行情回顾： 国际黄金周二（11月18日）触底反弹震荡收涨，开盘价4064.06美元/盎司，最高价4081.92美元/盎司，最低价 3997.99美元/盎司，收盘价4052.90美元/盎司。 日内操作区间： 消息面： 根据ADP研究公司周二发布的数据，在截至11月1日的四周内，美国公司平均每周裁减2500个工作岗位。ADP 的每周数据显示，本月许多大公司宣布了裁员计划，其中包括亚马逊和塔吉特。根据人事咨询公司Challenger, Gray & Christmas Inc.的一份报告，计划裁员人数创下20多年来任何10月份的最高纪录。 劳工统计局网站上发布的另一份数据显示，在截至10月18日的一周内，初请失业金的人数总计为23.2万人—— 这大致与9月中旬的申请水平一致。 民意调查显示，近一半的在职美国人表示，如果他们现在失业，需要四个月或更长时间才能找到一份类似质量 的工作。这使得那些传统上难以填补职位的雇主掌握了主动权，尤其是对于那些仍受困于大量空缺岗位和疫情 开始以来27%工资涨幅的企业而言。 美国劳工部一位发言人表示，劳工部计划在当地时间周四结束前补齐政府停摆期间缺失的周度初请失业金数 据。发言人Rya ...

Summary of PDD Holdings Conference Call Company Overview - **Company**: PDD Holdings - **Industry**: E-commerce Key Points and Arguments Financial Performance - In Q3 2025, PDD Holdings reported total revenue of **1,080.3 billion RMB**, a **9%** year-over-year increase, driven by growth in online marketing services and transaction services [4][10] - Online marketing services and other business revenue reached **533 billion RMB**, growing **8%** year-over-year, despite increased market competition and investments in the merchant ecosystem [2][4] - Transaction service revenue for Q3 was **549 billion RMB**, reflecting a **10%** increase year-over-year [9] - Total operating costs rose to **468 billion RMB**, with operating profit at **250 billion RMB** [9][10] - Non-GAAP operating profit was **271 billion RMB**, with a profit margin of **25%**, down from **27%** year-over-year [10] Strategic Initiatives - PDD is investing heavily in the agricultural supply chain, with agricultural CR growing **47%** year-over-year and a **30%** increase in post-2000 agricultural merchants [2][6] - The company launched a **10 billion RMB** subsidy and **20 billion RMB** traffic support during the "Harvest Season" to boost agricultural sales [2][6] - To combat homogenization in competition, PDD initiated a **100 billion RMB** support plan to enhance service quality and operational efficiency for merchants [2][7] Market Challenges and Regulatory Environment - PDD faces challenges from trade policies, tax regulations, and data security, prompting the company to strengthen internal capabilities and compliance [3][12] - The management acknowledges that these regulatory uncertainties could impact both short-term and long-term financial performance [12] Future Outlook - Management believes the online retail industry is entering a new investment cycle, focusing on creating unique value and high-quality services for consumers [11] - PDD plans to continue investing in its platform ecosystem, including the **1,000 billion RMB** support plan, despite potential short-term financial fluctuations [11][15] - The company aims to adapt to changing market conditions and consumer demands through technological upgrades and service enhancements [8][15] Agricultural and Merchant Ecosystem Investments - PDD has made significant investments in the agricultural sector, enhancing distribution efficiency and supporting farmers [5][6] - The company has initiated strategic measures like the **1,000 billion RMB** support plan to modernize agriculture and improve logistics for remote areas [13][14] Consumer Trends - Recent observations indicate a positive trend in consumer spending, with e-commerce demand improving during promotional periods [15] - PDD is committed to long-term growth, even if it means sacrificing short-term profits to build a sustainable platform ecosystem [15] Additional Important Information - The company has established a merchant protection committee to optimize the operating environment for merchants [11] - PDD's focus on high-quality development and social responsibility is evident in its initiatives aimed at rural revitalization and industry upgrades [13][14]

钛媒体App 11月19日消息，美国里士满联储主席巴尔金对通胀前景表示乐观，同时指出劳动力市场可能 比现有数据显示的更疲软。巴尔金强调，新增就业与招聘职位数量下降，加之失业救济申领数据基本持 平，表明就业市场趋缓。"我们的调研表明，劳动力市场可能比这些数字反映的更弱，"巴尔金在周二于 弗吉尼亚州温彻斯特发表的讲话中表示。"如果你问企业如今如何看待劳动力市场，他们会说'平衡'。 但当他们进一步解释这种'平衡'时，情况似乎并非如此。"巴尔金提到，亚马逊、Verizon和Target等大型 企业近期的裁员公告"让人对劳动力市场更加谨慎"。他还表示，企业联系人对里士满联储的反馈让他认 为，"通胀仍略高，但不太可能大幅上升"。在会后接受采访时，巴尔金表示他同意美联储主席鲍威尔关 于12月是否降息"远未成定局"的说法。（广角观察） ...

Core Viewpoint - A new individual business named Xu Zhou Tong District Zong Ting Ting E-commerce Business has been established, focusing on various services and retail sectors [1] Group 1: Company Overview - The business is registered with a capital of 200,000 RMB [1] - The legal representative of the business is Zong Ting Ting [1] Group 2: Business Scope - The business operates in several licensed and general project areas, including life beauty services, clothing retail, cosmetics retail, nail services, and cultural activities [1] - Additional services include market marketing planning, corporate image planning, social economic consulting, food sales (only pre-packaged food), housekeeping services, wedding ceremony services, takeaway delivery services, and personal internet live streaming [1]

Core Insights - JD Group's founder Liu Qiangdong announced the launch of "JD Review" and "JD True List," along with an independent app for "JD Takeout," marking a strategic shift in the local services sector aimed at addressing growth bottlenecks and industry pain points [2][3] Group 1: Independent App Launch - The decision to launch an independent JD Takeout app is intended to resolve the issue of hidden entry points that led to significant traffic loss in the past [3] - The new app will provide core users and frequent users with greater convenience, allowing direct access to services and integrating multiple functions such as "instant retail + reviews + travel + shopping" [3][4] Group 2: Trust and Review System - JD Review and JD True List aim to reshape the consumer trust system, with Liu emphasizing that these services will "never be commercialized" to avoid conflicts of interest [3][4] - The innovative "AI All-Net Review" model will analyze millions of reviews from various platforms to present a comprehensive view of merchants or products [4] Group 3: Ecosystem Integration - The launch of the review function is seen as a way to complete the ecosystem for local life and instant retail, integrating content with the transaction system for efficient conversion [5][6] - JD's third-quarter report showed a 213.7% year-on-year increase in new business revenue, indicating significant investment and growth potential in instant retail and high-frequency services [5] Group 4: User Experience and Engagement - JD Review's interface is designed similarly to content communities like Xiaohongshu, allowing users to share experiences and directly link to JD Takeout for orders [6] - The integration of real consumption scenarios in content generation enhances credibility and matches user needs, potentially increasing order conversion rates [6]

Core Insights - JD Group has made significant moves in the local lifestyle sector by launching its own food delivery app and expanding into travel services, aiming to create a comprehensive local lifestyle platform [1][2] - The new JD Delivery app integrates various services such as food delivery, instant retail, reviews, travel, and shopping, enhancing user accessibility and engagement [1] - JD Review and JD True Ranking have been introduced to improve content ecology, with JD Review offering five sub-channels for local lifestyle evaluations and JD True Ranking utilizing AI for user-generated content analysis [1][2] Summary by Sections Local Lifestyle Expansion - JD has launched the JD Delivery app to provide a one-stop local lifestyle service, addressing previous user engagement issues by separating food delivery from the "Instant Delivery" brand [1] - The app aims to facilitate user access and reduce traffic loss by being an independent platform [1] Integration of Content and Commerce - JD Review integrates content with the transaction system, allowing users to seamlessly transition from browsing reviews to making purchases, thus breaking down barriers between review and e-commerce platforms [2] - The use of AI to analyze vast amounts of data for generating reviews enhances the credibility of the platform while maintaining a non-commercialized approach [2] Challenges and User Engagement - Challenges include established user habits, high conversion costs, and the need for a balance between app functionality and user-friendliness to prevent user attrition [3] - JD's entry into the food delivery market has already shown positive effects, with high repurchase rates and increased user activity across other services [5] New Product Launch - JD introduced its self-operated coffee brand "Seven Fresh Coffee," aiming to provide fresh and healthy coffee experiences, with plans for rapid expansion in Beijing [4] - The coffee brand serves as a strategic tool for driving offline traffic and enhancing JD's local service network [4] Market Dynamics - The integration of high-frequency services like food delivery is seen as a key strategy for boosting user engagement and supporting lower-frequency retail transactions [6] - JD's ongoing investments in local lifestyle services are driven by the need to leverage traffic and enhance user experience in a competitive market [6]

智通财经APP获悉，根据ADP Research周二发布的数据，截至11月1日的四周内，美国企业平均每周减少约 2500个就业岗位。这表明劳动力市场在10月下旬失去了一定的动力。 ADP于11月5日发布的月度就业报告显示，私人部门就业人数增加了42000人，此前连续两个月下降。 由于美国刚刚经历了历史上持续时间最长的政府停摆，官方就业数据发布延迟，ADP的劳动力市场快照有助 于弥补这一缺口。尽管官方统计机构的资金已经恢复，10月份的经济数据何时发布仍不明朗。 美国劳工统计局将于周四发布9月份就业报告，预计美国总就业人数较上月增加55,000人。ADP 的每周数据发 布前，已有多家大公司宣布当月裁员，包括亚马逊(AMZN.US)和塔吉特(TGT.US)。据挑战者企业的报告，今 年10月的计划裁员人数为过去二十多年中最高的10月数据。 劳工部网站公布的另一组数据显示，截至10月18日当周，首次申请失业救济金的人数为23.2万人，与9月中旬 的申请人数大致持平。 与此同时，美国民众对就业保障的担忧日益加剧。民意调查于10月23日至25日进行的一项调查显示，55%的 美国就业者担心失业。 ...

PDD (NasdaqGS:PDD) Q3 2025 Earnings Call November 18, 2025 07:30 AM ET Company ParticipantsChen Lei - Chairman and Co-CEOCheng Peng - Head of Investor RelationsJiazhen Zhao - Executive Director and Co-CEOXinyi Lin - Investor RelationsConference Call ParticipantsAlicia Yap - AnalystKenneth Fong - AnalystJoyce Chu - AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to the PDD Holdings Third Quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. ...

PDD (NasdaqGS:PDD) Q3 2025 Earnings Call November 18, 2025 07:30 AM ET Company ParticipantsChen Lei - Chairman and Co-CEOCheng Peng - Head of Investor RelationsJiazhen Zhao - Executive Director and Co-CEOXinyi Lin - Investor RelationsConference Call ParticipantsAlicia Yap - AnalystKenneth Fong - AnalystJoyce Chu - AnalystOperatorLadies and gentlemen, thank you for standing by and welcome to the PDD Holdings Third Quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. ...

就在本月17号，第四次中德高级别财金对话将在北京举行，中方牵头人何立峰将与德方牵头人克林拜尔共同主持对话。然而就在对话开始之前，身为德国副 总理兼财政部长的克林拜尔主动对中国发难。据美媒彭博社发布的消息，在11月13号召开的欧盟财长会议上，法国和德国推动了一项加快对价值低于150欧 元的进口包裹征税决议。 欧盟委员会负责经贸事务的委员谢夫乔维奇表示，此举将释放一个强烈信号，即欧洲将认真对待"公平竞争"，并致力于维护企业利益。身为决议推动者之一 的克林拜尔则更加嚣张，竟大言不惭称"不要中国垃圾"，并叫嚣"需要尽快保护我们自己的市场"。根据目前公开的信息显示，欧盟决心最早在2026年结束对 价值150欧元以下的小包裹免税政策，欧盟27国也将在今年12月再次召开会议，就固定海关费用等细节问题举行磋商。表面上看，欧盟的这项新决议字字不 提"中国"，但实际上是处处指向"中国"。根据英媒《金融时报》披露的数据显示，欧盟新规所能影响到的小包裹中，绝大多数都来自于中国。 这源于中国电商平台近些年在欧洲市场的强势崛起。光是在2024年，就有46亿件小包裹进入欧盟，这里面高达91%的包裹都是从中国发出。可以说，欧盟这 次对中国电 ...