作者 | 泊如 编辑 | 侯恬 中国电商有两座著名的货架，一座在手机里，另一座也在手机里。 用户比较熟悉的，是淘宝京东拼多多构筑的传统货架帝国。用户不太熟悉的，是长在抖音快手上的新货架。 商家侧的变化更为直观。抖音2024年8月至2025年8月期间新增了536万商家，其中8万商家成交额突破百万，农特产品的商家数增长了51%。这一年，如果你 仔细观察，会发现新入局的不再只是那些想赚快钱的白牌，大量曾经对抖音持观望态度的KA（关键客户）品牌开始入场。优衣库们、雅诗兰黛们惊讶地发 现，原来在抖音，不直播也能卖货。 店播不仅仅是直播的延续，更成了货架的延伸。直播间成了橱窗，店铺成了库房，非直播时段的静默下单成了新的增长极。 快手也不甘示弱。 然而，就是这片你以为长不出庄稼的货架电商荒地，却在2025年被抖快硬生生垦出了超过三成的货架成交占比，并孕育出各自近万亿的电商交易大盘。 2025年第二季度，快手的泛货架电商GMV占比达到了32%，年货节期间增速高达71%。它用了一个更接地气的打法，百城万星计划和0元开店政策，直接把 门槛踏平，让小镇厂主也能轻松上车。这一招让快手的月均买家数冲到了1.21亿。 那么，这一切是怎么 ...

Group 1 - The flagship store of Jingdong Jingzao does not support a seven-day no-reason return policy due to fluctuations in international gold prices, which can vary based on market conditions [2] - The store's gold prices will be adjusted according to market factors and operational conditions, and refunds or price differences will not be supported due to promotional adjustments or price fluctuations [2] - As of 15:00 on the 22nd, the platform indicated that there were 5 items available for pre-order in the Wuhan area, but by 16:00, all specifications except for the 100g gold phone case were sold out [2]

Core Insights - The rise of "盖码饭" (Gai Ma Fan) as a popular lunch choice among office workers in major cities is attributed to its affordability, convenience, and variety, with prices around 20 yuan [1][2] - The business model relies heavily on franchise operations, allowing rapid expansion and profitability through standardized processes and centralized supply chains [1][3] Group 1: Market Dynamics - Gai Ma Fan has become a staple for young professionals and white-collar workers, particularly in densely populated office areas and near universities [2][3] - The competition among Gai Ma Fan vendors has intensified, leading to price wars and a proliferation of similar offerings across various fast-food brands [4][5] - The average monthly profit for successful vendors can reach up to 120,000 yuan, driven by high order volumes during peak times [3][6] Group 2: Operational Insights - Vendors utilize a combination of manual cooking and automated cooking machines to meet high demand, with significant cost savings on equipment and ingredients [2][3] - The supply chain is centralized, with key ingredients like sauces and packaging provided by the franchisor, ensuring consistent quality and taste [2][8] - The operational model allows for quick adaptation to market trends, with frequent updates to menu items to maintain consumer interest [6][9] Group 3: Competitive Landscape - The market is witnessing a shift towards new food trends, such as "江西小炒" (Jiangxi Stir-fry), which offers higher profit margins and caters to similar consumer demographics [7][9] - Major brands like "霸碗" (Ba Wan) are expanding their offerings to include a variety of dishes in response to competitive pressures from both low-cost vendors and tech companies entering the food delivery space [10][11] - The evolution of consumer preferences indicates a growing demand for freshly cooked meals, contrasting with the rising controversy surrounding pre-prepared foods [9][10]

2026年1月22日，港股收盘，恒生指数收报26629.96点，涨幅0.17%；恒生科技指数收报5762.44点，涨 幅0.28%。恒生指数成分股中，泡泡玛特领涨，涨幅近6%。 1月21日，泡泡玛特发布公告，斥资9649万港元回购50万股股份，回购价每股191.1至194.9港元。这是其 本周第二次回购公司股份，累计回购金额近3.5亿港元。 作者：观察君 军工股走强，中船防务涨超3%；黄金股多数调整，珠峰黄金跌超4%，灵宝黄金、招金矿业跌超3%；半 导体概念股兆易创新跌超8%；互联网医疗板块中京东健康跌超2%。龙旗科技上市首日涨超3%。 多家港股上市公司披露2025年度业绩预告及经营数据。上海电气预计2025年净利润为11.0亿元至13.2亿 元，同比增加约47%至76%；金蝶国际预计2025年总收入约69.5至70.5亿元，同比增长11.1%至12.7%， 主要得益于集团深化执行"订阅优先、AI优先"战略，云订阅业务收入持续快速增长；周大福截至2025年 12月31日的三个月零售值同比增长17.8%，其中内地零售值增长16.9%，港澳及其他市场零售值增长 22.9%。 声明：市场有风险，投资需谨慎。本文为A ...

Core Insights - The East China Normal University Asia-Europe Business School successfully held the 2025 Corporate Mentor Meet and Appointment Ceremony, officially appointing 41 industry leaders and business elites as the new corporate mentors, marking a significant step in the school's strategy of deepening industry-education integration and collaborative talent cultivation [2] Group 1: Corporate Mentor Program - The corporate mentor program, a core component of the Asia-Europe Business School's "dual mentor system," has successfully held nine sessions to date, aiming to build an efficient communication platform between students and industry leaders, integrating cutting-edge business practices with rigorous academic theories [4] - The program has gathered over 200 corporate mentors and benefited nearly 800 students, serving as an important bridge between campus and industry [4] Group 2: Participation and Industry Coverage - The current corporate mentor program attracted 163 students from 42 countries and regions, with a strong lineup of 41 industry leaders joining or continuing their roles, covering various cutting-edge sectors such as consulting, intelligent manufacturing, marketing, biomedicine, financial services, and information technology [6] - Notably, Xu Xiaopeng, a senior product and technology expert, joined the program, bringing extensive experience from leading roles at Amazon, JD.com, and Ctrip, along with multiple prestigious awards [6] Group 3: Educational Philosophy and Future Directions - The Dean of the Asia-Europe Business School emphasized the need for business education to actively adapt and innovate in the context of artificial intelligence reshaping global business logic, aiming to help students grasp three core learning dimensions: understanding fundamental business logic, deep industry-specific knowledge, and appreciating the human and life values behind business activities [8] - The project director highlighted the corporate mentor program as a key link between academia and the business world, providing students with insights into the real business environment and continuously supplying companies with future leaders possessing international perspectives and excellent professional qualities [10] Group 4: Interactive Engagement - Following the ceremony, students engaged in deep discussions with their mentors across six industry sub-forums, focusing on topics such as industry trends, career development paths, core competency building, and internship opportunities [11] - The Asia-Europe Business School views the corporate mentor program as a strategic initiative to deepen industry-education integration and ensure precise alignment between talent cultivation and industry needs, with plans to continuously invest resources and optimize the program's operations and interaction mechanisms [11]

Core Insights - JD.com is expanding its heated meal box delivery service to 11 cities, enhancing user experience during the cold winter months [1][2] - The heated meal box can increase delivery temperature by 20°C, utilizing advanced technology for efficient heating [3] Group 1: Service Expansion - JD.com has launched the heated meal box service in four cities: Beijing, Shanghai, Urumqi, and Nanchang, with plans to cover seven additional cold cities by the end of January [1] - Consumers in these cities will have priority access to delivery by riders equipped with heated meal boxes, improving overall service quality [1] Group 2: Technology and User Experience - The heated meal box features a superconducting graphene heating layer that allows for rapid and even heating, ensuring food is delivered at the optimal temperature [3] - The design of the heating layer provides uniform heat distribution, enhancing the quality of the food delivered [3] Group 3: Consumer Feedback and Market Position - Users have expressed positive feedback regarding the heated meal box, highlighting the convenience and comfort it provides during cold weather [2][3] - JD.com aims to enhance product and service quality through technological innovation, positioning itself as a leader in the food delivery market [3]

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。 ...

另一方面，保险股跌幅明显，新华保险跌近5%，中国人寿跌近4%；特朗普逆转金价回调，黄金概念股带领有色金属股下跌。家电股、锂电池、医药生物、 旅游及观光、机器人、脑机接口等跌幅居前。 | | | | | 汽车 | 地产发展商 | 药品 -0.38% | | 互动媒体及服务 +2.02% | 服 -1.3 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 银行 -0.04% | 线上零售商 +0.59% | 油气生产商 +2.62% | +0.02% | +1.62% | | 家庭电器 | | | | | | | | | | 证券及经纪 -0.26% | -1.42% | 其他金融 -0.11% | 四 | | | | | | 能源储存装置 | 消费性电讯设备 | | | | | | | | | | -2.61% | -0.45% | | | 综合企业 | | | | | | | | | 半导体 -0.07% | 其他金属 -1.68% | +0.50% | -1 | | | 数码解决方案服务 -0.79% | 保険 -1.75 ...

| 名称 | 现价 | 涨跌 | 涨跌幅 · | 成交额 | | --- | --- | --- | --- | --- | | 理想汽车-W | 65.550c | 2.600 | 4.13% | 13.08亿 | | 百度集团-SW | 160.000c | 6.300 | 4.10% | 39.62亿 | | 哔哩哔哩-W | 257.000c | 8.200 | 3.30% | 10.55亿 | | 华虹半导体 | 109.200c | 3.400 | 3.21% | 27.72亿 | | 金蝶国际 | 14.520c | 0.360 | 2.54% | 5.89亿 | | 蔚来-SW | 37.040c | 0.820 | 2.26% | 1.33亿 | | 阿里巴巴-W | 164.800c | 1.600 | 0.98% | 98.37亿 | | 京东集团-SW | 113.900c | 1.100 | 0.98% | 9.37亿 | | 中芯国际 | 77.850c | 0.600 | 0.78% | 39.62亿 | 跌幅方面，地平线机器人跌逾4%，小鹏汽车、京东健康跌近3%。 1月22日， ...

跌幅方面，地平线机器人跌逾4%，小鹏汽车、京东健康跌近3%。 | 名称 | 现价 | 涨跌 | 涨跌幅 ^ | 成交额 | | --- | --- | --- | --- | --- | | 地平线机器人-W | 8.890c | -0.400 | -4.31% | 19.42亿 | | 小鹏汽车-W | 76.950c | -2.350 | -2.96% | 12.96亿 | | 京东健康 | 64.850c | -1.950 | -2.92% | 3.96亿 | | 美的集团 | 85.700c | -1.700 | -1.95% | 1.95亿 | | 海尔智家 | 26.320c | -0.480 | -1.79% | 3.79亿 | | 同程旅行 | 23.340c | -0.260 | -1.10% | 1.37亿 | | 阿里健康 | 6.740c | -0.070 | -1.03% | 7.02亿 | 半导体、 芯片股高开低走，兆易创新跌超8%，纳芯微跌近8%，天岳先进跌超4%。 1月22日，香港恒生指数收涨0.17%，恒生科技指数涨0.28%。 | 名称 | 涨跌｜ 现价 | | | 成交额 ...