专题：亏损超230亿！美团公布2025账单 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：道术意义 今年春节，50亿元的营销费用砸向了AI导流领域。 阿里+通义千问，腾讯+元宝，字节跳动+豆包，AI三国杀，三大巨头都到齐了。 Tier1级别的对手厮杀，每天上千万的"AI点奶茶"营销，AI导流截胡令传统营销路子相形见绌。 Tier2的头马美团似乎支撑不住。 2月13日，如市场所预料，美团公布了预亏损报告，预计2025年全财年录得亏损233-243亿元，同比去年 暴跌约600亿元之巨。 分基地与主基地 确实凶险。 按照电竞《星际争霸》的打法，当对手开了分基地，用分基地兵力攻击我主基地时候，战局渐渐倾向于 一边倒。 因为对手牺牲了分基地的发展，不断拖耗你主基地的资源，而自己的主基地不受攻击，持续成长。 按照数学演算，如果没有打乱战局的妙策，我主基地倒下只是一个攻击力数值与时间的函数。 2025年一年，这个戏剧性的情况是怎么造成的？ 我们来看几个重要的时间点和抽样数据统计。 第一个时间点是2025年6月，阿里蒋凡回归。 从2021年12月被"流放"海外，到2024年11月重回权力中心 ...

"大年夜当天吃上热饺子，对很多中国人来说是一种仪式感，为老人们守住这份年味，也是为自己一整 年的送餐划上很有意义的句号。"已经报名参与配送的骑士小余表示。 在上海，除了针对困难老人的春节保障配送之外，AI技术也加入到了春节的老年助餐服务中。2月6 日，普陀区万里街道与淘宝闪购、乐扬公益、长者科技、万志公益启动了"AI+老年助餐"试点，向街道 内100位老年人发放"万里AI老年助餐体验券"，邀请他们通过千问APP、天猫精灵等智能终端，以语音 方式便捷点餐。谢阿姨用上海话"指挥"千问APP购买了一份坚果礼盒，30分钟不到，就由骑士为她送货 上门。这一试点让很多不擅长操作手机的老人，开启了拥抱智能生活的新篇章。 淘宝闪购已系统性开展老年助餐服务近3年，在全国范围内每天为超过4000名出门不便的老人送餐上 门，累计已服务超过110万人次。在春节这样的特殊节点，淘宝闪购每年都会至少提前一个月与民政部 门、街道、社区食堂、公益组织一同筹备、统计节日期间的送餐需求与供给，并在原有服务基础上进一 步优化配送保障，让老人安心过好年。 在北京市西城区民政局的统筹下，淘宝闪购携手西城区养老助餐服务协会以及北京华天旗下的多家爱心 餐 ...

Core Insights - The article discusses the intense competition among internet giants in the AI large model sector, highlighting the ambitions of companies to establish their AI applications as the primary traffic entry point [4][23] - DeepSeek, founded by Liang Wenfeng, emerged as a significant player in the AI landscape with its R1 model, which was launched at a surprisingly low cost, challenging the perception of high investment requirements for top-tier models [14][31] - Despite the competitive environment, DeepSeek has maintained a low profile, with recent updates suggesting a potential new model release, V4, but with no official confirmation [26][27] Industry Competition - Major companies are aggressively distributing cash incentives to attract users, with Tencent offering 1 billion yuan, Baidu 500 million yuan, and Alibaba 3 billion yuan, indicating a fierce battle for user engagement [25] - The launch of new models by ByteDance and Alibaba, including the 2.0 versions of their respective models, reflects a rapid evolution in AI capabilities and competition [8][25] - The article notes a peculiar competitive dynamic where companies are responding to each other's moves, creating a sense of mutual awareness in the market [8][25] DeepSeek's Position - DeepSeek's recent updates include an increase in context window length from 128K tokens to 1 million tokens, suggesting advancements in their technology [26] - The company continues to recruit talent despite a slowdown in hiring across the industry, indicating its commitment to innovation and development [27] - Liang Wenfeng's vision for DeepSeek is to lead in AI research and development, aiming to create a general-purpose AI that goes beyond existing models [31][32] User Engagement and Market Dynamics - The article emphasizes the importance of addressing user needs in the AI sector, with companies like DeepSeek beginning to focus on consumer-facing products [33] - The competition is framed as a quest to meet real user demands, which will determine the leading players in the AI landscape [36] - The article concludes that the current battle among internet giants is crucial for defining the next decade of internet order, highlighting the strategic significance of user engagement in AI applications [36]

阿里巴巴集团（Reuters） 在美国总统特朗普4月访华之前，白宫或有意避免与中国产生摩擦…… 2月13日，美国国防部宣布将中国阿里巴巴集团、百度等至少3家企业列为与中国军方相关的"中国军事 企业"，但随后又迅速撤销了该决定。在美国总统特朗普4月访华之前，白宫或有意避免与中国产生摩 擦。 美国政府的官方网站显示，美国国防部已撤销了中国军事企业的追加认定。美国国防部向日本经济新闻 表示："目前暂无任何可发布信息"。 据路透社报道，美国国防部2月13日上午曾将阿里巴巴集团、百度以及比亚迪追加列入中国军事企业名 单。 美国国防部曾于2025年1月将腾讯控股、宁德时代新能源科技（CATL）追加列为中国军事企业。 日本经济新闻（中文版：日经中文网）飞田临太郎 华盛顿报道 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 美国政府对中国通过"军民融合"将民间尖端技术运用于军事领域以推进技术开发保持警惕。意在锁定与 军方存在融合的企业，限制美企与之开展交易。 美国企业与名单上的中国企业进行交易，也不会面临法律处罚。但美国国防部仍有可能与上榜中企 ...

Group 1 - The U.S. Department of Defense released the latest "China Military Enterprises List" (1260H List) on February 13, 2026, including 78 Chinese companies while removing 12 others, marking the fifth update since its initial release in June 2021 [1] - The newly listed companies span critical sectors such as internet, new energy, semiconductors, aerospace, and telecommunications, including major firms like Alibaba, Baidu, Tencent, BYD, CATL, NIO, SMIC, Huawei, DJI, AVIC, and CASIC [1] - Alibaba has publicly stated that its inclusion is baseless, asserting it is not a military enterprise and may consider legal action in response [1] Group 2 - The 12 companies removed from the list include Changxin Storage (CXMT) and Yangtze Memory Technologies (YMTC), primarily involved in electronics, chemicals, and transportation [2] - Being listed does not trigger comprehensive sanctions directly, but it will significantly impact the operations of Chinese companies, particularly with the U.S. Department of Defense prohibiting new procurement contracts with listed companies starting June 30, 2026 [2] - The indirect effects include potential capital market volatility, restricted financing channels for Chinese companies, and challenges in global supply chains due to the risk of technology supply cuts and reduced cooperation from partners [2] Group 3 - Companies on the list may face further inclusion in more stringent U.S. sanctions lists, leading to stricter financial and technological restrictions [3] - The U.S. legislation requires consideration of including other companies from existing U.S. sanctions lists in future updates, potentially expanding the scope of sanctions [3] - The Chinese government has repeatedly opposed the U.S. approach, viewing the list as a continuation of efforts to curb China's technological and economic growth, while Chinese companies are actively seeking to mitigate the negative impacts through appeals and legal actions [3]

来源：新腕儿 2月14日消息，据读佳报道，阿里正在内测一款名为"幻漫"的AI漫剧创作工具。 从登录界面底部的版权信息可以确认，这款产品归属阿里巴巴集团。 新建漫剧 # 漫剧名称: 调输入漫剧名称 * 画面风格: 二维动漫风 "画面比例: 16:9 漫剧说明: × 新建分集 ·分集名称 2 分集说明 剧本信息 题材: 仙侠、悬疑、生存 时长:15分钟 核心人物: 韩立:男,16岁,七玄门弟子,身具灵根却资质平庸,性格谨慎隐 忍,偶得神秘掌天瓶,暗中修炼《长春功》,对墨大夫始终心存戒 心。 墨大夫（墨居仁）：男,表面60余岁,七玄门神秘修士,面色微显疲 惫,实则心机深沉,修炼邪功,收韩立为徒只为利用其灵根与潜力, 暗藏夺舍之心。 场景:七玄门墨府书房(陈设古朴,一张太师椅居中,两侧摆着书 架,架上多是武学、修仙典籍,墙角燃着一支安神香,烟气袅袅,光 线偏暗,透着压抑感》 固创建分集 × sel w. 从截图来看，幻漫的工作流和其他AI漫剧工具大同小异，覆盖漫剧制作链路，可实现从项目创建到最终视频输出。 ิ销输入漫剧说明 鞭牛士 BiaNews 【 创建漫剧 | つのリーが不浸困川いから | AI 应 应 | | ...

Market Overview - The US stock market experienced a significant decline, with the Dow Jones Industrial Average dropping 669.42 points (1.34%) to close at 49,451.98 points, the Nasdaq Composite falling 469.32 points (2.03%) to 22,597.15 points, and the S&P 500 decreasing by 108.71 points (1.57%) to 6,832.76 points [1][2][3] Market Sentiment - Over 4,100 stocks declined, indicating widespread market panic as investors rushed to sell assets, particularly in the tech and growth sectors. The VIX index surged, reflecting heightened risk aversion [2][3] Sector Performance - The sell-off affected nearly all sectors, with notable declines in precious metals and semiconductor stocks. The precious metals sector saw significant drops, with gold futures down 3.08% and silver futures plummeting 10.62% [4][5][6][8] - The Philadelphia Semiconductor Index fell by 2.5%, with individual stocks like AEHR Test Systems down 17.58% and Intel down over 3% [8][10] Major Companies - Apple Inc. experienced a substantial drop of 5.00%, resulting in a market cap loss of over $120 billion, attributed partly to regulatory concerns [12] - Other major tech companies also faced declines, with Tesla down 1.62%, Amazon down 2.20%, and Meta Platforms down nearly 3% [12] Financial Sector - Bank stocks fell across the board, with JPMorgan Chase down over 2%, Goldman Sachs down over 4%, and Citigroup down over 5%, driven by concerns over AI disrupting traditional wealth management [13][14] Economic Indicators - Recent economic data, including a drop in initial jobless claims and lower-than-expected existing home sales, contributed to market anxiety about potential economic overheating and prolonged high interest rates [24][25][26] Global Market Impact - The sell-off in the US markets had a ripple effect on global markets, with European indices also closing lower after initially opening higher, indicating a widespread sentiment of fear [18][19][20] AI Concerns - The market's decline was exacerbated by fears regarding the disruptive impact of AI technologies on various industries, leading to significant stock price drops in sectors perceived to be at risk [21][22][30] Storage Chip Sector - In contrast to the overall market trend, storage chip stocks saw gains, with companies like SanDisk and Seagate Technology rising significantly, reflecting a belief that AI's growth will increase demand for data storage [29]

Market Overview - On February 13, 2026, a significant asset sell-off occurred in global financial markets, particularly impacting U.S. stock indices. The Dow Jones Industrial Average fell by 669.42 points (1.34%) to close at 49,451.98, while the Nasdaq Composite Index dropped 469.32 points (2.03%) to 22,597.15. The S&P 500 Index also declined by 108.71 points (1.57%) to 6,832.76 [1]. Commodity Market Impact - The sell-off extended to the commodity markets, with gold and silver experiencing substantial declines. COMEX gold futures fell by 3.08% to $4,941.4 per ounce, while COMEX silver futures plummeted by 10.62% to $75.01 per ounce [2][3]. Technology Sector Reaction - Major technology companies were severely affected, with Apple’s stock price dropping by 5%, resulting in a market value loss of over $120 billion (approximately 800 billion RMB). Other tech giants like Microsoft, Amazon, Tesla, Meta, and Nvidia also saw significant declines [3][4]. Chinese Concept Stocks - The Nasdaq Golden Dragon China Index, which includes many Chinese concept stocks, fell by 3% on the same day, indicating a collective sell-off in this sector. Over 40 Chinese concept stocks experienced substantial declines, with Tencent Music down 10.57% and Alibaba down 3.40% [3][4][6]. Employment Data Influence - The catalyst for this market turmoil was a strong U.S. employment report released on February 11, showing a non-farm payroll increase of 130,000 in January, significantly above the expected 70,000. This led to a shift in market expectations regarding Federal Reserve interest rate cuts, with the probability of a March rate cut dropping from 19.6% to 6% [5][6]. Capital Expenditure Concerns - Major tech companies announced aggressive capital expenditure plans for 2026, with Alphabet projecting $175 billion to $185 billion and Amazon estimating $200 billion, both nearly doubling their 2025 expenditures. This raised investor concerns about the return on such investments, especially as many companies reported record profits but saw stock price declines [10][11]. Market Sentiment and Volatility - The market's fear and volatility increased sharply, with the VIX index rising significantly. The sell-off was exacerbated by algorithm-driven trading, which triggered stop-loss orders and led to extreme price movements [15][16][17]. Global Market Impact - The financial turmoil that began in Wall Street quickly spread to global markets, with Asian and European stock markets opening lower in response to the U.S. declines [18].

Core Insights - Douyin Life Services released a report titled "Guarding the Fire of Life - Service Experience and Governance in the Past Year," summarizing its initiatives and achievements in enhancing consumer experience, supporting healthy merchant development, and strengthening ecological compliance in 2025 [1] Group 1: Consumer Experience Enhancement - The platform provided 710 million "fast refund" guarantees, allowing quick refunds for unused group purchases, thus reducing consumer waiting costs [2] - A total of 270 million yuan was spent from the consumer rights protection fund to assist consumers in handling after-sales disputes [2] - The platform offered dynamic reminders to billions of consumers regarding merchant operational status, extreme weather, order expiration, and holiday queues [2] - Douyin Life Services launched the "Anxin" series of services, which includes 11 services and 13 special rights, benefiting 180 million consumers with over 650 million orders processed [2][13] Group 2: Merchant Support and Service Upgrade - The platform reduced entry guarantee fees by 610 million yuan, lowering operational costs for merchants [4] - The innovative co-management model resulted in a doubling of performance for both co-managed merchants and stores [4] - The "Anxin Protection" system helped 2.9 million merchants mitigate operational risks, while the price correction system intercepted 2.6 million instances of incorrect pricing [4][5] - Over 210,000 quality merchants signed contracts under the "Anxin Service" standard, with 45,000 merchants receiving support to enhance service quality [4][5] Group 3: Content Authenticity and Compliance - Douyin Life Services implemented 102 new content standards to manage various content formats and combat false advertising [6] - The platform dealt with 59,000 low-quality short videos, 48,000 low-quality live streams, and 69,000 false advertising influencers, resulting in a 39.6% decrease in exaggerated and vague advertising violations [6][16] - A total of 480,000 false reviews were cleared, and 40,000 stores that enforced mandatory positive reviews were penalized [6][16] Group 4: Governance and Consumer Safety - The platform took strict measures against various bottom-line violations, including the investigation of 152,000 fraudulent stores and 379,000 fake stores [8][9] - Douyin Life Services launched a consumer food safety reporting reward system and dealt with 14,000 violations related to "low-price tours" [9][17] - The platform collaborated with local regulatory bodies to ensure food safety and assisted in dismantling 14 criminal gangs, solving 11 fraud cases [10][17]

Market Performance - On February 13, the US stock market showed mixed results, with large tech stocks declining while Chinese concept stocks had varied performances [2] - The Dow Jones Industrial Average rose by 0.1% to close at 49,500.93 points, the S&P 500 increased by 0.05% to 6,836.17 points, and the Nasdaq Composite gained 0.22% to 22,546.67 points. However, all three indices experienced weekly declines, with the Nasdaq down 2.1%, the Dow down 1.23%, and the S&P 500 down 1.39% [3] Individual Stock Performance - Major tech stocks saw declines, with NVIDIA down 2.22% to $182.785, Apple down 2.27% to $255.790, and Google down 1.08% to $306.020. Microsoft fell slightly by 0.18% to $401.100, while Amazon decreased by 0.44% to $198.730. Meta Platforms dropped by 1.55% to $639.760, while Tesla saw a slight increase of 0.11% to $417.530 [4] - In the Chinese concept stock market, Tencent Music rose over 4%, while Alibaba fell over 2%, and JD Group, Baidu Group, Beike, and Li Auto all dropped by more than 1% [6] Commodity Market - Spot gold prices increased by 2.41% to a high of $5,046.261 per ounce, currently trading at $5,042.808 per ounce [8] - Spot silver prices also rose, breaking the $79 per ounce mark with a daily increase of 2.81% [8] - Gold futures contracts rose by 1.4% this week, marking an upward trend in 8 out of the last 10 weeks [9] - Silver futures contracts increased by 1.5% this week, ending a two-week decline and showing an upward trend in 11 out of the last 15 weeks [11] Market Insights - NVIDIA's CEO Jensen Huang addressed concerns about excessive spending in data centers, asserting that spending levels are reasonable and sustainable. He emphasized the growing utility and functionality of artificial intelligence, dismissing the recent sell-off in software stocks as "the most illogical thing in the world" [5] - Despite volatility in the precious metals market, demand for safe-haven assets continues to support rising gold and silver prices, according to a report by Antonio Di Giacomo from XS.com [10]