本文内容均引用权威资料结合个人观点进行撰写，文末已标注文献来源，请知悉。 当初，默克尔那句"与中国断绝经济关系没有任何好处"被当成老派政客的顾虑。 现在，欧洲正尝到这场"战略自主"博弈的苦果。27个国家跟着美国对中国动手，结果自己掉进了深坑。 图 | 德国前总理默克尔 欧盟于2025年对来自中国的电动车征收最高45.3%的关税。电动汽车本就是欧洲推进"绿色转型"的主要 力量，现在却被当成打击对象。 法国、德国很多车企高层私下里都表示，这不是为了保护本土企业，而是让它们更加难以生存。欧洲的 新能源计划曾经雄心勃勃，但是现在已经走向了自我封锁。 与此同时，中国并没有硬碰硬，而是重新启动了与中国欧盟之间关于最低价格机制的谈判。一边反击一 边留有谈判的空间，这才是成熟的处理方式。 欧盟方面，越来越多的政策对中国进行限制，对本国人的税收增加，执行起来十分混乱，行业协会多次 抗议都没有用。 图 | 欧盟委员会主席冯德莱恩 2026年7月1日起生效的新规中规定，所有进入欧盟且价值低于150欧元的小包裹都需要另外支付3欧元。 打击的目标就是Temu、Shein这些中国的电商平台。 但是对消费者来说，以前20欧元可以买到的小商 ...

Core Insights - The report highlights that AI empowerment, scenario integration, and technological innovation are the core forces driving industry transformation, reshaping the commercial payment ecosystem with six major trends [1] Group 1: AI-Enabled Commerce - AI shopping agents are emerging as a new growth point, with 87% of businesses aware of them, particularly in retail (25% familiarity). These agents can reduce e-commerce cart abandonment rates by 66%, potentially generating an additional $240 billion in global e-commerce revenue [2] - Concerns regarding security fraud, dispute resolution, and algorithmic bias persist, with 42% of businesses expressing worries, and only 11% of consumers currently allowing AI agents to complete payments [2] Group 2: POS Revolution - Mobile POS and cloud systems are becoming mainstream, with 85% of mid-sized U.S. retailers relying on mobile POS solutions. Modern POS systems integrate real-time data analytics (57% prioritize this), inventory management, and CRM functionalities [3] - Biometric technologies are widely adopted, enhancing efficiency and security, with some restaurants achieving the capability to serve 40 cars in 15 minutes through voice ordering. However, system integration remains a significant pain point, with 32% of businesses citing it [3] Group 3: Embedded Finance - The embedded finance market is projected to reach $92 billion in 2024 and $228 billion by 2028, with "buy now, pay later" (BNPL) being a core application. 51% of retail businesses report revenue increases of over 25% from BNPL [4] - 71% of businesses express interest in integrating AI for real-time credit assessment and fraud detection, with significant regional differences in adoption rates [4] Group 4: Instant Payments - 31% of businesses have adopted instant payments, surpassing embedded finance (10%) and self-service technologies (5%). Key use cases include consumer refunds (72%) and gig worker payments (63% in Asia-Pacific) [5] - The rapid development of global real-time payment systems like FedNow (U.S.), UPI (India), and PIX (Brazil) is noted, although cross-border payments face limitations due to SWIFT processes [5] Group 5: Rise of Stablecoins - Stablecoins are gaining attention for their low volatility and cost advantages, with 72% acceptance among North American businesses. Large enterprises prefer them for cross-border payments and currency hedging [6] - Regulatory challenges and transparency issues hinder adoption, with stablecoins currently accounting for less than 1% of global transfer volumes [6] Group 6: Self-Service Payments - Self-service payment scenarios are expanding, with 83% of businesses planning to increase automation in the next two years. Technologies like smart kiosks and unmanned checkouts are enhancing transaction efficiency, leading to a 20% increase in order amounts at McDonald's [7] - Adoption rates vary significantly by region, with Asia-Pacific (100%) and Europe (94%) leading, while North America (79%) and Latin America (38%) lag behind [7] Conclusion - The commercial payment industry in 2026 is characterized by "technology-driven, scenario integration, and security-first" features. Businesses need to focus on technology integration and compliance management, aligning with core trends like AI agents and embedded finance to achieve efficiency and experience optimization [7]

从财报数据来看，亚马逊（Amazon, AMZN）的表现可圈可点。人工智能热潮持续发酵，上季度云计 算业务增速加快，同比增幅达到 20%；营收与利润双双创下历史新高。 目前，公司市值达 2.4 万亿美元，市盈率略高于 32 倍。整体而言，财报数据表现优异，展现出一家健 康成长的企业面貌。但问题在于，所有财务数据与报告反映的都是过去的业绩。而投资股票，看的不是 过去的辉煌，而是未来的预期 —— 且这些预期往往与历史数据毫无关联。 人工智能算力需求爆发的始末 首先，让我们把时间拉回 2023 年，也就是人工智能热潮的起点。彼时，人工智能作为云计算领域的全 新应用场景，催生了该行业的爆发式增长，而当时科技巨头们的算力储备，根本不足以满足激增的市场 需求。 分析师将这一轮需求拆解为两大组成部分： 第一，随着人工智能技术的问世，数千家企业纷纷开始开发面向智能设备的新应用，同时对现有应用进 行人工智能化改造。想必你也注意到，过去几年里，应用商店（App Store 和谷歌应用商店）中涌现出 了大量新应用。而这些应用的运行，正是云计算需求的核心来源。这些企业基本不会自建数据中心，而 是选择在云计算市场租赁算力。 更需注意的 ...

Core Points - The Market Regulation Administration has released a draft of the "Antitrust Compliance Guidelines for Internet Platforms," highlighting the significant antitrust risks in the platform economy [1] - The draft identifies "minimum price" requirements as one of the eight potential violations, indicating that platforms may not prohibit merchants from selling at lower prices elsewhere [1] - The guidelines aim to enhance the antitrust compliance awareness and capabilities of platform companies [1] Group 1 - The draft warns major e-commerce platforms against using punitive or incentivizing measures to enforce exclusivity [4] - The regulatory body aims to guide companies in strengthening risk management and compliance [4] - There is a focus on promoting algorithm transparency, requiring companies to disclose the logic behind their algorithms [4]

12月17日，由抖音电商主办的娱乐创作者年度盛典在江阴飞马水城盛大启幕。本次盛典以"信息发布、资源链接、生态共建"为核心，汇聚全国300家娱乐达 人团队、200家品牌代表及10家顶尖机构等生态圈代表，聚焦平台新流量机制下的生态变革与产品功能赋能，现场重磅发布"星娱计划"商达合作、任务赛道 等核心扶持政策，助力品牌提前锁定年货节合作资源。 据悉，这是抖音电商盛会首次落地非省会城市，江阴飞马水城的选址兼具文化底蕴与产业价值：飞马水城不仅是国家体育旅游示范基地，集马术表演、赛事 及休闲度假于一体的文商体旅综合体，更是无锡"飞马直播电商小镇"的核心载体，以"直播大舞台、国货直播基地、夜经济商圈再造"三大IP引擎联动多元产 业生态，实现"文旅价值+流量转化+商业变现"深度融合，与本次盛典"娱乐内容电商"的主题高度契合。 活动现场（海澜集团供图） 盛典启幕前，独具特色的"红毯仪式"精彩上演：与会者和世界名马同框，在园区打卡互动，现场处处皆为直播间，达人们纷纷预约"飞马梦想舞台"开启直 播，让参会者沉浸式感受飞马水城的文化魅力；仪式同步集中展示抖音电商多元娱乐作者形象，涵盖明星、剧情、音乐、舞蹈、游戏等垂类代表，彰显平台 ...

Core Insights - The 2025 Cross-Strait Entrepreneurs Summit held in Nanjing from December 15 to 17 highlighted the deepening economic cooperation between Jiangsu and Taiwan, focusing on cultural ties, policy support, and industrial complementarity [1] Group 1: Industrial Cooperation - The summit emphasized the "deep integration" of industrial chains as a core link for economic symbiosis between the two regions, with Jiangsu's advantages in semiconductor, precision manufacturing, and new energy complementing Taiwan's strengths [2] - The development trajectory of Kunshan Fuliwang Precision Electromechanical, the first Taiwanese-funded company listed on the Sci-Tech Innovation Board in Jiangsu, exemplifies the deep integration of industries, showcasing over 1,500 patents and a localization rate exceeding 50% [2] - Trade between Jiangsu and Taiwan reached $48.27 billion in the first ten months of the year, marking a 7.3% year-on-year increase, with over 32,500 approved Taiwanese investment projects totaling more than $93 billion [3] Group 2: Cultural and Creative Collaboration - The cooperation between Jiangsu and Taiwan is expanding from manufacturing to cultural sectors, with initiatives like the Cross-Strait Museum IP Licensing Forum showcasing the potential for cultural innovation [4] - The forum has connected over 30 museums and 200 creative enterprises from both sides, indicating a strong foundation and significant potential for cultural IP collaboration [4] Group 3: Youth Engagement and Development - Jiangsu is actively creating opportunities for Taiwanese youth, with initiatives such as e-commerce training programs that have trained over 720 Taiwanese youth, and internship programs that have provided more than 15,600 job placements [5][6] - The establishment of a one-stop service platform and various entrepreneurial support initiatives aims to attract more Taiwanese youth to Nanjing, fostering collaboration and shared growth [6]

12月17日，美股三大指数开盘涨跌互现，截至23:00，道指涨0.42%，纳指跌0.24%，标普500指数跌0.05%。 | 名称 | 现价 | 涨跌 | 涨跌幅 | | --- | --- | --- | --- | | 道琼斯 平均 | 48317.33 | 203.07 | 0.42% | | 纳斯达克指数 | 23055.71 | -55.75 | -0.24% | | 标普500 | 6796.53 | -3.73 | -0.05% | | 纳斯达克100 | 25067.37 | -65.57 | -0.26% | | 万得美国科技七巨头指数 | 65124.11 | -383.50 | -0.59% | | 万得中概科技龙头指数 | 4298.44 | 4.10 | 0.10% | | 纳斯达克中国金龙指数 | 7608.24 | 51.91 | 0.69% | 热门中概股多数上涨，纳斯达克中国金龙指数涨0.69%，叮咚买菜涨21%，阿特斯太阳能涨近10%，小马智行涨超4%，文远知行涨超3%，百度涨超2%， 理想跌1.56%，爱奇艺跌超1%。 | く 日 | | | 叮咚 零安 | | | | ...

Core Insights - The e-commerce industry is shifting from scale expansion to efficiency and sustainability as major players like JD, Meituan, and Alibaba compete in the "minute-level fulfillment" space [1] - The competition is intensifying as JD and Meituan launch discount supermarkets in Beijing, focusing on logistics efficiency and low pricing strategies to attract family and commuting customers [1][3] Group 1: Market Dynamics - JD opened its first discount supermarket in Beijing's Mentougou district, featuring over 5,000 SKUs and local specialties to cater to local consumers [3][5] - Meituan's Happy Monkey supermarket, which opened shortly before JD's, is facing declining foot traffic and is also competing in similar product categories [4][6] - Both companies are targeting the suburban market around Beijing, indicating a strong interest in expanding their presence in this area [5] Group 2: Supply Chain and Product Strategy - JD's discount supermarket emphasizes a large store size and comprehensive SKU coverage to attract family shoppers, while maintaining low prices on essential goods [6][9] - Meituan's strategy mirrors JD's, focusing on stable pricing for essential items and offering private label products to meet consumer quality demands [6][8] - Both companies are enhancing their supply chain capabilities, with JD leveraging local logistics to ensure quick replenishment of fresh products [5][9] Group 3: Competitive Landscape - The discount retail format has become a focal point for major internet companies, with JD, Meituan, and Hema (盒马) all vying for market share [7][8] - The competition is characterized by rapid store openings and a focus on integrating online and offline sales channels to drive growth in instant retail [8] - Industry experts predict that the supply chain systems for discount retail will undergo significant upgrades in the coming year, with increased investment in private label development [8]

Core Insights - The e-commerce industry is shifting from scale expansion to efficiency and sustainability as it enters a period of stock competition, with major players like JD, Meituan, and Alibaba competing in "minute-level fulfillment" and hard discount strategies [1] Group 1: Market Competition - JD opened its first discount supermarket in Beijing's Mentougou district, featuring over 5,000 SKUs and local specialties to attract consumers [3][5] - Meituan's Happy Monkey supermarket, which opened shortly before JD's, is facing declining foot traffic and is competing directly with JD in overlapping product categories [4][5] - Both companies are focusing on logistics efficiency and local market adaptation to capture family and commuting customer segments [5][6] Group 2: Supply Chain and Strategy - JD's discount supermarket strategy emphasizes a large store footprint and a wide range of products to attract family shoppers, while maintaining low prices on essential goods [6][7] - Meituan's Happy Monkey also employs a similar strategy, maintaining stable prices on essential items and leveraging local sourcing for fresh produce [6][7] - The competition in the discount retail space is intensifying as both companies aim to optimize supply chain capabilities and enhance operational efficiency [7][8] Group 3: Future Outlook - Experts predict that the discount retail sector will see upgrades in supply chain systems and increased investment in private label products in the coming year [8] - Both JD and Meituan are expected to accelerate the opening of discount stores and integrate online platforms to boost instant retail business growth [8]

分析师将这一轮需求拆解为两大组成部分： 【如需和我们交流可扫码添加进社群】 人 工 智 能 算 力 需 求 爆 发 的 始 末 首先，让我们把时间拉回 2023 年，也就是人工智能热潮的起点。彼时，人工智能作为云计算 领域的全新应用场景，催生了该行业的爆发式增长，而当时科技巨头们的算力储备，根本不足 以满足激增的市场需求。 第一，随着人工智能技术的问世，数千家企业纷纷开始开发面向智能设备的新应用，同时对现 有应用进行人工智能化改造。 想必你也注意到，过去几年里，应用商店（App Store 和谷歌 应用商店）中涌现出了大量新应用。而这些应用的运行，正是云计算需求的核心来源。这些企 业基本不会自建数据中心，而是选择在云计算市场租赁算力。 从财报数据来看，亚马逊（Amazon, AMZN）的表现可圈可点。人工智能热潮持续发酵，上 季度云计算业务增速加快，同比增幅达到 20%；营收与利润双双创下历史新高。 更需注意的是，人工智能技术的应用本身，就需要消耗海量的内存与算力资源。 目前，公司市值达 2.4 万亿美元，市盈率略高于 32 倍。整体而言，财报数据表现优异，展现 出一家健康成长的企业面貌。但问题在于，所有财务 ...