Core Insights - The "JD Gaohe Modern Infrastructure Holding Real Estate Asset-Backed Special Plan" has been officially accepted, with a proposed issuance amount of 2.1 billion yuan, categorized as a holding-type real estate ABS (private REITs) [1][7]. Group 1: Project Details - The original rights holder of the project is Shanghai Jinghongyu Enterprise Development Co., Ltd. [2][9] - The plan manager is Bohai Huijin Securities Asset Management Co., Ltd. [3][9] - The project status is currently accepted as of December 3, 2025 [2][8]. Group 2: Market Trends - This project indicates JD's expansion in the real estate securitization field, moving from public REITs to private REITs [4][9]. - JD has previously issued a public REIT (warehouse logistics REIT code 508098) and is in the process of expanding it, with plans to acquire projects in Xi'an and Hefei [4][9]. - The new private REITs plan allows for a broader coverage of capital market tools in commercial real estate asset securitization, accommodating diverse asset scales and exit demands, with potential for future public listing [4][9].

Core Insights - JD Group is focusing on supply chain innovation, avoiding unrelated business ventures, as indicated by its founder Liu Qiangdong ahead of the 618 shopping festival [1] - JD Industrial has initiated a proprietary brand cooperation strategy with leading manufacturing companies, including Jiangjing Fire Technology Co., Ltd., to enhance its supply chain capabilities [1] Group 1: Partnership Development - Jiangjing Fire, a well-established manufacturer with 46 years of history, is one of the largest fire extinguisher producers in China, but has faced challenges in marketing and brand promotion [3] - The partnership between JD Industrial and Jiangjing Fire evolved from a self-operated store model to a proprietary production line model, enhancing collaboration and order stability [4][5] - JD Industrial's commitment to providing a two-year order forecast of 100 million yuan has enabled Jiangjing Fire to invest in upgrading its production lines to fully automated systems [5][7] Group 2: Production and Quality Enhancement - The collaboration has led to significant improvements in production efficiency, with daily output capacity for fire extinguisher tanks increasing from 10,000 to 20,000 units due to automation [7] - JD Industrial's data-driven approach allows for accurate production forecasting, transforming the traditional reactive manufacturing process into a more proactive one [7][8] - The partnership has also extended to product development, with Jiangjing Fire working on specialized fire extinguishers for electric vehicles, leveraging JD's market insights [8] Group 3: Brand Strategy and Market Positioning - The next phase of collaboration focuses on brand enhancement, with JD Industrial's proprietary brands "Hui Xiang" and "Fa Li Chuang" targeting different market segments [8][9] - JD Industrial emphasizes quality as a fundamental criterion for selecting partners, ensuring that their standards exceed national regulations [9][11] - The partnership is characterized by mutual growth, with JD Industrial enhancing its supply chain control and Jiangjing Fire improving its service capabilities through JD's distribution network [11][12] Group 4: Industry Evolution - The collaboration represents a shift from traditional platform-manufacturer dynamics to a more complementary and symbiotic relationship [12][13] - JD Industrial's strategy of deepening its engagement with upstream manufacturing is exemplified by its work with Jiangjing Fire, showcasing a new model of industrial collaboration [13][14]

双11期间，不少电商平台商家获得数据增长，如天猫双11全周期近600个品牌成交破亿，快手电商千万级商家数量双位数提升，小红书千万级商家增140% 等。 然而，光环之下，电商舞台正上演着残酷的生存战。头部大店在流量盛宴中狂欢，中小商家却在补贴与曝光的夹缝中挣扎。他们紧盯着每秒跳动的数据，为 排名拼命压价、囤货，利润被摊至极薄。高昂的推广费如同赌注，一场"爆单"或能续命，滞销则意味着资金链的寒冬。海量订单带来短暂喜悦，随后是压垮 人的售后与物流压力。 近期，就有部分买家利用AI制作假图申请"仅退款"，引起不少商家在网上吐槽。流量成本与经营风险已让生意如履薄冰，如今凭空新增的技术性欺诈，让本 就艰难的生存博弈更加荒诞。这不仅是几笔货款的损失，更在持续消耗着电商生态中最后一点珍贵的信任。 在此背景下，12月3日，依据网络消费纠纷调解平台"电诉宝"商家投诉通道双11期间（10月至11月）受理的全国电商平台大量商家投诉案例，网经社电子商 务研究中心例行发布《2025年双11期间电商平台商家投诉数据报告》。报告涉及了综合电商、直播电商、生活服务电商、电商服务商等领域，并公布了双11 期间电商平台商家投诉数据及十大典型案例， ...

Core Viewpoint - The release of the new national standard for food delivery services has prompted major platforms like Meituan, Taobao Flash, and JD Delivery to collectively announce their commitment to implement the standard, aiming to enhance service quality and ensure fair competition in the industry [1][6]. Group 1: Industry Response - Major platforms have stated their active participation in the development of the new standard, emphasizing their commitment to fair competition, food safety, service quality, and stakeholder rights [1][6]. - The platforms will integrate the standard into their operational management and service processes, aiming to improve the management of merchants and delivery personnel, enhance consumer experience, and protect the rights of all parties involved [1][6]. Group 2: Regulatory Context - The new standard, titled "Basic Requirements for Delivery Platform Service Management," was issued by the State Administration for Market Regulation to address irrational competition and insufficient protection of delivery personnel's rights in the food delivery industry [2][7]. - The standard focuses on four key areas: merchant management, pricing and promotional behavior, labor management, and dispute resolution, aiming to enhance accountability and transparency within the industry [3][8]. Group 3: Expected Outcomes - The implementation of the standard is expected to improve service quality, enhance consumer rights protection, and shift platforms' focus from merely pursuing traffic to prioritizing service quality and user experience, contributing to sustainable industry development [4][9]. - The standard serves as a significant regulatory measure that provides a scientific basis for market supervision, promotes industry self-discipline, and fosters a fair competitive environment, which is crucial for the high-quality development of the platform economy [10].

北京商报讯（记者 岳品瑜 董晗萱）12月5日，据国家金融监督管理总局行政许可信息，天津金融监管局 核准沈建光天津京东消费金融有限公司董事的任职资格。 简历显示，沈建光现任京东集团副总裁、首席经济学家。 ...

Core Viewpoint - The implementation of the new national standard for food delivery platforms, titled "Basic Requirements for Delivery Platform Service Management" (GB/T 46862—2025), aims to address issues such as "ghost deliveries," irrational competition, and insufficient protection of delivery personnel's rights within the industry [1][2][7]. Group 1: Standard Implementation - Major food delivery platforms, including Meituan, Taobao Flash Purchase, and JD Delivery, have committed to voluntarily implementing the new national standard and integrating its requirements into their operational management and service processes [1][7]. - All three platforms participated deeply in the drafting and formulation of the standard, contributing to discussions on core clauses and endorsing principles such as fair competition and service quality enhancement [2][4][6]. Group 2: Focus Areas of the Standard - The standard focuses on four main areas: merchant management, platform fees and promotional practices, labor management, and dispute resolution within the platform [1][7]. - Specific measures include requiring merchants to provide location-verified videos to combat "ghost deliveries," implementing dynamic review mechanisms for risk monitoring, and ensuring transparency in fee structures by detailing service charges to merchants [8]. Group 3: Industry Impact and Future Directions - The standard represents a shift from an "efficiency-first" approach to a "people-centered" philosophy, aiming to balance corporate profits with the rights of workers in the delivery sector [9]. - The market regulatory authority plans to promote the standard actively, encouraging the industry to adopt these guidelines to enhance service management and protect the rights of various stakeholders [9].

中国三大主要外卖平台4日至5日接连发文称，自愿执行外卖"新国标"，积极助力推动外卖行业规范管 理、品质服务、理性竞争、生态共赢。 中国国家市场监管总局日前发布实施推荐性国家标准《外卖平台服务管理基本要求》(以下简称《基本 要求》)，业内称之为外卖"新国标"。"新国标"针对近年来外卖行业存在的"幽灵外卖"、非理性竞争以及 外卖配送员权益保障不足等问题，进一步立下"新规矩"。 （文章来源：中国新闻网） 今年，外卖平台"补贴大战"引发社会高度关注，中国官方多次就市场公平有序竞争问题约谈多家外卖平 台企业。在官方"约谈"后，今年8月，饿了么、美团、京东平台同日发文抵制行业内恶性竞争，并提出 进一步规范外卖平台补贴行为等有关举措。 此次出台的《基本要求》9月下旬公开征求意见，聚焦平台内商户管理，强化主体责任落实，守护消费 者"舌尖上的安全"；聚焦平台收费与促销行为，强化竞争秩序规范；聚焦平台用工管理，强化配送员权 益保障；聚焦平台内争议处理，引导平台建立完善消费者权益保护体系，完善消费者、商户、配送员等 多元主体投诉机制。 据中国互联网络信息中心统计，截至2024年底，中国网上外卖用户规模达5.45亿人，约占网民整体的 ...

Core Viewpoint - The market regulatory authority has implemented a recommended national standard for food delivery platforms to address issues such as "ghost deliveries," irrational competition, and insufficient protection of delivery personnel rights [1] Group 1: Key Focus Areas of the Standard - Focus on merchant management within platforms, emphasizing the responsibility of platforms to manage and serve merchants effectively, including compliance with food safety standards [1] - Focus on platform fees and promotional activities, aiming to clarify fee structures and promote fair competition by ensuring transparency in pricing and promotional rules [1] - Focus on labor management for delivery personnel, proposing measures to protect their rights, including reasonable working hours, professional training, and diverse protection mechanisms [1] - Focus on dispute resolution within platforms, encouraging the establishment of a consumer rights protection system and transparent complaint handling processes [1] Group 2: Industry Response - Major platforms such as Taobao Shangu, Meituan, and JD Delivery have publicly committed to implementing the national standard, recognizing its importance for fair competition and service quality [2] - These platforms participated in the drafting and discussion of the standard, expressing their commitment to integrate its requirements into their operations and improve service management for merchants and delivery personnel [2] - The platforms view the implementation of this standard as an opportunity to promote industry regulation, quality service, rational competition, and a win-win ecosystem, contributing to the sustainable development of the food delivery sector [2]

Core Viewpoint - The newly implemented national standard "Basic Requirements for Delivery Platform Service Management" aims to address issues in the food delivery industry, such as "ghost deliveries," irrational competition, and insufficient protection of delivery personnel's rights. Group 1: Implementation of Standards - Major platforms including Taobao Flash Purchase, Meituan, and JD Delivery have announced their commitment to voluntarily implement the new national standard, integrating its requirements into their operational management and service processes [1][2] - These platforms participated in the drafting and discussion of the standard, emphasizing fair competition, food safety, service quality, and the protection of rights for all stakeholders [1] Group 2: Focus Areas of the Standard - The standard focuses on four key areas: merchant management, pricing and promotional practices, labor management for delivery personnel, and dispute resolution mechanisms [2] - It aims to enhance the responsibility of platforms in managing merchants, regulate competitive practices, ensure the rights of delivery workers, and improve the handling of disputes [2] Group 3: Industry Impact - The implementation of this standard is seen as a catalyst for promoting standardized management, quality service, rational competition, and ecological win-win scenarios within the food delivery industry [1] - The platforms express their commitment to work with various stakeholders to maintain a fair and orderly market environment, contributing to the high-quality and sustainable development of the food delivery sector [1]

两平台称，将以本标准实施为契机，积极助力推动外卖行业规范管理、品质服务、理性竞争、生态共赢。与社会各 界一道，维护公平有序的市场环境，助力餐饮外卖行业高质量、可持续发展。 截图来源："市说新语"微信公众号 《外卖平台服务管理基本要求》（GB/T 46862—2025）推荐性国家标准近日正式发布实施。12月5日，美团、京东外 卖发布关于执行《外卖平台服务管理基本要求》推荐性国家标准的声明。 两平台分别声明表示，美团、京东外卖作为标准起草单位之一，深度参与了本标准的研制、起草与论证工作。在标 准制定过程中，积极建言献策，充分参与核心条款讨论，对标准确立的公平理性竞争、严守食品安全底线、提升服 务质量、协调各方权益等核心理念高度认同。 美团、京东外卖郑重声明称，将自愿执行《外卖平台服务管理基本要求》国家标准，把标准要求系统融入平台运营 管理和服务流程之中，持续优化平台规则，提高商户与配送员服务管理水平，提升消费者体验，保障配送员、消费 者和商户各方权益。 责编：王璐璐 校对： 盘达 百万用户都在看 10分钟，直线涨停！A股盘中，全线爆发！啥情况？ 刚刚！大牛股，突发公告！ A股，突然异动！直线涨停，啥情况？ 超级赛 ...