2、港股通最近5个交易日增持榜（前10名） | 公司名称 | 持股额变动 | 持股数变动 | | --- | --- | --- | | 阿里巴巴－W(09988) | +96.59亿元 | +5801.17万股 | | 腾讯控股(00700) | +25.52亿元 | +396.28万股 | | 中芯国际(00981) | +14.72亿元 | +2017.62万股 | | 山高控股(00412) | +12.51亿元 | +27365.70万股 | | 中国移动(00941) | +10.00亿元 | +1175.98万股 | | 极兔速递-W(01519) | +8.17亿元 | +8265.64万股 | | 金山云(03896) | +7.66亿元 | +9146.40万股 | | 快手-W(01024) | +7.31亿元 | +967.56万股 | | 紫金矿业(02899) | +7.04亿元 | +2317.49万股 | | 康方生物(09926) | +6.74亿元 | +508.25万股 | 智通财经APP获悉，根据2025年9月26日披露数据，中远海能（01138）、中国电信（00728 ...

消息面上，7月18日义乌邮政局召开会议，将快递价格下限上调0.1元人民币至1.2元人民币；8月4日起， 广东省快递底价整体上调0.4元/票，均价涨至1.4元以上。根据罗戈网报道，9月起涨价范围迅速扩大， 江苏、江西、湖南、湖北、河南、安徽、京津冀及辽宁等地的快递企业相继发布调价通知，加入涨价行 列，形成全国性联动趋势。 浙商证券研报指出，东南亚电商GMV增速快，叠加Tiktok市占率持续提升，带动极兔东南亚市占率走 强；公司于2022年进入中东和拉美等新市场，当前新市场电商渗透率仍较低，中期来看有望通过复刻东 南亚成功路径，新市场或成为公司继东南亚之后的下一个高速增长引擎；中国市场为境外市场输出先进 模式，快递反内卷提价带来的业绩弹性有望实现极兔中国市场下半年盈利超预期修复。 来源：智通财经网 极兔速递-W(01519)午后涨超5%，截至发稿，涨3.27%，报10.1港元，成交额5.62亿港元。 ...

Core Viewpoint - Jitu Express (01519) has seen a stock price increase of over 5%, currently trading at 10.1 HKD with a transaction volume of 562 million HKD, driven by recent price adjustments in the express delivery sector across China [1] Price Adjustments - On July 18, the Yiwu Postal Bureau raised the minimum express delivery price by 0.1 RMB to 1.2 RMB [1] - Starting August 4, the minimum express delivery price in Guangdong Province increased by 0.4 RMB per ticket, with the average price rising above 1.4 RMB [1] - In September, a nationwide trend of price increases was observed, with companies in Jiangsu, Jiangxi, Hunan, Hubei, Henan, Anhui, Beijing-Tianjin-Hebei, and Liaoning announcing price adjustments [1] Market Expansion and Growth Potential - According to Zheshang Securities, the rapid growth of e-commerce GMV in Southeast Asia, along with the increasing market share of TikTok, is strengthening Jitu's market position in Southeast Asia [1] - The company entered new markets in the Middle East and Latin America in 2022, where e-commerce penetration remains low, indicating potential for replicating its Southeast Asian success [1] - The Chinese market is expected to provide advanced operational models to overseas markets, with price increases in the express delivery sector likely to enhance Jitu's earnings recovery in the second half of the year [1]

Group 1 - Jitu Express-W (01519) saw its stock price increase by over 5%, currently trading at 10.1 HKD with a transaction volume of 562 million HKD [1] - The price floor for express delivery services has been raised in various regions, including a 0.1 RMB increase in Yiwu and a 0.4 RMB increase in Guangdong, leading to a national trend of price hikes [1] - Reports indicate that from September, the price increase trend has expanded to multiple provinces, including Jiangsu, Jiangxi, Hunan, Hubei, Henan, Anhui, Beijing-Tianjin-Hebei, and Liaoning [1] Group 2 - According to Zheshang Securities, the rapid growth of e-commerce GMV in Southeast Asia, along with the increasing market share of TikTok, is strengthening Jitu's market position in the region [1] - The company has entered new markets in the Middle East and Latin America since 2022, where e-commerce penetration remains low, suggesting potential for high growth by replicating its Southeast Asian success [1] - The price increases in the Chinese market are expected to enhance Jitu's earnings elasticity, potentially leading to better-than-expected profit recovery in the second half of the year [1]

Group 1 - J&T Express Malaysia has partnered with TikTok Shop to offer same-day delivery for the iPhone 17 series in Kuala Lumpur and Petaling Jaya [2][4] - Customers who order the iPhone 17, iPhone 17 Air, or iPhone 17 Pro through authorized Apple stores on TikTok Shop before September 16, 2025, will receive their devices on the official release date of September 19 [2] - The collaboration aims to enhance customer experience by providing innovative and reliable logistics solutions, aligning with the company's mission to connect people and businesses [4] Group 2 - J&T Express Malaysia plans to explore more timely delivery solutions for high-demand products based on consumer needs in the future [4]

Summary of J&T Express Conference Call Company Overview - J&T Express is a logistics company operating primarily in Southeast Asia and emerging markets, particularly Latin America. The company has established a significant market presence and is poised for growth in various regions. Key Points Southeast Asia Market Performance - Southeast Asia has become a cash cow for J&T Express, with EBIT reaching $230 million in the first half of 2025, and an expected annual EBIT of $520 million. Adjusted net profit is projected to be close to $500 million for the year [2][4] - The company experienced a 55% growth in parcel volume in the first half of 2025, with expectations to maintain this growth rate throughout the year. Future growth is projected at 40% over the next two years, with EBIT potentially reaching $1 billion by 2027 [2][6] Emerging Markets Potential - Emerging markets, especially in Latin America, are on the brink of explosive growth. J&T Express achieved EBITDA profitability in the first half of 2025, with expectations for nonlinear high-speed growth in the second half [7] - Latin America's population is approximately 680 million, with a per capita GDP of $6,000, which is double that of Southeast Asia. The e-commerce market size is slightly smaller than Southeast Asia, but once parcel volume reaches a critical mass, rapid growth is anticipated [7] Competitive Landscape in China - The Chinese market is highly competitive, but anti-involution policies are expected to help logistics companies restore profits, a process anticipated to last over a year. The expansion of Chinese e-commerce giants like TikTok, Temu, and Shein into international markets presents significant opportunities for J&T Express [8][15] Market Share and Competitive Advantages - J&T Express holds a 32.8% market share in Southeast Asia, making it the absolute leader in third-party logistics. The company benefits from significant scale effects, leading to advantages in pricing, cost, and service quality [9] - Competitors include Shopee (27.7% self-built logistics), Lazada (5.8%), and Flash Express (5.5%). J&T's local operational expertise further enhances its competitive edge [9] Future Financial Projections - Adjusted net profits for J&T Express are forecasted to be $400 million, $710 million, and $950 million for the years 2025, 2026, and 2027, respectively. The company's market capitalization is expected to reach $20 billion by 2027 [3][10] - The company anticipates that new market parcel volume will reach 5.4 billion in 2025, marking a critical point for explosive growth. The second half of 2025 is expected to see a 40% growth rate [11] Brazil's Role in Latin America - Brazil is the largest e-commerce market in Latin America, accounting for 28.5% of the market share. Shopee and Mercado Libre are major competitors in this region, with Mercado Libre holding a 55% market share but growing at a slower rate of 22-23% annually [12] Chinese E-commerce Giants in Latin America - Chinese e-commerce giants are aggressively entering the Latin American market, with companies like Shein, Kuaishou, and TikTok establishing operations in Brazil and Mexico. This influx is reshaping local consumer habits and presents opportunities for J&T Express [13] Overall Outlook - J&T Express is expected to maintain a strong growth trajectory in Southeast Asia and emerging markets, with a focus on leveraging global e-commerce trends. The company is projected to achieve a daily parcel volume of 40 million by 2027, with total profits reaching $1 billion [10][16]

Core Viewpoint - Jitu Express-W (01519.HK) experienced a significant increase in stock price, rising over 4% to reach 9.91 HKD, with a trading volume of 164 million HKD [2] Company Summary - The stock price of Jitu Express-W rose by 4.21% as of the latest report [2] - The current trading price is 9.91 HKD, indicating positive market sentiment [2] - The total trading volume reached 164 million HKD, reflecting active investor interest [2]

Core Viewpoint - The express delivery company Jitu Express (极兔速递-W) has seen its stock price rise over 4% following news of price increases in the Shanghai region, indicating a potential recovery in the express delivery market driven by anti-competitive measures and price stabilization efforts [1] Company Summary - Jitu Express's stock rose by 4.21%, reaching HKD 9.91, with a trading volume of HKD 164 million [1] - The company, along with four others, announced a price increase for express delivery services in Shanghai effective from September 22, 2025, as part of a broader industry effort to combat low-price competition [1] Industry Summary - The price increase in express delivery services follows similar adjustments in Guangdong and Zhejiang, with over 80% of the market share in China having announced price hikes [1] - According to Zheshang Securities, the express delivery industry has seen a slight recovery in prices since August, with major listed companies reporting significant improvements in single-package revenue [1] - The upcoming peak season for the express delivery industry may lead to further increases in delivery fees, providing support for express delivery prices [1] - The anti-competitive pricing measures are expected to enhance the earnings elasticity for Jitu Express, potentially leading to better-than-expected profit recovery in the second half of the year [1]

Core Viewpoint - The express delivery company Jitu Express-W (01519) has seen its stock price increase by over 4%, reaching HKD 9.91, with a trading volume of HKD 164 million. This rise is attributed to the upcoming price adjustments in the Shanghai region following similar increases in Guangdong and Zhejiang provinces, indicating a trend towards price recovery in the express delivery industry [1]. Industry Summary - Following the announcement of price increases in various provinces, including Guangdong and Zhejiang, the Shanghai region is set to raise its express delivery prices starting September 22, 2025. This decision is part of a broader initiative to combat "involution" in the industry and stabilize market order [1]. - According to Zheshang Securities, over 80% of the market share in China has announced price increases. The express delivery industry has seen a slight recovery in prices since August, with major listed companies reporting significant improvements in single-package revenue. The upward trend in prices is expected to continue into September [1]. - The upcoming seasonal transition in the express delivery industry, coupled with the anticipated peak season, may lead to further increases in delivery fees. The price hikes are expected to have a sustainable impact, providing support for express delivery prices [1]. - The price adjustments resulting from the anti-involution measures in the Chinese market are likely to enhance the earnings elasticity for Jitu Express, with expectations for a significant recovery in profitability in the second half of the year [1].

Investment Rating - The investment rating for the company is upgraded to "Buy" [6][13]. Core Views - The company is positioned as a leading express delivery service in Southeast Asia, following the expansion of Chinese e-commerce giants into international markets. The anticipated rapid establishment of new sites and higher-than-expected GMV growth will drive the company's global network development and volume growth, replicating its success in Southeast Asia to new markets such as Latin America and the Middle East [1][2]. Summary by Sections Southeast Asia Market - The e-commerce GMV in Southeast Asia is expected to reach approximately $306.26 billion in 2025, growing by 28.5% year-on-year, with an e-commerce penetration rate projected to rise to 24.9% [2]. - The company achieved a package volume of 3.23 billion items in Southeast Asia in H1 2025, a year-on-year increase of 57.9%, maintaining a market share of 32.8% [3]. - Revenue in Southeast Asia for H1 2025 was $1.97 billion, representing a 29.6% year-on-year growth, with an adjusted EBIT of $230 million, up 74.0% year-on-year [3]. New Markets - The company entered new markets in the Middle East and Latin America in 2022, with the GDP of these markets expected to reach $5.8 trillion by 2025. The e-commerce retail market in these regions is projected to grow by 23.6% year-on-year, reaching $163.55 billion [4]. - In H1 2025, the company’s package volume in new markets increased by 21.7% to 166 million items, with a market share of 6.2% [5]. - The company has established partnerships with international e-commerce platforms such as Temu, Shein, TikTok, AliExpress, and Shopee in new markets [5]. China Market - The company has seen a recovery in domestic profits due to price increases, with over 80% of the market share in China announcing price hikes. The industry is expected to experience a seasonal uptick in prices, supporting the company's profitability [12]. Financial Forecasts - The adjusted net profit forecasts for the company are $400 million, $710 million, and $950 million for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27.3, 15.5, and 11.5 [13][15].