转自：新华财经 •国家发展改革委与巴西有关部门签署三份合作文件 涉及交通、矿业领域、人工智能等 •国务院关税税则委员会：5月14日12时01分起调整对美加征关税税率 •五部门约谈京东、美团、饿了么等外卖平台企业：公平有序竞争，共同营造良好市场环境 •2025年5月13日，国家发展改革委与巴西有关部门签署关于两国发展战略对接第一阶段合作谅解备忘录、矿业领域合作、人工智能合作三份合作文件。三份 合作文件将加强双方在交通、医疗卫生、新能源等领域务实合作，深化矿业可持续发展合作，加强人工智能发展和治理合作。（新华财经） •中国人民银行与巴西央行签署金融战略合作谅解备忘录并续签双边本币互换协议，中巴双边本币互换续签规模为1900亿元人民币／1570亿巴西雷亚尔，协 议有效期五年，经双方同意可以展期，将有助于扩大两国间本币使用，促进双边贸易和投资便利化，维护金融市场稳定。（人民银行） •经国务院批准，国务院关税税则委员会公布公告，自2025年5月14日12时01分起，调整《国务院关税税则委员会关于对原产于美国的进口商品加征关税的公 告》（税委会公告2025年第4号）规定的加征关税税率，由34%调整为10%，在90天内暂停 ...

5月13日，京东集团（09618.HK）发布了2025年一季度业绩。财报显示，一季度，京东集团实现收入为 3011亿元，同比增长15.8%，创下近三年来收入增速新高；归属于公司普通股股东的净利润为109亿 元，2024年第一季度为71亿元。 京东集团首席执行官许冉表示，消费情绪提振，叠加京东供应链能力及用户体验的不断优化，共同驱动 了业绩表现。此外，公司在新业务探索中取得了令人鼓舞的早期成果。 据悉，京东集团一季报中新业务主要包含外卖业务。一季报称，2025年2月，京东正式推出外卖业务。 京东外卖深植于京东生态，并非独立割裂的业务。京东外卖在极短的时间内取得显著进展，这充分体现 了外卖行业潜力大，以及京东对市场的精准把握和强大的执行能力。 一季度，京东的商品收入同比增长16.2%，各项业务均实现同比双位数增长。日百品类收入同比增长达 到14.9%，其中商超品类连续5个季度保持收入同比双位数增长。一季度，京东集团的季度活跃用户数 实现了连续6个季度同比双位数增长，增速超过20%。第三方商家成交用户数和订单量保持同比双位数 增长。 京东集团在财报中表示， 2025年1月1日至公告日期期间，公司回购共计约80.7百 ...

Core Viewpoint - JD.com reported its best quarterly performance since 2022, with a revenue increase of 15.8% year-on-year to 301.1 billion yuan, driven by strong growth in its core categories of 3C and daily necessities [1][4]. Financial Performance - JD.com's revenue and profit both saw significant year-on-year growth, marking the highest growth rates in the past three years. The core retail business revenue grew by 16.31% to 263.845 billion yuan, supported by effective cost control [4][5]. - The operating profit for the quarter increased by 31.4% to 11.7 billion yuan, with the operating profit margin rising from 3% to 3.5% [1][4]. Strategic Initiatives - Liu Qiangdong's return to the front lines has led to a focus on the food delivery and instant retail sectors, with no short-term revenue or profit targets set for these new initiatives [2][10]. - JD.com is facing intense competition in the e-commerce market, particularly from Alibaba, Pinduoduo, and Douyin, which are aggressively targeting JD's core categories [2][10]. Cost Management - Despite an increase in overall expenses, JD.com managed to keep the growth of most cost items below the revenue growth rate, with operating costs rising by 15% to 253.2 billion yuan [8]. - The company is focusing on improving efficiency through AI and performance assessment reforms [8]. Market Challenges - JD.com is under pressure from market share erosion by competitors like Pinduoduo and Douyin, which are targeting key categories such as 3C and beauty products [10][11]. - The company aims to attract new core users and increase the purchase frequency of existing users through new business initiatives [10][11]. Future Outlook - The success of new business ventures, such as food delivery, is crucial for JD.com to expand its market share and enhance user retention [11]. - Liu Qiangdong's personal involvement in the food delivery sector is seen as a strategy to leverage his influence for rapid business integration and market penetration [11].

金十数据5月13日讯，美股开盘，三大股指涨跌不一，道指跌0.4%，标普500指数涨0.1%，纳指涨 0.2%。京东(JD.O)绩后跌1.5%。腾讯音乐(TME.N)跌5%。联合健康(UNH.N)跌11%，公司暂停2025年展 望。英伟达(NVDA.O)涨1.4%，美媒称美国将推动沙特获得人工智能芯片。 美股三大股指开盘涨跌不一 ...

且通电自营的流量也带来了自营一般商品（超市品类为主）的增速回升，一季度同比达到了15%，也是一个不错的成绩单。 3. 在通电产品的流通带动下，轻资产性收入——广告（含自营商品的广告、3P商品广告与佣金）同比同样加速增长到了16%。 北京时间5月13日晚美股盘前，京东（JD.US）公布了2025年一季度财报。乍一看，还挺不错，但实际真有那么惊艳？先看快速过一下数 ： 1、 16%的总收入增长、31%的调整后经营利润增长——在乱战的电商平台中，算得上是非常漂亮的深蹲起跳了。 2. 分类来看，驱动收入增长的关键是自营通电产品——收入占比接近50%的自营通电产品 增速飙到了17% ，而且由于通电销售带来利润，这么高的通电增长，利 润自然"加量"释放。 4. 包括京东物流、达达快送的 物流板块本季收入增速同比13%，环比增加3pct， 有加速增长，但效果明显没有商城业务好。 5. 总体经营利润一季度更是达到了105亿元，经营利润率同比提高到了3.5%， 同比增长接近40%！肉眼可见的漂亮。 从各项支出来看，利润表现不错，除了最关键的收入增长不错，主要是在整体激烈的市场竞争中，最大的支出项——营销费用整体可控，没有像以往 ...

Financial Data and Key Metrics Changes - Total revenues increased by 16% year on year, with non-GAAP net profit rising by 43% to RMB 12.8 billion, and net margin expanding by 82 basis points to 4.2% [5][21][30] - Gross margin improved by 60 basis points year on year to 15.9%, marking twelve consecutive quarters of year-on-year improvement [21][29] Business Line Data and Key Metrics Changes - Electronics and home appliances revenue grew by 17% year on year, while general merchandise revenue increased by 15% [22][23] - Supermarket category revenue growth reached double digits for the fifth consecutive quarter, with strong performance during the Chinese Lunar New Year [9][10] - Fashion category also saw accelerated revenue growth, driven by enhanced brand assortment and user recognition [10][11] Market Data and Key Metrics Changes - JD's quarterly active customer number increased by double digits year on year, with notable growth in user shopping frequency [11][12] - Growth in order volume and user base in lower-tier markets outpaced that of higher-tier markets [13] Company Strategy and Development Direction - The company aims to enhance supply chain capabilities and solidify market leadership in electronics and home appliances while tapping into the general merchandise market [5][7] - JD is expanding into on-demand retail, particularly food delivery, which is integrated into its existing retail ecosystem [14][15] - The company launched a RMB 200 billion export to domestic sales program to enrich product supplies on its platform [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in long-term growth driven by structural opportunities in the industry, supported by government consumption stimulus policies [8][19] - The company is focused on sustainable long-term growth and maintaining flexibility to adapt to industry dynamics [19][31] Other Important Information - JD completed annual cash dividend payouts of USD 1.44 billion and repurchased approximately 80.7 million Class A ordinary shares, representing 2.8% of shares outstanding [21][79] - The company is actively leveraging AI and automation technologies across its ecosystem to enhance operational efficiency and user experience [18][60] Q&A Session Summary Question: What are the medium-term expectations for the food delivery initiative? - Management highlighted that food delivery is a natural extension of JD's core retail business, with significant demand and synergies expected to drive growth [38][40] Question: How is JD Retail sustaining momentum in apparel and general merchandise? - Management noted broad-based growth in general merchandise, with efforts focused on enhancing operational capabilities and user experience [45][47] Question: Can management share key metrics for the food delivery business? - Management reported strong user retention and cross-selling opportunities emerging, with over 1 million merchants onboarded [51][55] Question: How is AI being applied across JD's business segments? - AI is being utilized to enhance advertising effectiveness, improve operational efficiency, and optimize supply chain management [60][63]

3. 截至发稿，WTI原油涨0.97%，报62.55美元/桶。布伦特原油涨0.82%，报65.49美元/桶。 | ඝ 伦敦布伦特原油 | 2025年7月 | 65.49 | 65.51 | 64.62 | +0.53 | +0.82% | | --- | --- | --- | --- | --- | --- | --- | | ■ WTI原油 | 2025年6月 | 62.55 | 62.56 | 61.65 | +0.60 | +0.97% | 市场消息 关税冲击初现端倪，美国4月CPI预期反弹。美国4月CPI将于今晚公布。市场预测共识显示，美国4月CPI预计环比上涨0.3%， 同比上涨2.4%。剔除食品和能源价格的核心通胀预计上涨0.3%，同比上涨2.8%。此前在三月，由于能源价格走低推动通胀回 落，CPI出现自2020年以来的首次月度下降。多数预测人士表示，美国劳工统计局周二发布的报告将显示上月对中国和其他国 家加征的惩罚性关税的初步影响，但影响可能有限，因为上月美国货架上的许多进口商品是在新关税生效前运抵美国的。美国 银行经济学家指出："由于关税以及相关消费者行为的影响，核心商品通胀可能加速。"美国 ...

Core Viewpoint - JD Group reported strong performance in Q1 2025, with revenue and profit growth driven by improved consumer sentiment and enhanced supply chain capabilities [2] Group 1: Financial Performance - In Q1 2025, JD Group's revenue reached 301.1 billion yuan, a year-on-year increase of 15.8% [1] - Net profit attributable to ordinary shareholders was 10.9 billion yuan, up from 7.1 billion yuan in the same period last year [1] - Product revenue increased by 16.2%, while service revenue rose by 14% compared to Q1 2024 [1] Group 2: User Growth - The number of active users in Q1 showed double-digit year-on-year growth for six consecutive quarters, exceeding 20% [1] - The number of transactions and order volume from third-party merchants also maintained double-digit year-on-year growth [1] Group 3: Expenditure - Marketing expenses rose from 9.3 billion yuan in Q1 2024 to 10.5 billion yuan in Q1 2025, an increase of 13.9% [1] - Marketing expenses accounted for 3.5% of revenue in Q1 2025, slightly down from 3.6% in Q1 2024 [1] - R&D expenses increased from 4 billion yuan in Q1 2024 to 4.6 billion yuan in Q1 2025, a 14.6% increase [1] - R&D expenses represented 1.5% of revenue in Q1 2025, down from 1.6% in Q1 2024 [1]

Core Insights - JD Group reported Q1 2025 revenue of 301.1 billion yuan, a year-on-year increase of 15.8%, outperforming major U.S. retailers, indicating strong growth in China's consumer market [2] - The overall retail sales of consumer goods in China grew by 4.6% year-on-year in Q1 2025, with significant contributions from categories like home appliances and digital products, driven by trade-in policies and seasonal consumption [2][4] - Service retail also saw growth, with a 5% year-on-year increase, reflecting a broad recovery across various sectors [2] Group 1: Market Performance - JD's growth strategy included trade-in services and a diverse range of new products, successfully capturing market opportunities and enhancing domestic consumption vitality [2][4] - In contrast, major U.S. retailers, including Amazon, experienced revenue growth slowdowns, with Amazon's Q1 revenue at $155.7 billion, a year-on-year increase of 8.6%, marking the lowest growth rate in two years [3] Group 2: Consumer Trends - Consumer enthusiasm was high during the spring and New Year festival, with over 90% purchasing local New Year goods, particularly in food and home appliances [4] - JD's trade-in services covered over 200 categories, meeting diverse consumer needs from urban to rural areas, with significant growth in sales of air conditioners and kitchen appliances [4] Group 3: Innovation and Strategy - JD launched a "New Product Growth Plan" aiming to support brands with 10 billion yuan in funding and traffic, targeting significant sales milestones for new products [5] - The company is focusing on enhancing the consumer experience through supply chain innovation and technology upgrades, aiming to build a collaborative retail ecosystem [6]

最新财报显示，2025年第一季度，京东新业务的收入达到57.53亿元人民币（约7.93亿美元），同比增长 18.1%，亏损13.27亿元（约1.83亿美元），而2024年同期亏损为6.70亿元人。新业务的经营利润率 为-23.1%，较2024年同期的-13.8%有所下降。 ...