Core Viewpoint - JD.com (JD.US) shares rose over 2.3% pre-market, reaching $35.64, following a more than 5.7% increase the previous day, driven by announcements at the 2025 JD Global Technology Explorers Conference [1] Group 1: Company Developments - JD Group CEO Xu Ran announced that Liu Qiangdong has personally taken on the role of President of the JD Exploration Research Institute [1] - The company aims to continuously invest in artificial intelligence development over the next three years, targeting a trillion-dollar AI ecosystem [1] - JD.com plans to open its scenarios and supply chain data to support the training and application testing of embodied intelligence enterprise models [1] Group 2: Product Launch - JD.com has launched the Jingxi APP, described as a next-generation super portal for shopping and life services, utilizing AI to streamline the shopping process [1] - In addition to shopping, the Jingxi APP allows users to complete tasks such as ordering takeout, booking flights, and reserving hotels via voice commands [1] - The APP is currently in the internal testing phase [1]

格隆汇9月25日｜京东集团-SW(9618.HK)盘中一度涨超7%，报142.6港元。消息面上，在2025京东全球探索者大会上，京东集团CEO许冉表示，刘强东已 亲自担任京东探索研究院院长。京东的目标是未来三年持续投入人工智能发展，带动万亿人工智能生态规模，同时开放京东场景、供应链数据，服务具 身智能企业模型训练及应用测试。大会现场京东宣布大模型品牌Joy全新升级，发布了购物和生活助手"京犀"、万能数字人助手"他她它"和附身智能应 用"JoyInside"。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容的准确性、可靠性或完整性提供任 何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱：news_center@staff.hexun.com ...

Core Viewpoint - The U.S. stock market experienced declines, with the Dow Jones falling by 0.37%, the S&P 500 down by 0.29%, and the Nasdaq decreasing by 0.34%. In contrast, the Golden Dragon Index, which reflects the performance of Chinese concept stocks, rose by over 2.8% [3]. Group 1: Market Performance - The Hong Kong and A-share markets showed strong performance supported by technology stocks. The Shanghai Composite Index closed at 3,853 points, up 31 points or 0.83%, while the Shenzhen Component Index rose by 1.8% to 13,356 points. The total trading volume in both markets reached 2.35 trillion RMB [4]. - The Hang Seng Index was boosted by Alibaba's significant rise, surpassing the 26,500-point mark. The index reached a high of 26,562 points before closing at 26,518 points, up 359 points or 1.37%. The Tech Index also increased by 2.53%, closing at 6,323 points, with a total trading volume of 288.8 billion HKD [4]. - Alibaba's stock surged over 9%, making it the best-performing component stock, while JD.com rose nearly 4%. Semiconductor stocks also performed strongly, with ASMPT and SMIC both increasing by over 6%, and Hua Hong Semiconductor rising nearly 4% [4]. Group 2: Future Outlook - As long as technology stocks and A-shares continue to perform well, the Hang Seng Index is expected to receive positive support, likely stabilizing between 26,300 and 26,800 points. Following the recent rebound, the index has again surpassed the 26,500-point level, with the 20-day moving average (25,958 points) serving as a reference for future movements. If it stabilizes, there is potential for further testing of the 26,800-point level [5].

转自：证券时报 人民财讯9月25日电，京东集团港股持续走高，现涨超6%。消息面上，京东CEO许冉宣布京东未来三年 将持续投入人工智能发展，带动万亿人工智能生态规模，同时开放京东场景，服务具身智能企业模型训 练及应用测试等。 ...

京东集团-SW(09618)一度涨超6%，截至发稿，涨6.47%，报141.6港元，成交额19.07亿港元。 据公开资料显示，京东探索研究院是京东集团于2020年11月成立的研发机构。官方介绍称，京东探索研 究院，是以京东集团以各事业群与业务单元的技术发展为基础，集合全集团资源和能力，成立的专注前 沿科技探索的研发部门。京东探索研究院深耕泛人工智能领域，包括"大语言模型"、"多模态智 能"、"具身智能"、"强化学习"等。 消息面上，9月25日，据新浪科技消息报道，主题为"Enjoy AI"的JDDiscovery-2025京东全球科技探索者 大会在北京举行。京东集团SEC副主席、CEO许冉在演讲中表示，京东将在未来三年持续投入，带动形 成万亿规模的人工智能生态。许冉透露："未来，我们将在技术上持续加码。组织上，我们升级了京东 探索研究院，创始人刘总(刘强东)亲自担任探索研究院院长，在全球招募了人工智能科学家。 ...

Core Viewpoint - JD.com has launched the Jingxi APP, which aims to serve as a next-generation super entrance for shopping and lifestyle services, utilizing AI to enhance the shopping experience [1] Group 1 - The Jingxi APP allows users to complete various tasks such as ordering takeout, booking flights, and reserving hotels through voice commands [1] - The APP is currently in the internal testing phase [1]

GAM Investment Management基金经理 Jian Shi Cortesi说道："很明显，在 2022 至 2023 年期间，阿里巴 巴的估值偏低，但投资者需要一个诱因来买入它——这个诱因已经出现，那就是其在人工智能领域的潜 力，如今，人们越来越将阿里巴巴视为一家集人工智能和云基础设施于一体的公司，而非仅仅是一家电 子商务企业。" 其次，英伟达(NVDA.US)上周表示将向竞争对手英特尔(INTC.US)投资 50 亿美元，周一又宣布计划向 创建 ChatGPT母公司 OpenAI 投资高达 1000 亿美元。在宣布这两项计划的三个交易日内，这家芯片制 造商的市值增加了超过 3200 亿美元——这是这两项协议预计总投入金额的三倍。 随后在周三，阿里巴巴(BABA.US)美股大幅上涨，涨幅高达 10%。此前该公司表示，其在人工智能领 域的投入将超过年初设定的 500 亿美元的目标。尽管额外预期投入的具体总额并未公布，但这一消息使 阿里巴巴的市值增加了超过 350 亿美元。 人工智能热潮正在美股市场催生一种奇特的新现象：大规模投资人工智能的计划往往会促使投资方所在 公司的市值出现更大的上涨。以阿 ...

Market Overview - Major US indices experienced declines, with the Dow Jones Industrial Average down by 171.5 points (-0.37%) to 46121.28, and the Nasdaq down by 75.61 points (-0.33%) to 22497.86 [2] - European indices showed mixed results, with the UK FTSE 100 up by 27.11 points (0.29%) to 9250.43, while the German DAX rose by 55.48 points (0.23%) to 23666.81 [2] - Asian markets saw positive movements, with the Shanghai Composite Index up by 31.81 points (0.83%) to 3853.64 and the Shenzhen Component Index up by 236.32 points (1.80%) to 13356.14 [2] Trade and Economic Policies - The US government announced the implementation of a trade agreement with the EU, imposing a 15% tariff on EU imported cars and automotive products starting August 1 [4] - US Treasury Secretary Bessent criticized the Federal Reserve's current interest rate policy, advocating for a reduction of 100-150 basis points by year-end [5] - Russian Prime Minister Mishustin projected a 1.3% GDP growth for Russia in 2026, with a total expected growth of around 7% over the next three years [6] Corporate Developments - Oracle initiated a $18 billion bond issuance, marking the second-largest bond sale in the US investment-grade market since 2025, with demand reaching nearly $88 billion [8] - Intel is reportedly seeking investment from Apple as part of its recovery plan, with discussions also ongoing with other companies [10] - Amazon's autonomous driving subsidiary Zoox applied for regulatory exemptions to deploy 2500 self-driving cars, significantly expanding its operational capacity [12] - SAP and OpenAI, in collaboration with Microsoft, are developing a "German version of OpenAI" aimed at providing sovereign cloud AI services by 2026 [12] - Alibaba Cloud and NVIDIA are partnering to advance physical AI applications, integrating NVIDIA's software stack into Alibaba's AI platform [12]

Group 1: Regional Cooperation and Economic Integration - The article emphasizes the importance of regional cooperation and economic integration for promoting economic development and maintaining regional stability, particularly through China's initiatives like the Belt and Road Initiative [1][2] - The establishment of the "China + Central Asia" foreign ministers' meeting mechanism in 2020 and the successful hosting of the first China-Central Asia Summit in 2023 are highlighted as significant milestones in enhancing cooperation [1] - Trade, investment, and people-to-people exchanges between China and Central Asian countries have reached historical highs, indicating robust growth in bilateral relations [1] Group 2: Infrastructure and Logistics Development - Inner Mongolia has made significant progress in port construction, with 20 ports handling over 120 million tons of cargo annually, facilitating trade with Mongolia and Russia [3] - The region is a major producer of agricultural and energy resources, contributing significantly to national supplies, with coal accounting for 34.5% of national supply [3] - The establishment of cross-border economic cooperation zones and e-commerce pilot zones has led to increased trade with Belt and Road countries [4] Group 3: Cultural Exchange and Innovation - Zhejiang's Yuhang District has hosted forums to deepen cultural dialogue with Belt and Road countries, promoting cultural exports and achieving a 12% revenue growth in cultural enterprises [5][6] - The district is leveraging its position as a tech hub, with a focus on AI and digital economy, contributing to a GDP growth of 7.4% in the first half of the year [6] - Xi'an has established numerous international partnerships and cultural initiatives, enhancing its role in the Belt and Road framework [7] Group 4: Trade Facilitation and Economic Growth - Tianjin has developed a modern logistics system, with over 5,860 China-Europe (Central Asia) freight trains operating since the Belt and Road Initiative's inception, and a trade volume of 377.15 billion yuan with Belt and Road countries in 2024 [11][12] - Yunnan is enhancing its role as a trade hub for Southeast Asia, with significant growth in agricultural exports and the establishment of efficient customs processes [13][14]

Core Viewpoint - The launch of Ali Baba's cross-border e-commerce platform AliExpress's "Super Brand Going Global Plan" signifies a strategic shift from product export to brand export, aiming to compete directly with Amazon in the global market [1][3]. Group 1: Competitive Landscape - AliExpress is positioning itself to compete with Amazon not just on price but on brand and quality, indicating a shift in focus from low-cost goods to high-end brands [1][3]. - The competition is evolving from consumer-focused to brand and merchant-focused, with AliExpress aiming to attract major brands by offering lower costs and better service [3][5]. Group 2: Strategic Initiatives - AliExpress plans to offer lower commission rates, targeting 8-10% compared to Amazon's 15-25%, to retain more profits for merchants [5][6]. - The platform intends to provide a more integrated and supportive service model, including co-investment in marketing and a dedicated "Brand Growth Consultant" team to assist over 2000 brand merchants [5][6]. Group 3: Market Focus - The strategy emphasizes key markets such as Europe and Latin America, where AliExpress aims to help brands achieve better sales outcomes at lower costs [3][5]. - The initiative is designed to create a second growth curve for Chinese brands, with a long-term investment approach that prioritizes merchant profitability [6].