Market Overview - The Hang Seng Index (HSI) closed at 25,129.61, down by 47.24 points or 0.19% as of August 18, 16:00 Eastern Time [1] - The index experienced a trading range with a high of 25,246.78 and a low of 25,127.88, indicating a volatility of 0.47% [1] Major Blue-Chip Stocks Performance - Most large-cap stocks declined, with HSBC Holdings closing at HKD 98.450, down by HKD 1.850 or 1.84% [2] - Tencent Holdings closed at HKD 587.000, down by HKD 5.000 or 0.84%, while its ADR price was HKD 586.613, reflecting a slight decrease of 0.387 [2] - Alibaba Group (ADR) saw a slight increase, closing at HKD 118.600, up by HKD 0.500 or 0.42%, with its ADR price at HKD 118.660, up by 0.060 [2] Notable Stock Movements - Meituan-W experienced a minor decline, closing at HKD 121.500, down by HKD 0.200 or 0.16%, while its ADR price was HKD 122.218, up by 0.718 [2] - Pop Mart International's stock surged, closing at HKD 284.800, up by HKD 13.400 or 4.94%, with its ADR price at HKD 284.470, down by 0.330 [2] - JD Group saw an increase, closing at HKD 124.000, up by HKD 3.200 or 2.65%, with its ADR price at HKD 124.211, up by 0.211 [2]

. 2025年8月 LT 三月 / V 今日有1146亿元7天期逆回购到期 2 国新办8月19日举行新闻发布会，介绍 时期体育强国建设成就 (3)第二十四届全国植物基因组学大会将: 至22日在西藏自治区林芝市召开 4 美国7月新屋开工数据将公布 1 隔夜市场 美股三大指数几乎平收，纳指涨0.03%，标普500指数跌0.01%，道指跌0.08%；大型科技股涨跌不一，英特尔跌超3%，结束此前连续六个交易日上涨的趋 势；Meta跌逾2%，苹果、微软、谷歌小幅下跌；特斯拉涨超1%，奈飞、英伟达、亚马逊小幅上涨。中概股多数上涨，纳斯达克中国金龙指数涨0.12%，迅 雷涨超37%，知乎、爱奇艺涨超17%，金山云涨逾5%，微博涨超3%。 国际贵金属期货收盘涨跌不一，COMEX黄金期货跌0.14%，报3378.00美元/盎司；COMEX白银期货涨0.24%，报38.07美元/盎司。 国际油价走高，美油主力合约涨0.97%，报62.58美元/桶；布伦特原油主力合约涨0.97%，报66.49美元/桶。 欧洲三大股指收盘涨跌不一，德国DAX指数跌0.18%报24314.77点，法国CAC40指数跌0.5%报7884.05点，英国富 ...

Core Insights - The Chinese beauty industry is undergoing a transformation with a shift towards omnichannel strategies, where online and offline channels are evolving in response to changing consumer behaviors and technological advancements [1][2]. Industry Development Stages - The retail sector of the Chinese beauty industry has experienced three phases: 1. Pre-2016: Consumption development phase, with cosmetics retail underperforming compared to overall retail market. 2. 2017-2021: High growth phase, outperforming the overall retail market. 3. 2022 onwards: Rational return phase, with performance lagging due to consumer confidence issues [1][2][19]. Retail Channel Dynamics - The Chinese beauty market heavily relies on online channels, reaching a scale of 610 billion yuan with a year-on-year growth of 12.1%. Notably, Douyin has emerged as a leading platform with sales of 244.5 billion yuan, marking a 43.6% increase [2][26]. - Offline channels are facing challenges, with department stores and malls experiencing a year-on-year decline of 8%, and cosmetic stores down by 10%. However, there is a trend towards differentiation in offline retail, with cosmetic stores catering to refined needs and modern channels optimizing product layouts [2][37][41]. Consumer Behavior Trends - Consumer expectations are improving, with 58% willing to pay a premium for faster delivery. The beauty category ranks fifth in high premium consumption tendencies, indicating untapped consumer potential [1][2][25]. - A significant 77% of consumers prefer shopping in one-stop channels with comprehensive product offerings, highlighting the need for refined operational strategies [2][26]. Technological Integration - Technology and artificial intelligence are becoming crucial drivers in the beauty industry, with companies like L'Oréal and Shiseido implementing AI skin detection and health correlation technologies to enhance consumer shopping experiences [2][2]. Future Outlook - The overall direction for the Chinese beauty industry is towards omnichannel integration and intelligent upgrades, presenting both opportunities and challenges in the evolving market landscape [2][4].

【"配送慢"上热搜，#外卖战降温配送压力反变大了吗#？】8月18日，"外卖大战 配送慢"登上微博热 搜，不少用户在微博、小红书等平台吐槽外卖配送问题。"补贴大战"降温后，用户对外卖平台履约、服 务能力的敏感度正在上升。 另一方面，一位业内人士告诉记者，尽管骑手增多，但每个区域、不同时间点的骑手密度可能不同，高 峰期考验系统调配能力。记者了解到，除了运力，配送时效还可能与许多系统问题相关，例如预订单商 户系统看到的用户送达时间和骑手APP显示的不一致，导致商户不着急出餐延缓配送，导航路线不合理 导致骑手配送慢的问题，都是平台需要优化的问题。伴随着许多新骑手、新商家加入外卖平台，对外卖 系统成熟度的要求实际更高了，平台得干的"细活"也在增多。 记者查看小红书发现，近一周内，关于外卖配送慢的吐槽帖超90篇，京东、美团、淘宝闪购均有相关吐 槽贴，外卖配送时间需一小时以上、订单超时、无骑手接单等问题受到消费者关注。 多重挑战之下，配送时效、履约能力比拼在未来外卖大战的"戏份"或许将进一步增加。 在这背后，值得关注的是，随着反内卷、"价格战"降温，外卖大战正在驶入服务比拼的"深水区"。外卖 高峰期的配送混乱在今年夏天并不 ...

Core Insights - JD.com is expanding its offline retail presence with the launch of new formats such as the Seven Fresh Food MALL and discount supermarkets, aiming to leverage its supply chain expertise in physical retail [2][3][9] Group 1: Seven Fresh Food MALL - The first Seven Fresh Food MALL opened two months ago, with CEO Xu Ran personally overseeing operations, indicating a strong commitment to this new retail format [2] - Since its opening, foot traffic has increased over three times, with a near 100% purchase rate, suggesting high consumer engagement [2] - The MALL plans to expand its delivery service with a new model called "cross-store selection, one order delivery," which allows customers to order from multiple stores in a single delivery [4][5] Group 2: Discount Supermarkets - JD.com opened its first large discount supermarket, attracting over 100,000 customers within two days, showcasing strong initial demand [3] - The discount supermarket features over 5,000 SKUs, focusing on fresh food and daily necessities, and is approximately 3 to 4 times larger than typical stores in the industry [8] - The supermarket's strategy includes direct sourcing from producers and factories to minimize costs and offer competitive pricing [8] Group 3: Supply Chain Integration - JD.com emphasizes that its delivery service is fundamentally about enhancing its supply chain, differentiating its model from competitors like Meituan [6] - The integration of supply chain logistics allows for efficient delivery of fresh produce and other goods, reducing inventory pressure for merchants [6] - The company is exploring synergies between its various retail formats, indicating a strategic approach to resource utilization [6] Group 4: Market Strategy and Future Plans - JD.com is actively pursuing a nationwide expansion of the Seven Fresh Food MALL, with plans to open multiple locations in cities like Beijing and Xi'an [5] - The company aims to create a seamless online and offline shopping experience, recognizing the importance of physical stores in reaching diverse consumer demographics [10] - Analysts suggest that JD.com's focus on offline retail is a response to the saturation of online markets, with a belief that physical stores can enhance customer engagement and sales [10]

京东的折扣超市不仅开到了河北涿州，在千里之外的江苏宿迁，还有4家门店正紧锣密鼓地装修。 宿迁泗洪吾悦广场官方账号发出了京东折扣超市的装修图，并配文"一起云监工，全城都在等"，为该超市8月30日开业造势。 京东在南北两地布局硬折扣超市时，美团亦挥动战旗。 自8月以来，杭州拱墅区大关路小区门口支起了一个帐篷，美团工作人员不断向来往行人介绍美团自营的硬折扣超市快乐猴将在8月29日开业。 美团快乐猴小程序显示，项目门店已落地杭州和北京，杭州有两个门店，全在拱墅区，北京门店位于王四营地区广化大街。 美团一位内部人士透露，美团未来几年将在全国开设千家快乐猴；京东折扣超市在8月"5店同开"后，也表示会向天津、安徽、河南等地拓展。 继外卖和即时零售后，京东和美团在硬折扣超市领域投入重兵。 巨头抢食"硬折扣" 一位深入折扣零售领域寻找标的的投资人介绍，和临期尾货的"软折扣"不同，"硬折扣"是以量换价，通过规模化采购以及供应链优化实现可持续低价。 在中国互联网电商领域，阿里巴巴最先通过盒马涉足硬折扣零售，以上海为据点，推出硬折扣品牌店盒马NB，并逐步向苏杭等华东市场辐射。 目前，杭州拥有50家盒马NB门店，占全国总量的五分之一。 ...

具体而言，超七成采购人倾向包含电子卡券的福利形式，福利发放策略则呈现"去重就轻"趋势。与此同 时，在中秋福利偏好上，超半数的职场人将实用性作为首要考量，米面粮油、数码产品成为高频选择。 有36.8%的职场人追求"产品有新意"，期待跨界联名、创意设计等带来的惊喜感。而32.4%的职场人在 意"产品有档次"，希望福利兼具使用价值与情感认同。此外，健康保健产品以及户外用品、家政服务券 也受到职场人的青睐。 北京商报讯（记者 何倩）8月18日，京东消费及产业发展研究院联合京东政企业务发布《2025年企业中 秋采购趋势报告》。内容显示，今年中秋节前，企业中秋福利采购呈现"稳中有变"特征，超七成采购人 倾向于在历史数据和既定计划中寻求平衡，同时采购人的隐性成本管理意识显著增强。 ...

此前京东已多次加码香港市场。2024年9月，京东宣布加码香港市场布局，投入15亿元用于本地价格补 贴和物流建设。今年3月，京东面向全港消费者推出"买贵就赔"服务，并实施家电180天包换政策。2025 年第一季度，京东快递港岛运营中心也正式宣布投入运营。 为庆祝收购完成，京东佳宝超市将于8月16日至18日在港启动为期三天全场8折大促，回馈香港市民多年 来对佳宝超市的支持与厚爱。首批数十款京东供应链商品将参与活动，包括生鲜和日用品类。 8月15日，京东集团正式宣布完成对香港佳宝食品超级市场(简称"佳宝")的全资收购。此次交易后，京 东成立创新零售-佳宝业务部，并委任香港佳宝创始人林晓毅先生出任该业务部负责人。 佳宝是中国香港地区知名的连锁商超之一，目前在香港运营超过90家门店，员工总数超1000名，主要销 售冻肉、生鲜及粮油杂货。京东表示将利用供应链能力优化商品成本，为香港消费者提供更高性价比商 品。 ...

当互联网巨头将目光转向规模超2万亿的个人不良贷款市场，一场金融科技与传统资产处置的融合革命正在悄然上演。 今年6月25日，全国产权交易中心官网首发信息，中信青岛资产管理有限公司（简称"青岛AMC"）66.67%股权挂牌转让，转让底价为301385万元，合计约 人民币30.14亿元。据多家媒体报道，近期京东集团以30.14亿元的交易对价，通过产权交易机构成功受让该股权，正式将这家全国首家市级AMC纳入麾 下。 这是京东在金融领域的又一次关键布局。据透露，京东计划重点布局个人信贷不良资产市场，这一战略动向可能重塑全国59家地方AMC的市场格局。继 今年4月收购捷信消金获得消费金融牌照后，京东再添一张AMC（资产管理公司）牌照，使其在支付、消费金融、供应链金融及不良资产处置等领域的布 局更趋完善，业务协同效应显著增强。 战略落子，30亿拿下稀缺牌照 今年6月25日，全国产权交易中心首次披露中信青岛资产管理有限公司66.67%股权挂牌转让信息，转让底价30.14亿元。 | 目贝 製目やり | | 广以大数据 | 和汽车 | 广权负机 | TIKANA | | | --- | --- | --- | --- | --- ...

京东拿下香港佳宝超市，开启三天全场8折活动 在刘强东带领下，京东的事业版图还在不断扩大。 近日，京东宣布正式完成对香港佳宝食品超级市场的收购。同时，京东集团正式成立创新零售-佳宝业务部，并委任香港佳宝创始人林晓毅先生出任该业 务部负责人。 图源：京东黑板报 其实，此次收购算是意料之中的事情。早在7月，就有消息称京东和佳宝超市约4个月前已经完成签约，交易作价达到40亿港元，包括购入佳宝零售网络及 物业，将分批交付交易金。当时，京东方面回应"交易金额低于40亿港元"。 图源：微博 如今，京东正式拿下佳宝超市，此举更是被外界视为京东强化粤港澳大湾区生鲜供应链的关键布局。 收购完成后，京东也第一时间向香港的消费者示好。据悉，京东佳宝超市将于8月16日-8月18日在港开启为期三天的全场8折大促活动，以回馈香港市民多 年来对佳宝超市的支持与厚爱。 活动将涵盖首批数十款京东供应链商品，未来，源源不断的京东供应链商品将持续登陆香港，为在港市民提供"又好又便宜"的购物体验。 本次大促活动，能够迅速吸引消费者的关注，提高京东在本地市场的知名度，也算是对市场的一次试探。同时，这也符合佳宝超市"价廉物美"的宗旨。 佳宝是中国香港地区 ...