专题：专题|2025上海证券交易所国际投资者大会 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 11月12日-13日，上交所国际投资者大会举行。宏利投资管理全球首席投资官Colin Purdie表示："从债 券、股市、技术和绿色能源等，中国市场给我们带来了很多的机会，债券通、股市通让我们投资中国本 土市场更加容易。中国债券市场相比较发达市场提供了非常有吸引力的收益率，现在中国的债券加入了 重要的指数，更加增强了吸引力。同时，在股票方面，A股市场反映了中国的消费升级和技术创新，也 给我们长期资本带来了非常有吸引力的选择。我们非常高兴见到中国从量到质的政策转变，对于战略性 新兴产业比如医药健康、人工智能等领域非常感兴趣。" 此外，中国庞大中产阶级带来的消费领域投资机会，电子商务的快速发展，"双碳目标下"中国新能源产 业（包括光伏、风能、电动汽车等）的扩张，以及不断发展的金融科技和保险领域，都给Colin Purdie 留下了深刻的印象。 Colin Purdie指出，中国资本市场处于一个重要的时机，政府不断致力于扩大开放，技术创新，推动高 质量的投资，这令我们深受鼓舞。我们认为现在是投 ...

Core Insights - JD Group reported Q3 2025 revenue of 299.1 billion RMB, a year-on-year increase of 14.9%, with net profit at 5.3 billion RMB, down from 11.7 billion RMB in the same period last year [1] - New business segments, including food delivery, saw a revenue increase of 214% year-on-year, while service revenue grew by 30.8%, reaching a historical high of 24.4% of total revenue [1] - CEO Xu Ran highlighted that the "national subsidy" policy has significantly stimulated consumer demand, particularly in the home appliance and computer categories, leading to a high base effect in industry growth [1] Business Strategy - During the "national subsidy" period, JD actively supported policy implementation, enhancing market share and supply chain capabilities in the home appliance and 3C categories, particularly through its self-operated model [2] - The continuous strengthening of these core advantages is seen as JD's differentiated competitive edge and the foundation for long-term business development [2] - JD aims to leverage its strengths in product, pricing, and service to reinforce user perception and continuously consolidate and enhance market share [2]

京东 20251113 摘要 京东第三季度总收入同比增长 1.7%，达到 2,477 亿元人民币，其中一 般商品收入增长 19%，服务收入增长 31%，市场营销收入增长 24%， 物流和其他服务收入增长 35%。 京东零售业务收入同比增长 11%至 2,510 亿元人民币，核心零售业务 毛利率扩张 1.3 个百分点至 19.3%，非公认会计准则经营收益同比增长 28%至 148 亿元，经营利润率上升 76 个基点至 5.9%。 京东食品外卖业务 GMV 实现双位数环比增长，高价值订单占绝大部分， 亏损较上一季度收窄，并与零售业务产生协同效应，带动用户规模和参 与度提升。 京东活跃客户数同比增长超过 40%，10 月份年度活跃客户数超过 7 亿， 用户购物频率增加 40%以上，新用户、现有用户及 JD Plus 会员购物频 率均显著提升。 京东物流通过扩展食品配送、京喜和国际业务，新业务净收入达到 156 亿元人民币，但非公认会计准则经营亏损略有增加至 157 亿人民币，未 来将扩大新业务规模，释放协同效应。 Q&A 京东集团在 2025 年第三季度的财务业绩表现如何？ 2025 年第三季度，京东集团总收入同比 ...

Core Insights - JD Group reported a revenue of 299.1 billion RMB for Q3 2025, representing a year-on-year growth of 14.9% [1] - The net profit attributable to ordinary shareholders for Q3 2025 was 5.3 billion RMB, down from 11.7 billion RMB in the same period last year [1] - The significant decline in net profit is primarily attributed to increased investments in the food delivery business [3][4] Revenue Breakdown - JD Retail revenue for Q3 2025 was 250.6 billion RMB, a year-on-year increase of 11.4% [2] - JD Logistics revenue reached 55.1 billion RMB, up 24.2% year-on-year [2] - New business revenue, including food delivery, amounted to 15.6 billion RMB, a staggering year-on-year increase of 213.7% [4] Cost and Profitability - Marketing expenses surged by 110.5% year-on-year to 21.1 billion RMB in Q3 2025, accounting for 7% of total revenue [3] - New business incurred a loss of 15.7 billion RMB in Q3 2025, compared to a loss of 0.6 billion RMB in the same quarter last year [4] - The overall investment in the food delivery business has decreased quarter-on-quarter, attributed to improvements in the unit economic model [4] Strategic Focus - The CEO emphasized that food delivery and instant retail are long-term strategic priorities aimed at sustainable growth [4][5] - JD aims to reduce user acquisition costs and maintain profitability while pursuing sustainable growth [5] - The company is committed to enhancing operational efficiency and improving the unit economic model for food delivery [4] International Expansion and AI Strategy - JD is advancing its international business by leveraging supply chain capabilities for local e-commerce, with operations starting in several European countries [8] - The company is building a comprehensive AI capability system and plans to invest significantly in AI over the next three years [8] - New AI products and applications have been launched across various sectors, including retail, healthcare, logistics, and industry [8]

Core Insights - JD.com views food delivery as a long-term strategy, with significant improvements in unit economics and a double-digit growth in GMV, entering a phase of rational expansion [1][3][32] - The company reported a 15% year-on-year revenue growth in Q3, with a notable increase in new business revenue, which grew over twofold [3][5] - The annual active user count surpassed 700 million, with a 40% increase in daily active users during the "Double Eleven" shopping festival [1][6][40] Food Delivery Business - The food delivery segment achieved double-digit growth in GMV, with an increase in the proportion of regular meal orders and average order value [3][32] - Despite implementing a zero-commission policy for merchants, the company improved operational efficiency and subsidy strategies, leading to a significant enhancement in unit economics [3][33] - The food delivery business is expected to integrate deeply with JD's overall ecosystem, enhancing user acquisition costs and promoting sustainable growth [32][34] Retail Business Performance - The daily necessities category has seen double-digit growth for four consecutive quarters, indicating substantial growth potential in supermarkets and fashion [4][16][37] - The retail revenue for Q3 grew by 11% year-on-year, driven by strong performance in daily necessities and advertising revenue, which increased by 24% [6][14][16] - The company aims to strengthen its market position in the home appliance and 3C categories through product innovation, pricing advantages, and improved service experiences [4][16][25] AI Strategy - JD.com plans to invest in AI over the next three years to build a comprehensive ecosystem covering retail, logistics, and other sectors, targeting a trillion-level AI ecosystem [1][4][41] - The company has developed various AI products and applications, enhancing operational efficiency and user experience across multiple industries [41][42] - AI tools are being utilized to optimize advertising, supply chain management, and customer service, contributing to cost reduction and efficiency improvements [41][42] International Expansion - JD.com has initiated operations for its international retail business, Joybuy, in key European markets, positioning internationalization as a crucial long-term strategy [4][26][27] - The company emphasizes a localized approach to e-commerce, leveraging its supply chain capabilities to support Chinese brands entering global markets [26][27] - Investments in international operations will be controlled and aligned with strict financial discipline to ensure sustainable growth [30][31] Financial Performance - The company reported a Non-GAAP net profit of 5.8 billion RMB in Q3, with a slight decline in profit margins due to investments in new business segments [6][18][44] - The gross profit margin for JD's retail business has shown consistent improvement, reaching 19.3% in Q3, supported by scale effects and supply chain advantages [16][18][44] - The logistics and other services revenue grew by 35% year-on-year, driven by the incremental delivery income from the food delivery business [15][16]

Core Insights - The article highlights the complex dynamics of the Double Eleven shopping festival, illustrating how consumers are increasingly frustrated by price manipulation and hidden costs, leading to a shift in purchasing behavior [1][2][4][6][11] Consumer Experience - Consumers are facing significant price fluctuations during Double Eleven, with many experiencing price increases instead of the expected discounts, leading to confusion and frustration [2][4] - The introduction of dynamic pricing systems allows platforms to tailor prices based on user behavior, resulting in different prices for the same product across different users [2][4] - The pre-sale mechanism, intended to help merchants gauge demand, has become a trap for consumers, often resulting in higher final prices than initially advertised [4][6] Merchant Challenges - Merchants are caught in a difficult position, pressured by platforms to offer the lowest prices while managing their own profit margins, leading to a situation where many are operating at a loss during promotional events [6][11] - The requirement for merchants to maintain competitive pricing across multiple platforms creates a challenging environment, forcing them to focus more on managing relationships with platforms rather than on sales [6][11] Shifts in Consumer Behavior - The Z generation is becoming more discerning, with many questioning the validity of Double Eleven discounts and prioritizing genuine needs over impulsive purchases [8][11] - Young consumers are increasingly valuing experiences over material goods, indicating a shift towards a more thoughtful approach to shopping [8][11] Technological Impact - The integration of AI in e-commerce is seen as a double-edged sword, enhancing customer experience while also enabling more sophisticated price discrimination tactics [9][11] - AI tools are being utilized to provide personalized shopping experiences, but they also contribute to the ongoing battle between consumers and platforms regarding pricing strategies [9][11] Future of Double Eleven - The Double Eleven shopping festival is at a crossroads, with both consumers and merchants reevaluating its value amidst changing market dynamics [11][12] - A shift from price competition to value competition is emerging, with platforms and brands focusing on transparency, quality service, and customer experience to sustain long-term growth [11][12]

Core Viewpoint - The Democratic Progressive Party (DPP) in Taiwan is attempting to block e-commerce platforms like Taobao and Pinduoduo from operating in Taiwan, fearing that it will allow Taiwanese citizens to gain a better understanding of mainland China [1] Group 1: E-commerce Market Dynamics - The DPP's actions are seen as politically motivated attempts to suppress mainland Chinese influence in Taiwan's e-commerce sector, despite the popularity of these platforms among Taiwanese consumers [1] - Taobao Taiwan launched in 2019, offering over 30 million products and attracting more than 100,000 sellers, but was forced to exit the market after one year due to political pressure from the DPP [1] - The DPP's fear stems from the potential for increased economic ties between Taiwan and mainland China through e-commerce, which contradicts their narrative of mainland China being "poor and backward" [1] Group 2: Consumer Behavior and Economic Impact - Taiwanese consumers continue to seek out mainland products through alternative means, indicating a strong demand for affordable and diverse goods from mainland e-commerce platforms [1] - The mainland's efficient logistics, comprehensive supply chains, and strong innovation capabilities contribute to the competitive pricing and variety of products available, making it difficult for Taiwan to ignore these advantages [1] - The DPP's attempts to isolate Taiwanese consumers from mainland products are unlikely to succeed, as the demand for online shopping remains robust [1]

Core Insights - JD Group reported a revenue of 299.1 billion yuan for Q3 2025, marking a year-on-year growth of 14.9% [1] - The service revenue of JD grew by 30.8%, reaching a historical high of 24.4% of total revenue [1] - The core retail business strengthened its market position, with daily necessities revenue increasing by 18.8%, and apparel revenue growing at approximately eight times the industry average [1] Revenue Growth - JD's new business segments, including food delivery, saw a staggering revenue increase of 214% year-on-year [1] - During the "Double 11" shopping festival, JD achieved record transaction volume, with a 40% increase in the number of orders and nearly 60% growth in order volume [1] Supply Chain Development - JD's "super supply chain" capabilities are extending into local life and service sectors, creating a "goods + services" collaborative ecosystem [2] - The logistics infrastructure has reached an asset scale of 174.3 billion yuan, supported by long-term strategic investments [3] - JD plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance logistics efficiency [3] Technological Innovation - Since 2017, JD has invested nearly 160 billion yuan in research and development, with plans to further invest in AI to create a trillion-yuan industry ecosystem [3] - The "smart wolf" delivery system has been successfully tested during peak shopping events and is being rolled out nationwide [3] Market Positioning - JD is shifting from a low-price competition model to a high-quality development path, focusing on efficiency, quality assurance, and service innovation [2] - The company aims to enhance supply-demand matching efficiency through digital tools, establishing itself as a digital infrastructure for various industries [4] - As of October, JD's annual active user count surpassed 700 million, indicating strong growth in user engagement and shopping frequency [4]

Core Viewpoint - The 2025 Shangrao Guangfeng Majia Pomelo Promotion and Winter Consumption Activity will take place from November 15 to 16, aiming to enhance brand promotion, production-sales connection, and consumer experience through an online and offline integrated approach [1][6]. Group 1: Event Details - The event will feature the launch of Alibaba's "2025 Seeking Taste of Mountains and Rivers Billion-Level Production Area Selection Plan," which will create a dedicated online section for Guangfeng Majia Pomelo, facilitating synchronized online and offline sales [1]. - The Shangrao agricultural product regional public brand "Rao Enjoy Food Moment" will be officially released during the event, along with a signing ceremony for authorized enterprises, providing a unified identification for consumers purchasing Shangrao specialties [1]. Group 2: Consumer Engagement - Attendees can participate in various interactive activities, such as stamp collection and social sharing, to earn token coins for a chance to win prizes like signed merchandise and fresh Majia Pomelo [3]. - The event will also include fun experience projects like pomelo DIY carving and pomelo-themed newspaper machines, allowing consumers to enjoy unique experiences while shopping [3]. Group 3: Market Impact - The event will gather over a hundred enterprises showcasing distinctive agricultural and cultural tourism products, offering a one-stop shopping experience for consumers [6]. - By integrating agriculture, culture, and commerce, the event aims to stimulate winter consumption market vitality and enhance the influence of the Guangfeng Majia Pomelo brand [6].

Group 1 - The core viewpoint of the article emphasizes the importance of a modern industrial system as the material and technological foundation for Chinese-style modernization and high-quality revitalization and development [1] - The "15th Five-Year Plan" proposed by the Heilongjiang Provincial Committee aims to accelerate the development of digital economy, bio-economy, ice and snow economy, and creative design industries, targeting a total scale of 1 trillion yuan for these four new engine industries [1] - Heilongjiang has a strong industrial foundation, with the revitalization and development rooted in the real economy and focused on industrial upgrading [1] Group 2 - The plan aims to create emerging pillar industries and expand high-end equipment, aerospace, and new materials into billion-level industrial clusters, with a goal of achieving a total scale of 500 billion yuan for strategic emerging industries such as aerospace, electronic information, new materials, high-end equipment, and intelligent agricultural machinery [1] - The proposal also emphasizes the need to promote traditional industries from primary processing to deep processing, developing intelligent and green manufacturing, and strengthening the national energy and raw materials base, with a target of exceeding 1 trillion yuan for traditional advantageous industries like energy, chemicals, food, pharmaceuticals, automobiles, and light industry [2] - The plan includes actions to enhance the capacity and quality of the service industry, promoting specialized and high-value-added production services such as technology services, software and information technology services, and e-commerce, aiming for a total scale of 800 billion yuan for service industries like information services, modern logistics, and modern finance [2]