电商物流农村业务量指数明显回落。1月份，农村电商物流业务量指数为126.5点，比上月回落4.1点。分 地区来看，全国所有地区农村业务量指数均有所回落，其中东北部地区环比回落5.1点，回落幅度最 大。 智通财经APP获悉，近日，中国物流与采购联合会和京东集团联合发布的2026年1月份中国电商物流指 数为112.7点，环比回落0.9点。分项指数中，满意度指数、实载率指数继续回升，库存周转率指数、物 流时效指数、履约率指数、总业务量指数、农村业务量指数、人员指数和成本指数有所回落。 电商物流总业务量指数继续回落。1月份，电商物流总业务量指数为129.1点，比上月回落3.2点。分地区 来看，全国所有地区总业务量指数均有所回落。西部地区电商物流总业务量指数回落6.4点，回落幅度 最大。 供给端多项指数环比回落。随着春节临近，电商物流从业人员陆续返乡，企业供给能力出现短期回调。 其中，人员指数环比回落0.8点，物流时效和履约率指数分别回落0.2点和0.3点。在物流时效和履约率回 落的背景下，满意度不降反升，环比上月回升1.8点。 受春节临近等因素影响，2026年1月电商物流指数较去年年底出现明显回落，环比下降0.9点，供 ...

1月中国电商物流指数环比回落0.9点 满意度指数创新高 来源：中国新闻网 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 编辑：张澍楠 广告等商务合作，请点击这里 中新社北京2月11日电 (记者 阮煜琳)中国物流与采购联合会11日发布数据显示，1月份，中国电商物流 指数为112.7点，环比回落0.9点。其中，反映电商物流消费者对电商物流服务满意度水平的满意度指数 创历史新高。 本文为转载内容，授权事宜请联系原著作权人 分项指数中，满意度指数、实载率指数继续回升，库存周转率指数、物流时效指数、履约率指数、总业 务量指数、农村业务量指数、人员指数和成本指数环比有所回落。 1月份，电商物流总业务量指数为129.1点，比上月回落3.2点。农村电商物流业务量指数为126.5点，比 上月回落4.1点。随着春节临近，电商物流从业人员陆续返乡，企业供给能力出现短期回调。其中，人 员指数环比回落0.8点，物流时效和履约率指数环比分别回落0.2点和0.3点。在物流时效和履约率回落的 背景下，满意度不降反升，环比 ...

Core Insights - JD Group has made significant progress in building its global super supply chain and overseas logistics network, launching the JoyExpress delivery brand in multiple European countries to enhance its online retail business Joybuy [1][3] Group 1: Service Expansion - JoyExpress has been officially launched in major cities across the UK, Germany, the Netherlands, and France, offering same-day and next-day delivery services [1] - The service includes diverse offerings such as home delivery, fresh cold chain logistics, large item delivery and installation, as well as return and exchange services for European consumers [1] Group 2: Infrastructure Development - JD Logistics operates over 60 logistics warehouses and delivery stations in Europe for Joybuy, and has developed a large-scale transportation fleet to ensure high-quality integrated supply chain logistics and delivery services [3] - The company plans to further expand its supply chain logistics infrastructure and deploy more advanced logistics technology products to enhance efficiency and reduce costs [3] Group 3: International Strategy - Internationalization remains a key strategic direction for JD Group, which has accelerated its logistics supply chain expansion overseas, currently operating over 130 overseas warehouses with a total management area exceeding 1.3 million square meters [3] - JD has opened several international freight routes, establishing a "2-3 day delivery" time frame in multiple core global markets, facilitating more efficient and smooth global trade [3]

Core Viewpoint - JD Group has officially launched its logistics brand JoyExpress in multiple European countries, aiming to enhance its online retail business Joybuy by providing high-quality delivery services [1] Group 1: Service Expansion - JoyExpress is now operational in major cities across the UK, Germany, the Netherlands, and France, offering same-day and next-day delivery options [1] - The service includes diverse offerings such as home delivery, fresh cold chain logistics, large item delivery and installation, as well as return and exchange services for European consumers [1]

一、阅读（72分） （一）阅读I（本题共5小题，19分） 阅读下面的文字，完成下面小题。 现阶段，"飞行汽车"已经从科幻走向现实，并有可能快速实现商业化生产。比如电动"飞行汽车"Model A以30万美元的售价获得了3300个预订订单，计划于2025年第四季度开始生产并交付首批车辆。但这并 不意味着"飞行汽车"可以很快投入通勤。只有在技术、规则、基础设施等条件成熟的情况下，"飞行汽 车"才适合进入低空空域，成为一种公众新通勤模式。 《每日经济新闻》：当前，低空经济发展火热。您如何看待低空经济未来万亿级市场规模的发展潜力？ 它将如何改变现有的物流、出行模式？ 柳芳：作为新质生产力的典型代表之一，低空经济被认为具有万亿级市场规模潜力。除了满足无人机、 电动垂直起降飞行器（eVTOL）等低空飞行器制造的巨大市场需求，低空经济还有广泛的应用场景， 涵盖物流、农业、交通、环保、巡检、旅游、公共安全和医疗等多个领域。低空基础设施的数字化、智 能化，是推动低空经济高质量发展的核心路径，各有关部门和企业都要重视这项工作。未来，整合了低 空飞行资源与现代科技手段的低空经济，会大大改变现有的物流和出行模式。就物流领域的应用而言， ...

Core Insights - PayPoint Plc has shown significant progress in Q3 FY26, with a focus on operational delivery despite a challenging market environment, and is on track to achieve record profits for the year [3][6]. Key Group Metrics - Net revenue for Q3 FY26 was £52.7 million, a slight decrease of 0.5% compared to £53.0 million in Q3 FY25 [2]. - The Shopping division maintained revenue at £16.1 million, while the E-commerce division grew by 2.4% to £4.2 million [2]. - Payments and Banking division saw a revenue increase of 2.1% to £14.3 million, whereas the Love2shop division experienced a decline of 3.2% to £18.1 million [2]. Divisional Performance Shopping Division - Service fee net revenue increased by 7.3% to £5.9 million, driven by growth in PayPoint One/Mini sites [8]. - Card processed value decreased by 6.8% to £1.6 billion, reflecting lower consumer spending patterns [8]. E-commerce Division - Parcels net revenue rose by 2.4% to £4.2 million, with parcel transactions increasing by 6.7% to 38.2 million [9]. - The rollout of the Royal Mail Shop brand is expected to enhance service offerings [9]. Payments & Banking Division - Digital net revenue increased by 18.2% to £5.3 million, with significant growth in the MultiPay platform [10]. - Cash net revenue decreased by 9.0% to £6.9 million, aligning with market expectations [10]. Love2shop Division - Billings for Love2shop Business increased by 5.2% to £74.9 million, supported by strong performance in Managed and Major Accounts [11][12]. - InComm Payments billings surged by 238.9% to £6.1 million, reflecting expanded distribution [12]. Financial Position - As of 31 December 2025, the Group reported net corporate debt of £131.3 million, an increase from £97.4 million as of 31 March 2025 [13]. - The Board declared an interim dividend of 19.8p per share, a 2.1% increase from the previous year [14]. Share Buyback Program - The Group has initiated an extended share buyback program, targeting at least £30 million per annum until March 2028, aiming to reduce the equity base by at least 20% [15][16].

Core Viewpoint - JD.com's founder Liu Qiangdong has initiated the delivery of over 10,000 New Year goods from the Suqian Intelligent Industrial Park, utilizing advanced autonomous delivery vehicles for efficient logistics [2] Group 1: Autonomous Delivery Vehicles - The leading vehicle in the delivery fleet is the "Wolf" sixth-generation smart delivery vehicle, which operates with L4-level autonomous driving capabilities [2] - The vehicle can reach a maximum speed of 60 km/h, has a range of 200 kilometers, and can carry a load of 1 ton [2] - The vehicle is currently in regular operation in multiple cities including Suqian, Shenzhen, and Wuhan, and has also entered trial operations in Saudi Arabia [2] Group 2: Operational Efficiency - The implementation of the "human-machine collaboration" model allows delivery personnel to avoid repetitive trips to the station [2] - This innovation has resulted in a 21% reduction in transportation costs at the stations and has shortened the average delivery time for couriers by 1 hour per day [2]

青藏高原东北部，祁连山南麓的雪域沃土，孕育了独具特色的天峻县——这里既是守护青海湖源头的生 态屏障，也是支撑中国极地考察的畜牧业供应基地。"十四五"以来，海西蒙古族藏族自治州天峻县委、 县政府始终坚守"生态立县、畜牧稳县、旅游活县、法治安县"战略初心，在生态保护、产业升级、民生 改善的征程上步履铿锵，绘就了一幅高原县域高质量发展的壮美画卷。 生态立县 筑牢源头屏障 作为青海湖生态安全核心守护地、"三河之源"重要涵养区，天峻县始终将生态保护视作"国之大者"，统 筹推进山水林田湖草沙冰一体化保护与系统治理，让"绿水青山就是金山银山"理念在高原绽放实践之 花。 西海新闻记者 徐变银 天峻县教育事业优先发展，办学条件持续优化，从学前教育到高中教育的全学段保障体系基本成型，孩 子们在家门口就能享受到优质教育资源。医疗卫生服务能力显著增强，医疗基础设施不断完善，两家县 级公立医院通过二级甲等评审，医联体与县域医共体建设让优质医疗资源下沉基层，中藏医药特色服务 覆盖城乡，群众就医的便利性与获得感大幅提升。社会保障兜底有力，各类救助资金及时足额发放，养 老、失业、工伤保险参保率稳步提高，医保参保实现全覆盖，全方位的保障让群众 ...

Core Insights - Cainiao's global overseas warehouse order volume is projected to grow by 32% year-on-year by 2025, outpacing industry growth rates [1] - The increase in orders is driven by the accelerated international expansion of Chinese brands such as Tineco, XGIMI, and Ailike, which are gaining popularity in overseas markets [1] - The shift from "product output" to "technology and brand output" is evident, with high-tech product exports expected to reach 5.25 trillion yuan, growing by 13.2% [1] Group 1 - Cainiao's overseas warehouses are becoming a logistics infrastructure for "Chinese manufacturing" going global, with a growing share of smart products in addition to traditional apparel and accessories [1] - The company is expanding its global smart warehouse network and integrated solutions to facilitate easy inventory management for overseas merchants and brands [1][2] - Cainiao's fulfillment system has been refined through years of experience during major sales events, enabling merchants to effectively handle overseas promotions [2] Group 2 - Leading smart cleaning appliance brand Tineco and projector brand XGIMI have achieved triple-digit growth in order volume, while several leading 3D printer brands like Ailike have seen double-digit growth [2] - Cainiao has introduced customized warehousing and distribution services, allowing for local shipping and rapid delivery through smart sales forecasting [2] - The company plans to activate over 10 new warehouses globally by 2025 and increase investments in automation technologies to enhance order processing capabilities and efficiency [2][3] Group 3 - Cainiao operates over 40 overseas warehouses across 18 countries and regions in Europe, North America, and Asia-Pacific, providing end-to-end supply chain management solutions [3] - The company supports various industries, including automotive parts, home goods, appliances, and furniture, in accelerating their international expansion [3]

Core Insights - The core viewpoint of the articles highlights the significant growth of Cainiao's global overseas warehouse operations, with a projected 32% year-on-year increase in order processing volume by 2025, leading the industry in growth rates [2] Group 1: Growth and Market Expansion - Cainiao's overseas warehouse operations in markets such as France, the USA, Spain, and Australia are experiencing growth rates exceeding the industry average, driven by the international expansion of Chinese brands like Ecovacs, XGIMI, and Ailike [2] - The export of high-tech products from China is expected to reach 5.25 trillion yuan by 2025, marking a 13.2% growth, while self-owned brand product exports are projected to grow by 12.9%, increasing their share of total exports by 1.4% [2] Group 2: Operational Efficiency and Innovations - Leading smart cleaning appliance brand Ecovacs and projector brand XGIMI have achieved triple-digit year-on-year growth in order volume, while several top brands in 3D printing, such as Ailike, have seen double-digit growth [3] - Cainiao has introduced customized warehousing and distribution services, enabling local shipping and rapid delivery through advanced inventory management and smart sales forecasting [3] - The company’s fulfillment system has effectively supported merchants during overseas promotional events, achieving a peak order volume during the year-end season, with a 99% timely dispatch rate [3] Group 3: Infrastructure and Future Plans - By 2025, Cainiao plans to launch over 10 new warehouses globally and increase investments in automation technologies such as AGV robots and automated sorting lines, enhancing both order processing capacity and operational efficiency [3] - The company aims to expand its warehouse network and automation upgrades in key markets across Europe, North America, and Asia-Pacific by 2026, striving for a more flexible and efficient global supply chain network [3][4]