Core Viewpoint - The collaboration between JD.com and Instinct Natural Pet Food aims to enhance urban pet-friendly environments by launching a project that provides free pet waste bags in Shanghai, addressing the common issue of pet owners forgetting to bring waste bags during walks [1][4]. Group 1: Project Overview - JD.com and Instinct Natural Pet Food have initiated a city pet-friendly program, marking the first of its kind in the country [1]. - The project involves the installation of pet waste bag dispensers in 50 communities and over 10 commercial areas in Shanghai [1][3]. - The dispensers are designed to be visually appealing and accessible, allowing residents and consumers to take waste bags for free [1]. Group 2: Community and Environmental Impact - The project is supported by the China Cultural Management Association's Pet Culture Professional Committee, which provides design and implementation assistance [4]. - The initiative aims to foster a clean and friendly living environment through community engagement and collaboration among property managers, pet owners, and professional departments [4]. - The introduction of these dispensers is seen as a step towards improving public space facilities and promoting responsible pet ownership, which is essential for urban management and quality of life [5]. Group 3: Broader Implications - The project is expected to enhance civic awareness and social cooperation, contributing to a shared vision of an ideal living environment [5]. - The first batch of dispensers will be placed in communities and commercial areas associated with major real estate groups, facilitating community governance and meeting residents' needs for a better quality of life [5]. - JD.com emphasizes its commitment to animal protection and the pet-friendly initiative, aiming to create harmonious urban spaces for pet owners through community outreach and donations [5].

"上海每两杯咖啡，就有一杯咖啡豆子来自这里。"虹桥进口商品展示交易中心副总经理朱菁所说的"这 里"，指的是展示交易中心里的虹桥国际咖啡港。 虹桥进口商品展示交易中心(虹桥品汇)是承接和放大进博会溢出效应的"6天+365天"常年展示交易主平 台，汇集了来自120个国家(地区)的6000多个品牌、逾85000款进博会同款商品，并建成虹桥国际咖啡 港、虹桥国际酒窖、虹桥品汇直播基地、虹桥商务区保税物流中心(B型)等多个平台。这里还是"丝路电 商"辐射引领区建设和国际贸易中心建设的重要抓手平台。 虹桥商务区保税物流中心(B型)已实现保税展示交易业务的常态化开展和进博会"展转保""展转跨"等便 利化措施的常态应用，并为京东、盒马等平台提供跨境电商服务。 朱菁近日接受中新社记者采访时说，虹桥国际咖啡港已与近百家咖啡企业开展深度业务合作，带动贸易 规模达30亿元(人民币，下同)，注册企业年贸易额突破3亿元；汇聚47个共建"一带一路"国家的咖啡 豆，并与巴西、秘鲁、埃塞俄比亚、越南等全球核心咖啡生产国建立常态化交流机制。 虹桥国际咖啡港联合海内外大型连锁咖啡品牌，共同编制并发布中国咖啡师职业认证标准，举办四届上 海咖啡大师赛 ...

提升运营效率现已成为 Noon 战略的核心。公司正测试自动驾驶配送货车及三轮车（采用租赁而非购买模式），以削减成本。阿拉巴尔明确表示，这些自 动驾驶设备将实现24小时不间断运营，到2027年有望将配送员数量减少一半 —— 这一举措预计将对提升盈利能力产生实质性帮助。此外，Noon也在考虑 并购交易，印度正成为其潜在的扩张目标。 尽管取得了这些进展，Noon仍迫切希望与硅谷企业"长期亏损"的模式划清界限。阿拉巴尔强调，Noon必须先证明自身具备盈利能力，之后才会推进 IPO。他在接受《金融时报》（Financial Times）采访时表示："我们的董事会、整个市场以及银行机构，都不会再接受那种（长期亏损的）不合理模式 了。" 作为中东本土电商巨头，Noon 正计划向公开市场迈出大胆一步——拟在两年内于阿联酋和沙特实现双重上市。 创始人穆罕默德・阿拉巴尔表示，公司目前已 "接近" 盈利，这为其选择合适时机推进首次公开发行（IPO）奠定了基础。若IPO顺利，Noon将跻身该地区 首批公开上市的大型数字企业之列。 Noon成立于2016年，初期获得沙特阿拉伯公共投资基金（Public Investment Fund） ...

Group 1 - The core viewpoint of the article highlights the booming tourism and consumption in Guangyuan, particularly driven by the opening of the Daxu Road Night Three Kingdoms City, which has become a popular destination since mid-August [3][4] - Guangyuan's social retail sales reached 31.44 billion yuan from January to July, showing a year-on-year growth of 5.9%, surpassing the national and provincial average growth rates, indicating that consumption is a key driver of economic development in the region [3][5] - The Daxu Road Night Three Kingdoms City has an average daily foot traffic of over 30,000 visitors, establishing itself as a new landmark and enhancing the city's appeal [5][6] Group 2 - Guangyuan has introduced over 20 unique consumption scenarios, including the Wuzhao Tian Street, which integrates Tang culture and has attracted over 30,000 visitors on its opening day, generating more than 600,000 yuan in sales [4][5] - The city is promoting the integration of commerce, culture, and tourism, leveraging local historical and cultural elements to create immersive experiences and expand employment opportunities [5][6] - Guangyuan is actively developing new consumption models such as "emotional consumption" through e-commerce and live streaming, with a total online transaction volume of 7.198 billion yuan from January to July, reflecting a year-on-year increase of 8.27% [6]

在鹿优选的仓储中心，每一件3C产品都贴有可追溯的电子标签，扫码即可查看生产批次、质检报告和 进口报关单，甚至可以观看产品在生产线上的质检视频；时尚服饰区的每一件单品，都附有品牌方提供 的防伪认证卡，通过紫外线照射可显示专属标识。同时，在APP内输入认证卡编号，还可验证商品的销 售渠道是否正规。这种全程可视化的品控体系，让正品保障不再只是一句抽象的承诺，而是变成了消费 者可以随时查验的具体信息。 在假货泛滥的消费环境中，鹿优选通过建立一套严谨的正品保障体系，为新青年构建起透明可信的购物 生态。该体系的核心在于与国际知名品牌建立深度合作关系，包括签订独家授权协议甚至参与产品设计 环节，从而将品控关口前移至生产源头。 品牌合作并非简单的供销模式，鹿优选的品控团队会深入合作品牌的生产基地，对原材料采购、生产工 艺标准以及质量检测流程实施全链条监督，确保每一件进入平台的商品都符合品牌方的严格要求。 对消费者而言，这份安心感也延伸至售后环节。若收到疑似问题商品，7天无理由退换货政策提供了无 忧保障。专业客服团队会协助完成鉴定流程，并联系品牌方出具权威鉴定证明，最快24小时内即可完成 退款。即使超过7天退换货期限，只要经鉴 ...

京东产发将收购新加坡四处物流资产 这段时间，刘强东可谓是个大忙人。他先是回到宿迁老家，视察了京东折扣超市的工作；随后又现 身"苏超"赛场，为宿迁队加油助威；此后，更是赶赴长春，就新的合作项目进行洽谈。然而，在这些高 调动作之外，京东在资本市场上也频频落子。 近期，有市场消息传出，京东旗下基础设施投资与资产管理平台——京东产发，将与瑞士合众集团、高 瓴支持的Eza Hill，从凯德腾飞房产信托手里，收购新加坡四处物流资产，交易价格为3.06亿新元，折 算为人民币，约17亿元。 这意味着京东的全球化布局又进了一步。 那么，京东为何要集中收购新加坡的这四处物流资产呢？ 具体来看，这四处物流资产，分别是新加坡乌美路的工业资产，樟宜南街、裕廊东大厦（大士裕廊工业 区附近）、班丹大道的物流仓库。 其中，位于新加坡班丹大道的Senkee，是四处物流资产中规模最大、价值最高的物流枢纽，总建筑面积 约87842平方米，售价达1.4亿新元，约占总交易价的一半。 乌美路的工业资产，作为新加坡重要的工业区域，汇聚了众多电子、精密制造等企业，具备完整的产业 链上下游配套，这与京东的家电零售业务相匹配。 樟宜南街的物流仓库，临近樟宜机场 ...

6 电话：0755-23838239 证券研究报告 点评报告 2025 年 9 月 8 日 晨会纪要 第一创业证券研究所 分析师：刘笑瑜 证书编号： S1080525070001 邮箱：liuxiaoyu@fcsc.com 核[心Ta观bl点e_：Summary] 一、宏观经济组： 事件： 9 月 5 日晚 8 点半美国劳工统计局公布 8 月劳动力市场数据。 评论： 美国 8 月季调后非农就业人口增 2.2 万人，预期增 7.5 万人，前值（7 月）从增 7.3 万人上修为增 7.9 万人；8 月失业率为 4.3%，预期为 4.3%，前值为 4.2%；8 月劳 动参与率为 62.2%，预期为 62.3%，前值为 62.2%。失业率与非农调查的背离，主 要是因为非农就业机构调查受特朗普移民政策的影响更大。 美国 8 月平均每小时工资同比升 3.7%，预期升 3.7%，前值由升 3.9%；8 月平均每 小时工资环比升 0.3%，预期升 0.3%，前值升 0.3%。 从结构上看，美国 8 月季调后政府部门就业人口减 1.6 万人，前值增 0.2 万人；8 月私人非农就业人数增 3.8 万人，前值增 7.7 万人。其 ...

Core Viewpoint - The article highlights the transformation of Yisa Town in Honghe County, Yunnan Province, showcasing its historical significance and recent developments in tourism and e-commerce, driven by cultural heritage and infrastructure improvements [1][2][6]. Group 1: Historical Significance - Yisa Town, known as a "sky city," has a rich history tied to the horse caravan trade that connected it to Vietnam, Laos, and Myanmar, leading to its prosperity and earning it the nickname "Little Shanghai outside the river" [2]. - The town preserves unique architectural styles that reflect its historical significance, with well-maintained buildings and historical relics that tell the story of its past [5]. Group 2: Recent Developments - In 2024, Yisa Town is set to upgrade to a national 4A-level tourist attraction, focusing on cultural tourism and creating diverse business models such as themed restaurants and cultural products to boost local employment and income [5][6]. - The completion of the China-Laos railway in 2021 has significantly improved connectivity, making it easier for residents and overseas Chinese to return home, thus strengthening cultural ties [5]. Group 3: Economic Growth - The rise of tourism and e-commerce has revitalized Yisa Town, transforming it from a historical trading hub into a modern economic center, with local residents benefiting from new job opportunities [6]. - The integration of internet and e-commerce platforms has modernized traditional trade practices, allowing local businesses to reach global markets without the need for physical travel [5].

Market Overview - On September 5, Hong Kong's three major indices collectively strengthened, with the Hang Seng Index rising by 1.43% to 25,417.98 points, the Hang Seng Tech Index increasing by 1.95% to 5,687.45 points, and the National Enterprises Index up by 1.34% to 9,057.22 points [1] - The weekly performance showed the Hang Seng Index up by 1.36%, the Hang Seng Tech Index up by 0.23%, and the National Enterprises Index up by 1.22% [1] - Notable stocks included Kuaishou rising over 4%, Tencent Holdings up over 2%, and Alibaba and Meituan both increasing by over 1.5% [1] Southbound Capital - On September 5, southbound capital recorded a net inflow of 56.23 billion HKD, with a cumulative net inflow of 10,120.58 billion HKD year-to-date, significantly exceeding last year's total net inflow [2] U.S. Market Performance - Overnight, U.S. stock indices experienced slight declines, with the Dow Jones down by 0.48%, the S&P 500 down by 0.32%, and the Nasdaq down by 0.03% [3] - Notable declines included JPMorgan falling over 3% and Nvidia dropping more than 2% [3] - Chinese concept stocks mostly rose, with Canadian Solar increasing over 15% and SOTI Biotech up over 11% [3] Key Economic Data - The U.S. Labor Department reported that non-farm employment grew by only 22,000 in August, significantly below the market expectation of 75,000, with the unemployment rate rising to 4.3%, the highest since 2021 [4] - The data has led to renewed expectations for interest rate cuts [4] Company Developments - Alibaba's subsidiary Tongyi Qianwen launched Qwen3-Max-Preview, its largest model to date with over 1 trillion parameters, showing significant improvements in understanding Chinese and English, following complex instructions, and reducing knowledge hallucinations [4] - On September 8, adjustments to the Hang Seng Index constituents will take effect, increasing the number of stocks from 85 to 88, with additions including China Telecom, JD Logistics, and Pop Mart [4] Short Selling Data - On September 5, a total of 637 Hong Kong stocks were short-sold, with total short selling amounting to 33.389 billion HKD [5] - The top three stocks by short selling amount were Alibaba at 3.572 billion HKD, Pop Mart at 1.934 billion HKD, and Horizon Robotics at 1.931 billion HKD [5] Institutional Insights - Haitong International noted that most Hong Kong companies have reported their financials, with short-term performance affected by disruptions, particularly in retail and automotive sectors, while hardware, materials, finance, and pharmaceuticals showed high growth [6] - EPS growth expectations for Hong Kong stocks in 2025 have been notably revised downwards due to consumer discretionary pressures, while materials, pharmaceuticals, technology, and finance are seeing upward revisions [6] - The implementation of anti-involution policies may shift the narrative for Hong Kong internet stocks towards AI empowerment, potentially boosting earnings expectations and attracting incremental capital inflows [6] ETF Insights - The Hong Kong Consumption ETF (513230) focuses on e-commerce and new consumption sectors, which are relatively scarce compared to A-shares [7] - The Hang Seng Tech Index ETF (513180) includes core AI assets and encompasses technology leaders that are also relatively scarce compared to A-shares [8]

南极电商（002127.SZ）9月8日在投资者互动平台表示，公司跨境业务已通过亚马逊平台店铺及独立站 方式进行销售，目前店铺销售尚处于孵化期，仍处于团队搭建与业务开拓流程跑通中，目前跨境店铺销 售对本年度业绩影响甚微。 每经AI快讯，有投资者在投资者互动平台提问：公司跨境预计何时会跑通，预计什么时候能为公司带 来正面效益？ （文章来源：每日经济新闻） ...