SKU海量、流转飞快，如何驾驭京东物流仓库盘点工作？ 第一部分：在"快"与"准"的刀刃上行走：京东式盘点的核心逻辑 首先必须明白，在京东这类顶尖物流体系中，盘点早已超越"数数"的范畴，它是一套嵌入业务流程的动态校准系统。它的核心目标，是在不影响"快"的前提 下，确保"准"的绝对性。 它有几个显著特点，和传统仓库很不一样： 盘点节奏密集，形式多样 除了月末/季末/年末的全盘，更依赖循环盘点。仓库会被划分为多个区域，每天或每周按计划盘点一部分，高频次、滚动式地进行。这种方式的好处是，不 会因为一次大盘点而让整个仓库停摆，能持续性地发现和修正问题，保证库存数据始终处于相对健康的状态。 精度要求极高，与客户体验直接挂钩 晚上十点，华东某京东物流仓库的办公区依然灯火通明。主管老陈盯着屏幕上密密麻麻的差异报告，眉头拧成了一个疙瘩。"A3-05-12货位，系统显示还有 152件某品牌洗发水，实盘只有145件，又是7件的差异！"这已经是今晚查出的第23条差异了。这不是月底，仅仅是每周一次的动态循环盘点。在他管理的这 个品类仓里，超过两万个SKU，日均处理订单数万件，商品流转速度快到以小时计。每一次盘点，都像在高速行驶的列车上 ...

这是新消费智库第 2 7 6 4 期文章 一周新品 1. 星巴克即饮系列推出新品椰椰拿铁与抹茶拿铁 近日，星巴克即饮系列推出新品椰椰拿铁与抹茶拿铁，为瓶装咖啡市场带来新鲜体验。椰椰拿铁选用巴西与哥伦比亚高海拔阿拉比卡咖啡豆， 结合东南亚进口椰子水与低糖配方，替代传统椰浆或椰乳，带来清爽、层次丰富的风味。 （ FDL 数食主张） 2. 农夫山泉母公司上新「百合麦冬汤本草饮料」 新消费导读 ...... 1. 星巴克即饮系列推出新品椰椰拿铁与抹茶拿铁 2. 农夫山泉母公司上新「百合麦冬汤本草饮料」 3. 三丽鸥联名 LABUBU 4. 喜茶推出「无糖 清抹原味茶」系列新品 5. 好利来推出「奶油松松小马」新品 6. 麒麟计划对「 Healthya 」进行品牌重塑 7. 明治推出多享棒雪糕系列新品 8. DQ 推出 38 妇女节冰淇淋系列 9. 泸溪河跨界卖茶咖 10. 巧乐兹 × 哈利波特上新脆筒冰淇淋 11. 阿迪达斯官宣王鹤棣为品牌全系代言人 12. PUMA 官宣张凌赫成为大中华区品牌代言人 13. ASICS 亚瑟士官宣新任品牌大使钟汉良 近日，农夫山泉母公司养生堂在山姆上新「百合麦冬汤本草饮料」。据官方 ...

Core Viewpoint - Shenzhen is experiencing a surge in headquarters projects, with a total of 832 major projects planned for 2026, amounting to an investment of 3.2 trillion yuan, highlighting the city's focus on developing a robust headquarters economy [1][15]. Group 1: Local Enterprises Expanding Headquarters - Major local companies are significantly increasing their investments in headquarters projects, including Tencent's "Internet+" Future Technology City and DJI's Global Headquarters for Intelligent Aviation Systems [1][5]. - The "Internet+" Future Technology City by Tencent is set to cover an area of 809,000 square meters, with a total built area exceeding 3 million square meters, expected to accommodate over 80,000 employees [4]. - DJI's new headquarters project, located in the Shenzhen Bay Super Headquarters Base, aims to create a hub for intelligent aviation systems, enhancing the company's R&D and operational capabilities [6][8]. Group 2: External Enterprises Establishing Presence - External companies are increasingly establishing headquarters in Shenzhen, with notable projects including Douyin's (TikTok) Pan-Video Technology R&D Headquarters and JD Group's comprehensive headquarters project [10][13]. - Douyin's project will support the development of core products and services, including AI and SaaS platforms, contributing to the digital economy in Shenzhen [10]. - JD Group's headquarters project is expected to attract around 200 upstream and downstream enterprises, creating nearly 10,000 high-end jobs and fostering an e-commerce ecosystem [13][15]. Group 3: Strategic Importance of Shenzhen - Shenzhen's complete hard technology ecosystem and efficient resource allocation make it an attractive location for companies to establish headquarters, facilitating rapid and effective resource mobilization [2][8]. - The city's strategic position and favorable business environment are recognized by both local and external enterprises, driving significant investments in headquarters projects [15].

本周观点 风险提示 后续政策不及预期风险；中美关系变化风险；内容上线及表现不及预期风险；宏观经济运行不及预期风险；AI 技 术迭代和应用不及预期风险；政策监管风险。 敬请参阅最后一页特别声明 1 咖啡茶饮：1）咖啡：高景气维持；行业具备β性红利，各品牌依旧积极开店，整体咖啡行业价格竞争趋缓；阿 拉比卡咖啡期货价格持续下跌，后续有望带来成本改善。2）茶饮：略有承压；短期平台外卖大战，奶茶成为引 流品，数据依旧具备韧性；关注平台补贴逐步趋缓风险。 电商：持续承压。受国内消费环境影响，整体国内电商基本面表现平淡。从京东及唯品会财报可以看出，暖冬& 国补基数等因素都对电商增速产生一定压力。 流媒体平台：流媒体平台：音乐流媒体平台为内需驱动的优质互联网资产，高性价比悦己消费，规模效应驱动盈 利杠杆释放。 虚拟资产&资产交易平台：宏观波动，加密市场催化有限，币价承压。本周美 SEC 及 CFTC 向白宫提交加密行业 和预测市场监管计划；美 CFTC 主席表示已准备在特朗普任期内落实《CLARITY 法案》；纽交所母公司 ICE 投资 OKX，估值达 250 亿美元；Kraken 成为首家获准接入美联储核心支付系统的加密货 ...

元宵刚过，春回大地，万象更新! 3月4日，上海报业集团旗下财联社、《科创板日报》 "2025中国AI+应用Top50"优秀案例正式揭晓。 这50个扎根千行百业的AI应用实践从300余家申报主体中脱颖而出，全景展现我国人工智能从技术探索迈向规模化落地的丰硕成果，为AI赋 能实体经济提供可复制、可推广的标杆经验。 华为云CLOUDMATRIX AI INFRA智算云服务 蚂蚁集团 蚂蚁阿福 美的集团 顺德灯塔工厂AI视觉检测系统 华为技术有限公司 京东集团 京东JOYINSIDE附身智能平台 中国宝武+华为 宝武钢铁高炉盘古预测大模型 三一直 工程机械液压系统Al故障诊断系统 上海阶跃星辰智能科技有限公司 端到端语音模型AGENTOS智能座舱 北京猿力科技有限公司 飞象老师 上海财跃星辰智能科技有限公司 "Al小财神 PRO"智能体 阿里健康 宁德时代 储能系统Al能量管理系统 儿科AI辅助诊断系统 腾讯科技 (深圳) 有限公司 碳是迹Al核算系统 百度集团 百度智能云客悦：企业级营销AGENT 浦发银行 3D 数字人"小浦" 上海国际港务 港口集装箱Al智能装卸系统 昆仑万维科技股份有限公司 SKYWORK S ...

零售利润好于预期，外卖投入高峰已过 京东发布 2025Q4 业绩，本季度实现营业收入 3523 亿元，同比+1.5%，京东零 售收入为 3019 亿元，同比-1.7%，零售经营利润 97.9 亿元，同比-2.5%； Non-GAAP 归母净利润为 11 亿元，同比-90%。本季度国补退坡及高基数下带 电类增长承压，但日百类及 3P 收入仍保持较快增长，零售利润好于此前预期； 外卖业务亏损环比收窄，京喜及国际新业务投入有所扩大，展望 2026 年预计集 团及零售收入有望维持稳健增长，外卖亏损将同比继续降低，长期看好京东自 营坚实壁垒，维持强烈推荐评级。 风险提示：宏观经济风险；行业竞争加剧；外卖投入超预期。 财务数据与估值 证券研究报告 | 公司点评报告 2026 年 3 月 8 日 京东集团-SW（09618.HK）25Q4 财报点评 基础数据 | 总股本（百万股） | | 3188 | | --- | --- | --- | | 香港股（百万股） | | 3188 | | 总市值（十亿港元） | | 399.4 | | 香港股市值（十亿港元） | | 399.4 | | 每股净资产（港元） | | 73.5 ...

财报点评 最近一年走势 | 相对恒生指数表现 | | | 2026/03/06 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 京 东 集 团 | -0.3% | -8.9% | -38.9% | | -SW | | | | | 恒生指数 | -3.0% | -1.3% | 5.7% | | 市场数据 | | | 2026/03/06 | | 当前价格（港元） | | | 106.60 | | 52 周价格区间（港元） | | | 95.90-178.00 | | 总市值（百万港元） | | | 302,530.80 | | 流通市值（百万港元） | | | 302,530.80 | | 总股本（万股） | | | 318,800.00 | | 流通股本（万股） | | | 286,500.00 | | 日均成交额（百万港元） | | | 5,062.00 | | 近一月换手（%） | | | 1.68 | 相关报告 2026 年 03 月 07 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 陈梦竹 S0350521090003 chenm ...

JD.com Inc. (NASDAQ:JD) is one of the 10 Stocks to Watch Right Now. JD rallied for a second day on Friday, jumping 6.12 percent to close at $27.03 apiece, after an investment firm reaffirmed its “buy” recommendation and price target for the stock. In its market report, Benchmark maintained its rating and $38 price target for JD.com Inc. (NASDAQ:JD) following the results of its earnings performance last year, saying that the latter showed resiliency in the fourth quarter despite trade-in subsidy tapering ...

Core Viewpoint - Despite a general market decline, ten stocks experienced significant gains, with six reaching new record highs, driven by strong corporate earnings and positive outlooks [1][2]. Group 1: Petroleo Brasileiro SA (NYSE:PBR) - Petroleo Brasileiro SA reached a two-year high, closing up 5.29% at $17.62, buoyed by a return to profitability and a $1.5 billion dividend distribution [4][5]. - The company reported a net income of $2.889 billion for the fourth quarter, a turnaround from a $2.78 billion loss the previous year, with sales revenues increasing by 13% to $23.6 billion [5]. - Morgan Stanley raised its price target for Petroleo Brasileiro to $20, maintaining an "overweight" rating, anticipating upward earnings revisions [6]. Group 2: Equinor ASA (NYSE:EQNR) - Equinor ASA hit a new two-year high, closing up 5.76% at $33.59, supported by rising crude oil prices amid geopolitical tensions [8]. - The company reported a net income of $5.06 billion for 2025, a 43% decline from 2024, while total revenues increased by 3% to $106.46 billion [9]. - Equinor plans to increase production by 3% year-on-year and announced a $1.5 billion share buyback program [11]. Group 3: XPeng Inc. (NYSE:XPEV) - XPeng Inc. saw gains as investors anticipated its upcoming earnings report, targeting a revenue increase of 33.5% to 42.8% for the fourth quarter [12][13]. - The company delivered 116,249 vehicles in the fourth quarter, falling short of its target of 125,000 to 132,000 units [13][14]. Group 4: JD.com Inc. (NASDAQ:JD) - JD.com Inc. rose 6.12% to close at $27.03 after a "buy" recommendation from Benchmark, which maintained a price target of $38 [15]. - The company reported a 50% drop in net income to $2.8 billion for the full year, despite an 18% increase in total net revenues to $187.2 billion [16]. - JD.com announced a dividend distribution of $0.5 per ordinary share and $1 per ADS, payable in April 2026 [17]. Group 5: Lionsgate Studios Corp. (NYSE:LION) - Lionsgate Studios reached a nearly two-year high, closing up 6.71% at $10.66, following a partnership with Scentbird for a new fragrance inspired by "The Twilight Saga" [19][20]. - The collaboration aims to create an immersive experience for fans, with the fragrance available through subscription and select formats [21]. - "The Twilight Saga" has grossed over $3.36 billion worldwide, making it one of the studio's highest-grossing franchises [22].

记者｜刘雪莹 见习记者林芊蔚 编辑｜张楠 北京时间3月7日，美股三大指数集体收跌。本周美股三大股指均录得跌幅，道指累计下跌约 3%，标普500指数累跌约2%，纳指累跌1.24%。 欧洲主要股指集体收跌，德国DAX30指数跌1.21%；英国富时100指数跌1.22%；法国CAC40 指数跌0.94%；意大利富时MIB指数跌0.99%。 | 道琼斯工业 | 纳斯达克指数 | 标普500 | | --- | --- | --- | | 47501.55 | 22387.68 | 6740.02 | | -453.19 -0.95% -361.31 -1.59% -90.69 -1.33% | | | | 美国科技七巨头 中概科技龙头 | | 中国金龙 | | 61487.23 | 3737.72 | 6961.05 | | -1091.32 -1.74% +65.24 +1.78% +47.62 +0.69% | | | | 道琼斯期货 | 纳斯达克100期 | 标普500期货 | | 47480 | 24661.25 | 6740.00 | | -503 -1.05% -388.25 -1.55% -95.25 ...