities [1] Industry Summary - The successful listing of the CICC Vipshop Outlets REIT introduces long-term capital into consumer infrastructure, providing quality scenarios for consumer upgrades and contributing to the expansion of domestic demand and dual circulation [1] - The investment strategy of Shoucheng Holdings emphasizes a commitment to increasing investments in China's core intelligent infrastructure real estate sector, leveraging the first-mover advantage in the REITs field [1] - The company aims to deepen cooperation with leading domestic commercial operators and industry players to enhance the efficient revitalization and value enhancement of infrastructure assets [1]

Core Viewpoint - The investment by Shou Cheng Holdings in the CICC Vipshop Outlets REIT aims to revitalize existing assets and promote consumer upgrades, injecting new momentum into the development of consumer infrastructure [1] Company Summary - Shou Cheng Holdings' subsidiary, Shou Cheng Ji Shi, is participating in the investment of the Beijing Pingzhun Fund, which is managing the CICC Vipshop Outlets REIT [1] - The CICC Vipshop Outlets REIT is based on the Shanjing Outlets project in Ningbo, Zhejiang Province, recognized for its high asset quality and sustainable operational capabilities [1] - The successful listing of the CICC Vipshop Outlets REIT introduces long-term capital into consumer infrastructure, providing quality scenarios for consumer upgrades and contributing to the stabilization and activation of the capital market [1] Industry Summary - The investment is positioned to support the expansion of domestic demand and the dual circulation strategy, contributing to the continuous recovery of the national economy [1] - The company plans to increase its investment in China's core intelligent infrastructure real estate sector, leveraging its first-mover advantage in the REITs field and enhancing collaboration with leading domestic commercial operators [1]

招商证券国际将汇通达解读为"独具优势的下沉市场AI+电商领导者"，分析称：公司已在广阔的下沉市 场建立卡位优势，公司核心业务增长稳健、毛利率等盈利能力指标明显改善，印证转型初步成效显著， 同时AI+SaaS成为第二增长引擎，支持汇通达长期乐观的盈利增长前景。 智通财经APP获悉，近日，花旗、第一上海、招商证券国际、浦银国际等相继发布关于汇通达网络 (09878)的最新研报。基于公司2025年中期业绩以及与阿里云达成全栈AI全面合作等，机构普遍认可汇 通达战略转型成果，对公司"AI+智慧供应链"的增长驱动力表达信心，给予"买入"评级，部分目标价至 23港元。 第一上海评论指出，汇通达盈利指标创历史新高，显示出2024年下半年以来的战略转型路径有效、经营 质量持续优化——公司AI+SaaS业务升级显著，凭借与阿里云合作，获得强大技术实力与算力支持，将 联合打造"小店大模型智能体"，整合下沉市场数据资产，推动服务模式向"SaaS软件+AI Agent+内容运 营"升级，且自营商品、自有品牌、头部品牌合作等供应链能力持续升级，为长期增长注入强劲动力。 本月，花旗银行、浦银国际等境外券商最新研报中重申汇通达"买入"评级 ...

招商证券国际将汇通达解读为"独具优势的下沉市场AI+电商领导者"，分析称：公司已在广阔的下沉市 场建立卡位优势，公司核心业务增长稳健、毛利率等盈利能力指标明显改善，印证转型初步成效显著， 同时AI+SaaS成为第二增长引擎，支持汇通达长期乐观的盈利增长前景。 近日，花旗、第一上海、招商证券国际、浦银国际等相继发布关于汇通达网络(09878)的最新研报。基 于公司2025年中期业绩以及与阿里云达成全栈AI全面合作等，机构普遍认可汇通达战略转型成果，对 公司"AI+智慧供应链"的增长驱动力表达信心，给予"买入"评级，部分目标价至23港元。 第一上海评论指出，汇通达盈利指标创历史新高，显示出2024年下半年以来的战略转型路径有效、经营 质量持续优化——公司AI+SaaS业务升级显著，凭借与阿里云合作，获得强大技术实力与算力支持，将 联合打造"小店大模型智能体"，整合下沉市场数据资产，推动服务模式向"SaaS软件+AI Agent+内容运 营"升级，且自营商品、自有品牌、头部品牌合作等供应链能力持续升级，为长期增长注入强劲动力。 本月，花旗银行、浦银国际等境外券商最新研报中重申汇通达"买入"评级，目标价上探至23港元 ...

买的衣服货不对板、办的健身卡商家跑路、网上充值后服务消失……消费纠纷 【下载黑猫投诉客户 端】往往突如其来，不少人因选错维权渠道走了弯路。其实，维权的关键在于"对症选渠道"——不同消 费场景对应着不同的解决路径，找对方法才能让权益主张更高效。 一、线上购物：官方监管与网络平台双管齐下 （1）核心优势：响应快、对接准、监督强 企业直连机制：入驻企业需绑定专属客服账号，消费者提交投诉后，平台会通过系统推送、短信提醒等 方式"直达"企业处理端，避免了传统投诉中"层层转达"的耗时问题。多数头部企业可在1–2个工作日给 出回应，实际响应时间视企业而异。 公开监督效应：投诉内容经审核后会公开展示（可隐藏隐私信息），包含投诉时间、企业回复状态、消 费者满意度等信息。若企业拖延或敷衍处理，公开的投诉记录会直接影响其品牌口碑。平台设有"红黑 榜"机制，定期公布企业投诉处理效率、完结率、满意度等数据，形成对企业服务质量的长期公开监 督，尤其影响依赖线上流量的企业行为。 多端联动便捷性：支持官网、APP、小程序多端提交投诉，消费者可随时查询进度，还能参考同类问题 的解决方案，降低维权门槛。 （2）实用技巧 投诉内容优化：明确标注" ...

Core Viewpoint - Consumer rights protection is not complicated; following a systematic approach can help resolve issues effectively [8] Step-by-Step Summary - **Step 1: Keep Evidence** Essential documents such as order numbers, payment receipts, chat records, and invoice photos are crucial for subsequent complaints [2] - **Step 2: Utilize Internal Platform Channels** E-commerce platforms offer "advance compensation," while food delivery and ride-hailing apps have order dispute entry points. Payment disputes can be directly reported to Alipay, WeChat Pay, or UnionPay [3] - **Step 3: Escalate to Regulatory Authorities** If platform resolution fails, consumers can use institutional channels like the 12315 national consumer rights protection hotline or the Black Cat Complaint platform to escalate issues to local market regulatory departments [4] - **Step 4: Use Social Complaint Platforms** Third-party platforms like Black Cat Complaint allow for quick review and public display of complaints, providing transparency and visibility for consumers [5] - **Step 5: Leverage Public Opinion Channels** The People's Daily Online message board can be used to escalate issues to local governments or relevant departments, drawing public attention to unresolved problems [6] - **Step 6: Legal Protection as a Last Resort** If merchants refuse to take responsibility, small claims court can be considered, which has simplified processes and lower costs, suitable for minor amounts with poor merchant attitudes [7]

Group 1: Company Strategy and Management - The management team of Alibaba has stabilized after multiple adjustments, focusing on consumer and AI + cloud strategies [1] - Starting from the fiscal year 2026, Alibaba will reorganize its business into four major segments, emphasizing a technology platform centered on AI + cloud and a consumer platform integrating shopping and lifestyle services [1] Group 2: E-commerce Business - The core e-commerce business (Taobao and Tmall) is prioritizing GMV growth while gradually abandoning low-price strategies under the leadership of CEO Wu Yongming [2] - The company is expected to maintain a year-on-year increase in monetization rate, achieving approximately 10% growth in CMR due to product and service fees [2] - Profit margins have been declining due to intense competition, and the company may continue to subsidize merchants and users to achieve GMV growth, potentially leading to further profit margin declines [2] Group 3: Instant Retail - The instant retail market is projected to exceed 3 trillion by 2030, representing over 16% of the e-commerce market, necessitating Alibaba's active engagement [3] - Short-term investments in instant retail may lead to over 70 billion losses in fiscal year 2026, but long-term prospects include contributing over 1 trillion GMV [3] - The focus will be on enhancing synergies between instant retail and e-commerce, as well as optimizing user experience in terms of user structure, order structure, and fulfillment efficiency [3] Group 4: Cloud Business - The global cloud market is expected to reach approximately 820 billion in 2024, with China's public cloud accounting for about 5.6% [4] - Alibaba Cloud, as a pioneer in domestic cloud services, holds about one-third of the domestic market share and is experiencing accelerating revenue growth [4] - The demand for cloud services is expected to continue growing, driven by AI and large models, with Alibaba's extensive AI model and application layout positioning it well in the market [4] Group 5: Investment Outlook - The company is committed to investing in AI + cloud and the integration of shopping and lifestyle services, which are seen as historic strategic opportunities [5] - Revenue projections for fiscal years 2026-2028 are 1,064.3 billion, 1,181.7 billion, and 1,286.6 billion, with adjusted net profits of 126.6 billion, 167 billion, and 193.8 billion [5] - The adjustments reflect a 6% decrease in 2026 due to high investment levels, while maintaining an "outperform the market" rating [5]

Core Viewpoint - CITIC Securities has issued a "buy" rating for Alibaba-W (09988), highlighting the company's significant financial advantages and predicting a dual oligopoly competition landscape in the medium term [1] Group 1: Financial Projections - The firm anticipates that Alibaba could contribute an additional 1 trillion GMV from FY2026 to FY2028 through its dual-mode development strategy across all categories [1] - The report projects that the steady-state profitability contribution from the flash purchase business could reach 18.3 billion yuan, with a potential market value increase of nearly 200 billion yuan by 2026 under optimistic valuation scenarios [1] Group 2: Strategic Developments - Since February 2025, the three major platforms have upgraded their layouts by entering the instant retail sector through food delivery services, which serve as a high-frequency entry point to drive local life and e-commerce businesses [1] - Alibaba's "One Taobao" strategy has been upgraded, with organizational adjustments for better synergy and comprehensive integration of member benefits [1] Group 3: Market Positioning - The launch of the flash purchase service has significantly improved user acquisition and retention, leveraging the advantages of e-commerce merchants to create differentiated competition in categories such as apparel, electronics, and beauty products [1] - The rapid replenishment of delivery personnel is enhancing operational capacity, positioning Alibaba to capture future retail market opportunities [1]