Core Viewpoint - The central economic work conference emphasizes the importance of domestic demand and building a strong domestic market as the primary task for this year's economic work, with policies aimed at expanding domestic demand being implemented since 2026 [1] Group 1: Event Overview - JD Enterprise Purchase and Yangcheng Creative Industry Park launched the "New Year Goods Super Savings Pavilion" on January 19, providing quality products, exclusive subsidies, and one-stop services directly to the park, enhancing the year-end purchasing experience for enterprises and employees [1][3] - The event features a unique format that integrates trendy tech products, efficient office equipment, and New Year snack gift packages with interactive games, receiving widespread praise from participating enterprises and employees [3] Group 2: Thematic Experience Zones - The "New Year Goods Super Savings Pavilion" is themed "Choose Your New Year Goods Freely, Quality and Value from JD," creating multi-dimensional scenarios to meet the dual needs of enterprises and employees [3] - Four themed experience areas were set up, showcasing a wide range of well-known brands, transforming welfare procurement from a "list selection" to an "immersive experience" [3] Group 3: Product Offerings - The "New Year Gift Research Institute" features daily necessities from brands like Pantene and Tide, as well as specialty New Year gift boxes and healthy snacks, allowing employees to try products on-site for more efficient selection [5] - The "Efficient Office Station" collaborates with brands like Lenovo and Dell to provide a full range of office supplies, meeting the needs for equipment updates and digital upgrades [5] - The "Annual Meeting and Celebration Museum" offers high-end gifts suitable for various budgets, while the "Warmth Station" provides products for indoor heating and outdoor protection, catering to diverse winter production and office scenarios [5] Group 4: Cost Reduction Initiatives - To effectively reduce procurement costs for enterprises, JD Enterprise Purchase introduced an exclusive discount system on-site, allowing park enterprises to unlock thousands of yuan in exclusive procurement subsidy packages and numerous discount coupons [7] - Becoming a JD PLUS enterprise member offers additional discounts and exclusive procurement manager services, enhancing cost-saving opportunities [7] Group 5: Regional Development and Support - Guangdong, as China's largest economic province, continues to lead in various business metrics, making it a key area for JD's strategic focus and innovation in enterprise services [8] - JD has served nearly one million enterprises in Guangdong, establishing a long-term service mechanism to support small and medium-sized enterprises through various initiatives aimed at reducing costs and expanding sales [8] - The "Billion Market Partner Program" aims to support over 300 brand partners in achieving annual sales exceeding 100 million yuan, with Guangdong identified as a priority region for resource allocation and policy support [8]

Group 1 - The core message of the article is that JD Travel is launching a major promotional campaign for the Spring Festival, aiming to address consumer pain points in flight booking and provide reliable travel options through high subsidies and strong guarantees [1][5]. - The promotional event, titled "Horse Year Super Discount Play," will run from January 20 to March 3, covering the entire travel demand cycle during the Spring Festival [1]. - JD Travel will issue limited-time coupons worth 666 yuan and 999 yuan for flight and hotel bookings, along with a lottery for an iPhone 17 Pro Max to directly subsidize user travel costs [3][4]. Group 2 - JD Travel is introducing three major guarantees: no bundling, transparent refund and change policies, and authenticity of travel documents, to tackle common issues in flight bookings [5]. - The company emphasizes that the core demands of users during the Spring Festival travel period are certainty in discounts and peace of mind in service [5]. - By leveraging JD's strong supply chain capabilities and quality service guarantees, JD Travel aims to establish a differentiated position in the competitive Spring Festival travel market [5].

Investment Rating - The report maintains a "Recommended" rating for JD Group (9618.HK) [2][8] Core Views - The fourth quarter performance is expected to stabilize, with policy benefits and business optimization contributing to a recovery in 2026 [2][8] - Revenue for Q4 2025 is projected to decline by 0.7% year-on-year to 344.7 billion RMB, influenced by high base effects and the timing of the New Year festival [8] - The retail business structure is being optimized, with growth supported by daily necessities and service revenues, while new business losses are on a clear reduction path [8] Financial Forecasts - Projected revenues for JD Group from 2025 to 2027 are 1,301.5 billion RMB, 1,367.8 billion RMB, and 1,433.6 billion RMB, reflecting growth rates of 12.3%, 5.1%, and 4.8% respectively [7][8] - Adjusted net profits for the same period are expected to be 25.98 billion RMB, 28.05 billion RMB, and 31.32 billion RMB, with growth rates of -46%, 8%, and 12% respectively [7][8] - The earnings per share (EPS) based on adjusted net profits are forecasted to be 8.15 RMB, 8.80 RMB, and 9.83 RMB for 2025, 2026, and 2027 respectively [7][8] Business Performance Insights - The online retail sector is expected to show resilience, with a projected growth of 8.6% year-on-year in online retail sales for 2025, while physical goods online retail sales are expected to grow by 5.2% [8] - The daily necessities category is anticipated to maintain double-digit growth, driven by strong performance in supermarkets, health, and fashion segments [8] - The report highlights that the new business segments are on a path to reduce losses, with improvements in user experience and customer retention in the food delivery service [8]

Group 1 - The new trend of "tea and bracelet" combinations is gaining popularity as a new choice for festive consumption ahead of the Spring Festival, with JD.com reporting over 130% year-on-year growth in orders for bracelet and tea set combinations in the past week [1] - JD.com has launched a special event for "hand string tea sets" in collaboration with cultural brands like Putuo Mountain and Tanjing, offering discounts of up to 50% on hundreds of products from now until January 31 [1][9] - A live event featuring professional jewelry appraisers will take place on January 20, where they will share knowledge about the materials and care of bracelet collectibles, as well as demonstrate stringing techniques [5] Group 2 - JD.com is bringing its New Year blessing activities into offline tea set experience venues, offering limited edition gifts and DIY bracelet activities, along with online live streaming and surprise gifts for orders placed during the event [3] - The "hand string tea set" special features various popular items, including a fragrant sandalwood bracelet and a unique black obsidian bracelet, which are ideal for gifting and enhancing New Year outfits [7][8] - The special event runs until January 31, encouraging consumers to search for "hand string tea set" on the JD.com app to enjoy significant discounts on quality products [9]

Core Insights - The 2025 apparel market is increasingly focused on fabric quality, with 93.6% of consumers paying more attention to material parameters compared to two years ago [1] - JD FASHION has introduced a quality label for apparel, ensuring that all tagged products meet high standards for fabric quality and craftsmanship, enhancing consumer confidence in their purchases [1] - The report from JD's Consumer and Industry Development Research Institute highlights the importance of quality fabric labels in reducing consumer decision-making costs and empowering brands [1] Fabric Trends - There is a significant consumer demand for versatile clothing, with "four-season wool" searches increasing over 20 times year-on-year, leading brands to develop lightweight merino wool products suitable for all seasons [3][5] - Highfan has introduced "three-proof" technology (waterproof, oil-proof, and stain-proof) into everyday down jackets, addressing consumer concerns about maintenance and performance [7] - The use of cooling fabrics is on the rise, with search volumes for cooling products increasing over eight times, as brands like Kelon adopt functional design strategies to enhance comfort without sacrificing style [11][13] Cultural and Technological Innovations - Xiangyun yarn, a precious intangible cultural heritage fabric, is gaining popularity for its breathability and comfort, with sales of related products from the brand Qidai increasing over 130% year-on-year [15][17] - The introduction of original yarn sun protection technology is becoming a mainstream choice for 2025, offering long-lasting UV protection without degradation, with brands like Biaoxia leading in this innovation [19][21] Market Outlook - The rise of super fabrics in the 2025 apparel market reflects the interplay of technological empowerment, cultural significance, and evolving consumer demands, with JD FASHION committed to enhancing the shopping experience and ensuring quality [23]

Core Viewpoint - JD Travel has launched the "Horse Year Super Discount" Spring Festival promotion, aiming to address long-standing consumer pain points in flight booking and provide reliable travel options during the peak travel season from January 20 to March 3, 2026 [1][4]. Group 1: Promotion Details - The promotion includes limited issuance of 666 yuan and 999 yuan no-threshold coupons for flight and hotel bookings, along with a "全民订票抽iPhone 17 Pro Max" activity to directly subsidize user travel costs [3]. - Users can access the promotion by searching for "hotel tickets" on the JD app, allowing for one-stop booking of discounted flights, special hotel offers, and vacation packages [3]. Group 2: Service Enhancements - JD Travel has introduced three major guarantees to enhance service: no bundled sales during purchase, transparent refund and change policies aligned with airline websites, and assurance of the authenticity of every itinerary for hassle-free reimbursement [4]. - The company emphasizes that the core demands of users during the Spring Festival travel period are certainty in discounts and peace of mind in service [4]. Group 3: Market Positioning - The Spring Festival travel market has high demands for supply chain reliability and service guarantees, and JD Travel aims to leverage its strong supply chain capabilities and service assurance to differentiate itself in a competitive market [4].

Core Viewpoint - JD Group officially announced the establishment of JD Museum, a contemporary visual and performing arts institution located in Shenzhen Bay Super Headquarters Base, expected to open by the end of 2027 [1] Group 1 - JD Museum will have a total construction area of over 10,000 square meters [1] - The museum will be equipped with professional facilities for live performances, immersive installations, exhibitions, participatory workshops, and creative retail [1]

【深圳，2026年1月20日】 —— 京东集团今日正式宣布成立京东美术馆（JD Museum）。京东美术馆是 一所当代视觉、表演艺术及文化机构，坐落于深圳湾超级总部基地，并预计于2027年底正式开幕。目前 京东美术馆正在积极筹备中，所在建筑被称为"画境之城"，建筑设计由奥雷·舍人事务所（Büro Ole Scheeren）负责，空间设计由如恩设计研究室（Neri&Hu Design and Research Office）负责。美术馆总建 筑面积超过10,000平方米，并配备专业设施用于现场表演、沉浸式装置、展览、参与式工作坊及创意零 售。 根系大湾区，以艺术与科技链接世界 基于京东集团 技术为本，让生活更美好 的使命，京东美术馆致力于 以艺术与科技链接世界 。美术馆将 依托展览、教育、研究、出版、委托创作和收藏，联结艺术家及公众群体，以高质量艺术实践，共创公 共价值。 岳鸿飞先后曾任职于台北当代艺术博览会联合总监（2019-2025），中国当代国际艺术杂志《LEAP》主 编（2014-2019）。他曾为尤伦斯当代艺术中心、复星艺术中心、K11艺术基金会等策划艺术、科技、 家庭文化等主题相关的展览，其中"Ar ...

Core Viewpoint - The article posits that ByteDance's Zhang Yiming is likely to become the richest person in China over the next decade due to his strong motivation, learning ability, execution power, and the resources of ByteDance, which are expected to drive significant growth in various sectors, including mobile, automotive, and space computing [4][5]. Industry Insights - In the mobile internet era, there were 10 apps in China with over 500 million MAU, but in the AI era, it is anticipated that only 3-4 Super Apps will achieve this milestone [4][5]. - The DAU/MAU ratio is expected to increase, with 500 million MAU likely corresponding to approximately 350 million DAU, enhancing the value of Super Apps compared to the mobile internet era [5]. - The article emphasizes that the value of Super Apps is greater than that of leading robotics companies, as Super Apps control entry points and can generate excess commercial returns [6]. Competitive Landscape - The competition for AI Native Super Apps is intensifying, with Alibaba's Qwen and ByteDance's Doubao positioned as key players. The article highlights the strategic moves of Alibaba to prevent Meituan from launching a competing Super App [8][9]. - Other companies like Tencent, Meituan, Pinduoduo, JD, and Baidu are also seen as potential contenders in the Super App battle, while smaller players may struggle to compete [9][10]. - The article suggests that Meituan's exit from community group buying is part of a broader AI strategy to position itself for the Super App market [10][11]. Future Projections - The article predicts that the AI Native Super App market could reach a revenue potential of 1 trillion RMB, urging companies to act quickly to launch their AI applications [11]. - Huawei is positioned to dominate the automotive sector but is unlikely to enter the Super App market due to its strategic focus on other areas [12]. - Tencent is recognized for its stability and product matrix, with the potential to maintain a significant role in the AI Native Super App landscape, although ByteDance's Doubao is gaining influence among younger users [12].

Core Insights - The report highlights the identification of 348 suspected illegal activities related to online sales in Nanning for the year 2025, aiming to regulate concentrated promotional activities and maintain fair online trading practices [1] Group 1: Monitoring Scope and Focus - The monitoring scope covered major e-commerce platforms including Taobao, Tmall, JD.com, Alibaba, and Suning.com, focusing on key products such as electric bicycles, food, and special food [1] - Key areas of monitoring included concentrated promotions, intellectual property, advertising, fair trading, and online food services [1] Group 2: Findings and Violations - Platforms such as Douyin, Meituan, Taobao, Ele.me, JD.com, 1688, and WeChat Mini Programs showed significant suspected illegal activities, with Douyin having 67 cases, Meituan 61, Taobao 45, Ele.me 38, and JD.com 30 [1] - The main types of violations identified included abnormal registration numbers/filing information, illegal advertising and false promotion, illegal modifications of electric bicycles, licensing violations, unlicensed operations, and non-compliance with labeling standards [1] Group 3: Regulatory Actions - The Nanning Market Supervision Administration has distributed all 348 suspected illegal activity cases to local market supervision departments for investigation and urged them to enhance regulatory enforcement [1]