Market Overview - The Nasdaq China Golden Dragon Index (HXC) increased by 0.48% on January 28 [1] - The Dow Jones Industrial Average fell by 408.99 points, a decrease of 0.83%, closing at 49,003.41 points [9] - The S&P 500 Index reached a new intraday high of 6,988.82 points [10] - The Nasdaq Composite Index rose by 215.74 points, an increase of 0.91%, closing at 23,817.10 points [9] Gainers in Chinese Concept Stocks - TSMC rose by 1.67%, Alibaba increased by 0.78%, and Baidu gained 1.00% [1] - Notable gainers included: - Lianhua Electronics up 10.24% - Bilibili up 3.43% - NIO up 0.76% [1][9] Losers in Chinese Concept Stocks - Notable decliners included: - NetEase down 0.68% - JD.com down 0.94% - Ctrip down 2.39% [9] - Other significant losses were seen in: - Li Auto down 1.12% - Xpeng down 1.09% [9] Notable Stock Movements - The top gainers included: - Huya up 19.33% - Suxuan Hall up 23.97% - Wisdom Infinite up 31.25% [3][13] - The top decliners included: - Fanhua Financial down 11.42% - China Natural Resources down 9.38% [7][15]

Core Viewpoint - The major companies are engaged in an early marketing battle for the Chinese New Year, with various promotional activities including cash red envelopes and ticket giveaways, indicating a shift towards more integrated and experiential marketing strategies [1][3][4]. Group 1: Marketing Strategies - Alipay has launched its "Collecting Blessings" campaign for 2026, emphasizing a long-term ecological approach and integrating entertainment elements to enhance user engagement [3][4]. - Tencent is set to distribute 1 billion yuan in cash red envelopes through its Yuanbao app, focusing on AI-driven features and social interactions to attract users [3][6]. - JD.com is targeting the travel needs during the Spring Festival by offering daily draws for free train tickets in collaboration with 12306, enhancing the user experience through payment discounts [3][4]. Group 2: Differentiation in Approaches - Alipay's strategy involves deep partnerships with various entertainment IPs, aiming to create a fun and engaging atmosphere for users [4][6]. - Tencent's approach is more centered on its internal ecosystem, leveraging AI to enhance user experience and engagement through its Yuanbao product [6][8]. - JD.com is embedding its marketing efforts into real-life needs, such as travel, making the promotions more relevant and accessible to users [6][7]. Group 3: Trends in Marketing - The competition is shifting from merely offering large red envelope amounts to focusing on refined operations and understanding user scenarios, indicating a move towards more sustainable marketing practices [6][7]. - The integration of AI in marketing strategies is becoming more prominent, enhancing user experience rather than just showcasing technology [7][8]. - The marketing campaigns are designed to foster long-term user habits and engagement, rather than just short-term financial gains [7][8].

Group 1: Company News - Haolilai apologized for selling bread that had fallen on the floor, stating that the affected batch has been destroyed and employee training will be strengthened. The incident involved a new employee and occurred on January 25, 2026 [1] - Starbucks CEO Brian Niccol's total compensation for the fiscal year 2025 will be $31 million, a significant decrease from $96 million in fiscal year 2024 [2] - Anta Sports announced plans to acquire 29.06% of Puma SE for €1.505 billion, aiming to become the largest shareholder and enhance its global market position [3] - Mixue Ice City won a trademark infringement case against six similarly named companies, reinforcing its brand recognition as it prepares for a 2025 IPO [4] - Alibaba's charity initiative "Yiqi Hui Jia Guo Nian" promotes over 300 specialty products from 24 underdeveloped counties [5] Group 2: Industry Developments - The State Administration for Market Regulation penalized Shenzhen Romoss Technology for quality issues related to power banks, highlighting regulatory efforts to maintain market order [7] - Taobao Flash Sale participated in drafting the "Digital Service Standards for Elderly Meal Assistance," marking a significant step in community service [8] - JD.com launched a national subsidy program for specific 3C digital products, offering a 15% discount in 15 provinces [10] - Fat Donglai's founder announced a shift towards original research and development to enhance product quality [11] - Tmall International reported that 2,415 overseas brands opened their first stores on the platform in 2025, indicating strong growth in international brand presence [12] Group 3: Retail Expansion - Beijing Yonghui Supermarket's Hongkun Plaza store was forced to close due to property management issues, impacting its operations [15] - Sam's Club plans to open two new stores in Tianjin in 2026, with construction progressing as scheduled [16] - JD's Qixian Xiaochu brand is accelerating its national expansion, opening new stores in multiple cities [17] - Aote's store count in China reached 95, with plans to exceed 100 by the end of the first quarter [23] - McDonald's Shanghai location has reached 600 stores, with plans to expand to over 10,000 locations by 2028 [21] - Domino's Pizza opened its 1,405th store in Sanya, marking a significant milestone in its expansion strategy [21] - Master Kong's Chongqing smart production base has reached full production capacity, with a daily output of 150,000 boxes [21]

据悉，1月27日，刘强东给老家送年货的车队抵达光明村，在长达百米的送货车队中，两辆红色京东物流无人车分外显眼，为身后八辆9米6大货车"领 航"。 刘强东派无人车给老家送年货！ 1月27日，京东集团创始人、京东集团董事局主席刘强东在老家宿迁光明村村委会通过广播喊话村民领年货，"后天29号早上10点，正式开始发年货！今年 给每家每户的年货还是特别实在，大家把家里收拾收拾，腾出地方来，备好人手，三轮车、小推车，能用的都用上！" （文章来源：每日经济新闻） 据悉，"独狼"已发展至第六代，其车速45km/h，续航200公里，载重1吨。该车已在宿迁、深圳、武汉等多地常态运营并进入沙特试运行。此外，记者了解 到，车队中领头的物流司机蒋晓波是光明村人，他表示自己领年货多年，今年由他来配送，很骄傲很激动。 每日经济新闻综合自现代快报/现代+、极目新闻 智能配送无人车名叫"独狼"，在复杂的乡村道路上自主规划路径、规避障碍，带领后方车队前行。通过京东APP搜索"京东小哥"，全国用户可直击从宿迁 亚一发车到光明村的全流程。 ...

每经编辑｜程鹏 据悉，"独狼"已发展至第六代，其车速45km/h，续航200公里，载重1吨。该车已在宿迁、深圳、武汉等多地常态运营并进入沙特试运行。此外，记者了解 到，车队中领头的物流司机蒋晓波是光明村人，他表示自己领年货多年，今年由他来配送，很骄傲很激动。 编辑|程鹏 杜恒峰 刘强东派无人车给老家送年货！ 1月27日，京东集团创始人、京东集团董事局主席刘强东在老家宿迁光明村村委会通过广播喊话村民领年货，"后天29号早上10点，正式开始发年货！今年 给每家每户的年货还是特别实在，大家把家里收拾收拾，腾出地方来，备好人手，三轮车、小推车，能用的都用上！" 据悉，1月27日，刘强东给老家送年货的车队抵达光明村，在长达百米的送货车队中，两辆红色京东物流无人车分外显眼，为身后八辆9米6大货车"领 航"。 智能配送无人车名叫"独狼"，在复杂的乡村道路上自主规划路径、规避障碍，带领后方车队前行。通过京东APP搜索"京东小哥"，全国用户可直击从宿迁 亚一发车到光明村的全流程。 校对|许绍航 封面图片来源：视觉中国（资料图） 每日经济新闻综合自现代快报/现代+、极目新闻 ...

上述无人车首次受到大众关注，新京报贝壳财经记者了解到，其最高车速为60km/h，续航200公里，载 重1吨。目前，该车已在宿迁、深圳、武汉多地常态运营并进入沙特试运行。通过与车辆的"人机协 同"模式，快递员可免于重复往返站点。此举使站点运输成本降低21%，快递员日均配送时长缩短1小 时。 （文章来源：新京报） 新京报贝壳财经讯（记者程子姣）1月27日，京东创始人刘强东为老家准备的超万份年货送达，首批年 货车队从京东物流亚洲一号宿迁智能产业园（简称"宿迁亚一"）鸣笛发出。领航的无人车为"独狼"第六 代智能配送车，运用L4级自动驾驶能力，在复杂的乡村道路上自主规划路径、规避障碍。 ...

Core Viewpoint - JD Property Development Co., Ltd. (referred to as "JD Property") has resumed its IPO process in Hong Kong after nearly three years, following the listing of JD Industrial in December 2025 [1][3]. Group 1: Company Overview - JD Property focuses on the development and management of modern logistics infrastructure, leveraging its capabilities in project acquisition, financing, asset management, and capital circulation [5]. - The company began its operations in 2007, initially as part of JD Group's logistics strategy, and started independent operations in 2018 [7]. Group 2: Financial Performance - JD Property's revenue for 2023, 2024, and the first nine months of 2025 was reported as 2.868 billion, 3.417 billion, and 2.478 billion RMB respectively, with gross margins of 70.4%, 69.7%, and 67.9% [8][9]. - The company has faced criticism for its high dependency on internal transactions with JD Group, which accounted for over 30% of its revenue from infrastructure solutions [8][11]. Group 3: Business Model and Strategy - JD Property is transitioning towards a light-asset business model, aiming to enhance capital efficiency through systematic capital circulation strategies [12][13]. - The company has established multiple funds and investment tools, managing a total asset scale of 41 billion RMB as of September 30, 2025 [13]. Group 4: Profitability and Losses - Despite revenue growth, JD Property has not achieved profitability, reporting net losses of 1.829 billion, 1.200 billion, and 0.159 billion RMB for the respective periods [14]. - The losses are attributed to fair value losses on investment properties and assets held for sale, amounting to 1.8 billion, 1.6 billion, and 0.9 billion RMB [14]. Group 5: Future Plans - The proceeds from the IPO are intended for expanding the infrastructure asset network in key overseas logistics nodes, building a global talent team, and enhancing the density and quality of its infrastructure assets in China [14].

上述无人车首次受到大众关注，新京报贝壳财经记者了解到，其最高车速为60km/h，续航200公里，载 重1吨。目前，该车已在宿迁、深圳、武汉多地常态运营并进入沙特试运行。通过与车辆的"人机协 同"模式，快递员可免于重复往返站点。此举使站点运输成本降低21%，快递员日均配送时长缩短1小 时。 新京报贝壳财经讯(记者程子姣)1月27日，京东创始人刘强东为老家准备的超万份年货送达，首批年货 车队从京东物流亚洲一号宿迁智能产业园(简称"宿迁亚一")鸣笛发出。领航的无人车为"独狼"第六代智 能配送车，运用L4级自动驾驶能力，在复杂的乡村道路上自主规划路径、规避障碍。 ...

Group 1 - JD's instant retail platform, JD Seconds, has fully implemented the 2026 national subsidy program across 15 provinces, allowing consumers to access a dedicated subsidy section in the JD app for purchasing 3C digital products with efficient delivery services [1] - The products eligible for the subsidy include computers, mobile phones, tablets, smartwatches, and fitness bands from major brands such as Apple, Xiaomi, Huawei, OPPO, vivo, and Lenovo [1] - Consumers can enjoy a subsidy of 15% off the product sales price, with a maximum subsidy of 1500 yuan for computers and 500 yuan for mobile phones, tablets, and wearable devices [1] Group 2 - Since the implementation of the national "Two New" policy in 2024, JD has invested nearly 30 billion yuan to support the rural subsidy program, effectively promoting consumption growth in county areas [2] - In 2026, JD aims to leverage its supply chain and instant retail network to further promote the national subsidy policy, contributing to consumer stimulation and high-quality economic development [2]

Core Viewpoint - JD Property Development has submitted its A1 application to the Hong Kong Stock Exchange, aiming to raise funds for expanding its infrastructure network both domestically and internationally, enhancing service solutions to attract and retain customers [1] Group 1: Company Overview - JD Property Development was established as a supply chain ecosystem enterprise spun off from JD Group, focusing on modern warehousing, smart industrial parks, data centers, and new energy infrastructure [2] - The company has developed a portfolio of modern infrastructure assets, including 259 logistics parks, 20 industrial parks, and 6 data centers, covering 29 provincial-level administrative regions in mainland China and ten overseas countries and regions [2][3] Group 2: Financial Performance - As of September 30, 2025, JD Property Development's total asset management scale reached RMB 121.5 billion, with a 28.1% growth from early 2023 to September 2025 [3] - The company reported revenues of RMB 2.868 billion and RMB 3.417 billion for 2023 and 2024, respectively, with a 21.16% year-on-year revenue growth to RMB 3.002 billion in the first nine months of 2025 [4] - Despite recording losses of RMB 1.829 billion in 2023 and RMB 1.2 billion in 2024, the adjusted net profit increased significantly, reaching RMB 823 million in the first nine months of 2025, a nearly 77% year-on-year growth [5] Group 3: Business Model and Revenue Sources - JD Property Development's revenue model is based on infrastructure solutions, fund management, and other services, with over 90% of total revenue coming from infrastructure solutions [4] - The company benefits from JD Group's ecosystem, which contributes 30-40% of its revenue, enhancing sales efficiency and creating new employment opportunities [4] Group 4: Strategic Expansion - The company is focusing on strengthening its strategic layout and expanding its customer base while promoting technological upgrades in its infrastructure assets and services [6] - JD Property Development has initiated its international expansion in Southeast Asia, followed by entry into mature markets like the UK and Germany, and is now extending its focus to the Middle East due to its strong economic fundamentals [6]