【券商聚焦】建银国际维持京东集团跑赢大盘评级 指未来外卖减亏节奏仍取决于竞争强度

金吾资讯
Nov 17, 2025

金吾财讯 | 建银国际研报指,京东集团(09618)3Q25京东零售收入及利润率均超预期,新业务亏损略大于预期;外卖投入虽大幅拉低盈利,但活跃用户与购买频次均增超40%,首批外卖用户向核心零售转化率近50%,策略初见成效。未来外卖减亏节奏仍取决于竞争强度,短期股价或区间震荡,市场将关注其差异化定位(优质商家+服务导向)与主站交叉销售成效。该机构指,自2024年9月以旧换新计划实施已满一年,后续...

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