出品｜公司研究室基金组 文｜张阳 "本想赎回基金止损，没想到不仅没拿到钱，还倒欠京东金融300多块！"2月3日，一位持有国投瑞银白银期货LOF的投资者在小红书晒出交易记录，引发大 量国投白银LOF投资者的共鸣。 2月2日，该基金单日净值暴跌31.5%创下公募纪录，而通过京东金融"极速赎回"的用户，因平台垫资与实际净值差额，陷入了"卖基金倒贴钱"的荒诞局面。 这场风波不仅暴露了基金公司与销售平台的风险漏洞，更让普通投资者承受了超出预期的损失。 国投瑞银怕产生挤兑未提前公告 国投白银LOF单日暴跌31.5%的导火索，源于国际银价与国内银价之间的极端背离。 1月30日至2月2日，伦敦银现价格从115.87美元/盎司跌至79.20美元/盎司，累计跌幅达31.65%。然而，国内上期所沪银主力合约因受±17%涨跌停板限制，2月 2日仅下跌17%。 2月2日国内开盘后，基于国内白银期货17%的涨跌停限制，不少投资者认为当日国投白银LOF场外基金的亏损最多不超过17%，因此选择赎回止损。 但2月2日晚，国投基金公司突然公告，将国投白银LOF基金所持6只白银期货合约的估值方法，从"上海期货交易所结算价"改为"参考国际银价波动" ...

Group 1 - The Hong Kong stock market experienced fluctuations, with the Hang Seng Index closing at 26,847.322, a slight increase of 0.047% [1] - Real estate stocks saw significant gains, with Shimao Group rising over 14%, Sunac China up over 8%, Vanke Enterprises increasing over 6%, and Yuexiu Property up over 6% [1] - Coal stocks also performed well, with Yanzhou Coal Mining rising over 10% and China Shenhua Energy increasing over 5% [1] Group 2 - The Hang Seng Tech Index dropped by 1.844%, with major tech companies showing poor performance [3] - Tencent Holdings fell nearly 4%, Baidu Group declined nearly 3%, Xiaomi Group dropped over 1.8%, JD Group decreased over 1.6%, and Alibaba fell nearly 1% [3][4] - Semiconductor stocks were sluggish, with Fudan Shanghai falling over 5%, Hua Hong Semiconductor down nearly 5%, GigaDevice down over 3%, and SMIC down over 2% [5]

马年新春将至，AI 玩具凭借家庭陪伴与情感联结的核心价值，成为年货市场的新晋热门。 春节的核心是团聚，是情感的流动与交融，而 JoyInside 此次双功能升级，正是深度融入春节场景，为 消费者打造的解决"跨代陪伴"痛点的差异化新年礼物。 对于孩子，它是"会社交的智能玩伴"，让孩子能以安全的方式，向小伙伴、远方的祖辈传递思念与新春 祝福，培养社交表达能力；对于长辈，它是"懂乡音的暖心陪伴"，一声地道的方言问候，瞬间拉近亲情 距离，填补陪伴空白；对于整个家庭，它更是集"社交连接、乡音陪伴、歌声欢乐"于一体的情感载体， 一台设备即可激活全家互动，让大人孩子围坐一起体验趣味功能，让科技的温暖弥漫在新春团圆的每一 刻。 JoyInside 此次双功能升级，是基于京东JoyAI大模型能力，在"社交 + 智能交互"领域的又一次重要探 索。未来，JoyInside 将持续深耕这一双生态，不断迭代完善功能体验，以"守护家庭情感联结"为初心， 让科技成为亲情的纽带，让每一个家庭的团聚，都更有暖意、更具新意。 长久以来，智能硬件市场始终存在 "品牌孤岛" 的行业痛点，不同品牌、不同品类的设备之间无法实现 互联，导致用户体验高度割 ...

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，至高500000京豆，相当于在京东消费用京豆抵扣，至高可减5000元。 随着农历新年临近，年货消费市场持续升温。近日，京东旗下保险经纪平台——京东保正式启动"年货 节"活动，不仅为用户提供覆盖全场景的保险保障产品，更创新性地融合理财服务与知识普及，推出"购 险有好礼、存钱享福利"双重惠民权益，旨在为广大消费者送上一份兼具安全感和获得感的新春贺礼。 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，用户参与方式简单且富有获得感。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，有机会赢取马年黄金金 钞、平台消费类优惠券等精美礼品，为新年添彩。 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 ...

第八届京东影像大赛自今年6月启动以来，吸引了众多摄影爱好者参与，活动经过数月的作品征集，收 到来自全球超10万的影像爱好者超73万幅投稿作品，这些作品涵盖风光、人像、日常纪实等多个类别， 多角度展现了大众对影像创作的热情与多元视角。 据了解，赛事已进入专业评委评选环节，五大洲环球之旅、价值10万相机设备等大奖也将揭晓。同时， 10月28日，京东影像大赛将联合第30届全国摄影艺术展览在厦门正式举办线下颁奖典礼与优秀作品展， 共同见证获奖时刻，沉浸式感受影像艺术的魅力。而恰逢京东11.11开启，赛事热度带动消费热潮，京 东3C数码携手索尼、佳能、尼康、大疆、松下等大牌带来微单、运动相机等多样专业设备，满足摄影 爱好者对高品质影像创作的追求。 本次评选邀请到中国文联副主席、中国摄影家协会主席李舸，中国摄影家协会副主席、河南省摄影家协 会主席刘鲁豫等业界权威担任评委，从作品原创性、主题契合度、视觉表现力等多个维度进行严格评 审，以确保结果公平专业。评审结束后，赛事将分别选出相机赛道和手机赛道各TOP 10优秀作品，这 些作品后续会登陆京东摄影大赛小红书专题页开展线上评审，用户可在小红书搜索"京东影像大赛"参与 互动， ...

按下快门，每一帧都是生活中的高光时刻。2025年6月至11月，第八届京东影像大赛如约而至。与往届 相比，本届京东影像大赛持续创新玩法，以更丰富的七大投稿主题、让更多热爱摄影的记录者共同参与 的相机及手机设备双重赛道、持续6个月的超长赛程、更权威的全球影像顾问评审阵容、五大洲环球之 旅等更富意义的奖项……吸引带动更多摄像爱好者开启拍摄行动，力求掀起全民摄影摄像热潮。 在参赛方式上，本届影像大赛多平台参赛也让投稿更加方便快捷。参与者可识别下方图虫、500px渠道 二维码参与投稿，也可以打开知乎搜索"京东影像大赛"或小红书搜索"致每一个开拍时刻"进入活动页参 与其发布的京东影像大赛活动。本次大赛作品征集时间为即日起至10月9日，并于2025年11月10日-11月 17日公示最终获奖名单。 与此同时，赛事期间京东更联合索尼、佳能、尼康、松下等大牌为用户带来更多专业相机装备，打开京 东搜"京东影像大赛"直达会场可享24期免息、国家补贴15%、大额优惠券等福利，用又好又便宜的购物 体验为参赛者提供硬核装备。 参与赢亚非欧等五大洲环球之旅 京东影像大赛大奖重磅升级 京东影像大赛自2017年首届举办，至今已成为行业内备受关注 ...

Core Insights - The consumer index data from Worldpanel indicates that the sales of China's urban fast-moving consumer goods market will grow by 1.5% year-on-year in 2025, maintaining a stable development trend [1] - The contribution rate of final consumption expenditure to economic growth has reached 52.0%, an increase of 5.0 percentage points compared to 2024, making it the main driver of economic growth [2] - The retail market is experiencing a dual trend of "acceleration" and "braking," with retailers focusing on high-potential areas while optimizing existing resources [13][15] Market Performance - In 2025, the sales growth rate in the eastern and northern regions will exceed the overall growth rate, with lower-tier cities showing a sales growth rate of 1.9%, indicating ongoing potential in the sinking market [1] - The beverage and food categories are leading growth, with annual sales increasing by 3.6% and 3.1% respectively [1] - The modern channel sales in urban areas will see a slight decline of 0.3% in 2025, with small supermarkets capturing the demand for daily household consumption [4] Retailer Dynamics - Walmart has surpassed the Gao Xin Retail Group, with its Sam's Club maintaining rapid sales growth, increasing its market share in modern channels by 1 percentage point compared to the previous year [4] - The top ten retailers are experiencing a continuous decline in market share, with a 0.7 percentage point drop in modern channels [5] - Local retailers like Anhui Hejiafu and Hubei Huangshang are maintaining their market share in modern channels, showcasing their competitive edge [8] Consumer Behavior Trends - The consumer demand is diversifying, with new consumption scenarios emerging, particularly in out-of-home dining, which is expected to see a 6% year-on-year increase in customer flow in 2025 [2] - The penetration rate of the pre-positioned warehouse model has reached 9%, a year-on-year increase of 2.2 percentage points, indicating a shift in consumer shopping habits towards instant delivery [10] - The retail industry is evolving towards a "near-field optimization and far-field expansion" model, focusing on precise consumer engagement and comprehensive coverage [9] Strategic Shifts - Retailers are increasingly focusing on developing private labels, with the penetration rate of private brands reaching 56.8%, up over 11 percentage points from the previous year [14] - The discount retail format remains popular among consumers, with penetration rates for bulk snack stores and discount stores increasing by 4.8 and 2.9 percentage points respectively [14] - The integration of online and offline channels is deepening, with platforms like Taobao and JD.com transforming into comprehensive service platforms [17][18] Future Outlook - The retail market is expected to continue its dual path of "acceleration" and "braking," with ongoing adjustments and optimizations [15] - The focus will shift towards building emotional connections with consumers and enhancing demand response efficiency, moving from merely meeting needs to anticipating them [11][12] - The competition in the retail sector will become more complex and diverse, requiring brands and retailers to innovate and enhance service experiences to maintain competitive advantages [20][21]

Group 1 - Alibaba's Qianwen App has launched a "Spring Festival Treat Plan" with an investment of 3 billion yuan, collaborating with various Alibaba ecosystem businesses to distribute cash red envelopes and offer free order opportunities [1] - Tencent and Baidu have also initiated similar promotional activities, with Tencent distributing 1 billion yuan in cash red envelopes through its Yuanbao App and Baidu offering 500 million yuan in cash red envelopes for users of its app [1] - Multiple internet platforms are engaging in marketing activities to promote their AI capabilities during the Spring Festival, indicating a competitive landscape focused on capturing consumer spending potential [1] Group 2 - AI technology is enhancing consumer demand in the market, with applications providing personalized recommendations based on real-time data, such as air quality and dietary needs [2] - The integration of AI in consumer products is shifting the focus from simple recommendations to understanding consumer needs through contextual awareness [2] - Xiaomi and Ant Group have introduced new functionalities in AI glasses, showcasing the ability to execute consumer decisions in real-world scenarios, indicating a growing trend in AI-driven consumer electronics [3] Group 3 - The demand for AI-driven consumer products is expected to rise significantly, with projections indicating that sales of smart products on JD.com will more than double by 2025 [3] - The Chinese government's "Artificial Intelligence +" initiative aims to enhance consumer quality through the development of smart products and integrated environments [3] - The year 2026 is anticipated to be pivotal for the widespread adoption of AI consumer terminals, as indicated by industry reports [3] Group 4 - The surge in AI-driven consumer activities during the Spring Festival is supported by robust computing power, with Alibaba Cloud preparing for potential traffic spikes to ensure stable operations [4] - The increasing demand for AI applications during peak consumption periods necessitates enhanced computing capabilities to improve consumer experiences and reduce operational costs for businesses [4]

Group 1 - Guotou Ruijin Fund announced an adjustment to the valuation method of its silver LOF, leading to a significant drop of over 31% in the net asset value of its silver futures A shares on the same day [8] - The adjustment sparked controversy among investors, particularly regarding the timing of the announcement, which was made after trading hours [8] - The fund stated that prior notice could have led to panic and potential runs on the fund, hence the decision to announce post-trading [8] Group 2 - The stock price of Cambrian Technology plummeted by 12.88%, resulting in a market value loss of nearly 700 billion yuan, marking its largest single-day drop since September 2025 [9] - Cambrian responded to the market concerns by stating it was unaware of the specific reasons for the stock decline and emphasized that its operations were progressing smoothly [9] - Analysts suggested that high valuations and increased competition in the AI chip sector may have contributed to the sell-off [9] Group 3 - Tencent and other internet companies faced a significant drop in stock prices due to rumors of an increase in value-added tax, which were later debunked as false [10] - Tax experts clarified that the current VAT rates for these companies remain unchanged at 6%, alleviating concerns over potential tax hikes [10] Group 4 - Adobe announced it will discontinue its 2D animation software, Adobe Animate, by March 1, 2026, citing advancements in technology and changing user needs as reasons for the decision [11] - The software has been in use for over 25 years and has played a significant role in the animation ecosystem [11] Group 5 - JD.com announced it will invest over 1.3 billion yuan in benefits for frontline employees during the Spring Festival, including bonuses and subsidies [7] - The initiative aims to provide support and a sense of community for employees working during the holiday season [7] Group 6 - Red Star Capital completed the global acquisition of the antibiotic Moxifloxacin, establishing a new biopharmaceutical company focused on infection and respiratory diseases [11] - The acquisition includes essential assets such as drug registration certificates and intellectual property rights [11]

Group 1 - The core issue revolves around the quality concerns of Chow Sang Sang's gold pendants, which were found to have varying gold content levels, with the highest at 99.99% and the lowest at 64.37%, showing a difference of 35.62% [3][5] - Chow Sang Sang's official response emphasized that all their gold products meet national standards, with a gold content of no less than 990‰, and they are taking the matter seriously by conducting further tests [5][3] - The company has sent the same batch of products for testing to the National Gemstone and Jewelry Testing Center, which confirmed the gold content as 99.99% in multiple tests [5][3] Group 2 - The market is experiencing significant volatility, with various sectors, including precious metals, facing sharp declines due to panic selling and high leverage [17][12] - The domestic automotive market is showing a clear divide, with traditional brands like SAIC and Geely seeing over 20% growth, while new energy vehicle startups are facing collective declines [17] - The gaming industry is under scrutiny for potential tax adjustments, with rumors causing stock price drops among major companies like Tencent, although these rumors have been deemed unreliable [14][12]