Core Insights - The Hong Kong Stock Exchange (HKEX) is positioned as a key platform for Chinese enterprises to expand internationally, driven by institutional innovation and a unique investor structure [1][3]. Group 1: Market Dynamics - From 2014 to 2024, Hong Kong's IPO fundraising exceeded $300 billion, leading other major stock exchanges globally, reflecting changes in China's economic structure and capital flow [2]. - In the first eleven months of this year, 93 new companies listed on the Hong Kong stock market, raising nearly HKD 260 billion, maintaining the top position in global IPO fundraising [2]. - The Hang Seng Index rose by 34% in the first nine months, significantly outperforming major indices in Europe and the U.S. [2]. Group 2: Sector Performance - The Hang Seng Tech Index, which includes major tech companies like Tencent and Alibaba, increased by 44.7% in the first nine months, while the Hang Seng Biotech Index more than doubled, indicating strong investor interest in high-tech sectors [3]. - Over half of the new stock issuers this year have international business layouts, with funds raised aimed at overseas capacity building and supply chain expansion [3]. Group 3: Institutional Innovations - HKEX has implemented a "report and review" mechanism, eliminating waiting periods for listings, and has optimized approval processes to enhance market accessibility [4]. - The introduction of the "same share, different rights" structure in 2018 has attracted major tech firms back to the market, while the 18A chapter has opened pathways for biotech companies without revenue to list [4][5]. - The 2023 introduction of the 18C chapter further supports "specialized, refined, and innovative" enterprises, providing capital support for long-term R&D investments [5]. Group 4: Investor Structure - The Hong Kong market is predominantly driven by institutional investors, including international long-term funds and sovereign wealth funds, which focus on long-term holdings and in-depth research [6]. - The continuous inflow of southbound capital has created a unique liquidity cycle, combining international and domestic capital [6]. Group 5: A+H Listing Mechanism - The A+H listing mechanism has strengthened the synergy between the Hong Kong and mainland markets, with 14 A+H companies completing listings in the past year, including significant offerings over $1 billion [6]. - The diverse structure of issuers, including high-tech, biotech, and consumer sectors, contributes to the market's robust foundation [6].

Group 1 - The core idea of the news is that JD.com is launching its "12.12 Year-End Special" event with significant discounts and government subsidies to attract consumers during the year-end shopping season [1][3][5] - The event offers discounts on various categories including mobile phones, home appliances, digital products, clothing, and food, with prices as low as 50% off [1] - JD.com is providing additional benefits for PLUS members, including an exclusive subsidy of 1,000 yuan during the event [1][3] Group 2 - The "Year-End Big Brand Lucky Bag for 1 Yuan" promotion will feature time-limited flash sales from December 8 to 11, showcasing products like beauty items and snacks at extremely low prices [3] - On December 12, the event will intensify with popular products including cars and mobile phones available in lucky bags [3] - JD.com will continue its successful live-streaming price comparison strategy during the event, promising "if it's expensive, we compensate" [3][5]

新浪科技讯 12月8日下午消息，近日，京东App正式上线市民服务，首批服务覆盖广州、山西（全 省）、江苏（全省）等多个省市，其余城市陆续接入中。 即日起，用户打开京东App或京东金融App，在首页搜索"京民通"或"市民服务"即可一键进入，轻松办 理公积金查询、医保报销、社保缴纳、个税申报、育儿补贴申领、养老资格认证等高频政务事项。同 时，平台还聚合了生活缴费、快递寄收、定点药店查询、旅游出行、求职就业等多元便民服务。 据介绍，这一服务能力背后，是京东"京民通"市民服务深度对接各地政务系统，推动政务服务与数字生 活深度融合。值得一提的是，部分城市还推出了极具本地特色的便民功能。在北京，市民可通过京东 App市民服务直接使用"北京市道路停车缴费"功能。 为进一步提升用户体验，京东App上线的市民服务创新引入AI智能助手"AI助手小彤"。该AI智能助手基 于京东全自研的JoyAI大模型，具备强大的自然语言理解与生成能力，能够以拟人化、场景化的方式精 准解答用户各类疑问，并根据用户需求智能推荐匹配的服务路径。 在此基础上，京东App上线的市民服务还构建了多元的城市智能体矩阵，包括万能博士、AI医生大为、 数字社工小马 ...

具体来看： 大型科技股多数呈现下跌行情但总体跌幅较小，腾讯、京东、网易、小米、京东跌幅在1%以内，阿里巴巴、快手、携程控股跌超 1%，百度逆市大涨3.45%。 | 代码 | 名称 | 最新价 | 涨跌额 | 涨跌幅 √ | | --- | --- | --- | --- | --- | | 09888 | 百度集团-SW.) | 125.800 | +4.200 | 3.45% | | 03690 | 美团-W | 99.500 | +0.450 | 0.45% | | 09626 | 時陣時陣-W | 203.600 | -0.200 | -0.10% | | 02015 | 理想汽车-W | 69.650 | -0.250 | -0.36% | | 01810 | 小米集团-W | 42.580 | -0.200 | -0.47% | | 099999 | 网易-5 | 216.800 | -1.200 | -0.55% | | 09618 | 京东集团-SW | 116.200 | -0.800 | -0.68% | | 00700 | 腾讯控股 | 605.000 | -5.000 | -0.82% ...

即日起，用户只需打开京东App或京东金融App，在首页搜索"京民通"或"市民服务"即可一键进入，轻松办理公积金查询、医保报销、社保缴纳、个税申 报、育儿补贴申领、养老资格认证等高频政务事项。同时，平台还聚合了生活缴费、快递寄收、定点药店查询、旅游出行、求职就业等多元便民服务，真 正实现"办事不出门、服务在指尖"。 近日，京东App正式上线市民服务，首批服务覆盖广州、山西（全省）、江苏（全省）等多个省市，其余城市陆续接入中，为居民提供便捷、智能、高效 的"一站式"线上政务服务与生活服务体验。 这一服务能力背后，是京东"京民通"市民服务深度对接各地政务系统，推动政务服务与数字生活深度融合。 值得一提的是，部分城市还推出了极具本地特色的便民功能。在北京，市民可通过京东App市民服务直接使用"北京市道路停车缴费"功能——登录京东 App，搜索"京民通"，进入小程序后点击"停车服务"，即可完成路边停车费用的在线缴纳，进一步拓展城市智慧出行场景。 为进一步提升用户体验，京东App上线的市民服务创新引入AI智能助手"AI助手小彤"，通过AI驱动服务升级，显著提升办事效率、降低操作门槛。该AI智 能助手基于京东全自研的Joy ...

Investment Rating - The report maintains a "Buy" rating for the company [3][5][9] Core Insights - The company is expected to face pressure on its revenue growth due to a high base from national subsidies and increased losses from new business ventures. The forecast for 2025-2027 revenue has been adjusted to 1,304/1,348/1,423 billion yuan, with adjusted net profit estimates of 263/225/442 billion yuan [3][8][9] - The target market value is set at 502.3 billion yuan, corresponding to a target share price of 173.32 HKD, based on a 11X PE valuation for 2026 [3][9] Financial Forecasts - Revenue projections for 2025-2027 are 1,304 billion yuan (2025), 1,348 billion yuan (2026), and 1,423 billion yuan (2027), with year-on-year growth rates of 12.53%, 3.37%, and 5.58% respectively [4][9] - Adjusted net profit estimates are 263 billion yuan (2025), 225 billion yuan (2026), and 442 billion yuan (2027), reflecting a decrease from previous forecasts due to anticipated losses in new business segments [3][9] - The company’s gross margin is expected to be 15.7% in 2025, 15.4% in 2026, and 16.1% in 2027, indicating a slight improvement over the forecast period [4][9] Business Segment Performance - The company anticipates a significant decline in its electrical appliance revenue in Q4 2025, projecting a revenue of 1,497.7 billion yuan, a year-on-year decrease of 14.0% [8] - The daily necessities segment is expected to maintain double-digit growth, with projected revenue of 1,180.5 billion yuan in Q4 2025, reflecting a year-on-year increase of 10.5% [8] - New business revenue is projected to reach 135.1 billion yuan in Q4 2025, with an operating loss of 168.1 billion yuan, indicating a slight increase in losses due to higher investments in 京喜 and international business [8][9]

Core Insights - JD Fresh will open its first supermarket in Shijiazhuang on December 19 at the second floor of Yuhua Wanda Plaza [1][2] - Since November 28, JD Fresh has initiated online delivery services in Shijiazhuang [1][2] - Prior to the opening of the Yuhua Wanda store, JD Fresh plans to establish more satellite stores in Shijiazhuang to expand delivery coverage [1][2]

Core Viewpoint - JD's supply chain technology subsidiary raised HKD 29.8 billion (USD 3.83 million) through its IPO, pricing at the mid-range of the guidance [1] Group 1: IPO Details - JD Industrial issued 211.2 million shares at HKD 14.1 per share [1] - The IPO proceeds will be used to enhance industrial supply chain capabilities, including AI-related technologies, and to support business expansion, investments, and acquisitions [1] - The company plans to list on December 11, following approval from the China Securities Regulatory Commission in September 2023 [1] Group 2: Strategic Rationale - JD stated that spinning off JD Industrial for listing would better reflect the business's value and allow direct access to equity and debt capital markets [1] - JD also sought to spin off JD Production for listing but has not yet received approval from the China Securities Regulatory Commission [1] Group 3: Underwriters - The joint sponsors for this transaction include Bank of America, UBS, Goldman Sachs, and Haitong International [1]

近日，京东云JoyBuilder模型开发平台迎来全新升级，成功支撑业界顶尖模型GR00T N1.5的千卡训练， 成为行业首家支持具身智能千卡级LeRobot开源训练框架的AI开发平台，且训练效率较开源社区版本提 升3.5倍。基于软硬件深度调优和算法层面的突破，大幅提升了模型训练效率与稳定性，1亿+数据的千 卡训练时间从15小时缩短至22分钟，加速具身智能迈向规模化落地。 1、JoyBuilder三大优势，全面加速具身智能模型训练 通过分布式元数据管理与智能预取，支持高并发访问。在1024卡集群上，读取带宽超过400GB/s，保障 数据持续高速供给。 其次，作为行业首家支持具身模型千卡级的开源训练框架的AI开发平台，京东云JoyBuilder基于开源 LeRobot框架，首次实现GR00T模型的千卡分布式高效训练，训练效率较开源社区版本提升3.5倍，1亿 +数据千卡训练时间从15小时缩短至22分钟、提速40倍，大幅降低了千卡训练的使用门槛与运行成本。 近年来，具身智能成为AI领域的重要研究方向，但训练一个高效的具身模型，需要同步处理图像、文 本和连续动作信号等众多环节，在工程落地方面存在着数据供给读取慢、算力效 ...

Core Viewpoint - JD Fresh Supermarket is set to officially open its first store in Shijiazhuang on December 19, offering a new shopping experience with fast delivery and direct sourcing capabilities [1] Group 1: Store Opening and Services - The first JD Fresh Supermarket in Shijiazhuang will open at the second floor of Yuhua Wanda Plaza [1] - The supermarket will provide "good, fast, and cheap" shopping experiences, leveraging supply chain capabilities such as direct sourcing from production areas and instant delivery services [1] - Online delivery services began on November 28, covering various neighborhoods and institutions, with delivery times as fast as 30 minutes [3] Group 2: Customer Engagement and Promotions - Many residents have already experienced the products, leading to discussions on social media about must-buy items [5] - New users can receive substantial welcome gifts, including coupon packages worth up to 100 yuan and some products priced as low as 0.01 yuan [3] Group 3: Product Offerings - The store will feature popular items such as the "Red Face Strawberry Box Cake," which uses strawberries sourced directly from Donggang, with a 25% reduction in overall sugar content [7] - Health-focused products include collaborations with traditional brands, offering items like black yam slices and herbal snacks [7] - Fresh produce will include a "24-hour vegetable" program, ensuring vegetables are sourced and available within 24 hours, with full traceability [9] Group 4: Market Impact and Economic Development - The opening of JD Fresh Supermarket reflects the city's efforts to develop a "first-store economy," attracting over 400 flagship stores to boost consumer market vitality [15] - The supermarket's services will create new job opportunities and enhance local economic activity [15] - The combination of online and offline shopping experiences aims to enrich the winter lifestyle of Shijiazhuang residents [15]