记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 13.37 million shares on November 21, 2025, marking a 0.64% change in total shares held [1][2] - Over the past five trading days, southbound funds have increased their holdings for five days, with a total net increase of 70.468 million shares [1] - In the last twenty trading days, there were nine days of net increases, totaling 12.0078 million shares [1] - As of now, southbound funds hold 2.116 billion shares of Alibaba-W, accounting for 11.07% of the company's total issued ordinary shares [1][2] Trading Data Summary - On November 21, 2025, total shares held reached 2.116 billion, with a change of 13.37 million shares [2] - On November 20, 2025, total shares held were 2.102 billion, with a change of 21.18 million shares [2] - On November 19, 2025, total shares held were 2.081 billion, with a change of 13.30 million shares [2] - On November 18, 2025, total shares held were 2.068 billion, with a change of 14.37 million shares [2] - On November 17, 2025, total shares held were 2.053 billion, with a change of 8.25 million shares [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across 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 like 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 Insights - The article discusses the strategic shift within Alibaba, particularly focusing on the integration of Ele.me into the Taobao ecosystem, reflecting a broader trend of consolidation in the face of competition from Meituan and Douyin e-commerce [3][11][19] Group 1: Company Strategy - Alibaba is restructuring its operations under the leadership of Jiang Fan, who is tasked with ensuring the stability of the "old Alibaba" while supporting the "new Alibaba" focused on cloud and AI [5][11] - The integration of Ele.me into Taobao reflects a shift in strategy, where the brand is being downplayed in favor of Taobao's established presence, indicating a belief that the Ele.me brand has limited utility [3][17] - The decision to rebrand Ele.me as "Taobao Flash Purchase" signifies a move towards a more unified platform aimed at enhancing user engagement and driving sales [11][19] Group 2: Market Dynamics - The competitive landscape has shifted, with Meituan establishing a stronghold in the local delivery market, making it difficult for Ele.me to gain market share despite Alibaba's resources [15][19] - The article highlights the challenges faced by Alibaba in adapting its e-commerce model to the realities of local delivery, where operational efficiency and supply chain management are critical [9][15] - The rise of Douyin e-commerce has further complicated Alibaba's position, as it has drawn users away from Taobao, increasing customer acquisition costs significantly [10][19] Group 3: Financial Implications - Alibaba's investments in the "new retail" concept have not yielded the expected returns, leading to significant financial losses, particularly with Ele.me, which has become a financial burden rather than an asset [9][12] - The article notes that Alibaba has engaged in asset divestitures, including the sale of Intime Retail and Gome Retail, to streamline operations and reduce losses [12][19] - The financial performance of Taobao Flash Purchase is under scrutiny, with projections indicating that its contribution to revenue may fall short of the substantial investments made [19]

此外，海外消费者也正积极参与双11。双11期间，淘宝境外日下单用户数（DAC）实现双位数增长； 其中9个重点市场，日下单用户数同比增幅更超过20%。 今年双11，淘宝首次在全球20个国家和地区同步启动大促，并以中、英、俄、泰、马来五种语言服务全 球消费者。双11全周期，淘宝在新加坡、马来西亚、澳大利亚、日本等十多个境外市场实现GMV强劲 增长。 数据显示，双11期间，蕉内、亚朵星球、可复美、珀莱雅等数十个品牌境外成交额破千万。淘宝此前曾 面向商家推出"出海增长计划"，超过20万签约商家成交额实现翻倍增长。 双11当天，澳大利亚与新加坡英文用户成交都创下了历史新高；在通用俄语的哈萨克斯坦，30%的新增 购买用户通过俄语界面完成下单。双11期间，泰国新用户同比去年也增长了两倍以上。 淘宝出海总经理叶剑秋表示，双11一直是中国电商行业最重要的"风向标"，作为首个全球化的双11，今 年淘宝在境外市场实现了人群本地化、供给多元化、履约全球化的协同。"淘宝的出海进程将继续加 速，为中国商家开辟增量蓝海。" 其中，阿里国际站是国内最大的B2B出海平台，近年来持续加大对欧洲市场的投入。在近期举行的欧洲 最大的中小企业峰会Co ...

双十一在国内关注度越来越低，却在海外市场开始爆火。 2025年双11落下帷幕，国内电商市场虽仍保持增长，但消费者理性化、促销周期拉长、数据真实性受质 疑等问题，已让"双11神话"褪去昔日光环。 然而，就在国内市场陷入内卷与疲态之际，双11期间淘宝却在全球舞台上掀起一场意外的热潮——首次 在20个国家和地区同步启动双11，并以五种语言服务海外用户，投入10亿元营销补贴，超20万商家实现 海外成交翻倍。新加坡、马来西亚、澳大利亚、日本等十余个境外市场GMV强劲增长，9个重点市场日 下单用户同比增幅超20%。 在物流端，菜鸟网络已构建覆盖全球200多个国家和地区的智能仓配体系，部分重点国家实现7日达甚至 3日达；在支付端，支付宝国际版与当地主流支付方式（如PayPay、GrabPay、Klarna等）打通；在售后 端，平台提供多语种客服与"无忧退货"保障。这些看似微小的优化，实则极大提升了海外用户的购物体 验与信任度。 数据显示，双11期间淘宝境外日下单用户实现双位数增长，其中多个市场增速超20%。这说明，海外用 户不仅"尝鲜"，更开始形成复购习惯——这是平台真正扎根海外市场的核心指标。 双11海外爆火背后是淘宝出 ...

今年双11，淘宝首次在全球20个国家和地区同步启动大促，并以中、英、俄、泰、马来五种语言服务全球消费者。 双11全周期，淘宝在新加坡、马来西亚、澳大利亚、日本等十多个境外市场实现GMV强劲增长，双11加速从"中国购物节"蜕变为全球消费者的节日。 出海为淘系商家创造了巨大的增量。数据显示，双11期间，蕉内、亚朵星球、可复美、珀莱雅等数十个品牌境外成交额破千万。淘宝推出的"出海增长计 划"帮助商家0门槛出海，获得超额的海外增长回报，超过20万签约商家成交额实现翻倍增长，其GMV增幅更是淘宝出海整体大盘的三倍。 过去一年，淘宝出海不断加强出海"基础建设"。随着物流、支付、本地化运营能力的全面提升，海外消费者也正以前所未有的热情积极参与双11。双11期 间，淘宝境外日下单用户数（DAC）实现双位数增长；其中9个重点市场，日下单用户数同比增幅更超过20%，显示出这些区域作为高潜力出海目的地的巨 大价值。 今年以来，淘宝还推出了多种外语版本，显著降低了非中文用户的使用门槛，吸引了大量的海外本土消费者。双11当天，澳大利亚与新加坡英文用户成交都 创下了历史新高；在通用俄语的哈萨克斯坦，30%的新增购买用户通过俄语界面完成下 ...

周报 市场信心修复中，结构表现分化显著 互联网行业 2025-11-18 星期二 【行情回顾】 研究部 姓名：李承儒 SFC：BLN914 电话：0755-21519182 Email：licr@gyzq.com.hk 请务必阅读免责条款 上周（2025 年 11 月 10 日-2025 年 11 月 14 日），恒生指数周涨跌幅为 +1.62%，恒生科技指数周涨跌幅为-0.42%。美股方面，上周道指、标普 500、纳指周涨跌幅分别为+0.34%、+0.08%、-0.45%，纳斯达克互联网指 数周涨跌幅-0.99%，纳斯达克中国金龙指数周涨跌幅为-2.51%， 截至 2025 年 11 月 14 日，软件与服务板块 PE-TTM 为 26.4x；软件与服 务板块 PS-TTM 为 5.2x。 上周 WIND 一级行业中，资讯科技行业周涨跌幅为+0.21%。而二级行业 中，软件板块涨跌幅为+0.27%，媒体板块涨跌幅为-5.04 %。 中概股板块中，互联网电商、互联网金融、互联网云计算表现为下跌。 目前纳斯达克 100 指数动态 PE 估值约 35.8x 商汤空间智能大模型系列 SenseNova-SI 正式开 ...

"双11"走到第17年，各电商平台战报不再公布具体GMV（商品交易总额），统计周期也参差不齐，横 向可比较维度并不统一，但是各家可以在时间维度上纵向与自己比较。 11月15日，阿里巴巴公布2025年天猫"双11"成绩，称这是"以四年来最好增长收官"。 对于行业和大众来说，随着大促常态化，"双11"的独特性已逐年减弱，但是对于阿里而言，今年却有巨 大变革意味：今年是淘宝升级大消费平台、淘宝闪购全面参与、AI全面应用的第一个"双11"。 根据淘天公布的数据，今年"天猫双11"全周期（10月15日至11月14），淘宝闪购零售订单同比去年增长 超2倍，天猫品牌即时零售日均订单环比9月增长了198%。融入淘天后的第一个"双11"，飞猪成交创历 史新高，同比增长超30%。 今年阿里"双11"对消费者给出了史上力度最大的优惠福利投入，首次规模化地用AI工具来发放红包，AI 红包带动品牌日均下单用户数增长86%。最终收官的战绩包括近600个品牌成交破亿元、3.4万个品牌同 比增长翻倍等。 这是阿里巴巴在2025年结束"1+6+N"（1个集团+6大重点板块+N个其他业务）时代，回归"一个阿 里"（One Alibaba）的架构 ...

Group 1 - The core point of this year's Double Eleven shopping festival is that it has become the longest in history, lasting 159 days, which is 4 days longer than last year, with major platforms averaging over 30 days of promotion [2][3] - During this year's Double Eleven, the total sales reached approximately 1.70 trillion yuan, a year-on-year increase of 14.2%, while the comprehensive e-commerce transaction volume grew by 12.3% [3][4] - The average daily sales during this year's Double Eleven were 462.6 billion yuan, indicating an 11% year-on-year decline, suggesting that the event has become less effective in stimulating consumer interest [4][8] Group 2 - The stagnation in the e-commerce market has led platforms to adopt strategies that may not be sustainable, as they attempt to maintain the appearance of growth [5] - The changing financial reporting metrics of major platforms, such as the shift from GMV to CMR and active buyer metrics, complicates the evaluation of their performance [7][8] - The lack of transparency regarding GMV growth in financial reports raises concerns about the competitive position of platforms like Taobao and Tmall [8][9] Group 3 - In response to limited GMV growth, platforms are increasing their take rates, which places additional financial pressure on merchants [9][10] - The introduction of new fees, such as a 0.6% technical service fee and full-site promotion costs, is aimed at increasing revenue from merchants [10][11] - Merchants are facing a complex fee structure that significantly reduces their profit margins, leading to dissatisfaction and potential exits from the platform [14][15][18] Group 4 - Other platforms, such as Xiaohongshu and Pinduoduo, are implementing measures to reduce costs for merchants, contrasting with Taobao's approach [26][27] - Alibaba's significant investments in AI and instant retail are driving the need for higher fees from merchants to support these initiatives [28][29][30] - The current strategy of increasing fees on merchants may lead to a long-term decline in merchant satisfaction and retention [30][31]

Core Insights - Southbound funds increased their holdings in Alibaba-W (09988.HK) by 8.25 million shares on November 17, 2025, marking a 0.40% increase in total holdings [1][2] - Over the past five trading days, southbound funds have reduced their holdings on four occasions, resulting in a cumulative net reduction of 32.71 million shares [1][2] - In the last twenty trading days, there have been 14 days of net reductions, totaling 72.90 million shares [1][2] - As of now, southbound funds hold 2.053 billion shares of Alibaba-W, which represents 10.75% of the company's total issued ordinary shares [1][2] Summary by Sections Trading Activity - On November 17, 2025, total shares held by southbound funds reached 2.053 billion, with an increase of 8.25 million shares [2] - On November 14, 2025, there was a decrease of 21.96 million shares, reflecting a -1.06% change [2] - The trading activity over the previous days shows a consistent pattern of reductions, with notable decreases on November 13 (-12.68 million shares), November 12 (-4.04 million shares), and November 11 (-2.27 million shares) [2] Company Overview - Alibaba Group Holding Limited provides technology infrastructure and marketing platforms, operating across seven business segments [2] - The segments include: - China Commerce: Retail businesses like Taobao, Tmall, and Hema, as well as wholesale operations - International Commerce: Retail and wholesale businesses such as Lazada and AliExpress - Local Services: Location-based services like Ele.me, Amap, and Fliggy - Cainiao: Domestic and international logistics services and supply chain management solutions - Cloud Computing: Public and hybrid cloud services, including Alibaba Cloud and DingTalk - Digital Media and Entertainment: Platforms like Youku, Quark, and Alibaba Pictures, along with online gaming - Innovation and Other: Includes DAMO Academy, Tmall Genie, and other ventures [2]