中经记者 李静 北京报道 2026年1月26日，京东集团旗下京东产发（京东智能产发股份有限公司； JINGDONG Property，Inc.） 正式向香港联交所递交A1申请文件，对外披露了公司的资产规模、业务构成、竞争优势及海外战略， 再次冲刺港股主板上市。 作为中国领先的现代化基础设施开发及管理平台，京东产发将携超1200亿元在管资产、覆盖全球10余个 国家的280余个现代化基础设施资产奔赴资本市场。 网经社电子商务研究中心主任曹磊对《中国经营报》记者指出："京东产发递交上市申请标志着其作为 京东集团供应链基础设施核心平台的战略升级迈出关键一步。" 从"重资产"到"轻重融合" 招股书显示，京东产发是京东集团旗下的现代化基础设施开发及管理平台，也是京东供应链生态系统的 基石。 2020年至2024年，京东产发年均实现资产增值变现收益13亿元，累计回报率达到初始成本的40%。 第三部分收入来自基金/合伙投资平台管理。京东产发自2019年开始设立首只私募基金，截至2025年9月 30日，京东产发已经主导设立了5只核心基金、1只开发基金、1只收购基金、1个合伙投资平台，以及在 上海证券交易所的1只基础设施证券投资 ...

Core Viewpoint - Liu Qiangdong is returning to his hometown to distribute red envelopes while announcing the upcoming IPO of his seventh company, JD Intelligent Infrastructure Co., Ltd. [1] Group 1: Company Overview - JD Intelligent Infrastructure Co., Ltd., referred to as "JD Infrastructure," submitted its prospectus to the Hong Kong Stock Exchange on January 26, with major underwriters including Bank of America and Goldman Sachs [3] - This is not the first attempt at an IPO; the company previously submitted a prospectus in March 2023 but had to terminate it for unspecified reasons [3] - JD Infrastructure serves as JD's "facility manager," focusing on the development and operation of modern infrastructure, including logistics parks, industrial parks, and data centers [3] Group 2: Business Operations - As of September 2025, JD Infrastructure plans to have 285 infrastructure projects globally, comprising 259 logistics parks, 20 industrial parks, and 6 data centers, with a total construction area of 27.1 million square meters, equivalent to approximately 3,800 football fields [3] - The asset management scale of the company has surpassed 120 billion yuan [3] - In terms of industry ranking, JD Infrastructure is among the top three modern infrastructure providers in the Asia-Pacific region and ranks second in China [3] Group 3: Financial Performance - The company reported revenues of 2.868 billion yuan in 2023, projected to increase to 3.417 billion yuan in 2024, with 3.002 billion yuan already achieved in the first nine months of 2025, indicating solid profitability [3] Group 4: JD's Business Ecosystem - JD has successfully listed six companies prior to JD Infrastructure, including JD Group, JD Health, JD Logistics, Debon Holdings, Dada Group, and JD Industrial, establishing a diversified business empire [5] - The various sectors covered by JD, including retail, logistics, health, industrial, and infrastructure, allow for independent financing and synergistic effects among the companies [5] - JD Infrastructure's potential IPO could provide additional capital for overseas expansion, enhancing JD's influence in the capital markets [5][7]

北京商报讯（记者 何倩 实习记者 毛思怡）1月28日，北京商报记者从京东获悉，京东航空"武汉=曼 谷"定期国际货运航线正式开通，搭建起华中地区至东南亚市场的空中通道，京东航空亚太航空物流网 络布局再添关键支点。 京东航空相关业务负责人表示，"武汉=曼谷"航线去程搭载武汉光谷高价值电子产品、精密仪器及普 货、电商包裹，助力"鄂货出海"；回程重点运输以榴莲为核心的泰国热带水果及东南亚特色生鲜，从而 丰富华中进口市场品类。 截至目前，京东航空已构建覆盖日韩、东南亚、南亚的国际货运网络，陆续开通二十余条定期国际航 线。今年年初，京东航空首架A330宽体货机正式入列，进一步提升长距离、大载重运输能力。未来京 东航空将进一步拓展华中至东南亚、欧美市场的货运航线。 该航线由737-800BCF全货机执飞，单程最大业载达22吨，可满足各类货物批量运输需求；航班频次按 季节动态调整，其中1-10月份每周执飞三班（周二、周四、周日），11-12月份进行航班加密，每周执 飞五班（周二、周三、周四、周五、周日）。依托定班直飞与高频稳定优势，实现货物"即装即运、快 速通达"。航线开通当日，"京东物流（武汉）进出口商品集散中心"正式挂牌 ...

Core Viewpoint - Tencent has officially exited investments in JD.com and Meituan, signaling a strategic shift away from the competitive food delivery market to focus on artificial intelligence [3][4] Group 1: Strategic Shift - Tencent's CEO, Ma Huateng, announced the company's decision to withdraw from investments in JD.com and Meituan during the 2025 annual employee meeting [3] - This decision is interpreted as a strategic contraction in the fiercely competitive food delivery and community group buying sectors, with Tencent redirecting its focus towards core areas in artificial intelligence [3][4] Group 2: Competitive Landscape - The food delivery market has seen intense competition, with JD.com initiating a significant price war, followed by Meituan's quick response and Alibaba's entry through the integration of Ele.me into its Taobao Flash Purchase segment [3] - The combined investment of JD.com, Meituan, and Alibaba in this sector reached 80 billion yuan, with a notable increase of approximately 10 billion yuan in the third quarter compared to the second quarter [3] Group 3: Financial Impact - The high costs of competition have severely impacted financial performance, with JD.com reporting a 56% year-on-year decline in adjusted net profit to 5.8 billion yuan in Q3 2025 [4] - Meituan recorded a net loss of 16 billion yuan, marking its largest loss since going public, while Alibaba's net profit fell by 52% to 21 billion yuan, with a 72% decline when excluding GAAP adjustments [4] Group 4: Future Strategies - Despite Tencent's exit, competition in the food delivery and instant retail sectors remains fierce, with Alibaba demonstrating a commitment to increasing market share and investment in its Taobao Flash Purchase strategy [4][5] - Alibaba aims to enhance its user base and engagement by focusing on high-ticket users and expanding into non-food retail categories [5]

导语： 过去四十年来，中国成功探索并践行了融合规划、创新与开放的混合发展模式。当前，在复杂的地缘政治、地缘经济格局与技术创 新浪潮下，中国经济已呈现出新的发展态势。这一转变对中国经济自身意味着什么？中国经济是否已实现完全崛起？又将对全球经济产生何 种影响？ 1月21日，在瑞士达沃斯举行的世界经济论坛年会上，多位专家学者围绕"中国经济：全面崛起"这一核心议题，就复杂地缘政治背 景下中国经济的韧性及转型进行了深入探讨。 Q： 2025年，全球经济因主要经济体发起的贸易战留下深刻印记。 中国经济如何应对全球贸易战？从中能够洞察中国经济的哪些核心特征？ 世界经济论坛理事会成员 朱民 ： 中国经济在过去五年确实面临多重严峻挑战。首先是新冠疫情的冲击，随后是房地产行业的深度调整。2017年中国公寓销售面积 约为17亿平方米，目前已缩减至8.5亿平方米，行业规模减半。同时，地方融资平台面临巨额债务压力，消费市场也呈现疲软态 势。 尽管困境重重，但中国通过精准有效的宏观政策成功应对，尤其在房地产领域有效规避了系统性危机，这一成果实属不易。而这段 经历也让我们深刻认识到，必须彻底转变增长模式，不能再依赖房地产、地方融资、基础设 ...

趋势洞察：规划更加前置、目的地更多元化 京东旅行数据显示，与去年同期相比，今年春节提前7天以上预订行程的用户占比显著增长超4成。这 一"规划前置"的趋势在2025年十一假期已初现端倪，表明旅客正通过更早的决策来锁定心仪资源与价 格，寻求旅程的确定性与掌控感。 应对"确定性"出行需求，京东旅行春节大促推出大额神券与三大安心保障 春节出行更趋规划性与体验性，京东旅行以"确定优惠+安心保障"提供一站式方案 随着春节临近，旅游市场迎来年度消费高峰。根据京东旅行平台结合元旦、十一及春节预订数据发布的 观察显示，2026年消费者的旅行规划方式正发生深刻转变：一个以"深度松弛、理性规划、追求确定 性"为核心的新旅游消费图景正在展开。 "我们发现，旅客不再满足于走马观花。"京东旅行相关负责人分析道，"'连住度假'成为今年春节的鲜明 特征，平台上选择连住3天及以上的酒店订单占比大幅提升超30%，大家更希望在一个地方深入体验， 享受与家人团聚的松弛时光。在住宿选择上，舒适型酒店成为更多家庭的共识，这标志着品质、干净与 可靠已成为核心考量。" 以"确定性"方案，服务理性消费新时代 面对消费者对"确定性"与"高体验价值"的核心诉求， ...

Core Viewpoint - JD's Seven Fresh Supermarket is set to open two new stores in Beijing and Shanghai on January 30, offering a variety of fresh products and promotional deals to attract local consumers [1][15]. Group 1: Store Openings and Promotions - The new stores will feature special products and promotions, including significant discounts and buy-one-get-one-free offers, aimed at enhancing the shopping experience for families in Beijing and Shanghai [1][10]. - The online delivery service for the West Hongmen store has already begun, allowing residents to order products ahead of the official opening [3]. Group 2: Featured Products - The West Hongmen store will offer unique items such as live king crabs priced at 799 yuan each, fresh salmon at 79 yuan per pound, and large blueberries at 69.8 yuan per box [5]. - The store will introduce a range of "24-hour fresh" products, including vegetables and eggs that are delivered within 24 hours from the farm to the shelf, ensuring maximum freshness [8]. Group 3: Local Specialties and Events - The Shanghai store will focus on local flavors, featuring a section for seasonal vegetables from Chongming Island and popular local products like Australian beef and Norwegian salmon [10]. - Various opening activities will be held, including over 30 tasting stations, allowing customers to sample global delicacies while shopping [10][14]. Group 4: Additional Offerings - The stores will also provide a selection of freshly baked goods, including a reduced-sugar strawberry box and other pastries at promotional prices [12][14]. - A wide range of products across multiple categories will be available under the "buy one, get one free" promotion, catering to diverse household needs [14].

为切实回应高空户外作业需求，并在新春佳节向"云端建设者"们致以敬意，京东服饰美妆联合13家品牌，特别为他们准备了有品质、又暖心的年货礼 包。礼包内含大家户外作业需要的海澜之家马年贺岁系列羽绒服、鸭鸭防寒羽绒马甲、超级安踏热能软甲保暖内衣、有棵树骐骥红品套装等实用保暖衣物； 以及日常防护所需的温碧泉与丸美保湿面霜、足力健与OPP舒适鞋靴、康舒防护护膝；同时还为他们的家人准备了海德双肩包等好礼，饱含满满心意。 "桥面风大，气温低，京东送来的这些羽绒服、护膝和内衣等，特别实用，颜色也喜庆，谢谢大家。"一位桥梁工人表示。据贵州六盘水水城京东快递站 站长谢宏介绍，这些年货历经三个多小时山路颠簸，安全、准时地送达了工地。目前，京东物流已实现全国县域全覆盖及行政村基本覆盖，即便在偏远山 区，也能提供高效可靠的送达服务。 春节临近，京东携手数百家知名品牌及明星大咖，发起2026年"我给老家送年货"活动，邀请全国用户为家乡亲人传递温暖心意。1月28日，这份情谊翻 山越岭抵达贵州山区，京东服饰美妆携手海澜之家、ROCK&ICE、丸美等品牌，走进"世界第三高桥"、"世界第一高六车道桥"——贵州安盘高速天门特大桥 建设一线，为在严寒 ...

AI互动区同样亮点纷呈。元萝卜AI下棋机器人搭载京东自研 JoyInside 附身智能技术，以有温度的拟人 化交互成为智慧陪练，助力锻炼逻辑与策略思维。此外，早教益智区的京东京造 AI 智能台灯、AI 闹 钟，则从细节处构建健康高效的学习环境。 科技助力乡村教育，助力弥合数字鸿沟 融合科技与教育，构建沉浸式学习空间 这间综合AI教室突破了传统电教模式，构建了一个集阅读拓展、创意实践与智能互动于一体的沉浸式 科技启蒙学习空间。京东系统引入优质数字化资源与前沿科技体验，不仅提供工具，更着力于激发学生 好奇心，培育面向未来的创新思维与综合素养。 在阅读成长区，多位 AI 学习伙伴各展所长。小猿学习机化身专属AI老师，为孩子规划个性化学习路 径；阿尔法蛋全科扫拍学习机，扫描即享全科答疑；科大讯飞（002230）听力宝打造沉浸式语言环境， 助力听说能力同步提升；JDRead阅读器以纸质书般舒适体验，开启广阔书海；乐乐趣点读笔支持语音 互动，激发孩子探索欲；魅族AI眼镜则带来互动学习体验，可实拍实录、AI问答，进一步拓展数字化 学习维度。 3D创意区则是连接想象与现实的核心空间。这里配备了拓竹A1 mini 3D打印机， ...

为切实回应高空户外作业需求，并在新春佳节向"云端建设者"们致以敬意，京东服饰美妆联合13家品牌，特 别为他们准备了有品质、又暖心的年货礼包。礼包内含大家户外作业需要的海澜之家马年贺岁系列羽绒服、 鸭鸭防寒羽绒马甲、超级安踏热能软甲保暖内衣、有棵树骐骥红品套装等实用保暖衣物；以及日常防护所需 的温碧泉与丸美保湿面霜、足力健与OPP舒适鞋靴、康舒防护护膝；同时还为他们的家人准备了海德双肩包 等好礼，饱含满满心意。 "桥面风大，气温低，京东送来的这些羽绒服、护膝和内衣等，特别实用，颜色也喜庆，谢谢大家。"一位桥 梁工人表示。据贵州六盘水水城京东快递站站长谢宏介绍，这些年货历经三个多小时山路颠簸，安全、准时 地送达了工地。目前，京东物流已实现全国县域全覆盖及行政村基本覆盖，即便在偏远山区，也能提供高效 可靠的送达服务。 目前，京东"我给老家送年货"活动正在进行中，京东服饰美妆汇聚海量暖心年货，不仅带来官方直降不止5折 的优惠，更推出"天天抽免单"等互动玩法。即日起登录京东APP，搜索"服饰美妆年货节"，即可挑选实用好 礼，将心意送往每一个牵挂的角落，共享一个温暖团圆年。 春节临近，京东携手数百家知名品牌及明星大咖，发 ...