Market Overview - On February 5, US stock indices opened lower, with the Nasdaq down 1.58%, the Dow down 0.5%, and the S&P 500 down 1.04%. Over 3,000 individual stocks declined [1] - The Nasdaq China Golden Dragon Index rose by 0.58%, closing at 7504.59 points [3] Company-Specific Developments - Google shares fell over 6% due to concerns over high capital expenditure guidance [1] - NIO's stock increased by over 7% as the company reported its first quarterly adjusted operating profit [1] - Qualcomm's shares dropped over 10% following a weak Q2 earnings forecast [1] - Coupang, a South Korean e-commerce giant, saw its stock decline by over 9% after confirming a data breach affecting 165,000 users [1] - Estée Lauder's stock plummeted 18% due to increased marketing costs and lower-than-expected earnings guidance for the year [1] Sector Performance - Weight loss drug stocks faced setbacks, with Novo Nordisk down over 4% and Eli Lilly down over 3% [1] - Cryptocurrency-related stocks also fell, with Strategy down over 7%, Coinbase down over 4%, and Circle down over 2% [2] Commodity Market - Gold prices fell significantly, with spot gold down 3.16% to $4811.27 per ounce, and silver down over 16% to $73.695 per ounce [9] - Brent crude oil decreased by 2.97% to $67.40 per barrel, while WTI crude oil fell to $63.17 per barrel, down 3.02% [11]

Company Overview - JD.com is a leading supply chain-based technology and service provider in China, leveraging an extensive logistics infrastructure and digital platform to support large-scale e-commerce operations [6] - The company's integrated business model combines direct sales with third-party marketplace offerings, enabling efficient product delivery and broad customer reach [6] - JD.com offers a broad range of products including electronics, home appliances, and general merchandise, and provides online marketplace and logistics services [8] - The company generates revenue from direct sales, third-party marketplace commissions, logistics, and technology services, targeting individual consumers and third-party merchants primarily within China [8] Financial Metrics - As of February 4, 2026, JD.com shares were priced at $27.55, down 31.1% over the past year, underperforming the S&P 500 by 45.1 percentage points [3] - The market capitalization of JD.com is $43.99 billion [4] - The revenue for JD.com on a trailing twelve months (TTM) basis is $180.73 billion, with a net income of $4.88 billion [4]

白皮书创新提出"双三角耦合价值体系"，深化"四流合一"在企业全周期成本管理与多维价值创造方面作 用，同时为推动业采融合价值可量化、可评估，白皮书专门构建了数智采购供应链"降本增效指数"价值 评估模型和"业采融合"成熟度模型，为政企采购市场提供效果评估依据。近日，凭借体系创新与产业实 践，京东业采融合模式获得2025中国企业发展改革优秀成果一等奖，其先进范式备受行业认可。 当前，我国正加快建设全国统一大市场，深入推进数智供应链行动，数智技术的深度应用推动政企采购 迈入全新发展阶段。传统采购"价格、质量、效率"的不可能三角难以适配发展需求，推动采购部门 从"成本中心"向"战略价值中心"转型，成为政企突破发展瓶颈的关键。2025年1月，京东政企业务已联 合权威智库率先提出"业采融合"理念，如今通过价值白皮书发布，进一步完善理论框架、落地实践路 径，筑牢行业创新发展根基。 近日，京东政企业务联合中国社会科学院大学平台经济研究中心、首都经济贸易大学工商管理学院共同 发布《业采融合价值白皮书》，立足数智化采购4.0发展新阶段，系统阐释"业采融合"创新理念的实践 路径与价值体系，为政企采购供应链数智化转型、实现"降本增效+ ...

Group 1 - The core point of the news is the significant drop in precious metal prices, with gold experiencing its largest single-day decline in 40 years and silver hitting a historic intraday drop of 36% [1][2][4] - On January 31, spot gold prices fell over 12%, reaching a low of $4682 per ounce, while closing down 9.25% at $4880 per ounce [2][4] - Spot silver prices dropped to a low of $74.28 per ounce, closing down 26.42% at $85.259 per ounce [4][8] Group 2 - The sell-off in precious metals was triggered by the strengthening of the US dollar, following the announcement of Kevin Walsh as the new Federal Reserve Chairman, which raised concerns about the Fed's independence [4][6][7] - The dollar index saw a significant increase, marking its largest single-day rise since July of the previous year, which negatively impacted investor confidence in gold and silver [4][5] - The market was already experiencing a demand for a correction, and the combination of factors, including the Fed chair nomination and broader capital flow dynamics, acted as a catalyst for profit-taking [4][6] Group 3 - The broader US stock market also faced declines, with major indices closing lower due to uncertainties surrounding Federal Reserve policies, inflation pressures, and geopolitical risks [5] - The gold sector saw substantial losses, with major companies like Barrick Gold and AngloGold experiencing declines of over 10% [5] - The sell-off in precious metals was characterized by panic selling and profit-taking, particularly among leveraged positions, which exacerbated market volatility [8][12]

随着春节临近，年味越来越浓，这段时间，"年货已经进化成这样了吗"、"年轻人接管年货审美"等话题 在社交平台上持续发酵，折射出国人年货消费观念的变迁。从注重囤积、实在的"硬通货"，到追求健 康、新鲜与新奇特，年货清单的迭代，正是中国家庭生活品质不断升级的生动写照。 为满足消费者对年货赠礼的需求，2月4日，京东生鲜推出送礼惊喜日活动，围绕"心意年礼、鲜到万 家"的主题，带来多重惊喜优惠。活动期间，消费者可享"满99打8折，满199打6.5折"福利，爆款生鲜低 至6.5折；2月5日晚八点至2月6日，优惠力度持续加码，满199直接打5.5折，爆款生鲜同步低至5.5折。 不仅如此，还有千元生鲜年货大礼包抽奖活动，以及1元拍巨型帝王蟹、5J车厘子、伊比利亚5J黑标火 腿等超大生鲜，一站式满足消费者春节送礼场景，让高品质生鲜直达千家万户。 年货进化论：从"面子"到"里子"，京东生鲜重塑新年"礼"念 过去，年货是看得见、耐储存的"实体财富"，腊味香肠挂满阳台，是充满烟火气的富足宣言。而如今， 年轻一代主导的年货消费更注重"里子"——食材的健康属性、源头故事、独特体验，以及背后传递的情 感价值。人们追求的不再只是丰盛，更是品质 ...

银河证券认为，港股科技板块仍是中长期投资主线，在产业链涨价、国产化替代、AI应用加速推 进等多重利好共振下，有望震荡上行。 （责任编辑：刘畅 ） 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 恒生科技ETF南方(520570)及场外联接(A类：020988；C类：020989)跟涨恒生科技指数，该指数覆 盖了中国科技产业中最核心的方向：互联网平台、AI与算力、半导体、新能源汽车、智能硬件、生物 医药等，囊括了当前全球最具成长性的科技赛道。其成份股既包括腾讯、阿里、京东、快手等平台型公 司，也涵盖中芯国际、小米、小鹏等硬科技与制造端代表，形成了较为完整的科技产业链结构。 从最新市盈率看，截至2月4日，恒生科技指数的市盈率（PE-TTM）为22.38倍，位于指数成立以来 的25.69%历史分位数，处于历史估值相对低位。 港股主要指数调整，截至发稿，恒生科技ETF南方(520570)成交额超1.1亿元，交投活 ...

Core Insights - The ultimate goal of instant retail is not merely "faster" delivery but rather "better service" that effectively addresses consumer needs [1][3][16] - The industry is transitioning from "instant fulfillment" to "instant service," with over 70% of orders now catering to regular, scenario-based demands rather than emergency needs [3][5] Industry Evolution - Instant retail has evolved from focusing solely on speed to encompassing a broader range of services that meet diverse consumer needs [4][11] - The market size for instant retail in China is projected to exceed 1 trillion yuan by 2026 and reach 2 trillion yuan by 2030, indicating significant growth potential beyond being a mere supplementary service [5][10] Service-Centric Approach - The competition in the instant retail sector is shifting from "category competition" and "speed competition" to "service competition" and "scenario competition," emphasizing the importance of integrating services with products [7][9] - Successful instant retail models will focus on providing solutions rather than just selling products, thereby enhancing consumer experience and satisfaction [12][13] Consumer-Centric Strategies - Understanding consumer needs and preferences is crucial for instant retail businesses to develop personalized and differentiated service offerings [13][15] - Platforms must act as enablers, providing support and resources to help retailers enhance service quality and meet evolving consumer demands [15][17] Future Outlook - The future of instant retail lies in its ability to become an integral part of consumers' daily lives, addressing various needs and challenges through tailored services [16][17] - Companies that prioritize service quality and consumer understanding will lead the industry, while those that remain focused on speed and product variety may face obsolescence [17][18]

新浪科技讯 2月5日上午消息，近日，京东旗下保险经纪平台"京东保"正式启动"年货节"活动。 针对年终理财需求，京东保同步推出储蓄型保险专属福利。2月28日前，用户上京东金融参与理财知识 学习板块，可以获得福利京豆。 据介绍，此次京东保年货节主打"保障随心选，好礼添年味"。平台汇聚了包括车险、宠物险、医疗险、 意外险、家财险、旅行险以及多种储蓄型产品在内的丰富险种，一站式满足用户岁末年初出行、居家、 健康及财产等多维度风险管理需求。活动期间，用户打开京东App搜索"京东保"，参与平台提供的保险 知识学习板块，完成学习即可获得参与抽奖机会。 京东保相关负责人表示，作为京东生态重要组成部分，京东保始终秉承全链路服务理念，携手知名保险 公司，为用户打造可信赖、更便捷的保险体验。未来，京东保将继续依托京东集团的科技、供应链及服 务能力，不断创新产品与服务模式。 针对年终理财需求，京东保同步推出储蓄型保险专属福利。2月28日前，用户上京东金融参与理财知识 学习板块，可以获得福利京豆。 京东保相关负责人表示，作为京东生态重要组成部分，京东保始终秉承全链路服务理念，携手知名保险 公司，为用户打造可信赖、更便捷的保险体验。未来 ...

Group 1 - The core theme of consumer spending during the upcoming Spring Festival focuses on purchasing new year goods and gifts, with a notable increase in demand for smart and personalized products [1][2] - E-commerce platforms are leveraging technology and promotional activities to enhance consumer engagement and stimulate spending, indicating a robust consumer demand this year compared to previous years [1][3] Group 2 - Smart technology products are emerging as popular choices for new year gifts, with significant sales increases reported in home appliances, such as a 121% rise in sales of robotic vacuum cleaners and a 114% increase in embedded micro-steaming ovens [2] - The trend of "instant purchasing" for new year goods is gaining traction, with platforms like Meituan reporting substantial year-on-year sales growth in various categories, including a 572% increase in foot massage machines and a 503% increase in action cameras [2] Group 3 - The gifting of new year presents for elders and family members is a significant aspect of consumer behavior, with 45.6% of surveyed consumers prioritizing gifts for parents and elders, emphasizing health and safety as key considerations [3] - The e-commerce landscape is characterized by trends such as smart, personalized, and immediate consumption, driven by factors like consumption upgrades and improved infrastructure [3] Group 4 - Service consumption related to traditional activities, such as haircuts and cleaning, is experiencing a surge, with beauty services like hair dyeing seeing a 78% increase in search volume on Meituan [4] - The home cleaning service sector is also witnessing a peak in demand, particularly in major cities, with a doubling of orders for daily cleaning services [4] Group 5 - E-commerce platforms are actively developing AI applications to streamline the shopping experience, with initiatives like Meituan's AI search tool and JD's AI New Year Goods Map system aimed at enhancing consumer convenience and operational efficiency [5][6] - AI is expected to play a significant role in personalized recommendations and inventory management, potentially transforming the consumer market [6] Group 6 - New trends in gifting include creative products like blind boxes and culturally themed items, with 65.6% of consumers indicating plans to purchase themed gift boxes for the Year of the Horse [7] - The popularity of traditional clothing, such as Ming-style Hanfu, is on the rise, with sales in this category increasing by over 100% in the past month [7] Group 7 - E-commerce platforms are implementing various promotional strategies, including discount coupons and interactive live-streaming events, to further stimulate consumer spending during the New Year shopping season [7][8] - Future e-commerce operations should focus on enhancing value and building ecosystems that meet quality and cultural demands while expanding fulfillment networks in lower-tier markets [8]

Core Viewpoint - Apple products are being heavily promoted ahead of the Spring Festival, with significant discounts and subsidies available through JD.com, making it an attractive time for consumers to purchase Apple devices [1][10]. Group 1: iPhone Promotions - The iPhone 17 series offers a government subsidy of 500 yuan, with an additional trade-in discount of up to 800 yuan, bringing the price of the 256GB version down to 4699 yuan [3]. - The iPhone 17 Pro series includes a 300 yuan surprise coupon and a trade-in discount of up to 1100 yuan, with a total discount of 1500 yuan available, making the 256GB version available from 7699 yuan [3]. - Classic models like the iPhone 15 and iPhone 16 also have substantial discounts, with the 256GB iPhone 15 priced at 4099 yuan after subsidies, and the 256GB iPhone 16 starting at 5499 yuan [5]. Group 2: Mac Promotions - The MacBook Air M4 13-inch model is discounted by 1600 yuan, with a 15% government subsidy and a trade-in discount of up to 1100 yuan, resulting in a final price below 5269.2 yuan [7]. - The MacBook Pro M5 14-inch model has a price reduction of 800 yuan, with a government subsidy of 1500 yuan and a trade-in discount of up to 1000 yuan, leading to a starting price of 11138 yuan [7]. Group 3: Other Apple Products - The 11-inch iPad with A16 chip has a maximum discount of 1464 yuan, with a final price of 2416 yuan after applying a 15% government subsidy [9]. - The iPad Air 11-inch M3 version can be purchased for as low as 3699 yuan after discounts, and the Apple Watch Series 11 GPS 42mm version can be obtained for 1954 yuan after applying various subsidies [9]. - AirPods Pro 3 are available for 1599 yuan after a 5% government subsidy and a trade-in discount [9].