在国补效应逐渐减弱、传统电商流量见顶的大背景下，京东试图用高频的外卖业务来带动整个平台活跃度。为了这场仗，刘强东亲自下场送外卖、站台卖 酒。 文 | 啸 天 京东集团交出了三季度财报。 数据显示，京东三季度实现营收2991亿元，同比增长14.9%，延续了2024年四季度以来连续四个季度的双位数增长态势。然而，这份亮眼成绩单背后，却 潜藏着巨大的隐忧。 深层焦虑可能来自"国补"政策的退坡。过去一年，"国补"为京东优势的电子产品类提供了强劲的增长动力。但随着政策效应边际递减，京东亟需找到新增 长引擎来填补空缺。 尤其是大举进军的"新业务"板块。新业务板块的营收同比暴涨213.7%至155.92亿元，但经营亏损却达到创纪录的157.36亿元。将时间线拉长至今年前九个 月，京东新业务累计亏损已达318.4亿元。一换算，刘强东每天醒来，就要亏掉1.16亿元。 在国补政策效应逐渐减弱、传统电商流量见顶的大背景下，京东试图用高频的外卖业务来带动整个平台的活跃度。为了这场仗，刘强东不惜亲自下场送外 卖、站台卖酒。 然而，巨额投入目前仍未换来回报。在这场关乎京东未来的押注中，刘强东是否正将这家互联网巨头推向未知的深渊？ 外卖" ...

智通财经APP获悉，友邦保险-R(81299)、安踏体育-R(82020)、比亚迪股份-R(81211)上一交易日沽空比 率位于前三位，分别为100.00%、100.00%、95.88%。阿里巴巴-SW(09988)、腾讯控股(00700)、百度集 团-SW(09888)的沽空金额位居前三，分别为27.89 亿元、23.49 亿元、13.17 亿元。吉利汽车-R(80175)、 比亚迪股份-R(81211)、百度集团-SWR(89888)的偏离值位居前三，分别为48.97%、42.86%、38.49%。 前十大沽空比率排行 | 股票名称 | 沽空金额↓ | 沽空比率 | 偏离值 | | --- | --- | --- | --- | | 阿里巴巴-SW(09988) | 27.89 亿元 | 17.60% | 3.14% | | 腾讯控股(00700) | 23.49 亿元 | 18.21% | 1.63% | | 百度集团-SW(09888) | 13.17 亿元 | 40.56% | 3.64% | | 小鹏汽车-W(09868) | 10.69 亿元 | 33.26% | 15.75% | | 京东集团 ...

长江商报消息 ●长江商报记者 李璟 号称史上最长的2025年"双十一"刚刚落下帷幕，期间出现的"二选一"风波，再度抛出发人深省的问题 ——电商竞争底线究竟在哪里？ 不过，在监管部门靶向施策、从严执法的高压整治态势下，这一幕或将成为历史。 11月15日，国家市场监管总局发布《互联网平台反垄断合规指引（征求意见稿）》（简称《指引》）， 面向社会公开征求意见，针对平台经济领域竞争行为的特点和趋势，为平台经营者设定清晰明确的行为 指引，及时回应社会期待。 《指引》共五章38条内容，明确平台经营者应遵循四项基本原则开展反垄断合规管理工作，同时，还紧 扣行业特点，对互联网平台新型垄断风险作出了8项具体的风险示例，包括平台间算法共谋、组织帮助 平台内经营者达成垄断协议、平台不公平高价、平台低于成本销售、封禁屏蔽、"二选一"行为、"全网 最低价"和平台差别待遇等，为平台经营者加强反垄断合规管理提供可操作性强的指导建议。 一年一度的"双十一"大促自10月7日便燃起战火。然而自10月下旬以来，一系列关于京东"干涉商家跨平 台经营""成立巡查组巡查抖音直播间"等相关热搜词条持续发酵，引爆全网舆论。 据媒体报道，"双十一"期间，京东 ...

机构认为，市场短期或进入宽幅震荡阶段。 【财经日历】 央行开展8000亿元买断式逆回购操作，期限为6个月 第四次中德高级别财金对话在北京举行 2025中国国际光伏与储能产业大会(成都，11/17-11/20) 2025广州国际家电及消费电子博览会(11/17-11/19) 2025年迪拜航展(11/17-11/21) 小鹏汽车、零跑汽车发布财报 当地时间上周五，美股三大股指分化，纳指结束三连阴。截至收盘，道指跌0.65%，纳指涨0.13%，标普500指数微跌0.05%。 ►►文化和旅游部郑重提醒中国游客近期避免前往日本旅游，已在日中国游客密切关注当地治安形势，提高安全防范意识，加强自我保护，如遇紧急情况， 请及时报警并联系驻日使领馆寻求协助。 明星科技股分化，人工智能领域的龙头企业英伟达和甲骨文均扭转了前一交易日的下跌走势，分别上涨1.7%和2.4%。 此外，微软涨1.37%，特斯拉涨0.6%，Meta跌0.1%，苹果跌0.2%，谷歌跌0.7%，亚马逊跌1.2%。美光科技涨4.2%，摩根士丹利表示，公司将受益于动态随 机存取存储器（DRAM）的供应短缺，并将该股的目标价从220美元上调至325美元。 纳斯达克 ...

Core Viewpoint - The financial markets are experiencing volatility due to mixed signals from the Federal Reserve regarding interest rate policies, geopolitical tensions, and sector-specific performance in both U.S. and international markets [3][4][11]. Market Performance - U.S. stock indices showed mixed results with the Dow Jones down 0.65%, S&P 500 down 0.05%, and Nasdaq up 0.13% [4][8]. - European indices faced declines, with Germany's DAX30 down 0.69%, UK's FTSE 100 down 1.11%, and the Euro Stoxx 50 down 0.85% [4][8]. - Hong Kong's Hang Seng Index fell 1.85%, closing at 26,572.46 points, with significant declines in technology stocks [5][8]. - A-shares also declined, with the Shanghai Composite Index down 0.97%, closing below 4,000 points [6][9]. Commodity Prices - WTI crude oil prices rose by 2.13%, closing at $59.82 per barrel, while Brent crude increased by 0.22% to $63.95 per barrel [4][8]. - Gold prices fell by 2.2%, ending at $4,079.58 per ounce, and silver dropped by 3.4% to $50.56 per ounce [8][9]. Federal Reserve Signals - Federal Reserve officials, including Logan and Schmidt, issued strong hawkish signals, indicating that further rate cuts may not be appropriate at this time [11]. - The market is reacting to these signals, with expectations of interest rate stability impacting various asset classes [11]. Corporate Developments - Berkshire Hathaway disclosed a rare technology stock position, having built a stake in Alphabet, Google's parent company, during Q3 [11]. - Huawei is expected to announce breakthrough technologies in the AI sector, which could enhance computational resource efficiency [17].

新 川 越 双 1 1 临 时 ( 预 计 使 用 日 期:10 月28日 至 11月20日 ) n 客服中心 地产保修中机 "成都高新区新川片区绝大部分快递停发。""好几家快递都停运了，'双11'网购成了难题。"近日，有网友通过"四 川省网上群众工作平台——问政四川"反映，居住的小区快递无法送达，给生活造成极大不便。情况究竟如何？记 者近日进行了调查。 问题 居民网购被告知所在小区"快递不可达" 末端投递点缺失或不完善，丢件、投诉等问题较多 眼下正是"双11"快递配送高峰期，多家快递公司为何放弃该片区的配送服务？记者从多个小区的物业、快递公司 和成都高新区中和街道蒲草社区了解到，主要有两个原因。 □四川日报全媒体记者 肖莹佩 文/图 一个原因是该片区多个小区无快递站，也就是末端投递点缺失或不完善。据悉，此事涉及小区多为纯住宅小区， 没有底商，快递站也不能在小区内运营，但居民陆续入住后，快递量激增。以新川樾小区为例，该小区今年"双 11"前后，每日快递量超1000件。为解决快递收件问题，中通、圆通等快递公司只能用厢式货车、帐篷等，在小区 外设立临时取货点。 一家暂停配送的快递公司工作人员告诉记者，临时取货点需 ...

Investment Rating - The report assigns a favorable investment rating to the Chinese internet sector, highlighting its attractiveness compared to U.S. tech stocks due to lower valuations and promising earnings growth [1][2]. Core Insights - The Chinese internet stocks have risen due to improved sentiment, catch-up effects, and relatively low valuations, with a projected PE ratio of 17 times for 2025, significantly lower than the 31 times for U.S. tech stocks [1][2]. - The consumption market in China is experiencing significant emotional consumption growth, with online retail growth at 6.3%, surpassing offline growth of 3.7% [1][4]. - AI technology is being widely applied across various sectors, including e-commerce recommendations, game design, and education, with companies like Alibaba leveraging AI to enhance cloud services and user engagement [5][18]. Summary by Sections 1. Overall Performance of the Internet Industry - The Chinese internet sector has seen a stock price increase of approximately 37% from the beginning of 2025, despite a 19% decline in profit expectations due to pressures from e-commerce and retail investments [2]. 2. Changes in the Consumption Market - Emotional consumption has become a highlight, particularly in gaming, music, and tourism, with a notable increase in online retail driven by algorithm optimization and a growing number of online shoppers [3][4]. 3. AI Development in China - China is advancing in AI through self-developed chips and local GPU efficiency, with Alibaba Cloud experiencing a growth increase from 18% to 26% in recent quarters [5]. 4. Development of Instant Retail - Instant retail has emerged as a significant trend, with companies like JD and Alibaba increasing their investments in food delivery, although growth rates have slowed due to seasonal factors and regulatory influences [6]. 5. Competition in the Food Delivery Sector - The food delivery market is highly competitive, with low-price strategies affecting user experience and merchant profits, while machine retail is accelerating the shift from offline to online [7]. 6. Regulatory Changes in Platform Economy - The government has implemented new policies to encourage healthy competition and protect small businesses, resulting in a more manageable regulatory environment for internet companies [8]. 7. Policy Environment for the Gaming Industry - The gaming industry has seen a positive shift in policy, with a significant increase in the issuance of new game licenses and recognition of efforts to protect minors [9]. 8. Future Focus of the Gaming Industry - The gaming sector should focus on evergreen games and the launch of new titles, with major companies expected to continue leveraging their IPs for sustained performance [10]. 9. Recent Changes in Long Video Industry Regulations - New measures from the broadcasting authority aim to enhance content supply in the long video sector, which could increase user subscriptions [11]. 10. Impact of New Advertising Regulations - The new advertising tax policy may increase marketing costs for certain industries, posing a potential downside risk for the advertising sector [12]. 11. Current Status and Future of the Education Sector - The education market remains robust despite economic challenges, with a significant demand-supply gap expected to drive long-term growth [13]. 12. Opportunities for Chinese Internet Companies Overseas - Chinese online games have a competitive edge due to lower development costs and a large talent pool, enabling them to expand internationally [14][15]. 13. Recent Developments in Cross-Border E-commerce - Cross-border e-commerce GMV has stabilized and shows signs of recovery, driven by innovative business models and improved logistics efficiency [16]. 14. Impact of ChatGPT on E-commerce - The introduction of ChatGPT's e-commerce features may have limited impact on China's e-commerce landscape, as major platforms already dominate traffic [17]. 15. Growth Potential and Competition in the Domestic Gaming Industry - The domestic gaming industry is expected to grow at around 5% in the coming years, with AI playing a crucial role in game development and player interaction [18][19].

京东 20251114 摘要 京东第三季度收入稳健增长，核心零售业务收入同比增长 11%至 2,510 亿人民币，年度活跃客户突破 7 亿，用户购物频率同比增加 40%以上， 主要得益于零售业务和新业务的贡献。 综合商品类别增长加速，同比增长 19%，其中超市、时尚和健康品类均 保持两位数增长。广告收入增长超过 20%，显示出强劲的增长势头。 新业务方面，京东食品配送业务日活跃用户数实现双位数环比增长，亏 损有所收缩。京喜进一步渗透低线城市市场，国际零售业务在欧洲逐步 建立能力。 京东发布人工智能路线图，推出通用数字人助手 TA 和 AI 代理 Join Inside 等产品，并升级零售技术基础设施，已为超过 4 万个品牌提供服 务，降低成本并提升销售业绩。 京东物流收入同比增长 24%，但非 GAAP 经营收入同比下降 39%至 13 亿元，原因是公司继续投资于客户体验、服务能力和技术，以提高整个 物流过程的效率。 Q&A 京东在 2025 年第三季度的总体业绩表现如何？ 在 2025 年第三季度，京东取得了显著的业绩增长。总收入同比增长 15%，达 到 2,999 亿人民币，保持了两位数的增长势头。非公认 ...

Group 1 - The company achieved a revenue of 299.1 billion yuan in the latest quarter, representing a year-on-year growth of 15% [1] - JD Retail revenue reached 250.6 billion yuan, up 11% year-on-year, driven by accelerated growth in daily necessities and marketing revenue [1] - The number of active users on the platform exceeded 700 million in October, with over 40% growth in both active user count and shopping frequency [1] Group 2 - Non-GAAP net profit was 5.8 billion yuan, with a non-GAAP net profit margin of 1.9%, a decrease of 3.2 percentage points compared to the same period last year [2] - Retail operating profit margin improved from 5.2% to 5.9% year-on-year, attributed to an increase in gross margin and a slight decrease in marketing expenses [2] - The company repurchased 1.5 billion USD worth of shares in the first three quarters of 2025, accounting for 2.8% of the total outstanding shares as of December 31, 2024 [2] Group 3 - The company maintains an "outperform the market" rating, with revenue projections for 2025-2027 adjusted to 1,334.9 billion, 1,433.4 billion, and 1,558.7 billion yuan respectively [2] - Adjusted net profits for 2025-2027 are projected to be 30 billion, 41.5 billion, and 57.4 billion yuan respectively, with slight upward adjustments [2] - The company is expected to optimize supply chain efficiency and improve gross margins, enhancing user experience [2]

Core Viewpoint - In Q3 2025, JD.com achieved revenue of 299.06 billion RMB, a year-on-year increase of 14.85%, with Non-GAAP net profit of 5.80 billion RMB, a decrease of 56.0% year-on-year, resulting in a net profit margin of 1.94%, down from 5.06% in the same period last year. Revenue growth exceeded Bloomberg consensus expectations, while the decline in net profit was better than expected [1] Revenue and Profit Analysis - JD.com's Q3 revenue reached 2990.59 billion RMB, with 1P revenue at 2260.92 billion RMB (up 10.50% YoY) and 3P revenue at 729.67 billion RMB (up 30.83% YoY). The 1P business saw a 4.92% increase in electronics and home appliances revenue, while general merchandise revenue grew by 18.83%. The 3P business experienced a 23.72% increase in commission and advertising revenue, and a 35.04% increase in logistics service revenue [1] - JD Retail achieved revenue of 2505.77 billion RMB in Q3, a year-on-year increase of 11.4%, with adjusted operating profit of 148.28 billion RMB, corresponding to a profit margin of 5.92%, up from 5.16% in the previous year [1] Logistics and New Business Performance - The logistics segment generated revenue of 55.08 billion RMB in Q3, a year-on-year increase of 24.1%, with adjusted operating profit of 1.28 billion RMB and a profit margin of 2.3%, showing a slight decline [2] - JD's new business revenue reached 15.59 billion RMB, a year-on-year increase of 214%. The food delivery service has partnered with over 2 million quality restaurants, with daily order volume for the top 300 restaurant brands increasing 13 times since launch. Increased marketing investment and rider welfare have enhanced platform competitiveness [2] Future Revenue and Profit Forecast - The company forecasts revenues of 1336.6 billion RMB and 1407.9 billion RMB for 2025 and 2026, respectively, with year-on-year growth rates of 15.34% and 5.34%. Non-GAAP net profits are projected to be 32.51 billion RMB and 43.51 billion RMB, reflecting year-on-year changes of -32.03% and 33.84% [3]