天眼查App显示，近日，修水县渣津镇中茂电子商务商行（个体工商户）成立，法定代表人为匡瑶玲， 注册资本5万人民币，经营范围为一般项目：互联网销售（除销售需要许可的商品），日用品销售，日 用品批发，日用百货销售，服装服饰批发，服装服饰零售，电子产品销售，美发饰品销售，办公用品销 售，体育用品及器材批发，体育用品及器材零售，玩具销售，玩具、动漫及游艺用品销售，宠物食品及 用品批发，宠物食品及用品零售，户外用品销售，塑料制品销售，家具销售，家居用品销售（除依法须 经批准的项目外，凭营业执照依法自主开展经营活动）。 ...

(责编：杨光宇、胡永秋) 对于已有证据能够初步证明商标侵权行为存在的，市场监管部门可以通报电子商务平台经营者，告知电 子商务平台经营者依法采取知识产权保护措施。 对于当事网店经营者地址信息不实，无法取得联系的，市场监管部门应当通知电子商务平台经营者。电 子商务平台经营者应当在当事商铺和商品信息置顶位置进行显著标记，并通知当事网店经营者如实提供 相关信息和配合市场监管部门调查。 关注公众号：人民网财经 对于相关违法案件涉及多个地区的，规定各地市场监管部门管辖权限与协查要求。 本报北京11月17日电 （记者林丽鹂）市场监管部门在执法中发现"幽灵网店"问题突出，例如：市场监 管总局执法稽查局组织查处拼多多、淘宝、快手、京东等平台上涉嫌侵犯"胖东来"注册商标专用权的14 家网店，发现10家不在公示地址经营，其中8家无法找到。网店经营者"找不到人"现象比较突出，成为 市场监管部门查处网络侵权案件时面临的一个难点。为此，市场监管总局11月14日发布《电子商务平台 协助查处商标侵权案件规定（征求意见稿）》。 电子商务平台经营者违反相关规定，构成为侵犯他人商标专用权行为提供便利条件，帮助他人实施侵犯 商标专用权行为的，市场监 ...

Core Insights - The 17th "Double Eleven" event concluded with a total online sales figure of 1.695 trillion yuan, reflecting a year-on-year growth of 14.2%, although the growth rate has slightly declined compared to previous years [1] - Consumer behavior has shifted from impulsive buying driven by low prices to more rational spending, focusing on the overall value and service quality [2][3] - E-commerce platforms are now competing on reliability and service rather than just price, indicating a maturation of the consumer market [8] Consumer Psychology Shift - The traditional urgency associated with "Double Eleven" has diminished, leading to a more extended promotional period across platforms, allowing consumers to make more thoughtful purchasing decisions [2] - Consumers are increasingly considering factors such as comprehensive costs, service quality, and after-sales support rather than just price [2][3] Platform Competition Dynamics - E-commerce platforms like Tmall and JD.com are emphasizing price stability and product authenticity, with new initiatives such as price protection mechanisms and integrated delivery services [3] - The average transaction value on platforms has increased, with significant sales in durable goods, reflecting a consumer preference for quality and long-term value [3][5] Changes in Consumption Structure - Home appliances lead the sales categories with a 16.5% market share, followed closely by mobile devices and clothing, indicating a trend towards durable goods [5] - Instant retail has seen a significant rise, with sales reaching 67 billion yuan, a year-on-year increase of 138.4%, while community group buying has declined by 35.3% [5][6] Value Transformation of "Double Eleven" - The focus has shifted from price competition to reliability and trustworthiness, with consumers prioritizing after-sales service and product quality [7][8] - The overall sales performance this year has been stable compared to last year, with some categories experiencing slight declines, highlighting the need for the industry to reassess promotional strategies [7][8]

Investment Rating - The investment rating for the company is "Hold" [1] Core Insights - The report highlights that the company's revenue has reached a three-year high, although profitability is under pressure due to the expansion of new business segments [2] Financial Performance - The projected revenue for 2024 is 1,158,819 million RMB, with a growth rate of 6.84%. This is expected to increase to 1,228,348 million RMB in 2025, 1,289,765 million RMB in 2026, and 1,341,355 million RMB in 2027, reflecting a gradual decline in growth rates to 4.00% by 2027 [4][6] - Operating profit is forecasted to rise from 39,570 million RMB in 2024 to 44,510 million RMB in 2027, with a significant increase of 36.79% in 2024 [4][6] - Net profit attributable to the parent company is expected to grow from 41,359 million RMB in 2024 to 46,519 million RMB in 2027, with a notable increase of 63.87% in 2024 [4][6] Business Development - The company is focusing on optimizing its revenue structure, enhancing its core retail business, and expanding into new areas such as JD Delivery and logistics [8][9] - The report emphasizes the importance of the retail business as the core pillar, while also highlighting the potential of new business segments [9] Financial Ratios - The operating profit margin is projected to slightly decline from 3.41% in 2024 to 3.32% in 2027, indicating a gradual decrease in profitability [6] - The net profit margin is also expected to decrease from 3.57% in 2024 to 3.47% in 2027 [6] - The price-to-earnings (P/E) ratio is forecasted to fluctuate, starting at 9.59 in 2024 and dropping to 7.36 by 2027, suggesting a potential undervaluation over time [6]

Core Viewpoint - The rapid development of e-commerce in China has led to increasing concerns over "online trademark infringement," prompting the State Administration for Market Regulation to seek public opinion on new regulations aimed at addressing challenges such as "ghost stores" and unclear platform responsibilities [1][8]. Group 1: E-commerce Growth and Trademark Infringement - E-commerce transactions in China have been expanding significantly, leading to widespread societal concern regarding trademark infringement issues [1]. - In the first three quarters of this year, market regulatory authorities handled 27,000 cases of intellectual property violations, with a total amount involved reaching 468 million yuan, and 742 cases were referred to judicial authorities for suspected criminal activities [1]. Group 2: Ghost Stores Issue - "Ghost stores" refer to online shops on e-commerce platforms that provide false addresses and contact information, making it difficult for enforcement personnel to locate the operators [3][5]. - Over half of the online stores suspected of selling counterfeit goods are identified as "ghost stores" [5]. - A specific case involving 14 online stores infringing on the "Pang Donglai" trademark revealed that 10 of these stores were not operating at the registered addresses, and 8 were untraceable [7]. Group 3: New Regulatory Measures - The draft regulations clarify the responsibilities of e-commerce platforms in assisting with trademark infringement investigations, requiring platforms to take necessary actions against identified infringing behaviors [8]. - Platforms are mandated to notify online stores to provide accurate information and to mark stores with false information prominently, warning consumers of potential risks [10]. - The draft also establishes jurisdictional authority and collaborative mechanisms for market regulatory departments across different regions to enhance enforcement against infringement [12].

Core Points - The article discusses the recent compliance guidelines issued by the State Administration for Market Regulation to major e-commerce platforms for the "Double Eleven" shopping festival, aimed at regulating promotional activities and protecting consumer rights [2][3]. Group 1: Compliance Guidelines - The guidelines emphasize the strict implementation of principal responsibilities, ensuring that operators' information is authentic and that platform rules are transparent and fair [2]. - Promotional activities must be clearly defined, prohibiting practices like "choose one" and "big data discrimination," and ensuring transparency in terms of conditions, return processes, and validity periods [2]. - Price behaviors are to be strictly regulated, prohibiting unreasonable restrictions on merchants' pricing and practices like raising prices before discounts or false price comparisons [2]. Group 2: Marketing and Advertising Regulations - Live marketing practices must be closely monitored, ensuring that the quality of products sold during live streams is verified and that misleading claims are not made [3]. - Advertising content must undergo rigorous review, particularly in sensitive areas such as medical beauty and pharmaceuticals, with a focus on removing illegal advertisements promptly [3]. - The guidelines also stress the importance of resolving consumer disputes effectively, adhering to regulations like the seven-day no-reason return policy, and maintaining open channels for consumer complaints [3].

Core Points - The State Administration for Market Regulation has issued a compliance notice to major e-commerce platforms to regulate promotional activities during the "Double Eleven" shopping festival, aiming to maintain order in online transactions and protect consumer rights [2][3] - The notice emphasizes the prohibition of illegal practices such as "choose one from two" and "big data killing familiarity," and mandates clear and transparent promotional rules [2][3] - It also highlights the need for strict management of live marketing, advertising content, and timely resolution of consumer disputes [3] Regulatory Compliance - E-commerce platforms must ensure the authenticity of operator information and comply with relevant laws and regulations, including algorithm compliance management [2] - Promotional activities must be transparent, detailing conditions for discounts, coupons, pre-sales, and price guarantees, along with return and modification processes [2] - Price behaviors must respect merchants' autonomy, prohibiting unreasonable restrictions on pricing and false discount claims [2] Live Marketing and Advertising - Platforms are required to strengthen the review of operators' qualifications and product information in live marketing, ensuring the quality of live-streamed products and preventing the sale of counterfeit goods [3] - Advertising content must be legally registered and audited, particularly in sensitive areas like medical beauty and health products, with a focus on removing illegal advertisements [3] Consumer Rights Protection - The notice mandates adherence to consumer rights regulations, including the seven-day no-reason return policy and product warranty obligations [3] - It encourages consumers to be rational in their purchases and to report illegal activities to market regulation authorities to protect their rights [3]

Core Viewpoint - The article discusses the regulatory guidelines issued by the Market Supervision Administration to major e-commerce platforms for the "Double 11" shopping festival, aiming to ensure compliance in promotional activities and protect consumer rights [2][3]. Group 1: Compliance Responsibilities - E-commerce platforms must strictly implement their responsibilities, ensuring the authenticity of operator information and compliance with relevant laws and regulations [2]. - Platforms are required to enhance algorithm compliance management and ensure that platform rules are transparent and fair [2]. Group 2: Promotion Behavior Regulations - The guidelines prohibit practices such as "choose one from two" and "big data killing familiarity," emphasizing the need for clear and transparent promotional rules [2][3]. - Key aspects of promotions, including conditions for use, return and exchange processes, and validity periods, must be clearly defined to enhance transparency [3]. Group 3: Pricing Behavior Regulations - E-commerce platforms must respect merchants' autonomy in pricing and are prohibited from imposing unreasonable restrictions or conditions through service agreements or technical means [3]. - Practices such as raising prices before offering discounts and false price comparisons are strictly forbidden [3]. Group 4: Live Marketing Regulations - Platforms must strengthen the review of operators' qualifications and product information, ensuring the quality of live-streamed products [3]. - The sale of counterfeit goods and misleading marketing practices is prohibited, and live content must accurately reflect the products being sold [3]. Group 5: Advertising Content Review - Platforms are responsible for the registration, review, and archival management of advertising, particularly in sensitive areas like medical beauty and pharmaceuticals [3]. - There is a focus on timely removal of illegal advertisements and regulation of celebrity endorsements [3]. Group 6: Consumer Dispute Resolution - E-commerce platforms must adhere to regulations regarding returns and warranty obligations, ensuring that consumers can exercise their rights effectively [3]. - A mechanism for quick response to consumer complaints should be established to facilitate efficient resolution of disputes and maintain a positive consumer environment [3].

Core Insights - The core viewpoint of the article highlights the significant growth in online retail sales in Guizhou province, which reached 104.93 billion yuan, marking a 12.6% increase in the first three quarters of the year [1]. Group 1: Online Retail Performance - Guizhou's online retail sales totaled 104.93 billion yuan in the first three quarters [1]. - The growth rate of online retail sales in Guizhou is reported at 12.6% [1]. Group 2: E-commerce Development Initiatives - Guizhou has implemented the "Ten-Hundred-Thousand" project to promote e-commerce development [1]. - The province has established 8 provincial-level e-commerce demonstration parks [1]. - There are 51 e-commerce live streaming demonstration bases and 348 e-commerce demonstration enterprises in Guizhou [1]. - The province has also developed 13 e-commerce live streaming demonstration teams [1]. - These initiatives are aimed at accelerating the release of digital consumption potential [1].

Core Insights - The reports highlight the continuous optimization and upgrading of China's information infrastructure, with significant growth in the digital economy and expansion of the digital culture industry [1][2] Group 1: Internet Development - As of June 2025, the total number of fixed broadband access users in China reached 684 million, with 4.55 million 5G base stations built and 1.118 billion 5G mobile phone users [1] - The number of IPv6 internet active users reached 834 million, accounting for over 75% of total internet users [1] Group 2: Digital Economy Growth - China's digital economy is developing steadily and deeply, with highlights in digital industrialization and ongoing digital transformation [1] - The quantum computing industry is expected to exceed 11.56 billion yuan in 2025, with a year-on-year growth of over 30%, representing 41.2% of the overall quantum technology industry [1] - China holds 60% of global artificial intelligence patents, and 6G patent applications account for approximately 40.3% globally, ranking first [1] Group 3: E-commerce and Digital Culture - By December 2024, the number of online shopping users in China is projected to reach 974 million, making up 87.9% of the total internet users, with online retail sales growing by 7.2% [1] - China has maintained its position as the world's largest online retail market for 12 consecutive years [1] - The digital culture industry has entered the "trillion-level" scale, with revenue from large-scale cultural and related enterprises reaching 14.15 trillion yuan in 2024, a year-on-year increase of 6% [2] - The digital culture industry, including micro-short dramas, "guzi economy," cloud performances, digital games, and digital reading, continues to thrive and expand [2]