德国反垄断监管机构在周四表示，美国云计算与电商领军者亚马逊公司(AMZN.US)必须停止在其德国 市场平台上对零售商们执行价格管控，并且该反垄断机构还从这家美国大型科技公司扣押了5900万欧元 (约合7000万美元)，这一金额相当于该机构所测算的亚马逊通过该非法做法获得的累计收益。 德国要求亚马逊取消价格管控政策，并扣押该公司7000万美元之际，正值该公司即将披露第四日历季度 财报的前夕。华尔街投资机构们对于亚马逊业绩数据以及未来展望可谓寄予厚望，希望该公司公布强劲 的电商销售额以及云计算层面增长数据来提振近日遭遇大规模抛售的软件股以及整个科技板块看涨情 绪。多家机构对于亚马逊业绩与前景持乐观态度，认为该巨头有望在AWS云计算平台层面披露强劲且 基于AI技术的增长动能，并给出超预期的AI相关业务进展指引。 德国联邦卡特尔办公室(Federal Cartel Office)当地时间周四表示，其已告知亚马逊，该巨头的零售商定 价政策违反了有关德国数字经济与公平竞争的规则。根据德国卡特尔局的说法，如果商品价格被认定过 高，亚马逊要么将相关产品从其平台移除，要么不予展示;卡特尔局补充称，此类机制仅在价格哄抬等 例外情 ...

德国联邦卡特尔办公室(Federal Cartel Office)当地时间周四表示，其已告知亚马逊，该巨头的零售商定 价政策违反了有关德国数字经济与公平竞争的规则。根据德国卡特尔局的说法，如果商品价格被认定过 高，亚马逊要么将相关产品从其平台移除，要么不予展示;卡特尔局补充称，此类机制仅在价格哄抬等 例外情形下才被允许，且只能在监管机构发布的指导原则框架与范围内实施。 长期以来，亚马逊基于其自身的全球最大规模电商平台，与其他来自全球的零售商们进行直接且激烈竞 争态势。 "存在这样一种风险：亚马逊独家交易平台上的价格水平将按亚马逊的想法被完全控制，并被用于与亚 马逊之外的德国其他线上领域零售商进行竞争。"该反垄断监管机构主席安德烈亚斯·蒙特(Andreas Mundt)在周四的一份声明中表示。"对受影响的零售商们而言，对定价的干预可能意味着他们不再能够 覆盖自身成本，从而被迫退出他们此前所驻扎的电商平台。" 与其他美国科技巨头一样，亚马逊正因其商业行为和电商市场主导地位而受到全球监管机构日益严格的 反垄断审查，包括在德国以及欧盟。根据德国卡特尔局的数据，德国市场约60%的线上零售销售通过亚 马逊电商平台进行部署 ...

Core Insights - The National Market Supervision Administration (NMSA) has reported significant progress in market regulation and consumer protection, highlighting the importance of maintaining a high-quality economic development environment [2][3][5]. Group 1: Market Regulation Achievements - In 2025, 25.745 million new business entities were established, with active enterprises increasing by 9.8% year-on-year, raising their share of total enterprises by 4.7 percentage points [2]. - The NMSA received 26.46 million complaints and reports, recovering economic losses of 4.35 billion yuan for consumers, and recalled 8.236 million consumer goods [2]. - A total of 14,600 cases of unfair competition were investigated, and 21 key technological bottlenecks in the industrial chain were overcome [2]. Group 2: Governance of Unreasonable Charges - The NMSA has intensified efforts to combat unreasonable charges affecting enterprises, with 5,918 cases of illegal fees investigated, resulting in fines of 347 million yuan and refunds of 1.35 billion yuan to businesses [3][4]. - A comprehensive directory of enterprise-related charges has been established to ensure transparency and compliance, while new policies are being evaluated to prevent future unreasonable charges [4]. Group 3: Platform Economy Regulation - The NMSA has made significant strides in regulating the platform economy, addressing issues such as unreasonable fees and unfair competition practices [5][6]. - Specific actions include rectifying platform rules and charging practices, and implementing guidelines to ensure compliance in the live-streaming e-commerce sector [6][7]. Group 4: Consumer Environment Optimization - The NMSA has launched a three-year action plan to optimize the consumer environment, resulting in the establishment of over 21 national standards for major consumer goods and services [8]. - The "Iron Fist" campaign has targeted consumer safety issues, leading to the investigation of 72,000 cases related to product quality and safety [8][9]. Group 5: Credit Supervision Reform - Credit supervision has been enhanced through data sharing and risk classification, with over 154.6 billion credit information records collected and shared across departments [12]. - The NMSA has implemented measures to improve credit services, assisting over 45.79 million business entities in credit restoration [12][13].

★ 宏观动态 ★ 国家网信办等11部门联合印发《关于提升境外人员入境数字化服务便利性的实施意见》 近日，国家网信办等11部门联合印发《关于提升境外人员入境数字化服务便利性的实施意见》。《实施意见》 提出，到2027年，入境数字化服务国际化、便利化程度显著提升，数字化基础服务更加畅通高效，居住、医 疗、支付、旅游、公共服务等领域的数字化应用服务堵点基本打通、应用场景全面拓展，为扩大高水平对外开 放注入强劲活力；到2030年，入境数字化服务达到国际领先水平，互联互通、包容普惠的数字化服务生态更加 成熟，全场景数字化服务与国际通行模式深度衔接，数字化服务高水平开放促进经济社会高质量发展能力显著 增强。 商务部：2025年我国服务贸易稳步增长，服务进出口总额同比增长7.4% 商务部服贸司负责人介绍2025年服务贸易发展情况，2025年，我国服务贸易稳步增长，服务进出口总额 80823.1亿元（人民币，下同），同比增长7.4%。其中，出口36267.9亿元，增长14.2%；进口44555.1亿元，增 长2.5%；服务贸易逆差8287.2亿元，比上年减少3439.5亿元。 中钢协：1月下旬重点统计钢铁企业共生产粗钢212 ...

Core Insights - Private domain management is becoming a crucial part of modern enterprise marketing, focusing on enhancing interaction between brands and consumers to build long-term trust relationships [1][17] - The integration of SCRM systems allows for the consolidation and analysis of customer data, enabling personalized marketing strategies that improve customer satisfaction and conversion rates [1][10] Group 1: Private Domain Management - Private domain management transforms customers from mere buyers into active participants in brand communities, fostering a sense of belonging and encouraging them to share experiences [1][12] - Companies are increasingly investing in private domain traffic pools, reducing reliance on public traffic and focusing on deepening user relationships [1][17] - The importance of private domain management is amplified in the digital marketing wave, as it allows for better understanding of market demands and enhances customer loyalty [1][8] Group 2: SCRM Systems - SCRM systems are essential tools for implementing private domain management, enabling real-time tracking of customer dynamics and needs [2][14] - By analyzing customer behavior and preferences, SCRM systems help businesses create targeted marketing strategies, significantly improving customer engagement and retention [10][15] - The integration of SCRM systems facilitates the identification of high-value customers, allowing for personalized marketing efforts that enhance conversion rates [10][14] Group 3: Community Operations - Community operations are effective strategies for increasing customer stickiness, allowing customers to actively participate and share their thoughts within brand communities [4][18] - Regular online activities and discussions within communities help customers feel valued, enhancing their loyalty to the brand [5][12] - Brands can leverage community feedback to optimize products and services, creating a continuous loop of interaction and improvement [12][18] Group 4: Online and Offline Integration - The integration of online and offline channels is a significant trend in private domain management, allowing brands to connect better with consumers [7][19] - Brands can utilize social media to engage customers and drive participation in offline events, enhancing customer loyalty [7][19] - Real-time feedback collection through integrated channels helps brands adjust marketing strategies to better meet market demands [7][19] Group 5: Future Trends - The future of private domain management is expected to be more intelligent and personalized, with advanced SCRM systems enabling one-to-one marketing [15][17] - The incorporation of real-time interaction and feedback mechanisms in community operations will further enhance customer engagement [15][17] - Emerging technologies like VR and AR are anticipated to create more immersive interactions between brands and consumers, boosting conversion rates [15][17]

近日，威胁猎人发布了《2025年全球KYC攻击风险研究报告》。报告显示，当前KYC攻击呈现出明显的规模化、专业化特 征。从行业分布看，金融服务、虚拟货币/交易所以及钱包与支付工具平台成为攻击重灾区，合计占比超过78%，其中金融 服务类平台攻击主要被用于跨境收款洗钱等业务。地域分布上，欧洲、南美洲、非洲、东南亚成为KYC攻击最活跃的四大 区域，总计占比82.93%。这些地区具有金融数字化转型快、黑产链条完整的特点，且部分地区的身份验证监管存在漏洞。 从攻击物料类型看，"地址证明"类绕过物料，因其需要频繁更新且可借助AI批量生成，售卖最泛滥。 KYC攻击产业链的工业化运作模式 KYC报告显示，2025年的KYC攻击已形成标准的"产-销-用"闭环产业链。 1、 上游：是黑产生态的基础设施，提供绕过KYC验证所需的技术、物料和教程，在整体黑产类型中占比高达37.33%。 2、 中游：是连接供需的关键枢纽，承担服务交付、信息共享和社区维系的作用，占比32.32%。 3、 下游：主要负责将已完成KYC验证的账号出售给终端犯罪使用，占比30.34%。 这种产业链分工，使得KYC攻击从"作坊式"走向"精密工业化"。上游物料来 ...

Group 1 - The core viewpoint of the article highlights that U.S. listed Chinese stocks are mostly rising in pre-market trading on February 5, with notable increases in several companies [1] Group 2 - Bilibili saw a rise of 3% [1] - Yum China and NIO both increased by 2% [1] - Alibaba experienced a 2% increase, while Futu Holdings rose by 1% and Pinduoduo saw a slight increase of 0.3% [1]

Group 1 - The core viewpoint of the news is that by 2025, China's platform economy governance has made significant progress in three areas [1] Group 2 - The first area of progress is the rectification of prominent issues related to platform rules and fees, including the misuse of rules like "refund only," "mandatory shipping insurance," and "lowest price across the network," which has effectively curbed arbitrary charges and fines, protecting the rights of small businesses and consumers [1][2] - The second area focuses on cracking down on irregularities in live e-commerce, addressing issues such as counterfeit goods and false marketing, with specific cases being handled and a set of typical cases published to enhance regulatory oversight [1][2] - The third area emphasizes the regulation of irrational competition among food delivery platforms, addressing market disruptions caused by aggressive promotional tactics and implementing national standards to optimize management and enhance service [2] Group 3 - The market regulatory authority plans to continue improving platform economy governance by enforcing platform responsibilities, enhancing regulatory mechanisms, and increasing enforcement capabilities, while also organizing and exposing typical cases of online trading violations [2]

东方甄选(1797.HK)尾盘拉升大涨，最终收涨10.68%，报31.7港元，股价创去年8月底以来新高。 东方甄选近期发布截至25年11月底的中期业绩，期内实现总营收23亿元，同比增长5.7%，略低于预 期；毛利达8.416亿元，同比增长14.5%；公司拥有人应占溢利2.39亿元，同比扭亏为盈。 大和发布研报称，集团公布业绩后，对其看法转向更为积极，认为在营运上已度过难关，随着其自有品 牌发展良好、营运成本结构性降低，及非抖音渠道的开通，为业绩增长提供了重要选择，相信该股票的 风险回报状况已得到改善。 中金近日也发表报告指，由于管理团队实力增强及营运能力提升，该行将2026及2027财年营收预测分别 上调3.1%及4.8%至51.9亿元及59亿元。基于毛利率提升与营运效率改善，该行将东方甄选2026及2027财 年经调整应占净利润预测分别上调80.2%及32.1%至4.37亿元及4.1亿元。由于盈利增长预期更为乐观， 该行将其目标价上调25%至30港元，维持"跑赢行业"评级。 ...

2026年的春节年货大战正酣，直播电商的战火也正热烈，但这次的硝烟不在叫卖声震天的抖快直播间， 而是在以"慢"著称的小红书。 近日，久未露面的女演员薛佳凝在小红书开启了一场以"文玩珠宝"为主题的直播。没有激昂的"321上链 接"，也没有助播声嘶力竭的倒计时，在这场充满禅意与静气的直播中，单场销售额悄然突破1亿元大 关。 从流量到审美 复盘薛佳凝与吴千语的破亿战报，我们会发现一个有趣的共性：她们都不是传统意义上的"顶流鲜肉"， 但都拥有极具辨识度的生活方式标签。 在传统电商逻辑里，GMV=流量×转化率。但在小红书，这个公式变成了GMV=审美×信任×高客单价。 薛佳凝的这场直播，核心客单价高达7500元，售卖的是非标品的文玩珠宝。这类商品在抖快平台极难起 量，因为缺乏瞬间的视觉冲击力和价格诱惑。 但薛佳凝多年来"带发修行""淡然处世"的公众形象，恰好为这些高客单文玩提供了最强的信用背书。用 户买的不仅仅是珠串，更是对她那种"不争不抢"生活状态的向往。 同样，吴千语的1.5亿神话，建立在她作为"顶级名媛风向标"的人设之上。她在直播间布置成自家客 厅，像闺蜜一样分享松弛感穿搭和家居好物。这种"老钱风"的选品逻辑，精准 ...