还不到三年，AI已经从一个陌生的概念，变成生活中随处可见的元素。如今，AI慢慢具备越来越强大的人类书写、表达、情感模拟等能力，它的飞速蔓 延，在带来便利、提高效率的同时，也让大家或多或少感受到了它的负面影响。 前段时间，美国版贴吧Reddit发言人说，2025年上半年他们已经删除了超过4000万条垃圾和虚假内容，其中一个拥有2400万用户的超大社区的管理员 Cassie估计，高达50%的内容，都在某种程度上被AI污染过。 大家使用AI越来越无所顾忌。工作危机、审美危机、思考危机逐渐浮现，AI进步的速度到了吓人的地步，开始大举侵入情感、伦理与日常经验表达的核 心领域。 于是，有一群人开始想办法对抗AI，捍卫自己在数字世界中的"真实性"与"主体性"。他们身处行业不同，接触AI的主要渠道不同，也与AI产生了不同程度 的对抗。写作者因为AI被迫使用更笨拙、更破碎的表达，甚至丧失了表达欲；音乐工作者既要与AI竞争，又得靠AI生存，努力在夹缝中寻找平衡；画手 因为AI被冤枉、被裁员，但也有人因此峰回路转，找到了对抗AI的办法。 未来，我们每个人都需要找到和AI共处的方法，为了保护我们自身的人性，和AI对抗或许是一个必经的 ...

21世纪经济报道记者 章驰 近年来直播电商发展迅速，出现了假冒伪劣、虚假营销等突出问题。网络交易平台生态中"仅退款"、大 数据杀熟、恶意营销、网络水军、个人隐私泄露等问题同样备受社会关注。同时，随着技术的发展，数 字人主播层出不穷，也催生了AI仿冒名人等乱象。 针对这些突出问题，2026年1月7日，市场监管总局召开新闻发布会，市场监管总局、国家网信办联合印 发《网络交易平台规则监督管理办法》与《直播电商监督管理办法》。 平台企业是直播电商等网络交易活动中的重要参与者，也是平台经济监管的"关键少数"，直播电商参与 主体多、交易链条长、法律关系复杂。两部办法的出台实施将进一步对不同场景下的平台责任予以细 化、明确，进一步压紧压实平台、直播电商行业各参与主体的责任，从源头上减少违法违规行为的发 生。 规范数字人直播，整治利用AI虚假带货 随着人工智能技术的发展，直播电商领域今年广泛应用AI进行直播带货，数字人主播虽然提升了商家 的带货效率，但是让消费者陷入迷惑，甚至还出现了AI仿冒公众人物的乱象。 针对AI技术在电商直播领域的使用，《直播电商监督管理办法》将AI生成人物图像、视频纳入监管范 畴，明确直播间运营者、直 ...

MCN承担更多责任 伴随AI应用场景的持续拓展，与之配套的监管措施也在不断完善升级。 近日，市场监管总局、国家网信办联合对外公布《直播电商监督管理办法》（下文简称《办法》），在 落实平台主体责任的同时，进一步明确了直播间运营者、主播和MCN机构等主体的法律责任。 《办法》要求，直播电商平台应履行资质核验、信息报送、违法处置、消费者权益保护、投诉机制等方 面的法律责任，而直播间运营者要完善信息公示、身份核验、事前合规审核、主播纠错等制度；MCN 机构需规范对主播招募、培训、管理等工作。 值得关注的是，AI主播、AI生成视频等内容形态已被纳入监管范畴，旨在防范人工智能沦为传播虚假 信息的"挡箭牌"。对于这一监管要求，抖音、淘宝等平台相关人士在接受21世纪经济报道记者采访时， 均未予以回应。 直播电商向精品化、品质化转型已成必然，AI赋能电商的浪潮也势不可挡。此次《办法》的出台，或 将推动行业竞争回归有序轨道。 针对上述一系列监管规定，直播电商行业内人士表示，《办法》的出台有助于平台及从业者进一步明确 自身权责、划清行为边界，从而推动行业朝着更健康的方向发展，不过相关规定的具体落地仍需一定时 间。 事实上，自人社部 ...

请仔细阅读在本报告尾部的重要法律声明 证券研究报告 2026年1月8日 可选消费投资策略 可选消费&海外团队 证券分析师：刘文正 SAC NO: S1120524120007 目录 01 可选消费宏观观点 03 可选消费各行业观点 02 近期政策解读 1 01 可选消费宏观观点 2 对比美日等发达国家，中国服务消费仍有广阔的 增长空间 我国GDP中消费占比仍低，横向对比仍有广阔增长空间。横向对比，根据世界银行，2024年我国居民消费占GDP比例为39.93%，与美/日/韩等发达国 家相比仍处相对低位。纵向参考，美国居民消费占GDP比例在过往60年间缓步上行，2024年居民消费占GDP比例67.93%/较1960年6.78pcts;日本在 1970s经济转向内需导向，居民消费GDP占比从1970年的45.67%提升至2022年55.50%水平。与储蓄金额占GDP比例情况结合来看，2000年以来我国储蓄 金额占GDP比重远高于美/日/韩等发达国家，系居民消费习惯偏于保守的直观体现。 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 1960 1963 1966 1969 1972 19 ...

Core Viewpoint - Chinese Online, once known as the "first stock of digital publishing" in China, is now facing significant losses, with a total loss exceeding 28 billion yuan since its listing in 2015 [3][8]. Financial Performance - In Q3 2025, Chinese Online reported a loss of 294 million yuan, bringing the total loss for the first three quarters to 520 million yuan. Cumulatively, the company has incurred losses of over 28 billion yuan since its IPO [3][8]. - The company's revenue for the first three quarters was 1.011 billion yuan, a year-on-year increase of 25.12%. However, the net profit attributable to shareholders was -520 million yuan, reflecting a year-on-year decline of 176.64% [4][5]. - In Q3 alone, revenue was 455 million yuan, up 31.43% year-on-year, but the net profit was -294 million yuan, a drastic decrease of 673.14% [4][5]. Business Strategy and Operations - The revenue growth is attributed to the overseas income from the short drama platform FlareFlow, which has seen significant downloads and user engagement [6][7]. - FlareFlow, launched in April 2025, has reached over 19 million downloads and has over 3,000 works available, but the high costs associated with its promotion have led to substantial losses [6][7]. - Sales expenses surged to 660 million yuan in the first three quarters of 2025, nearly doubling from the previous year, primarily due to increased marketing costs for overseas operations [6]. Historical Context and Challenges - Since its listing, Chinese Online has frequently pursued trending concepts such as "AIGC," "metaverse," and "anime," but these efforts have not translated into sustainable financial performance [10][12]. - The company has faced multiple setbacks, including failed acquisitions and investments in the past, which have negatively impacted its financial stability [10][12]. - Despite the CEO's long-term vision, there is a trend of shareholders and executives reducing their stakes in the company, indicating a lack of confidence in its future prospects [13][14].

Core Insights - The forum focused on the transformative trends in media, emphasizing the need for adaptation in narrative, channels, and technology [1] Group 1: Narrative Transformation - The first transformation discussed is the shift from "grand narratives" to "emotional resonance," exemplified by a report titled "I Cried in the Great Hall of the People," which tells a relatable story of a representative dedicated to elderly care for 16 years, reflecting the theme of Chinese democracy [1] Group 2: Channel Reconstruction - The second transformation involves the reconstruction of communication channels, where traditional metrics like circulation and channel coverage are replaced by engagement metrics such as likes, completion rates, and algorithm recommendations. The rise of social media and short videos has created new opportunities for international communication, breaking language barriers [1][2] Group 3: Technological Disruption - The third transformation is the disruptive impact of technology, with the introduction of AI anchors in 2023 significantly enhancing the efficiency of multilingual news production. Large language models like DeepSeek have become standard tools in daily operations, and a media big data platform has been established to provide precise content recommendations and risk alerts [2] Group 4: Challenges and Vigilance - Despite the opportunities presented by social media, challenges such as algorithm suppression and threats to personal safety have been encountered. The company remains vigilant about the risks associated with AI technology while emphasizing the importance of truth, professionalism, and mission [2][3]