Macro Dynamics - The Ministry of Commerce and five other departments issued the "Action Plan for Promoting High-Quality Development of Service Outsourcing," aiming to cultivate a group of internationally competitive leading service outsourcing enterprises by 2030 [2] - The plan emphasizes the digitalization, intelligence, greening, and integration of service outsourcing, with a significant increase in employment [2] Steel Industry - As of early December, the steel inventory of key steel enterprises reached 14.75 million tons, a year-to-date increase of 19.2% [3] Fixed Asset Investment - From January to November, national fixed asset investment (excluding rural households) totaled 4.44035 trillion yuan, a year-on-year decrease of 2.6% [4] Financial Institutions - CITIC Bank clarified that it has never cooperated with "KOO Wallet" and warned against fraudulent activities using its name [5] - ICBC announced adjustments to its management of personal precious metal trading business, urging clients to withdraw funds from accounts with no positions or debts [6] Market Data - On December 15, A-shares saw a collective decline, with the Shanghai Composite Index down 0.55% and the ChiNext Index down 1.77%, with a total market turnover of approximately 1.773439 trillion yuan [8] - Hong Kong stocks also fell, with the Hang Seng Index down 1.34% and the Hang Seng Tech Index down 2.48% [9] Company Dynamics - Muxi Co., Ltd. announced that its stock will be listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on December 17, 2025, and will be classified as a growth tier company due to its current unprofitability [10] - Cambrian Technology plans to use 2.778 billion yuan from its capital reserve to offset accumulated losses [11] - Unisoc's board approved the establishment of a Central Research Institute focusing on AI chip architecture and other advanced technologies [12] - Tongrentang announced legal action against a company for unauthorized use of its name on a product with allegedly false labeling [13] - Baina Qiancheng is planning a major asset restructuring and will suspend its stock trading starting December 16, 2025 [14]

Core Insights - The conference themed "A New Chapter, Building the Future" highlighted the future trends of pharmaceutical instant retail and explored new paths for high-quality growth [1] - JD Health emphasized the importance of a user, supply chain, and logistics-centric ecosystem for instant retail, introducing a growth triangle model focused on supply, experience, and users [1] Group 1: Market Trends - Instant retail has become the main growth engine for the pharmaceutical health sector, driven by the rising health consciousness among younger consumers [2] - JD Health reported a 16% year-on-year increase in the proportion of users under 30 for its instant delivery service, with student users increasing by 11.5% year-on-year [2] - The market for instant retail is projected to exceed 1 trillion yuan by 2025, growing at a rate of 29%, and surpass 2 trillion yuan by 2030 [2] Group 2: Capability Building - JD Health is building a "super pharmaceutical supply chain" as the foundation for its instant retail capabilities, focusing on a growth triangle model of supply, experience, and users [3] - The supply side has achieved nationwide coverage with a network spanning over 2,600 counties and cities, supported by over 200,000 delivery personnel, enabling delivery in as fast as 9 minutes [3] - Since April 2025, the number of JD Health's instant delivery pharmacies has increased by over 100% year-on-year, with order volume growing over 200% [3] Group 3: User Engagement - JD Health leverages its base of over 600 million active users to enhance channel operations and search recommendation mechanisms, transitioning from "people finding medicine" to "medicine finding people" [4] - The company provides scenario-based marketing solutions aligned with seasonal diseases and major promotional events to improve user engagement and conversion rates [4] Group 4: Collaborative Growth - JD Health's collaboration with partners has demonstrated significant results, such as reducing inventory turnover days for partners like Hongyu Pharmaceutical through access to JD Health's instant delivery network [5] - The Asia-Pacific region is identified as a growth engine for the self-care market, with strong consumer demand in pain management and allergy relief [5] - Looking ahead to 2026, JD Health plans to focus on specialization in instant retail and will open up data capabilities, traffic resources, and operational tools to partners [5]

来源：第一财经 恒生指数低开1%，恒生科技指数跌1.34%。京东健康跌逾5%，百度集团跌逾3%，理想汽车、阿里巴巴 跌逾2%。 (本文来自第一财经) ...

上证报中国证券网讯 12月15日，恒生指数低开1%，恒生科技指数跌1.34%。京东健康跌近6%，百度集 团-SW跌超3%，理想汽车-W、阿里巴巴-W跌超2%。 来源：上海证券报·中国证券网 上证报中国证券网讯 12月15日，恒生指数低开1%，恒生科技指数跌1.34%。京东健康跌近6%，百度集 团-SW跌超3%，理想汽车-W、阿里巴巴-W跌超2%。 来源：上海证券报·中国证券网 ...

Core Viewpoint - JD Health is advancing its medical AI capabilities through the "Jingyi Qianxun" model, focusing on specialized disease models for cancer treatment and chronic diseases, collaborating with top medical institutions in China to enhance clinical practices and patient management [1][3][4]. Group 1: Technological Advancements - JD Health's "Jingyi Qianxun" medical AI model has evolved from a general model to specialized disease models, demonstrating significant technological progress since 2018 [4]. - The model integrates high-quality clinical data from JD's online healthcare services and collaborates with national medical data centers to optimize its foundational model [4][5]. - The specialized disease models are developed using real-world clinical data, ensuring alignment with actual clinical needs and incorporating insights from over 1,000 experts across more than 400 top-tier hospitals [5][6]. Group 2: Collaborative Initiatives - JD Health, in partnership with the China Anti-Cancer Association, launched the "Cancer Integration Prevention and Treatment Project (2025-2030)" to create a comprehensive cancer prevention and treatment system [3]. - Collaborations with leading hospitals, such as Peking University Cancer Hospital and Sun Yat-sen University Cancer Center, focus on developing specialized models for various cancer types, including gastrointestinal and respiratory cancers [5][6]. Group 3: AI Integration in Clinical Practice - The AI-driven tools, such as the AI doctor assistant, have improved the efficiency of oncologists, achieving over 90% resolution of repetitive queries and enhancing diagnostic processes by more than 50% [8]. - JD Health's research platform utilizes AI to streamline data collection and patient follow-up, significantly improving research efficiency and data quality for ongoing studies [8]. Group 4: Future Directions - JD Health aims to enhance its medical AI model towards human-like clinical cognition and will continue to foster open collaborations with medical institutions and experts [9]. - The company is committed to building a specialized cancer prevention and treatment system that ensures accessible resources, reliable decision-making, and effective patient management, contributing to the "Healthy China 2030" initiative [9].

针对肿瘤科普内容真伪难辨、大众对肿瘤早筛重视不足等痛点，京东健康与中国抗癌协会将推出肿瘤防 治科普行动；围绕医疗资源均衡可及、基层医院专科建设等需求，双方将推出肿瘤医生赋能计划；此 外，双方还将开展肿瘤康复技术产学研合作。 在肿瘤专科建设及专病防治方面，依然存在医疗资源分布不均、临床决策复杂、科研转化滞后、患者管 理低效等系统性挑战。 京东健康医疗及AI应用平台部负责人表示，京东健康依托京医千询大模型，全面加速"医检诊药"闭环， 打造AI京医专业服务智能体、专家医生智能体、RWD科研平台，以医疗级AI为目标，形成资源可及、 决策可依、科研可转化、患者可管理的智能肿瘤防治体系，为医生赋能、为患者服务、为行业提效。 数据显示，我国每年新发癌症病例数超400万例，近10年来，患者5年生存率从33.3%上升至43.7%，但 谈癌色变、无症状不做肿瘤筛查、治胜于防等认知误区仍然存在。 大会前一日，樊代明院士专程率团队到访京东总部，与京东集团SEC委员、京东健康CEO曹冬和相关业 务团队进行了深入交流。双方围绕"肿瘤整合防治工程（2025-2030）"的推进路径展开务实探讨，樊院 士对京东健康在推动肿瘤防治体系化、数字化 ...

本报讯 （记者梁傲男）12月13日，由中国抗癌协会与京东健康共同发起的肿瘤整合防治工程正式启 动，同期，2025肿瘤防治新进展大会在京举行。 大会汇聚由中国工程院院士、中国抗癌协会理事长樊代明领衔的顶尖专家阵容，聚焦肿瘤领域学术新进 展、医工交叉新技术、专病大模型及科研成果转化等前沿和热点议题，打造了一场肿瘤防治的学术盛 宴。 京 东供图 在肿瘤专科建设及专病防治方面，依然存在医疗资源分布不均、临床决策复杂、科研转化滞后、患者管 理低效等系统性挑战。 京东健康医疗及AI应用平台部负责人表示，京东健康依托京医千询大模型，全面加速"医检诊药"闭环， 打造AI京医专业服务智能体、专家医生智能体、RWD科研平台，以医疗级AI为目标，形成资源可及、 决策可依、科研可转化、患者可管理的智能肿瘤防治体系，为医生赋能、为患者服务、为行业提效。 京东集团SEC委员、京东健康CEO曹冬表示，作为中国肿瘤防治事业的参与者和推动者，京东健康始终 坚持"以专业守护生命"的理念，携手中国抗癌协会等权威机构，系统推进从科普教育、早筛早诊到规范 诊疗、康复管理的全程服务，切实守护大众健康。未来，京东健康将持续与各方合作伙伴并肩，深化人 工智 ...

Group 1 - The retail sector experienced a significant surge, with Baida Group hitting the daily limit, and other companies like Maoye Commercial, Dongbai Group, and Yonghui Supermarket also seeing notable increases [2] - The A-share market opened lower, with the Shanghai Composite Index down 0.62%, the Shenzhen Component Index down 0.81%, and the ChiNext Index down 1.16% [5][6] - The coal futures contract saw a daily increase of 4.00%, currently priced at 1070.50 CNY per ton [4] Group 2 - The storage chip sector opened lower, with companies like Shannon Chip and Jiangbolong dropping over 8% and 6% respectively [3] - The Hong Kong stock market opened lower, with the Hang Seng Index down 1% and the Hang Seng Tech Index down 1.34%, affected by declines in major companies like JD Health and Baidu [10][11] - The controlled nuclear fusion sector saw multiple stocks open high, with companies like Xue Ren Group and Hualing Cable reaching their daily limit [4]

Core Viewpoint - The retail sector has shown significant upward movement, with several companies experiencing notable stock price increases, indicating a positive trend in the market [3]. Retail Sector - The retail sector saw a sharp rise, with companies like Baida Group hitting the daily limit, and others such as Maoye Commercial, Dongbai Group, and Yonghui Supermarket also experiencing gains [3]. - The retail index recorded a 1.20% increase, reflecting overall positive sentiment in the sector [4]. Storage Chip Sector - The storage chip sector opened lower, with companies like Shannon Chip and Jiangbolong seeing declines of over 8% and 6% respectively, indicating potential challenges in this segment [5]. Coal and Nuclear Fusion Sectors - The main contract for coking coal surged by 4.00%, reaching 1070.50 CNY per ton, suggesting strong demand or supply constraints in the coal market [6]. - The nuclear fusion sector saw multiple stocks open high, with companies like Snowman Group and Huazhong Cable approaching their daily limits, indicating investor interest and optimism in this emerging technology [6]. Hong Kong Market - The Hong Kong stock market opened lower, with the Hang Seng Index down by 1% and the Hang Seng Tech Index down by 1.34%, reflecting broader market challenges [12]. - Notable declines were observed in major companies such as JD Health and Baidu, which fell by over 5% and 3% respectively, indicating a bearish sentiment in the tech sector [12].

人民财讯12月15日电，恒指低开1%，恒生科技指数低开1.34%。京东健康跌近6%，百度跌超3%，理想 汽车、阿里巴巴跌超2%。 ...