此外，京东供应链金融科技的全链路产品围绕用户体验升级不断创新。例如，京东白条针对多种消费场 景，推出和升级免息分期、先享后付、鞋服买一试三，家电"先送新再回收"，租房"先住后付"等创新服 务；京东支付扩大银行积分抵现的银行范围，让更多用户可以在京东购物时直接抵扣使用已有积分，让 原本处于沉睡状态的银行卡积分，真正物有所值。在产业融资服务方面，京东供应链金融科技围绕从上 游至下游全供应链需求，不断进行产品和服务创新。例如，订货贷助力经销商、零售商在向上游采购的 预付款环节，能将货权提前用，提前锁定新品货源。 近年来，品牌出海成新趋势，伴随着京东在跨境生态的全方位布局，京东供应链金融科技在服务好"内 循环"的同时加速布局"外循环"，通过跨境支付和融资的两轮驱动，助力中国品牌的出海之路更顺畅。 中证报中证网讯(记者石诗语)9月25日，记者获悉，在2025京东供应链金融科技大会上，京东科技发布 了"三个融合"发展路径——消费与产业融合、创新与场景融合、内循环与外循环融合。据了解，截至9 月末，京东科技今年已承接全国消费品以旧换新国补订单量接近1.6亿单；全链路供应链金融服务每年 为产业链上下游企业提供融资金额5000 ...

在徐小米的快手直播间，没有夸张的销售话术，只有如朋友般轻松的"拉呱"和她严选的优质好物。 "拉呱"是山东方言，意思是闲聊。作为山东临沂人，徐小米偶尔会在直播间说几句方言，这让她的表达 更亲切，也更贴合自己的情绪。 17岁辍学离家、外出闯荡，2019年闯入直播行业从零开始，迅速成长为快手电商的头部主播……徐小米 抓住了直播电商的发展机遇，凭借真实自然、敢拼敢闯的风格快速成长，获得了超过2835万"老铁"的支 持，单场最高GMV突破一亿，在快手电商平台开创了属于自己的阶段。 她常说："老铁们的信任，是我最大的荣耀。"2025年，徐小米受邀成为快手"国补合伙人"项目成员之 一。她希望借此机会，向更多人传递"信任即责任"的经营理念，让国家补贴政策的实惠能够覆盖更广泛 的人群。 修理厂女孩勇闯直播圈 在换了多份工作后，徐小米转行成为一名快手主播。 "不上厕所、不吃饭，下了播累得直接躺在地上"……刚入行时，她是不折不扣的"拼命三娘"……实在撑 不住了，就用凉水冲一下头继续干。凭着一股孤注一掷的拼劲，她一路闯进了快手电商头部主播的行 列。亮眼成绩的背后，不只是机遇与天赋，更多是过往经历所锤炼出的坚韧斗志。 徐小米曾先后在食 ...

Core Viewpoint - JD.com reported a net revenue of 356.7 billion yuan for Q2 2025, representing a year-on-year growth of 22.4%. However, the net profit attributable to ordinary shareholders was 6.2 billion yuan, down from 12.6 billion yuan in the same period of 2024 [1][2]. Revenue and Profit Analysis - The adjusted net profit, not in accordance with US GAAP, was 7.4 billion yuan, compared to 14.5 billion yuan in Q2 2024 [1]. - The revenue growth was driven by strong demand in the "electric products" category, which saw an overall revenue growth rate exceeding 20% [2][3]. Strategic Initiatives - JD.com is actively responding to the "old-for-new" policy, emphasizing its strong supply chain capabilities to ensure stable and sufficient product availability [2]. - The company is focusing on product structure optimization by developing smart home appliances and customized products to meet consumer demands for quality upgrades [3]. Market Competition and External Factors - The management acknowledged increased competition in the delivery sector, with multiple players vying for market share, and emphasized the importance of long-term investment and commitment to improve unit economics [4][5]. - JD.com is enhancing its delivery service by increasing the number of full-time delivery personnel to over 150,000, which aims to improve user experience and order fulfillment rates [4]. User Growth and Engagement - In Q2, JD.com experienced significant user growth, with active user numbers and shopping frequency increasing by over 50% year-on-year, marking one of the strongest growth periods in recent years [13][14]. - The introduction of the delivery service has attracted a younger demographic, significantly boosting the purchase frequency of JD Plus members [13]. Long-term Vision and Innovation - The company is committed to sustainable growth, focusing on enhancing supply chain efficiency and user experience through innovative technologies, including AI and automated logistics [8][15]. - JD.com aims to expand its international presence, leveraging its supply chain capabilities to assist Chinese brands in entering overseas markets while establishing local operations [16][17].

Group 1 - The recent issuance of the third batch of "trade-in for new" national subsidies is expected to improve consumer sentiment in the passenger vehicle sector [1] - From 2026 to 2027, the exemption of purchase tax for new energy vehicles will be adjusted from full exemption to a 50% reduction, decreasing the maximum tax exemption from 30,000 yuan to 15,000 yuan [1] - The reduction in purchase tax exemptions is anticipated to lead to an upward beta, benefiting brands in the 300,000 yuan price range as the product cycle shifts from weak to strong [1] Group 2 - The imminent implementation of L2 autonomous driving national standards is expected to further strengthen industry trends [1] - The recovery of domestic demand for commercial vehicles and the increase in overseas exports (excluding Russia) have led to leading companies exceeding performance expectations in the first half of the year [1] - The stable low valuation attributes of these leading companies continue to attract defensive capital [1]

Investment Rating - The report maintains an "Accumulate" rating for the company [7][24]. Core Views - The company reported a total revenue of 49.34 billion yuan for the first half of 2025, a year-on-year increase of 1.44%, while the net profit attributable to the parent company was 2.077 billion yuan, up 3.01% year-on-year. However, the second quarter saw a decline in revenue and net profit, with a year-on-year decrease of 2.6% and 8.25%, respectively, primarily due to weak performance in the central air conditioning segment and increased asset impairment [1][2][3]. Summary by Sections Financial Performance - In the first half of 2025, the company's central air conditioning business faced pressure, with revenue from the subsidiary Hisense Hitachi declining by 6% year-on-year to 10.66 billion yuan, and net profit down by 4.9% to 1.86 billion yuan. Domestic sales of central air conditioning dropped by 15.9%, while external sales showed a growth of 24.9% [2][3]. - The home air conditioning segment performed positively, with a revenue increase of approximately 14% year-on-year. The company’s ice washing business also saw a modest revenue growth of 4.8% [3][4]. Profitability and Margins - The gross margin for the first half of 2025 was reported at 21.48%, an increase of 0.69 percentage points year-on-year, driven by improved overseas margins and rising margins in the ice washing segment [4][5]. - The report indicates a slight increase in expense ratios due to sports marketing and foreign exchange fluctuations, with the expense ratio rising by 0.51 percentage points year-on-year [4]. Future Outlook - The company forecasts net profits attributable to the parent company of 3.75 billion yuan, 4.20 billion yuan, and 4.70 billion yuan for 2025, 2026, and 2027, respectively. The report suggests that the company will benefit from the release of replacement demand and its strong brand presence [5][21]. - The target market capitalization is set at 490.98 billion yuan, with a target price of 35.42 yuan for A-shares and 30.62 HKD for H-shares, reflecting a valuation discount due to exchange rate and market volatility risks [5][24].

Core Viewpoint - The air conditioning industry is facing significant challenges despite the current high temperatures, which have led to increased demand and sales. However, the market is also experiencing intense competition and changing consumer behavior, necessitating a shift in strategy for manufacturers [1][28]. Group 1: Market Trends and Sales Growth - In 2023, the global market has experienced unprecedented heat waves, with regions like Northeast China recording temperatures exceeding 35°C, prompting many households to purchase air conditioners for the first time [3][5][6]. - Data from JD Logistics indicates that from June 24 to July 7, 2023, air conditioning orders in Heilongjiang Province surged over 300% compared to the previous year, with a peak increase of 400% on July 4 [7][8]. - The air conditioning market has historically been linked to the real estate sector, but the current high temperatures may provide a new growth avenue as the initial installation market fills the gap left by a sluggish real estate market [9][14]. Group 2: Industry Competition and Challenges - The air conditioning market in China is becoming increasingly saturated, with a reported ownership rate of 145.9 units per hundred households by the end of 2023, significantly higher than other household appliances [29]. - Despite a strong sales performance during promotional events like the 618 shopping festival, there are signs of market fatigue, with sales and average prices declining in the fourth week of the event due to intensified price competition [32][34]. - New entrants in the air conditioning market, such as Xiaomi, have disrupted the traditional dominance of established brands like Gree and Haier, indicating a shift in market dynamics [35][36]. Group 3: Future Directions and Strategies - The air conditioning industry must evolve beyond reliance on weather patterns and government policies, as these factors are becoming less predictable and effective in driving sales [39][40]. - Companies are encouraged to focus on user experience and international expansion as key strategies for sustainable growth, with examples like Haier establishing a significant presence in overseas markets [49][51]. - The global demand for air conditioning is expected to rise, particularly in regions with historically low penetration rates, suggesting that international markets may become crucial battlegrounds for domestic manufacturers [60][62]. Group 4: Climate Impact and Long-term Outlook - The ongoing trend of rising global temperatures is likely to continue, with projections indicating that the coming years will see increasingly hot summers, impacting various industries, including air conditioning [64][66]. - The air conditioning market must adapt to these changes, as relying solely on high temperatures for sales may not be sustainable in the long run [68][69].

Core Viewpoint - The domestic air conditioning market in China has experienced rapid growth in May and June due to high temperatures, national subsidies, and promotional events like the 618 sales, but analysts predict a slowdown in July due to demand front-loading and changes in tariffs [1][2][3]. Group 1: Market Performance - High temperatures in regions such as Beijing, Tianjin, and Hebei have led to a surge in air conditioning sales, with Su Ning reporting year-on-year sales growth of 68%, 83%, and 65% respectively since June 20 [2]. - During the 618 promotional period, JD reported that orders for AI energy-saving air conditioners and fresh air systems increased by over 500%, while sales of multi-connected central air conditioning units grew by over 220% [2]. - In May, online retail sales of air conditioners increased by 30.4% year-on-year, while offline sales rose by 27.1%, driven by the 618 sales and the old-for-new policy [2]. Group 2: Future Outlook - It is expected that domestic air conditioning sales will reach 39.94 million units in Q2, representing a year-on-year growth of 15.8%, but demand may decline in July due to the front-loading of purchases [3]. - The old-for-new subsidy program is expected to pause or limit funding in some regions, leading to a temporary decrease in market demand [3]. - The central government has allocated 138 billion yuan for the old-for-new subsidy program for the second half of the year, with expectations of a 30% increase in the recycling of old household appliances by 2027 [4]. - Analysts suggest that air conditioning companies should manage inventory risks and explore opportunities in rural markets due to anticipated market fluctuations [4].

Core Viewpoint - Apple has officially participated in the national subsidy program for the first time through its direct channels in China, allowing consumers to enjoy subsidies of up to 2000 RMB for various products, which signifies a shift in the company's strategy to enhance consumer experience and competitiveness in the market [2][3]. Group 1: National Subsidy Program - The national subsidy program has expanded in 2025 to include 3C digital products, with Apple participating for the first time through its direct channels in Beijing and Shanghai [2]. - The program aims to allow consumers to spend less and obtain better products, reflecting a policy direction that treats both domestic and foreign brands equally [2][3]. - In some regions, the subsidy program has faced pauses or limitations due to rapid consumption of funds, but there remains a significant amount of 138 billion RMB allocated for the second half of the year [3]. Group 2: Market Impact and Consumer Experience - The participation of Apple in the subsidy program is expected to enhance service experience by allowing consumers to enjoy both the subsidy and official services directly from Apple, breaking the previous reliance on third-party platforms [3]. - The latest IDC report indicates that the PC monitor market in China saw a total shipment of 7.07 million units in Q1 2025, with a 14% year-on-year increase, driven by the subsidy policy [4]. - The consumer market's shipment reached 3.43 million units, reflecting a 17.4% year-on-year growth, although future market dynamics may shift towards deeper competition due to uncertainties in subsidy policies [4].

Group 1 - High temperatures in regions such as Beijing, Tianjin, and Hebei have led to a surge in air conditioning sales, with Su Ning reporting year-on-year sales growth of 68%, 83%, and 65% respectively since June 20 [2] - The "618" promotion period saw significant increases in air conditioning orders, with AI energy-saving and fresh air air conditioners experiencing over 500% growth, and central air conditioning sales up over 220% [3] - Domestic air conditioning retail sales in May grew by 30.4% online and 27.1% offline, driven by the "618" promotion and the old-for-new policy [3] Group 2 - The second quarter is expected to see domestic air conditioning sales reach 39.94 million units, a year-on-year increase of 15.8% [3] - The old-for-new subsidy program has 138 billion yuan available for the second half of the year, with funds to be distributed in July and October [4] - Analysts predict that the stimulating effects of the subsidy program will gradually weaken over the next two years, with a projected 30% increase in the recycling of old household appliances by 2027 compared to 2023 [4] Group 3 - The market may experience a slowdown in July due to demand front-loading and the potential pause or limitation of subsidy funds, leading to a temporary decrease in market demand [3][4] - Air conditioning companies are advised to manage inventory risks and explore opportunities in rural markets in response to market fluctuations [4]

Market Overview - US stock indices closed mixed, with the Nasdaq down 0.51% and the S&P 500 down 0.22%, while the Dow Jones rose 0.08% [4] - Major tech stocks mostly declined, with Google dropping nearly 4% and Meta, Intel, Amazon, and Nvidia falling over 1%, while Apple rose over 2% [4] - International gold prices slightly decreased, with spot gold at $3367.64 per ounce, down 0.08% [4] - International oil prices showed mixed trends, with WTI crude oil up 0.22% at $74.04 per barrel, while Brent crude fell 1.99% to $77.28 per barrel [4] Foreign Investment in China - In the first five months of 2025, China attracted 358.19 billion yuan in foreign investment, a year-on-year decrease of 13.2% [6] - The number of newly established foreign-invested enterprises reached 24,018, marking a 10.4% increase year-on-year [6] - High-tech industries saw significant foreign investment growth, particularly in e-commerce services (up 146%), aerospace manufacturing (up 74.9%), and pharmaceutical manufacturing (up 59.2%) [6] Trade Relations - China and the EU held discussions on trade relief cases, including electric vehicle anti-subsidy issues, aiming to enhance economic cooperation [8] - Both parties agreed to work together to prepare for significant economic agendas in 2025 [8] New Initiatives and Policies - The Chinese central government will continue to support the "old for new" consumption policy, with 1,620 billion yuan allocated in two batches for the first half of the year [8] - The People's Bank of China and the Hong Kong Monetary Authority announced the launch of a cross-border payment system on June 22, 2025, to facilitate efficient payment services between the mainland and Hong Kong [9] Corporate Developments - JD.com received nearly 50,000 applications from hotels to join its "JD Hotel PLUS Membership Program," indicating strong interest in the initiative [16] - Huawei launched the Pangu Model 5.5, enhancing its capabilities in various sectors, including industrial and agricultural applications [16] - GAC Group's chairman emphasized the company's strong financial structure, asserting that it is not related to recent controversies in the automotive sector [17] - Tesla signed a contract for its first grid-side energy storage project in mainland China, with a total investment of 4 billion yuan [18] Regulatory Actions - Anker Innovations announced a recall of certain batches of power banks due to safety risks, following approval from regulatory authorities [22] - The National Market Supervision Administration revoked numerous 3C certifications for Romoss Technology's fast-charging power banks, indicating regulatory scrutiny [23]