新业务环比减亏，外卖单量健康增长：2025Q4 公司新业务整体表现超出预期，亏损环比收窄。其中外 卖业务UE 持续改善，单量环比健康增长；预计京喜和国际业务亏损环比小幅扩大，但仍处于可控区 间。 2026 利润有望修复，外卖减亏趋势延续：展望2026 年，国补政策刺激效应将继续减弱，消费品以旧换 新补贴总额预计将有所收紧，覆盖品类减少。公司整体利润受到外卖减亏的影响有望逐步修复。公司外 卖单量预计维持健康增长，UE 持续提升，亏损有望进一步收窄；京喜和国际业务方面，公司将增加投 入以拓展长期增长空间。 盈利预测与投资评级：考虑公司零售业务因国补退坡面临阶段性压力和外卖业务的持续投入，我们下调 盈利预测，将2025-2027 年的EPS（Non-GAAP）由9.7/12.1/14.6 元调整为8.3/9.1/11.2 元， 对应2025- 2027 年的PE 分别为11.9/10.8/8.8 倍（港币/人民币=0.89，2026 年2 月2 日）。考虑公司外卖业务减亏趋 势明确，维持"买入"评级。 风险提示：宏观经济及消费复苏不及预期，新业务发展不及预期，行业竞争加剧。 投资要点 营收预计微增，短期利润由于外卖 ...

文/黄河 出品/《商业文化》 1月26日，京东产发正式向香港联交所递交A1申请文件。 这是京东产发时隔三年再次递表港交所。新的招股书，将京东产发定义为"中国和亚洲领先、增长最快的现代化基础设施开发及管理平台"。 根据招股书的数据，截至2025年9月30日， 京东产发资产管理规模总额为1215亿元，其中12.8%位于境外，总建筑面积为2710万平方米，在亚太地区及中国 新经济领域的现代化基础设施提供商中，分别位列前三及前二。 但招股书之外，京东产发仍然必须在"依赖京东"和"绝对独立"之间寻找平衡。这意味着本次IPO不仅是京东产发的成人礼，也是事关1200亿物流资产的价值 校正。 | | | 截至12月31日止年度 | | | | 截至9月30日止九個月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 2023 % | | 2024 % | | 202495 | | 2025 0 | | | | V 16 48 | ﺑﻦ | 人民警 | হাই | 人民警 | ﺑﻲ | 人民管 | 4 | | | | | | (人民警手元 · 任 ...

Group 1: Company Updates - Gong Youliang, the director and executive vice president of South Mining Group, plans to reduce his stake by up to 1%, amounting to 2.0172 million shares, due to personal funding needs [1] - Changan Automobile reported January sales of 134,701 units, a year-on-year decline of 51.14%, with new energy vehicle sales at 36,621 units, down 45.74% [1] - Yum China achieved fourth-quarter revenue of $2.82 billion, an 8.8% year-on-year increase, with adjusted earnings per share of $0.40, surpassing estimates [3] - Toyota plans to increase hybrid vehicle production by approximately 30% by 2028, targeting 6.7 million units, compared to a production plan of 5 million units for 2026 [4] - Panasonic announced the establishment of a Chief Artificial Intelligence Officer position to enhance AI application in customer solutions and internal operations [5] Group 2: Financing and Investments - Cloud Data Infrastructure provider "Yunqi Technology" completed a Series B financing round led by ALC Capital, with total funding exceeding 700 million yuan [6] Group 3: New Products and Innovations - Tencent's Mix Yuan AI Infra team launched an open-source high-performance LLM inference core operator library, HPC-Ops, which improved model inference performance by 30% for Mix Yuan and 17% for DeepSeek [7]

Core Insights - The strategic agreement between JD.com and ZTE aims for a sales target of 10 billion yuan over three years, indicating a significant partnership beyond mere sales collaboration [2][5] - The collaboration reflects a shift towards "certainty" in business operations, with ZTE seeking to hedge financial risks and JD.com offering a comprehensive solution to ensure predictable revenue streams [2][12] Group 1: ZTE's Financial Strategy - ZTE is experiencing a duality in performance, with revenue growth of over 11% year-on-year but a significant drop in net profit by nearly one-third, indicating underlying financial instability [4] - The company's core business of network construction for telecom operators has seen its revenue share fall below 50%, marking a structural shift in its revenue model [4] - ZTE's new business ventures, while growing at 180%, have lower profit margins, leading to a situation where increased sales do not equate to higher profits [4][5] - The partnership with JD.com is viewed as a long-term income swap agreement, providing ZTE with a stable cash flow amidst declining traditional revenue sources [5][10] Group 2: JD.com's Strategic Positioning - JD.com has evolved from a simple online marketplace to a provider of comprehensive retail solutions, offering brands a package that includes guaranteed traffic, sales channels, logistics, and financial services [12][18] - The collaboration with ZTE serves as a model for JD.com to attract other brands facing similar market uncertainties, thereby expanding its ecosystem and reinforcing its competitive edge [19][20] - JD.com's strategy aims to transform its role from a mere platform to a "retail infrastructure supplier," enhancing its value proposition through a robust network effect [22][23] Group 3: Market Dynamics and Future Implications - The partnership may lead to a new market structure where brands align closely with a few dominant platforms, creating "symbiotic monopolies" that could reshape competition dynamics [27][29] - As brands increasingly rely on platforms like JD.com for stability, the market may shift from open competition to ecosystem-based alliances, limiting choices for consumers [30][32] - The focus on data-driven product development may enhance efficiency but could also stifle innovation, leading to a market that prioritizes short-term gains over long-term breakthroughs [40][41] - Regulatory frameworks may need to adapt to address the challenges posed by these new ecosystem dynamics, ensuring fair competition and consumer choice [47][48]

Core Insights - The Chinese smartphone market has entered a phase of stock competition, with cost pressures and market differentiation posing core challenges [1] - The competition logic has fundamentally shifted from price wars to a focus on precise user targeting, emphasizing the importance of understanding consumer needs [1][30] - JD.com has launched innovative weekly smartphone sales rankings based on user demographics, providing valuable insights for both consumers and manufacturers [1][34] Group 1: Market Dynamics - The updated rankings reflect the competitive landscape among different consumer segments, showcasing brand recognition and product penetration in various demographics [4][34] - Huawei dominates the high-end business segment with its Mate 80 model, while vivo and OPPO have made significant inroads in the high-end market [4][35] - The competition among younger consumers is intense, with OPPO and vivo leading in the female and male college student categories, respectively [4][34] Group 2: Brand Strategies - Leading brands like Huawei, OPPO, and vivo are focusing on long-term, targeted user engagement strategies to build competitive advantages [8][37] - Huawei's user engagement is centered around its "Huawei Fan" ecosystem, which facilitates deep connections with core users and incorporates their feedback into product development [8][39] - OPPO employs a dual-series strategy with its Find and Reno lines to cater to high-end and younger demographics, enhancing brand recognition through targeted marketing efforts [8][43] Group 3: Collaborative Efforts - JD.com plays a crucial role as a collaborative partner for brands, leveraging its user data and resources to enhance user engagement and conversion rates [8][39] - The partnership between JD.com and Huawei has led to effective high-end user acquisition strategies, including targeted marketing events and exclusive offers [8][41] - OPPO's collaboration with JD.com has amplified its user engagement initiatives, resulting in significant growth in its high-end market presence [8][45] Group 4: Future Outlook - The smartphone market in 2026 is expected to see intensified competition, with brands needing to focus on deep user insights and emotional connections to succeed [30][56] - JD.com's unique position as a direct channel to high-quality users will be pivotal for manufacturers seeking to innovate and grow [30][56] - The key to success will be the ability of brands to build long-term, emotional relationships with users throughout the entire product lifecycle [30][56]

| 人大营业收入 机构向称 | 净利润 | 同比。 | 经调整净利润 | 同比 | | --- | --- | --- | --- | --- | | 卖方预测区间 2715.47~3830.96 | -11.98~210.83 | -112.2%~114.0% | 1.52~35.85 | -98.7%~-68.3% | | - 3520.27 1.5% | 40.21 | -59.2% | 12.29 | -89.1% | | - 3505.99 | 19.93 | -79.8% | 9.80 | -91.3% | | 东吴证券 2026-02-03 3508.00 1.1% | -- | -- | 4.00 | -96.5% | | 招商证券 2026-02-02 -- -- | -- | -- | 4.52 | -96.0% | | 2026-01-27 3505.99 | -1 | -- | 1.52 | -98.7% | | 2026-01-26 3506.00 | | (1 | 4.00 | -96.5% | | 国联民生证券 2026-01-20 3447.00 | -- | -- | -- ...

截至目前，京东、美团等大厂尚未公布AI业务相关投入计划。不过，2月3日，京东宣布将在春节9天投 入超13亿元，通过加班费、过大年红包等形式，为节日在岗的快递小哥、全职骑手等提供超国家法定标 准的福利补贴和各类保障。 今年，因为AI应用营销的"喧嚣"，电商"年货节"的声量有所降低，但"年货节"仍是电商一年一度的关键 冲量期。加之前几日商务部等九单位发布政策大礼包，为的也是促春节消费。因此，AI超级入口的战 略卡位战之外，稳货源、稳价格、稳运力，春节消费保供也已开始。 而电商零售、本地生活无疑仍是阿里、京东、美团等互联网大厂主业，AI、具身智能等则一向被视为 其主业之外的未来航标，这个春节，谁能稳住航向，谁能远赴未来，答案正待揭晓。 春节消费保供，京东先撒13亿元 在元宝、千问"红包大战"打得火热之际，京东低调宣布今年春节9天将投入超13亿元给一线员工。 《每日经济新闻》记者注意到，这13亿元将通过加班费、过大年红包、子女团聚补贴等形式，为节日在 岗的快递小哥、全职骑手、客服、门店店员等一线员工提供超国家法定标准的福利补贴和各类保障。 正值"年货节"，京东这13亿元为的还是率先保障春节期间，自家物流、本地配送运力 ...

腊月的暖 新年的盼 年货焕新好时段 建行分期 乐享京东 用62开头龙卡信用卡 在京东商城分期 购买 银联单标卡 指定商品 2026年1月15日至2026年2月28日 活动对象 卡号62开头的龙卡信用卡银联单标卡（商务卡、专项分期卡除外）持卡用户，以下简称"持卡用 户"。 享至高减300元优惠 至高24期分期购 年货好价赶紧来选购吧！ 活动时间 向上滑动阅览 1.本活动针对 账户状态正常的卡号62开头的龙卡信用卡银联单标卡 （商务卡、专项分期卡除外）持卡 用户。 2.同一京东账号、同一身份证号码、同一手机号码、同一终端均视为同一持卡用户（主附卡视为同一账 户）， 满足以上任一条件均视为同一持卡用户，故主附卡不可共同参与活动 。持卡用户 需亲自使用本 人的 电子设备、APP账号、银行卡等参与活动。参加活动的 单笔交易订单仅限使用一张龙卡信用卡银 联单标卡进行结算 。若同一持卡用户发生拆单、刷单等恶意行为，将 取消优惠资格 。 3.具体参与商品、分期期数、分期利率及优惠金额以京东商城页面展示为准。京东商城各页面所展示的 *中国建设银行仅提供信用卡支付服务， 活动商品及服务由相关商户提供 。（以上内容为广告） 活动内 ...

Core Insights - The Chinese internet food delivery industry has officially ended the "money-burning for market share" era, with a significant intervention from the State Administration for Market Regulation, halting a year-long subsidy war involving major players like Meituan, Taobao Flash, and JD Delivery [1][2][12] Group 1: Industry Changes - The subsidy war, which saw a total investment of 744 billion yuan, has been characterized as a "suicidal attack" on the industry, leading to severe financial losses for major platforms [8][12] - In 2025, the intense competition resulted in a staggering 89% year-on-year drop in adjusted net profit for Meituan and a 78% decline in adjusted EBITA for Alibaba's instant retail business [8][10] - Over 12% of small and medium-sized restaurants succumbed to the pressure of forced low-price promotions, highlighting the detrimental effects of the subsidy war [10][12] Group 2: Regulatory Actions - The regulatory body has identified "subsidy wars, price competition, and traffic control" as critical issues that require immediate rectification [12][20] - The intervention marks a significant correction of the internet business logic, emphasizing the need for sustainable practices rather than short-term gains through subsidies [14][32] Group 3: Market Dynamics - Following the regulatory intervention, JD Delivery has shifted to a model charging a 5% service fee, indicating a return to a more sustainable business model focused on providing technical services [22] - The end of the subsidy war is expected to lead to a focus on quality and safety in the food delivery market, moving away from price as the primary competitive factor [33][35] Group 4: Consumer Impact - Consumers have begun to notice price increases, with average delivery prices rising by approximately 0.8 yuan, reflecting the end of artificially low prices [28][30] - The previous low-price model is described as a bubble that compromised food safety, with the new pricing structure aimed at ensuring better quality and service [30][38]

出品｜公司研究室基金组 文｜张阳 "本想赎回基金止损，没想到不仅没拿到钱，还倒欠京东金融300多块！"2月3日，一位持有国投瑞银白银期货LOF的投资者在小红书晒出交易记录，引发大 量国投白银LOF投资者的共鸣。 2月2日，该基金单日净值暴跌31.5%创下公募纪录，而通过京东金融"极速赎回"的用户，因平台垫资与实际净值差额，陷入了"卖基金倒贴钱"的荒诞局面。 这场风波不仅暴露了基金公司与销售平台的风险漏洞，更让普通投资者承受了超出预期的损失。 国投瑞银怕产生挤兑未提前公告 国投白银LOF单日暴跌31.5%的导火索，源于国际银价与国内银价之间的极端背离。 1月30日至2月2日，伦敦银现价格从115.87美元/盎司跌至79.20美元/盎司，累计跌幅达31.65%。然而，国内上期所沪银主力合约因受±17%涨跌停板限制，2月 2日仅下跌17%。 2月2日国内开盘后，基于国内白银期货17%的涨跌停限制，不少投资者认为当日国投白银LOF场外基金的亏损最多不超过17%，因此选择赎回止损。 但2月2日晚，国投基金公司突然公告，将国投白银LOF基金所持6只白银期货合约的估值方法，从"上海期货交易所结算价"改为"参考国际银价波动" ...