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].

另外，第三季极兔在中国及其他新市场的包裹量分别同比增长10.4%与48%。中国市场方面，行业推动 反内卷下，第三季平均价格按季改善，但行业包裹量增长放缓，亦推高期内单位成本。因此，管理层对 全年国内业务维持中性至轻微乐观看法。考虑到极兔持续优化国内客户结构，该行对反内卷行动对盈利 影响维持审慎看法。 大和发布研报称，将极兔速递-W(01519)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%，以及中国包裹量增长预测下调至中十位数;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港元升至11港元。 报告指，极兔第三季总包裹量同比增长23%至76.77亿件，其中东南亚包裹量表现突出，同比增长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，因平台竞争加剧， 以及市占率整合。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。 ...

日前Webb-site发布过去20年所有香港上市公司董事薪酬排行榜。根据其发布的2024年香港上市公司董事报酬排行榜，全年度共有31人酬金逾一亿元，其 中理想汽车（02015）董事长、首席执行官兼创始人李想，以总报酬近6.8亿元排榜首。 排名第二及第三位分别是JS环球生活（01691）董事长王旭宁及极兔速递（01519）创办人兼主席李杰，总报酬分别为逾5.2亿元及5.19亿元；京东 （09618）董事长刘强东则跌两级，以近4.49亿元排第四；前年排榜首的贝壳（02423）主席、首席执行官彭永东最新排第五，报酬4.26亿元。 十大高报酬董事皆凭计入股份奖励而令收入"水涨船高"。 至于其他报酬过亿元的董事，长和（00001）主席李泽巨以2.12亿元报酬排第11位，按年跌两级；汇控（00005）行政总裁艾桥智排行第23位，报酬1.28亿 元；渣打（02888）行政总裁温拓思排第29位，报酬逾1.03亿元。近年陷财困的新世界发展（00017）主席郑家纯，亦列第32位，报酬9883万元；腾讯 （00700）主席马化腾只排名92，报酬为4794万元。 值得一提的是，出任15间公司董事的"独董王"石礼谦，以711.9万元排 ...

2025 年 10 月 15 日 极兔速递-W (01519) 上 市 公 司 交通运输 ——东南亚维持高景气，新市场打开新增长曲线 报告原因：有信息公布需要点评 增持（维持） | 投资要点： | | --- | 财务数据及盈利预测 | | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万美元） | 8849 | 10259 | 12719 | 16015 | 20449 | | 同比增长率（%） | 21.77% | 15.93% | 23.97% | 25.92% | 27.69% | | 调整后净利润（百万美元） | -432 | 200 | 368 | 592 | 853 | | 同比增长率（%） | - | - | 83.91% | 60.77% | 43.94% | | 每股收益（美元/股） | -0.05 | 0.02 | 0.04 | 0.07 | 0.09 | | 净资产收益率（%） | -15.72% | 7.09% | 11.67% | 15.93% | 18.66% ...

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。 ...

消息面上，极兔速递日前公布2025年第三季度主要经营数据。截至2025年9月30日止第三季度，公司总 体实现包裹量约76.8亿件，同比增长23.1%。各主要市场均实现双位数增长，其中东南亚及新市场增长 尤为迅猛。极兔第三季度在东南亚市场实现包裹量20亿件，同比增长78.7%；新市场实现包裹量1.04亿 件，同比增长47.9%。西部证券指出，看好东南亚市场、新市场电商平台蓬勃发展带动快递包裹量增 长，中国市场"反内卷"政策环境下公司收入、利润改善。 智通财经APP获悉，极兔速递-W(01519)涨超4%，截至发稿，涨4.06%，报10港元，成交额7974.16万港 元。 ...

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]