$JD.com(JD)$ Alibaba $Alibaba(

Alibaba $Alibaba(BABA)$ once looked down on JD.com’s approach to building its own logistics network, considering the heavy asset operations to be inefficient. However, practice has shown that this strategy became JD.com's competitive moat. Even when Alibaba launched Cainiao Logistics, it struggled to compete with JD.com and SF Express $S.F.Holding Co.,Ltd.(002352)$ , which had already established strong logistics systems.

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