每经AI快讯，11月23日，港交所官网显示，京东工业股份有限公司（简称"京东工业"）通过港交所聆 讯。当前，京东集团、达达集团、京东健康、京东物流及德邦股份均已上市，若京东工业顺利上市，它 将成为刘强东的第六家上市公司。 （文章来源：每日经济新闻） ...

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见 稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速 增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等 条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监 督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的 配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数量的企 ...

记者丨王俊 章驰 编辑丨肖潇 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求 意见稿"），明确了对大型网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿， 除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、 Kimi等迅速增长的AI公司，以及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5 千万或月活超1千万"等条件，同样可能进入大型网络平台的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信 息保护监督委员会规定》一脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》 对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 A I新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创设了"守门人"制度：对于提供重要互联网平台服务、拥有巨大用户数 ...

证券研究报告 | 季报点评 gszqdatemark 2025 11 22 年 月 日 京东集团-SW（09618.HK） 外卖 UE 持续减亏，与零售强协同 京东集团发布 2025Q3 财报业绩。京东 2025Q3 录得收入 2991 亿元，同 比增长 14.9%。按集团构成角度，京东零售/京东物流/新业务各录得收入 2506/551/156 亿元，同比增长 11.4%/24.1%/213.7%。按业务类型角度， 商品收入/服务收入各录得 2261/730 亿元，同比增长 10.5%/30.8%。 用户增长强劲，日百与广告服务收入成主要增长引擎。截至 10 月，京东 年度活跃用户已超 7 亿，本季度用户数量与购买频次同比增长 40%。商 品收入方面，京东带电/日百品类收入分别实现 4.9%/18.8%的增速。日百 品类增速约为行业的 4 倍，其中商超品类已连续 7 个季度保持双位数增 长，带电品类增速放缓则是受以旧换新带来的高基数影响。服务收入方面， 平台及广告收入增速进一步加快，同比增速达 23.7%。 外卖 UE 持续改善，与零售业务形成强协同。受订单量增长以及餐食高客 单价订单占比提升的共同驱动，本季 ...

（原标题：两部门拟明确"守门人"认定标准，AI新贵们也入围了？） 21世纪经济报道记者 王俊 章驰 一批平台即将成为你的个人信息"守门人"。 11月22日，国家互联网信息办公室、公安部发布《大型网络平台个人信息保护规定（征求意见稿）》（以下简称"征求意见稿"），明确了对大型 网络平台的认定标准，以及应履行的个人信息保护义务。 根据征求意见稿，除却阿里、腾讯、蚂蚁、字节跳动、百度、微博、小红书等互联网平台，DeepSeek、MiniMax、Kimi等迅速增长的AI公司，以 及OPPO、vivo、荣耀等智能终端厂商，不少用户规模也满足征求意见稿中的"用户超5千万或月活超1千万"等条件，同样可能进入大型网络平台 的序列。 "能力越大、责任越大"，这一原则贯穿了数字经济监管始终。该征求意见稿与9月份发布的《大型网络平台设立个人信息保护监督委员会规定》一 脉相承，均可被视为个人信息保护法第58条"守门人条款"以及《网络数据安全管理条例》对大型平台规定的配套文件。 配套文件的规定，待正式版本发布后，将对上述平台的个人信息保护合规带来重要影响。 AI新贵进入大型平台监管射程？ 4年前，个人信息保护法正式实施。其中第58条创 ...

Investment Rating - The industry rating is "Recommended" [4] Core Insights & Investment Recommendations - Unity and Epic Games announced a strategic partnership to create an open and interoperable ecosystem for game engines, allowing developers to publish Unity games on the Fortnite platform with over 500 million registered accounts, enhancing user reach and commercialization efficiency [2][21] - NVIDIA's quarterly performance exceeded expectations, with data center revenue growing by 289% year-on-year, reflecting strong demand for AI infrastructure [3][22] - The report suggests focusing on investment opportunities in leading internet companies in Hong Kong, the gaming industry, and the film and cultural tourism sectors, driven by consumption policies and technological empowerment [3][22] Sub-industry Data Film Industry - The top three films by box office this week are "Demon Slayer: Infinity Castle" with 134.67 million yuan (42.9% market share), "Wild Era" with 75.67 million yuan (24.1%), and "Now You See Me 3" with 55.44 million yuan (17.7%) [23][24] Gaming Industry - The top three iOS games by revenue are "Teamfight Tactics," "Dungeon & Fighter: Origin," and "Honor of Kings," while the top three Android games are "Heart Town," "Sword and Magic Legend," and "My Leisure Time" [25] TV Series Industry - The top three TV series by broadcasting index are "Tang Dynasty Ghost Stories: Chang'an," "Four Happiness," and "Phoenix Platform," with indices of 85.5, 82.4, and 81.8 respectively [26][27] Variety Shows & Animation - The top variety show is "Now Departing Season 3" with a broadcasting index of 82.4, followed by "Wonderful Night Season 2" and "Flowers and Youth Together" [28][29] - The top three animated shows by viewership index are "Xian Ni" with 212.8, "Happy Hammer" with 191.6, and "Swallowing the Starry Sky" with 187.2 [30]

Core Insights - The article discusses the differences between JD's self-operated stores and official flagship stores, highlighting their operational models, pricing strategies, and customer service experiences [1][3][15] Group 1: Operational Models - JD's self-operated stores purchase and sell products directly, managing inventory and logistics through their own system, ensuring fast delivery and standardized service [3][4] - Official flagship stores are managed by brand owners, who control the sales and inventory, leading to potential variations in product authenticity and service quality [3][5] Group 2: Pricing Strategies - Pricing varies significantly between the two types of stores; JD's self-operated stores often offer lower prices for electronics due to bulk purchasing, while official flagship stores may have better deals on apparel due to flexible pricing strategies [4][8] - A comparison of 50 popular products revealed that pricing advantages fluctuate based on product type and brand collaboration with JD [4][8] Group 3: Customer Service - JD's self-operated stores provide standardized customer service, including policies like "7-day no-reason return" and "30-day price protection," which are consistently enforced [4][5] - Customer service in official flagship stores can be inconsistent, with some brands offering excellent support while others may have slower response times [5][9] Group 4: Logistics and Delivery - JD's self-operated stores utilize JD Logistics, ensuring fast and reliable delivery, especially in major cities where same-day delivery is common [7][8] - Official flagship stores may use various logistics providers, leading to variability in delivery speed and service quality [7][8] Group 5: Product Quality and Promotions - JD's self-operated products undergo quality checks, reducing the likelihood of counterfeit goods, while official flagship stores may offer exclusive or limited-edition items [8][11] - Promotional strategies differ, with JD's self-operated stores aligning with major sales events, while official flagship stores may have unique promotions at different times [8][12] Group 6: Consumer Decision-Making - Consumers are advised to consider product type, price sensitivity, service needs, and purchase frequency when choosing between the two store types [9][12] - Observing price fluctuations and promotional activities can help consumers make informed purchasing decisions [9][11] Group 7: Industry Trends - The lines between JD's self-operated and official flagship stores are blurring as brands adopt direct supply models, leading to more unified pricing and service standards [11][12] - The rise of new retail models emphasizes the integration of online and offline services, enhancing the overall shopping experience for consumers [12][13]

Group 1 - The core viewpoint of the article emphasizes the significance of embodied intelligence in enhancing supply chain efficiency and reducing logistics costs, which are critical challenges faced by the industry [1][2] - JD Group's General Manager of Embodied Intelligence, Zheng Xiaodan, highlighted the high proportion of logistics costs in the overall supply chain and the need for improved operational efficiency, indicating a common industry consensus on these issues [1] - The company aims to leverage intelligent technologies to address cost and efficiency problems in logistics, which would not only benefit enterprises but also invigorate the entire supply chain industry [1] Group 2 - The embodied intelligence sector is experiencing rapid development, with significant advancements observed within just six months, transitioning from demonstration-focused robots to practical applications in factories and public spaces [2] - There is a growing consumer expectation for robots to assist with household chores and childcare, although achieving complex service scenarios will require more time [2] - JD plans to continue focusing on the embodied intelligence sector by promoting deep integration of technology and practical applications, while also creating collaborative platforms that connect technology developers, application scenarios, and consumers [2]

Core Insights - Tmall achieved its best growth in four years during this year's Double 11, emphasizing the importance of excluding unshipped refunds from transaction figures [2] - JD.com made significant strides in the facial skincare category, leading mainstream platforms with a growth rate of 12.1% [2] - Douyin continued to leverage its content-driven approach, creating numerous growth cases for domestic brands [2] Group 1: Tmall's Strategy - Tmall is reinforcing its position as a "value fortress" for high-end beauty brands, shifting its growth logic from mere traffic competition to deep integration of membership economy and AI tools [4][5] - The 88VIP membership program has become crucial, with 53 million members contributing over 70% of transaction volume for top beauty brands, and the average spending of these members being nine times that of non-members [5][7] - Tmall's new discount strategy for 88VIP members simplifies the shopping experience, allowing direct discounts on single items without complex calculations, enhancing user trust and focus on product value [7][9] Group 2: Douyin's Evolution - Douyin's beauty brand rankings show a balanced representation of domestic and international brands, with domestic brand Han Shu topping the list, indicating a shift in market dynamics [10][12] - The platform has transitioned from "interest e-commerce" to "immersive content e-commerce," integrating content and commerce to create a unique consumer ecosystem [14] - Successful domestic brands on Douyin focus on deep integration of content and sales, building their own live-streaming systems, and developing standout products to drive sales [14][15] Group 3: JD.com's Positioning - JD.com is targeting female consumers, particularly mothers with purchasing power, by leveraging its PLUS membership system to recommend high-end beauty products [18][20] - The platform's focus on genuine product assurance, service experience, and alignment with high-value user demographics has made it a key online channel for international beauty brands in China [19][20] - JD.com is enhancing its service capabilities through AI technology, providing efficient operational tools for brands while also opening up to domestic brands like Pechoin [20][21] Group 4: Ecosystem Integration - The 2025 Double 11 highlighted the solidified ecological positions of Tmall, Douyin, and JD.com, each evolving in depth: Tmall as an "AI-driven innovation engine," Douyin as an "immersive experience showcase," and JD.com as a "smart supply chain fortress" [21][22][23] - Future success for beauty brands will depend on their ability to integrate into these ecosystems, requiring data integration, strategy alignment, and organizational adaptation [23][24][25] - The ability to adapt to platform ecosystems will be a critical factor in determining brand success beyond the Double 11 sales period [26][27]

Core Viewpoint - The logistics industry in China shows signs of recovery with the Logistics Performance Index (LPI) at 50.7% in October 2025, indicating continued expansion despite a slight month-on-month decline [5][7][9]. Group 1: Industry Performance - The LPI reflects a stable demand in logistics, supported by industrial and consumer sectors, with most sub-indices showing improvement [7][9]. - The warehousing index rose to 50.6%, indicating a return to expansion, with various sub-indices such as business volume and facility utilization also increasing [9][10]. - The express delivery index reached 475.5, up 2.4% year-on-year, driven by e-commerce activities and improved service quality [10][12]. Group 2: Policy Support and Technological Integration - Policies focusing on logistics data interconnectivity and green logistics are being implemented, aiming to reduce logistics costs by 1-2% [11][12]. - The government is promoting the use of new energy vehicles and smart warehousing systems, with companies like JD and SF Logistics accelerating their green logistics initiatives [12][21]. - The integration of technology in logistics operations is emphasized, with companies investing in smart logistics hubs and automated systems to enhance efficiency [22][23]. Group 3: Market Dynamics and Investment Trends - The logistics real estate investment trusts (REITs) are performing well, with an average occupancy rate of 92% and a stable annual distribution rate of 4% [6][26]. - Major logistics firms are actively pursuing mergers and acquisitions to enhance their operational capabilities and market presence [24][25]. - The cold chain logistics sector is experiencing growth, with a 4.72% increase in demand for food cold chain logistics in Q3 2025 [13][18]. Group 4: Company-Specific Developments - SF Holdings reported a revenue of 225.26 billion yuan, up 8.89%, with a net profit of 8.31 billion yuan, reflecting strong operational performance [18][19]. - JD Logistics achieved a revenue of 55.084 billion yuan, a 24.1% increase, despite a decline in net profit due to increased workforce costs [19][20]. - ProLogis and other leading firms are focusing on smart logistics parks and zero-carbon initiatives to drive operational efficiency and sustainability [20][21].