今年以来，京东在香港投资建设了多项供应链基础设施。3月份，京东快递港岛运营中心正式投入运 营，在引入了自动化分拣设备提升分拣效率的同时，在当地新增了超过100名快递员。8月份，京东正式 完成对香港佳宝食品超级市场的收购，实现了京东供应链优势和佳宝本土化优势的强强联合。11月份， 京东宣布与香港科技大学成立联合实验室，共同打造超级供应链下的人工智能应用新标杆。京东旗下的 京东工业也即将于12月份在港上市，也是继京东集团港股二次上市，京东健康、京东物流赴港IPO之 后，京东体系的第四家港股上市公司。 早在2015年，京东就在香港开设了物流与电商相关业务。京东快递数据显示，自2023年港澳服务升级的 两年间，京东快递香港日均揽收快递量增长超50倍，形成了"香港最快4小时送到"、"揽派至22时"、"港 澳次日达"等差异化能力，内地与香港互寄快递量增长超130倍。2024年京东产发在香港收购的首个物流 地产项目利丰中心，进一步完善了本地物流基础设施。 据悉，随着业务持续高速增长，京东也不断增加在本地供应链基础设施的投资建设，在本地招聘组建员 工团队，实现本地采购，推动业务的本地化发展。 新浪科技讯 12月10日上午消息 ...

Core Viewpoint - JD.com continues to invest in Hong Kong, enhancing its supply chain capabilities and local presence through strategic acquisitions and infrastructure development [1][2][3] Group 1: Company Developments - JD.com has acquired Surearn Profits Limited, which owns office space in the China Construction Bank Tower in Central Hong Kong, with the transaction pending regulatory approval [1] - The company has established a logistics and e-commerce presence in Hong Kong since 2015, with a significant increase in daily package collection volume, growing over 50 times in the past two years [2] - JD.com has completed several strategic investments in Hong Kong, including the acquisition of local supermarket chain Jia Bao and the establishment of a joint laboratory with Hong Kong University of Science and Technology [1][2] Group 2: Community Engagement - Following a recent fire incident in Tai Po, JD.com’s Jia Bao supermarket was the first to deliver emergency supplies, demonstrating the company's commitment to community support [3] - JD.com announced a donation of 30 million RMB in cash and supplies for disaster relief and recovery efforts in response to the fire [3] Group 3: Future Outlook - JD.com plans to continue expanding its logistics infrastructure in Hong Kong, with the upcoming listing of JD Industrial in December marking the fourth company from JD's ecosystem to go public in Hong Kong [1][2]

机构：长江证券 研究员：赵刚/杨会强/马健轩 风险提示 1、消费复苏缓慢；2、业务成本上升；3、展店不及预期；4、行业竞争加剧。 火锅是中餐最大细分赛道，2024 年以超6000 亿元的市场规模占据中餐14.5%的份额，远超其他菜系， 当下已迈入存量整合阶段。火锅的品类丰富度堪称中餐之最，从川渝麻辣到粤式滋补，从酸汤到清汤， 广泛的受众基础赋予其稳定的生命力，男女老少皆可消费，适配各类聚餐场景。同时，火锅具备标准化 程度高与运营高效的双重优势，易实现供应链统一管控与门店快速复制。反映到财务上，火锅行业达成 了更高的单餐位营收与利润率，成为中餐领域的领跑者。 优质赛道面临更加激烈的竞争，当前全国火锅店数超 55 万家，个体经营的小店星罗棋布，即便身为头 部品牌的海底捞，市占率仅6.9%。如巴奴、怂火锅等凭借"毛肚火锅"、"热辣火锅"等定位特色品牌，实 现细分领域突围，不断分流高端客群，进一步加剧了行业竞争的激烈程度。 核心竞争优势：服务、管理能力与强供应链共同构筑品牌护城河海底捞以极致服务为核心竞争力，卓越 的管理能力与强大的供应链共同构筑品牌护城河。服务层面，从等位时的美甲擦鞋、用餐时的细节关怀 到售后的快速 ...

Core Insights - Rare earth elements are crucial for modern technology and national security, with applications ranging from smartphones to military systems [2][3] - The United States faces significant challenges in its rare earth industry, primarily relying on China for processing despite having its own mining resources [2][5] Group 1: Importance of Rare Earth Elements - Rare earth elements consist of 17 elements, including lanthanum, cerium, and neodymium, which are essential in high-tech applications such as electric vehicles and wind turbines [3] - China dominates the global rare earth market, holding approximately 37% of the world's reserves and producing 63% of the global output in 2019 [3][5] Group 2: Challenges Faced by the U.S. Rare Earth Industry - The U.S. rare earth industry suffers from limited resources, insufficient investment, and outdated technology, leading to a lack of processing capabilities [5][10] - The Mountain Pass mine in California has significant reserves but lacks the processing capacity, forcing the U.S. to send mined materials to China for refinement [5][6] Group 3: China's Strategic Position - China has developed a complete rare earth supply chain, from mining to processing, giving it a competitive edge over other countries [10][11] - The Chinese government has implemented export controls on rare earth materials, which has raised concerns in the U.S. about the potential impact on military and high-tech industries [6][11] Group 4: U.S. Response and Future Strategies - The U.S. has attempted to revitalize its rare earth industry through initiatives like the 2017 executive order aimed at understanding supply chains and fostering domestic production [9] - Future strategies for the U.S. include investing in technology, collaborating with allies for a diversified supply chain, and exploring recycling and alternative materials to reduce dependence on China [10][11]

Core Insights - The article discusses the challenges faced by small and medium-sized enterprises (SMEs) in the supply chain, particularly regarding liquidity issues and cash flow pressures due to upstream payment strategies [1][3] - It highlights the transformative potential of AI technology in alleviating these challenges and enhancing operational efficiency for SMEs [3][5] Group 1: Challenges and Pain Points - SMEs are often in a passive position within the supply chain, facing significant cash flow pressures as upstream contractors adopt a "payment upon receipt" strategy, leading to extended payment cycles [3][4] - The disconnect between the industrial and financial sectors creates a "production-finance isolation," where SMEs struggle to secure funding despite having real business operations [4] Group 2: Solutions and Efficiency Improvements - AI is evolving from a simple tool to a "decision assistant," significantly improving efficiency in processes such as procurement and contract management, reducing time from one day to half an hour for qualification reviews [5] - AI enhances trust in the supply chain by automating the verification of contracts and invoices, making risks more transparent and facilitating better relationships between SMEs and financial institutions [5] Group 3: Future Outlook and Strategic Positioning - Companies are encouraged to focus on long-term strategic planning rather than short-term gains, with early investment in AI development seen as a key to future opportunities [6][7] - The need for a multifaceted understanding of the ecosystem is emphasized, with educational programs designed to help individuals navigate the complexities of finance, management, and industry [7]

如果把时间的指针拨回2016年，中国商业史会记下这样一个画面： 一部手机、一个支架、一盏补光灯，就能撬动数以亿计的成交额。 那是直播电商的元年，是草莽英雄的时代，也是"流量为王"的黄金岁月。 然而，站在2025年直播电商第十个年头的节点上，我们再审视这个行业，风向彻底变了。 随着中国网民总数逼近11.23亿的天花板，流量获取成本水涨船高。 曾经那种"全网最低价"的简单粗暴打法，正在被理性的消费浪潮拍在沙滩上。 但现在，消费者的决策逻辑发生了根本性逆转。 阿里、巨量、京东的数据在过去两年都有一个共同趋势：高复购、可信任品牌的留存远高于低价爆品。 好吃、健康成分、可追溯正在成为食品赛道的最高频搜索词，消费者也逐渐从能买，转向敢买、会买、 值得买。 在这个节骨眼上，直播电商行业头部的谦寻，默默做了一件特别有意义的事情。 今年5月，他们推出了"谦寻超级商店"。 乍一看，可能会觉得，"嗐，不就是个小程序商城吗？" 但往细了看，这里面卖的东西，很有意思。 当增长的曲线不再陡峭，行业的下半场比拼的不再是谁嗓门大，而是谁的根扎得深。 这十年，改变的不只是屏幕前的带货主播，更是屏幕后的消费者。 过去，我们在直播间下单，往往是因 ...

Core Insights - The company reported a revenue of 17.286 billion with a year-on-year growth of 0.39% for the first nine months of 2025, and a net profit attributable to shareholders of 1.225 billion, reflecting a growth of 10.27% [1] - For the third quarter of 2025, the company achieved a revenue of 5.564 billion, which is a 1.97% increase year-on-year, and a net profit of 0.345 billion, marking a 10.14% growth [1] Group 1 - The company will focus on core strategies such as "professional services, digitalization, supply chain, new retail, operational systems, and talent and culture" to innovate business models centered around customer value [1] - The company aims to enhance its core competitiveness through brand image improvement, professional service capability enhancement, differentiated product category extension, intelligent supply chain construction, and digital technology innovation [1] - The company plans to reconstruct a new service model for health management across the entire lifecycle, contributing to public health and becoming a trusted pharmacy for customers [1] Group 2 - The company adheres to a strategy of "regional focus and steady expansion," utilizing a combination of "new openings, acquisitions, and franchising" to enhance market share and concentration [2] - The company employs a tailored approach for each city in its expansion strategy, ensuring efficient and reasonable store network layout [2]

「 供应链必须回答的新课题。 」 文 ｜ 任倩 在全球化与地缘交织的复杂时代，"供应链"一词从未像今天这样，既代表着经济命脉的韧性，也暴露出 脆弱与不确定。过去全球化建立在效率优先、成本驱动的流动供应链之上，如今叠加国家属性，重新排 兵布阵已成为共识。 在这一领域，斯坦福大学商学院的李效良教授是其中一位备受关注的学者。他从事供应链研究40年，曾 提出的经典"3A"理论——敏捷（Agility）、适应（Adaptability）、协同（Alignment），成为无数企业与 政府制定战略的重要参考。这一理论在2004年金融危机、2011年日本大地震等事件中得到了残酷而准确 的验证。 "很多人当时只关心效率，追求'精益'的极致，"李效良回忆，"但一个链条拉得越长、越紧，它就越容易 断裂。"因此，"敏捷"是为了应对突发波动；"适应"是为了响应结构性变化；"协同"，则是为了让链条上 的每一个环节，不再是孤立的利益追逐者，而是命运的共同体。但近年来，他观察到更深层次的变化： "我们的世界正在从一个'全球化的世界'转向一个'多个世界体系的共存'。" 他分析，疫情、贸易摩 擦、气候危机等都不是孤立的事件，它们共同指向一个核心 ...

Core Insights - The US manufacturing sector shows signs of continued weakness in November, with the manufacturing index falling to 48.2, marking the largest contraction in four months and remaining below the neutral level of 50 for nine consecutive months [1][2] Group 1: Manufacturing Index and Economic Conditions - The ISM manufacturing index decreased by 0.5 points to 48.2, indicating ongoing challenges in the sector due to weak demand and cost pressures [1] - The "prices paid index" rose for the first time in five months, indicating a resurgence in raw material cost pressures, up approximately 8 points year-over-year [1] - New orders index experienced its fastest contraction since July, while backlog orders saw the largest decline in seven months [1] Group 2: Employment and Labor Market - About 25% of manufacturing firms reported job reductions in November, the highest proportion since mid-2020 [1] - Although the production index rebounded to its fastest expansion in four months, overall output remains volatile, unable to offset the pressures from declining orders and employment [1] Group 3: Industry Performance - In November, 11 manufacturing industries contracted, including apparel, wood, paper products, and textiles, while only four industries, such as computers and electronics, experienced growth, marking the lowest number in nearly a year [2] - The machinery sector reported extended import transportation times and customer demands for earlier deliveries due to tariff impacts [2] - The transportation equipment sector is undergoing structural adjustments, including layoffs and shifts to overseas production, in response to the tariff environment [2] Group 4: Supply Chain and Inventory - Supplier delivery times accelerated for the first time in four months, indicating some relief in supply chain pressures [2] - Manufacturers and customers continue to reduce inventory levels, although the rate of decline has slowed compared to October [2] - Overall, the US manufacturing sector is facing a "triple pressure" of weak demand, rising costs, and policy uncertainty, making a substantial turnaround unlikely in the short term [2]

专题：2025分析师大会：资本市场"奥斯卡"！机构称A股迎全球资本涌入的大牛市 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月28日，2025分析师大会举行，摩根士丹利中国首席经济学家邢自强主题演讲《中国新篇章： 科技 与再平衡》。 邢自强表示，依托丰富的人才储备，中国处于AI创新前沿，中国大语言模型的性价比较高。AI既能增 益、也能替代劳动力，缓解人工智能对劳动力市场造成的扰动，还需更多政策支持。 邢自强认为，人形机器人5万亿美元全球市场大幕拉开，预测到2050年人形机器人累计应用规模将达到 10亿台，其中约30%来自中国。 附演讲PPT 美降温超预期,但持久性缓和仍难以实现 中美缓和超预期 然而在竞争性对抗格局下，中美缓和仍较为懿弱 | | 货量进口 如果大豆 | 2025 Jan | | | | --- | --- | --- | --- | --- | | 一点 在的按照片 | - 10 2 2 10 10 2 2 4 10 10 2 2 10 | | | | | | 全身实质性描述明新芬太原资讯 | Sels | NULL | | | BOTACUL 201202 ...