金融监管总局联合市场监管总局、中国人民银行约谈六家出行平台企业 近日，金融监管总局联合市场监管总局、中国人民银行，对携程旅行、高德地图、同程旅行、飞猪旅行、航旅纵横、去哪儿旅行等六家出行平 台企业进行约谈。针对上述企业在与金融机构合作开展借贷业务中存在的问题，要求其规范营销行为，不得使用误导性宣传用语；清晰披露贷 款机构名称及信贷产品信息，并向借款人明确提示理性借贷；畅通客户投诉渠道，及时回应并妥善处理消费纠纷 【下载黑猫投诉客户端】， 着力提升服务品质，切实保障消费者合法权益。 ...

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！ 金融监管总局联合市场监管总局、中国人民银行约谈六家出行平台企业 来源：金融监管总局 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！ 金融监管总局联合市场监管总局、中国人民银行约谈六家出行平台企业 来源：金融监管总局 近日，金融监管总局联合市场监管总局、中国人民银行，对携程旅行、高德地图、同程旅行、飞猪旅 行、航旅纵横、去哪儿旅行等六家出行平台企业进行约谈。针对上述企业在与金融机构合作开展借贷业 务中存在的问题，要求其规范营销行为，不得使用误导性宣传用语；清晰披露贷款机构名称及信贷产品 信息，并向借款人明确提示理性借贷；畅通客户投诉渠道，及时回应并妥善处理消费纠纷 【下载黑猫 投诉客户端】，着力提升服务品质，切实保障消费者合法权益。 新浪声明：此消息系转载自新浪合作媒体，新浪网登载此文出于传递更多信息之目的，并不意味着赞同 其观点或证实其描述。文章内容仅供参考，不构成投资建议。投资者据此操作，风险自担。 责任编辑：常福强 近日，金融监管总局联合市场监管总局、中国人民银行，对携程旅行、高德地图、同程旅行、飞猪旅 行 ...

Core Insights - The education sector is experiencing renewed interest from major tech companies, with ByteDance and Alibaba launching AI-driven educational tools to capture market share [1][2] - The AI education market in China has seen significant growth, with monthly active users of AI education apps surpassing 120 million, a 340% year-on-year increase as of Q3 2025 [1] - The competition is primarily between tech giants leveraging their existing user bases and traditional education companies with established research capabilities [2] Group 1: Market Dynamics - The AI education landscape is dominated by three main players: tech giants like ByteDance and Alibaba focusing on rapid iteration and user acquisition, traditional education firms like Yuanfudao and Zuoyebang enhancing their services with AI, and smaller startups targeting niche markets [2] - Major companies are pursuing three business lines: AI problem-solving tools, AI teaching assistants for schools, and AI-driven personalized learning, with varying degrees of market maturity and profitability [3][4] Group 2: Competitive Advantages - Major tech companies benefit from the reuse of large model technologies, existing user traffic, and lower development costs due to economies of scale [4] - However, their fast-paced, traffic-driven strategies may conflict with the slower, more methodical nature of the education sector, potentially hindering long-term success [4] Group 3: Product Differentiation - There are notable differences in user experience among AI education products, with tech giants offering integrated AI assistants that streamline user interaction, while traditional education apps maintain a more segmented approach [6][7] - The interaction styles of AI explanations vary significantly, with tech companies focusing on real-time analysis and engagement, contrasting with traditional firms that rely on pre-existing content and less interactive formats [10][12] Group 4: Challenges and Future Outlook - Major tech companies face challenges in educational content development due to a lack of deep educational research compared to traditional players, which may affect the quality and trustworthiness of their offerings [14] - The sustainability of the business model for tech giants remains uncertain, as they currently offer AI features for free without clear monetization strategies, raising questions about long-term profitability [15][16] - Future opportunities may lie in targeting specific segments such as B2B solutions for schools and adult education, where demand is stable and user willingness to pay is higher [16]

专利摘要显示，本发明实施例中，通过获取多个初始采样数据，初始采样数据包括图像、图像的辅助文 本信息以及图像的标准审核结果；根据每个初始采用数据生成思维链数据，并确定思维链数据集合；根 据思维链数据集合对基础大型语言模型进行全量微调，确定中间大型语言模型；根据中间大型语言模型 以及多个所述初始采样数据，迭代生成多个中间思维链数据；进而根据预先设置的奖励函数，确定各所 述中间思维链数据的奖励数值；最后采用组相对策略优化算法GRPO对所述中间大型语言模型进行强化 学习，确定目标大型语言模型。通过上述方法，可以提高大型语言模型的可解释性和审核精度。 企查查APP显示，近日，阿里巴巴（中国）有限公司申请公布"一种基于思维链训练大型语言模型的方 法、装置和设备"专利。 （原标题：阿里巴巴申请公布大型语言模型训练相关专利） ...

Group 1 - The core viewpoint of the article indicates mixed performance among Chinese concept stocks in the US pre-market trading, with NIO showing a slight increase while Alibaba, JD.com, Ctrip, and Manbang experienced declines [1][2] Group 2 - NIO's stock increased by 0.6% in pre-market trading [1] - Alibaba's stock decreased by 0.2% in pre-market trading [1] - JD.com, Ctrip, and Manbang all saw a decline of 1% in their stock prices [1]

外卖大战一年后，行业硝烟仍在蔓延。 近日，多地外卖商家晒出与淘宝闪购的新合同，称平台佣金再度上涨。如河北某商家@煲煲鸡 在抖音发视频吐槽，新合同的抽佣比例从6.4%上涨至 7.4%。据他所言："淘宝闪购要求商家必须在24小时之内签署，不签署将自动执行"。另有商家在其评论区指出：不签约商家的店铺将被直接下线。 评论区的消息未必属实，但涨佣的质疑声在贵州、广东、安徽、江苏等多地都有出现。以广东珠海为例，抽佣费率、抽佣保底、配送费都有不同程度的上 涨。 而在江苏宿迁、安徽淮北等地，商家自配送的抽佣费率都快接近20%了。 | > | 方案详情 | | | | --- | --- | --- | --- | | | | < | 方案详情 | | TB基础选推 | | | | | 平台推荐 | | TB基础 | | | 然后来中古品牌 同 第二次 | | 平台推荐 | | | | | 商户自行配测 | | | 收费方案 合同列表 | | 收费方案 合同列表 | | | 技术服务费(佣金) 2 | | | | | 优惠折扣50.00%(2025-11-23 至 2026-11-22)·生效中 | | 技术服务费(佣金) 2 ...

Investment Rating - The report maintains an "Outperform" rating for the industry, indicating a positive outlook compared to the broader market [3]. Core Insights - The AI application landscape is rapidly evolving, with significant advancements expected in 2026, which will impact traditional sectors such as software, film, and media [6]. - Domestic AI models are increasingly competitive with international counterparts, particularly in terms of performance and cost, suggesting a potential shift in the global AI model competition [6]. - The demand for AI inference is rising sharply, leading to increased pricing actions from model and cloud service providers, which benefits companies within the industry [6]. Industry Data Summary 1. Industry Data - The software industry in 2025 is projected to generate revenues of 15.48 trillion yuan, reflecting a year-on-year growth of 13.2% [12]. - The IC design sector is expected to grow by 18.9% in 2025, while cloud computing and big data services are anticipated to grow by 13.6% [19]. - The information technology service revenue is expected to increase by 14.7%, further solidifying its share of the overall software business revenue to 68.7% [27]. 2. AI Developments - Major AI models are being released, with significant competition expected in the market, particularly with the upcoming launches of models like DeepSeek-V4 and others in February 2026 [33]. - The pricing of domestic models is significantly lower than that of international models, enhancing their attractiveness for various applications [39]. - The user engagement for AI applications is increasing, with notable growth in active users for platforms like Gemini and ChatGPT [44]. 3. Domestic Market Dynamics - Domestic chip manufacturers are expected to benefit from restrictions on foreign competitors, with companies like Huawei and Dawning making significant advancements in AI computing capabilities [6]. - The report highlights the increasing capital expenditures from overseas tech firms, raising concerns about market dynamics [6]. - The MaaS (Model as a Service) market is projected to grow rapidly, with significant contributions from companies like ByteDance and Alibaba [56].

Core Viewpoint - The article discusses the rise of red envelope marketing as a unique strategy for market promotion and customer engagement during the Chinese New Year, particularly highlighting its effectiveness in the context of AI applications and consumer behavior [2][3]. Group 1: Red Envelope Marketing - Red envelope marketing has become a common phenomenon among companies during the Spring Festival, creating numerous successful business cases [3]. - The high recognition of red envelopes in China makes them a valuable marketing tool, helping to stimulate consumer activity and enhance the festive market atmosphere [2][4]. Group 2: Consumer Behavior and Market Dynamics - Red envelopes may not provide true consumer surplus but rather represent a discount from merchants or third parties, potentially confusing the relationship between consumers and products/services [4]. - Overuse of red envelope marketing can obscure market price signals and disrupt the genuine expression of consumer preferences, leading to unnecessary purchases [4]. Group 3: Innovation and Market Competition - As the market enters a new phase dominated by AI, the traditional first-mover advantage may become a burden, necessitating rapid innovation to meet changing consumer preferences [5]. - Resources allocated to red envelope promotions may be better spent on enhancing product quality and service scarcity, which could more effectively stimulate consumer activity [5].

Investment Rating - The report maintains an "Outperform" investment rating for the communication industry [4][7]. Core Insights - In January 2026, the communication industry index increased by 5.47%, outperforming the Shanghai Composite Index (+3.76%), CSI 300 Index (+1.65%), Shenzhen Component Index (+5.03%), and ChiNext Index (+4.47%) [3][13]. - The capital expenditure of the four major North American cloud providers is expected to grow significantly, with a projected increase of over 60% in 2026 [6][24]. - The procurement results for special optical cables by China Mobile indicate that eight manufacturers, including Tongding Interconnection and Yangtze Optical Fibre and Cable, have been selected, highlighting the focus on key sectors such as industrial manufacturing and digital government [6][7]. Summary by Sections Industry Performance - The communication industry index showed a strong performance in January 2026, with a 5.47% increase, outperforming major indices [3][13]. - Sub-sectors within the communication industry saw varied performance, with cable, other communication equipment, and system equipment rising by 19.70%, 10.72%, and 7.85% respectively [16]. Telecommunications Sector - In 2025, the telecommunications business revenue reached CNY 1.75 trillion, a year-on-year increase of 0.7% [6][45]. - By December 2025, 5G mobile phone users accounted for 65.9% of total mobile phone users, with a monthly data usage (DOU) of 23.04GB per user, reflecting a 17.0% year-on-year increase [6][45]. Cloud Infrastructure Investment - The combined capital expenditure of the four major North American cloud providers in Q4 2025 was USD 126 billion, marking a 62.0% year-on-year increase [24][25]. - For 2026, the total capital expenditure guidance for these providers exceeds USD 660 billion, with an expected growth of 61.0% [24][25]. AI and Smartphone Market - The retail sales of communication equipment in China increased by 20.9% year-on-year in December 2025, driven by the demand for smartphones [44]. - The global smartphone shipment is projected to grow by 2% in 2025, reaching 1.25 billion units, with AI smartphones expected to penetrate 34% of the market by 2025 [6][44]. Investment Recommendations - The report suggests focusing on companies involved in optical devices, optical chips, optical modules, and AI smartphones, including Tianfu Communication, ZTE, and China Mobile [7][6].

Group 1 - The core point of the article highlights that Meituan's stock price has been declining, with a drop of over 4.5% on February 13, reaching a low of 81 HKD, resulting in a market capitalization of 495.07 billion HKD, falling below the critical 500 billion HKD threshold [1] - Alibaba's core management has announced plans to increase investment in Taobao Flash Sales, aiming to surpass Meituan's market share by 2026 without setting loss limits for the next three years, raising concerns about the competitive landscape for Meituan's local lifestyle business [1]