Core Viewpoint - Tencent has officially exited investments in JD.com and Meituan, signaling a strategic shift away from the competitive food delivery market to focus on artificial intelligence [3][4] Group 1: Strategic Shift - Tencent's CEO, Ma Huateng, announced the company's decision to withdraw from investments in JD.com and Meituan during the 2025 annual employee meeting [3] - This decision is interpreted as a strategic contraction in the fiercely competitive food delivery and community group buying sectors, with Tencent redirecting its focus towards core areas in artificial intelligence [3][4] Group 2: Competitive Landscape - The food delivery market has seen intense competition, with JD.com initiating a significant price war, followed by Meituan's quick response and Alibaba's entry through the integration of Ele.me into its Taobao Flash Purchase segment [3] - The combined investment of JD.com, Meituan, and Alibaba in this sector reached 80 billion yuan, with a notable increase of approximately 10 billion yuan in the third quarter compared to the second quarter [3] Group 3: Financial Impact - The high costs of competition have severely impacted financial performance, with JD.com reporting a 56% year-on-year decline in adjusted net profit to 5.8 billion yuan in Q3 2025 [4] - Meituan recorded a net loss of 16 billion yuan, marking its largest loss since going public, while Alibaba's net profit fell by 52% to 21 billion yuan, with a 72% decline when excluding GAAP adjustments [4] Group 4: Future Strategies - Despite Tencent's exit, competition in the food delivery and instant retail sectors remains fierce, with Alibaba demonstrating a commitment to increasing market share and investment in its Taobao Flash Purchase strategy [4][5] - Alibaba aims to enhance its user base and engagement by focusing on high-ticket users and expanding into non-food retail categories [5]

Group 1 - The core viewpoint of the article highlights the shift in consumer travel planning towards a more structured and experience-oriented approach, with a focus on "certainty" in travel arrangements as the Spring Festival approaches [1][3] - Data from JD Travel indicates a significant increase of over 40% in users booking their trips more than 7 days in advance compared to the same period last year, reflecting a trend towards early planning and decision-making [2] - The choice of travel destinations is becoming more diverse, with second-tier cities like Xiamen, Kunming, and Fuzhou gaining popularity, indicating a shift from traditional hotspots to unique and cost-effective "new classic" destinations [2] Group 2 - JD Travel has launched a Spring Festival promotion featuring substantial discounts, including limited-time coupons worth 666 yuan and 999 yuan for flights and hotels, aimed at reducing travel costs for consumers [3] - The company has introduced three major guarantees focused on "no bundling, transparent cancellation and modification, and genuine vouchers" to address common service pain points in the industry, enhancing consumer confidence in the booking process [3] - The travel consumption landscape is transitioning from a rebound phase to one driven by rational decision-making and deep experiences, emphasizing the importance of transparency and reliability in meeting complex consumer demands [3]

Core Viewpoint - JD's Seven Fresh Supermarket is set to open two new stores in Beijing and Shanghai on January 30, offering a variety of fresh products and promotional deals to attract local consumers [1][15]. Group 1: Store Openings and Promotions - The new stores will feature special products and promotions, including significant discounts and buy-one-get-one-free offers, aimed at enhancing the shopping experience for families in Beijing and Shanghai [1][10]. - The online delivery service for the West Hongmen store has already begun, allowing residents to order products ahead of the official opening [3]. Group 2: Featured Products - The West Hongmen store will offer unique items such as live king crabs priced at 799 yuan each, fresh salmon at 79 yuan per pound, and large blueberries at 69.8 yuan per box [5]. - The store will introduce a range of "24-hour fresh" products, including vegetables and eggs that are delivered within 24 hours from the farm to the shelf, ensuring maximum freshness [8]. Group 3: Local Specialties and Events - The Shanghai store will focus on local flavors, featuring a section for seasonal vegetables from Chongming Island and popular local products like Australian beef and Norwegian salmon [10]. - Various opening activities will be held, including over 30 tasting stations, allowing customers to sample global delicacies while shopping [10][14]. Group 4: Additional Offerings - The stores will also provide a selection of freshly baked goods, including a reduced-sugar strawberry box and other pastries at promotional prices [12][14]. - A wide range of products across multiple categories will be available under the "buy one, get one free" promotion, catering to diverse household needs [14].

为切实回应高空户外作业需求，并在新春佳节向"云端建设者"们致以敬意，京东服饰美妆联合13家品牌，特别为他们准备了有品质、又暖心的年货礼 包。礼包内含大家户外作业需要的海澜之家马年贺岁系列羽绒服、鸭鸭防寒羽绒马甲、超级安踏热能软甲保暖内衣、有棵树骐骥红品套装等实用保暖衣物； 以及日常防护所需的温碧泉与丸美保湿面霜、足力健与OPP舒适鞋靴、康舒防护护膝；同时还为他们的家人准备了海德双肩包等好礼，饱含满满心意。 "桥面风大，气温低，京东送来的这些羽绒服、护膝和内衣等，特别实用，颜色也喜庆，谢谢大家。"一位桥梁工人表示。据贵州六盘水水城京东快递站 站长谢宏介绍，这些年货历经三个多小时山路颠簸，安全、准时地送达了工地。目前，京东物流已实现全国县域全覆盖及行政村基本覆盖，即便在偏远山 区，也能提供高效可靠的送达服务。 春节临近，京东携手数百家知名品牌及明星大咖，发起2026年"我给老家送年货"活动，邀请全国用户为家乡亲人传递温暖心意。1月28日，这份情谊翻 山越岭抵达贵州山区，京东服饰美妆携手海澜之家、ROCK&ICE、丸美等品牌，走进"世界第三高桥"、"世界第一高六车道桥"——贵州安盘高速天门特大桥 建设一线，为在严寒 ...

AI互动区同样亮点纷呈。元萝卜AI下棋机器人搭载京东自研 JoyInside 附身智能技术，以有温度的拟人 化交互成为智慧陪练，助力锻炼逻辑与策略思维。此外，早教益智区的京东京造 AI 智能台灯、AI 闹 钟，则从细节处构建健康高效的学习环境。 科技助力乡村教育，助力弥合数字鸿沟 融合科技与教育，构建沉浸式学习空间 这间综合AI教室突破了传统电教模式，构建了一个集阅读拓展、创意实践与智能互动于一体的沉浸式 科技启蒙学习空间。京东系统引入优质数字化资源与前沿科技体验，不仅提供工具，更着力于激发学生 好奇心，培育面向未来的创新思维与综合素养。 在阅读成长区，多位 AI 学习伙伴各展所长。小猿学习机化身专属AI老师，为孩子规划个性化学习路 径；阿尔法蛋全科扫拍学习机，扫描即享全科答疑；科大讯飞（002230）听力宝打造沉浸式语言环境， 助力听说能力同步提升；JDRead阅读器以纸质书般舒适体验，开启广阔书海；乐乐趣点读笔支持语音 互动，激发孩子探索欲；魅族AI眼镜则带来互动学习体验，可实拍实录、AI问答，进一步拓展数字化 学习维度。 3D创意区则是连接想象与现实的核心空间。这里配备了拓竹A1 mini 3D打印机， ...

为切实回应高空户外作业需求，并在新春佳节向"云端建设者"们致以敬意，京东服饰美妆联合13家品牌，特 别为他们准备了有品质、又暖心的年货礼包。礼包内含大家户外作业需要的海澜之家马年贺岁系列羽绒服、 鸭鸭防寒羽绒马甲、超级安踏热能软甲保暖内衣、有棵树骐骥红品套装等实用保暖衣物；以及日常防护所需 的温碧泉与丸美保湿面霜、足力健与OPP舒适鞋靴、康舒防护护膝；同时还为他们的家人准备了海德双肩包 等好礼，饱含满满心意。 "桥面风大，气温低，京东送来的这些羽绒服、护膝和内衣等，特别实用，颜色也喜庆，谢谢大家。"一位桥 梁工人表示。据贵州六盘水水城京东快递站站长谢宏介绍，这些年货历经三个多小时山路颠簸，安全、准时 地送达了工地。目前，京东物流已实现全国县域全覆盖及行政村基本覆盖，即便在偏远山区，也能提供高效 可靠的送达服务。 目前，京东"我给老家送年货"活动正在进行中，京东服饰美妆汇聚海量暖心年货，不仅带来官方直降不止5折 的优惠，更推出"天天抽免单"等互动玩法。即日起登录京东APP，搜索"服饰美妆年货节"，即可挑选实用好 礼，将心意送往每一个牵挂的角落，共享一个温暖团圆年。 春节临近，京东携手数百家知名品牌及明星大咖，发 ...

腊八已过，年味渐浓，家家户户采买年货的步伐正不断加快。今年春节，全国九家京东折扣超市以"京东折扣 折扣加马"为核心，围绕"好品质、真优惠"展 开年货节活动——不仅推出"2026马年金钞大抽奖"，让消费者有机会把寓意"情比金坚"的金钞带回家，更携手七鲜私厨打造宿迁独有的"家宴年夜饭"系列， 让地道年味以"天天低价"走进千家万户的团圆餐桌。 本次年货节重磅推出的 "2026 马年金钞大抽奖" 活动将持续至 2 月 1 日，全国九家门店同步参与。消费者到店单笔消费满 168 元即可参与抽奖，奖池设置丰 富且中奖率 100%，最高可赢取京东独家发售的周大生生肖马年金钞。这款金钞以生肖马为设计主题，刻有 "情比金坚" 字样，融合传统文化与现代工艺，兼 具收藏与纪念价值。截至 1 月 28 日中午，已有上百名幸运消费者抽中大奖，一位刚中得金钞的顾客表示："本来只是来置办年货，没想到收获这样的惊喜， 这份春节礼物太有意义了。" 目前大奖仍有大量剩余，后续消费者仍有充足机会解锁新春好运。 除了备受瞩目的金钞大奖外，为让各地消费者都能买到专属年味，京东折扣超市结合本地饮食文化打造特色好物。例如，京东折扣超市联合七鲜私厨推出江 ...

Core Viewpoint - JD Group is actively pursuing a strategy of spinning off high-potential businesses for independent listings, which allows for asset value reassessment and reduction of the parent company's debt ratio, benefiting both the parent and subsidiary companies [1]. Group 1: JD Property's IPO - JD Property has recently submitted its prospectus to the Hong Kong Stock Exchange, marking a restart of its IPO journey after nearly three years [2]. - The company is backed by major underwriters including Bank of America, Goldman Sachs, and Haitong International [2]. - JD Group currently holds approximately 74.96% of JD Property's issued share capital through its wholly-owned subsidiaries, maintaining absolute control with over 50% ownership post-IPO [4][5]. Group 2: Business Overview - JD Property is described as a modern infrastructure development and management platform, essential to JD Group's supply chain ecosystem, providing comprehensive solutions for modern warehouses, integrated smart industrial parks, data centers, and photovoltaic new energy [7]. - The company has developed and managed 285 modern infrastructure assets across 29 provinces in China and 10 countries overseas, with an average occupancy rate exceeding 90%, outperforming the industry average by about 10 percentage points [12]. Group 3: Financial Performance - For the first nine months of 2025, JD Property reported revenues exceeding 3 billion yuan, a year-on-year increase of 21.2%, with adjusted net profits reaching 823 million yuan, a growth of approximately 215% compared to the entire year of 2023 [12][15]. - The revenue breakdown shows that 85.4% comes from infrastructure solutions, while fund management and other income contribute 4.9% and 9.7%, respectively [12]. Group 4: Future Prospects - The IPO is expected to diversify JD Property's financing channels, with approximately 40% of the raised funds allocated for expanding overseas logistics nodes, 30% for upgrading domestic infrastructure networks, and 20% for supplementing fund management business capital [17]. - With the easing of monetary policy by the Federal Reserve and a recovering capital market, the timing for JD Property's IPO appears favorable [18]. Group 5: Strategic Vision - JD Group has evolved from a pure e-commerce platform to a diversified entity encompassing retail, logistics, health, technology, and industrial sectors, creating a robust supply chain ecosystem [20][24]. - The company's ambition is to build a modern infrastructure network that not only supports its retail operations but also serves the infrastructure needs of various industries, thereby contributing to the upgrade of China's real economy [24].

Market Overview - Hong Kong stock market opened positively with Hang Seng Index up 0.73%, National Enterprises Index up 0.63%, and Hang Seng Tech Index up 0.56% [1][4] - Major blue-chip stocks like HSBC Holdings rose by 2.23%, Zijin Mining by 2.21%, China Ping An by 1.65%, and JD Group by 1.5% [1][4] - New Oriental saw a decline of 3.56%, Haidilao down 0.75%, and Trip.com down 0.72% [1][4] Company Highlights - CloudWalk Technology (云知声) opened high at 10.56%, expecting to achieve revenue from large model-related businesses of approximately RMB 600 million to 620 million for the fiscal year ending December 31, 2025, representing a year-on-year growth of about 1,057% to 1,095% compared to RMB 51.87 million for the fiscal year ending December 31, 2024 [1][4] - China Gold International (中国黄金国际) opened up 3.76% and provided production guidance for 2026, estimating copper production at approximately 140 million to 149 million pounds (about 63,500 to 67,500 tons), gold production at approximately 70,732 to 75,554 ounces (about 2.2 to 2.35 tons), and silver production at approximately 4.18 million to 4.82 million ounces (about 130 to 150 tons) from the Jiamar Mine [5] - Vanke Enterprises (万科企业) opened up 2.49%, announcing that its major shareholder, Shenzhen Metro Group, will provide a loan of up to RMB 2.36 billion for repaying bond principal and interest, with a loan term of 36 months [6] Financial Activities - Vanke also reported that the extension proposal for the principal repayment of its medium-term notes "22 Vanke MTN004" and "22 Vanke MTN005" was approved unanimously at a bondholder meeting [6] - Cao Cao Travel (曹操出行) opened down 1.96%, planning to place 12 million shares at HKD 32.46 per share, which represents a discount of approximately 8.97% compared to the last trading day's closing price, with expected total proceeds of about HKD 389.52 million [6]

Group 1 - The core viewpoint of the news is that JD's instant retail platform, JD Miao Song, has fully adopted the national subsidy program, allowing consumers in 15 regions to enjoy subsidies on digital products like smartphones and laptops [1][2] - The subsidy program offers consumers a 15% discount on the sales price of products, with a maximum subsidy of 1,500 yuan for computers and 500 yuan for smartphones, tablets, and wearable devices [2] - JD Miao Song provides additional services such as home delivery by professional riders, on-site signing, and activation assistance, enhancing the overall consumer experience [2] Group 2 - The participating products in the subsidy program include popular models from major brands such as Apple, Xiaomi, Huawei, OPPO, vivo, and Lenovo [1] - Over 10,000 brand specialty stores across the country have integrated into this service system to support the upgraded consumer experience [2]