Core Insights - The year 2025 marks the acceleration of the AI to B era, with AI beginning to integrate into business operations, particularly in the supply chain sector [1] - Alibaba's 1688 platform is fully committing to AI, launching various AI products tailored for buyers and sellers, including the AI version of the 1688 app and the "Aoxia" AI assistant for cross-border entrepreneurs [1] Group 1: AI Integration in Business - As of December 30, 2025, over 290,000 out of more than 1 million merchants on the 1688 platform are actively using AI in their business operations, indicating a significant increase in AI adoption among merchants [1] - The introduction of the "Integrity AI Version" membership product has led to the emergence of numerous "AI-native stores" with monthly sales exceeding 100,000 yuan, many of which are operated by the new generation of factory owners [3] Group 2: Benefits of AI for Merchants - Merchants using the Integrity AI Version have reported an average annual savings of 100,000 yuan in operating costs, with business difficulty reduced by 50% and mistakes decreased by 30% [4] - A case study of a merchant, Shen Xibin, illustrates the effectiveness of AI tools in e-commerce, where he achieved over 40,000 yuan in sales within 15 days of using the AI version, highlighting the potential for rapid growth through AI [4][6] Group 3: AI's Role in Marketing and Operations - AI has significantly improved marketing efficiency, with optimization of product materials and store titles increasing by over 95%, resulting in monthly savings of approximately 8,000 yuan for the operational team [5] - The 1688 platform has developed a "business model" based on real operational scenarios, enhancing the core processes for merchants, including product listing and customer engagement, thereby transitioning from a transaction platform to an AI-driven digital supply chain platform [6]

各地加力拼经济，全力实现一季度良好开局。 2026年的第一个工作日，上海召开2026年全市优化营商环境大会，湖北召开科技创新大会，辽宁发布 《辽宁省大力优化营商环境行动方案（2026版）》……各地加力拼经济。 与此同时，近期"两重""两新"资金提前下达、国家创业投资引导基金启航、"购在中国"暨新春消费季启 动，稳增长政策密集加力，以更大力度促消费、稳投资，全力实现一季度良好开局。 国家发改委新闻发言人李超日前在发布会上表示，抢抓时间窗口，主动靠前发力，全力做好政策衔接、 工作衔接，加快推动消费、投资、产业、民生、改革开放、绿色发展等领域系列政策出台实施。 "两新"政策迎来优化 今年的"国补"在支持范围上进行了优化，进一步集中资源，着力提升覆盖人群广、带动效应强的重点消 费品的"得补率"。补贴集中在汽车、家电、数码和智能产品等方面。 国家信息中心研究员魏琪嘉分析，新一轮"国补"在实施机制上也更好地体现了统一性与特殊性的有机结 合。比如在消费品以旧换新领域，按照全国统一大市场建设的要求，有一些明确的全国统一的补贴标 准。此外，通知中还强调，如用于实施智能家居产品，具体的补贴品类、补贴标准由地方结合实际自主 合理制 ...

Core Viewpoint - Alibaba is strategically focusing on AI and high-growth sectors by preparing for IPOs of four companies, which are expected to yield significant returns on investment [1][2]. Group 1: IPO Developments - Four companies backed by Alibaba are set to go public: Changxin Technology, Hanbo Semiconductor, MiniMax, and Zhipu Huazhang, covering key areas such as storage chips, computing chips, and large models [1]. - Changxin Technology's market capitalization is projected to exceed 300 billion yuan, with Alibaba holding nearly 5% of the shares [1]. - MiniMax's estimated market value at IPO is around 50 billion Hong Kong dollars, with Alibaba owning 13.66% prior to the IPO [1]. Group 2: Investment Strategy - Alibaba's recent divestments include reducing stakes in Huayi Brothers and Meikailong to below 5%, alongside a 3% stake reduction in Aojie Technology, indicating a shift towards AI and high-growth businesses [2]. - The company is optimizing its asset allocation by liquidating lower-value investments and reallocating funds to AI, which is seen as a core future focus [2][4]. Group 3: Financial Health and Cash Flow - The adjusted EBITDA and capital expenditure difference indicates a declining cash flow health, with figures of 171.71 billion, 70.59 billion, and -142.45 billion yuan over three quarters in 2025 [3]. - Alibaba has announced a substantial capital expenditure plan of 380 billion yuan, which may lead to a prolonged state of cash flow tightness [3]. Group 4: Shareholding Adjustments - Alibaba has reduced holdings in nearly half of its 31 listed companies, particularly in retail and healthcare sectors, aligning with its strategy to focus on online retail and AI [4]. - The estimated value of Alibaba's remaining listed company shares exceeds 60 billion yuan, with a continued trend of divestment expected as the company concentrates on core business areas [4]. Group 5: Valuation Efficiency - The shift in asset allocation from static equity investments to dynamic AI investments is expected to enhance Alibaba's overall market valuation [6][7]. - The transition from a price-to-book (PB) valuation model to price-to-earnings (PE) or price-to-sales (PS) models is anticipated as funds are redirected towards AI initiatives [6]. - The performance of U.S. tech giants in AI capital expenditure serves as a benchmark for Alibaba, which has seen significant stock price increases following announcements of substantial AI investments [6][7].

2026年"国补"上线，激发新一轮消费热。1月4日，北京商报记者从多家电商平台获悉，受元旦假期和"国补"政策红利叠加影响，平台的3C家电如手机、冰 箱、洗衣机等品类在元旦期间热销，部分电商北京线下门店客流环比增长超一倍。与此同时，为了抢占流量，即时零售平台也在跨年夜、年货节等节点发放 优惠券包刺激消费。 当前，多省市"国补"已上线京东、淘天、苏宁等电商平台。以北京为例，2026年1月1日起，北京接续实施家电、数码等领域消费品以旧换新补贴。 据了解，按照全国统一的品类和标准，北京市对在京个人消费者购买一级能效或水效标准的冰箱、洗衣机、电视、空调、热水器、电脑6类家电产品，以及 单件销售价格不超过6000元的手机、平板、智能手表（手环）、智能眼镜4类数码和智能产品给予补贴。 补贴领取步骤方面，消费者可通过京通小程序完成实名认证后，进入"家电、数码以旧换新专区"领取线上或线下补贴资格，并前往政策参与企业线上商城或 线下门店购买政策补贴范围内商品。 1月1日零点，"国补"在京东上线后，北京"国补"资格当即秒空，很多一早蹲守预约的消费者也没有抢到国补资格，只能在"国家补贴预约提醒"页面提交"心 愿清单"。有消费者留言希 ...

2025年，TikTok Shop在美表现亮眼，业界对其2026年前景持乐观态度。 在美国，虽然亚马逊、沃尔玛等更加成熟的电商平台仍占据较大市场份额；但Business Insider认为， TikTok正在悄然培养下一代消费者一边看视频、一边购物的习惯。在商业分析公司晨间咨询（Morning Consult）受众发展高级总监鲍比·布兰查德看来，"越来越多的消费者正在使用社交媒体购买、浏览、寻 找商品，这与TikTok Shop今年的增长相契合"。 Business Insider对TikTok Shop在2026年的发展持乐观态度，核心原因在于，TikTok Shop正逐步培养用户 粘性。晨间咨询发布的报告显示，TikTok Shop成为美国"增长最快"的品牌之一。该报告通过对比一季 度与三季度数万名美国成年受访者数据，以衡量各品牌购买意向的变化。报告作者指出，高排名说明 TikTok Shop已成长为独立品牌，而非TikTok的附属功能。 此外，TikTok在美国的政治困局或将结束。此前，一些大品牌因担忧相关影响并未入驻该平台。（心 月） 据外媒Business Insider报道，在2025年黑色星期五 ...

日前福州市商务局发出《关于征集福州市消费新业态新模式新场景试点城市建设项目的通告》，并举办 消费"三新"试点工作培训暨政策宣讲会，意味着我市试点工作正式进入实施阶段。试点期间内，福州将 在政策支持下，建设一批消费拉动效果好、示范引领作用强、创新性特点突出的项目，健全首发经济服 务体系，创新多元化服务消费场景，促进优质消费资源与知名IP跨界联名，持续提升消费供给品质，扩 大服务消费，培育消费新增长点，为经济高质量发展提供有力支撑。 近日，商务部办公厅、财政部办公厅印发《关于做好消费新业态新模式新场景试点有关工作的通知》， 在全国50个城市开展消费新业态新模式新场景试点，福州入选并将获得中央资金支持。 近年来，福州市依托国家历史文化名城、海滨城市、山水城市资源禀赋，持续探索推进消费新业态新模 式新场景。积极打造多元消费场景持续推进商文旅体健深度融合，3个国家级夜间文旅消费集聚区2024 年客流量突破5000万人次，最忆船政、烟台山、鼓岭等成为观光首选。持续促进跨界联名"一老一小"服 务网络持续完善，演艺经济乘风而起，外贸优品供给加速拓展，多元消费场景能够满足各类人群需求。 打造"惠聚榕城""福州有礼"公共消费品牌 ...

2025年12月27日-28日，中国研究生乡村振兴科技强农+创新大赛"拼多多杯"第三届科技小院大赛（以下 简称"大赛"）总决赛在海南三亚顺利闭幕。 大赛以"解民生、治学问"为主题，引导广大研究生将课堂理论转化为解决农业农村实际问题的创新成 果，为乡村振兴和农业强国建设提供坚实的人才与科技支撑。 历经资格审查、初赛函评、五场组别赛的激烈角逐，以及全国赛阶段"院士飞行团"实地考察的严格考 评，从全国87个研究生培养单位247支参赛队伍中脱颖而出的22支优秀团队，成功晋级全国赛。最终， 河南农业大学河南新乡玉米科技小院、中国农业大学河北曲周刘庄科技小院、沈阳农业大学辽宁鲅鱼圈 葡萄科技小院、西南科技大学四川峨边笋用竹科技小院、西北农林科技大学陕西永寿小麦科技小院和中 国农业大学洱海水稻科技小院6支队伍脱颖而出，荣获一等奖。中国农业大学古生村科技小院等16支队 伍获得二等奖。 从2009年第一家科技小院成立至今已有16年，该模式已经拓展至全国千余个村庄。中国工程院院士、科 技小院创始人张福锁在闭幕式上再次强调了科技小院为老百姓解决真问题的初心，肯定了学生们探索出 的从农田到餐桌全产业链运行新模式。 从2020年起，拼 ...

随着马年春节脚步临近，全国年货采购热潮持续升温，跨城寄递、即时配送等物流需求即将迎来增长高 峰。京东物流今日宣布：坚守承诺，春节不打烊，全力做好物流安全保障，以更优的覆盖方案开展好仓 储配送、快递收寄、家电送装维修、即时配送等服务。为了让坚守岗位、在工作地过年的一线员工能够 安心工作，2026年"我在京东过大年"福利保障将持续升级，对新就业群体的整体福利保障在全行业持续 领先，让大家更好地"为梦想奋斗，为幸福打拼"。 2026年京东外卖全职骑手将首次加入春节保障队伍。京东将依托遍布全国的"小哥之家"，为全职骑手、 快递小哥等一线员工备好年夜饭，让异地过年的员工也能感受 "家的味道"。随着各地"小哥之家"的相 继落地，春节前后，也将有一批全职骑手、快递小哥入住"小哥之家"，在工作地感受到家的温暖。 此外，京东物流全国各地的快递站点、仓储中心还将开展特色新春关怀活动：除了组织包饺子、送福字 等年味活动，更贴心配备热饮及便携食品，为冬季坚守的小哥驱散寒意；同时，京东物流投入的无人车 等科技设备，也将进一步减轻员工工作负担，让春节配送更高效、更安心。 ...

2025年，TikTok Shop在美表现亮眼，业界对其2026年前景持乐观态度。 在美国，虽然亚马逊、沃尔玛等更加成熟的电商平台仍占据较大市场份额；但Business Insider认为，TikTok正在悄然培养下一代消费者一边看视频、一边购 物的习惯。在商业分析公司晨间咨询（Morning Consult）受众发展高级总监鲍比·布兰查德看来，"越来越多的消费者正在使用社交媒体购买、浏览、寻找商 品，这与TikTok Shop今年的增长相契合"。 Business Insider对TikTok Shop在2026年的发展持乐观态度，核心原因在于，TikTok Shop正逐步培养用户粘性。晨间咨询发布的报告显示，TikTok Shop成为 美国"增长最快"的品牌之一。该报告通过对比一季度与三季度数万名美国成年受访者数据，以衡量各品牌购买意向的变化。报告作者指出，高排名说明 TikTok Shop已成长为独立品牌，而非TikTok的附属功能。 此外，TikTok在美国的政治困局或将结束。此前，一些大品牌因担忧相关影响并未入驻该平台。（心月） 据外媒Business Insider报道，在2025年黑色星期五至网 ...

Core Insights - The report maintains a "Buy" rating for the internet media sector, highlighting strong performance in gaming and social entertainment media, with companies like Bilibili and Tencent outperforming the market [3][4][8] - The report emphasizes the potential of AI applications and the gaming sector, predicting continued industry growth in 2026 [14][19][22] Group 1: Internet Sector - E-commerce: The report notes that the national subsidy policy for 2026 is expected to be slightly better than anticipated, although recent e-commerce performance remains weak [19][20] - Social Entertainment Media: Bilibili and Tencent's advertising performance continues to exceed market expectations, with Tencent's gaming fundamentals improving [19][20] - Internet Healthcare: JD Health and Alibaba Health are leveraging their platform advantages to deepen cooperation with upstream pharmaceutical manufacturers, leading to strong revenue and profit growth [20] Group 2: Media Sector - Gaming: The report remains optimistic about the gaming sector's performance driven by fundamentals, recommending leading companies such as Tencent and NetEase [22][23] - Advertising: The report discusses recent adjustments by Focus Media regarding its acquisition of New Wave, reflecting concerns about growth impacts from reduced investment [23][24] - Publishing: Some publishing companies are facing negative impacts from educational reforms, leading to delays in revenue recognition [24] Group 3: Key Company Analysis - Tencent Holdings: The company reported a revenue of 192.9 billion RMB for Q3 2025, with a year-over-year increase of 15% [29] - Kuaishou: The company achieved a total revenue of 35.6 billion RMB in Q3 2025, with a year-over-year increase of 14% [30] - Bilibili: The company reported total revenue of 7.685 billion RMB in Q3 2025, with a year-over-year increase of 5% [31]