Abstract:Focused on digital platforms and their ecosystems, platform economy is both a key path for the development of digital economy and plays a basic function in driving the growth of real economy.Based on the dialog between digital platform-based ecosystem view and social network theory,Ant Group's digital platform financial ecosystem was analyzed vertically for its network empowerment, value co-creation, and the interaction mechanism between them.It is found that digital platform financial ecosystem takes platform network as the enabling foundation for value co-creation, with network empowerment promoting value co-creation and then pushing back a new round of network empowerment. Therefore, a spiraling positive feedback loop is formed by following the path of "platform network I—network empowerment—co-creation value output—platform network II—network empowerment optimization", which contributes to the dynamic evolution of ecosystem. As this paper deepens the study on empowerment mechanism behind evolution of digital platform financial ecosystem in stages and continuity, it is enlightened for platform economy to fully develop and enable the integration between digital and real economy.