当服饰行业被流量焦虑和低价内卷裹挟时，品质似乎已经变成了一种需要费力甄别的稀缺品。京东JD FASHION想要通过品质重新定义线上服饰的标准，也在悄然间改变整个行业的风向。 双12放榜：超300款爆品获奖 今年，打标JD FASHION的服饰产品共有9个品牌荣获2025年京东金榜，其中包括伯希和、耐克、阿迪 达斯、波司登、海澜之家、高梵、骆驼、李宁和安踏。 自2020年创立以来，京东金榜通过动态追踪商品的销售、口碑、人气等数据，构建起电商界最严苛的黄 金标尺，打造出零人工干预的权威消费指南。在今年京东金榜年度的金奖评选中，能上榜的品牌十分有 限，代表着每一个被选出来的品牌，都更有含金量。 又有服饰品牌在京东"爆"了。 12月9日，京东金榜年度盛典在上海举行，这也是京东对全年商品和品牌的一场荣誉盘点，现场揭晓 2025年度"品质金奖"、"新品金奖"及"PLUS会员甄选金奖"的获奖单品。今年的特别看点在于，京东服 饰旗下京东JD FASHION共有9个品牌荣获2025年京东金榜，并且京东还专门设立了京东JD FASHION品 质甄选榜，针对羽绒、棉、三防、羊绒羊毛、功能鞋靴五大品类的标杆品牌进行颁奖。 用户或对京 ...

2025 年，亚马逊（Amazon, AMZN）的表现相对疲软，年内涨幅仅为 4%；反观其大型科技 股同行，谷歌（GOOGL）年内涨幅高达 69%，英伟达（NVDA）也录得 34% 的涨幅。在大 型科技股阵营中，每年往往会涌现出一两只领跑个股 —— 比如 2020 年的特斯拉 【如需和我们交流可扫码添加进社群】 数 据 中 心 帝 国 ： 掌 控 A I 实 体 经 济 命 脉 过去两年，市场的目光始终聚焦于英伟达的芯片、微软与谷歌的软件，却严重低估了亚马逊的 潜力 —— 在分析师看来，亚马逊正蓄势主导人工智能实体经济领域。 归根结底，亚马逊的投资价值远不止于电商、数字广告和亚马逊云科技（AWS）这三大业务。 但分析师认为，投资者更应聚焦于亚马逊隐藏的王牌 —— 其庞大的数据中心帝国。 亚马逊云科技常被视为高增长的云计算业务，但许多人忽略了其背后庞大的实体运营规模。目 前，亚马逊的数据中心业务已在全球 50 个国家布局超 900 座设施。更关键的是，其中大量 设施为 主机托管（colocation）数据中心 —— 即亚马逊租用的第三方场地，用以拓展自身业 务覆盖范围。 这一布局带来两大核心优势： 1.构筑深厚 ...

Core Insights - Both Alibaba and JD.com are significantly increasing their investments in Hong Kong, indicating confidence in the market and proactive positioning for a new business cycle [19][21]. Group 1: Investment Activities - Alibaba and Ant Group announced an investment of 7.2 billion HKD to acquire a multi-story office building in Hong Kong's Causeway Bay, marking the largest office transaction in Hong Kong since 2021 [20][21]. - JD.com acquired part of the China Construction Bank Tower in Central Hong Kong for approximately 3.473 billion HKD, further intensifying the competition between the two companies [22][24]. Group 2: Strategic Focus - JD.com aims to continuously invest in supply chain, retail, logistics, and technology development to better integrate into the Hong Kong market [24]. - The acquisition of the China Construction Bank Tower is seen as a critical step in JD.com's global expansion strategy, moving beyond merely securing office space [24][30]. Group 3: Long-term Vision - JD.com has been gradually establishing its presence in Hong Kong since 2015, with significant developments in logistics and e-commerce operations [25]. - The company is also focusing on technological innovation, as evidenced by its collaboration with Hong Kong University to establish a joint laboratory for AI applications in supply chain management [26][30]. Group 4: Market Trends - The competitive landscape of the internet industry is shifting, with companies needing to integrate supply chain, technology, and localization capabilities to create value [35][36]. - The saturation of user growth and traffic in the domestic market is pushing companies to seek opportunities abroad, with Hong Kong serving as a strategic entry point for international expansion [38][40].

Group 1 - JD.com is accelerating its expansion into the Hong Kong market, acquiring a 50% stake in a 27-story office building for approximately HKD 34.73 billion, with the intention of self-use and enhancing its supply chain capabilities in the region [1] - The company has seen significant growth during the Double Eleven shopping festival, outperforming competitors, with overseas expansion contributing to increased sales, particularly in Hong Kong where transaction volume grew by 104% year-on-year during the 618 shopping event [2][3] - JD.com is diversifying its operations in Hong Kong, having established logistics and e-commerce branches since 2015, and recently acquiring local supermarket chain Jia Bao, as well as entering the insurance market with a new brokerage license [2][3] Group 2 - The acquisition by JD.com signals a trend of mainland Chinese companies entering the Hong Kong market, potentially transforming Hong Kong into a testing ground for mainland supply chain exports [3] - Other major Chinese internet companies, such as Alibaba and Ant Group, are also making significant investments in Hong Kong, with Alibaba and Ant Group spending approximately HKD 7.2 billion on a new headquarters [4] - Competitors like Xiaohongshu and Meituan are also expanding in Hong Kong, with Xiaohongshu opening its first office outside mainland China and Meituan's delivery service KeeTa achieving a 44% market share in just one year [5][6]

10亿人次的"购物车"：榜单成为消费风向标 本次盛典披露的一组数据尤为引人注目：2025年，约有10亿人次"跟随"京东金榜完成下单。这不仅意味着该榜单已成为中国电商领域覆盖面最广的消费指南 之一，更折射出消费者决策模式的转变——从盲目跟风转向依赖权威数据和真实口碑。 数据的含金量直接体现在销售转化上。据现场数据显示，金榜上榜商品的销量增长率是普通商品的12倍，复购率高出1倍。这表明，经过算法筛选的"优等 生"不仅更容易被消费者发现，其产品力也经受住了市场的复购检验。 以海澜之家一款男士牛仔裤为例，登上"品质金榜"后，其首月曝光量环比提升超600%，销量环比增长500%。这种"上榜即爆发"的现象，形成了"高曝光—高 销量—高复购"的正向循环，为品牌带来了极具确定性的增长路径。 东方网记者程琦12月10日报道:在消费市场回归理性、信息过载的当下，一份基于真实数据的"购物清单"正成为亿万消费者的"决策中枢"。近日，京东金榜 年度盛典在上海举行，正式揭晓2025年度"品质金奖"、"新品金奖"及"PLUS会员甄选金奖"。美的、华硕、小米、华为等超140个品牌的单品凭借过硬的市场 表现摘得桂冠。 拒绝"刷单"与"注水"： ...

Core Insights - The article discusses the evolution of wealth in China over the past decade, highlighting the shift from real estate tycoons to new wealthy individuals in sectors driven by "emotional value" such as Pop Mart, Laopu Gold, and Card Game [4][6][9]. Group 1: New Wealth Creation - The top new entrants in the wealth rankings for 2025 include Xu Gaoming and Xu Dongbo from Laopu Gold with a wealth of 69.5 billion yuan, and Li Qibin and Qi Yan from Card Game with 60 billion yuan [7]. - Pop Mart's revenue and net profit have both increased by over 200% year-on-year, while Card Game's revenue is projected to exceed 10 billion yuan in 2024 with a net profit margin over 40% [7][9]. - The rise of milk tea brands has also contributed to the creation of new wealthy individuals, with brands like Guming and Bawang Tea entering the wealth rankings [9]. Group 2: Historical Context - The article contrasts the current wealth landscape with that of 2015, when high-tech internet and manufacturing sectors were the primary sources of new wealth, exemplified by DJI's founder Wang Tao and Didi's Cheng Wei [9][10]. - Many of today's successful companies were initially underestimated by major investors, who missed opportunities to invest in them before they became billion-dollar enterprises [10][12]. Group 3: Female Entrepreneurs - The article notes a significant increase in female entrepreneurs on the wealth list, with women making up 22.4% of the total, and over 70% being first-generation wealth creators [13][16]. - Notable female figures include Zong Fuli, who became the first female billionaire in 2024, and Zhong Huijuan, who, along with her daughter, became the first female billionaire from the pharmaceutical industry [16][17]. Group 4: Wealth Stability and Changes - The article outlines that five individuals have held the title of China's richest over the past decade, including Wang Jianlin, Xu Jiayin, Jack Ma, Zhang Yiming, and Zhong Shanshan [19]. - Zhong Shanshan's wealth, primarily from his companies Nongfu Spring and Wantai Biological Pharmacy, reached 530 billion yuan, making him the richest for the fourth consecutive year [19][20]. Group 5: Decline of Real Estate Tycoons - The article highlights a significant decline in the representation of real estate tycoons on the wealth list, dropping from 30% to just 10% over the past decade [28]. - Wang Jianlin and Xu Jiayin, once at the top, have faced severe financial difficulties, with Wang's company facing economic disputes and Xu's assets being frozen due to debt issues [30][31][32].

"双11"悄然落幕，双十二马上开启。大众不难察觉到，今年的"两双"氛围，与往年相比明显趋于平静。 商家不再彻夜备战，消费者也不再为凑单绞尽脑汁、亢奋地"做奥数题"算满减，这场曾经推动中国电商 高速发展的购物狂欢，正逐渐回归日常节奏。 这种"降温"并非偶然，背后是整体市场增速的实质性放缓。从宏观数据来看，增长动能的减弱更为清 晰。 根据国家统计局数据，实物商品网上零售额从2020年的9.759万亿元增长至2024年的13万亿元，然而这 五年间，同比增速已从14.8%逐年下滑至0.49%。 0.49%的增速已逼近统计误差的边缘，几乎等同于零增长。这不只是简单的"增长放缓"，而是一个具有 标志意义的临界点，清晰宣告了纯粹依赖用户增长与渠道扩张的"人口红利"已彻底见顶。 随着红利消失，行业竞争的基础逻辑也发生了根本性转变。那个依靠流量爆发和资本输血就能高歌猛进 的野蛮生长期，已正式落下帷幕。当前，电商行业正不可逆转地步入"出清期"——一个存量博弈激烈、 刺刀见血，企业必须依靠实力生存的新阶段。 在存量博弈的零和游戏中，商家的生存策略必须从 " 被动跟随 " 转向 " 主动破局 " ，其核心在于构建更 具韧性的渠道结构 ...

Core Insights - The article discusses the transformation in the e-commerce industry regarding advertising expenses, emphasizing that the previous model of "burning money for volume" is no longer sustainable [1][3] - New regulations from the National Market Supervision Administration clarify the definition of commercial advertising, bringing transparency to advertising costs and requiring companies to categorize their spending accordingly [1][2] Group 1: Regulatory Changes - The new regulations shift the treatment of advertising expenses from full cost deduction to limited deduction based on advertising fees, impacting companies' taxable profits if they exceed the limits [2] - Companies that previously relied on high-intensity advertising to expand rapidly, particularly in the beauty sector, face significant adjustments as their advertising costs could exceed 30% of revenue under the new rules [2][3] Group 2: Impact on Businesses - Small and medium-sized apparel businesses, which operate on thin margins, are particularly vulnerable to the new regulations, as their financial stability may be tested [2] - Companies that categorized advertising expenses as "technical service fees" will need to adjust their financial accounting and compliance strategies due to the reclassification of these costs [2][3] Group 3: Platform Adjustments - E-commerce platforms are adapting by redesigning advertising products to provide clearer cost breakdowns, helping businesses categorize expenses in compliance with the new regulations [4] - The integration of compliance checks within algorithm systems is anticipated to become standard, enhancing transparency and accountability in advertising practices [4][5] Group 4: Future Directions - The regulatory changes are part of a broader shift towards more refined governance of the digital economy, aiming to address issues like inflated advertising costs and unfair competition [6] - Companies are encouraged to transition from a focus on short-term gains to building capabilities and establishing data-driven decision-making frameworks that prioritize customer retention and cost recovery [6]

出海扬帆：带来长期增量 回顾2025，电商板块如预期受益于"国补"，尽管过程略有波折。本地生活行业竞争加剧程度超过市场预 期，OTA板块增长韧性好于市场预期。展望2026，网上零售额中，体验型消费（如旅游、游戏等）整体 增速或仍有望优于实物商品，在线旅游及游戏行业利润增长或具备韧性。实物商品零售中，国补退坡背 景下竞争或呈现常态化趋势，电商平台在对即时零售的投入端或展现不同侧重，更加注重资源与效率并 重，推动行业竞争激烈程度改善，尽管该行认为对于改善的节奏或不应有过于乐观的预期。即时零售行 业整体有望维持较高GMV增速，到店业务或需等待宏观环境改善及竞争企稳，电商板块整体关注有能 力维持盈利稳健增长、估值合理且在AI时代持续获益的公司。 科技破局：AI蓬勃发展，应用及变现持续起量 2025年大模型行业竞争加剧，整体模型能力持续提升，开源大模型的发布和迭代速度加快。与此同时， 相同模型的调用成本持续下降，行业应用逐步繁荣。展望2026，该行认为提升模型能力的激烈竞争将持 续，而细分领域的AI应用变现也有望持续起量，该行看好智能体能力提升带来的进一步变现潜力，也 看好图像编辑及视频生成大模型能力提升带来的进一步付 ...

在普陀，一场跑步比赛，也能成为汇聚发展机遇的"会客厅"。 前不久，"2025新金环上海Top Run 10公里精英赛"在普陀举行。赛前，区投促办召开6次招商推进会， 建立70人保障团队，精准对接"13家重点增量企业与30家重点存量企业"；赛事期间，区领导与奇富科技 等企业高管在赛道边展开"零距离"交流，企业诉求现场交办、责任当场明确，让"事事有回音"成为现 实。 据了解，目前已形成近10条重点招商线索，促成多个项目深入洽谈。区投促办负责人表示，将通过建立 台账持续跟进，"把赛事'流量'真正转化为发展'增量'"。 "体育+招商"的创新模式并非一时兴起，其背后是普陀区今年以来推动招商引资与企业服务深度融合的 系统布局——从成立一体化专班、建立三级服务专员走访制度，到践行"三习""十聊""五赋能"工作法， 即走访前预习企业背景、调研中学习行业动态、走访后实践解决问题；围绕企业发展、行业生态、区域 环境，与企业开展十个细分维度的深度对话；从体系、能力、场景、流程、生态五大方面为企业发展赋 能。 这套机制有效聚焦企业需求，也让"服务即招商、解难即发展"成为普陀最鲜明的企业服务宗旨。 从"解决一件事"到"赋能一类事"，服 ...