刘强东身隐，京东激进落子

Core Insights - The recent developments at JD.com mark a significant turning point, with a renewed focus on international expansion and AI integration following a period of stagnation [1][2][11] - JD.com is actively pursuing a strategy of localizing its international operations, emphasizing local teams and procurement, which differentiates it from traditional cross-border e-commerce models [3][4][11] International Expansion - JD.com has launched a semi-managed business model to enhance its global e-commerce presence, covering key markets such as the US, UK, Australia, Japan, and several Southeast Asian countries [4] - The acquisition of Ceconomy, valued at approximately €2.2 billion (over ¥18 billion), is aimed at strengthening JD.com's foothold in Europe, leveraging Ceconomy's extensive retail network and supply chain capabilities [4][5][6] - In Hong Kong, JD.com is investing significantly to enhance its market competitiveness, including a recent acquisition of the local supermarket chain,佳宝, to improve its operational efficiency and brand presence [6][7] AI Development - JD.com is shifting its approach to AI, moving from a low-profile strategy to actively showcasing its capabilities, integrating AI across its retail operations to enhance efficiency and customer experience [8][10] - The company has established a dedicated unit for embodied intelligence and has invested in multiple AI robotics firms, indicating a comprehensive strategy to develop smart products for home use [9][10] - JD.com is committed to building a robust AI ecosystem through self-research, investments, and partnerships, aiming to create value across various applications [10][11] Strategic Signals - The return of founder Liu Qiangdong to a more active role is seen as a catalyst for renewed strategic focus and operational vigor within the company [11] - The current investment climate in the internet sector is characterized by a resurgence in mergers and acquisitions, particularly in AI, internationalization, and instant retail [11] - The importance of ecosystem development is highlighted, as JD.com seeks to expand its business through collaboration rather than isolated efforts, positioning itself for future competitive advantages [11]