12月15日起，想在TikTok美国小店做生意，门槛高了。平台近日宣布，跨境商家保证金将从500美元涨 至1500美元，涨幅达两倍。 门槛的提升，短期看是成本增加，长期看是行业走向更成熟规范的信号。对于卖家而言，适应变化、夯 实内功，才能在不断变化的赛道中行稳致远。 生效日：12月15日。 老商家：需在2026年1月14日前补足1000美元差价。 新商家：直接按1500美元缴纳，否则店铺功能将受限。 对中小卖家：压力明显。额外的1000美元现金流占用，可能让利润微薄或正尝试起步的卖家犹 豫，甚至暂缓计划。 对经营多店的卖家：意味着更高的资金成本和运营风险。策略或将从"数量扩张"转向"单店深 耕"，聚焦更优质的产品。 对成熟、合规的商家：影响相对有限，长期看，市场环境可能因此更规范，利于良性竞争。 1. 评估与规划：根据自身资金实力，重新评估投入与回报，慎重决策。 2. 聚焦核心：将资源更集中地投入到有潜力的产品或店铺上，提升经营质量。 3. 重视规则：无论保证金高低，合规经营都是长远发展的基石。 这记调整，对不同规模的卖家影响各异： 此次调整并非孤立事件。伴随业务快速增长，平台在履约、商品质量等方面面临更大挑 ...

Core Insights - DeMa Technology has won a framework contract with Shopee to build an intelligent express sorting network, addressing the increasing demands for sorting efficiency due to the rapid growth in logistics and order volume [1] Company Summary - DeMa Technology is collaborating with Shopee, a leading e-commerce platform in Southeast Asia and Brazil, to innovate and implement smart logistics solutions [1] - The intelligent sorting system developed by DeMa Technology has been deployed in Shopee's sorting centers in Singapore, Brazil, and Indonesia, demonstrating scalable applications across various business scenarios [1] Industry Summary - The logistics industry is experiencing rapid development, with a growing emphasis on enhancing sorting efficiency to improve user experience [1] - Shopee is expanding its operations in multiple Southeast Asian markets, including Singapore, Vietnam, the Philippines, Indonesia, Thailand, and Malaysia, as well as continuing its rapid growth in Brazil [1]

《中国互联网- 2026展望：承前启后，关键之年》 我们认为2026年将是争夺AI时代用户心智的关键之年，降低使用门槛、助力提升决策效率、创造真实价值是关注重点。而传统互联网业务 中，具备稳定的主业现金流支撑AI相关业务投资和探索、拥有丰富的应用场景积累数据触达用户、供应链能力突出且业务运营能力出众支撑 出海打开增量空间的公司或具备更高的长期投资价值。我们仍建议采用"杠铃型"的投资策略，同时关注盈利增长的确定性及AI带来的新增量。 1）AI主题方面，建议关注AI拉动广告和云业务持续较快增长、且有望受益于外资回流趋势的腾讯，确定性受益于AI大趋势、具备丰富应用场 景但估值较AI同业更低的阿里巴巴，和可灵AI应用变现进展积极并带动收入空间和估值提升的快手；2）盈利增长确定性方面，建议关注估值 处于较为合理区间且业绩表现稳健、盈利能见度高的网易、携程。 贺赛一, CFA 陶冶, CFA franktao@cmbi.com.hk 陆文韬, CFA luwentao@cmbi.com.hk 马泽慧 (852) 3761 8838 joannama@cmbi.com.hk 免重 (852) 3916 1739 hesai ...

Core Insights - The "post-00s" demographic in mobile internet has reached 179 million monthly active users, accounting for 14% of the total online user base, with a year-on-year growth of 10.1% [1][7] User Engagement and Behavior - The average monthly usage time for "post-00s" users is 217.6 hours, and the average number of uses is 3296.7 times, both significantly higher than the overall user average by 18.7% and 24.0% respectively [9][12] - "Post-00s" users show a strong preference for mobile video, social interaction, and gaming, with mobile video usage time accounting for 37.1% of their total usage, reflecting a 1.3 percentage point increase year-on-year [14][18] Application Preferences - In the AIGC sector, the monthly active user numbers for Doubao, DeepSeek, and Tencent Yuanbao are 42.72 million, 26.97 million, and 6.785 million respectively, indicating a strong engagement with these platforms [23][24] - The gaming preferences of "post-00s" users are concentrated in MOBA, strategy, and shooting games, with popular titles like "Honor of Kings" and "Happy Elimination" leading in user numbers [27][26] Consumption Patterns - "Post-00s" exhibit stable online consumption willingness and capability, with over 90% showing medium to high consumption intent, and nearly 80% of users having a spending capacity between 1000-2999 yuan [20][22] - The e-commerce landscape is dominated by major platforms like Taobao, JD, and Pinduoduo, each with over 100 million monthly active users from the "post-00s" demographic, reflecting a double-digit growth trend [33] Urbanization and Demographics - High urbanization rates among "post-00s" are evident, with significant concentrations in first-tier and new first-tier cities, driven by advantages in education, employment, and digital infrastructure [16] Social and Emotional Consumption - "Post-00s" display a dual-track emotional consumption pattern, seeking both personal fulfillment and social capital accumulation, which shapes their overall value satisfaction [39][41] - The interest in live events and high-interaction entertainment activities is notable, with a significant proportion of "post-00s" engaging in esports and offline performances [44]

黑猫投诉 【下载黑猫投诉客户端】发布11月企业投诉处理红黑榜单，数据均来源于黑猫投诉平台，反 映了企业在黑猫投诉平台的投诉处理解决情况。 截至2025年11月底，黑猫投诉平台累计收到消费者有效投诉超3116万件，11月有效投诉超80万件。 为了更加精准、及时地展现不同细分消费领域企业在黑猫平台的客诉处理情况，红黑榜单除了按行业划 分，还会根据近期热点消费事件设置"最受关注领域榜单"，为消费者提供更有价值的消费参考。 关键词：雷士灯具质量问题消费者被要求自行拆装 本月，多位消费者在黑猫投诉反馈，雷士照明灯具售后过程艰难。即便商家承认产品确实有质量问题， 其解决方案也仅限于退换货，甚至让用户购买一个新产品再将原产品退货；而将因产品质量引发的全部 衍生成本——如灯具拆卸的风险与费用、换货期间家中无光源的生活困境，以及首次安装对墙体线路造 成的破坏等问题均转嫁给消费者承担。商家拒绝为其劣质产品所导致的"全链条后果"负责。 红榜：哈啰、怪兽充电、松果电单车、倍电、搜电、聚宝充、南瓜侠 黑猫投诉11月行业红黑榜单 共享服务 黑榜：光宇科斯特换电、智慧笑联、云马科技、福建国曼智能科技、小电科技、悦快闪充、悟空快充、 小遛共 ...

再如年轻人消费群体集中的潮玩行业，以00后为主力群体的潮玩盲盒、动漫周边、娃圈等，天猫双11期 间增长均超两位数，超过30万个玩具潮玩新品在双11期间发售，盲盒、Lolita、游戏周边等新品大放异 彩，引领行业新品增长，叠纸心意、泡泡玛特、米哈游等二次元特征显著的品牌，位列双11潮玩品牌榜 前列。 除了个性、多样的商品生态，淘宝的年轻化运营同样成为吸引00后用户的关键。从去年开始，淘宝持续 通过猜题免单、春节许愿等贴合年轻人兴趣的互动活动吸引年轻用户，95后、00后是这些活动的主力参 与人群。今年5月，淘宝闪购上线。即时零售的受众以年轻群体为主，尼尔森IQ《2024年度网络购物趋 势研究报告》显示，即时零售用户中，35岁以下的年轻人占比达到了72%。淘宝闪购的高速增长，也为 淘宝带来大量年轻新用户。 本报讯(记者梁傲男)近日，QuestMobile发布《2025"00后"用户消费洞察报告》的显示，2025年10月，淘 宝00后月活用户规模达1.55亿，同比增长11.6%，远超其他电商app。 同时，00后线上消费意愿稳定，中高意愿与中高能力人群持续增长。以10月的数据为例，中高消费意愿 的00后占比接近95% ...

Core Viewpoint - The article discusses the recent resurgence of Pinduoduo's "Hundred Billion Subsidy" program, particularly focusing on the sale of premium Moutai liquor at prices significantly below market value, and the implications for consumers and the industry [2][3]. Group 1: Pinduoduo's Pricing Strategy - Pinduoduo has reintroduced its subsidy program with Moutai liquor priced at 1499 yuan and 1399 yuan, which is below market prices, aiming to attract new users and enhance brand image [2]. - The platform's competitive landscape has shifted, with national subsidies for electronics offering higher discounts, prompting Pinduoduo to focus on high-end liquor to differentiate itself [2][3]. - The subsidy program is not a loss for merchants; instead, Pinduoduo subsidizes the price difference, allowing merchants to sell at market prices while attracting new customers [3]. Group 2: Consumer Experience and Trust Issues - Many consumers face order cancellations if they are suspected of reselling, leading to a significant drop in actual transactions compared to the number of orders placed [5][6]. - The authenticity of the liquor sold on Pinduoduo is questioned, as the source of Moutai is not directly from the manufacturer but through various intermediaries, raising concerns about quality and trust [7][8]. - Consumers prefer established channels for purchasing Moutai due to trust issues, as they are more confident in the authenticity and quality of products from direct dealers or large supermarkets [12][13]. Group 3: Market Dynamics and Future Outlook - The "Hundred Billion Subsidy" has not significantly impacted the overall market price of Moutai, as consumers do not consider Pinduoduo's prices as representative of the mainstream market [6][12]. - The article highlights the importance of trust in the liquor market, with consumers willing to pay a premium for assurance of authenticity and quality from traditional channels [12][13]. - Future developments may include improvements in Pinduoduo's supply chain and authenticity verification processes, as Moutai's management is exploring ways to enhance its e-commerce presence and consumer trust [12].

1.贵州：拟加快推动白酒出口 《贵州省促进白酒销售若干措施（征求意见稿）》公开征求意见。其中提出，实施白酒出口战略。加快推 动白酒出口，制定相关支持政策，培育出口企业梯队，利用好贵州省国际友城和友好地区及侨务资源和市 场，发展出口伙伴，拓展海外销售渠道，支持白酒产品进入海外华人社区、超市、餐馆和中资企业在外职 工食堂。 3.华为2012实验室新成立基础大模型部 《科创板日报》9日讯，《科创板日报》独家获悉，华为2012实验室已经成立基础大模型部，专注于推进基 座模型开发。此前，华为曾发布AI人才招募令，面向全球招募具备卓越学术背景和创新精神的年轻科研人 才，拥有原创性科研成果的候选人将被优先考虑。 点评：集中攻坚根技术，构筑AI时代自主核心底座。 4.京东回应："随心囤"短暂出现系统故障，平台将承担全部损失 京东方面回应称，"随心囤"短暂出现了系统故障，在快速修复系统故障期间，许多用户主动退回了优惠券， 京东将联系致谢这些用户，并送上心意。因平台责任已出餐的商家，平台也将承担全部损失。 5.杰富瑞：支撑金价走势的主要宏观因素预料将延续至明年，首选巴里克矿业 点评：白酒出海加速，黔酒国际化迎政策东风。 2.银河 ...

黑猫投诉 【下载黑猫投诉客户端】发布11月企业投诉处理红黑榜单，数据均来源于黑猫投诉平台，反 映了企业在黑猫投诉平台的投诉处理解决情况。 截至2025年11月底，黑猫投诉平台累计收到消费者有效投诉超3116万件，11月有效投诉超80万件。 为了更加精准、及时地展现不同细分消费领域企业在黑猫平台的客诉处理情况，红黑榜单除了按行业划 分，还会根据近期热点消费事件设置"最受关注领域榜单"，为消费者提供更有价值的消费参考。 关键词：淘宝大促规则复杂价格不透明 双十一大促已落下帷幕，大促之初就被吐槽的机制复杂、价格变动频繁、价保申请困难等问题在本月仍 有大批消费者进行反馈，多位消费者表示自己买到的商品价格频繁变动，但降价之后申请价保又被客服 以各种理由推脱，还有消费者表示不仅价格，淘宝大促期间消费券优惠券的发放规则也让人摸不着头 脑，咨询客服也不能得到准确答复。 关键词：志高冷柜容量严重虚标标注72升实际不足35升 本月中，不少消费者向黑猫投诉反馈购买志高牌商品遇到虚假宣传容量虚标的问题。有消费者称自己从 志高冷柜旗舰店购买的小型冷柜标识显示冷冻室容积72升，实际测量却不足35升，容量严重虚标，存在 虚假宣传行为。截至 ...

Group 1: Economic Development Trends - The year 2025 is significant for China's modernization process, with a focus on high-quality development and achieving major economic and social goals [2] - The Central Economic Work Conference highlighted the importance of developing new economic sectors such as the "first release economy," "ice and snow economy," "silver economy," and promoting healthy platform economy and county economy [3][4] Group 2: First Release Economy - The first release economy is gaining traction, with cities like Beijing, Shanghai, and Chengdu enhancing policy support to attract new brands and stores, becoming a key driver for domestic demand [3][6] - Chengdu has seen the establishment of 631 first stores in the first three quarters of the year, indicating a growing trend of "first release" becoming a lifestyle [8] Group 3: Ice and Snow Economy - The ice and snow economy is evolving from a seasonal focus to a year-round industry, with the market expected to exceed 1 trillion yuan by 2025 [3][9] - Harbin's Ice and Snow World is integrating technology and culture, offering diverse shopping and dining experiences to enhance consumer engagement [11] Group 4: Silver Economy - The silver economy is expanding with new service models for the elderly, including specialized travel services that cater to their needs, reflecting a shift in consumption patterns towards quality and personalization [12][13] - The elderly demographic is becoming a significant force in the tourism market, with over 80% of travelers on specialized trains being aged 60 and above [13] Group 5: Platform Economy - The platform economy is transitioning from a "what to sell" model to a "what is needed" approach, enhancing consumer experience through direct subsidies and one-stop services [14][15] - E-commerce platforms are driving growth in both domestic demand and foreign trade, with significant increases in sales and participation in global promotional events [16] Group 6: County Economy - The county economy is experiencing robust growth, with initiatives like "Hundred Villages, Thousand Stays" promoting eco-tourism and local industries, leading to increased income for local residents [17][18] - The integration of tourism and local agriculture is driving economic development, with significant increases in visitor numbers and revenue [18] Group 7: Marine Economy - The marine economy is focusing on green and low-carbon initiatives, with advancements in shipbuilding technology and sustainable practices [19][21] - The marine engineering sector is seeing growth, with a reported output value of 32.85 billion yuan in the first ten months of the year, reflecting a 16.9% increase [21] Group 8: Bay Area Economy - The Guangdong-Hong Kong-Macao Greater Bay Area is fostering innovation and collaboration, with companies leveraging regional strengths for technological advancements [22][24] - The synergy between Hong Kong's research capabilities and the manufacturing strengths of the Pearl River Delta is facilitating the commercialization of scientific innovations [24]