1月14日晚间，德邦物流股份有限公司（以下简称"德邦股份"）发布公告提示投资者，该公司股票即将 终止上市，距离公司股票停牌尚余4个交易日。 德邦股份1月13日召开董事会，审议通过了《关于以股东会决议方式主动终止公司股票上市事项的议 案》等议案，公司拟以股东会决议方式主动撤回A股股票在上海证券交易所的上市交易，并申请股票进 入全国中小企业股份转让系统退市板块继续交易。 整合体系内物流资源 对于终止上市的原因，德邦股份表示，为了更好地顺应物流行业的发展趋势，更为高效、有力地统筹协 调与整合JDLogistics，Inc.（京东物流股份有限公司，以下简称"京东物流"）体系内的物流资源，亦考 虑积极践行公司间接控股股东宿迁京东卓风企业管理有限公司于收购德邦股份时作出的关于解决同业竞 争的承诺。 对此，广州艾媒数聚信息咨询股份有限公司CEO张毅告诉《证券日报》记者，当前，零售行业正面临变 革，在这种背景下，整合物流资源具有多重意义，"首先，通过打通内部不同的配送网络，形成大小件 与即时配送协同的全场景履约体系。这一体系对客单价较高品类的即时零售至关重要，能够支撑其实现 分钟级、小时级的精准配送，有效提升消费者体验。其次 ...

Core Viewpoint - The article discusses the decline of community group buying in China, highlighting the shift in consumer demand from low-cost options to instant retail services that offer speed, reliability, and quality [5][7][30]. Group 1: Historical Context - In 2020, the pandemic-driven "stay-at-home economy" propelled community group buying into the spotlight, with major players like Didi, Meituan, and Pinduoduo investing heavily [9][10]. - The industry saw over 559 billion yuan in financing, with nearly 200 companies entering the market, leading to what was termed the "second group buying war" [9][10]. - By 2021, regulatory measures began to impact the market, leading to the collapse of many smaller platforms due to unsustainable business models reliant on subsidies [10][11]. Group 2: Current Landscape - As of 2025, only Pinduoduo's "Duoduo Mai Cai" remains in the community group buying space, having adapted its model to focus on high-frequency, durable goods rather than perishables [6][11]. - The GMV for Duoduo Mai Cai is projected to approach 300 billion yuan, achieved by shifting from a community group buying model to a "low-cost instant retail" approach [11][12]. Group 3: Reasons for Decline - **Reason 1: Hidden Costs** Community group buying is perceived as a "light asset" model, but it incurs significant hidden costs related to warehousing, logistics, and customer service, leading to unsustainable losses [14][15]. - **Reason 2: Quality Control Issues** Poor product quality and lack of supplier qualifications have led to numerous consumer complaints, damaging the reputation of community group buying platforms [17][19]. - **Reason 3: Slow Delivery** The lengthy delivery process, often taking over 24 hours, has resulted in customer dissatisfaction, as users prioritize reliability over low prices [20][21]. Group 4: Competition from Instant Retail - Instant retail has emerged as a formidable competitor, offering faster delivery times (within 30 minutes) and better quality control, which community group buying struggles to match [24][26]. - The ability of instant retail to provide a wide range of products and immediate availability has shifted consumer preferences away from community group buying [30].

Investment Rating - The report gives an "Overweight" rating for the logistics industry, indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - Alibaba's strategic upgrade of its Taobao Flash Purchase is expected to drive significant demand in the instant delivery sector, with a focus on becoming the absolute leader in the market. This shift is anticipated to foster healthy growth across all categories in instant delivery, especially under the current anti-monopoly regulations [2]. - The competition in instant delivery is likely to trigger a new "arms race" among brands and merchants, which will positively impact the logistics side, creating a virtuous cycle of growth [2]. - Third-party logistics service providers, such as SF Express, are expected to benefit from the competitive landscape, with significant growth in delivery volumes during peak periods like "Double Eleven" [2]. Summary by Sections Industry Overview - The instant delivery sector is evolving, with a shift from food and beverage categories to higher-ticket items, providing more growth opportunities for logistics [2]. - High-frequency subsidies have successfully cultivated consumer habits, which will directly increase the volume of instant delivery orders [2]. Company Analysis - SF Express has shown remarkable performance, with daily delivery volumes increasing by over 50% year-on-year during peak shopping events. The growth in non-food categories, such as beauty and jewelry, has also been notable [2][3]. - The report highlights the significant value of SF Express as a neutral third-party platform, benefiting from increased order volumes from various e-commerce platforms [2]. Investment Recommendations - The report recommends focusing on SF Express due to its consistent profitability and significant third-party value, while also keeping an eye on Flash Delivery [2].

CES落幕，AI和机器人抢走"C位"。这对于手机行业而言是一个警示：当头部企业纷纷把资源砸向新型AI终端，智能手机的技术驱动力会否遭到削弱？ 各大厂商试图给出答案—— 荣耀在CES上正式推出集成AI手机、具身智能与高清摄像的"机器人手机"ROBOT PHONE，进一步丰富了智能手机设计形态； 三星展示了传说中的无折痕折叠屏OLED面板，预计最早搭载于今年下半年发布的Galaxy Z Fold 8； 传音旗下 Infinix推出了"业内首款支持全球卫星通话"的智能手机NOTE 60系列，通信技术有望迎来新一轮突破…… 显然，AI加持下的技术革新与高端化竞争仍是行业主旋律。尽管智能手机已进入存量竞争时代，但行业基础依旧稳固——厂商希望借助AI等新技术打破 增长瓶颈，实现破局。 荣耀ROBOT PHONE、三星无折痕折叠屏OLED面板、Infinix NOTE 60 图源：微博 先说结论： 整体状况：大盘增长疲软，苹果、三星、小米稳居全球TOP 3，其中苹果复苏最为强势；中国市场起伏不断，TOP 5品牌频繁换位。 中高端市场继续成长："高配优价"的中端机型热销，高端旗舰仍在技术攻坚，强调影像、系统和场景体验。 AI ...

Core Viewpoint - Pinduoduo is quietly testing a new business called "Billion Supermarket" within its app, focusing on essential consumer goods, while major competitors like Alibaba and Meituan are heavily investing in instant retail and AI technologies [2][4]. Group 1: Business Development - The "Billion Supermarket" initiative leverages Pinduoduo's established "Billion Subsidy" system, offering limited-time coupons and low-price subsidies, currently available to a select group of users [2][4]. - The service is integrated into the existing "Billion Subsidy" channel on the app, without a separate entry point, which may hinder user recognition of the supermarket as a distinct offering [9]. Group 2: Competitive Landscape - Pinduoduo's entry into the supermarket sector is seen as a strategic move to enhance user engagement and retention, especially in the fast-moving consumer goods (FMCG) market, where competition is intensifying [4][5]. - Competitors like Alibaba's Tmall Supermarket and Meituan are aggressively expanding their instant retail capabilities, with Tmall aiming to dominate the market by enhancing its delivery services [6][8]. Group 3: Market Challenges - The supermarket sector is crowded with established players, making it challenging for Pinduoduo to gain a foothold, especially as the focus shifts from simple traffic subsidies to supply chain efficiency and service quality [9][10]. - Pinduoduo's current offering lacks the depth of product variety and delivery speed compared to competitors, which could impede its ability to compete effectively in the supermarket space [9][10]. Group 4: Strategic Advantages - Pinduoduo's strengths lie in its cost control capabilities and a strong foundation in lower-tier markets, which could provide a competitive edge in the supermarket sector [10]. - The company has a skilled team experienced in community group buying, which may enhance its supply chain capabilities as it ventures into supermarket retail [10].

证券研究报告 港股通 361 度 (1361 HK) 逆势下流水延续靓丽增长 2026 年 1 月 14 日│中国香港 服装 | 杨耀* | 联系人 | | --- | --- | | SAC No. S0570124070059 | yangyao@htsc.com | | | +(86) 755 8249 2388 | 基本数据 | 华泰研究 | | | 公告点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2026 年 | 1 月 | 14 日│中国香港 | 服装 | 目标价(港币): | 8.00 | | 361 度发布 | | 4Q25 营运表现：4Q25 361 度主品牌和童装品牌线下渠道零售 | | 樊俊豪 | 研究员 | | 金额均实现同比约 | | 10%的正增长，在高基数下延续稳健增长态势（4Q24： | | SAC No. S0570524050001 SFC No. BDO986 | fanjunhao@htsc.com +(852) 3658 6000 | | 主品牌同增 | | 10%，童装同增 10-15% ...

Core Viewpoint - The State Council's Antitrust and Anti-Unfair Competition Committee has announced an investigation into the competitive landscape of the food delivery platform service industry, focusing on issues such as excessive subsidies, price wars, and traffic control that harm the real economy and exacerbate "involutionary" competition [1] Group 1: Regulatory Context - The investigation targets not competition itself but rather the unhealthy competition driven by subsidies, pricing, and traffic manipulation [1] - High delivery subsidies have led to consumers preferring to order food at home, negatively impacting overall consumption and the vitality of physical stores and shopping malls [1] Group 2: Company Responses - Meituan expressed "strong support" for the investigation, positioning itself as a victim of the "food delivery war" and advocating for the cessation of irrational competition [2] - JD's food delivery service stated it "firmly supports" the investigation while highlighting its strengths in supply chain innovation and rider rights, indicating a shift towards a more neutral stance [2] - Taobao Flash Delivery emphasized "maintaining fair and orderly competition," indicating its intent to continue aggressive competition while complying with regulations [2] Group 3: Market Dynamics - The competition among platforms is not just about food delivery but encompasses the broader instant retail market, including delivery of various consumer goods [3] - Consumer behavior is shifting towards a preference for home delivery, which is driving platforms to compete for instant demand, making it a critical survival issue [3] - The investigation aims to "regulate" rather than "kill" competition, with companies indicating a shift in focus towards long-term capabilities such as supply chain efficiency and digital empowerment for merchants [3]

Core Viewpoint - The company reported strong growth in retail sales for its main brand and children's clothing, with both segments achieving approximately 10% year-on-year growth in Q4 2025, while e-commerce sales saw high double-digit growth, indicating resilience in a fluctuating consumer environment [1][2]. Group 1: Retail Performance - The main brand and children's clothing retail sales in Q4 2025 grew by about 10% year-on-year, maintaining the same growth rate as Q3 2025 [1]. - E-commerce platform sales continued to outperform offline sales, with Q4 sales experiencing high double-digit year-on-year growth [1]. Group 2: Product Innovation - The company launched several new products in the running shoe category, including "Feiran 5" and "Feiran 5 FUTURE," as well as new models in training shoes and basketball shoes, showcasing ongoing product innovation [1]. - New products were also introduced in outdoor, women's fitness, cross-training, and children's categories [1]. Group 3: Brand Development and Market Expansion - The company announced a new strategic partnership with the Asian Olympic Council and showcased its products at the China International Import Expo, enhancing brand visibility [2]. - The company has accelerated its retail presence by integrating over 1,000 stores into Taobao Flash Purchase and opened its first overseas store in Cambodia, indicating a focus on international market expansion [2]. Group 4: Financial Projections - The company is expected to achieve revenue growth of 13.8%, 11.1%, and 10.1% from 2025 to 2027, reaching revenues of 11.47 billion, 12.74 billion, and 14.03 billion yuan respectively [2]. - Net profit attributable to the parent company is projected to grow by 11.6%, 15%, and 10.3% during the same period, reaching 1.28 billion, 1.47 billion, and 1.62 billion yuan respectively, with a valuation of 8, 7, and 7 times [2].

2026年度格隆汇"下注中国"十大核心资产已正式发布，阿里巴巴（09988.HK）历经多轮筛选与角逐，成为数字经济领域的核心标的。 AI时代下的阿里，正在完成关键重塑，既是过去二十年中国数字经济红利的代表，更有望深度参与未来AI基础设施浪潮，其新故事值得投资者细读。 2025年8月，成立25周年的阿里巴巴完成新一轮战略性组织架构调整，告别"大而全"的多元扩张，将业务聚焦为四大板块，明确"AI+云"科技平台与"购物 +生活服务深度融合"大消费平台双核心，并宣布未来多年持续加大投入。 这并非短期应对，而是阿里对战略方向的再锚定。 2021年以来，阿里历经多轮组织与高管层调整，当前已在治理结构、战略重心和执行层面进入稳定状态。 从领导层分工、合伙人规模收缩，到核心业务高管年轻化，阿里正从"扩张型平台公司"转向"聚焦型科技与消费集团"。 判断阿里是否具备"中国核心资产"属性，无关短期股价波动，关键看基本盘是否稳固、增长引擎是否清晰、是否站在技术浪潮关键位置。 2025年以来，淘天客户管理收入（CMR）拐点向上，阿里云AI相关收入连续8个季度三位数增长，即时零售拉动用户与GMV双升，双重驱动下，阿里成 为2026年"下 ...

2026 年度格隆汇"下注中国"十大核心资产已正式发布，阿里巴巴（ 09988.HK ）历经多轮筛选与角逐，成为数字经济领域的核心标的。 AI 时代下的阿里，正在完成关键重塑，既是过去二十年中国数字经济红利的代表，更有望深度参与未来 AI 基础设施浪潮，其新故事值得投资 者细读。 2025 年 8 月，成立 25 周年的阿里巴巴完成新一轮战略性组织架构调整，告别"大而全"的多元扩张，将业务聚焦为四大板块，明确" AI+ 云"科技平台与"购物 + 生活服务深度融合"大消费平台双核心，并宣布未来多年持续加大投入。 这并非短期应对，而是阿里对战略方向的再锚定。 2021 年以来，阿里历经多轮组织与高管层调整，当前已在治理结构、战略重心和执行层面进入稳定状态。 从领导层分工、合伙人规模收缩，到核心业务高管年轻化，阿里正从"扩张型平台公司"转向"聚焦型科技与消费集团"。 判断阿里是否具备 "中国核心资产"属性，无关短期股价波动，关键看基本盘是否稳固、增长引擎是否清晰、是否站在技术浪潮关键位置。 2025 年以来，淘天客户管理收入（ CMR ）拐点向上，阿里云 AI 相关收入连续 8 个季度三位数增长，即时零售拉动用户与 ...