证券之星消息，1月8日南向资金增持1067.05万股阿里巴巴-W（09988.HK）。近5个交易日中，获南向 资金增持的有3天，累计净增持993.3万股。近20个交易日中，获南向资金减持的有10天，累计净减持 1327.57万股。截至目前，南向资金持有阿里巴巴-W（09988.HK）22.1亿股，占公司已发行普通股的 11.57%。 阿里巴巴集团控股有限公司提供技术基础设施及营销平台。该公司运营七个业务分部。中国商业分部包 括中国零售商业业务如淘宝、天猫、盒马等以及批发业务。国际商业分部包括国际零售及批发商业业 务，如Lazada、速卖通等。本地生活服务分部包括基于位置业务，如饿了么、高德、飞猪等。菜鸟分部 包括国内及国际一站式物流服务及供应链管理解决方案。云业务分部包括向国内外企业提供公有云服务 和混合云服务，如阿里云及钉钉。数字媒体及娱乐分部包括优酷、夸克和阿里影业，以及其他内容和分 销平台以及线上游戏业务。创新业务及其他分部包括达摩院、天猫精灵及其他业务。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 ...

文｜犀牛娱乐 沈婉婷 编辑｜朴芳 毫无疑问，2025年对长剧来说并不好过。 行业周期的变化、流量红利的消逝、短剧的持续冲击……让长剧在过去一整年都几乎面临着震荡"下行"的焦虑，市场水位的整体缩水与超级头部作品的缺 位也已成为不可逆的事实。 在此背景下，随之而来的是发生在内容、平台、公司、演员等各个层面的剧烈洗牌，而只有那些真正回归创作本质、尊重并理解观众的作品，才能跨越不 确定性找到"上行"的空间。 变与不变之中究竟得失几何？本文将结合云合、灯塔、猫眼、德塔文等第三方平台公布的年度数据报告或榜单，详细回顾2025年长剧市场在这一年的具体 表现，也为刚到来的2026提供可供参考的一二经验及反思。 大盘再收缩，"超头"缺失 流量规模的整体收缩体现在各个维度。 根据云合数据《报告|2025年长剧集网播年度观察》，2025年上新长剧霸屏榜TOP20正片有效播放296亿，较去年同期缩减20%；其中，41部云合评级为 S+，同比减少3部。 长视频平台长剧上新数量也呈现下滑态势，2025年共上新长剧624部，同比减少31部，可看出"提质减量"大方针仍在坚定贯彻。 头部流量的缩水更加明显，要说去年还有一部热播期集均破亿的"独 ...

文娱商业观察 文/浮萍 2025年的长视频市场依然激荡。 从年初的大爆款《漂白》《国色芳华》，到年中全民热议的《生万物》《水龙吟》《沉默的荣耀》，再到年末的《唐诡3》《扫毒风暴》《反人类暴行》 等诸多高口碑内容的涌现，将观众的注意力焦点一次又一次拉回到长视频内容上来。 只有身处其中的人，才知道这样的成绩来之不易。在过去的几年中，长视频内容经历了短剧等一系列多样化娱乐方式的冲击，但令人欣慰的是，越是面临 各种挑战，就越能证明长视频内容中深度内容叙事、复杂议题讨论和深切情感共鸣的价值无可替代，这是长视频内容最核心的价值，也是广大用户和整个 社会最刚需的情感慰藉。 站在2025年末回顾过去一年，我们不难观察到，精品内容的创作方在推进"提质增效"的过程中，也面临诸多不确定性因素的挑战。与此同时，各平台也展 现出快速适应与调整的能力，在保持自身内容优势的基础上，持续探索创新方向，尝试以差异化的内容策略开拓市场空间，为平台在内容层面的发展提供 了新的可能。 借着年终盘点的机会，文娱商业观察也希望和大家分享一下，我们眼中的长视频平台的差异化内容是什么，以及它们是如何带来市场增量的，这或许能够 进一步成为2026年的长视频行 ...

最近，一则数据在文娱产业掀起波澜：据第三方机构统计，字节跳动旗下短剧平台红果短剧以2.1亿月 活跃用户的成绩，首次超越传统长视频平台优酷的2亿月活。这一里程碑式的突破，标志着以短剧为代 表的碎片化内容形态正重塑着中国数字娱乐产业的基本格局，从根本上改变了用户的娱乐消费习惯。 近年来，短剧以高歌猛进之势，不断蚕食着长视频的市场份额。其中，红果短剧更是凭借着"免费观看 +广告分账"的模式，实现了用户规模的指数级增长。事实上，短剧的爆火并非偶然，背后是多重因素 共振的结果，其"小成本、快节奏、高密度、强反转"的特点，精准击中了移动互联网时代用户"时间碎 片化、注意力稀缺化、情绪即时满足化"的核心痛点。 除此以外，短剧行业还存在盗版侵权横行、用户过度沉迷等问题与隐忧。尤其值得注意的是，中老年人 是短剧市场的重要受众，一些短剧平台利用老年人时间充裕、精神孤独、网络消费辨识能力弱等特点， 设置重重消费陷阱，诱导其高额付费、花式充值，形成对银发群体的资本围猎与收割，损害老年人的合 法权益。 红果短剧对长视频平台的"逆袭"是里程碑，但绝非终点。短剧若想从"爆红"走向可持续的"长红"，必须 正视问题，主动变革。首先，创作者要秉 ...

Group 1 - The core viewpoint of the news is the launch of a new home entertainment AI hardware brand "tudoo" by Whale Entertainment Group, along with its first product, the tudoo Tbox AI host, priced at 1499 yuan, set to be available on major e-commerce platforms starting December 18 [1] - The tudoo Tbox AI host aims to address key pain points in current television usage, such as low startup rates, fragmented usage, and lack of interaction, through four core technologies: a new large-screen chip architecture, multimodal interaction, a self-developed AI OS, and an open application ecosystem [1] - The new large-screen chip architecture of the tudoo Tbox integrates professional audio-visual processing capabilities with high computing power from mobile devices, supporting local AI models and smooth multitasking, while being compatible with hundreds of different brands and generations of TV devices [1] Group 2 - Whale Entertainment Group, formerly known as Alibaba's Big Entertainment Group, has achieved profitability for three consecutive quarters, primarily driven by improved operational efficiency of Youku and the success of its content quality strategy [2] - According to a report by iResearch, Youku's user growth rate has outpaced other long video platforms, with its user base increasing from 268 million to 281 million in the first three quarters of the year, achieving a growth rate over four times that of the industry [2] - In the third quarter, Youku's average number of advertisers exceeded 200, marking a 21% increase from the beginning of the year, which is the highest growth rate in the industry, driven by the success of premium content [2]

Group 1 - The core viewpoint of the report indicates that Youku has achieved significant user growth and engagement, leading the long video platform sector in both user scale and retention [1][5][6] - In the first three quarters of the year, the overall user growth for long video platforms was only 1.3%, while Youku's user base increased from 268 million to 281 million, outpacing the industry by over four times [5] - Youku's monthly average number of advertisers exceeded 200 in the third quarter, marking a 21% increase from the beginning of the year, which is the highest growth rate in the industry [1][5] Group 2 - The profitability of Huajing Entertainment Group has been achieved for three consecutive quarters, primarily driven by improved operational efficiency at Youku, instilling confidence in the market [6] - Analysts believe that Youku's strategy of focusing on high-quality content has allowed it to steadily enter a healthy development track, providing a new model for high-quality growth in the long video platform sector [6]

Core Viewpoint - Youku, a subsidiary of Alibaba's Whale Entertainment Group, announced a new revenue-sharing model for online story films starting January 1, 2026, allowing content providers to receive 100% of membership viewing revenue and an additional 20% incentive through a "new user coefficient," leading to a total revenue share of up to 120% [1][4]. Group 1 - The introduction of the "up to 120% revenue share" policy represents a renegotiation of the revenue structure between platforms and content providers, aiming to reconstruct the ecological incentive mechanism in the long video industry, which is currently facing high investment and low returns [3][6]. - Youku's strategy breaks away from the traditional exclusive copyright monopoly, allowing non-exclusive content to enjoy a 100% base share plus a 20% new user incentive, directly linking content value to user growth [3][6]. - This initiative aligns with the regulatory guidance from the National Radio and Television Administration regarding the new medium-length content format of "online story films" and seeks to carve out a differentiated path in a competitive landscape dominated by iQIYI and Tencent Video [3][6]. Group 2 - The new revenue-sharing model addresses structural contradictions in the streaming media market, where platforms have relied on exclusive copyrights, leading to inflated content procurement costs and deteriorating ROI, while smaller producers struggle with weak bargaining power and long payment cycles [7]. - By adopting a "de-exclusive + effect-oriented" dual approach, Youku aims to reduce its content procurement risks and enhance creator engagement, with the "new user coefficient" dynamically adjusted based on 90-day membership conversion effectiveness [7]. - If successful, this model could enhance Youku's content diversity and user engagement, potentially triggering a chain reaction in the industry, compelling other platforms to follow suit with similar revenue-sharing reforms, thus accelerating the transition of the long video industry from "capital burning" to "ecological win-win" [4][7].

Core Viewpoint - The Wuhan Literary and Film Industry Docking Conference, held on December 7, marks a significant event in promoting the integration of literature and film in Wuhan, showcasing the city's cultural vitality and creative potential [1][5]. Group 1: Event Overview - The conference is part of the 2025 Wuhan Art Life Season, which started on October 18 and aims to enhance the city's cultural identity and tourism consumption through over 60 cross-disciplinary art activities [4][5]. - The event gathered writers, artists, and representatives from major film platforms to discuss the transformation and dissemination of literature and film in Wuhan [5][6]. Group 2: Industry Insights - The conference highlighted the importance of connecting literature and film as a means to strengthen cultural identity and urban spirit, with insights from industry leaders on how to leverage local literary resources for film adaptation [5][7]. - Discussions focused on the potential of local IP and the need for deep content development to create unique storytelling that reflects the city's character [7][9]. Group 3: Selected Works and Collaborations - A "recommended list" of 20 literary works was announced, featuring diverse themes such as historical epics and urban stories, aimed at adapting these works into films [8][9]. - Four literary works signed agreements for adaptation with leading film platforms, indicating a shift towards large-scale, high-quality film adaptations of local literature [11][12]. Group 4: Strategic Partnerships - Strategic collaborations were established between the Wuhan Literary and Art Federation and major film platforms to promote the deep integration of literature and film, enhancing the cultural profile of Wuhan [13].

Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 5.99 million shares on December 1, 2025, marking a total net increase of 85.34 million shares over the past five trading days [1] - Over the last 20 trading days, southbound funds have increased their holdings on 12 occasions, resulting in a cumulative net increase of 112 million shares [1] - As of now, southbound funds hold a total of 2.208 billion shares of Alibaba-W, which represents 11.56% of the company's total issued ordinary shares [1] Trading Data Summary - On December 1, 2025, total shares held reached 2.208 billion, with a change of 5.99 million shares, reflecting a 0.27% increase [2] - On November 28, 2025, total shares held were 2.202 billion, with a change of 9.77 million shares, indicating a 0.45% increase [2] - On November 27, 2025, total shares held were 2.192 billion, with a change of 35.39 million shares, showing a 1.64% increase [2] - On November 26, 2025, total shares held were 2.157 billion, with a change of 26.40 million shares, representing a 1.24% increase [2] - On November 25, 2025, total shares held were 2.130 billion, with a change of 7.77 million shares, indicating a 0.37% increase [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating through seven business segments [2] - The China commerce segment includes retail businesses such as Taobao, Tmall, and Hema, as well as wholesale operations [2] - The international commerce segment encompasses international retail and wholesale businesses, including Lazada and AliExpress [2] - The local services segment includes location-based services such as Ele.me, Amap, and Fliggy [2] - The Cainiao segment offers domestic and international logistics services and supply chain management solutions [2] - The cloud segment provides public and hybrid cloud services to domestic and international enterprises, including Alibaba Cloud and DingTalk [2] - The digital media and entertainment segment includes Youku, Quark, Alibaba Pictures, and other content and distribution platforms, as well as online gaming [2] - The innovation and other segment includes DAMO Academy, Tmall Genie, and other businesses [2]

Core Viewpoint - Zhao Lusi is potentially returning to the mainstream market, with indications of collaboration with Alibaba's Huajing Entertainment, although no confirmation has been received from the involved parties [1][5]. Group 1: Zhao Lusi's Changes - On November 8, during her birthday concert, Zhao Lusi announced the establishment of a new studio, with Li Wei, founder of Galaxy Cool Entertainment, present at the event [1]. - Zhao Lusi's studio account has removed the identification of her previous agency, Galaxy Cool Entertainment, and replaced it with independent contact information [1]. - Li Wei posted a photo with Zhao Lusi on Douyin, indicating a deep collaboration between them [1][2]. Group 2: Huajing Entertainment's Position - Huajing Entertainment has established a significant connection with Li Wei, who controls 69.09% of a newly formed company, Yiercansi [2]. - Huajing Entertainment holds a 51% stake in Shenzhen Qianmang Culture, which is the major shareholder of Yiercansi, indicating Huajing's substantial influence over the company [3][4]. Group 3: Financial Performance and Opportunities - Huajing Entertainment has achieved profitability for three consecutive quarters, primarily driven by the success of its subsidiary, Youku [8]. - The success of the drama "Cang Hai Chuan," which has over 40% market share and significant brand collaboration, showcases a replicable model of combining top artists with major IPs [10]. - Signing Zhao Lusi could enhance Youku's traffic and reduce costs, as she has a strong following and has previously topped Weibo trends [11]. Group 4: Industry Outlook - Huajing Entertainment is in an expansion phase, launching various talent development programs, indicating a commitment to growth in the entertainment sector [11]. - The potential collaboration with Zhao Lusi reflects Alibaba's strong investment in the entertainment industry, which is seen as a positive development for both Zhao Lusi and industry professionals [13].