完整早报音频，请点击标题下方小耳机收听 【华与华创始人华杉称西贝 "被人算计"，罗永浩发文回怼：再跟我私下道歉已经不管用了，必须公开道歉】 11 月 26 日午间，罗永浩发布微博，要求华杉在今天下午六点之前道歉。目前罗永浩要求的时间已过，且未见华杉在微博 公开向罗永浩道歉。 两人的争论起于华杉 11 月 25 日发布的一条微博，华杉称，西贝是中国餐饮业的天花板，无论对顾客还是对员 工，都是诚心诚意做到极致。被诱入黑白颠倒的网络罗刹国，被人算计。西贝坚持自己的华夏子弟精神，不苟且偷 生，凭仁义立世。对于上述言论， 11 月 26 日凌晨，罗永浩直接回怼：谁诱的？谁算计了？你想干什么？你要是 说不清楚，我就公布录音了。 罗永浩随后发微博表示， "华杉这次再跟我私下道歉已经不管用了，必须公开道歉。今天（ 11 月 26 日）下午六 点之前，如果华杉没有在微博公开道歉，未来中国的市场公关行业应该不会有人再记得华与华了，只记得罗与华"。 随后，记者发现华杉本人微博开启一键防护模式，暂时无法关注。据悉，该功能可自动拦截恶意私信、评论等内 容。（同花顺财经） 【智元彭志辉当选上市公司董事长】 11 月 25 日晚，上纬新材 ...

Group 1 - The Hong Kong fire in Tai Po has resulted in 40 fatalities and 45 injuries, leading to the arrest of three company executives for suspected manslaughter [2] - The Chinese embassy in Cambodia confirmed the successful rescue of a missing Chinese citizen, urging citizens to be cautious of job scams [3] - Japan's tourism industry is facing a significant downturn due to a sharp decline in Chinese tourist bookings, with potential losses estimated at nearly 1.8 trillion yen [4] Group 2 - Beijing has launched a three-month campaign to combat online financial fraud and illegal activities in the financial sector, focusing on six major issues [5] - A wilderness survival competition in Yunnan was canceled due to ongoing low temperatures posing safety risks to participants [6][7] - The Jiangsu Consumer Protection Committee has urged ten airlines to rectify issues related to seat locking practices that infringe on consumer rights [11] Group 3 - Xiaomi has recruited a former Tesla Optimus team member to lead its robotics team, focusing on the development of dexterous robotic hands [12] - OpenAI projects that its ChatGPT subscription user base will exceed 220 million within five years, potentially generating annual revenues close to $200 billion [13] - ByteDance has denied media reports claiming that its Tomato series business will exceed 60 billion yuan in revenue this year [20][21] Group 4 - Tesla has reaffirmed that over 95% of parts for its Model 3 and refreshed Model Y are sourced from China, emphasizing the importance of its Shanghai Gigafactory [18][19] - The West China University Hospital has addressed concerns regarding a patient's treatment, detailing the medical costs and compliance with procurement regulations [28][31][33] - Bain Capital predicts that the humanoid robot industry will enter a golden development period over the next decade, with potential market growth to $1.2 trillion by 2035 [47][49]

1、日前，六部门联合发布《关于增强消费品供需适配性进一步促进消费的实施方案》，从拓展增量、 深挖存量、场景赋能等5方面部署19项重点任务，目标是到2027年，消费品供给结构明显优化，形成3个 万亿级消费领域和10个千亿级消费热点。11月27日，国新办举行例行吹风会，介绍增强消费品供需适配 性进一步促进消费政策措施有关情况。 2、国家卫健委11月27日就介绍基层医疗卫生服务进展成效有关情况举行发布会。 宏观经济 今日关注 公司动向 1、中金公司：正在筹划通过换股方式吸收合并东兴证券和信达证券。本次重组涉及A+H股两地上市公 司同时吸收合并两家A股上市公司，流程复杂。公司A股股票将继续停牌。 1、商务部部长王文涛与欧盟委员会贸易和经济安全委员谢夫乔维奇举行视频会谈，就安世半导体等经 贸问题深入交换意见。双方一致同意，企业是解决安世半导体问题的主体，将共同敦促安世荷兰与安世 中国尽快开展建设性沟通，找到长期解决方案，尽快恢复全球半导体产供链的畅通与稳定。双方还就中 欧出口管制等问题交换了意见。 2、广东省地方金管局等部门：印发《广东省金融支持企业开展产业链整合兼并行动方案》。探索将并 购重组、资产盘活等纳入国企考核 ...

作者｜兰杰 编辑｜乔芊、杨轩 36氪独家获悉，据接近字节跳动人士消息，2024年字节旗下番茄系业务（包含番茄小说、红果短剧、番 茄畅听以及悟空搜索等在内）的收入超300亿元，整体利润约为30亿-50亿元。其中番茄小说贡献了大部 分收入。 另据该人士估算，今年番茄系整体收入有望超600亿元，其中番茄小说的收入超450亿，红果短剧收入超 150亿。 36氪向字节跳动方面求证，对方称上述数据不实。 横向对比同类业务，据财报信息，腾讯旗下阅文集团2024年的总收入是81.2亿元，利润是11.4亿元。 "DAU几乎是字节内部评判一个产品是否成功的最核心依据，它代表着规模与上限。"一位前字节中层 人士告诉36氪。也正因为如此，带出了番茄系业务的张超，绩效评级已经连续两年为O（Outstanding 杰 出），这是公司内部绩效考核的最高等级。 回看番茄系的崛起，是字节大力出奇迹的又一次验证。 番茄小说与红果短剧做起来的逻辑几乎是一样的。确定进入一个市场之后，字节会先通过挖人、收购、 流量扶持等方式，将上游的资源引入进来。再通过免费模式和大力投流手段，将门槛降的足够低，以尽 可能抓住最多的用户。 这一整个过程，都极为烧钱。据 ...

编辑｜乔芊、杨轩 36氪独家获悉，据接近字节跳动人士消息，2024年字节旗下番茄系业务（包含番茄小说、红果短剧、番 茄畅听以及悟空搜索等在内）的收入超300亿元，整体利润约为30亿-50亿元。其中番茄小说贡献了大部 分收入。 另据该人士估算，今年番茄系整体收入有望超600亿元，其中番茄小说的收入超450亿，红果短剧收入超 150亿。 36氪向字节跳动方面求证，对方称上述数据不实。 横向对比同类业务，据财报信息，腾讯旗下阅文集团2024年的总收入是81.2亿元，利润是11.4亿元。 作者｜兰杰 这一整个过程，都极为烧钱。据另一位接近字节人士消息，红果短剧在上线之初，曾在内部获得了1000 万元/天的消耗预算，这在公司内部横向对比其他业务，也属于极高的标准。 且据多位接近红果短剧人士消息，这一业务目前仍未盈利。 在成功打造一个拥有庞大流量和用户数的平台之后，番茄系会选择将触角伸向行业上下游，同时丰富业 务本身，以实现进一步的商业化。 番茄系利润偏低，主要原因是现阶段内部仍在扶持红果短剧业务，后者在过去近两年的时间里大力投流 买用户，不过一年多的时间就实现了DAU（日活跃用户数）近亿、MAU（月活跃用户数）破双亿的 ...

增长奇观的背后，仍是字节擅长的大力出奇迹。 编辑 | 乔芊 36氪独家获悉，据接近字节跳动人士消息，2024年字节旗下番茄系业务（包含番茄小说、红果短剧、番茄畅听以及悟空搜索等在内）的收入超300亿元， 整体利润约为30亿-50亿元。其中番茄小说贡献了大部分收入。 另据该人士估算，今年番茄系整体收入有望 超600亿元，其中番茄小说的收入超450亿，红果短剧收入超150亿。 36氪向字节跳动方面求证，对方称上述数据不实。 横向对比同类业务，据财报信息，腾讯旗下阅文集团2024年的总收入是81.2亿元，利润是11.4亿元。 番茄系利润偏低，主要原因是现阶段内部仍在扶持红果短剧业务，后者在过去近两年的时间里大力投流买用户，不过一年多的时间就实现了DAU（日活 跃用户数）近亿、MAU（月活跃用户数）破双亿的成绩。 QuestMobile数据显示，红果短剧9月的MAU已经达到了2.36亿元，同比增长94%，断层领先短剧赛道位列第二的河马剧场，后者的MAU为5158万。 字节通常如何决定做一个业务？总体可以概括为这一业务的规模是否足够大，以及是否足够赚钱。番茄小说和红果短剧在内的产品，就是足够符合这两点 要求的业务。它们 ...

中国视听协会《中国微短剧行业发展白皮书（2025）》：2025年1-8月，微短剧应用的人均单日使用时长达到120.5分钟，较1月增25.9%。微短剧应用人均单日使用时长或已超过长视频应用。微短剧相关企业达10.02万家，且市场仍处于快速扩张阶段，仅今年前9个月就新注册了1.68万家相关企业，同比增12.57%。抖音凭借IP、流量、算法推荐等优势，红果短剧快速崛起，与河马剧场、繁花剧场两大头部应用共同抢占超过 95%的月均活跃用户渗透率。 ...

Core Viewpoint - The short drama industry is experiencing rapid growth and transformation, with user preferences shifting towards higher quality and more complex narratives, as evidenced by the success of works like "Summer Fendela" which achieved over 3 billion views in just 17 days [5][17]. Industry Overview - The user base for micro short dramas is projected to reach 662 million by 2024, with a market size exceeding 50.5 billion yuan, surpassing the total box office of national films for the first time [5][6]. - By the first half of 2025, the short drama market is expected to grow by 34.4% year-on-year, reaching 67.79 billion yuan, with average daily viewing time increasing from 25 minutes to 38 minutes [5][6]. Market Dynamics - The average stock price increase for short drama concept stocks exceeded 40% in the first half of 2025, with ByteDance's short drama app "Hongguo" seeing a 94% year-on-year increase in monthly active users, reaching 236 million [6][23]. - The industry faces increasing anxiety due to the pressure of over 100 new short dramas being released daily, leading to high competition and rising production costs [8][12]. Creative Trends - The narrative structure of short dramas is evolving from simple emotional consumption to more nuanced emotional expression, with a noticeable shift towards longer storytelling formats [8][20]. - Successful short dramas are increasingly incorporating real-life elements and addressing social issues, making them more relatable to audiences [8][21]. Production Challenges - The rapid production cycle has led to a "mechanical" approach to storytelling, where the focus is on quick emotional hits rather than deep narratives, resulting in a formulaic creation process [15][36]. - The lifecycle of popular themes is shortening, with audience fatigue setting in much quicker than before, necessitating constant innovation [12][13]. Business Model Evolution - Major players like ByteDance and Yuewen are restructuring the commercial chain by integrating production and distribution, enhancing their competitive edge [23][25]. - The monetization strategies are diversifying, moving from a single revenue stream to a multi-faceted approach that includes content payment, brand placement, e-commerce, and IP derivatives [41][43]. Technological Integration - The use of AI in content creation is becoming prevalent, with tools that streamline the production process and reduce costs, particularly in the realm of animated dramas [29][30]. - The rise of "manhua" (animated dramas) is filling a market gap, appealing to younger audiences and leveraging lower production costs [30][31]. Market Challenges - Despite the growth, the industry faces significant challenges, including high competition for platform visibility, varying effectiveness of brand placements, and a profit-sharing model that increasingly favors platforms over creators [38][40]. - The prevalence of piracy remains a critical issue, complicating revenue generation and necessitating stronger copyright enforcement measures [47].

Core Insights - The "New Three Samples" of culture, represented by online literature, online film and television, and online games, are gaining attention at the 2025 World Internet Conference in Wuzhen, focusing on their innovative development in industry integration and international dissemination [1][3]. Group 1: Industry Growth and Predictions - The micro-short drama sector has shown remarkable creativity this year, connecting hundreds of millions of users and demonstrating its potential to empower various industries [3]. - By 2027, it is predicted that the total number of Chinese online literature export works will exceed one million, with overseas revenue from web dramas expected to surpass $10 billion and online games' overseas revenue projected to exceed $25 billion [3]. Group 2: Content Quality and Cultural Values - The industry must take on greater social responsibility, particularly in managing content quality, cultural value guidance, and international compliance [3]. - Enhancing the cultural recognition of works is essential for the "New Three Samples" to achieve long-term success [3]. Group 3: Cultural Transmission and Global Reach - The key to accurately reaching global audiences lies in transforming "national" content into "global" narratives, requiring creators to be rooted in Chinese culture while possessing a global perspective [4]. - The success of Chinese micro-short dramas globally is attributed to a vast accumulation of text and a mature short-term monetization business model [4]. Group 4: Technological Advancements - Technology is becoming the core engine driving content evolution, with AI, big data, and VR significantly transforming content creation, dissemination, and experience [5]. - The global gaming industry will increasingly emphasize creativity and technology, particularly in high-quality design and visual effects within computer graphics [5].

Core Insights - The 32nd China International Advertising Festival and the 34th Asian Advertising Conference focused on the theme "Intelligent Advertising New Chapter: China on Stage, Asia in Sync," discussing the development paths and future opportunities for the advertising industry amid technological innovation and globalization [1] Group 1: AI Empowerment in Marketing - The company highlighted three main paths for brand growth and the transformative impact of AI on marketing ecosystems and long-term brand management [1] - AI has enabled four dimensions of capability upgrades: data capability, content understanding, model capability, and industry insight [2] - The platform utilizes AI to create dynamic and precise consumer profiles, allowing for targeted marketing strategies based on specific consumer behaviors [2][3] Group 2: Content and Engagement Strategies - The rise of short dramas, particularly under clearer national regulations, has led to significant growth in the short drama sector, providing new opportunities for brand engagement [1][4] - AI tools facilitate the entire marketing process, from influencer marketing to content production and consumer interaction, enhancing overall marketing efficiency [2][3] - The platform's diverse content ecosystem supports brand perception and long-term brand strength, converting brand equity into business growth [4][5] Group 3: Market Trends and Consumer Behavior - The platform has seen a rapid increase in monthly active users (MAU) for short dramas, indicating a healthy growth trajectory for the industry [4] - The shift in user search behavior from traditional information retrieval to intelligent Q&A is significantly influencing consumer decision-making processes [1] - The integration of online and offline capabilities allows the platform to create a comprehensive marketing environment, enhancing brand visibility and consumer engagement [5]