朋友们，我是帮主郑重。昨晚，当情人节玫瑰还没卖完时，中国互联网圈炸开了一颗惊雷——美团发布 盈利预警，2025年净亏损233亿到243亿！ 而就在一年前，这家公司还赚了358亿。一年时间，利润表上近600亿的惊天逆转，相当于每天一睁眼就 亏掉1.6亿。 今天，咱们就穿透这串天文数字，看看一场席卷中国互联网的"外卖三国杀"，如何将曾经 的现金奶牛拖入流血战场。 第一幕：产业的"囚徒困境"——护城河被资本填平 时间回到2024年。美团的核心本地商业分部，还是那头年赚524亿的现金奶牛。但2025年，一切都变 了： • 阿里整合饿了么+淘宝闪购，放话"三年不盈利"，砸下640亿市场费用； • 京东高调入局外卖，打出"骑手五险一金全覆盖"王牌，直击美团336万外包骑手的软肋； • 抖音凭借流量优势，疯狂侵蚀到店业务份额。 美团陷入了经典的囚徒困境：不跟补贴，份额流失；跟补贴，利润崩塌。 它选择了后者，结果就是核 心业务从盈利524亿转为亏损70亿。 第二幕：趋势的"生死拐点"——从价格战到基础设施竞赛 这场战争，早已不是简单的外卖大战，而是即时零售"万物到家"的终极对决。 • 赛道规模：中国即时零售市场2026年将突 ...

2月14日，据市场监督管理总局通报，其已于2月13日集中约谈阿里巴巴、抖音、百度、腾讯、京 东、美团、淘宝闪购等平台企业，要求平台规范促销推广行为，杜绝各种形式的"内卷式"竞争。 就在集中约谈平台企业的同一天，市场监督管理总局发布了《互联网平台反垄断合规指引》（下称 《指引》），重点规定了垄断协议、滥用市场支配地位、经营者集中和滥用行政权力排除、限制竞 争等4类垄断风险。 有业内人士指出，平台发红包本身不是问题，但若演变成低于 成本的恶性补贴，或利用红包诱导商户二选一、实施价格歧 视，就可能触碰监管红线。 作者：钱玉娟 封图：图虫创意 一家被约谈平台的内部人士认为，多平台被约谈是《指引》落地后的配套动作。 此次约谈的7家企业中，阿里巴巴、抖音、京东、美团等均是头部综合型零售电商平台企业，同类 型的拼多多、快手未在约谈名单，而百度、腾讯却罕见地被卷入到风波当中。阿里巴巴及其旗下淘 宝闪购还被同时点名。 有业内人士指出，平台发红包本身不是问题，但若演变成低于成本的恶性补贴，或利用红包诱导商 户二选一、实施价格歧视，就可能触碰监管红线。 中国数字治理研究会秘书长杨煜东分析，当前的流量之争已经从共享经济、电商等领域延 ...

Core Viewpoint - The Chinese market regulator has conducted a centralized interview with major platform companies, including Alibaba, Douyin, Baidu, Tencent, JD.com, Meituan, and Taobao Shanguo, to regulate promotional activities and eliminate "involution" competition. This coincides with the release of the "Internet Platform Antitrust Compliance Guidelines," which outlines four categories of antitrust risks [2][3]. Group 1: Regulatory Actions - The market regulator's interview with the seven platform companies is seen as a follow-up action to the implementation of the new guidelines [3]. - The guidelines specifically address monopolistic agreements, abuse of market dominance, operator concentration, and the misuse of administrative power to restrict competition [2]. Group 2: Promotional Activities - All seven platform companies have recently announced significant cash red envelope campaigns for the Spring Festival, with Tencent and Baidu leading the charge by offering 10 billion yuan and 5 billion yuan, respectively [4]. - Alibaba has committed 30 billion yuan to its "Spring Festival Treat Plan," while JD.com plans to distribute 30 billion yuan in red envelopes on New Year's Eve [4]. - The total planned red envelope distribution from Tencent, Baidu, Alibaba, and JD.com for the 2026 Spring Festival exceeds 7.5 billion yuan [4]. Group 3: Antitrust Risks - The guidelines identify eight new types of monopolistic risks specific to the platform economy, including algorithm collusion, unfair pricing, and discriminatory treatment [5]. - The guidelines emphasize the need for platform operators to ensure fair rules, ethical algorithms, and compliant competition [5]. Group 4: Industry Insights - Industry insiders suggest that while issuing red envelopes is not inherently problematic, it could lead to harmful subsidies or discriminatory practices if not managed properly [6]. - The competition for traffic has expanded from e-commerce to AI platforms, presenting new regulatory challenges that require monitoring for algorithmic collusion and exclusionary practices [6].

科创人工智能ETF华夏(589010)紧密跟踪上证科创板人工智能指数，覆盖全产业链优质企业，兼具高研 发投入与政策红利支持，20%涨跌幅与中小盘弹性助力捕捉AI产业"奇点时刻"。 国联民生证券表示，临近春节互联网大厂红包营销&模型迭代催化不断，头部科技公司正凭借其数据、 场景与平台优势，加速推进AI商业化落地与价值重估。研报预计今年春节期间的AI营销大战，将加速 抢占用户心智，大幅提高C端用户渗透率。长期来看，随着推理、多模态大模型持续迭代、大厂生态融 合及各行业渗透率不断提升，Token调用量有望保持快速增长，大模型规模化商业应用及产业落地值得 期待。 截至今日14:40，科创人工智能ETF华夏(589010)午后维持震荡整理小幅回撤，最新价报1.639元，与开盘 价持平。持仓层面，该ETF跟踪的30只成分股中11只个股上涨，星环科技涨超8%领涨，云天励飞、奇 安信涨幅居前；优刻得跌超5%跌幅居前。流动性方面，该ETF成交额达1.07亿元，换手率3.95%，资金 交投节奏平稳，成交活跃度维持适中水平。 消息方面，2月12日，美团宣布升级"问小团"AI管家并加入AI大战，即日起至春节假期，用户在美团 App用 ...

Group 1 - The core viewpoint of the article highlights significant advancements in AI technology and its applications across various sectors, including video generation, robotics, and e-commerce [3][5][16]. - The release of Seedance 2.0 by Doubao Video Generation Model marks a notable step in AI-driven content creation, with plans for further improvements based on human feedback [3]. - Starry Sky, a company founded by a 34-year-old Tsinghua graduate, achieved a valuation of over 10 billion yuan within 28 months, indicating rapid growth in the embodied intelligence sector [7][9]. Group 2 - Zhao Ming, former CEO of Honor, is set to join Qianli Technology as co-chairman, focusing on AI business model strategies [11]. - ByteDance's AI chip team has expanded to over 1,000 members, reflecting the company's increasing emphasis on chip development to meet growing computational demands [11]. - Grab reported a net profit of $200 million for the year, reversing a previous loss, with a 20% revenue growth to $3.37 billion [16]. Group 3 - Anthropic raised $30 billion at a valuation of $380 billion, positioning itself among the most valuable private tech companies globally [16]. - Apptronik completed a $520 million financing round, with notable investors including Google and Mercedes-Benz, indicating strong interest in humanoid robotics [16]. - Xiaomi announced the open-sourcing of its first-generation robot VLA model, showcasing advancements in visual language understanding and real-time execution capabilities [18].

1.【字节跳动：Seedance 2.0还远不完美，将持续探索大模型与人类反馈的深度对齐】2月12日，字 节视频创作模型Seedance 2.0正式发布。字节跳动官微发文表示，Seedance 2.0还远不完美，其生 成结果仍存在诸多瑕疵。未来将持续探索大模型与人类反馈的深度对齐，让更高效、更稳定、更具想 象力的音视频生产工具，服务更多创作者。据了解，该模型支持多模态全能参考，允许组合输入不同 文本、图片、视频、音频，同时新增视频编辑能力，支持对指定片段、角色、动作或剧情进行定向修 改，还提供了视频延长功能。目前，该模型已上线即梦AI、豆包等平台。（界面新闻） 欢迎加入 睿兽分析会员 ，解锁 AI、汽车、智能制造 等相关 行业日报、图谱和报告 等。 海联 17万+ t 2万 投资价值企业 O 投资机构 及上市公司 5077 国家高新 小时一手资讯 技术企业 C = = = = = 线 -20 FF 创投人物 投融资及收并购事件 热门产业 创新机会 T= l 谱 2万+LP数据 全牛命周期 10万+基金数据 独角兽企业 各维度权威榜单 1万+专精特新小巨人 1400 FITI ER 十子标签 产业图谱 行业标签 ...

Group 1 - The article highlights the rapid development of artificial intelligence (AI) technology, presenting significant opportunities in the market [3] - The AI report aims to uncover and analyze the latest AI concept stocks and market trends, providing in-depth industry insights and value analysis [3] Group 2 - Qianwen reported that in the first six days of its "Spring Festival 3 Billion Free Orders" campaign, users made 4.1 billion requests to "Qianwen help me," resulting in over 120 million AI orders [5] - The data indicates that nearly half of the AI orders came from county-level cities, with 1.56 million users aged 60 and above experiencing food delivery for the first time [5] - National users ordered over 1,000 tons of eggs, more than 2,300 fitness equipment items, and 1,500 books through AI [5] Group 3 - Meituan announced the upgrade of its "Ask Xiaotuan" AI assistant, which will provide local dining and entertainment recommendations during the Spring Festival [6] - Users can access various Spring Festival coupons and receive intelligent recommendations for optimal ordering solutions across multiple scenarios, including takeout and dining [6] Group 4 - Zhiyu's latest flagship model, GLM-5, has significantly outperformed its predecessor GLM-4.7 in programming tasks, with an average improvement of over 20% [8] - GLM-5 can autonomously complete long-term planning and execution, backend reconstruction, and deep debugging tasks with minimal human intervention [8] - The model achieved top performance in several evaluation benchmarks, including BrowseComp and MCP-Atlas [8] Group 5 - Meta Platforms Inc. announced an investment of over $10 billion to build a data center in Lebanon, Indiana, marking one of its largest AI infrastructure investments to date [10] - The data center will cover 4 million square feet and is expected to be operational by the end of 2027 or early 2028, with a power capacity of 1 gigawatt to support AI projects and core social media operations [10] - The construction peak will support over 4,000 workers and create 300 long-term jobs, along with an investment of $120 million to improve local infrastructure [10] Group 6 - Google is integrating AI shopping features into its search engine and Gemini chatbot, allowing consumers to purchase products directly while receiving AI-driven answers [11] - This initiative is part of Google's broader strategy to monetize user interactions with AI [11]

"问小团"除搭载美团自研的LongCat 模型，还根据不同用户需求，综合了多种主流大模型。用户发出明 确指令或模糊的长难句，"问小团"都能基于平台上商户地址、营业时间、门店设施等基础信息，以及海 量真实评价，为用户提供其所需的商家、商品或服务信息，以及最优的用券组合。 北京商报讯（记者 魏蔚）2月12日，美团升级"问小团"AI管家。即日起，至整个春节假期，用户只需在 美团App使用该工具，提出本地吃喝玩乐相关问题，"问小团"便能快速进行深度思考，搜集美团上准确 及时的商户与服务信息，并进行二次校验，结合真实用户评价，提供精准匹配需求且可交易的选择。同 时，用户进入"问小团"春节专区，还可一键领取多种春节消费券，获取智能推荐的最优惠下单方案，覆 盖外卖、闪购、餐饮堂食等场景。 ...

Core Viewpoint - Meituan has upgraded its AI assistant "Ask Xiao Tuan" to enhance user experience during the Spring Festival by providing accurate local service information and promotional offers [1] Group 1: AI Assistant Upgrade - The upgraded "Ask Xiao Tuan" can quickly gather and verify local dining and entertainment information, offering users tailored and actionable options [1] - The AI tool combines real user reviews with service data to ensure quality and relevance in its recommendations [1] Group 2: Spring Festival Promotions - Users can access a special Spring Festival section within the app to claim various consumer vouchers, ensuring the best deals for services like food delivery and dining [1] - The initiative aims to address real pain points faced by users during the holiday, helping them find suitable and cost-effective services while minimizing the risk of poor choices [1]

2月12日，美团升级"问小团"AI管家。即日起，至整个春节假期，用户只需在美团App使用该工具，提 出本地吃喝玩乐相关问题，"问小团"便能快速进行深度思考，搜集美团上准确及时的商户与服务信息， 并进行二次校验，结合真实用户评价，提供精准匹配需求且可交易的选择。同时，用户进入"问小团"春 节专区，还可一键领取多种春节消费券，获取最优惠下单方案，覆盖外卖、闪购、餐饮堂食等场景。 ...