Core Insights - The 2025 618 shopping festival showcases three major trends: the rise of "instant retail," the impact of policies and live streaming on consumer segmentation, and the integration of AI across the e-commerce value chain [4][5] Group 1: Instant Retail - "Instant retail" is experiencing explosive growth across all categories, transforming consumption efficiency and establishing "everything delivered to home" as the new norm. Daily orders for JD's delivery service have surpassed 25 million, covering all counties nationwide. The growth is attributed to the maturity of offline stores and logistics supply chains, with front warehouses and drone delivery reducing costs by 15% [4] Group 2: Policy and Consumer Segmentation - Policies and live streaming are driving consumer segmentation, leading to the rise of domestic brands and the lower-tier market. The combination of old-for-new subsidies and platform incentives has stimulated both essential and quality consumption, with JD's home appliance sales increasing by 161%. Domestic brands account for over 60% of Tmall's "billion-dollar club," and the search volume for "new Chinese style" products has surged by 270%. JD's county-level orders have grown by 130%, with live streaming sales accounting for over 70% of GMV [4] Group 3: AI Integration - AI is deeply transforming the e-commerce supply chain, enabling sustainable operations rather than short-term GMV competition. For instance, Taobao merchants have generated 1.5 million video materials using AI tools, while JD's digital human live streaming costs only one-tenth of that of real people, with a 30% increase in conversion rates. Orders for JD's "delivery and installation" service have risen by 300%, and front warehouse costs have decreased by 20%. AI customer interactions have exceeded one million [4][5]

截至3月28日，已有嘉银科技、乐信、金融壹账通、奇富科技、信也科技、小赢科技等6家金融科技公司 公布了2024年业绩。其中，金融壹账通、奇富科技均在美股、港股双重上市；乐信、信也科技、嘉银科 技、小赢科技在美股上市。 业绩整体平稳 同时，多家金融科技公司正通过AI全链路赋能，驱动业务提效。奇富科技宣布全面推进"AI+"战略，将 更大的资源投入到AI在信贷场景的应用中。嘉银科技持续深化AI技术在客服、风控、营销等业务场景 的应用与赋能，实现全链路智能化、数字化升级。 "在金融行业数字化转型推动下，各家金融科技公司在国内业务增长相对平稳，各项核心经营指标持续 向好，部分公司着力提升业务质量和可持续性。"中国邮政储蓄银行研究员娄飞鹏对《证券日报》记者 说。 中国银行研究院研究员吴丹认为，2024年美股、港股上市金融科技公司业绩展现出了较强的发展韧性。 未来要实现长期可持续发展，金融科技公司仍需在多维度持续发力，如强化合规能力建设，加大核心技 术研发投入，强调差异化竞争战略等。 发力国际业务 上述金融科技公司积极布局国际业务，并取得较好的增长。 国际业务方面，金融壹账通从2018年开始布局东南亚业务，截至去年末，已将 ...