四季度业绩筑底，政策利好与业务优化共促26年修复高基数与节日错期影响，25Q4收入短期承压。从宏观环境来看，2025年12月份社会消费品零售总额同比增速放缓至0.9%，主要系2024年同期基数较高。从累计增速来看，2025年社会消费品零售总额50.1万亿元，比上年增长3.7%。从线上消费来看，2025年全国网上零售额159722亿元，同比增长8.6%，其中实物商品网上零售额130923亿元，增长...
Source Link四季度业绩筑底，政策利好与业务优化共促26年修复高基数与节日错期影响，25Q4收入短期承压。从宏观环境来看，2025年12月份社会消费品零售总额同比增速放缓至0.9%，主要系2024年同期基数较高。从累计增速来看，2025年社会消费品零售总额50.1万亿元，比上年增长3.7%。从线上消费来看，2025年全国网上零售额159722亿元，同比增长8.6%，其中实物商品网上零售额130923亿元，增长...
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