4月1日热门中概股多数上涨，纳斯达克中国金龙指数（HXC）收高2.8%。 上涨股当中（按市值从高到低），台积电涨6.78%，阿里巴巴涨2.88%，拼多多涨3.82%，网易涨 1.74%，日月光半导体涨3.83%，京东涨2.18%，百度涨4.52%，中华电信涨0.57%，携程涨1.26%，联电 涨4.30%，中通涨3.41%，富途控股涨4.10%，理想汽车涨1.60%，小鹏汽车涨2.45%，华住酒店集团涨 2.91%，蔚来涨9.26%，哔哩哔哩涨4.01%，新东方涨3.62%，满帮涨2.41%，万国数据涨2.60%，BOSS直 聘涨0.37%，WSP控股涨1.48%，亚朵集团涨4.75%，名创优品涨5.70%，小马智行涨10.54%，慧荣科技 涨6.49%，欢聚涨3.40%，禾赛科技涨7.84%，雾芯科技涨2.57%。 下跌股当中（按市值从高到低），贝壳跌0.27%，腾讯音乐跌0.32%，中国新城农村跌4.96%，唯品会跌 1.69%，拓臻生物跌0.30%，金山云跌0.60%。 美股周二收高，道指上涨逾1100点。但在一季度，美股三大股指均录得跌幅。据称美伊两国总统均对结 束战争持开放态度，令投资者看到美以对伊 ...

Core Insights - The four major e-commerce companies, Alibaba, JD.com, Pinduoduo, and Meituan, reported their 2025 financial results, showcasing a mix of revenue growth and profit declines, with some companies opting for long-term strategies over immediate profits [1][20][21]. Revenue Performance - JD.com led in revenue with 1.3091 trillion yuan, a year-on-year increase of 12.97%, followed by Alibaba at 1.0167 trillion yuan, growing approximately 3.56%. Pinduoduo reported 431.8 billion yuan, up 9.65%, while Meituan reached 364.9 billion yuan, growing 8.08% [2][22][24]. - JD.com demonstrated the highest revenue growth rate, indicating strong growth momentum, while Alibaba's slower growth reflects competitive pressures in its core e-commerce business [25]. Profitability Trends - All four companies experienced a decline in net profits. Alibaba's net profit fell by 23.78% to 92.164 billion yuan, Pinduoduo's decreased by 11.62% to 99.4 billion yuan, JD.com reported a 52.54% drop to 19.6 billion yuan, and Meituan shifted from a profit of 35.8 billion yuan to a net loss of 23.5 billion yuan, marking the most significant deterioration [2][27][26]. Marketing Expenditures - Alibaba's marketing expenses surged to 191.6 billion yuan, a 77.67% increase, making it the highest among the four companies. Meituan's marketing costs reached 102.9 billion yuan, up 60.9%, while JD.com spent 83.95 billion yuan, increasing by 75.07%. Pinduoduo's marketing expenses were 125.3 billion yuan, with a more moderate growth of 12.57% [8][28][29]. - The significant rise in marketing expenses reflects the competitive landscape, with companies engaging in aggressive strategies to maintain market share [30]. Strategic Focus for 2026 - Alibaba is focusing on "AI + Instant Retail" to enhance user engagement and retention, leveraging its full-stack AI capabilities [36]. - JD.com aims to maintain double-digit growth in its core retail business while reducing losses in its new ventures, emphasizing international expansion and AI integration [37]. - Pinduoduo is shifting its strategy towards upgrading the Chinese supply chain, focusing on long-term value creation rather than immediate user growth [38]. - Meituan is transitioning from aggressive expansion to defending market share, prioritizing high-quality growth and AI investments [39]. Industry Outlook - The e-commerce sector is moving away from the "subsidy for growth" model towards a focus on technology-driven, efficiency-first competition, with an emphasis on sustainable long-term strategies [39].

对于很多人来说，想网购买到好东西正在成为一项令人筋疲力竭的隐形家务。 白天在职场当牛马，晚上躺在床上还要为了几包抽纸和两箱牛奶费尽心机——在几个APP之间来回横 跳比价，领优惠券、算满减凑单，翻评论区辨别真伪。 一套流程走完，少说20分钟，买的不过是几十块钱的东西。 "每次买东西都把它当成一个作业，折腾 半天也不确定自己买对了没有"， 在社交媒体上，这样的感叹随处可见。 今年2月底，京东APP上线"百亿超市"频道，主打让用户"无需拼团、不用比价、不玩套路"，就能轻 松买到价格实惠的品质好货。 为此，京东计划未来三年内投入超200亿元商品补贴，力度将超过带电品类。把最大力度的补贴从3C 家电转向日用消费品，京东在想什么？ 选择越多，买得越 累。 当线上超市从"方便买东西"变成了"需要做功课才能买对东西"，是不是在偏离零售的本质？ 精选的价值 过去一年，电商大厂几乎同时押注一个看起来并不性感的赛道——超市。这一集体转向并非巧合，而 是电商行业步入存量时代后的必然选择。 近年来，国内电商渗透率稳定在26%左右，靠跑马圈地获取新用户的黄金时代已然结束，平台之间的 竞争逻辑随之发生根本转变—— 过去比的是谁能拉来更多新 ...

" 2026年，京东云的营收压力持续加大。 " 作者丨王薇 编辑丨刘伟 在AI云竞争日趋激烈的背景下，京东云能否突破瓶颈，完成营收攻坚，仍面临诸多不确定性。 本文作者长期关注大厂电商，覆盖京东、小红书、抖音电商，有关京东云业务调整的更多细节，欢迎添加 作者微信：Omayaeww，交流更多信息～ // 近期热门文章 抖音电商的AB面：光环下的暗涌 雷峰网独家获悉，京东云PaaS业务部负责人刘辰已于近期离职，此次变动后，原京东云PaaS业务团队整 体划归至龚义成所负责的京东云IaaS业务部。 公开资料显示，刘辰为北京工业大学2008届硕士研究生，是京东云核心老将，曾任京东云客户成功部负责 人、京东集团副总裁、京东云 PaaS 产品研发部负责人等职。在任期间，他带领团队主导多项核心技术工 程，以自主研发的云原生技术，支撑京东618、春晚等大流量场景，助力打造全球规模最大的云原生集群 之一，为京东云核心技术落地发挥了关键作用。 不过，相较阿里云、腾讯云等业内先行玩家，京东云入局云计算的时间明显偏晚，2016 年才正式组建， 在市场份额与技术积累上存在先天劣势。在集团内部，京东云也一直处于相对尴尬的位置。 2023年， ...

Core Insights - Major instant retail platforms reported significant losses in their 2025 financials, with Meituan losing 23.4 billion, JD's new business losing 46.6 billion, and Alibaba losing over 37.6 billion in a single quarter, totaling over 100 billion in losses among the three giants [1][2][3] Group 1: Market Dynamics - The instant retail market reached 971.4 billion in 2025, growing at a rate of 24%, indicating that the market is expanding rather than contracting [6] - The competition has shifted from merely burning cash to achieving speed while maintaining stability [7] - Meituan focuses on maintaining a large network of over 600,000 riders, achieving over 50% market share at the cost of a 6.9 billion loss [8] - Alibaba aims to leverage high-frequency delivery to drive traffic to its lower-frequency e-commerce business, resulting in a 37.6 billion loss but achieving 120 million daily orders [9] - JD is positioning itself as a quality delivery service, incurring a 46.6 billion loss to establish a brand perception of quality [10] Group 2: Implications for Businesses - The reduction in platform subsidies means that businesses must learn to attract and retain customers independently [12][13] - Cost management becomes crucial, as businesses need to analyze which products are profitable and which are not [14] - With reduced subsidies, consumers will become more price-sensitive, necessitating a focus on inventory management and product selection [15] Group 3: Strategic Insights - The competition has evolved from speed to stability, with companies needing to find their unique positioning in the market [18] - Meituan's strategy emphasizes scale as a competitive advantage, suggesting that local businesses should aim for comprehensive coverage within their vicinity [19][20] - Alibaba's approach indicates that high-frequency products can drive sales of lower-frequency items, encouraging businesses to bundle products effectively [21] - JD's focus on quality suggests that there is a market for premium products, even in a price-sensitive environment [22] Group 4: Future Outlook - The industry will shift its focus from how much money was burned to what value was created [25][28] - Companies that survive this competitive landscape will be those that adapt to new methods of accounting and operational efficiency [27]

宠物行业乱象丛生，京东正以百倍赔、"一宠一芯片"等举措为行业补上信任拼图。 当前的宠物市场在高速扩张的过程中，也暴露出宠粮成分造假、宠物医疗收费不透明等问题，甚至花高价买回病恹恹"星期宠"的情况也时有发生…… 为了进一步规范行业发展，日前，京东宠物率先在全国最大宠物繁育基地辽宁 鞍山，发布首个互联网宠物犬猫交易标准—《伴侣动物（犬猫）交易标 准》。 该标准将通过"一宠一芯片"、严格健康检测与专业运输保障，给每只宠物一个独一无二的"电子身份证"，让它的健康状况、疫苗记录都清楚可查，同时从 源头到新家全链路都安全透明，让每一位养宠人都能接回一只真正健康的"家人"。 信任是行业发展的"底层基建"。当前，在这条关乎生命的赛道上，不只是宠物交易，每一个环节的"不确定性"都在消磨着宠物主的信任。因此，只有真正 沉下心来解决这些痛点、重构信任体系，才能让宠物行业在快速增长中走得更加稳健、长久。而这也是京东当前正在做的事情，以系统性的"信任基建"工 程， 从宠物食品、活体交易、寄送、 健康、保险到生活服务， 为宠物与宠物主搭建一张可信赖的安全网 。 千亿"毛孩子"经济背后， 那些无法被忽视的痛点 宠粮市场的品质问题令人触目惊 ...

编辑｜泽南 刚刚落幕的 2026 科技界「春晚」GTC 大会上，一个全行业的共识已经形成：AI 正在进入智能体（Agent）时代。 京东 JoyStreamer 系列数字人模型有打破僵局的意义，展现出了代差级别的优势，彻底告别了数字人「站桩式播报」：它不仅能精准理解「复杂指令」， 丝滑做出全身复杂动作，还能完美配合动态镜头轨迹以及背景的无缝变化。更绝的是，哪怕是在这种大幅度、剧烈运动的过程中，它依然能保持唇形与输入 音频的完美同步。 输入指令「拿起巧克力吃掉」京东数字人能够根据文本提示词，流畅地完成整套抓取和咀嚼动作： 然而，当各大厂商都在疯狂入局智能体时，一个尴尬的现实却摆在面前：这些聪明的数字大脑，缺少一个「灵动」的「躯壳」。如果说「龙虾」OpenClaw 已经为 AI 智能体工作的范式打开了方向，那么解决 AI 怎么和人打交道的交互领域，技术还面临着挑战。 因涉及多个模态的转换，为聪明的 AI 打造一副高表现力的「躯壳」，比想象中还要困难得多。 直到最近，京东数字人的一系列新研究打破了这一僵局。 京东 JoyStreamer 和 JoyStreamer-Flash 两个数字人大模型，解决行业长期存在的 ...

新浪财经3月31日讯，美股中概股盘前涨跌互现，百度涨0.7%，拼多多涨0.1%，百济神州、阿里巴巴跌 0.1%，京东跌0.5%，网易跌0.8%，理想汽车跌2%。 ...

以下文章来源于Tech星球 ，作者任雪芸 Tech星球 . Tech星球，聚焦互联网前沿科技和新商业。 算力涨价席卷行业，AI应用进入淘汰赛。 将投中网设为"星标⭐"，第一时间收获最新推送 作者丨 任雪芸 来源丨 Tech星球 2025年4月时，阿里云曾率先打响价格战，京东云、腾讯云、华为云纷纷跟上，"最高降幅达 60%" 的甩卖口号此起彼伏，让这场本应聚焦技术与服务 的行业竞争，一度陷入价格混战。 但不到一年，市场的风向在2026年3月骤然转向。 2026年3月，从国外到国内厂商，包括谷歌云、亚马逊云、腾讯云、阿里云、百度智能云等，在10天内相继发布调价公告，核心AI算力与存储服务价格 普遍上调约30%至50%，其中腾讯云的部分核心产品涨幅高达400%。 这个动作打破了中国云计算行业多年来"持续降价"的定价惯例，不少市场参与者猝不及防。 但这个动作实际上揭开的是大模型时代算力供需失衡的尖锐矛盾。不少行业人士认为，集体涨价的直接导火索，核心是AI词元（Token）需求的爆炸式 增长。 根据国家数据局数据，2026年3月，中国日均Token调用量已突破140万亿，而这一数字在2024年初仅为1000亿，两年间增 ...

Core Viewpoint - The acquisition of Ceconomy by JD.com is facing regulatory challenges in Austria, raising questions about Europe's openness to global retail integration and the future of cross-border partnerships in the retail sector [2][3][13] Company Overview - Ceconomy is Europe's largest consumer electricals retailer, operating over 1,000 stores across 11 countries and generating nearly $23 billion in annual revenue, with 50 million loyalty customers [5] - JD.com is attempting to expand its integrated retail model into Europe, leveraging its logistics, data, and supply chain capabilities, while also launching its Joybuy marketplace in six European markets [6][11] Regulatory Challenges - JD.com's $2.5 billion bid for Ceconomy has encountered a regulatory roadblock in Austria, with the company expressing uncertainty about the transaction's completion amid ongoing reviews [3][4] - Ceconomy has accused Austrian authorities of not engaging in a collaborative solution process, while Austria claims to be fully cooperative in assessing risks related to security and critical infrastructure [4] Strategic Implications - The deal represents a significant opportunity for Ceconomy to enhance its service-led ecosystem model, which includes installation, repair, and financing services, positioning JD.com as an accelerant rather than just a buyer [6][12] - The potential for a fragmented approval process across Europe could complicate the acquisition, as different jurisdictions may impose their interpretations of strategic risk [9][10] Market Dynamics - JD.com’s expansion into Europe is driven by moderating growth in its home market and increasing competition, making international growth essential [11] - For Ceconomy, the stakes are high as it seeks to complete its transformation into a platform business, with JD.com providing a faster route to achieving this goal [12]