2月13日，市场监管总局约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业，要求 有关平台企业严格遵守《中华人民共和国反不正当竞争法》《中华人民共和国价格法》《中华人民共和 国消费者权益保护法》《中华人民共和国电子商务法》等法律法规规定，主动落实主体责任，进一步规 范平台促销推广行为。提醒相关平台企业要杜绝各种形式的"内卷式"竞争，共同维护公平竞争市场环 境，促进平台经济创新和健康发展。 SFC ...

2月13日，市场监管总局约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业，要求 有关平台企业严格遵守《中华人民共和国反不正当竞争法》《中华人民共和国价格法》《中华人民共和 国消费者权益保护法》《中华人民共和国电子商务法》等法律法规规定，主动落实主体责任，进一步规 范平台促销推广行为。提醒相关平台企业要杜绝各种形式的"内卷式"竞争，共同维护公平竞争市场环 境，促进平台经济创新和健康发展。 来源："市说新语"微信公号 ...

责任编辑：常福强 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！ 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！ 2月13日，市场监管总局约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业，要求 有关平台企业严格遵守《中华人民共和国反不正当竞争法》《中华人民共和国价格法》《中华人民共和 国消费者权益保护法》《中华人民共和国电子商务法》等法律法规规定，主动落实主体责任，进一步规 范平台促销推广行为。提醒相关平台企业要杜绝各种形式的"内卷式"竞争，共同维护公平竞争市场环 境，促进平台经济创新和健康发展。 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。 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 2月13日，市场监管总局约谈阿里巴巴、抖音、百度、腾讯、京东、美团、淘宝闪购等平台企业， ...

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 ...

Group 1 - Meituan expects a net loss of approximately RMB 233 billion to RMB 243 billion for the fiscal year ending December 31, 2025, a stark contrast to a net profit of RMB 358.08 billion in 2024, indicating a significant reversal of nearly RMB 600 billion [9][11][24] - The primary reason for this drastic change is the expected operating loss of RMB 68 billion to RMB 70 billion in its core local business segment, which had an operating profit of approximately RMB 524.15 billion in 2024 [11][26][28] - The company attributes this loss to intensified competition in the industry and a strategic increase in ecosystem investments, which include enhanced marketing efforts, rider incentives, and resource allocation to improve operational efficiency [13][26][28] Group 2 - Meituan's stock price has dropped 22.5% since its peak in January, closing at HKD 82.5 on February 13, with its market capitalization briefly falling below HKD 500 billion [7][22] - The company anticipates that the trend of losses will continue into the first quarter of 2026, although it maintains that its operational status remains stable and it has sufficient cash to support business development [13][28] - The Hang Seng Technology Index, which includes Meituan and other internet companies, has seen a decline of 6.26% since February, reflecting broader market challenges [28][29]

来源：央视网财经 来源：央视网财经 ...

美团还表示，为了应对2025年度行业空前激烈的竞争，本集团已战略性地加大对整个生态体系的投入， 以增强核心优势并推动可持续增长。上述举措对核心本地商业分部2025年度的盈利能力造成了影响。尽 管受持续竞争影响，亏损趋势预计将在2026年第一季度延续，但截至本公告日期，本集团的经营状况维 持稳健及正常，且本集团拥有充足的现金以支撑业务的稳健发展。 【#美团回应2025年预亏损#，集团已战略性地加大对整个生态体系的投入】 据智通财经消息，2月13日，美团在港交所发布盈利预警公告称，集团预期于截至2025年12月31日止年 度（2025年度）录得亏损约人民币23,300百万元至人民币24,300百万元，相比之下，本集团于截至2024 年12月31日止年度（2024年度）录得溢利约人民币35,808百万元。本集团于2025年度的预期亏损，主要 是由于核心本地商业分部从2024年度约人民币52,415百万元的经营溢利转为2025年度约人民币6,800百万 元至人民币7,000百万元的经营亏损，同时本集团进一步加大了海外业务的投入。#美团预计2025年净亏 损243亿# ...

Group 1: Monetary and Financing Trends - As of the end of January, broad money (M2) balance, social financing scale stock, and RMB loan balance grew by 9%, 8.2%, and 6.1% year-on-year respectively [2] - M2 growth rate reached a recent high, hitting the "9" level, which is 0.5 percentage points higher than the previous month and 2.0 percentage points higher than the same period last year [2] - The increase in social financing scale was driven mainly by government bond financing, which net financed 976.4 billion yuan in January, an increase of 283.1 billion yuan year-on-year [2] Group 2: Corporate Financing and Loan Trends - By the end of January, the RMB loan balance was 276.62 trillion yuan, with a year-on-year growth of 6.1%, still above nominal economic growth [3] - The first quarter typically sees high credit issuance, and early policy implementation can yield quicker results [3] - Significant project launches at the beginning of the year have led to increased medium to long-term loans for enterprises, while consumer short-term loans have seen stable growth due to pre-holiday consumption [3] Group 3: Regulatory Actions and Corporate Developments - Six travel platform companies were interviewed by financial regulators regarding issues in their lending practices, emphasizing the need for clear disclosures and improved consumer protection [4] - Tianfeng Securities faced severe penalties from the China Securities Regulatory Commission for illegal financing and information disclosure violations, with fines totaling 25 million yuan [5] - The Shanghai Stock Exchange issued a regulatory warning to Trina Solar for misleading information regarding its collaboration with SpaceX [6] Group 4: Market and Investment Insights - Meituan expects a net loss of approximately 23.3 billion to 24.3 billion yuan for the fiscal year 2025, primarily due to increased competition and higher investments in its ecosystem [6] - Anta Sports received shareholder approval for the acquisition of a 29.06% stake in Puma, indicating strategic expansion plans [7][8] - The Hang Seng Index will include CATL, Luoyang Molybdenum, and Laopu Gold, increasing the number of constituent stocks to 90 [16]

Market Performance - The three major US stock indices experienced fluctuations, with the Dow Jones down 0.03%, Nasdaq down 0.31%, and S&P 500 down 0.03% as of the report [1] - The "Big Seven" tech stocks, including Nvidia, Tesla, Microsoft, Google, Amazon, Apple, and Meta, all saw declines, with Nvidia dropping nearly 2% and other stocks falling within 1% [2][3] Sector Analysis - The storage sector, which had previously surged, also declined, with SanDisk down over 3% and Micron down over 1% [2] - The Nasdaq China Golden Dragon Index fell by 0.34%, indicating a downturn in Chinese stocks listed in the US [4] Economic Indicators - The US Consumer Price Index (CPI) rose by 2.4% year-on-year in January, lower than December's 2.7%, with core CPI (excluding food and energy) rising by 2.5%, aligning with economists' expectations [6] - The January CPI increased by 0.2% month-on-month, while core CPI rose by 0.3%, both slightly below market expectations [6][8] - Despite some price increases in categories like clothing and airfare, the overall moderation in price growth is seen as a positive sign for the US economy [6] Inflation Insights - Food prices increased by 0.2%, with five out of six major grocery categories experiencing price hikes, while energy prices fell by 1.5% [7] - The automotive market showed weakness, with new car prices rising only 0.1% and used car prices dropping by 1.8% [8] - Following the inflation data release, traders adjusted their expectations for interest rate cuts, now anticipating a total of 63 basis points of cuts this year [8]

Core Viewpoint - The recent surge in the stock price of Zhiyuan (智谱) is attributed to the excitement surrounding its new model GLM-5, leading to a significant increase in market capitalization and returns for early investors [1][2][3]. Stock Performance - Zhiyuan's stock price has increased by 144% over the past five trading days, reaching a market capitalization of over 210 billion HKD [3][10]. - On February 9, the stock began a rapid ascent, with a daily increase of 36.22%, followed by further gains of 14.81% and 28.68% on subsequent days, culminating in a 20.65% rise on February 13, peaking at 496 HKD per share [2][6]. Investment and Returns - Early investors, including prominent firms like Qiming Venture Partners and Tencent, have seen substantial returns, with Xu Xin's investment vehicle, Quanta Capital, achieving an 18-fold return on its investment of 255.3 million RMB [1][8][10]. - The total fundraising for Zhiyuan before its IPO reached nearly 8.4 billion RMB, with participation from over 50 investment institutions [5][10]. Institutional Gains - Major institutional investors, such as Junlian Capital and Qiming Venture Partners, have also benefited significantly from the stock's performance, with Junlian holding over 27 million shares valued at more than 13 billion HKD [9][10]. - The latest market valuation of Zhiyuan has increased nearly sevenfold compared to its last funding round valuation of 24.4 billion RMB [10]. Product Impact - The stock price surge is closely linked to the launch of the GLM-5 model, which has been perceived as a pivotal moment for the company, indicating its competitive edge in the global market [10][11]. - The increase in API and subscription prices for the GLM-5 model is seen as a sign of the model entering a demand-driven phase [10].