Core Viewpoint - Zhang Kun, a prominent fund manager at E Fund, has demonstrated strong performance across his managed funds, focusing on domestic consumption and technology sectors while adjusting his portfolio in response to market conditions [1][2][14]. Fund Performance - As of September 30, 2025, all four funds managed by Zhang Kun outperformed their respective benchmarks, with a total managed scale of approximately 56.544 billion yuan [1]. - The E Fund Blue Chip Select Fund reported a net asset value of 36.413 billion yuan, with a net value growth rate of 16.37%, surpassing the benchmark return of 13.25% [3][8]. - The E Fund Quality Select Fund achieved a net value growth rate of 17.58%, outperforming its benchmark of 13.57% [8]. Portfolio Adjustments - In Q3 2025, Zhang Kun increased his focus on domestic consumption, adding positions in companies like Kweichow Moutai and Wuliangye, while reducing holdings in JD Health and other stocks [4][5]. - The E Fund Blue Chip Select Fund saw a significant net redemption of 2.078 billion shares, marking the second-highest redemption record since its inception [3]. - The E Fund Quality Select Fund saw changes in its top ten holdings, with notable increases in Kweichow Moutai and Wuliangye, while JD Health and other stocks were reduced [7][9]. Sector Focus - Zhang Kun emphasized the potential of China's domestic consumption market, predicting that the growth rate of Chinese consumption will exceed both GDP growth and global GDP growth in the long term [2][14][15]. - The portfolio adjustments reflect a strategic shift towards sectors with sustained growth potential, particularly in consumer goods and technology [14][16]. Geographic Allocation - There has been an increase in holdings in Hong Kong, Taiwan, and the U.S., while exposure to South Korean stocks has significantly decreased [2][12]. - The E Fund Asia Select Fund, the smallest among Zhang Kun's managed funds, has seen a rise in its holdings in major markets, with Google entering its top ten holdings for the first time [12][13]. Investment Philosophy - Zhang Kun maintains a long-term investment philosophy, focusing on companies with strong business models and competitive advantages, despite short-term market volatility [14][15][16]. - He believes that the current low valuation levels in the market provide a significant margin of safety for long-term investments in quality companies [16].

Core Viewpoint - The recent drop in temperatures across the country has increased the risk of cardiovascular diseases and respiratory infections, prompting JD Internet Hospital to enhance its online medical services for public health protection during winter [1][2]. Group 1: Health Risks - Sudden temperature drops stimulate the sympathetic nervous system, leading to vasoconstriction, increased blood pressure, and higher blood viscosity, which can trigger severe cardiovascular events such as angina, myocardial infarction, and stroke [1]. - The autumn and winter seasons are already high-risk periods for infectious diseases like influenza and pneumonia, and cold weather exacerbates the risk of virus transmission due to reduced outdoor activities and increased indoor gatherings [1]. Group 2: Service Enhancements - JD Internet Hospital has optimized its service processes to handle the winter patient surge, allowing users to connect with professional doctors via the JD APP for timely consultations, medication guidance, and health management advice [2]. - The "home quick test" service enables doctors to issue test orders online, with nurses or couriers collecting samples at home, providing results within 3 hours for key tests, thus minimizing cross-infection risks [2]. - The remote medical center established in collaboration with Wuhan Union Hospital has served over 10,000 patients across 29 provinces since its launch in May, particularly benefiting communities in areas with relatively weak medical resources [2]. Group 3: Future Plans - JD Internet Hospital plans to expand its expert team and optimize its service system in response to ongoing cold weather, while also promoting health knowledge through educational columns to strengthen public health defenses during winter [2].

Core Insights - The forum focused on "technology empowering the assistive care industry," discussing innovations in smart rehabilitation devices, digital health services, and AI technology in the assistive care sector [1][2] - There is a growing demand for high-quality medical health products and services among the disabled population, with significant increases in search volumes for assistive devices since 2025 [1][2] - JD Health's assistive care supply now covers over 30,000 brands and thousands of subcategories, addressing the full spectrum of health needs for disabled individuals [2] Group 1 - The 17th Health China Forum, supported by JD Health, highlighted the importance of technology in enhancing the quality of life for disabled individuals [1] - JD Health's "Assistive Care Zone" launched in May, featuring three main sections: assistive devices, labor products for the disabled, and intelligent health services [2] - The company aims to solve the "last mile" care challenge by providing a comprehensive service loop that includes online consultations, home testing, and medication delivery [2] Group 2 - AI technology is a core competitive advantage for JD Health, leveraging its proprietary medical model and extensive user health data [2] - JD Health has established the largest medical device knowledge base in the industry, with over 1.5 billion user health records [2] - The company plans to deepen its "product + service + AI" innovation model and collaborate with more industry partners to create a smarter and more efficient assistive care ecosystem [3]

Core Insights - The highest short-selling ratios were observed for China Resources Beer (80291) and JD Health (86618), both at 100%, followed by JD Group (89618) at 93.32% [1][2] - The top three companies by short-selling amount were Xiaomi Group (01810) at 2.156 billion, Alibaba (09988) at 2.038 billion, and Tencent Holdings (00700) at 1.552 billion [1][3] - JD Group (89618) had the highest deviation value at 43.55%, indicating significant short-selling activity compared to its historical average [1][2] Short-Selling Ratios - China Resources Beer (80291) and JD Health (86618) both recorded a short-selling ratio of 100% [2] - JD Group (89618) had a short-selling ratio of 93.32% [2] - Other notable companies included Anta Sports (82020) at 87.40% and BYD Company (81211) at 81.07% [2] Short-Selling Amounts - Xiaomi Group (01810) led with a short-selling amount of 2.156 billion, followed by Alibaba (09988) at 2.038 billion and Tencent Holdings (00700) at 1.552 billion [3] - Other significant amounts included Meituan (03690) at 1.461 billion and SMIC (00981) at 1.335 billion [3] Deviation Values - JD Group (89618) had the highest deviation value at 43.55%, indicating a significant difference from its average short-selling ratio [2][3] - Other companies with notable deviation values included SenseTime (80020) at 31.62% and China Resources Beer (80291) at 31.60% [2][3]

Core Insights - JD Health is showcasing its strengths in the pet healthcare sector at the 2025 Upet Pet Life Expo in Beijing, emphasizing its comprehensive supply chain and hospital services for pet medications [1] - The establishment of the "JD Pet Health Good Pet Medicine Alliance" aims to enhance product reliability and service quality for users [1] Supply Chain and Product Offerings - JD Health has built the most comprehensive online pet medication supply chain, covering 132 types of pet medication, including deworming, prescription drugs, and skin care products [2] - The company achieved a significant milestone by offering compliant pet vaccines online, supported by a complete cold chain system and professional after-sales service [2] Sales Growth and Market Position - JD Health's pet medication sales growth significantly outpaces the industry average, with a 3.6 times increase in prescription food sales and over 90% growth in specialized treatment medications in 2024 [2] - The pet hospital services have become the largest and most innovative online pet hospital in the industry, with over 5,500 licensed veterinarians and partnerships with more than 2,400 offline animal hospitals [2] Brand Collaboration and Future Plans - JD Health is enhancing brand collaboration through initiatives like "Love Pets Together Day," partnering with over 20 brands to drive valuable growth [3] - The company plans to improve user pet profile systems and launch 28 new pet health products in 2025, including notable products from leading pharmaceutical companies [3] - JD Health aims to provide a comprehensive, professional, and convenient one-stop pet health solution by strengthening its supply chain and collaborating with more brand partners [3]

Core Insights - JD Health is positioning itself as a leading new medical health service provider in the pet health sector, showcasing its strengths in the pet medicine supply chain and hospital services at the 2025 Upet Pet Life Expo in Beijing [1][3] - The establishment of the "JD Pet Health Good Medicine Alliance" aims to unite industry forces to provide users with more reliable products and services [1] Company Developments - JD Health has completed a comprehensive layout of "medical, testing, medicine, and insurance" in its pet health business, reinforcing its position as a trusted pet health service platform [3] - The company has built the most comprehensive online pet medicine supply chain in the industry, covering 132 pet medicine product approvals, including core categories such as deworming, prescription drugs, and skin care [4] - JD Health's pet medicine sales growth significantly outpaces the industry average, with a 3.6 times increase in prescription food transaction value and over 90% growth in specialized treatment medication sales in 2024 [4] Service Capabilities - JD Health's pet hospital has become the largest and most professional online pet hospital in the industry, with over 5,500 licensed veterinarians and partnerships with over 2,400 offline animal hospitals [5] - The platform offers 24/7 online consultation services, with an average response time of 8 seconds, serving 4.2 million pet owners and achieving a 99.5% order satisfaction rate [5][6] - The use of AI technology in the form of the "JD Medical Inquiry" model allows for automatic responses to 54% of common inquiries, saving pet owners over 6 million in consultation fees annually [6] Ecosystem Development - JD Health is enhancing brand collaboration by leveraging its marketing capabilities, having partnered with over 20 brands to create the "Love Pet Long Companion Day" IP [7] - In 2025, 28 new pet health products will be launched on JD Health's platform, with significant sales achievements already noted for some products [7] - The company aims to build a robust pet health product supply chain and improve its full-cycle service capabilities in collaboration with more brand partners [12] Industry Trends - Industry representatives discussed trends in preventive care, nutrition management, and service experience, emphasizing the need for continuous innovation and quality in pet medicine [9][10] - The online consultation trend is seen as a solution to urgent user needs, breaking spatial and temporal limitations [10]

Core Insights - The article highlights the short-selling ratios and amounts for various companies, indicating significant bearish sentiment in the market towards certain stocks [1][2]. Short-Selling Ratios - JD Health-R (86618) has the highest short-selling ratio at 100.00% [2] - JD Group-SWR (89618) follows with a short-selling ratio of 91.39% [2] - SenseTime-WR (80020) has a short-selling ratio of 89.62% [2] - Other notable companies with high short-selling ratios include Kuaishou-WR (81024) at 88.04% and Lenovo Group-R (80992) at 87.33% [2] Short-Selling Amounts - The highest short-selling amount is recorded for Pop Mart (09992) at 2.864 billion [2] - Alibaba-SW (09988) has a short-selling amount of 2.628 billion [2] - Meituan-W (03690) follows with a short-selling amount of 1.962 billion [2] - Tencent Holdings (00700) and SMIC (00981) also show significant short-selling amounts of 1.859 billion and 840 million respectively [2] Short-Selling Deviation Values - SenseTime-WR (80020) has the highest deviation value at 45.68%, indicating a significant difference from its historical average [2] - JD Group-SWR (89618) has a deviation value of 44.65% [2] - Kuaishou-WR (81024) shows a deviation value of 43.37% [2] - Other companies with notable deviation values include OSL Group (00863) at 42.11% and Alibaba-SW (09988) at 32.36% [2]

Core Insights - The strategic cooperation agreement between Guangzhou Pharmaceutical Group and JD Health aims to leverage digital innovation to enhance supply chain collaboration, market operations, and user services, ultimately providing consumers with more efficient health products and services [1][2] Group 1: Partnership Objectives - The partnership focuses on product innovation, channel co-construction, and service integration to boost health consumption confidence and explore joint investment and resource integration for industry upgrades [1][2] - Both companies aim to create a multi-layered, integrated cooperation system to optimize resource allocation and value release [1] Group 2: Historical Context and Growth - Since the deep cooperation began in 2017, the partnership has maintained a high compound growth rate of over 20% in business operations over the past three years, laying a solid foundation for this strategic upgrade [2] - The companies plan to establish a normalized, multi-level collaborative mechanism to enhance decision-making and execution [2] Group 3: Future Collaboration Focus - Future efforts will concentrate on precise procurement, intelligent inventory management, and automated replenishment to build an agile and efficient supply chain [3] - JD Health's big data analytics will enable Guangzhou Pharmaceutical's products to reach consumers more effectively, while leveraging JD Health's extensive logistics network to optimize warehousing, transportation, and delivery [3] Group 4: Market and User Engagement - The partnership will utilize JD Health's vast user resources and data capabilities to gain insights into user needs, enhancing service precision and personalization [3] - New products from Guangzhou Pharmaceutical will be prioritized for launch on JD Health's platform, with joint efforts in precision marketing to facilitate market entry [3] Group 5: Social Responsibility and Industry Transformation - The collaboration will also focus on corporate social responsibility, exploring mechanisms for the recycling of expired medications through existing platforms [3] - This partnership represents a significant step towards the integration of products, services, and platforms in the pharmaceutical and health industry [3]

Core Insights - Hanwang and JD Health have signed a cooperation agreement to launch the "Precise Measurement · Nurse at Home" initiative, providing home guidance and standardized measurement processes for users of Hanwang's K-type electronic blood pressure monitors in 20 cities across China [1] Group 1: Service Offering - The "Nurse at Home" service includes professional blood pressure measurement demonstrations, education on the K-type method, comparisons with traditional mercury sphygmomanometers, and personalized reminders for users [1] - The service aims to help users achieve accurate blood pressure measurements at home, closely resembling the experience in hospitals [1] Group 2: Target Market - The initial rollout of the service will cover key cities such as Shanghai, Tianjin, Chongqing, Wuhan, and Chengdu, and is available for users who have purchased the Hanwang K-type electronic blood pressure monitor [1] Group 3: Product Features - The newly launched Hanwang KSY3610 electronic blood pressure monitor not only measures blood pressure but also provides five key indicators: blood pressure, heart rate, pulse pressure, atrial fibrillation screening results, and irregular pulse alerts [1] Group 4: Industry Context - Hanwang has previously promoted the "Mercury-Free Action" to replace mercury sphygmomanometers in medical institutions, and the new "Nurse at Home" service complements this initiative by extending support to individual households [1]

京东健康CEO曹冬表示，广药集团是京东健康最重要的战略伙伴之一，希望未来能够更好地将广药的优 质产品与京东健康的数字能力、服务场景紧密结合，挖掘新的增长机会，共同为更多用户提供优质的健 康服务。 据悉，自2017年开启深度合作以来，广药集团与京东健康始终秉持互信共赢的理念，合作成果丰硕，过 去三年双方合作业务更是保持了20%以上的高复合增长，为此次战略升级奠定了坚实基础。 就合作项目的落地，广药集团党委副书记、副董事长、总经理陈杰辉表示，接下来双方构建常态化全层 级协同机制，决策层引领、执行层推进、业务层联动；深化优势互补，聚焦大品种拓展等领域突破；拓 展创新边界，共探出海等新场景合作，力争今年合作业务大幅增长，明年向更高目标迈进。 本报讯(记者王镜茹)10月21日，广州医药集团有限公司(以下简称"广药集团")与京东健康在广州签署战 略合作协议。 根据合作协议，双方将以数智创新为核心引擎，整合产品、渠道、技术和服务资源，围绕供应链协同、 市场运营、用户服务等维度，构建多层次、一体化的合作体系，推动资源高效整合与价值释放，为消费 者提供更高效、便捷的健康产品与服务体验。 广药集团党委书记、董事长李小军表示，此次 ...