Core Insights - The demand for "warm technology" home products is driving the "home winter economy," as consumers seek smart and comfortable solutions for winter living [1] - JD's discount shopping brand, Jingxi, is leveraging a direct sourcing model to offer high-quality, cost-effective products in categories like heating, kitchen appliances, and bedding to meet modern family needs [1][8] Heating Products - Functional heating devices are in high demand, with sales of products like warm air fans and small heaters exceeding ten thousand units in two months [2] - The winter season sees a peak in sales for household appliances, with innovative and high-end heating products gaining popularity [2] - Consumers prioritize features such as quick heating, ease of use, energy efficiency, and adjustable temperatures when selecting heating products [2] Kitchen Appliances - The sales of kitchen appliances, particularly multifunctional electric hot pots, have surged, with 40,000 units sold since October [4] - The trend of creating a warm and inviting atmosphere through cooking is driving the demand for kitchen gadgets that enhance the cooking experience [4] Bedding Products - Sales of heating blankets have exceeded 40,000 units in a single month, reflecting the demand for high-quality bedding that provides warmth and comfort [6] - Consumers are increasingly interested in smart and comfortable bedding options, with products like electric blankets featuring multiple temperature settings and safety features gaining traction [6] - Other popular bedding items include cotton quilts and supportive pillows, with sales figures indicating strong consumer interest [6] Future Outlook - Jingxi plans to deepen collaborations with quality industrial sources to provide more home products that enhance consumer happiness and meet the desire for a better living experience [9]

天眼查App显示，近日，广德依阳电子商务有限公司成立，法定代表人为夏同富，注册资本1万人民 币，经营范围为一般项目：渔具销售；渔具制造；户外用品销售；日用品销售；体育用品及器材批发； 体育用品及器材制造；体育用品及器材零售；互联网销售（除销售需要许可的商品）（除许可业务外， 可自主依法经营法律法规非禁止或限制的项目）。 ...

Market Overview - US stock market opened high but experienced a significant drop, with all three major indices closing lower [2] - The Dow Jones fell by 41.49 points (-0.09%), Nasdaq dropped by 137.76 points (-0.59%), and S&P 500 decreased by 10.90 points (-0.16%) [2] Technology Sector - AI-related stocks continued to face pressure, with Broadcom and Oracle seeing declines of over 5.6% and 2.7% respectively [2] - Major tech stocks like Amazon, Apple, and Netflix also fell approximately 1.5% [2] - iRobot, a leading robot vacuum manufacturer, plummeted by 72.69% and triggered a trading halt, officially declaring bankruptcy on December 15 [2] Chinese Stocks - The Nasdaq Golden Dragon China Index fell by 2.17%, while the Wind China Technology Leaders Index dropped by 1.73% [4] - Notable declines included Zhongjin Kexin and United Soar International, both down nearly 18%, and other companies like Baidu and Xpeng Motors down about 5% [4] Cryptocurrency Market - The cryptocurrency market experienced a significant downturn, with Bitcoin dropping below $86,000 and Ethereum falling below $3,000 [6][7] - Approximately 188,431 traders were liquidated, with a total liquidation amount reaching $651 million [8] Economic Data - Upcoming US economic data, including non-farm payrolls and retail sales, is expected to influence market sentiment [8] - Recent data from the New York Federal Reserve indicated a decline in manufacturing indices, with the manufacturing price index at 19.8, down from 24, and the new orders index at 0, down from 15.9 [9]

在电商蓬勃发展的当下，品牌产品的价格体系常陷入"乱价"困境——低价倾销、窜货压价等问题不仅侵蚀品牌利润，更稀释品牌价值， 让消费者对产品品质产生质疑。做好品牌控价，既是维护市场秩序的关键，也是品牌长远发展的基石。以下5种实用控价技巧，助力品牌 筑牢价格防线。 建立明确的价格体系是控价前提。许多品牌乱价源于规则模糊，经销商与电商卖家无据可依。品牌需结合成本、市场需求及竞品价格， 制定统一的指导价、经销价与零售价体系，明确各渠道价格浮动范围。同时，将价格管控条款纳入合作协议，明确乱价的违约责任，如 罚款、减少供货直至终止合作，通过契约精神约束合作方行为。 技术赋能实现全渠道价格监测。人工排查效率低且易遗漏，品牌需借助专业控价系统，对天猫、京东、拼多多等主流电商平台及社交电 商、二手平台进行实时监测。系统可自动抓取违规低价链接，标记价格异常商品及卖家信息，甚至追踪货源追溯窜货源头，让乱价行为 无所遁形，为后续管控提供数据支撑。 差异化管控兼顾渠道特性。不同销售渠道的运营成本与受众不同，一刀切的控价方式难以落地。品牌需针对线下门店、官方旗舰店、分 销店铺等渠道制定差异化策略：例如给线下门店保留合理利润空间以抵御线上低 ...

Core Viewpoint - The Central Economic Work Conference emphasizes the need to fully tap economic potential, continuously expand domestic demand, optimize supply, and promote the construction of a unified national market, marking a significant focus for economic work in the coming year [1] Group 1: Economic Context - The conference highlights "domestic demand as the main driver" as the top priority among eight key tasks for the upcoming year [1] - The total procurement amount for enterprises in China is projected to reach 188.3 trillion yuan in 2024, with digital procurement expected to account for 21.7 trillion yuan, reflecting a year-on-year growth of 16.2% [1] Group 2: Company Initiatives - JD's enterprise business has pioneered e-commerce procurement solutions since 2014, serving over 8 million government and enterprise clients, including more than 30,000 large clients [3] - The "Thousand Billion Market Partner Program" aims to assist over 300 brand partners in achieving annual sales exceeding 100 million yuan and to create over 10,000 popular procurement products [3] Group 3: Supply Chain and Technology - JD's enterprise business integrates the "industry and procurement fusion" concept into its service system, creating a comprehensive service ecosystem that covers diverse supply, intelligent platform technology, and nationwide logistics [3] - The application of AI technologies is accelerating across industries, with JD's enterprise business leveraging "AI + procurement" to enhance procurement processes through various AI-driven products [4][5] Group 4: Strategic Transformation - The shift from traditional procurement challenges to a focus on cost, efficiency, and experience is transforming procurement from a "cost center" to a "strategic value center" [5] - The company aims to continue accelerating industry and procurement fusion through its super supply chain, positioning itself as a long-term value partner for enterprises in their digital transformation [5]

Core Viewpoint - Douyin E-commerce has introduced new platform regulations to combat the dissemination of false information under the guise of "anti-counterfeiting," "evaluation," and "exposing" activities, aiming to ensure a safer and more transparent e-commerce environment [1] Group 1: New Regulations - The new regulations require creators to base their content on scientific evidence, industry standards, and objective facts, prohibiting the publication of misleading information [1] - Creators whose content lacks scientific basis or is subject to multiple complaints will be classified as "controversial accounts," leading to restrictions on their content promotion and monetization features [1] Group 2: Enforcement Measures - For creators with multiple serious violations, stricter penalties will be imposed, including temporary bans and indefinite account suspensions [1] - The new regulations are currently in a trial phase and will officially take effect on February 1, 2026, with plans for further optimization based on execution outcomes [1]

声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 近年来，俄罗斯劳动力市场对中文人才的需求呈现显著增长态势。俄新社报道显示，中国在数字基础设 施建设和产业生态发展方面取得的成就，促使国际社会对相关合作的需求明显增加。 俄罗斯成年人学习中文的动机主要分为两个方向。商业与国际合作等职业需求构成了重要推动力。与此 同时，对中国文化的喜爱和掌握新技能的渴望也激发了学习热情。 《俄罗斯报》指出，当前俄罗斯劳动力市场中，中文需求集中在多个关键领域。经济、金融、零售、电 子商务成为主要需求行业。信息技术、物流、媒体以及设计、营销等领域同样展现出对中文人才的强烈 需求。 ...

Group 1 - The European Union (EU) has decided to impose a fixed tariff of 3 euros on all small packages imported directly from non-EU countries with a declared value below 150 euros, effective from July 1, 2026, paving the way for a permanent tariff arrangement [1][3][5] - This temporary measure is aimed primarily at Chinese platforms that rely on low-value direct mail, indicating a significant shift towards regular customs duties and increased regulatory scrutiny [3][5][12] - The EU received 4.6 billion low-value packages in 2024, with approximately 90% originating from China, highlighting the growing gap between regulatory capabilities and the volume of small packages [5][7] Group 2 - Recent enforcement actions include unannounced inspections of Temu's European headquarters in Dublin and investigations into Nuctech under the Foreign Subsidies Regulation, indicating a tightening regulatory environment for Chinese companies operating in Europe [3][7][12] - French President Macron has emphasized the need for stronger tools, including tariffs, to address the trade imbalance with China, reflecting a broader sentiment among EU member states regarding consumer protection and fair competition [8][10][12] - The EU's regulatory framework is evolving, with potential implications for compliance costs and operational transparency for platforms and supply chains, as the focus shifts from low-cost advantages to higher compliance requirements [13][15][19] Group 3 - The EU's approach may lead to a "political bargaining" scenario where platforms can negotiate compliance measures in exchange for regulatory predictability, while also addressing external competitive pressures [15][16] - If tariffs and enforcement actions expand to more product categories, European consumers may face price increases, and Chinese companies could experience tighter supply chain constraints, accelerating geographical reallocation of orders and investments [19][21] - The relationship between China and the EU may experience short-term friction, particularly in e-commerce and technology sectors, but the long-term trajectory will depend on the implementation of temporary tariffs and the handling of subsidy cases [21]

拿着SHEIN的纸袋的顾客（11月5日，法国巴黎，Reuters） 欧盟成员国在12月12日的部长级会议上决定，从2026年7月开始对此前属于免税对象的150欧元以下的小 额包裹征税。线上购买的所有进口产品中的93%将成为征税对象。 除了欧盟的新规之外，法国在2026年度预算案中加入了对进口包裹征税的内容。在法国参议院审议中， 把政府提出的2欧元增加到5欧元。法国经济与财政部表示，如果实现征税，进口包裹将根据商品的种类 征收欧盟和法国两方的税款。 日本经济新闻（中文版：日经中文网）北松圆香 巴黎 版权声明：日本经济新闻社版权所有，未经授权不得转载或部分复制，违者必究。 日经中文网 https://cn.nikkei.com 欧盟决定从2026年7月开始对此前属于免税对象的150欧元以下的小额包裹征税。继美国取消小额包裹免 税措施后，欧盟也决定对小额包裹征税3欧元。此外，法国正在考虑自主的征税方案…… 各国和地区相继采取了针对SHEIN等中国电商的对策。继美国取消小额包裹免税措施后，欧盟（EU） 也决定对小额包裹征税3欧元。 法国正在考虑自主的征税方案。各国和地区都担心低价中国产品涌入，挤压本国零售企业的盈利等 ...

Summary of Focus Technology Conference Call Company Overview - Focus Technology's main revenue source is from Made in China.com, a B2B platform that charges domestic suppliers membership fees and value-added service fees. Membership fees are categorized into Gold (31,100 RMB/year) and Diamond (59,800 RMB/year) tiers, with value-added services charged based on usage time, similar to SaaS revenue recognition [2][3] Industry Insights - As of Q3 2025, Made in China.com has approximately 29,000 domestic supplier members and nearly 50 million global B-end buyers, primarily from Europe, Latin America, North America, the Middle East, Africa, and Southeast Asia. The largest buyer countries are India (8%-10%), the USA (8%), and Russia (7%-8%) [2][4] Core Business Model - Over 85% of Focus Technology's revenue comes from the Made in China.com business, which helps Chinese suppliers publish products for international buyers. The company charges domestic suppliers while not charging overseas buyers [3] Future Development Directions - Focus Technology aims to enhance platform GMV (Gross Merchandise Volume) through three main strategies: 1. Increasing buyer traffic via promotion and SEO techniques 2. Raising seller payment rates by encouraging them to purchase more value-added services and expanding product categories 3. Utilizing AI technologies, such as AI Mac and Sourcing AI, to improve conversion efficiency and assist buyer decision-making [5] AI Applications - The company has introduced AI Mac, which offers services like product content optimization, multilingual customer service, and price comparison. The professional version costs 9,980 RMB/year, while the lightweight version costs 5,980 RMB/year [6] - Sourcing AI assists buyers by analyzing procurement needs and generating product lists, thereby shortening decision-making cycles and improving procurement efficiency [7] AI Decision Support - AI helps buyers analyze supplier strengths and weaknesses, generating detailed reports for decision-making. This process automates what was traditionally a manual task, significantly saving time for buyers [8] Commercialization Plans - Currently, Focus Technology does not plan to commercialize its AI procurement assistant to maintain neutrality. Future commercialization will be considered only after achieving a certain user base [9] Feedback and Improvement Plans - Feedback from trial users indicates a need for improved accuracy in supplier analysis and faster response times. The company is focused on enhancing these areas to better address buyer pain points [10] Impact of Tariffs - Tariffs have had some impact on trade, but the platform's US traffic accounts for about 8%, which is not expected to fundamentally affect the platform. The B2B model allows for negotiation on orders, mitigating tariff impacts. The global e-commerce trend continues to grow, particularly in emerging markets [10] Cost Control Strategies - Focus Technology's cost management includes diluting fixed costs as revenue increases and controlling expenses related to traffic, server costs, and marketing. The company expects overall expense ratios to decline as revenue grows [15] New Initiatives - The New Maritime Plan focuses on developing ten light industry sectors, including consumer electronics and textiles. Strategies include providing membership support, increasing traffic for light industry products, and enhancing cross-border payment functionalities [16] Recruitment Expectations - The company is cautious about hiring, especially for non-sales positions, but aims to expand its sales team to support growth in light industry sectors [17] Performance Guidance - Focus Technology maintains its initial performance guidance of over 20% growth in net profit and cash receipts, excluding stock payment expenses, which are expected to exceed 60 million RMB this year [18]