Core Insights - The 2024 Hong Kong Listed Companies Director Compensation Ranking was released, highlighting significant earnings among top executives, with Li Xiang of Li Auto leading the list with a total compensation of approximately 680 million HKD [3][5]. Summary by Categories Director Compensation - A total of 31 directors received over 100 million HKD in total compensation for 2024 [3]. - Li Xiang (Li Auto) topped the list with nearly 680 million HKD, followed by Wang Xuning (JS Global) at about 521 million HKD, and Li Jie (Jitu Express) at approximately 519 million HKD [3][5]. - Liu Qiangdong (JD.com) ranked fourth with around 449 million HKD [3]. Detailed Compensation Breakdown - Li Xiang's compensation included 2.83 million HKD in salary and benefits, with a significant portion (approximately 676.77 million HKD) attributed to share-based payments [4]. - Wang Xuning received a salary of 8.69 million HKD and a bonus of about 4.97 million HKD, totaling 521 million HKD [4]. - Liu Qiangdong's reported compensation was primarily share-based, with no cash salary or benefits listed [4]. Clarifications on Li Xiang's Compensation - Li Auto clarified that the reported 639 million RMB (approximately 6.39 billion HKD) was misunderstood; the actual cash salary was only 266,500 RMB [5]. - The high figure included stock-based compensation calculated under US GAAP, contingent on achieving sales targets, with no actual shares received yet [6].

Core Viewpoint - Daiwa has upgraded J&T Express-W (01519) earnings per share estimates for 2025 to 2027 by 7% to 11% to reflect the growth in parcel volume in Southeast Asia, with a forecast increase of 65%, while lowering the parcel volume growth forecast for China to mid-single digits [1] Group 1: Earnings and Ratings - The rating for J&T Express has been upgraded from "Hold" to "Buy" due to the defensive growth potential in Southeast Asia and new markets amid uncertainties in US-China trade [1] - The target price has been raised from HKD 10 to HKD 11 [1] Group 2: Parcel Volume Growth - In Q3, J&T Express reported a total parcel volume growth of 23% year-on-year, reaching 7.677 billion parcels, with Southeast Asia showing exceptional performance, growing 78.7% to approximately 2 billion parcels, exceeding management and Daiwa's expectations [1] - The parcel volume in China and other new markets grew by 10.4% and 48% year-on-year, respectively [1] Group 3: Market Dynamics - The Southeast Asian express delivery market is entering a new development phase due to intensified platform competition and market share consolidation [1] - J&T Express is expected to maintain a competitive advantage in this new growth phase due to its market positioning and cost competitiveness [1] Group 4: Domestic Market Outlook - In the Chinese market, the industry is experiencing a slowdown in parcel volume growth, which has increased unit costs despite a quarterly improvement in average prices [1] - Management maintains a neutral to slightly optimistic outlook for the domestic business for the year, considering the ongoing optimization of the domestic customer structure [1]

Core Insights - Webb-site released the ranking of director remuneration for Hong Kong listed companies over the past 20 years, highlighting that 31 individuals earned over 100 million HKD in total compensation for the year 2024, with Li Xiang of Ideal Auto leading at nearly 680 million HKD [1] Group 1: Top Earners - Li Xiang, Chairman and CEO of Ideal Auto, ranks first with total compensation of nearly 680 million HKD [1] - Wang Xuning, Chairman of JS Global Life, and Li Jie, Founder and Chairman of J&T Express, rank second and third with total compensations exceeding 520 million HKD and 519 million HKD respectively [3] - Liu Qiangdong, Chairman of JD.com, dropped two places to fourth with nearly 449 million HKD, while Peng Yongdong, Chairman and CEO of Beike, fell to fifth with 426 million HKD [3] Group 2: Notable Rankings - JS Global Life and Beike each have two directors in the top ten, with Wang Xuning and CFO Han Run ranking second and ninth, and Peng Yongdong and co-founder Shan Yigang ranking fifth and seventh respectively [5] - Ho Yulong, Chairman and CEO of Melco International, ranks tenth with compensation of nearly 214 million HKD, an increase of one rank from the previous year [5] Group 3: Other High Earners - Other directors earning over 100 million HKD include Li Zeju, Chairman of Cheung Kong, at 212 million HKD, ranking 11th, and Noel Quinn, CEO of HSBC, at 128 million HKD, ranking 23rd [7] - Bill Winters, CEO of Standard Chartered, ranks 29th with over 103 million HKD, while Zheng Jiachun, Chairman of New World Development, ranks 32nd with 98.83 million HKD [7] - Tencent's Chairman Ma Huateng ranks 92nd with compensation of 47.94 million HKD [7] - Shi Liqian, known as the "Independent Director King" for serving on 15 companies' boards, ranks 878th with 7.119 million HKD [7]

Investment Rating - The report maintains an "Outperform" rating for J&T Express [2][6] Core Insights - J&T Express continues to experience high growth in Southeast Asia, with a significant increase in package volume driven by e-commerce penetration and company competitiveness [6][7] - The company has expanded its new market operations, achieving a 47.9% year-on-year growth in package volume for Q3 2025, supported by investments and partnerships with e-commerce platforms [6][7] - The report anticipates a recovery in profit margins due to rising delivery prices in the express delivery industry, following a trend of price increases since August [6][7] Financial Data and Profit Forecast - Revenue projections for J&T Express are as follows: - 2023: $8,849 million - 2024: $10,259 million - 2025E: $12,719 million - 2026E: $16,015 million - 2027E: $20,449 million - Year-on-year growth rates for revenue are projected at 21.77% for 2023, 15.93% for 2024, and 23.97% for 2025E [3][7] - Adjusted net profit forecasts are: - 2025E: $368 million - 2026E: $592 million - 2027E: $853 million - Corresponding year-on-year growth rates for adjusted net profit are 83.91% for 2025E, 60.77% for 2026E, and 43.94% for 2027E [3][7] Market Performance - As of October 14, 2025, J&T Express's closing price is HKD 9.61, with a market capitalization of HKD 862.75 billion [4][6] - The company has a market share of 32.8% in Southeast Asia, reflecting a 5.4 percentage point increase year-on-year [6][7]

Group 1: Hong Kong Stocks - Lao Pu Gold (06181) rose over 5%, with Morgan Stanley reaffirming an "overweight" rating due to clear brand value enhancement trends [1] - Pop Mart (09992) increased over 3%, as Apple CEO received a special gift, and Labubu is expected to become a world-class cultural IP brand [1] - Jitu Express-W (01519) rose over 3%, reporting strong growth in parcel volume in Southeast Asia and new markets for Q3 2025 [1] - Guoquan (02517) surged over 10%, with improved restaurant sentiment and expectations for Q4 store openings [1] - Geely Automobile (00175) increased over 4%, with Geely Holding Group's quarterly sales surpassing 1 million units for the first time [1] - Rongchang Bio (09995) rose over 3%, as the application for the marketing of Tai Tasi Pi for IgA nephropathy treatment was accepted and prioritized for review [1] - Mixue Group (02097) rose over 6%, with Mixue Ice City beer trending on Weibo, and institutions optimistic about the company's brand expansion [1] - Jinli Permanent Magnet (06680) fell over 1%, despite a projected net profit increase of over 157% for the first three quarters [1] - Bilibili-W (09626) rose over 3%, officially launching a "Double 11" promotion and achieving deep data integration with Alibaba and JD [1] Group 2: US Stocks - Navitas Semiconductor (NVTS.US) surged 26.08%, with advancements in 800VDC GaN and SiC power devices [3] - Ericsson (ERIC.US) rose 20.56%, reporting a net profit of 11.15 billion SEK for Q3, nearly doubling year-on-year and exceeding analyst expectations [3] - Tesla (TSLA.US) fell 1.53%, as the NHTSA announced an investigation into approximately 2.88 million Tesla vehicles equipped with "full self-driving" systems [3] - PayPal (PYPL.US) rose 0.42%, but Goldman Sachs downgraded its rating to "sell" due to margin pressures and a slowing growth path for 2026 [3] - BP (BP.US) fell 1.75%, with expectations of increased profitability driven by upstream production growth and refining margins [3] - Intel (INTC.US) dropped 4.27%, as Bank of America downgraded its rating from "neutral" to "underperform," maintaining the target price at $34 [3] - Target (TGT.US) rose 1.85%, with D.A. Davidson lowering the target price from $115 to $108 while reiterating a "buy" rating [4] - Albertsons (ACI.US) surged 13.63%, reporting Q2 FY2025 revenue of $18.9158 billion and adjusted EPS of $0.44, exceeding expectations [4] - Arm (ARM.US) fell 2.20%, as OpenAI announced a strategic partnership with Broadcom to develop custom AI chips and network systems [4] - Walmart (WMT.US) rose 4.98%, collaborating with OpenAI to allow consumers to browse and purchase Walmart products directly through ChatGPT [4]

Core Viewpoint - J&T Express (01519) shares rose over 4%, reaching HKD 10, with a trading volume of HKD 797.416 million, following the release of its Q3 2025 operational data [1] Group 1: Operational Performance - For Q3 2025, J&T Express reported a total parcel volume of approximately 7.68 billion, representing a year-on-year growth of 23.1% [1] - All major markets experienced double-digit growth, with Southeast Asia and new markets showing particularly strong performance [1] Group 2: Market Growth - In the Southeast Asian market, J&T Express achieved a parcel volume of 2 billion, marking a year-on-year increase of 78.7% [1] - The new markets contributed a parcel volume of 104 million, reflecting a year-on-year growth of 47.9% [1] Group 3: Analyst Insights - Western Securities (002673) expressed optimism regarding the growth of parcel volumes driven by the booming e-commerce platforms in Southeast Asia and new markets [1] - The "anti-involution" policy environment in the Chinese market is expected to improve the company's revenue and profit [1]

该行将极兔2025至27年每股盈测上调7%至11%，以反映东南亚包裹量增长预测调升至65%；评级由"持 有"连升两级至"买入"，因在中美贸易不确定下，东南亚与新市场的增长具有防御性，目标价由10港元 上调至11港元。 大和发表研究报告指，极兔速递第三季总包裹量按年增长23%至76.77亿件，其中东南亚包裹量表现突 出，按年增长78.7%至约20亿件，超出管理层及该行预期。该行认为东南亚快递市场已进入新发展阶 段，考虑到极兔的市场定位及具竞争力的成本，相信公司可以在新增长阶段占有优势。 ...

Core Viewpoint - J&T Express-W (01519) shares rose over 4%, reaching HKD 10, with a trading volume of HKD 797.416 million, following the release of its Q3 2025 operational data [1] Group 1: Operational Performance - For Q3 2025, J&T Express reported a total parcel volume of approximately 7.68 billion, representing a year-on-year growth of 23.1% [1] - All major markets experienced double-digit growth, with Southeast Asia and new markets showing particularly strong performance [1] Group 2: Market Growth - In the Southeast Asian market, J&T Express achieved a parcel volume of 2 billion, marking a year-on-year increase of 78.7% [1] - The new markets contributed a parcel volume of 104 million, reflecting a year-on-year growth of 47.9% [1] Group 3: Analyst Insights - Western Securities expressed optimism regarding the growth of parcel volumes driven by the booming e-commerce platforms in Southeast Asia and new markets [1] - The "anti-involution" policy environment in the Chinese market is expected to improve the company's revenue and profit [1]

即刻交通 10月14日，极兔速递发布2025年第三季度经营数据汇报，报告显示，截至2025年9月30日止之第三季 度，公司总体实现包裹量约76.8亿件，同比增长23.1%；日均包裹量8340万件。 此外，极兔速递第三季度在东南亚市场业务保持增长，实现包裹量20亿件，同比增长78.7%，日均包裹 量2,170万件。新市场（包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及）方面，极兔速递第三季度实 现包裹量1.04亿件，同比升47.9%，日均包裹量113万件。 | | | | 截至9月30日止三個月 | | | --- | --- | --- | --- | --- | | | | 2025年 | 2024年 | 同比 | | 東南亞 | 包裹量(百萬件) | 1.996.8 | 1.117.3 | 78.7% | | | 日均包裹量(百萬件) | 21.7 | 12.1 | 78.7% | | 中國 | 包裹量(百萬件) | 5.575.8 | 5.051.0 | 10.4% | | | 日均包裹量(百萬件) | 60.6 | 54.9 | 10.4% | | 新市場 | 包裹量(百萬件) | 104.2 | 70. ...

Group 1 - Ele.me is piloting the cancellation of overtime deductions for delivery riders, replacing it with a new service points system to enhance rider experience and operational capacity [1] - The pilot program is currently being tested in cities such as Nantong, Changzhou, Jieyang, and Jingdezhen, with plans for broader implementation in October [1] Group 2 - J&T Express reported a total parcel volume of 7.68 billion for Q3 2025, marking a year-on-year increase of 23.1% [2] - The Southeast Asian market saw a significant growth of 78.7%, while the Chinese market grew by 10.4%, indicating a strong performance in both regions [2] - The management highlighted that the increasing sensitivity of e-commerce platforms to fulfillment costs is driving market changes, with smaller logistics providers likely to exit [2] Group 3 - AliExpress announced the schedule for its overseas "Double 11" and "Black Friday" events, starting from November 8 and running until December 3 [3] - The platform aims to focus on commission incentives, overseas hosting, and brand expansion, offering up to 7% commission for quality third-party sellers [3] - This strategy is a response to competitive pressures from TikTok Shop and Temu, emphasizing supply chain and operational advantages [3] Group 4 - JD.com is collaborating with CATL and GAC Group to launch a "National Good Car" during the Double 11 shopping festival, focusing on user insights and exclusive sales [4] - The partnership delineates roles clearly: GAC for manufacturing, CATL for battery technology, and JD.com for sales and consumer insights [4] - The effectiveness of this online exclusive sales model remains uncertain due to the complexity of automotive purchasing decisions and competitive industry dynamics [4]