责任编辑：何俊熹 在京东2025年第三季度业绩发布会上，京东集团CEO许冉表示，"我们非常有信心在家电和3C品类持续 保持市场份额的提升，京东也将继续的强化我们自身能力和战略布局并与品牌商紧密合作，共同应对短 期的行业挑战，助力行业实现长期的健康发展。" 许冉还谈到，"我们的增长动力会更加的多元化，包括超市、健康、时尚这些日百品类，还有广告等服 务收入，也都保持持续的加速增长态势，成为京东整体增长的新动力。而且，我们的用户数和用户购买 频次也都保持着强劲的增长势头。在刚刚过去的双11，我们下单用户数同比增长超过40%，这些都为京 东明年收入的健康增长提供了有力的支持，让我们对长期的增长更有信心。"（闫妍） 新浪科技讯 11月13日晚间消息，京东集团发布了2025年三季度业绩。三季度，京东集团收入为2991亿 元人民币（约420亿美元），同比增长14.9%，超出预期。净利润53亿元，上年同期净利润117亿元。 ...

Core Insights - The coordinated actions of major central banks represent a significant shift in global monetary policy, impacting venture capital funding flows and industry opportunities since early 2021 [1][2] - The divergence in monetary policies among the Federal Reserve, European Central Bank, Bank of Japan, and Bank of Canada highlights the varying economic recovery rates across regions, influencing investment strategies [2][3] Monetary Policy Divergence - The Federal Reserve is expected to lower interest rates by 25 basis points due to a weak U.S. job market, while the European Central Bank maintains high service sector inflation at 3%, pausing rate cuts for the third consecutive time [2] - The Bank of Canada may follow the Fed with a second rate cut, but strong employment data suggests a potential pause, while the Bank of Japan delays rate hikes until January 2026 due to the new Prime Minister's stance [2][3] Impact on Venture Capital Markets - A potential Fed rate cut could lower the federal funds rate to a range of 4.25%-4.5%, reducing dollar financing costs and increasing the willingness of limited partners to invest in long-cycle sectors like hard technology and biomedicine [3][4] - Historical data shows that during the Fed's rate cut cycles from 2020 to 2023, global dollar venture capital fundraising grew by an average of 18% annually, with hard technology's share rising from 32% to 47% [3] Sector-Specific Opportunities - Two sectors likely to benefit from the Fed's anticipated rate cuts are capital-intensive industries such as low-altitude economy and energy storage, which see reduced financial costs and improved internal rates of return [4] - The depreciation of the dollar may enhance the purchasing power of U.S. markets for Chinese export products, with cross-border e-commerce financing increasing by 41% during the Fed's rate cut cycle in 2023 [4] Caution in Investment Strategies - The high service sector inflation in Europe suggests that inflation-sensitive sectors like retail and tourism may face profitability pressures, as evidenced by a decline in average gross margins for European dining projects [6] - Japan's delayed rate hikes favor domestic consumption upgrades, with investment in sectors like the silver economy and smart home appliances increasing by 29% during the low-rate period [6] Strategic Adjustments for Investors - The uncertainty surrounding the Bank of Canada's decisions reflects broader uncertainties in the global venture capital market, necessitating a focus on cash flow management for startups [6] - The conclusion of the central banks' rate decisions will not lead to a broad market rally but rather a restructuring of opportunities, emphasizing the need for entrepreneurs to adjust financing strategies based on regional monetary policies [8]