智通财经APP获悉，周四，Meta Platforms(META.US)盘前走高，截至发稿，该股涨近10%，报734.5美 元。昨日收盘后公布的财报显示，该公司去年第四季度营收和今年第一季度营收指引均超出分析师预 期；全年资本支出预期区间也高于分析师预期。Meta第四季度营收为598.93亿美元，高于分析师预期 584.2亿美元；2025全年为483.85亿美元，同比增长24%。预计2026年第一季度总营收将在535亿至565亿 美元之间，高于分析师预期512.7亿美元。该公司预计2026全年资本支出将在1,150亿美元至1,350亿美元 之间，高于分析师平均预期的1,106亿美元。 ...

每经编辑｜蒙锦涛 冬日蓉城的茶馆里，一场关于"生活经济"的探讨引发关注。 1月28日，小红书"生活经济小峰会"在成都举办。峰会聚焦宏观经济背景下的微观叙事，首次提出"生活经济"概念并系统阐释其价值，现场聚集了经济学 家、智库学者、跨界生活达人等共议消费新趋势，探求供给创新的新风向。 "'生活经济'是激发潜在需求的新方式、推动企业创新的新模式。"全国政协委员尹艳林在主旨演讲中指出，"潜在的消费需求不仅仅在于要有消费能力，而 且还在于要有消费的意愿和消费落地的方式。消费者的需求并非是预先存在的，很多时候是通过观察他人的生活来激发的，这就是我们常说的示范效 应。" 从"内衣袜子分区清洁"的细分需求到"通过Citywalk探索在地文化"的体验需求，拥有3.5亿月活用户的小红书被视为生活经济的"第一现场"，也因此成为北 京大学国家发展研究院（下称"北大国发院"）《2026生活经济报告》的核心观察研究对象。 北大国发院联合小红书在峰会现场首次发布《2026生活经济报告》，明确了"生活经济"的定义：指个体的生活需求通过数字技术被表达、连接和激发，形 成供需良性互动和增长的经济形态。其中指出，生活经济正从零散消费现象升级为系 ...

Core Viewpoint - Tencent's QQ has announced the return of the QQ Show feature, which has sparked nostalgia among users, but faces challenges due to competition from WeChat and short video platforms [1][2][9] Group 1: QQ Show Return - QQ Show returned on January 24, 2026, coinciding with its 23rd anniversary, allowing users to create AI-generated avatars and interact in group chats [2] - The announcement led to significant public interest, trending on social media, with mixed reactions highlighting nostalgia and concerns over AI integration [2][4] Group 2: User Engagement and Challenges - QQ was once a dominant social platform with nearly 900 million monthly active users, particularly among the 80s and 90s generations, but began to decline in 2019 due to the rise of WeChat [5] - Monthly active users dropped from 647 million at the end of 2019 to 552 million in 2021, reflecting a continuous decline [6] - Users have criticized QQ for becoming overly complex and not meeting their expectations, leading to dissatisfaction with new features [6] Group 3: Business Adjustments - Tencent announced a "slimming" plan for QQ, discontinuing its short video service to enhance user experience and focus on core strengths [7] - Despite these adjustments, QQ's monthly active users continued to decline, with 517 million reported by September 30, 2025, a year-on-year decrease of 8% [8] Group 4: Market Competition - The rise of short video platforms like Douyin and Kuaishou has intensified competition, with the short video industry reaching 1.129 billion monthly active users by September 2025, further straining QQ's user retention [8] - Tencent's efforts to rejuvenate QQ through nostalgia and AI have had minimal impact on reversing user attrition [9][10]

Core Viewpoint - Tencent's QQ has announced the return of the QQ Show feature, which has sparked nostalgia among users, but faces challenges due to competition from WeChat and short video platforms [2][3][5]. Group 1: QQ Show Return - The QQ Show feature returned on January 24, 2026, coinciding with its 23rd anniversary, allowing users to create AI-generated avatars and interact in group chats [3]. - The announcement led to significant public interest, trending on social media, with mixed reactions highlighting nostalgia and concerns over AI integration [3][4]. Group 2: User Engagement Challenges - QQ's peak monthly active users (MAUs) reached nearly 900 million, but began to decline in 2019 due to the rise of WeChat, with MAUs dropping to 647 million by the end of 2019, a 7.5% year-over-year decrease [5][6]. - Despite attempts to innovate with features like QQ Small World, user engagement has not improved, with MAUs continuing to decline to 552 million in 2021, a further 7.2% drop [6]. Group 3: Business Adjustments - Tencent announced a "slimming" initiative for QQ, discontinuing the short video feature to enhance user experience and focus on core strengths [7]. - Internal changes, including potential leadership shifts, indicate a strategic pivot as QQ seeks to optimize its offerings amidst ongoing user attrition [7][8]. Group 4: Competitive Landscape - As of September 2025, QQ's MAUs were reported at 517 million, an 8% year-over-year decline, while WeChat's combined MAUs reached 1.414 billion, reflecting a shift in user attention towards short video and gaming platforms [8]. - The short video app sector has seen significant growth, with 1.129 billion MAUs, intensifying competition for user engagement and retention against platforms like Douyin and Kuaishou [8]. Group 5: Future Outlook - Tencent's efforts to rejuvenate QQ through nostalgia and AI features have had limited success in reversing user decline, indicating a need for a deeper understanding of user needs and unique value propositions [9]. - The future of QQ hinges on balancing emotional connections with practical user demands in a rapidly evolving digital landscape [9].

欧盟委员会26日明确表态，若X平台未能进行有意义的整改，不排除对其采取强制性临时措施，包括勒 令其修改算法甚至关停该聊天机器人。此前，欧盟对马斯克的平台一直保持克制，从未动用过此类手 段。不过，也有欧盟高级官员直言，采取上述极端措施的"门槛极高"。 根据欧盟《数字服务法案》，若违规行为属实，X平台最高可能面临其全球年营业额6%的巨额罚款。 若以该平台2024年25亿美元的全球营收估算，这笔罚单最高可达1.5亿美元（约合人民币10.45亿元）。 而事实上，这已不是X平台首次遭到欧盟"狙击"。就在去年底，该平台就曾因"给钱就能买蓝标"的认证 机制涉嫌误导用户、身份核验毫无透明度，被欧盟重罚了1.2亿欧元（约合人民币9.9亿元）。 美国政客新闻网（Politico）消息，当地时间1月26日，欧盟委员会已正式依据《数字服务法案》 （DSA），启动针对美国科技富豪马斯克旗下社交平台"X"的新一轮调查。 此次调查的矛头直指X平台内置的AI聊天机器人"Grok"。报道称，欧盟监管机构将重点审查X平台在整 合Grok及其底层算法的过程中，是否切实履行了欧盟关于用户保护与风险防控的相关法定义务。 尤其是Grok近期生成的、涉嫌 ...

21世纪经济报道记者董静怡 行业一览 商务部：中国—中亚进出口总值首次突破千亿美元大关 据商务部网站消息，2025年，在元首外交战略引领下，中国—中亚经贸合作取得长足发展。据中国海关 统计，全年货物贸易进出口达到1063亿美元，同比增长12%，增速较上年提高6个百分点。贸易规模再 创新高。中国—中亚进出口总值历史上首次突破1000亿美元大关，连续5年保持正增长。中国首次跃居 中亚各国第一大贸易伙伴，中亚占中国外贸的比重进一步上升。 商务部：将研究制定绿色低碳相关产品进出口统计目录 1月15日，商务部新闻发言人何咏前表示，在今年的稳外贸工作中，将加快培育新动能，指导跨境电商 综试区大力发展跨境电商赋能产业带，加强经营主体能力建设，支持海外仓企业加快智能化改造；落实 关于拓展绿色贸易的实施意见，研究制定绿色低碳相关产品进出口统计目录，提升绿色低碳产品国际竞 争力；推动人工智能赋能外贸发展，提升贸易全链条数字化水平。 2025年深圳电商交易额破万亿 相关数据显示，2025年，我国跨境电商进出口2.75万亿元，相比2020年增长69.7%，创下历史新高。过 去5年，中国跨境电商贸易规模增长超过10倍，中国跨境电商企业 ...

Core Viewpoint - Citic Securities reports that Zhihu Technology (09911) has released solid operational and revenue data for 2025, with total revenue growth expected to be between 32.8% and 37.5%, aligning with market consensus and the firm's forecast of 35.5% growth, maintaining an outperform rating with a target price of HKD 17.5 [1] Revenue Performance - The company experienced strong growth in the last quarter, with a total revenue midpoint reflecting a year-on-year increase of 28% and a quarter-on-quarter increase of 7%, reaching RMB 1.93 billion, compared to year-on-year growth of 36% and 39% in the second and third quarters respectively [1] - For the fourth quarter, social network revenue midpoint is projected to grow by 26% year-on-year, reaching RMB 1.72 billion, primarily driven by robust growth in diverse social products (monthly active users increased by 11% to 35 million) and the application of AI tools [1] - The fourth quarter's innovative business revenue midpoint is expected to grow by 40% year-on-year, reaching RMB 210 million, mainly propelled by traffic diversion, e-commerce, and short video business [1]

Core Viewpoint - Citic Securities has released a report indicating that Zhihu Technology (09911) has published solid operational and revenue data for 2025, with total revenue growth projected between 32.8% and 37.5%, aligning with market consensus and the firm's expectation of a 35.5% year-on-year increase, maintaining an outperform rating with a target price of HKD 17.5 [1] Group 1 - The company reported strong growth in the last quarter, with total revenue reaching RMB 1.93 billion, representing a year-on-year increase of 28% and a quarter-on-quarter increase of 7%, compared to year-on-year growth of 36% and 39% in the second and third quarters respectively [1] - The fourth quarter social network revenue is projected to grow by 26% year-on-year, reaching RMB 1.72 billion, driven by robust growth in diverse social products, with monthly active users increasing by 11% to 35 million, as well as the application of AI tools [1] - The fourth quarter innovative business revenue is expected to grow by 40% year-on-year, reaching RMB 210 million, primarily driven by traffic diversion, e-commerce, and short video business [1]

Core Viewpoint - The rise of online dating platforms among young people is driven by the need for efficient emotional matching and lower trial costs, but it also brings risks such as scams and safety concerns due to the anonymity of users [1][4][8]. Group 1: Online Dating Trends - Young people are increasingly using online platforms for emotional connections, with features like voice chat and live interactions becoming popular [2][3]. - The average age of first marriage in China is 29.38 years for men and 27.95 years for women, indicating a shift in dating dynamics and increased reliance on online platforms due to limited offline social circles [2][3]. - Users appreciate the ability to filter potential matches based on specific criteria, which empowers them to take a more active role in their dating lives [3]. Group 2: Risks and Challenges - The prevalence of scams, such as "pig butchering" schemes, highlights the risks associated with online dating, where users may be manipulated into financial loss [5][6]. - Some platforms have mechanisms that encourage users to engage in deceptive practices, such as sending automated messages under the guise of genuine interest, leading to a loss of trust [6][8]. - The lack of effective age verification and user identity checks exposes minors to potential dangers, raising concerns about their safety in online dating environments [7][9]. Group 3: Regulatory Recommendations - There is a call for stronger regulatory measures, including mandatory real-name verification and improved information auditing to protect users from fraud and enhance platform accountability [8][9]. - Platforms should be encouraged to provide value-driven interactions rather than profit-driven models that exploit users' emotional needs [8][9]. - A proposal exists to create public welfare-oriented dating platforms to mitigate the risks associated with commercialized dating services [9].

Core Viewpoint - Xiaohongshu's new community guidelines represent a significant restructuring of community order, aimed at confirming consensus among its vast user base and addressing the platform's long-term operational strategy during a critical phase of commercialization [2] Group 1: What Xiaohongshu Opposes - The new guidelines prominently target "creating division" as a primary issue, emphasizing respect for diverse identities and promoting rational dialogue while discouraging malicious speculation and inflammatory speech [4][5] - The guidelines aim to reduce conflict and anxiety among users with differing backgrounds, as increased user diversity can lead to heightened tensions and toxic interactions, which ultimately harm community health [4][5] Group 2: Fighting Falsehoods - A key update in the guidelines is the crackdown on false personas, including exaggerations about wealth, education, and experiences, as well as the requirement for creators to clearly label AI-generated content [7][8] - This measure is crucial in maintaining user trust, as the rise of AI-generated content threatens the authenticity that Xiaohongshu's community is built upon [7][8] Group 3: Organized Business Practices - The guidelines merge community and business regulations, signaling Xiaohongshu's evolution from a product recommendation platform to a lifestyle interest commercial entity [8] - Users are required to operate their business activities based on authenticity, with strict measures against malicious competition and fake reviews to foster a sustainable commercial trust mechanism [8] Group 4: Community Evolution and User Base Changes - Since its inception in 2013, Xiaohongshu has expanded its user base and content offerings significantly, transitioning from a focus on overseas shopping to a broader range of lifestyle interests, including home decor and outdoor activities [10][11] - By 2025, a notable influx of tech developers and entrepreneurs is expected, drawn by the platform's unique distribution mechanism that favors quality content over account popularity [13][14] Group 5: User Engagement and Content Creation - Xiaohongshu's dual-column recommendation system and decentralized algorithm empower users, allowing for a rich UGC ecosystem where even low-follower accounts can gain visibility through quality content [19] - The platform's commitment to protecting individual differences fosters a sense of belonging and connection among users, encouraging more authentic sharing [19][20]