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京东11.11超级试用日“小样”消费创历史新高 兰蔻等粉底试用装爆卖
Sou Hu Cai Jing· 2025-10-14 01:57
10月9日晚8点,京东11.11启幕,现货开卖,低至1折。在10月11日京东11.11推出的首个"超级试用日"活动中, 包括千元面霜、大牌香水、婴幼儿奶粉辅食、养生滋补品等爆款好物均可1元试用。在各大商场和电商 平台,曾经作为赠品或试用装的小样,如今正以独立商品的身份走俏市场,催生出规模惊人的"小样经济"。 从京东发布的"超级试用日"战报数据来看,10月11日当天试用频道订单同比增长5.74倍,品牌新用户数同 比增长5倍,订单翻倍增长的品牌数超2800个,当天深受消费者青睐的试用商品包括珀莱雅双抗精华、兰蔻 持妆粉底液、欧莱雅0等待护发素、飞鹤聚高星高钙儿童长高奶粉、英氏婴幼儿米粉、Swisse儿童液体 钙、碧浪洗衣原液、麦富迪天然猫粮、1号店牛奶等。这股从美妆领域燃起的星星之火,正蔓延至母婴、 个护、食品乃至保健品领域,重塑消费者的购买行为和生活方式。 在2025年,理性消费成为女性重要消费主张。今年3月京东消费及产业发展研究院的调研显示,51.2%的女 性主张理性消费,会基于更多信息做出购买决策,精准满足自身所需。同时,68.6%的女性偏好小样产品,特 别是在美妆护肤、个护产品等女性高频刚需品类上。京东1 ...
中信证券:双11启动周期再次提前,强化核心用户价值
转自:新华财经 编辑:林郑宏 新华财经上海10月14日电 中信证券研报分析认为,本届"双11"大促,京东、抖音电商的正式销售期均 有明显提前,而天猫则拖长结束周期,"双11"促销前后绵延超过1个月,一方面体现出平台对于促销的 渴求与加码,另一方面也削弱了消费者对于大促的感知与购买冲动。伴随着"百亿补贴"等"天天低价"栏 目成为消费者线上购物的常态化体验,大促在折扣深度方面所提供的消费脉冲效应预计将边际减弱。在 此背景下,双11大促的全周期销售数据实则就是平台自身现阶段发展动能的直接体现。相较于总量数据 的增速关注,更建议关注平台在用户策略、品类策略等层面的结构性表现。 从促销的力度与形式来看,各平台多数在传统的"满300减50"的优惠之外,提供"单件立减"的简单策略 以降低消费者加入大促的门槛、优化用户体验,例如天猫、抖音均提供"单件85折"的优惠政策。总体来 看,各平台面向全口径用户提供的基本优惠力度在83折~85折左右、差别不大,且近几年的大促季基本 维持这一水平。 在面向全口径用户提供的券包之外,京东、阿里均面向核心用户提供额外的满减券,以增强购买能力更 强的VIP用户转化效率。例如,阿里为88VIP、 ...
中方对美船舶收取特别港务费今起正式施行;加沙停火协议文件在埃及签署
Di Yi Cai Jing Zi Xun· 2025-10-14 01:16
Market Overview - The Dow Jones Industrial Average rose by 587.98 points, or 1.29%, closing at 46067.58 points, while the Nasdaq increased by 2.21% to 22694.61 points, and the S&P 500 gained 1.56% to 6654.72 points [1][5] - The market rebound was attributed to President Trump's softened stance on trade tensions, alleviating investor concerns [2][3] - Analysts expect S&P 500 companies to report an 8.8% year-over-year increase in earnings for the third quarter [3] Sector Performance - Broadcom's stock surged by 9.9% after announcing a partnership with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% rise in the Philadelphia Semiconductor Index [1][5] - Other tech stocks also performed well, with Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, and Apple up 1.0% [1] - The Nasdaq China Golden Dragon Index rose by 3.2%, with Alibaba and JD.com both increasing over 4% [1] Upcoming Financial Reports - Major U.S. banks, including JPMorgan Chase, Goldman Sachs, Citigroup, and Wells Fargo, are set to release their quarterly earnings on Tuesday, which will be crucial for assessing market trends amid ongoing government shutdowns [2]
中国股票突传重磅!外资巨头最新发声
Group 1 - The core viewpoint is that despite short-term volatility due to rising trade tensions, the long-term outlook for Chinese assets remains positive, with opportunities for investors to buy on dips [1][3][6] - The Nasdaq Golden Dragon China Index rose by 3.21%, with significant gains in various Chinese ETFs, indicating a strong rebound in Chinese stocks [2][6] - UBS reports that the MSCI China Index may find strong support around the 74 level, suggesting that investors are likely to buy on dips [6][7] Group 2 - Analysts from multiple firms believe that the current market environment differs from April, with a clearer "loose monetary + loose fiscal" policy, which may provide support for the market [3][4] - The long-term trend for A-shares is expected to remain bullish, driven by structural recovery in earnings and credit [4][7] - Foreign capital inflows into the Chinese stock market have rebounded significantly, with $4.6 billion net inflow in September, indicating renewed confidence from global investors [7][8] Group 3 - Goldman Sachs has raised its capital expenditure forecast for Tencent to 350 billion yuan, citing AI's positive impact on its business lines [8] - Alibaba's capital expenditure forecast has also been significantly increased to 460 billion yuan, with a positive outlook on its cloud revenue growth [8] - The overall sentiment among foreign investment firms is optimistic regarding the Chinese market, with many viewing recent stock price corrections as buying opportunities [6][7][8]
美股高开高走,中国资产大爆发
Di Yi Cai Jing Zi Xun· 2025-10-13 23:54
Market Overview - US stock market experienced a significant rise, with the Dow Jones increasing by 587.98 points (1.29%) to close at 46067.58 points, the Nasdaq rising by 2.21% to 22694.61 points, and the S&P 500 gaining 1.56% to 6654.72 points [2] - Broadcom's stock surged by 9.9% following the announcement of a partnership with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% increase in the Philadelphia Semiconductor Index [2] - Major tech stocks also saw gains, with Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, Apple up 1.0%, and Oracle up 5.1% after several brokerages raised its target price [2] Trade Tensions and Market Sentiment - President Trump's recent comments on trade tensions have eased investor concerns, stating "everything will be fine," which has positively impacted market sentiment [3] - Analysts suggest that the market is beginning to view the trade dispute as a negotiation strategy rather than a full-blown trade war, leading to a rebound in stock prices [4] Upcoming Earnings Season - The focus is shifting to the upcoming earnings season, with major banks like JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo set to report quarterly results [4] - Analysts expect an 8.8% year-over-year growth in earnings for S&P 500 companies in the third quarter [4] Commodity Prices - International oil prices saw a slight increase, with WTI crude oil rising by 1.00% to $59.49 per barrel and Brent crude oil increasing by 0.94% to $63.32 per barrel [6] - Gold prices reached a new historical high, with COMEX gold futures for October delivery rising by 3.34% to $4108.60 per ounce [6]
美股高开高走,中国资产大爆发
第一财经· 2025-10-13 23:49
Core Viewpoint - The article discusses the positive market reaction following President Trump's easing of trade tensions, which led to significant gains in major stock indices and specific technology stocks, particularly in the semiconductor sector due to a partnership between Broadcom and OpenAI [3][5]. Market Performance - The Dow Jones Industrial Average rose by 587.98 points, or 1.29%, closing at 46,067.58 points. The Nasdaq Composite increased by 2.21% to 22,694.61 points, while the S&P 500 gained 1.56%, ending at 6,654.72 points [3]. - Broadcom's stock surged by 9.9% after announcing a collaboration with OpenAI to produce its first self-developed AI chip, contributing to a nearly 5% rise in the Philadelphia Semiconductor Index [3]. Technology Sector Highlights - Major technology stocks saw significant increases: Tesla up 5.4%, Google up 3.0%, Amazon up 1.7%, Meta up 1.5%, and Apple up 1.0%. Oracle also rose by 5.1% as several brokerages raised its target stock price [3]. - The Nasdaq China Golden Dragon Index increased by 3.2%, with Alibaba and JD.com both rising over 4%, Baidu up 3.3%, Pinduoduo up 2.6%, and NetEase up 1.7% [3]. Trade Tensions and Market Sentiment - Recent trade tensions had caused the S&P 500 and Nasdaq to experience their largest weekly declines in nearly six months. However, Trump's recent comments have alleviated some investor concerns [4][5]. - Analysts suggest that the market's reaction indicates a shift in sentiment, with expectations of a potential agreement between the U.S. and China becoming more favorable [5]. Upcoming Earnings Season - The focus is shifting to the upcoming earnings season, with major banks like JPMorgan, Goldman Sachs, Citigroup, and Wells Fargo set to report quarterly results. This earnings season is seen as a critical indicator of market trends and economic conditions [5][6]. Economic Indicators - Analysts expect a year-over-year earnings growth of 8.8% for S&P 500 companies in the third quarter [6]. - Federal Reserve officials are discussing the need for further interest rate cuts due to rising risks in the job market and the impact of trade tariffs on inflation [6]. Commodity Market - International oil prices saw slight increases, with WTI crude oil rising by 1.00% to $59.49 per barrel and Brent crude oil up by 0.94% to $63.32 per barrel [7]. - Gold prices reached a new historical high, with COMEX gold futures for October delivery rising by 3.34% to $4,108.60 per ounce [7].
京东集团-2025 年第三季度展望:收入增长放缓,投资持续拖累利润率
2025-10-13 15:12
JD.com, Inc. 3Q25 Preview Summary Company Overview - **Company**: JD.com, Inc. (JD.O, JD US) - **Industry**: China Internet and Other Services - **Market Cap**: US$50,068 million - **Current Stock Price**: US$31.85 - **Price Target**: US$28.00, implying an 11x 2025e non-GAAP P/E [5][7][19] Key Financial Metrics - **3Q25 Revenue Growth**: Forecasted at 10.8% YoY for JD Retail (JDR) and 14.3% for the group [2] - **Operating Profit Growth**: Expected to grow 15% YoY for JDR [2] - **Non-GAAP Net Profit**: Projected to decline 65% YoY to Rmb4.5 billion, with a non-GAAP net profit margin (NPM) of 1.55% [2] - **4Q25 Revenue Growth**: Expected to slow further to 5.6% for JDR and 8.5% for the group [4] Investment and Margin Outlook - **Continued Investments**: JD is expected to maintain investments in Food Delivery (FD), Quick-Commerce (QC), and Jingxi, which will continue to impact margins negatively [2][4] - **Margin Pressure**: Non-GAAP NPM is forecasted to decline to 1.45% in 4Q25 from 3.25% in 4Q24 due to ongoing investments and competitive pressures [4] Market Dynamics - **High Base Effect**: Revenue growth in the smartphone, electronics, and home appliances categories has started to slow down, with August showing only 11% YoY growth compared to 23% in July [3] - **Trade-in Program Impact**: The trade-in program initiated in late August 2024 is expected to support revenue but may not offset losses from new business ventures [2][3] Competitive Landscape - **Intense Competition**: The e-commerce sector is expected to remain competitive, as indicated by JD's early Double 11 promotion this year [4] - **Consumer Sentiment**: There is a need for improved consumer sentiment to support revenue growth and margin recovery [23] Risks and Ratings - **Rating**: Maintain Equal-weight (EW) rating due to downside risks from revenue slowdown and earnings uncertainties [5][23] - **Valuation Methodology**: Discounted Cash Flow (DCF) with a 13% WACC and 3% terminal growth rate [13][34] Summary of Financial Estimates - **2025 Revenue**: Projected at Rmb1,331.7 billion [32] - **2025 Non-GAAP Net Income**: Estimated at Rmb30.2 billion [33] - **Active Customers**: Expected to grow to 671 million by 2025 [30] Conclusion - JD.com is facing a challenging environment with slowing revenue growth, ongoing investments impacting margins, and intense competition in the e-commerce sector. The company’s future performance will heavily depend on consumer sentiment and the effectiveness of its strategic initiatives.
八成消费者首周已参与双11 超七成人在京东完成今年双11第一单
Mei Ri Jing Ji Xin Wen· 2025-10-13 14:51
每经编辑|蒙锦涛 2025年的双11比以往来得更早一些。10月9日,2025年双11大促开跑铃声就已响起,无缝衔接刚刚过去的国庆中秋"超级黄金周"。更长的周期和更早的抢 跑,再叠加现货开卖和简单粗暴的直降玩法,今年的剁手党们还会收起往日的冲动,集体进入"人间清醒"模式吗? 为了摸清这届双11消费者的真实消费脉搏,每日经济新闻发起《双11首购消费调研问卷》,收获4765份真实答卷。数据显示,8成消费者首周已参与双 11,已完成首购的消费者中,每10个人中就有7个把今年双11第一单献给了京东,具体比例高达73.69%。 在这场略显佛系的购物长跑中,给力的价格、正品的保障仍是消费者关注的焦点,变化的是:因为"相信平台价格稳定,有价保等服务兜底,提前买也不 会吃亏",消费者更愿意买早一步,早买完早享受。因此,当双11大促热潮下,成熟的消费回归遇上"不玩套路,有服务兜底"的京东,这届双11首发已胜 一程。 刚需日用、数码、服饰领跑目标品类 五成用户认为"刚需商品价格给力"出手下单 嘴上说着"不买立省百分百",但该买的一个都没少。今年双11,消费者用行动描绘出一幅理性购物图景:刚需日用、数码产品、食品饮料成为最受欢迎的 ...
双11 战场再扩容,闪购首次参战,其他平台跟还是不跟?
第一财经· 2025-10-13 14:43
2025.10. 13 本文字数:1909,阅读时长大约4分钟 作者 | 第一财经 陈杨园 "史上最长双11"的纪录正被不断刷新。尽管十一假期刚过,电商平台们已纷纷进入双11时间。在一 个夏天的外卖激战后,今年双11有何新变化值得关注。 多家电商平台已开启了双11。10月7日,快手启动双11预售,抖音电商在10月9日开启双11好物 节,同样在10月9日,京东也宣布双11开启,"现货开卖不用等"。而淘宝尽管还未正式公布双11的 整体节奏,但天猫超市已在9月底率先开启双11,并将走向近场闪购定为今年双11的目标。 京东等平台是否会跟进双11的外卖补贴也值得关注。目前,京东暂未披露秒送参与双11的具体动 作。但在今年618,京东赶在618前夕完成京东秒送完成了全面升级,京东此后披露的数据显示, 618期间通过京东秒送下单的3C配件订单量同比增长177%,运动户外同比增长166%,办公用品同 比增长219%。 尽管延续外卖补贴竞争对平台来说或许存在一定压力,但远近场结合之下,更多品类竞争也在开启。 天猫超市召开的双11商家大会上,酒水、乳制品等品牌的戏份不少,可能成为天猫超市双11重点发 力的方向。而京东秒送、美团等 ...
科腾兴科技如何锚定招商,共筑京东工业全球工业品服务新生态
Sou Hu Cai Jing· 2025-10-13 14:01
二、双向赋能:构筑互惠共赢的全球化合作范式 在京东工业加速全球化布局的宏大版图上,2022年诞生于深圳的科技新锐——深圳市科腾兴科技有限公 司,正扮演着日益关键的角色。作为京东在海外工业品领域的重要战略服务商,科腾兴科技精准地以招商 板块作为核心抓手,深度参与并赋能京东工业全球化生态体系的构建与发展。其业务模式与发展轨迹,恰 好精准契合了京东工业当前战略重心——"拓品增商"与全球化拓展的双重需求。 一、核心能力:精耕细作的全链路招商服务体系 科腾兴科技的核心价值,突出体现在其为京东工业全球化战略量身打造的招商服务闭环能力上。这套能力 并非简单的项目对接,而是贯穿了目标筛选、资质审核、政策适配、生态接入与后续赋能的完整链条: 1. 精准选商,严把入口关: 面对京东工业覆盖的5710万庞大SKU供应链体系,科腾兴团队肩负着"挑尖选 优"的重任。他们需深度理解海外不同市场的工业品标准、认证要求及采购偏好,在海量国内工业企业 中,精准筛选出具备稳定生产能力、合规资质(如ISO认证、CE/UL等特定市场准入)且产品线符合海外 市场需求的企业。其重点招商领域聚焦于个人防护(PPE)、工控自动化与机电行业等京东工业海外重点 ...