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]

新浪科技讯 12月8日上午消息，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。 据介绍，围绕具身智能模型训练，京东云AI Infra及相关团队基于JoyBuilder模型研发平台进行了全栈优 化： 新浪科技讯 12月8日上午消息，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。 据介绍，围绕具身智能模型训练，京东云AI Infra及相关团队基于JoyBuilder模型 ...