近日，京东平台正式推出黄金手机壳，最低11299元起，最高达112299元。1月22日，极目新闻记者从京东平台获悉，该黄金手机壳已开始接受预订。 极目新闻记者在京东平台看到，京东京造旗舰店已上架一款Au99.99黄金手机壳，按黄金重量价格分5个档位，10g的标价11299元、20g的标价22499元、30g的标价 33699元、50g的标价56199元、100g的标价112299元。平台页面显示，这款黄金手机壳已吸引上万人围观。 据悉，京东京造是京东旗下生活方式品牌，于2018年1月17日正式上线。京东京造客服告诉极目新闻记者，该黄金手机壳由金片和外框组成。外框是PC材质，金片 是真材实料用Au99.99黄金打造，目前仅适配iPhone 17 Pro Max。京东京造官方账号上称该黄金手机壳"是高颜值守护壳，更是随身资产"，该产品将在1月30日首 发。 京东京造旗舰店页面显示，该店不支持七天无理由退换货，因国际金价会随市场变化而有浮动，店内金价也会根据市场因素及运营情况的调整。因促销调整或金价 浮动原因，不支持退款/退货，不补差价，也不支持指定时间发货。 京东京造客服表示，目前上架的黄金手机壳已开始接受预订。 ...

近日，以 "时光蕴远见新章" 为主题的京东财富·高端理财尊享之夜在北京举办。活动现场，京东财富邀 请了著名经济学家刘煜辉，向到场的百余位高客解读当下宏观经济发展趋势，探讨新周期下资产配置新 逻辑，并升级了京东财富"高客专属服务体系"，透露将深度集成京东集团生态资源，打造 "财富管理+" 生态服务新模式，为高净值人群提供全周期、多元化的财富方案。 宏大叙事决定着资本市场未来的演进 让投资有温度，超越单纯的财富增值，延伸至全方位的生活服务与圈层价值。京东财富通过"私享策略 会、高客研学、走进京东"等多元活动矩阵，搭建高端交流平台，助力客户拓展视野、沉淀资源。同 时，依托京东集团生态资源，京东财富为高客整合了从品质消费、健康管理到企业服务等一系列专属权 益。 未来，京东财富表示，将在持续强化资产配置与投研专业能力的基础上，进一步发挥京东集团在供应 链、科技、健康、物流等领域的生态优势，推动财富管理服务与客户生活、事业发展深度融合，在不确 定的环境中，与高净值客户共同追寻可持续的成长与价值。 对于2026年的资本市场与宏观趋势，中国首席经济学家论坛副理事长刘煜辉在主题分享中指出，当前全 球正处于AI产业革命从"修路" ...

日百与服务收入支撑增长，新业务减亏路径清晰。零售业务结构优化，日百与3P生态贡献提升。分品 类来看，我们认为四季度带电品类预计收入同比下滑，主因家电、电脑数码受国补退坡影响。日百品类 受益于外卖流量协同及供应链优化，日百收入预计维持增长，商超、服装鞋帽等细分赛道表现强劲。佣 金与广告收入受益于3P 商家活跃度提升及营销投入加大，预计保持双位数增长，收入占比有望进一步 提升。新业务减亏路径清晰，外卖UE 持续改善。外卖业务通过补贴精细化、客单价提升或实现UE 改 善及季度亏损环比收窄，京喜与国际业务投入或小幅扩大，新业务总亏损可控。我们认为，随着外卖与 零售协同强化，外卖用户复购率提升，或带动核心零售活跃度。 机构：国联民生证券 研究员：孔蓉/曹睿 高基数与节日错期影响，25Q4 收入短期承压。从宏观环境来看，2025 年12 月份社会消费品零售总额同 比增速放缓至0.9%，主要系2024 年同期基数较高。从累计增速来看，2025 年社会消费品零售总额50.1 万亿元，比上年增长3.7%。 从线上消费来看，2025 年全国网上零售额159722 亿元，同比增长8.6%，其中实物商品网上零售额 130923 亿元 ...

Core Insights - The upcoming Spring Festival travel season will see an upgrade in ticket purchasing experience on the railway 12306 platform, with new payment options and benefits introduced by JD.com [1][2] - JD.com is integrating its payment and credit services into the travel decision-making process, enhancing user experience through a combination of discounts and lottery draws for free tickets [2] Group 1: Ticket Purchasing Experience - Starting immediately, travelers can use JD Pay or JD Baitiao for ticket purchases on the 12306 platform, with daily opportunities for ticket discounts up to 298 yuan per transaction [1] - In addition to discounts, JD Pay and Baitiao will launch a "10,000 free ticket lottery" to further enhance the purchasing experience during the Spring Festival [1] Group 2: Refund Policy and User Experience - The 12306 platform will also introduce a "limited-time free refund" service, allowing travelers to self-process refunds without fees under certain conditions [1] - This free refund mechanism, combined with discounts and lottery opportunities, aims to lower the barriers for ticket purchasing and enhance user confidence during peak travel times [1] Group 3: Technical Integration and User Engagement - JD.com’s collaboration with 12306 is not merely a price incentive but a strategic move to integrate payment, credit, and service offerings into high-frequency consumer scenarios [2] - The 12306 platform has a vast user base, with peak ticket sales reaching 21.626 million tickets in a single day during the Spring Festival, necessitating a stable payment system to ensure efficient ticket purchasing [2] - JD Pay and Baitiao have previously demonstrated their technical capabilities during major shopping events, ensuring a seamless payment experience that enhances overall user satisfaction [2]

Group 1 - Oil stocks generally rose, with CNOOC (02883) up 4.32%, PetroChina (00857) up 3.33%, CNOOC (00883) up 2.98%, and Sinopec (00386) up 3.01%. International oil prices saw a slight increase, with WTI crude oil futures for February closing at $60.62 per barrel, up 0.43%, and Brent crude oil futures for March at $65.24 per barrel, up 0.49% [1] - CATL (03750) fell over 4%, down 4.4% as of the report. A report from Citi raised concerns about CATL's growth prospects due to slowing EV sales in China, rising lithium prices, and reduced export VAT rebates [1] - Kintor Pharmaceutical (02171) rose nearly 4% after announcing a clinical collaboration with Dispatch Bio to initiate a Phase I clinical trial in China by 2026 for a treatment method targeting solid tumors [1] Group 2 - Guoxia Technology (02655) surged over 7% following a strategic cooperation agreement with Shuneng Electric to enhance collaboration in the energy storage sector [2] - Kingsoft Biotech (01548) dropped over 6% after its affiliate Legend Biotech's stock fell more than 11%. Kingsoft reported that Legend's CARVYKTI had a net sales of approximately $555 million for Q4 [2] - Hong Kong real estate stocks saw a general rise, with Hysan Development (00014) up 5.17%, Sun Hung Kai Properties (00016) up 3.36%, and Wharf Real Estate (01997) up 4.02%. A report from Citi indicated a recovery in Hong Kong property prices, predicting a continued upward trend, albeit at a moderate pace due to tempered interest rate cut expectations [2] Group 3 - Baidu Group (09888) rose nearly 5%, with a cumulative increase of over 40% in the past two months. The company launched the official version of its Wenxin large model 5.0, featuring 2.4 trillion parameters [3] - Pacific Basin Shipping (02343) increased over 9%, reaching a new high of HKD 2.96, benefiting from a rise in the Baltic Dry Index, which increased by 74 points or 4.3% to 1803 points [3] - GDS Holdings (09698) rose nearly 3% after announcing the sale of shares in DayOne for $385 million, recovering approximately 95% of its investment principal with a return rate close to 6.5 times [4] Group 4 - The US stock market saw an expansion in gains, with the Nasdaq up 1%. Notable tech stocks like Intel (INTC.US) rose 11.72%, reaching a market cap of over $250 billion, the highest in four years [5] - The storage sector continued to strengthen, with Micron Technology (MU.US) up 6.61% and Western Digital (WDC.US) up 8.49%. Counterpoint Research indicated that the storage market has entered a "super bull market" phase, surpassing previous highs due to increased demand from AI and server capacity [5] - The Nasdaq Golden Dragon China Index surged 2%, with popular Chinese stocks like Bilibili (BILI.US) up 5.65% and Baidu (BIDU.US) up 8.17% [6]

Core Insights - The 2026 "New Year Goods Festival" e-commerce competition has intensified, with AI technology becoming a core variable, shifting the industry focus from scale expansion to efficiency improvement [1] - Major e-commerce platforms like Taobao, JD.com, and Douyin are leveraging AI to enhance their operations, while small and medium-sized businesses are utilizing lightweight tools to navigate the competitive landscape [1][2] - The integration of policy support and technological advancements is creating a unique environment for this year's festival, with the Ministry of Commerce leading the "Buy in China" initiative and additional financial incentives boosting consumer spending [1][7] Group 1: AI Integration in E-commerce - Major platforms are using AI to enhance supply chain efficiency and customer experience, with JD.com launching the "AI New Year Map" to predict regional demand variations [3] - AI tools are helping merchants identify commercial hotspots and match products with target users, significantly improving operational conversion rates [2][5] - The application of AI in e-commerce is shifting from traditional recommendation systems to generative models, enhancing user interaction and experience [7][8] Group 2: Consumer Experience and Market Trends - Consumer behavior is evolving with AI-driven instant retail, allowing for quick delivery and personalized recommendations, as evidenced by the sales of imported cherries and strawberries [4][5] - The AI-driven approach is leading to a significant increase in sales for certain product categories, with food sales expected to see double-digit growth this year [2][4] - The trend of "instant gratification" in consumer purchasing is becoming more pronounced, with AI facilitating a more seamless shopping experience [4][5] Group 3: Challenges for Small and Medium-sized Businesses - While AI presents opportunities for cost reduction and efficiency, small and medium-sized businesses face challenges in effectively utilizing these tools, including high understanding costs and the need for time to adapt [8] - Some small merchants have experienced difficulties due to over-reliance on AI for product selection, highlighting the need for a balance between AI insights and human judgment [3][8] - The current landscape indicates that while larger businesses benefit significantly from AI, smaller players must navigate various obstacles to fully leverage these technologies [8]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **China Internet** sector, particularly regarding **AI applications** and **advertising technology** (adtech) as key themes for 2026 [1][2]. Core Themes for 2026 1. **AI/Adtech Evolution**: - Shift towards ROI-based advertising and new marketing strategies like Answer & Generative Engine Optimization (AEO/GEO) [1][19]. 2. **AI Model Breakthroughs**: - Focus on long-context, multi-modal models, and cost-efficient architectures [1][22]. 3. **Proliferation of To-C Assistants**: - Emergence of AI super entry-points, impacting traditional search markets and app user traffic [1][23]. 4. **Chip Supply Dynamics**: - Access to next-generation chips will determine the competitive gap between Chinese and US AI models [1][24]. 5. **Global Market Inroads**: - Increased monetization through a mix of open and closed-source models, with a focus on subscription and API revenue streams [1][26]. 6. **AI Inference Demand**: - Continued growth in AI inference demand will drive cloud revenue and data center demand [1][27]. Company Insights - **Alibaba** and **Tencent** are identified as the best-positioned mega-cap stocks in the China internet sector for the long term [2]. - **PDD** is highlighted as a Buy idea due to its valuation discount and strong user engagement [2]. Engagement Metrics - Overall time spent on the top 400 mobile apps increased by **7% YoY** in December 2025, with notable growth in **Douyin** (+19% YoY) and **eCommerce** engagement (+10% YoY) [3][8]. - **Weixin** and **Weibo** both saw a **5% YoY** increase in time spent [8]. Sector Performance - **Cloud & Data Centers** ranked as the top sub-sector, followed by **Games & Entertainment** and **AI Models** [2][14]. - **JD** and **Taobao** showed strong growth in eCommerce time spent, with increases of **38%** and **9% YoY**, respectively [8]. Notable Trends - **AI Engagement**: Domestic AIGC application engagement rose by **16% MoM**, driven by apps like **Doubao** and **Qwen** [8]. - **Recruitment Platforms**: **Boss Zhipin** maintained leadership in time spent share at **64%** in December [12]. - **Real Estate**: **Beike Zhaofang** saw a **9% YoY** increase in MAUs [12]. Challenges and Regulatory Environment - Cross-border eCommerce faces increasing regulatory pressure, with the EU imposing a **€3 customs duty** on low-value parcels starting July 2026 [8]. Conclusion - The China Internet sector is poised for significant transformation driven by AI advancements, with key players like Alibaba and Tencent leading the charge. The focus on ROI-based advertising, AI model breakthroughs, and global market expansion will shape the competitive landscape in the coming years.

Core Viewpoint - The U.S. stock market experienced a significant rebound following President Trump's cancellation of new tariffs on European countries and his announcement of a "framework agreement" regarding Greenland [1][3]. Market Performance - The Dow Jones Industrial Average rose by 1.21%, closing at 49,077.23 points; the S&P 500 increased by 1.16%, ending at 6,875.62 points; and the Nasdaq Composite gained 1.18%, finishing at 23,224.82 points [2]. Political Developments - Trump stated at the World Economic Forum in Davos that he would not use military force to acquire Greenland, which positively influenced the stock market. He mentioned a productive discussion with NATO Secretary General Mark Rutte, leading to a future agreement framework concerning Greenland and the Arctic region [3]. - Trump had previously announced a 10% tariff on goods from Denmark, Norway, Sweden, France, Germany, the UK, the Netherlands, and Finland, set to take effect on February 1, with a potential increase to 25% by June 1 if an agreement on Greenland was not reached [4]. Market Reactions - The stock market had previously declined sharply due to Trump's escalation of tariff threats and the possibility of military action regarding Greenland, marking the worst single-day performance since October 10 [6]. - The market's reaction to Trump's tariff cancellation reflects a trend where investors no longer assume his statements will be executed, indicating a level of unpredictability in his administration's policies [7]. Stock Performance - Major technology stocks mostly rose, with Nvidia up 2.95%, Apple up 0.39%, Microsoft down 2.29%, Google up 1.98%, Amazon up 0.13%, Meta up 1.46%, Tesla up 2.91%, Broadcom down 1.14%, Oracle down 3.36%, Netflix down 2.18%, Micron Technology up 6.61%, AMD up 7.11%, and Intel up 11.72% [7]. - Chinese concept stocks also saw gains, with the Nasdaq Golden Dragon China Index rising 2.21%, Alibaba up 3.87%, JD.com up 2.43%, Pinduoduo up 1.40%, NIO up 2.41%, Xpeng up 1.70%, Li Auto up 2.48%, Bilibili up 5.65%, Baidu up 8.17%, while NetEase fell 4.07%, Tencent Music down 0.80%, and Pony.ai up 2.55% [7].

Core Insights - The report titled "2025 Super Fabric Consumption Observation" was jointly released by JD Consumer and Industry Development Research Institute and five major brands, indicating a shift towards quality apparel through clear performance standards and transparent guidelines [1][2] Group 1: Market Trends - JD's data shows that the search volume for "four-season wool" has increased by over 20 times year-on-year, reflecting a strong consumer demand for versatile basic items that can be used in multiple scenarios [3][4] - Traditional views that wool is only for autumn and winter are being challenged, as consumers are increasingly looking for clothing that meets diverse needs [4] Group 2: Brand Performance - The sales revenue of the Qi Dai brand's Xiangyun silk clothing has grown by over 130% year-on-year, driven by three key consumption trends: younger design, diverse scenarios, and technological craftsmanship [3][4] - JD Fashion aims to continue providing high-quality and diverse trendy apparel, collaborating with more brand partners to enhance clothing quality assurance and improve the shopping experience for consumers [3][4]

Core Viewpoint - JD.com, Inc. is facing significant challenges with a projected earnings per share (EPS) decline of 93.14% year-over-year, while revenue is expected to show a modest increase of 6.68% [2] Company Performance - JD.com closed at $29.07, reflecting a daily increase of 2.43%, outperforming the S&P 500's gain of 1.16% [1] - Prior to this trading day, JD.com shares had decreased by 2.41%, underperforming the Retail-Wholesale sector's gain of 3.08% [1] Earnings Forecast - The upcoming earnings report is expected to show an EPS of $0.07, a significant drop from the previous year [2] - For the entire year, the Zacks Consensus Estimates forecast an EPS of $2.5, indicating a decline of 41.31% compared to the previous year, with revenue expected to remain flat at $186.6 billion [3] Analyst Revisions - Recent revisions to analyst forecasts for JD.com are crucial as they reflect changes in short-term business dynamics [4] - Positive revisions in estimates are seen as indicators of analysts' confidence in the company's performance [4] Valuation Metrics - JD.com has a Forward P/E ratio of 9.76, which is below the industry average of 16.81, indicating a potential undervaluation [7] - The company’s PEG ratio stands at 5.22, significantly higher than the industry average of 1.08, suggesting that the stock may be overvalued relative to its expected earnings growth [7] Industry Context - JD.com operates within the Internet - Commerce industry, which is currently ranked 190 out of over 250 industries, placing it in the bottom 23% [8] - The Zacks Industry Rank indicates that the top 50% of rated industries outperform the bottom half by a factor of 2 to 1 [8]