2026年一开年，市场就传来重磅消息：1月9日，国务院反垄断反不正当竞争委员会办公室宣布，依据 《中华人民共和国反垄断法》，对外卖平台服务行业市场竞争状况开展调查、评估。 是问题，也是期待。这些从身边蹦出来的问号，和它们所承载的美好愿望，或许正是观察新一年消费市 场最好的起点。咱们就顺着这些线索，展望一个与你我钱包和幸福感息息相关的2026年。 同日，市场监管总局发布了2025年综合整治"内卷式"竞争十大制度建设成果；财政部、国家税务总局宣 布自2026年4月1日起，取消光伏等产品增值税出口退税。 外卖大战还会接着打吗？ 紧接着，1月14日，市场监管总局宣布，依据《中华人民共和国反垄断法》，对携程集团有限公司涉嫌 滥用市场支配地位实施垄断行为立案调查。 1月27日，市场监管总局又发布2025年综合整治"内卷式"竞争十大重大案件，包括深圳罗马仕科技有限 公司违反强制性产品认证规定及虚假宣传案，山西老葛商贸有限公司虚假宣传、价格欺诈系列案等。 消息密集登场，消费者心中难免有几个问号：新的一年里，曾经让我们"薅"得那么开心的外卖大战，会 熄火吗？"卷"得飞起的各行各业，能喘口气了吗？经历了预制菜风波，平时点个外卖、 ...

Core Viewpoint - JD.com has experienced a significant decline in its stock price, falling over 25% in the past 52 weeks, indicating a challenging market position for the company [1]. Company Performance - The stock performance of JD.com has been poor, with a drop exceeding 25% over the last year, suggesting potential underlying issues affecting investor confidence [1].

Company Performance - JD.com, Inc. ended the recent trading session at $28.48, reflecting a -2.03% change from the previous day's closing price, which lagged behind the S&P 500's 0.43% loss [1] - Shares of JD.com had gained 1.29% over the past month, while the Retail-Wholesale sector gained 4.04% and the S&P 500 gained 0.89% during the same period [1] Upcoming Earnings - Analysts expect JD.com to post earnings of $0.07 per share in the upcoming earnings release, indicating a year-over-year decline of 93.14% [2] - The consensus estimate for revenue is $50.22 billion, which represents a 5.64% increase from the prior-year quarter [2] Full-Year Estimates - The full-year Zacks Consensus Estimates project earnings of $2.53 per share and revenue of $187.32 billion, reflecting year-over-year changes of -40.61% and 0%, respectively [3] - Recent changes to analyst estimates for JD.com indicate shifting dynamics in short-term business patterns, with positive alterations suggesting analyst optimism regarding the business and profitability [3] Valuation Metrics - JD.com holds a Forward P/E ratio of 10.21, which is a discount compared to the industry average Forward P/E of 16.03 [6] - The company has a PEG ratio of 5.46, significantly higher than the Internet - Commerce industry's average PEG ratio of 1.1 [6] Industry Context - The Internet - Commerce industry, part of the Retail-Wholesale sector, currently has a Zacks Industry Rank of 185, placing it in the bottom 25% of over 250 industries [7] - The Zacks Industry Rank measures the strength of industry groups by evaluating the average Zacks Rank of individual stocks within those groups [7]

Core Viewpoint - The competitive landscape in the food delivery and retail sectors is shifting towards a focus on service quality and sustainable practices, driven by regulatory interventions and changing consumer expectations [1][2][3]. Group 1: Regulatory Changes and Market Dynamics - The State Council's Antitrust Committee announced investigations into the food delivery platform market and other sectors to assess competition [1]. - The Ministry of Finance and the State Taxation Administration will eliminate VAT export rebates for solar products starting April 1, 2026 [1]. - The market is witnessing a transition from aggressive price competition to a focus on service quality and user experience, as exemplified by the decline of "zero-yuan milk tea" promotions [2][3]. Group 2: Industry Evolution and Strategic Shifts - Major platforms are moving from a "burning money" strategy to a dual strategy of consolidating core businesses while exploring new retail avenues [4][5]. - The competition is evolving from food delivery to instant retail, with companies like Alibaba aiming to dominate the instant retail market by investing heavily [3][4]. - The focus is shifting towards optimizing user experience and ensuring sustainable business practices, moving away from mere scale expansion [2][3]. Group 3: Consumer Behavior and Market Trends - Consumers are increasingly rejecting "involution" products that prioritize low prices over quality, indicating a demand for better service and product standards [6][7]. - The market is expected to segment into efficiency-driven and experience-driven categories, reflecting diverse consumer needs [8][12]. - The rise of local brands and unique experiences is fostering a more vibrant consumer ecosystem, as seen in the popularity of cultural and experiential offerings [12][13]. Group 4: Food Safety and Transparency - Regulatory efforts are shifting towards proactive measures in food safety, aiming for a comprehensive oversight system to prevent risks [9][10]. - Initiatives are being implemented to enhance transparency in food sourcing and processing, which is crucial for rebuilding consumer trust [10][11]. - The food safety environment is anticipated to improve through ongoing regulatory adjustments and market responses to consumer concerns [11].

Core Viewpoint - The article highlights the concept of "enterprise-city symbiosis" as exemplified by JD.com's long-term commitment to its hometown, Guangming Village, and the broader Suqian area, showcasing how corporate social responsibility can drive local economic development and community well-being [2][3][6]. Group 1: JD.com's Contributions - JD.com has provided significant financial support to the elderly in Guangming Village, starting with a special New Year’s red envelope of 10,000 yuan for each senior citizen, and continues to deliver goods annually [2]. - The company has achieved 100% employment for the eligible labor force in Guangming Village through its industrial layout, leading to improved family stability [2]. - JD.com has facilitated the establishment of over 500 internet companies in Suqian, contributing to the growth of 29,800 e-commerce enterprises in the city, making it the second-largest in the province [3]. Group 2: Long-term Development Strategy - The shift from short-term aid to long-term industrial development reflects a sustainable approach to corporate social responsibility, ensuring that the local community has the internal capacity for self-development [3][6]. - JD.com’s partnership with Suqian is characterized as a win-win scenario, where the company benefits from a stable operational base and policy support while the city gains from the presence of a leading enterprise [5]. - The company’s initiatives, such as the launch of an AI classroom and the use of advanced logistics technology, demonstrate its commitment to innovation and talent development in its hometown [5]. Group 3: Broader Implications - The article discusses the emerging trend of successful entrepreneurs returning to their hometowns to invest, highlighting the emotional connection and mutual benefits of such initiatives [5]. - JD.com’s model of "enterprise-city symbiosis" serves as a replicable example of how businesses can integrate their growth with the socio-economic development of their communities [6]. - The dual focus on emotional resonance and industrial collaboration illustrates a new paradigm of corporate responsibility that aligns business success with community welfare [6].

《科创板日报》记者获悉，京东、小米、追觅科技等作为行业代表受邀参会，其中，雷军、刘 强东等以中方企业家代表身份出席。 1月29日，2026中英企业家委员会会议在北京举行。 ...

Core Viewpoint - The O2O (Online to Offline) model is becoming a crucial pathway for digital transformation across various industries, driven by the rise of mobile internet and the emergence of new players in the market [1][3]. Group 1: O2O Model Development - The O2O platform is experiencing unprecedented growth opportunities due to the widespread adoption of mobile devices and technological advancements [3]. - Various operational models within O2O, such as full-channel integration and social group buying, are meeting the diverse needs of consumers [3]. - The rise of new retail is deeply integrating online services with offline experiences, reshaping industry structures and ecosystems [3]. Group 2: Cross-Industry Alliance - The cross-industry alliance within cloud platforms is becoming a significant force in reconstructing the business ecosystem by integrating resources across industries [3][5]. - This alliance allows businesses to conduct joint marketing, service, or product innovation, achieving mutual benefits [3][5]. Group 3: Consumer Benefits - Consumers can enjoy discounts and services across various merchants within the alliance, enhancing their shopping experience and satisfaction [5][16]. - The alliance provides value-added services through incentives like points and coupons, increasing user loyalty [5][16]. - The shared traffic among merchants maximizes flow utilization, boosting sales and market share [5][16]. Group 4: Operational Model - The core of the alliance's operational model lies in the integration of online and offline resources, utilizing shared industry resources and joint marketing strategies [5][6]. - The alliance breaks down industry barriers, allowing merchants to share customer information and marketing channels, thus reducing operational costs and enhancing competitiveness [6]. Group 5: Marketing and Data Utilization - The alliance leverages cloud platform technology to provide online marketing tools, helping merchants expand brand influence and attract potential customers [8]. - By collecting and analyzing consumer data, the alliance offers precise market insights and decision support for merchants [8]. Group 6: Future Outlook - The cloud platform cross-industry alliance is expected to play a vital role in creating more value for businesses and consumers as technology advances and the market matures [17].

1月30日，京东无锡智能机器人与先进制造产业基地项目签约揭牌活动举行。无锡市委书记杜小刚致 辞，并与市长蒋锋共同为"京东无锡智能机器人产业基地"揭牌。活动期间，京东产发与无锡高新区签署 京东无锡智能机器人与先进制造产业基地项目战略合作框架协议，项目计划总投资约100亿元，将规划 建设"两园一基地三中心"，包括机器人与先进制造科创园、智能驾驶与高端装备产业园，将为创新创业 企业提供高水平载体，推动京东生态孵化项目落地，构建"转化—生产—应用"闭环；机器人制造总部基 地，重点引入行业龙头、独角兽企业，打造规模化制造高地；体验展销中心、公共技术服务中心、研发 孵化中心，聚焦产品消费、技术攻关、企业培育，畅通"产学研用"创新体系。（证券时报） ...

Group 1 - JD's Seven Fresh supermarket opened two new stores in Beijing and Shanghai, marking significant expansion in the southern Beijing area and Shanghai Pudong [1] - The Beijing store launched online delivery services on January 23, covering nearby residential and office clusters, allowing consumers to place orders through multiple channels for instant delivery [2] - The new stores feature unique products such as "24-hour vegetables" and "24-hour eggs" [2]

Core Insights - The annual Chinese New Year "red envelope war" has evolved from simple cash giveaways to a competition focused on user engagement and product ecosystem penetration, with AI technology now at the forefront [2][3][8] - Major companies like Tencent and Baidu are investing heavily in cash red envelopes, with Tencent announcing a distribution of 1 billion yuan and Baidu 500 million yuan, both integrating AI features into their campaigns [3][4][5] Group 1: Company Strategies - Tencent's strategy includes a 1 billion yuan cash giveaway through its Yuanbao app, with individual red envelopes reaching up to 10,000 yuan, and features like "share red envelopes" to enhance user engagement [3][4] - Baidu's approach involves a 500 million yuan red envelope campaign linked to its Wenxin assistant, offering various interactive AI experiences to users [4][5] - Alibaba is focusing on younger demographics by integrating AI content creation into its New Year's Eve events, while ByteDance is leveraging national-level events like the Spring Festival Gala to promote its AI technologies [5][6] Group 2: AI Integration - The integration of AI technology is a key highlight of this year's red envelope war, with companies aiming to popularize AI applications among the general public during the festive season [5][8] - The use of AI in red envelope campaigns is designed to lower the barriers for user interaction with AI, making it more accessible and familiar to everyday users [8][9] - The competition is not just about cash incentives but also about embedding AI into user experiences, transforming how users interact with technology [9][10] Group 3: Market Implications - The red envelope war represents a strategic move by companies to secure future digital traffic distribution rights, as traditional user acquisition methods become increasingly costly [9][10] - The shift towards AI-driven interactions is expected to redefine user engagement, allowing for personalized services through voice and text commands, thus changing the dynamics of information access [9][10] - The ongoing integration of AI into festive activities is anticipated to solidify AI's role as a central element in future industry competition, moving beyond mere tools to becoming essential components of user experience [10]