1、市场监管总局就《互联网平台反垄断合规指引（征求意见稿）》公开征求意见。详细列举互联网平 台可能发生的反垄断合规风险，引导平台经营者加强反垄断合规管理，有效预防和制止垄断行为的发 生，有利于营造公平竞争的市场环境。 2、国家卫生健康委："十四五"以来，我国不断完善生育政策体系和激励机制。9月开始申领的育儿补 贴，目前全国累计提交3170多万条申领信息，各地已经于本月中旬陆续开始发放育儿补贴。 今日关注 11月14日，外交部和中国驻日本使领馆郑重提醒中国公民近期避免前往日本。11月15日，继南航、国 航、东航三大航司后，川航、厦航、海航等多家航司发出通知，公布了涉及日本航线客票的特殊处置方 案，对于出行日期在12月31日之前，涉及日本相关航线且符合相关条件的客票，可予以免费退改处理。 宏观经济 3、第二十七届中国国际高新技术成果交易会正在深圳进行，本届高交会共设置国之重器重大装备、人 工智能与机器人、半导体、低空经济与商业航天、消费电子等22个专业展区，5000余项代表全球科技前 沿的新产品、新技术、新成果集中发布。 4、国家体育总局的最新数据显示，在我国，户外运动的人群已经超过4亿人。VR虚拟登山、夜间徒 ...

#图文作者引入成长激励计划#一纸稽查通知书撕开了电商行业的隐秘角落。嘉兴某电商企业因隐匿3.22亿元收入，最终补税+滞纳金+罚款合计924万元，综 合税负率2.87%的案例，揭开了行业潜规则的最后遮羞布。更触目惊心的是合肥某服装电商——隐匿收入4751万却被追缴增值税706万，税负率飙升至 14.8%，两者差距五倍的背后，藏着所有电商老板必须直面的生死选择题。 小规模纳税人的"温柔陷阱" 年销售额超500万却仍伪装小规模纳税人的企业，此刻正面临政策铁拳的精准打击。根据税总函〔2015〕311号文，稽查查补的销售额将按"未来适用法"界定 纳税人身份，但补缴增值税仍可享受小规模1%的征收率。叠加企业所得税按4%核定利润率×25%税率的1%成本，以及配合调查情形下0.5倍的罚款，综合成 本约3%。汕尾某电商补税204.6万罚款102.3万的案例证明，这是目前最温和的处罚组合。 更值得玩味的是罚款弹性空间。税收征管法规定的0.5-5倍罚款，在配合调查的企业身上普遍取下限值。浙江某电商通过及时提供真实资料，将罚款倍数从 基准1倍压至0.5倍，节省近百万元。这种"坦白从宽"的裁量空间，实为税务监管留给企业的最后逃生通道。 ...

"昨晚，一位投资者在社交平台晒出截图：他上周以928元/克购入的银行积存金，一夜之间跌到908元/克，单克亏损20元。 而更让他窒息的是，手机推送接 连弹出中概股暴跌提醒——阿里巴巴跌近4%，京东跌超4%，小鹏汽车跌逾5%。 '这感觉就像同时被两把刀捅中，一把叫流动性，一把叫基本面。 '他写 道。 讽刺的是，同一时间，美国纳斯达克指数低开高走最终收红。 市场分裂的背后，是美联储12月降息概率从一个月前的67%骤降至不足50%，而第三个隐藏风险，正悄悄浮出水面。 " 美联储"变脸"，全球资产一夜入冬 2025年11月14日夜间，芝加哥商品交易所的FedWatch工具显示，市场对美联储12月降息的预期已暴跌至50%以下。 而在一个月前，这一概率还高达67%。 这种逆转并非空穴来风——堪萨斯城联储主席杰夫·施密德公开表态："进一步降息可能让高通胀死灰复燃。 "达拉斯联储行长洛根更是直接暗示："除非数据出现令人信服的恶化，否则很难支持再次降息。 " 美元指数应声冲上99.7，创下8月以来新高。 美元走强如同一声哨响，全球资金迅速撤离高风险资产。 比特币跌破10万美元关口，24小时内近17万人爆仓， 爆仓金额高达7.0 ...

四十年风雨兼程，中国商业走出了一条极具时代特色的发展之路——从计划经济时期的"统购统销"，到市场经济浪潮中的"百花齐放"，再到如今各类新消 费场景花样上新，"适配多元个性"成为商业发展新方向。其中，每一次业态突破、模式革新，每一项技术应用、服务升级，都持续照亮中国商业高质量发 展前路。 值此中国商报社成立40周年之际，为深入挖掘中国商业发展历程中的标杆力量，总结推广新时代商业创新成果，"商报四秩・推动中国商业进程四十年案 例""2025年度中国商业创新金鼎典范"两大征集活动火热启动，面向全国公开征集符合标准的单位、项目及个人案例，以典型示范案例梳理行业发展脉 络、引领创新方向，共同讲述中国商业的时代故事，为中国商业高质量发展注入新动能。 此次案例征集不仅是对中国商业四十年发展成就的系统回顾，更是对当下商业创新趋势的深度洞察，将为行业提供可借鉴、可复制的宝贵经验，助力中国 商业实现更高质量跨越。 守心致远 商业四秩筑新基 "作为改革开放践行者、受益者，改革开放以后，中国企业发展特别迅速。大多数都是从个体户开始，然后发展到股东公司、企业集团。特别是这几年， 民营企业发展越来越好，这些都依靠党的政策。"我国第一位个 ...

Core Insights - HHLR Advisors, a fund management platform under Hillhouse Capital, reported a total stock holding value of $4.1 billion as of the end of Q3 2025, marking an increase of $990 million (approximately 700 million RMB) or 32% from the previous quarter [1][3] Group 1: Investment Actions - HHLR's primary focus for Q3 was on increasing positions in Chinese concept stocks, notably initiating a position in Baidu and adding to existing holdings in Alibaba and Pinduoduo [1][10] - The top ten holdings of HHLR as of Q3 included Pinduoduo, Alibaba, Futu Holdings, Webull Corp, BeiGene, Baidu, Legend Biotech, NetEase, Arrivent Biopharma, and KE Holdings, with Pinduoduo being the largest holding [3][12] - Baidu entered HHLR's top ten holdings for the first time, with a total of 1.641 million shares acquired, reflecting a significant stock price increase of 54% in Q3 due to advancements in AI commercialization and self-developed chip breakthroughs [4][10] Group 2: Performance of Holdings - Several of HHLR's major holdings performed exceptionally well in 2025, with Pinduoduo's stock price increasing over 30%, Futu Holdings rising more than 120%, and Alibaba's stock price also exceeding 100% [3][4] - The investment trend towards technology stocks was echoed by other large asset management firms, indicating a broader consensus on the potential of the tech sector [6][7] Group 3: Market Trends - The overall sentiment among private equity professionals suggests optimism towards AI-driven sectors and innovative pharmaceuticals, which are seen as key to future growth and national competitiveness [8] - Berkshire Hathaway also entered the tech space by acquiring shares in Google-A for the first time, holding approximately 17.85 million shares valued at about $4.34 billion, indicating a growing interest in technology stocks [7]

Core Insights - The 17th Tmall Double 11 event achieved the best growth in four years, with nearly 600 brands surpassing 100 million in sales and 34,000 brands doubling their growth compared to last year [1] - Tmall's strategic focus on brand growth, instant retail, and AI has redefined its development path and played a crucial role in the e-commerce industry's transition to high-quality growth [1] Group 1: Simplification of Promotions - Tmall has simplified its promotional strategies by eliminating complex discount rules, opting for direct price reductions and clearer offers, which enhances consumer experience and reduces marketing costs for brands [2][3] - The platform emphasized "GMV after refunds" as a key performance indicator, promoting a focus on genuine consumer demand and sustainable growth for brands [2] Group 2: Support for Quality Brands - Tmall's "support for quality" strategy has been implemented to foster the growth of high-quality and innovative brands, shifting competition from price wars to value-based competition [4] - The results of this strategy were evident in the Double 11 event, with 406 new brands achieving top category sales, including 26 brands surpassing 100 million in sales [4] Group 3: Instant Retail Growth - Instant retail has emerged as a new battleground for major platforms, with Tmall's instant retail orders during Double 11 increasing by over 200% year-on-year [7] - Tmall's strategic investment in instant retail aims to transition from an e-commerce platform to a comprehensive consumer platform, enhancing user engagement and market presence [7][8] Group 4: AI Integration - AI technology has been integrated into Tmall's operations, marking this Double 11 as the first "AI Double 11," enhancing both consumer shopping experiences and merchant operational models [9][10] - The application of AI across the e-commerce chain is expected to drive efficiency and innovation, transitioning the industry from a "traffic-driven" model to an "intelligent-driven" model [10][11] Group 5: Industry Evolution - The evolution of the Double 11 event reflects the broader trajectory of China's digital economy, moving towards a new phase characterized by quality, efficiency, and technology [11]

【导读】高瓴旗下HHLR Advisors三季度末美股持仓曝光 新进百度集团 三季度，HHLR Advisors大举加仓了拼多多、阿里巴巴等，新进百度集团、满帮集团等公司，但是减持了富途控股、网易、 逸仙电商等，清仓了京东、唯品会、理想汽车等。 今年三季度末，HHLR Advisors持有中概股的市值，占其持仓总市值的比例超过90%，继续成为核心配置，显示了其对中国 优质资产的长期看好。数据显示，三季度该公司新买进5只股票，增持4只股票；清仓8只股票，减持4只股票。 该公司的前十大重仓标的，包括拼多多、阿里巴巴、富途控股、微牛证券、百济神州、百度集团、传奇生物、网易、贝壳 等，前十大重仓股占总持仓的比例为93.46%。 | | | | 高瓴旗下HHLR今年三季度末美股前15大重仓 | | | | --- | --- | --- | --- | --- | --- | | 排名 | 证券代码 | 证券简称 | 持有市值 | 持有数量 | 较上季度变化情况 | | | | | (万美元) | (万股) | | | 1 | PDD | 拼多多 | 113568.39 | 859.26 | 增持161.58万股 | ...

【重点关注】 ·第三轮第五批中央生态环境保护督察全面启动对中国华电等5家企业进驻1个月 ·历时不到4个月宇树科技IPO辅导完成 ·美国免除部分农产品"对等关税" 媒体称迫于物价上涨压力 ·证监会官网披露，宇树科技股份有限公司首次公开发行股票并上市辅导工作完成。经新华财经查阅， 宇树科技的IPO辅导备案时间为2025年7月18日，中信证券作为辅导机构出具辅导工作完成报告的时间 为2025年11月10日，辅导工作历时不到4个月，期间指派的辅导工作人员共24人。 ·中国广核集团日前正式发布自主研发的"新一代智能工控系统产品集（iNICS）"。该系统深度融合数字 孪生与人工智能技术，实现100%国产化，标志着我国核电仪控系统在数智化领域实现引领性突破。 ·数据显示，天猫"双11"全周期，近600个品牌成交破亿元，34091个品牌同比增长翻倍，18048个同比增 长超3倍，13081个同比增长超5倍，均超去年同期。其中，苹果、海尔、美的、源氏木语、小米、斐 乐、老铺黄金、骆驼、华为、耐克等品牌成交破10亿元。天猫总裁家洛透露，天猫实现了四年以来"双 11"全周期最好的一次增长（剔除退款后成交）。 【国际要闻】 【国内要 ...

11月14日，各家电商平台大促活动基本落幕，这个史上最长"双11"，正以深刻的场景变革悄然改写消费格局。AI服务普及、即时零售兴起， 让"狂欢式购物"向"体验式消费"转型；国家贴息政策落地分期免息，让金融服务顺滑地嵌入消费场景，推动市场从"价格战"走向"价值战"，为 提振消费、扩大内需注入持久动能。 这份"真金白银的实惠"，源自今年双11的政策落地创新实践。在国家1%个人消费贷贴息政策引导下，淘宝天猫联合平台商家加码补贴，上 线"国家贴息"商品专区，过亿款商品支持花呗分期免息，让政策红利直接触达消费终端。 对于商家而言，有国家财政资金补贴消费者，原本用于促销的预算，就可以拿来为消费者提供更多的分期免息商品，拉高分期免息的期数，借 助金融工具，让更多消费者"能消费、愿消费"，进而拓展品牌的客群边界。 这一消费者与商家共赢式的举措，是国家提振消费战略的重要探索。中国社科院金融所银行研究室副主任王增武指出，近期发布的十五五规划 建议再次强调"大力提振消费"，而提振消费需要社会多方协力。 "从双11国家贴息应用到分期免息场景看，国家实现消费补贴的精准滴灌，平台商家带动了自身销量增长，消费者也得到真金白银的实惠，是 国 ...

Core Insights - The 17th "Double 11" event showcases the vitality and resilience of the Chinese consumer market, achieving the best growth in four years for Tmall [1] - The event reflects significant changes in consumer behavior and market dynamics, driven by AI integration, upgraded merchant supply, and the introduction of instant retail [3][5] Group 1: AI Integration - This year's "Double 11" is marked as the first fully AI-integrated event, enhancing efficiency in traffic matching, cost reduction for merchants, and introducing new AI shopping guide products [5] - AI applications have transformed the consumer experience, allowing for more natural and efficient interactions, thus addressing pain points like information overload and decision-making difficulties [7] - The integration of AI across the supply chain has improved operational efficiency, enabling merchants to focus on brand and product innovation [7] Group 2: Instant Retail and New Consumption Scenarios - The introduction of instant retail during "Double 11" aims to create a more inclusive ecosystem, tapping into the growing market potential, with an expected market size of over 1.4 trillion yuan and a compound annual growth rate of 25% over the next five years [9] - Instant retail has shown significant growth, with platforms like Taobao integrating it into their offerings, leading to substantial increases in transaction volumes for various brands [10] - The "big consumption" model has been validated during "Double 11," demonstrating the potential for cross-scenario consumption and enhancing consumer engagement across multiple platforms [12] Group 3: Brand Innovation and Quality Supply - "Double 11" serves as a showcase for brand innovation, with trends like "scientific skincare" and "localized home renovation" driving significant sales growth across various categories [14] - The event has seen a surge in new product launches, with nearly 40,000 brands introducing 2.45 million new products, reflecting a 46% increase year-on-year [14] - Platforms are leveraging digital capabilities to support high-quality supply, fostering innovation and growth among premium brands [15] Group 4: Economic Implications - The robust performance during "Double 11" indicates the ongoing release of market dividends in China, with optimistic prospects for expanding domestic circulation [17] - The event highlights the alignment of innovative practices with national economic development goals, contributing to high-quality economic growth [17]