小摩引述中通快递管理层最新评论指，反内卷政策正从根本上重塑竞争格局，推动整个行业从以量取胜 的增长模式，转向更关注质量与盈利能力。小摩认为，中通快递正明显受惠于当前行业发展，除了持续 扩大市场占有率，亦展现出稳健的利润表现。 智通财经APP获悉，摩根大通发布研报称，中通快递-W(02057)将在未来3至6个月继续成为运输行业中 的首选股，将公司H股目标价由187港元上调至197港元，予"增持"评级。该行又将中通快递(ZTO.US)美 股目标价由24美元调升至25美元，评级同样为"增持"。 ...

中通快递-W(02057)涨超3%，截至发稿，涨3.68%，报154.9港元，成交额2.78亿港元。 中通快递近期公布的第三季度业绩显示，三季度公司包裹量95.7亿件，同比增长9.8%，同时也保持了优 质的服务及客户满意度。调整后净利润增长5.0%至人民币25.1亿元，营收118.6亿元，同比增长11.1%， 经营活动产生的现金流为人民币32.1亿元。 消息面上，摩根大通发布研报称，中通快递将在未来3至6个月继续成为运输行业中的首选股，将公司H 股目标价由187港元上调至197港元，予"增持"评级。该行引述中通快递管理层最新评论指，反内卷政策 正从根本上重塑竞争格局，推动整个行业从以量取胜的增长模式，转向更关注品质与盈利能力。摩根大 通认为，中通快递正明显受惠于当前行业发展，除了持续扩大市场占有率，亦展现出稳健的利润表现。 ...

中通快递近期公布的第三季度业绩显示，三季度公司包裹量95.7亿件，同比增长9.8%，同时也保持了优 质的服务及客户满意度。调整后净利润增长5.0%至人民币25.1亿元，营收118.6亿元，同比增长11.1%， 经营活动产生的现金流为人民币32.1亿元。 智通财经APP获悉，中通快递-W(02057)涨超3%，截至发稿，涨3.68%，报154.9港元，成交额2.78亿港 元。 消息面上，摩根大通发布研报称，中通快递将在未来3至6个月继续成为运输行业中的首选股，将公司H 股目标价由187港元上调至197港元，予"增持"评级。该行引述中通快递管理层最新评论指，反内卷政策 正从根本上重塑竞争格局，推动整个行业从以量取胜的增长模式，转向更关注品质与盈利能力。摩根大 通认为，中通快递正明显受惠于当前行业发展，除了持续扩大市场占有率，亦展现出稳健的利润表现。 ...

Market Overview - A-shares experienced a strong upward movement on November 25, with major indices showing significant gains, particularly the ChiNext Index which rose over 3% at one point [1][2] - By midday, the Shanghai Composite Index increased by 1.13%, the Shenzhen Component Index rose by 2.04%, and the ChiNext Index was up by 2.60% [2] Sector Performance - The communication sector led the gains, with the index surging over 5% during the session. Notable stocks included Dekoli and Guangku Technology, both hitting the 20% limit-up, along with several others achieving over 10% gains [4][6] - The electronics sector also saw a significant rise, with the index increasing by more than 3%. Key performers included Changguang Huaxin, which hit the 20% limit-up, and several other stocks like Tengjing Technology and Haoli Technology, which rose over 14% [7][8] New Listings - A new stock, Hai'an Group, debuted on the market and saw its price surge by over 100% at one point during the session. The company specializes in the research, production, and sales of giant all-steel radial tires for construction machinery [10][12] Hong Kong Market - The Hang Seng Index also showed positive movement, briefly surpassing the 26,000-point mark. Stocks such as Xiaomi Group-W and Alibaba Health saw gains exceeding 5% [13][14] - Xianheng Construction, which recently issued a positive profit forecast, experienced a significant price increase, with its stock rising over 80% during the session [14][17]

Group 1 - Fubo Group (03738) increased by over 9% after launching AI music detection services on November 21 [1] - Hard Egg Innovation (00400) rose nearly 8% as it reported a revenue of approximately RMB 3.332 billion for Q3 2025, a year-on-year increase of about 22.1% [1] - ZTO Express (02057) saw a rise of over 4% following a report indicating a Q3 revenue and adjusted net profit growth of 11% and 7% year-on-year, respectively [1] - Qiniu Intelligent (02567) increased by 5% due to its core advantage in integrated MPaaS technology, supporting one-stop audio and video solutions [1] Group 2 - HAPO Pharmaceuticals-B (02142) rose nearly 5% after announcing an expanded collaboration with AstraZeneca for new generation biotherapies [2] - Junshi Biosciences (01877) increased by over 5% after achieving primary research endpoints in a clinical study for its drug JS001sc [2] - Dazhong Public Utilities (01635) rose over 8% following the announcement of the successful IPO of Moer Thread, marking a record high issuance price in the A-share market [2] Group 3 - Airline stocks faced declines, with China Eastern Airlines (00670) dropping nearly 6% and China Southern Airlines (01055) down nearly 3% due to a significant increase in flight cancellations to Japan [3] Group 4 - Alibaba-W (09988) increased by over 3% after its app surpassed 10 million downloads within a week of public testing [4] - Xiaomi Group-W (01810) rose over 5% as its founder invested over HKD 100 million to increase his stake to 23.26%, reflecting confidence in the company's growth potential [4] Group 5 - U.S. storage stocks saw collective gains, with SanDisk (SNDK.US) up 13.33% and Western Digital (WDC.US) up 8.43%, following a bullish outlook from Bank of America [5] - Qudian (QD.US) rose 10.3% after reporting a Q3 diluted earnings per ADS of RMB 2.47, exceeding last year's figure [5] - WeRide (WRD.US) surged 14.72% with a 144% year-on-year revenue growth to RMB 171 million for Q3, attributed to fleet expansion [5] Group 6 - Lotus (LOT.US) fell 1.57% after reporting a narrower loss of USD 0.10 per share for Q3, with sales declining to USD 137 million [6] - Chinese concept stocks mostly rose, with HSAI (HSAI.US) up 18.08% and Alibaba (BABA.US) up 5.1%, driven by significant partnerships in the ADAS sector [6] Group 7 - Major tech stocks in the U.S. saw gains, with Google A (GOOGL.US) up 6.31% and Tesla (TSLA.US) up 6.82%, following advancements in AI technology [7]

Core Viewpoint - The A-share market experienced a strong rebound on November 25, with major indices rising significantly, particularly the ChiNext index which saw an intraday increase of over 3% [1][2]. Market Performance - By midday, the Shanghai Composite Index rose by 1.13%, the Shenzhen Component Index increased by 2.04%, and the ChiNext Index was up by 2.60% [2]. - The Hong Kong market also showed strength, with the Hang Seng Index briefly surpassing the 26,000-point mark [1][13]. Sector Performance - The communication sector led the gains, with the index rising over 5% at one point. Notable stocks included Dekoli and Guangku Technology, both hitting the 20% limit up, along with several others achieving significant gains [4][6]. - The electronics sector also performed well, with an intraday increase exceeding 3%. Key stocks included Changguang Huaxin, which rose by 20%, and Tengjing Technology, which saw gains of over 14% [6][8]. New Listings - A new stock, Hai'an Group, debuted with an impressive rise of over 100% at one point during the trading session. The company specializes in the research, production, and sales of giant all-steel engineering tires [9][12]. Notable Stocks - In the communication sector, stocks like Dingxin Communications and Shida Group also saw significant increases, with multiple stocks hitting their daily limit up [4][6]. - In the electronics sector, stocks such as Haoli Technology and Huhua Electronics achieved limit-up status, reflecting strong investor interest [8]. Other Market Movements - The media sector showed notable gains, with stocks like Huanrui Century and Xinhua Group achieving consecutive limit-up days [8]. - Other sectors, including non-ferrous metals, comprehensive services, and power equipment, also saw increases of over 2% [8].

Core Viewpoint - JPMorgan's research report indicates that ZTO Express will continue to be a preferred stock in the transportation industry over the next 3 to 6 months, raising its target price for H-shares from HKD 187 to HKD 197 and for US shares from USD 24 to USD 25, maintaining a "Buy" rating [1] Group 1 - ZTO Express is benefiting from the current industry development, showing a clear increase in market share while demonstrating robust profit performance [1] - The management's recent comments highlight that anti-involution policies are fundamentally reshaping the competitive landscape, shifting the industry focus from quantity-driven growth to an emphasis on quality and profitability [1]

浙商证券（601878）发布研报称，25Q3公司快递量完成95.7亿件，同比+9.8%，市场份额为19.4%。散 件业务量增长势头依然强劲，同比增幅近50%，持续为利润带来积极贡献。基于全年预测数据及根据目 前的市场和运营情况，公司对年度指引作出调整，2025年的包裹量预计将介于382亿至387亿件之间，同 比增长12.3%至13.8%。核心单票方面，25Q3单票调整后净利润0.26元，24Q3为0.27元；环比25Q2提升 0.05元。国庆节后第二轮涨价开启，行业旺季到来，涨价具备一定持续性，对快递价格形成支撑。 消息面上，近日，中通快递-W发布2025年三季度业绩，里昂指出，中通快递-W第三季收入及经调整净 利润分别同比增长11%及7%，每单经调整净利润为约0.27元人民币，较第二季的0.21元人民币改善，看 好其核心每单成本因新转运中心投产仅上升0.02元人民币。里昂表示，行业反内卷政策预期将持续实 施，相信监管机构会继续透过设定价格下限，来严格遏止价格恶性竞争。考虑到中通客户结构较同业 好，里昂预期该公司明年市场份额可回升，将2025及2026年净利润预测轻微上调2%。 中通快递-W(02057)张超 ...

每经AI快讯，中通快递-W(02057.HK)涨超4%，截至发稿，涨4.92%，报13.62港元，成交额1542.11万港 元。 ...

Group 1 - ZTO Express reported a 11% year-on-year increase in revenue and a 7% increase in adjusted net profit for Q3 2025, with adjusted net profit per order at approximately 0.27 RMB, improving from 0.21 RMB in Q2 [1] - The company’s core per order cost increased by only 0.02 RMB due to the launch of a new transit center, indicating operational efficiency [1] - The expectation of continued implementation of anti-competition policies in the industry is likely to support ZTO's market share recovery in 2026, leading to a slight upward revision of net profit forecasts for 2025 and 2026 by 2% [1] Group 2 - In Q3 2025, ZTO Express completed 9.57 billion parcels, representing a year-on-year growth of 9.8%, with a market share of 19.4% [2] - The growth momentum in the piece business remains strong, with a nearly 50% year-on-year increase, contributing positively to profits [2] - The company adjusted its annual guidance, forecasting parcel volume for 2025 to be between 38.2 billion and 38.7 billion, reflecting a year-on-year growth of 12.3% to 13.8% [2]