Group 1 - The Hang Seng Index experienced a sharp drop after opening but rebounded significantly, closing up by 0.58% [1] - The Hang Seng Tech Index led the gains, rising by 1.33%, with notable increases from Baidu Group (up 5.01%), Kuaishou (up 2.52%), and Xiaomi Group (up 1.91%) [3] - The banking sector showed signs of recovery, with a 0.28% increase, highlighted by China Merchants Bank (up 2.09%) and Industrial and Commercial Bank of China (up 1.77%) [3] Group 2 - Despite the overall market rebound, some banks like Everbright Bank fell by 1.91%, while others like Agricultural Bank of China and Minsheng Bank also saw slight declines [3] - The pharmaceutical sector faced mixed results, with companies like Innovent Biologics and BeiGene experiencing declines, while Hansoh Pharmaceutical saw an increase of 3.66% [3]

以下文章来源于时代财经APP ，作者庞宇 时代财经APP . 随着"褪蓝换橙"，饿了么完成与主站的血脉贯通，阿里通过"淘宝闪购"补全了近场零售的最后一块拼图。自此，饿了么作为独立品牌的历史使命结 束，一个不仅能送餐更能送万物的"淘宝闪购"正式接棒。 聚焦于企业财经新闻，互联网新闻信息服务许可证编号：44120230006 12月5日，"饿了么"App最新版本正式更名为"淘宝闪购"。那个陪伴用户走过18年的蓝色"e"字标，成为历史。 品牌更新的背后，一场长达七年的战略长跑终于抵达终点。在经历了独立作战、生态融合的反复摇摆后，阿里巴巴（BABA.NYSE；09988.HK，下 称"阿里"）决心将"饿了么"融化为阿里大消费战略的底层基础设施。 "这是饿了么多年沉淀的服务和履约能力、产品技术、用户信任与组织韧性的全面检验和焕新升级，由此将更深度融入阿里集团'大消费平台'战略， 释放更大价值。"淘宝闪购方面表示。 01 饿了么谢幕，淘宝闪购接棒 将时钟拨回七年前。2018年4月，阿里巴巴联合蚂蚁金服以95亿美元全资收购饿了么，与美团展开正面竞争。 彼时，外卖行业交易额仍在持续扩大，本地服务市场有很大的增长空间。履新不久 ...

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。 近日，美团、京东外卖、淘宝闪购分别发布关于执行《外卖平台服务管理基本要求》推荐性国家标准的声明： 本文综合自：智通财经 来源：上观新闻 ...

12月5日，2025"苏新消费·暖冬购物季"暨"双12"购物嘉年华在苏州启动，通过消费补贴与特色展销，为 江苏全省消费者打造暖心惠民季。京东电器、京东MALL同步开启"年终抄低价，好货省到家"双12大促 暨年终政企团购会，活动持续至12月14日，覆盖家电、家居、3C等全品类。 在南京，"暖冬跨岁 嗨购鼓楼"跨年季活动在鼓楼开启。京东电器在南京启动岁末焕新活动，释放超千 万家电消费补贴，覆盖39类大小家电，指定型号可叠加江苏国补。符合要求的苏新商品先享5%补贴， 再叠加15%-20%国补；其他商品直接立减10%。单件最高补贴2000元。同时开展安全焕新公益服务，科 普超龄服役的隐患家电，并提供便捷换新服务。 在江苏全省，京东电器、京东MALL即日起，超级品牌日至高补贴50%、全屋采暖季专属服务、政企团 购多重豪礼等重磅福利同步上线，结合近期取暖产品、年会礼品需求量增高的消费趋势，为消费者和企 业打造全方位的年终购物解决方案，点燃全省暖冬消费烟火气。 在苏州国际博览中心"苏新消费·暖冬购物季"购物嘉年华上，来自全省的制造精品、老字号与地道风物 全体亮相。7大特色展区覆盖家电、出行、美食、运动、老字号等主题，300 ...

今天分享的是：新搜索时代：2024五大平台实操指南（淘宝、京东、拼多多、抖音、小红书） 报告共计：51页 新搜索时代电商平台搜索运营实操指南总结 电商行业已迈入"新搜索时代"，用户搜索行为呈现平台多元化、全域化和泛化三大特征，搜索在商家生意中的确定性价值愈发 凸显。这份指南围绕五大主流平台，系统拆解了新搜索时代的运营逻辑与实操方法。 平台层面，传统货架电商与内容平台呈现差异化特征。淘宝、京东、拼多多作为货架电商，搜索核心围绕商品展开，虽面临流 量下滑，但仍是高转化的关键阵地。淘宝流量结构以推荐为主，搜索逻辑最复杂；京东搜索仍是核心流量来源，用户习惯搜完 即买；拼多多已从"货找人"转变为搜索占主导。小红书和抖音则作为内容平台，成为搜索流量增长的核心引擎。小红书70%月活 用户有搜索行为，KFS方法论（KOL+搜索+信息流）实现精准种草；抖音独创"看后搜"被动搜索形态，FACT+S方法论打通内容 场与货架场，搜索转化效率显著。 方法层面，商家需主动适配新搜索趋势。选品上，高客单、强需求动机的品类（如3C数码、大家电、家装等）更需重点布局。 围绕商品生命周期，搜索可在选品洞察、新品冷启动、成熟期转化等环节发挥作用。 ...

Market Overview - US stock market continued to rise on December 5, supported by expectations of Federal Reserve interest rate cuts and positive US-China trade signals, with all three major indices closing higher [1] - The Dow Jones Industrial Average increased by 0.22% to 47,954.99 points, the Nasdaq Composite rose by 0.31% to 23,578.13 points, and the S&P 500 gained 0.19% to close at 6,870.40 points, marking four consecutive days of gains for the S&P 500 [1] Technology Sector Performance - Major US technology stocks mostly rose, with the US Tech Giants Index increasing by 0.20%. Facebook saw a nearly 2% rise, Google over 1%, Microsoft up 0.48%, Amazon up 0.18%, and Tesla up 0.1% [2] - Despite declines in Apple and Nvidia by 0.68% and 0.53% respectively, the overall performance of technology stocks remained strong [2] Chinese Stocks Performance - The Nasdaq Golden Dragon China Index rose by 1.29%, with notable individual stock performances including Baidu up nearly 6%, Xiaomi over 2%, Meituan nearly 2%, and Xpeng, iQIYI, and TAL Education all up over 2% [3] - Dingdong Maicai led the gains among Chinese stocks with an increase of over 11% [3] Mergers and Acquisitions - Netflix announced its agreement to acquire Warner Bros. Discovery for approximately $72 billion [4] - SoftBank is reportedly in talks to acquire AI infrastructure investment company DigitalBridge [4] - Albemarle, the world's largest lithium producer, saw a 5% increase in stock price after UBS upgraded its rating from "neutral" to "buy" and raised the target price from $107 to $185 per share [4] Commodity Market Movements - Gold prices experienced volatility, closing at $4,197.4 per ounce, down 0.26%, after initially rising over 1% [5] - Silver prices, after reaching a historical high, ultimately closed up 2.07% [5] - In the oil market, WTI crude oil futures for January delivery rose by 0.69% to $60.08 per barrel, while Brent crude for February delivery increased by 0.49% to $63.75 per barrel, supported by ongoing geopolitical risks [5] Cryptocurrency Market - The cryptocurrency market faced pressure, with Bitcoin dropping below $89,000, down 3.59% in a single day, and major altcoins like Ethereum and Solana also experiencing declines of over 3% [8] US-China Trade Relations - Positive signals emerged from US-China trade relations, with discussions between Chinese Vice Premier He Lifeng and US Treasury Secretary Yellen focusing on practical cooperation and addressing mutual concerns in the economic field [9] Federal Reserve Interest Rate Expectations - Market attention is on the Federal Reserve's interest rate cut expectations, with the core PCE price index for September at 2.8%, below the expected 2.9%, reinforcing the likelihood of a rate cut next week [10] - The probability of a 25 basis point rate cut next week is at 87%, according to CME's FedWatch tool [10]

Market Overview - Major blue-chip stocks mostly declined, with HSBC Holdings closing at HKD 110.541, down 0.41% from the previous close; Tencent Holdings closed at HKD 608.677, down 0.22% [2] Stock Performance Summary - Tencent Holdings: Latest price HKD 610.000, down HKD 2.000 (-0.33%); ADR price HKD 608.677, down HKD 1.323 [3] - HSBC Holdings: Latest price HKD 111.000, down HKD 0.500 (-0.45%); ADR price HKD 110.541, down HKD 0.459 [3] - Alibaba Group: Latest price HKD 155.000, up HKD 0.600 (0.39%); ADR price HKD 154.057, down HKD 0.943 [3] - AIA Group: Latest price HKD 78.300, down HKD 0.700 (-0.89%); ADR price HKD 78.371, up HKD 0.071 [3] - Meituan: Latest price HKD 99.050, up HKD 0.950 (0.97%); ADR price HKD 98.981, down HKD 0.069 [3] - Ping An Insurance: Latest price HKD 60.450, up HKD 3.800 (6.71%); ADR price HKD 60.370, down HKD 0.080 [3] - BYD Company: Latest price HKD 99.150, up HKD 0.750 (0.76%); ADR price HKD 98.086, down HKD 1.064 [3]

在刚刚过去的一个季度，国内即时零售三大巨头阿里巴巴、京东和美团分别公布的财报，惨淡的数字无 情地揭开了这场靠"烧钱"烧出来的"盛宴"的底牌。 今年10月底，美国知名科技杂志《连线》（Wired）发表了深度调查：《人工智能：终结所有泡沫的"终 极泡沫"》，对当今在全球发展得如火如荼的人工智能存在的泡沫进行了警示。但是在中国，同样值得 警示的是，披上"即时零售"之争外衣后的"外卖大战"，已经到了濒临泡沫破灭的边缘。 "烧掉"近600亿，三巨头增收不增利 根据最新公布的财报，参与"外卖大战"的三大巨头，财报都录得了不同程度的亏损和利润下滑。财报显 示，阿里巴巴集团最新一个季度收入为2477.95亿元，同比增长5%。其中即时零售业务（包括通过淘宝 闪购和饿了么App产生的收入）收入为229.06亿元，同比增长60%，主要是得益于2025年4月底推出的淘 宝闪购所带来的订单量增长。但与此同时，经营利润为53.65亿元，在上一季度经营利润为349.88亿元， 阿里巴巴指出该项指标下降主要原因在于对即时零售、用户体验以及科技的投入。换言之即时零售等投 入使得公司的经营利润单个季度减少了296.23亿元。 在三季度，美团实现 ...

Core Viewpoint - JD's new "price difference exchange" feature transforms the traditional return process, allowing users to exchange items for any product on the platform, thus enhancing user experience and potentially increasing sales for merchants [1][10]. Group 1: Transformation of E-commerce Service Logic - The traditional return process is reactive, often leading to returns due to out-of-stock items, with over 60% of return requests resulting in returns instead of exchanges [3][6]. - The "price difference exchange" allows users to select from a wide range of products, effectively breaking the limitation of only exchanging for the original item, thus providing users with more choice and convenience [3][5]. Group 2: Merchant Growth Opportunities - The new feature converts return risks into new order opportunities, as users can use the original order amount to purchase new items, potentially increasing overall order volume [5][6]. - Merchants can benefit from "zero-cost customer acquisition" as users may discover new products from different stores during the exchange process, leading to increased sales without additional advertising costs [5][6]. Group 3: Enhanced User Engagement and Service Strategy - The "price difference exchange" shifts the focus from merely completing transactions to fostering ongoing relationships with users, integrating personalized recommendations into the after-sales process [8][9]. - The simplified process enhances user experience by minimizing complexity, allowing users to focus on selecting new products while the platform manages the backend operations [8][9]. Group 4: Industry Standard Reconfiguration - JD's initiative signals a potential shift in e-commerce service standards, as users may expect similar features from other platforms, raising the bar for customer service across the industry [9][10]. - The competitive landscape is evolving from price and logistics wars to service wars, with the ultimate goal of enhancing user confidence in purchasing and exchanging products [9][10].

12月3日，上交所债券项目信息平台显示，"京东高和现代化基础设施持有型不动产资产支持专项计划"正式获受理，该项目拟 发行金额21亿元，品种为持有型不动产ABS（机构间REITs，俗称的私募REITs）。 京东拓展REITs版图：公募之外切入私募赛道 此前京东在不动产证券化领已发行一单公募REITs（仓储物流REITs代码508098），并已于 2025 年 7 月启动扩募，拟购入西 安、合肥两项目，目前处于推进阶段。 本次"京东高和"专项计划对应的机构间REITs属于私募范畴，意味着其在商业不动产资产证券化中，进一步覆盖了不同层级的 资本市场工具，可适配更多元的资产规模与退出需求，且后续可通过衔接公募实现转板上市。 免责声明 | 债券名称 | 京东高和现代化基础设施持有型不动产资产支持专项计划 | | --- | --- | | 忠臣 | ABS | | 拟发行金额(单位:亿元) | 21 | | 原始权益人 | 上海京鸿宇企业发展有限公司 | | 计划管理人 | 渤海汇金证券资产管理有限公司 | | 交易所确认文件文号 | - | | 项目状态 | 已受理 | | 更新日期 | 2025-12-03 | | ...