这两天备受热议的2026年国家补贴政策终于落地，一下子成了大家讨论的焦点。 不少朋友都在纠结：今年的补贴比2025年多了还是少了?力度到底大不大? 其实在我看来，纠结这些表面数字，有点像买东西只看包装不看内核，抓错了重点。对比2025和2026两 年的政策，真正的变化不在"多少"，而在"方向"，核心有几个关键点。 第一，补贴从"撒胡椒面"变成了更精准的滴灌。2025年的补贴比如家电类，基本上是类目广、门槛低， 符合条件的企业和产品都能分一杯羹。但今年不一样了，就拿家电来说，补贴只盯着"一级能效"的产 品，简单说，就是只帮你买单更省电、质量更好的款。 这波操作不只是让消费者得实惠，更在推着整个行业往绿色、智能的方向走，那些能耗高、技术旧的低 端货，慢慢就会被市场淘汰。 第二，线下门店被进一步激活了，农村朋友也能更平等享福利。2025年其实也有线下补贴，但今年不一 样，线下补贴不仅幅度加大，申请门槛也简化了，不管是城里还是农村的消费者，都能轻松拿到补贴。 尤其赶上年货节，线下门店把"国补+门店优惠+以旧换新"凑成了组合拳，和线上平台形成互补。再也 不是线上一家独大，不管你喜欢逛实体店还是刷手机购物，都能享到红利， ...

Core Viewpoint - JD Industrial is the largest service provider in China's industrial supply chain technology and services market, leveraging resources from JD Group to gain a first-mover advantage in the emerging sector, demonstrating technological strength and economies of scale [1] Industry Overview - The industrial supply chain digitalization in China is accelerating, with JD Industrial establishing a leading market position in this emerging field [1] - The company has a significant market share in both the industrial supply chain technology and services market and the MRO procurement service market [1] Business Model - The company utilizes the Taipu supply chain operation system, Mercator standard product library, and a high-turnover, light-asset fulfillment system to optimize operational quality while expanding scale [1] - The platform has approximately 81.1 million SKUs with an information standardization rate exceeding 95% [2] Operational Performance - The company serves around 11,000 key enterprise clients and millions of small and medium-sized enterprises, forming a first-mover advantage in comprehensive digital procurement and supply chain integration services [1] - From 2022 to 2024, the total transaction volume on the platform is expected to grow from 22.3 billion to 28.8 billion yuan, with a compound annual growth rate of approximately 13.8% [2] Future Growth Prospects - The company anticipates significant growth driven by AI applications and overseas expansion, establishing a second growth curve through localized operations in Southeast Asia, Europe, and Latin America [3] - Revenue projections for 2025 and 2026 are 23.56 billion and 28.33 billion yuan, respectively, with year-on-year growth rates of 15.49% and 20.28% [3] Profitability Forecast - Adjusted net profits for 2025 and 2026 are expected to be 1.09 billion and 1.72 billion yuan, reflecting year-on-year growth of 1.40% and 57.38% [3]

2025 年冬季，12 月的寒意未能冷却持续升温的 AI 热潮。 OpenAI 和 Google 披露，ChatGPT 拥有约 7 亿周活跃用户，Gemini App 月度使用用户超过 6.5 亿。与此同时，斯坦福大学 HAI 发布的 《AI Index 2025》显示，2024 年全球生成式 AI 私人投资达到 339亿美元；PitchBook 数据则表明，同年 全球风险投资中每 3 美元就有 1 美元投向 AI 初创公司。然而，在繁荣热闹背后，一个越来越清晰的共 识正在形成：比模型更难复制的是数据，而比数据更难获取的是真实产业场景下的应用经验。 海智在线正是看到了这个本质，才基于十年的数据积累研发智能报价工具。它的核心价值不在于把报 价"生成得更快"，而在于把影响报价的关键要素从黑箱中抽离出来，变成可解释、可追溯、可复盘的数 字化资产，让供需双方第一次能围绕同一张"成本地图"讨论问题。 正是在这样的背景下，由国家工业信息安全发展研究中心主办的第七届工业互联网大赛全国总决赛在北 京落下帷幕。领军组的获奖名单里，项目大多来自央国企、省属国企及科研院所，集中于煤炭设备预 警、油气管网监测、大型船舶建造仿真等核心 ...

去年，京东集团实现营收11588.19亿元，同比增长6.84%，排在2025中国企业500强第10位、中国服务业 企业500强第6位、中国民营企业500强第1位、中国服务业民营企业500强第1位。 2025年12月11日，京东工业正式登陆香港资本市场，截至发稿时，总市值为377.48亿港元。值得一提的 是，这是继京东集团（2014年）、京东健康（2020年）、京东物流（2021年）、德邦股份（2022年收购 的上市公司）之后，刘强东控制的第五家上市公司，进一步扩大资本版图，形成"零售+物流+健康+工 业+科技"的多元化格局。根据《2025胡润百富榜》显示，刘强东、章泽天夫妇身家达到580亿元，同比 增长12%，排在榜单第97位。【注：今年6月17日，达达集团被京东私有化退市】 简单介绍一下，京东工业主营业务为工业品电商，为企业提供非生产性物料（MRO，即维护、维修和 运营采购，主要覆盖企业日常运营、设备维护及修理所需的非生产性物资采购）、生产性资料 （BOM，包括原材料、半成品等）服务等工业品供应以及数智化供应链服务。 其核心竞争力在于自主研发的"太璞"全链路数智化工业供应链解决方案，该方案建立在端到端的供应 ...

2025年12月11日，京东工业正式登陆香港资本市场，截至发稿时，总市值为377.48亿港元。值得一提的是，这是继京东集团（2014年）、京东健康（2020 年）、京东物流（2021年）、德邦股份（2022年收购的上市公司）之后，刘强东控制的第五家上市公司，进一步扩大资本版图，形成"零售+物流+健康+工 业+科技"的多元化格局。根据《2025胡润百富榜》显示，刘强东、章泽天夫妇身家达到580亿元，同比增长12%，排在榜单第97位。【注：今年6月17日，达 达集团被京东私有化退市】 去年，京东集团实现营收11588.19亿元，同比增长6.84%，排在2025中国企业500强第10位、中国服务业企业500强第6位、中国民营企业500强第1位、中国服 务业民营企业500强第1位。 简单介绍一下，京东工业主营业务为工业品电商，为企业提供非生产性物料（MRO，即维护、维修和运营采购，主要覆盖企业日常运营、设备维护及修理 所需的非生产性物资采购）、生产性资料（BOM，包括原材料、半成品等）服务等工业品供应以及数智化供应链服务。 其核心竞争力在于自主研发的"太璞"全链路数智化工业供应链解决方案，该方案建立在端到端的供应链数 ...

Core Viewpoint - JD Industrial, a subsidiary of JD Group focused on industrial supply chain technology and services, officially listed on the Hong Kong Stock Exchange on December 11, raising approximately HKD 2.827 billion through its IPO, with a share price set at HKD 14.1. The funds will be used to enhance supply chain capabilities and support strategic investments and acquisitions [1]. Financial Performance - JD Industrial's total revenue is projected to grow from CNY 14.1 billion in 2022 to CNY 20.4 billion in 2024, reflecting a compound annual growth rate (CAGR) of 20.1%. Adjusted net profits are expected to increase from CNY 710 million in 2022 to CNY 910 million in 2024, with a CAGR of 12.8% [1]. - As of August 31, 2025, total revenue reached CNY 14.1 billion, marking an 18.9% year-on-year increase [1]. Business Model and Services - JD Industrial provides a digital supply chain infrastructure that integrates various industrial sectors, utilizing AI-driven demand forecasting and IoT technology to enhance efficiency and reduce costs. For instance, a steel company reduced inventory costs by 40% and procurement costs by 15% through JD Industrial's solutions [4][6]. - The company serves over 11,100 core industrial enterprises, including 60% of China's top 500 companies and 40% of the global Fortune 500, maintaining a leading market share in the MRO procurement sector [8]. Technological Innovation - JD Industrial launched the JoyIndustrial model, the first industrial supply chain model in the industry, leveraging over 81.1 million SKU data and experience from over 40 sub-industries to improve supply-demand matching and product governance [10]. - The model significantly enhances operational efficiency, reducing the time for complex governance tasks from months to hours and cutting down the time for identifying business opportunities from 5 hours to 15 minutes [10]. Global Expansion and Support - JD Industrial is actively expanding its global footprint, particularly in Southeast Asia and Europe, by modularizing its supply chain capabilities and integrating local resources. The company has established local teams and warehouse networks in several countries to support Chinese enterprises' overseas operations [15][16]. - The company offers tailored supply chain solutions for different stages of overseas expansion, including a SaaS marketplace for general procurement and a one-stop solution for cross-border goods, ensuring rapid delivery and operational support [16].

截至2025年6月30日止十二个月，京东工业服务客户覆盖超过1万家重点企业及数百万家中小企业，其中 包括约60%的中国《财富》500强企业及逾40%的在华全球《财富》500强企业。公司聚焦MRO（非生产 物资）、BOM（生产原材料）及备品备件三大场景，合作超15.8万制造商、分销商及代理商，提供80 个品类、约8110万SKU的工业产品。 依托供应链基础设施与数智技术优势，京东工业联合合作伙伴发起"智赋千行万亿降本"产业行动，推出 汽车制造、能源电池等十大工业行业场景专属方案，并提出未来五年助力中国工业产业实现"降本万 亿"的目标。值得一提的是，京东工业是刘强东主导的第六家上市公司，此前京东集团、京东健康、京 东物流、德邦物流及达达集团已先后上市。 京东工业股份有限公司（股票代码：7618.HK）于今日正式登陆香港联合交易所主板。根据港交所公 告，公司公开发行价定为每股14.1港元，若不行使超额配股权，全球发售募集资金净额约为28.27亿港 元。此次上市标志着京东工业进入新发展阶段，募集资金将主要用于增强工业供应链能力、跨地域业务 拓展及潜在战略投资等领域，以进一步提升客户供应链效率并降低运营成本。 京东工业 ...

Group 1: Core Business Strategy - JD Industrial plans to strengthen its product offerings and leverage data from leading manufacturers for training [1] - The international business is a significant growth avenue for JD Industrial, with Southeast Asia identified as the first target market for overseas expansion starting in 2024 [1] - JD Industrial has established a presence in markets such as Brazil, Thailand, Indonesia, Malaysia, Vietnam, and Saudi Arabia, and is also beginning to expand into Europe [1] Group 2: Challenges in International Expansion - The primary challenges for JD Industrial's internationalization include local tax and legal compliance, as well as building partnerships with local ecosystem players [2] - Recruiting suitable local talent is essential for understanding the nuances of the local market [2] - JD Industrial's international business is one of the least dependent on JD's existing resources, requiring tailored business models for each market based on local supply chains and regulations [2] Group 3: Development of Large Models - JD Industrial has made progress in developing large models, with the launch of JoyIndustrial, the first industrial model focused on supply chains, utilizing over 81.1 million SKU data points [2] - The core of the large model is centered around data and scenarios, aiming to identify valuable use cases and accumulate comprehensive data across the supply chain [2] - There is a strong demand from clients for large models, particularly in the product sector, indicating a focus on enhancing supply chain efficiency [3] Group 4: Operational Efficiency - JD Industrial's collaboration with clients, such as XCMG Group, has significantly reduced procurement cycles for non-production materials to within 3-5 days, demonstrating improved cost efficiency [3] - Previously, the procurement process for urgently needed tools could take up to 20 days, highlighting the efficiency gains achieved through digitalization [3]

Core Insights - The "HaiChain Hangzhou" advanced manufacturing industry comprehensive service platform was launched, facilitating connections between nearly 50 overseas buyers and 35 local procurement companies with over 400 quality manufacturing enterprises [1][2] - The platform aims to enhance global market access for foreign trade enterprises and optimize supply chain networks for domestic manufacturers [1][2] Group 1: Overseas Buyers - Overseas buyers expressed high recognition of China's manufacturing capabilities, with a representative from Suncast Polytech noting the efficiency and quality of potential partners found during the event [1] - The event allowed overseas buyers to address core pain points related to sourcing large-scale manufacturing tools, highlighting the competitive advantages of Chinese factories [1] Group 2: Domestic Buyers - Domestic buyers, such as Hangzhou Yongli Baihe Technology Co., reported successful engagements, connecting with over 20 suppliers in just one hour, indicating the efficiency of the platform [1][2] - The need for reliable suppliers has increased due to the expansion of overseas production capacity, showcasing the platform's role in meeting these demands [1][2] Group 3: Platform Features and Benefits - The "HaiChain Hangzhou" platform leverages supply chain infrastructure to create a more trustworthy, efficient, and sustainable cross-border supply-demand link [2] - The platform aims to assist quality manufacturing enterprises in exploring broader markets, with a focus on countries involved in the Belt and Road Initiative and emerging markets [2] - The platform has expanded its buyer base to 117 countries, reflecting a trend towards market diversification and providing risk assurance through partnerships with export credit insurance institutions [2] Group 4: Future Developments - The Hangzhou Municipal Bureau of Commerce plans to build a digital service matrix for supply-demand matching and regularly hold events to foster collaboration among leading enterprises in specific sectors [3]

（原标题：营收大增21.8%，沃尔玛中国为何领跑业绩?） 11月20日，沃尔玛披露了2026财年第三季度（FY26 Q3）业绩报告。财报显示，沃尔玛该季度营收录得 1795亿美元，同比增长5.84%，营收增速连续两个季度环比走高，延续了稳健的扩张态势。 分区域看，沃尔玛中国业务表现尤为亮眼。FY26 Q3单季实现净销售额61亿美元，同比增长21.8%，不 仅大幅跑赢国际业务板块10.84%的平均增速，还连续多个季度维持同比两位数以上的增长，成为驱动 全球业绩增长的关键引擎。 若置于行业宏观视角审视，沃尔玛中国的表现更具韧性。对比2025年前三季度中国社零商超行业4.4% 的平均增速，沃尔玛中国实现了显著的超额增长。在当前消费回归理性、传统商超普遍面临转型阵痛的 存量博弈环境下，这份逆势突围的成绩单显得难能可贵。 面对如此显著的差异化表现，市场不禁追问：沃尔玛中国究竟做对了什么？ 左手山姆，右手电商 在很长一段时间里，实体零售与电商被视为一场零和博弈。但在沃尔玛的布局中，二者早已融为一体， 优势互补，成为业绩高增背后的核心因素。其中，有两组数据尤其值得关注： 现"，这不仅是对单店业绩的肯定，也是对山姆模式在中国 ...