Asia Pacific Equity Research 24 November 2025 TMT conference key takeaways We concluded our Global TMT conference in HK last week. We summarize our key takeaways below. The demand for generative AI (GenAI) applications in China is surging, driven by robust policy support and expanding use cases, leading to accelerated token consumption across industries. On August 26, 2025, the State Council released the "Opinions on Deepening the Implementation of the 'Artificial Intelligence+' Initiative," which outlines ...

Core Insights - In a highly competitive environment, companies and individuals are increasingly leveraging "cross-industry collaboration" to enhance exposure and expand resources [1] Summary by Categories 1. Cross-Industry Collaboration Channels - **Industry Communities and Professional Forums**: These are the easiest entry points for collaboration. Platforms like WeChat groups, QQ groups, and vertical forums gather industry professionals and stakeholders. For example, pet product companies can join pet industry groups, while education training firms can connect with parent and institution groups. The advantages include low cost and low entry barriers, but the quality of connections can vary, requiring proactive communication to find suitable partners [4] - **Collaboration Matching Platforms**: These platforms, such as advertising agencies and public relations service providers, facilitate resource matching. They have a structured database of collaborations and standard processes for connecting business needs with resources. This is suitable for teams looking to quickly find reliable partners, especially for promotions, investments, and channel expansions. The benefits include high efficiency, but these platforms often operate on a fee basis, making them more suitable for companies with a sufficient budget [5] - **Industry Exhibitions and Summit Events**: Offline exhibitions are direct collaboration venues, attracting numerous channel merchants, manufacturers, and service providers. Events like e-commerce conferences and technology exhibitions allow for immediate discussions on collaboration. The advantages include high-quality connections with genuine needs and budgets, but they require significant time and effort, making them less feasible for small teams [7] - **B2B Collaboration Platforms**: Platforms like Alibaba and Qifubang cater to business-to-business collaboration needs. Companies can post their products, channels, services, and investment plans while also filtering through peer postings. The advantages are transparency and diverse demands, but competition is intense, and information can be overwhelming, necessitating ongoing account management for stable results [8] - **Social Media and Content Platforms**: Many brands now publicly announce collaboration needs on platforms like Weibo, Xiaohongshu, and Douyin, seeking influencers for reviews, channel distribution, or content collaboration. Following industry accounts can reveal numerous collaboration opportunities. This method is flexible and rapidly updated, ideal for KOL partnerships and content promotion, but requires a certain level of content discernment to evaluate potential partners [9]

2025年11月，App Store的榜单上出现了一个令人意外的名字：字节跳动旗下的社交应用"多闪"，在沉寂许久后，它不仅重返大众视野，更是登顶社交 应用榜首，在免费总榜中也跻身前列。 多闪并非一款横空出世的新品，而是一个几乎被市场遗忘的"旧将"。它的这次回归，并非偶然的运气，而是字节这座超级流量工厂经过精密计算与战略 调整后，对其社交生态进行的一次关键补位。 六年前，多闪的初次亮相承载着字节跳动在社交领域的宏大野心。作为其首款独立社交产品，它从诞生之初就被置于聚光灯下，使命明确——挑战当时如 日中天的微信。然而，这场备受瞩目的"首战"并未成功，多闪在经历短暂的高光时刻后迅速沉寂，经历数次产品转型但终究未能掀起波澜，甚至一度传 出过停止研发的消息。 在市场风头全都被AI产品抢去的2025年，多闪却悄无声息重新杀回社交舞台的中央。多闪重新被"委以重任"，背后不仅是字节的社交实验终于找准了适 合自己的方向，也潜藏着及在AI时代重构社交版图的野心。 在App Store免费总榜上，在年初的骤起骤落之后，多闪一直在百名之外起起伏伏，直到11月连续三个版本更新才终于一跃而起，直接升至10名之内， 与豆包、红果短剧、汽水 ...

2025年11月，App Store的榜单上出现了一个令人意外的名字：字节跳动旗下的社交应用"多闪"，在沉寂许久后，它不仅重返大众视野，更是登顶社交应用 榜首，在免费总榜中也跻身前列。 多闪并非一款横空出世的新品，而是一个几乎被市场遗忘的"旧将"。它的这次回归，并非偶然的运气，而是字节这座超级流量工厂经过精密计算与战略调 整后，对其社交生态进行的一次关键补位。 六年前，多闪的初次亮相承载着字节跳动在社交领域的宏大野心。作为其首款独立社交产品，它从诞生之初就被置于聚光灯下，使命明确——挑战当时如 日中天的微信。然而，这场备受瞩目的"首战"并未成功，多闪在经历短暂的高光时刻后迅速沉寂，经历数次产品转型但终究未能掀起波澜，甚至一度传出 过停止研发的消息。 在市场风头全都被AI产品抢去的2025年，多闪却悄无声息重新杀回社交舞台的中央。多闪重新被"委以重任"，背后不仅是字节的社交实验终于找准了适合 自己的方向，也潜藏着及在AI时代重构社交版图的野心。 抖音全力"助攻"之下，多闪重回社交舞台中央 七麦数据显示，多闪在今年走出了一条漂亮的"逆袭"之路——在1月10号32.6.0版本发布之后，在App Store榜单上直线 ...

以下文章来源于融中财经 ，作者王涛 融中财经 . 中国领先的股权投资与产业投资媒体平台。聚焦报道中国新经济发展和创新投资全产业链。通过全媒体资讯平台、品牌活动、研究服务、专家咨询、投资 顾问等业务，为政府、企业、投资机构提供一站式专业服务。 字节跳动估值再度暴涨。 文 ｜ 王涛 编辑 ｜ 吾人 来源｜ 融中财经 （ID：thecapital） 封面来源 ｜ 视频截图 11月20日晚，字节跳动的估值再度暴涨。 据彭博社数据显示，徐新创立的今日资本在近日进行的激烈竞购中购得字节跳动的大量股份后，字节跳动的估值达到了约 4800 亿美元（约合人民币 3.4 万亿）。 据悉，这部分股份的出售方为字节跳动早期投资人中国银行集团，最初价值接近 2 亿美元，反映了字节跳动 3600 亿美元的估值，但这个价格并没有在 竞购战中保持太久。 据 CB Insights 数据显示，若以当前市场估值计算，字节跳动已超越 SpaceX （估值约 4000 亿美元），成为全球估值排名第二的初创企业，仅次于估 值达 5000 亿美元的 OpenAI 。 一锤子， 把字节敲到 3.4 万亿 根据彭博社报道，这笔交易由徐新旗下的今日资本在多达 ...

早在2015年11月，他就在个人微博写下"像打造产品一样做公司"这句话，当时字节跳动还只是创业中的公司，但随后今日头 条、抖音等爆款不断涌现，公司估值飞速攀升，这句理念也广为流传。 大多数人只记住"做公司像做产品"，却忽略了这句话背后更重要的逻辑：如果公司是产品，文化就是产品的底层架构。 真正决定一个组织能否规模化、创新不衰、效率不断提升的，不是战略、不是KPI，而是——文化作为"系统级产品"，是否被 设计、试错、迭代。 企业文化之父 埃德加·沙因（Edgar Schein）曾指出：文化是一套组织为适应环境而逐渐形成的、用于解决问题的共同假设体 系。 当企业文化无法引发员工共鸣，甚至产生对立时，企业该如何审视文化本身的价值与构建逻辑？ 可以说说，企业文化不是抽象空谈，而是管理实践的产物；好的管理方式会培育出良好的文化氛围，进而推动员工的行为朝着 期望方向发展。 所谓文化好，就是当没有流程、没有例外、没有上级指示时，员工自然会做出符合公司期望的决策方式、沟通方式和取舍方 式。 它才是组织解决问题的底层"算法"。从这个角度来看，文化不是软性的，而是企业发展出的"结果"。 羚川商学百亿增长总裁班 新东方 32 周年 ...

Core Insights - The emergence of "manju" as an AI-driven low-cost content format is rapidly gaining traction in the content market, particularly as the costs of live-action short dramas rise [2][3] - Major players like ByteDance and Kuaishou are leveraging AI technology to create a commercial ecosystem that enhances production efficiency and reduces costs, marking a shift from AI as a tool of interest to a rigid production tool [3][4] Market Dynamics - The manju market has experienced explosive growth, particularly in the summer of this year, as the paid traffic model for live-action short dramas reaches its peak, prompting many producers to shift towards the more cost-effective manju format [2][5] - The production cost of live-action short dramas has increased significantly, from around 200,000-300,000 yuan to 700,000-800,000 yuan, driving creators to seek higher return opportunities in manju [9][12] Production Efficiency - AI technology has drastically reduced the production cycle for manju from 50-60 days to under 30 days, with costs for a typical manju being only about 30,000-40,000 yuan [12][14] - The integration of AI across the entire production process—from script adaptation to voice acting—has enabled a more industrialized production approach, lowering the entry barrier for creators [12][15] Competitive Landscape - The current manju landscape is characterized by a shift towards industrialization and quality competition, with major IP holders like Yuewen and Tomato Novel opening up their copyrights for adaptation [4][21] - Platforms are incentivizing creators through traffic support, revenue subsidies, and investments, indicating a move towards a more structured and competitive market [4][15] Future Outlook - The manju market is expected to expand further, particularly by targeting female audiences, as current content is predominantly male-oriented [19][24] - Major online literature platforms are opening thousands of IP copyrights and establishing funds to support manju adaptations, enriching the available content pool [21][24] - Regulatory policies are evolving to establish a review mechanism similar to that of live-action short dramas, which may increase compliance costs but also enhance market structure [24]

Core Insights - ByteDance has been actively exploring technology since its inception, focusing on large-scale machine learning systems for recommendation algorithms [1][5][34] - The company has made significant advancements in AI, particularly with its AI dialogue assistant "Doubao" and its leading position in the Chinese MaaS market through Volcano Engine [2][34] - ByteDance is investing heavily in XR technology, aiming to enhance user experience through improved hardware and software solutions [22][30] Group 1: Technology Development - In 2014, ByteDance set an ambitious goal to develop a recommendation system with a feature scale of one trillion, leveraging large-scale machine learning [5][9] - The company initially underestimated the potential of large language models, but quickly pivoted to invest in this area starting in 2022, leading to successful applications [34][35] - ByteDance has developed a stable training system called MegaScale, achieving a floating-point operation utilization rate exceeding 55%, which is 1.3 times higher than mainstream open-source frameworks [34] Group 2: AI and Machine Learning - The company has recognized the importance of large-scale data for creating valuable models and algorithms, particularly in the context of real-world applications [10][34] - ByteDance's AI dialogue assistant "Doubao" has become the most popular in China, showcasing the company's success in AI applications [2][34] - The company is also exploring advanced AI models, including the Seed Edge plan, which focuses on cutting-edge research in large models [35] Group 3: XR Technology - ByteDance acquired the Pico team in 2021 to enhance its XR capabilities, focusing on both content and foundational technology [22][30] - The company aims to achieve a pixel density (PPD) of nearly 4000, significantly higher than existing products, to improve clarity in XR experiences [26][29] - ByteDance is developing a dedicated consumer electronics chip to address processing bottlenecks in mixed reality applications, achieving a system latency of around 12 milliseconds [31][30]

相比往届，2025年字节跳动奖学金不仅增加了获奖名额，也将奖学金从10万元升级 为20万元，含10万元现金，以及10万元专项学术资源补贴，可用于参加学术会议、 科研差旅等相关支出。此外，字节跳动还为每位获奖学生的导师提供10万元奖励， 以此致敬导师在学子成长与科研道路上的辛勤付出。 颁奖典礼上，字节跳动技术副总裁杨震原对获奖师生表示祝贺，并分享了字节跳动 在技术领域的一些探索历程，鼓励同学们保持耐心和热爱，挑战真正有高度的技术 难题，为社会创造更大价值。 以下为杨震原分享全文。 11月24日，第五届字节跳动奖学金颁奖典礼在北京大钟寺办公区举办。 本届奖学金共吸引了中国和新加坡66所高校的500余名同学报名申请，来自清华、 北大、复旦、人大、华中科技大学、香港大学、新加坡国立大学、南洋理工大学等 高校的20位学子获奖，覆盖大模型、机器学习、多模态、AI Infra、机器人、AI for Science、硬件等领域。 大家好，很高兴在字节技术奖学金，这样一个场合见到大家。我自己是一个技术爱好者，2014 年我加入字节跳动。从最初负责搭建新的推荐系统开始，到现在已经有快12年了。这些年来， 也一路参与了字节很多的技 ...

抖音开始整顿无良网红律师了。 法律科普可能是涨粉确定性最高的垂类赛道之一。近年来，越来越多律师、法学教授等法律从业者选择成为一名法律创作者，并涌现出多位垂类顶流。 2023年，"郭庆梓律师"开始在抖音以直播连麦形式为用户提供法律咨询服务。因为经常能遇到各种堪比故事会的奇葩案件，再加上幽默风趣、活人感十足 的普法方式，以及对内容形式的不断创新，"郭庆梓律师"迅速和用户建立信任，不仅吸引到大批法律求助者，还有不少对普法感兴趣的围观群众，这大大 提升了普法的传播度。 近日，抖音发布《抖音社区法律行业公约》和《抖音法律内容创作白皮书》（下文简称"公约"和"白皮书"），不仅进一步明确了法律创作者的行为边界， 还为法律创作者总结了成体系的创作方法论。 这也是法律短视频科普行业的首个平台级规范。 《公约》和《白皮书》发布背后，是抖音平台上的法律认证创作者数量已超过7万人，且呈逐年上升趋势，绝大多数是执业律师、法学学者、公证员等专 业人士。但与此同时，行业内冒充律师身份、编造低俗故事等问题不时出现，不仅伤害了用户信任，也破坏了法律创作者的整体形象和法律科普行业生 态。 现如今，以抖音为代表的内容平台正成为越来越多人学习法律知 ...