政策出炉，红线划定，直播电商猛踩刹车。1月7日，市场监管总局、国家网信办联合对外公布近日制定 的《直播电商监督管理办法》(以下简称《办法》)，聚焦直播电商平台经营者(平台)、直播间运营者(商 家)、直播营销人员(主播)、直播营销人员服务机构(MCN机构)四类主体，压实责任义务，完善监管机 制。同日召开的市场监管总局2026年首场专题新闻发布会，正是聚焦《直播电商监督管理办法》与《网 络交易平台规则监督管理办法》。新规联袂出台，意味着平台经济尤其网络交易、直播电商等热门领 域，其发展和治理走向新阶段，成为多数受访企业和专家的共识。 平台商家主播机构责任划清 市场监管总局网监司司长朱剑桥表示，《办法》结合直播电商行业特点，细化了《电子商务法》等法律 规定，进一步明确不同主体的法律责任，构建了全链条责任体系。 具体来看，在压实直播电商平台经营者责任方面，从事前、事中、事后三个维度，系统规定了平台在身 份信息核验登记、信息报送、直播营销人员培训、直播间运营者分级分类管理、平台内违法行为处置、 风险识别及处置、交易信息保存、消费者权益保护等方面的责任义务。 在压实直播间运营者、直播营销人员责任方面，《办法》划定了直播间 ...

Market Overview - The A-share market experienced a slight increase on Wednesday, with the Shanghai Composite Index rising by 0.05% to close at 4085.77 points, and the Shenzhen Component Index increasing by 0.06% [1][7] - The total trading volume in the Shanghai and Shenzhen markets reached 2.85 trillion yuan [1][7] - In terms of industry performance, coal, electronics, and telecommunications sectors led the gains, while oil and petrochemicals, non-bank financials, and beauty care sectors lagged [1][7] - Concept sectors such as photoresists, newly listed technology stocks, and storage chips saw increases, while DRG, internet insurance, and brain-computer interface sectors declined [1][7] - The Hong Kong market saw the Hang Seng Index drop by 0.94% to 26458.95 points, and the Hang Seng Tech Index fell by 1.49% [1][7] Important News - The Ministry of Industry and Information Technology and eight other departments issued the "Implementation Opinions on the Special Action of 'Artificial Intelligence + Manufacturing'", aiming for key AI technologies to achieve reliable supply by 2027, with a focus on high-level intelligent computing infrastructure [2][8] - The State Administration for Market Regulation and the National Internet Information Office jointly released the "Supervision and Management Measures for Live E-commerce", targeting issues such as false marketing and counterfeit products in the live e-commerce sector [2][8] Industry Insights - In 2025, the FDA approved 46 new drugs, marking a decline in the number of approvals compared to 2024 and 2023, but the types of approved drugs were diverse and highly innovative [9][10] - The majority of the new drugs approved by the FDA in 2025 were focused on oncology, covering various solid tumors and hematological malignancies, with 34 new drugs undergoing special review processes [10] - Major multinational pharmaceutical companies led in new drug approvals, with notable approvals from Merck, Eli Lilly, Boehringer Ingelheim, and GlaxoSmithKline, while domestic companies like Zhongshan Kanfang Biopharmaceutical and Jiangsu Dize Pharmaceutical also received FDA approvals [10] - Investment recommendations suggest focusing on cutting-edge technology platforms, particularly those with ADC, siRNA, and cell gene therapy capabilities, and companies with global competitive research pipelines [10][12]

21世纪经济报道记者章驰 1月7日上午，市场监管总局召开《网络交易平台规则监督管理办法》《直播电商监督管理办法》专题新 闻发布会。市场监管总局网监司司长朱剑桥介绍，办法将规范数字人直播，把数字人主播等人工智能生 成内容纳入监管，避免新技术成为生成或传播虚假信息的"挡箭牌"，促进人工智能技术在直播电商领域 的规范应用。明确规定使用人工智能生成的人物图像、视频从事直播电商活动的，应当进行标识，并持 续向消费者提示。 ...

Core Viewpoint - The recent issuance of the "Regulations on the Supervision and Management of Online Trading Platforms" and the "Supervision and Management Measures for Live E-commerce" aims to create a fair, transparent, and trustworthy online trading ecosystem, emphasizing the responsibilities of platforms and protecting the rights of operators and consumers [1][2]. Group 1: Live E-commerce Regulations - The "Supervision and Management Measures for Live E-commerce" focuses on four main entities: platform operators, live stream room operators, live marketing personnel, and service agencies for live marketing, establishing clear responsibilities and regulatory boundaries [2]. - The regulations include measures to control traffic and incorporate artificial intelligence-generated content into the regulatory framework to prevent the misuse of new technologies for spreading false information [2]. - Specific actions that platform operators must take in response to violations by live stream operators and marketing personnel include warnings, limiting functionalities, suspending live broadcasts, and blacklisting offenders [2]. Group 2: Online Trading Platform Regulations - The "Regulations on the Supervision and Management of Online Trading Platforms" addresses issues such as "refund only," "choose one from two," and "big data discrimination," aiming to protect the rights of all parties involved [3]. - The regulations prohibit platforms from unreasonably restricting operators' autonomy, charging unreasonable fees, or imposing unfair penalties, thereby safeguarding the rights of merchants and consumers [3]. - The regulations further detail specific illegal practices, including "choose one from two," charging without providing services, forced low-price dumping, and coercing participation in promotional activities with fees [3].

近期，被视为"直播经济风向标"的杭州丽晶国际中心，因为租金下降、租客减少等情况，再次被放到聚 光灯下。一时间，"网红经济"撤离杭州的猜测甚嚣尘上。 杭州直播电商经济真的"熄火"了吗？证券时报记者多方采访发现，所谓直播电商经济撤离争议背后，是 直播电商行业从粗放增长的高速期向精细化运营的转型期过渡。当前，直播经济市场格局、竞争规则正 全面重构，直播电商行业站在了新起点。多家头部直播电商机构及从业者均表示，杭州对直播电商核心 资源的吸引力从未减弱，其产业生态的核心优势依然稳固。 迁移还是迭代？ 在杭州市钱江世纪城核心地段矗立了10多年的丽晶国际，有着"杭州网红第一大楼"的称号。丽晶国际于 2015年完工，是一座总面积超过26万平方米的超大单体建筑，这里曾聚集以直播电商为主的新经济业 态，2023年该楼入驻的企业中有25%与直播相关，涉及短视频策划、国潮品牌孵化等领域，曾被视作杭 州直播电商经济最具代表的地标之一。 证券时报记者近日走访丽晶国际中心发现，目前该大楼确实有部分楼层存在空置的情况，一些曾经热闹 的直播单间也变得冷清。 "丽晶国际现在比2018、2019年高峰期时热度降低了很多，这栋大楼里做网红直播的人较 ...

•人民银行公告，为保持银行体系流动性充裕，2026年1月8日，中国人民银行将以固定数量、利率招标、多重价位中标方式开展11000亿元买断式逆回购操 作，期限为3个月（90天）。（新华财经） •人民银行数据显示，截至2025年12月末，黄金储备报7415万盎司（约2306.323吨），环比增加3万盎司（约0.93吨），为连续第14个月增持。国家外汇管理 局数据显示，截至2025年12月末，我国外汇储备规模为33579亿美元，较11月末上升115亿美元，升幅为0.34%。至此，我国外汇储备规模已连续5个月上 升，且全年始终稳定在3.2万亿美元上方。（新华财经） •市场监管总局网监司司长朱剑桥7日表示，市场监管总局和国家网信办近日联合发布了《直播电商监督管理办法》。办法针对直播电商行业特点，强化监管 手段，将流量管控纳入监管工具箱；将数字人主播等人工智能生成内容纳入监管，避免新技术成为生成或传播虚假信息的"挡箭牌"，促进人工智能技术在直 播电商领域的规范应用。此外，办法将私域直播纳入调整范围，要求其他网络服务提供者根据具体服务内容依法履行相应的平台经营者义务。（新华财经） 转自：新华财经 •八部门聚力推出"人工智能 ...

办法聚焦直播电商平台经营者、直播间运营者、直播营销人员、直播营销人员服务机构四类主体，压实 责任义务，划定行为红线，完善监管机制。 据新华社北京1月7日电 记者7日从市场监管总局获悉，市场监管总局和国家网信办近日联合发布《直播 电商监督管理办法》。 办法明确划定了行为红线，直播间运营者、直播营销人员不得进行虚假宣传、不得进行商业诋毁、不得 销售或者提供违法商品或者服务等。同时，明确了直播间运营者的义务，包括信息公示、核验实际经营 者信息和直播营销人员身份信息、实时管理直播间互动内容、事前合规审核、实施明码标价等方面。 办法规定，直播营销人员服务机构应当建立健全内部管理制度，规范直播营销人员的招募、培训、使 用、管理等，在与直播间运营者的商业合作以及直播选品中履行必要的核验义务。 办法系统规定了直播电商平台经营者的责任义务，包括身份信息核验登记、信息报送、直播营销人员培 训、直播间运营者分级分类管理、平台内违法行为处置、风险识别及处置、交易信息保存、消费者权益 保护等方面。 ...

市场监管总局和国家网信办近日联合发布《直播电商监督管理办法》，加强直播电商监督管理，保护消 费者和经营者合法权益，促进直播电商健康发展。 回应技术发展，规范数字人直播。办法将数字人主播等人工智能生成内容纳入监管，避免新技术成为生 成或传播虚假信息的"挡箭牌"，促进人工智能技术在直播电商领域的规范应用。 强化协同治理，构建跨部门跨平台监管合力。办法推动监管部门之间联动处置，规定了市场监管部门与 网信部门之间的线索移交、信息共享、会商研判等协作机制。同时建立监管部门与平台之间的协同处置 制度，以推动发挥各自优势，形成治理合力。 （文章来源：人民日报） 压实主体责任，构建全链条监管体系。办法细化了电子商务法等法律规定，从事前、事中、事后三个维 度，进一步明确直播电商平台经营者、直播间运营者、直播营销人员、直播营销人员服务机构等主体的 法律责任。 创新监管工具，强化流量监管机制。办法针对直播电商行业特点，强化监管手段，将流量管控纳入监管 工具箱，明确规定市场监管部门、网信部门将直播间运营者、直播营销人员、直播营销人员服务机构违 法情况通报直播电商平台经营者的，直播电商平台经营者应当对相关主体及时采取警示、限制功能、限 ...

Core Viewpoint - The decline in rental prices and the reduction of tenants in the Regin International Center in Hangzhou, a symbol of the live-streaming economy, does not indicate the retreat of the live-streaming e-commerce industry but rather a transition from rapid growth to refined operations [1][3]. Industry Transition - The live-streaming e-commerce industry is moving from a phase of "barbaric growth" to a stage of "mature differentiation," driven by increased competition, stricter regulations, and the need for professionalization [3][4]. - The industry is experiencing a shift from a focus on traffic acquisition to refined operations, emphasizing efficiency and sustainability [5][6]. Market Dynamics - The rental prices in the Regin International Center have decreased by 500 to 1000 yuan per month, reflecting normal market adjustments rather than a decline in the industry [2][3]. - The number of businesses related to live-streaming in the Regin International Center has decreased, with only 25% of the tenants being involved in live-streaming-related activities [2]. Growth Projections - The live-streaming e-commerce market in China is projected to reach a transaction scale of 5.33 trillion yuan in 2024, with a year-on-year growth of 8.31%, and is expected to increase to 5.6 trillion yuan in 2025 [4]. Technological Advancements - The integration of AI and new technologies is becoming crucial in various aspects of the live-streaming e-commerce industry, including product selection, efficiency optimization, and content creation [5][6]. - Companies are investing heavily in technology to enhance operational efficiency, with some institutions developing comprehensive live-streaming service platforms [6]. Competitive Landscape - Hangzhou remains a vital hub for live-streaming e-commerce, housing the largest number of MCN institutions and live-streaming practitioners in China, which contributes to its unmatched industry concentration [7][8]. - The city has a complete ecosystem for live-streaming e-commerce, including upstream supply chains, midstream live-streaming institutions, and downstream e-commerce platforms [9]. Talent and Resource Availability - The availability of abundant resources and skilled personnel in Hangzhou continues to attract live-streaming e-commerce professionals, reinforcing the city's position as a leading center for the industry [7][8].

Core Viewpoint - The new regulations introduced by the State Administration for Market Regulation and the National Internet Information Office aim to enhance the supervision of online trading platforms and live e-commerce, focusing on platform responsibilities and consumer protection. Group 1: Regulation of Live E-commerce - The "Live E-commerce Supervision Management Measures" strengthen regulatory tools by including traffic control and AI-generated content, such as digital human anchors, to prevent the misuse of technology for spreading false information [1] - Live e-commerce platforms are required to take immediate action against violations reported by regulatory authorities, including warnings, limiting functions, and account closures [2] - The measures also mandate that AI-generated images and videos used in live e-commerce must be clearly labeled and continuously disclosed to consumers [2] Group 2: Protection of Platform Operators and Consumers - The "Network Trading Platform Rules Supervision Management Measures" focus on protecting the rights of all parties involved, prohibiting unreasonable restrictions on platform operators and unfair fees [3] - Specific illegal practices such as "only refunds," "forced choices," and "big data killing familiarity" are explicitly detailed to ensure fair treatment of consumers and operators [3] - The regulations enhance the transparency and public accessibility of platform rules, requiring platforms to clearly display rules and provide reasons for negative actions taken against operators [4] Group 3: Responsibilities of Platforms - Platforms are designated as key players in the live e-commerce ecosystem, with responsibilities outlined in various laws and regulations [4] - The regulations require platforms to continuously publicize their rules, ensuring clarity and ease of understanding for both operators and consumers [4] - Platforms must inform consumers of any changes to membership services and provide channels for appeals regarding penalties or damages [4]