Investment Rating - The report suggests a focus on the Hainan sector and sub-sectors with performance elasticity during the Spring Festival, indicating a positive medium-term outlook for new consumption growth, transformation recovery, overseas expansion, and policy benefits [3] Core Insights - Following the new gold tax policy, there has been a price increase in gold jewelry at retail terminals, highlighting the importance of brand strength and product quality [1][2] - The new tax policy differentiates between investment and non-investment uses of standard gold, affecting tax deductions and pricing strategies for retailers [2] - Major brands have raised their gold prices post-policy implementation, with increases ranging from 58 to 70 CNY per gram for leading brands [2] Summary by Sections 1. Market Review - The retail index increased by 0.31% this week, underperforming the Shanghai Composite Index by 0.77 percentage points [9] - The retail sector's performance ranked 17th among all sectors during this period [9] 2. Company Dynamics - Small Commodity City has acquired land for a cultural and commercial complex for 3.2 billion CNY [16] - West China Tourism plans to issue up to 30.61 million shares to raise no more than 300 million CNY for working capital and debt repayment [16] 3. Industry Dynamics - Xiaohongshu has obtained a payment license, indicating a significant development in the digital payment landscape [22] - Starbucks has partnered with Boyu Capital to expand its retail operations in China, aiming to increase the number of stores to 20,000 [22] - JD's global sales during the Double 11 event saw a transaction volume increase of over 300% in cross-border shipping areas [23]

Core Insights - JD.com is launching a major promotional event for the 11.11 shopping festival, offering significant discounts across various categories including fashion, beauty, and luxury items [1][15] - The event features a "please guest" campaign with participation from numerous brands and celebrities, providing consumers with unique offers and products at very low prices [3] Promotions and Discounts - Discounts start at 15% with additional offers such as beauty coupons and luxury items available at up to 80% off [1] - Specific examples of discounted products include men's and women's winter clothing, with prices like 1799 yuan for a Fila jacket and 499 yuan for a down jacket [3] - Footwear discounts include brands like Belle and Clarks, with prices starting from 499 yuan [5] Product Categories - The event includes a wide range of categories such as children's clothing, lingerie, and skincare products, with notable items like Balabala children's down jackets and SK-II skincare products [7][9] - Fitness and sports equipment are also featured, with items like Yonex badminton rackets priced at 203 yuan and Decathlon bicycles at 1289.9 yuan [11] Accessories and Luxury Items - The promotion highlights luxury accessories including gold jewelry and designer watches, with discounts such as 10% off on certain items [13] - Special offers on high-end products like Montblanc belts and Samsonite bags are also part of the campaign [13] Shopping Experience - Consumers can access the promotions by searching "服饰美妆1111" on the JD.com app, emphasizing the ease of shopping during this peak promotional period [15]

Core Insights - Titanium cookware is gaining popularity due to its health benefits, lightweight, and durability, with a projected compound annual growth rate of 109% from 2023 to 2025 according to JD.com [1] - The shift from niche to mass consumption of titanium cookware is driven by JD.com's "super supply chain" capabilities, facilitating a transformation in China's manufacturing from "mass production" to "flexible intelligent manufacturing" [1] Group 1: Product Innovation - JD.com's "Hongyun Tandou" cookware utilizes plasma titanium melting technology to create a natural physical non-stick layer, eliminating harmful chemical coatings and ensuring a healthy cooking experience [2] - The cookware series has received multiple international design awards, showcasing the integration of traditional Chinese cultural elements with modern industrial design [2] - The titanium health coffee cup emphasizes lightweight design and corrosion resistance, balancing portability, aesthetics, and health [5] Group 2: Supply Chain Transformation - JD.com's "super supply chain" empowers traditional manufacturing by collaborating with over 70% of domestic industrial belts, enhancing product development through data sharing and logistics support [5] - In the Zhejiang Yongkang industrial belt, traditional manufacturing is undergoing significant changes, with advanced technologies reducing defect rates by over 60% compared to manual operations [5] - The flexible supply chain allows for rapid transformation of consumer demands into product development directions, improving efficiency and reducing waste [5] Group 3: Market Dynamics - The transition of titanium cookware from niche to mass market is attributed to improved cost-performance ratios, making previously expensive products more affordable [6] - JD.com's supply chain optimization enhances resource allocation and collaboration efficiency, significantly reducing supply chain risks [6] - JD.com has served over 10 million users, achieving a new product development success rate of over 90%, connecting consumer needs with manufacturing sources [6][7]

本报讯(记者梁傲男)京东消费数据显示，2023年至2025年，钛厨具成交金额复合增长率高达109%。这一 消费趋势的背后，是京东依托其"超级供应链"能力，推动钛厨具从小众市场走向大众消费，同时带动中 国制造业从"大批量生产"向"柔性智造"转型升级。 近日，《超级"真"探》栏目携手京东京造采销，走进"世界五金之都"永康产业带，深入京东京造"鸿运 当头"炒锅工厂和钛健康咖啡杯工厂，探秘京东如何通过柔性供应链建设，将前沿科技转化为普惠于民 的品质生活好物。 京东京造推出的"鸿运当头"锅具采用等离子钛熔射技术，在锅体上形成天然物理防黏层，真正做到零化 学涂层，从源头上杜绝有害物质析出的可能，让消费者享受健康烹饪的安心体验。同样，钛健康咖啡杯 则聚焦轻量化设计与抗腐蚀性能，通过上百道精细工序，实现了便携、美观与健康饮水体验的多重平 衡。这些产品的问世，不仅体现了中国设计的原创能力，更彰显了中国制造向"中国智造"迈进的坚定步 伐。 优质产品的背后，是京东"超级供应链"对传统制造业的深度赋能。京东京造依托京东基于过去二十多年 来锤炼的供应链基础设施能力，与国内超70%产业带展开合作，通过数据共享、物流支持等核心能力， 建立 ...

Core Insights - The eighth China International Import Expo (CIIE) showcased the efficient transformation of exhibits into commodities, highlighting the strategic partnership between JD Supermarket and New Zealand dairy company Fonterra [1][7] - The collaboration aims to optimize the supply chain and introduce customized products to meet Chinese consumers' demand for fresh and diverse imported dairy products [1][6] Group 1: Supply Chain Innovations - The "58 Days Fresh" supply chain system was announced, ensuring that imported milk from New Zealand is delivered to Chinese consumers within 58 days, setting a new benchmark for quality and price in the industry [6] - The supply chain involves meticulous coordination across hemispheres, including sterile packaging at the source, efficient logistics by JD, stringent quality checks, and comprehensive customs clearance processes [6] Group 2: Product Customization and Market Strategy - JD Supermarket and Fonterra have achieved a milestone with the customized A2 eco-friendly milk, surpassing sales of 2 million boxes, and are now expanding their product matrix with three new customized products [6] - The new products include a family-sized 1L milk package tailored for JD's channel and a premium high-calcium children's milk, targeting the high-end children's nutrition market [6] Group 3: Industry Impact - The partnership exemplifies the acceleration of transforming exhibits into commodities at the CIIE, providing a model for collaboration between e-commerce and international brands, and driving the upgrade and development of the imported dairy industry [7]

| 补 2000元 | 购车补贴 | ¥45.400 | | --- | --- | --- | | 领 2500元 | 泉 泉 卡 | 双11限时租电购买价 | | | 原日中的最新的LUS® | | | | GE 享受权益 | | | | 首年至高省万元 | | | 电池月租金优惠 | 限12月8日24点前下定用户 | 399元/月(原499元/月) | | 换电服务费减免 | 圆12月8日24点前下定用户中的原东PLUS会员 减免100次提电服务费 | 最高2000元 | | 京东甄选折扣 | 前1000名下定用户赠送价值198元原东1号会员店年 115000名下定用户直抓值特价购新车礼包权益 | 首年价值超1000元 | | 京东保 新车车险8折 | 前1000名下定用户原东保 新车车龄8折优惠 | 整单补贴20% | | 京东价保180天 | 開12月31日24点開業成員泰用户,基礎機系(丹農 图1BO天价值:电池租用监监价,租速月租窗, | 10倍差额赔付 | | 跨年购置税补贴 | 圆11月30日前下定用户,因车辆生产、训 胶质年交付车辆: | =2200元 | | 电池买断补贴 | 400 下 ...

Core Viewpoint - JD Auto officially announced the price of the Aion UT Super, with a battery rental price starting at 49,900 yuan, and after subsidies, the minimum price for PLUS members can be as low as 45,400 yuan [1] Pricing and Discounts - The purchase price of the Aion UT Super is 89,900 yuan, and after subsidies, the minimum price is 85,900 yuan, significantly lower than previous market predictions [1] - For the first 1,000 JD PLUS members who place an order by December 8, the battery rental price is reduced from 499 yuan/month to 399 yuan/month [3][5] - Users who place orders by November 30 can receive a full vehicle purchase tax subsidy if delivery is delayed due to non-user factors [4][5] Vehicle Specifications - The Aion UT Super is a compact electric vehicle with dimensions of 4270mm in length, 1850mm in width, and 1575mm in height, featuring a wheelbase of 2750mm [8] - It is equipped with a motor that has a maximum power of 100 kW and a maximum torque of 145 Nm, with a CLTC range of 500 km [11] Collaborative Efforts - The Aion UT Super is a product of collaboration between JD, GAC, and CATL, with JD focusing on consumer insights and exclusive sales, while not directly involved in manufacturing [11] - The launch of the Aion UT Super is seen as a redefinition of the value standard for "national good cars" through the collaboration of the three parties [11]

11月9日，京东联合广汽集团、宁德时代推出的"国民好车"埃安UT super正式上市，租电购买价限时优 惠4.99万元起，符合条件的京东会员购买门槛更是低至4.54万元；整车购买价限时优惠8.99万元起。 埃安UT super由京东携手广汽集团、宁德时代联合打造，整合了京东在用户洞察和卖车、养车等方面的 优势资源，以及广汽整车制造能力和宁德时代的电池技术及换电生态。续航方面，埃安UT super搭载宁 德时代巧克力电池，以500公里超长续航实现"一周一充"，并支持99秒极速换电；空间方面，该车基于 A级车平台打造出2750mm的轴距，带来宽敞舒适的乘坐体验；智能体验方面，作为华为云车机首搭车 型，具备"无限功能、无限算力、无限存储、无限更新"的智能体验；安全方面，更配备同级独有的倒车 哨兵与540度全景影像，切实为消费者带来一款国民级的高品质好车。 作为独家销售平台，京东汽车联合三方资源推出返现权益。截至12月31日前完成补贴申购的前15000名 下定用户，可享政府补贴与品牌专项补贴，其中选择电池租用方案的用户可获2000元/台补贴，整车购 买则可享受4000元/台补贴。此外，11月9日20点起下定的前100 ...

Core Viewpoint - The launch of the Aion UT Super, a collaborative electric vehicle by JD.com, GAC Group, and CATL, aims to provide an affordable and high-quality option for consumers in the electric vehicle market [1][5]. Group 1: Product Features - The Aion UT Super is equipped with CATL's chocolate battery, offering a range of 500 kilometers, enabling users to charge once a week [3]. - The vehicle features a spacious design with a wheelbase of 2750mm, enhancing passenger comfort [4]. - It incorporates advanced smart technology as the first model to use Huawei's cloud vehicle system, providing unlimited functionality, computing power, storage, and updates [4]. - Safety features include a unique reverse sentinel and a 540-degree panoramic view, ensuring a high-quality driving experience [4]. Group 2: Pricing and Promotions - The limited-time rental price starts at 49,900 yuan, with eligible JD members able to purchase at a lower threshold of 45,400 yuan; the purchase price starts at 89,900 yuan [1]. - Customers who complete their purchase by December 31 can benefit from government and brand-specific subsidies, with 2,000 yuan off for battery rental users and 4,000 yuan off for full vehicle purchases [4]. - The effective price for the rental version can be as low as 45,400 yuan, while the purchase price can be approximately 85,900 yuan after applying the subsidies [4]. Group 3: Manufacturing and Collaboration - The Aion UT Super is produced at GAC Aion's smart ecological factory in Changsha, which meets top global manufacturing standards and showcases advanced smart, digital, and environmentally friendly capabilities [4]. - This vehicle represents a comprehensive restructuring of the electric vehicle supply chain, from user insights to vehicle development, manufacturing, delivery, energy replenishment, and after-sales service [5].

Group 1 - JD.com, GAC Group, and CATL officially announced the launch of the "National Good Car" Aion UT Super, with a battery rental purchase price of 49,900 yuan and a full vehicle purchase price of 89,900 yuan [1] - The three parties introduced three major benefits: cashback, value-added services, and price protection, aimed at providing a cost-effective and hassle-free car buying experience for users [1] - The vehicle will be exclusively sold on JD.com, with users able to book test drives and pay deposits through the JD app starting immediately [1] Group 2 - On October 22, the first "National Good Car" was auctioned for 78.19 million yuan after intense bidding, but the high premium raised questions about the final transaction [2] - JD.com has applied for multiple trademarks related to "JD Auto" and "Joyrobotaxi," indicating preparations for a comprehensive entry into the automotive market [4] - A source close to JD.com revealed that the company primarily provides consumer insights and exclusive sales, without direct involvement in manufacturing [4] Group 3 - JD.com is focusing on user insights and resources related to car buying and maintenance, while GAC handles vehicle manufacturing and CATL contributes battery technology and battery swapping ecosystem [4] - JD.com is expanding its automotive business through offline service centers and online channels, leveraging its existing e-commerce platform [4] - On October 16, JD.com posted multiple job openings related to the automotive sector, indicating a push to enhance its workforce in areas such as algorithms, marketing, and supply chain management [6]