智通财经APP获悉，大和发布研报称，由于中东战争以及相关领导人频繁改变政策方向，近期整体市场 波动剧烈。因此，该行建议投资者避免交易受中东紧张局势影响的股票，例如航运和航空股，而是利用 这个机会买入价值被低估的股票，并推荐比亚迪控股(01211) 、潍柴动力(02338) 、敏实集团(00425) 、 京东物流(02618) 和中联重科(01157) 。 ...

大和发布研报称，由于中东战争以及相关领导人频繁改变政策方向，近期整体市场波动剧烈。因此，该 行建议投资者避免交易受中东紧张局势影响的股票，例如航运和航空股，而是利用这个机会买入价值被 低估的股票，并推荐比亚迪（002594）控股(01211)、潍柴动力（000338）(02338)、敏实集团(00425)、 京东物流(02618)和中联重科（000157）(01157)。 ...

Core Viewpoint - The report from Daiwa highlights significant market volatility due to the Middle East conflict and frequent policy changes by related leaders, suggesting investors avoid stocks affected by this tension and instead focus on undervalued stocks [1] Group 1: Market Conditions - The overall market has experienced severe fluctuations recently due to the ongoing Middle East war [1] - Investors are advised to steer clear of stocks impacted by the Middle East tensions, particularly in the shipping and airline sectors [1] Group 2: Investment Recommendations - Daiwa recommends taking advantage of the current situation to buy undervalued stocks [1] - Specific stock recommendations include BYD, Weichai Power, Minth Group, JD Logistics, and Zoomlion [1]

京东物流 摘要 2026 年营收增长由达达并表、国际业务海外仓扩张及跨越速递 20%+ 增速共同驱动。 净利润率预计从 2025 年的 3.1%修复至 3.3%，德邦股份扭亏为盈是核 心修复变量。 利润弹性显著，每 0.1%利润率波动对应约 3 亿元利润，全年盈利有望 超 90 亿元。 跨越速递利润率有望维持 8%高位，德邦双网融通加速将提升原有网络 成本效率。 海外仓面积较 2024 年翻倍，跨境物流进入收获期，将受益于中国跨境 电商高增长。 3C 家电"以旧换新"补贴政策将直接拉动京东优势品类物流业务量高增 长。 当前估值不足 10 倍 PE，对比顺丰控股 12 倍+估值，具备较高安全边 际与赔率。 除了业务层面的增长与修复，2026 年还有哪些外部催化剂可能对京东物流的 业绩产生积极影响？ 2026 年存在多项潜在的外部催化剂。其一，两会提及的"以旧换新"及相关 补贴政策，历史上类似的国家补贴（如 2025 年 1 月启动的一轮）曾对公司营 收增长有明显拉动作用，因为补贴主要面向 3C 和家电等京东的优势品类，这 些品类的高增长将直接带动京东物流的业务量。其二，作为公司第二增长曲线 的海外业务，正从投入 ...

Group 1 - Jiangyin International maintains a "Buy" rating for BYD Company Limited with a target price of HKD 133, highlighting the launch of the second-generation blade battery and MW Flash Charge 2.0 technology, which allows for a 70% charge in 5 minutes at room temperature and 97% in 12 minutes at -20°C, alleviating user anxiety regarding charging [1] - CMB International maintains a "Buy" rating for ZTE Corporation with a target price of HKD 38.6, noting a projected 10.4% revenue growth in FY25, despite a 33.3% decline in net profit due to a higher proportion of enterprise and government business affecting gross margin [1] - CITIC Securities maintains a "Buy" rating for Bilibili Inc., indicating that the company is expected to achieve its first annual GAAP profit by Q4 2025, with advertising revenue growing by 27.4% as a core driver [1] Group 2 - Huatai Securities maintains a "Buy" rating for JD.com with a target price of HKD 147.88, reporting steady growth in retail with double-digit growth in daily categories for five consecutive quarters and a 40% increase in user purchase frequency [2] - CITIC Jiantou maintains a "Buy" rating for JD Health with a target price of HKD 69.22, forecasting a 26.3% revenue increase and a 36.3% rise in Non-IFRS net profit in 2025, driven by prescription drugs and platform advertising revenue [2] Group 3 - Huatai Securities maintains a "Buy" rating for JD Logistics with a target price of HKD 17.1, projecting an 18.8% revenue increase in 2025, with a significant rise in integrated supply chain revenue [3] - Tianfeng Securities maintains a "Buy" rating for Bosideng, reporting an 8.3% revenue increase in brand down jackets for FY26H1, supported by designer collaborations and store reform strategies [4] Group 4 - Tianfeng Securities maintains a "Buy" rating for Nine Dragons Paper Holdings, noting a 318.8% increase in net profit for FY26H1, benefiting from integrated pulp and paper operations and new production lines [5] - Zhongtai International maintains a "Buy" rating for Weisheng Holdings with a target price of HKD 32.68, expecting a 42% to 50% increase in net profit for FY25, driven by smart distribution business growth [7] Group 5 - Shenwan Hongyuan maintains a "Buy" rating for Xidi Intelligent Driving, reporting a 57.9% revenue increase with 304 autonomous mining trucks delivered in H1 2025, and a significant order backlog [8]

摩根大通发表报告指，京东物流自2024年第二及第三季净利润率达到高峰以来，管理层首度指引利润率 将出现转折点，海外扩张进入新规模阶段，利润率提升已成为核心主题。该行认为此为结构性转折点， 公司重新聚焦可持续盈利能力与行业领导地位，有望催化中国物流股整体估值重估。该行维持对该股 的"增持"评级及目标价15港元。 ...

摩根士丹利发表研报指，京东物流2026年有望实现强劲增长，部分受惠于基数影响，但相信利润率趋势 是推动其估值的主要因素。该行预计公司2026年收入将实现22%增长，高于2025年的19%，其中按需配 送业务将成为主要增长动力；净利润率由2025年的3.6%升至2026年的3.7%，并在2027年进一步扩大到 3.8%。该行将公司今年和明年每股盈利预测分别上调11%和15%，目标价由12.8港元上调至16.2港元， 考虑估值吸引，评级由"与大市同步"升至"增持"。 ...

JD Logistics, Inc. Research Summary Company Overview - **Company**: JD Logistics, Inc. (2618.HK) - **Industry**: Transportation & Infrastructure - **Market Cap**: HK$84,273 million - **Current Price**: HK$12.63 (as of March 6, 2026) - **Price Target**: HK$16.20, implying a 28% upside from the current price [8][28] Key Points Revenue Growth - **2026 Revenue Growth**: Expected to be 22% YoY, up from 19% in 2025, primarily driven by on-demand delivery services [2][11] - **On-Demand Delivery Contribution**: Estimated to contribute 13 percentage points to the YoY growth, aided by the consolidation of the DADA business and a low comparison base in food delivery from 1H25 [2][11] - **Organic Growth**: Sustained growth from JD Retail and external ISC, with Kuayue also expected to achieve 20% YoY revenue growth in 2026-27 [2][11][18] Margin Dynamics - **Margin Improvement**: Expected net margin improvement from 3.6% in 2025 to 3.7% in 2026 and 3.8% in 2027, driven by reduced investment and improved efficiency [3][21] - **Key Drivers for Margin Expansion**: Earnings turnaround at Deppon, consolidation of on-demand delivery, and loss reduction in overseas operations [3][21] - **Long-Term Margin Potential**: Room for further margin expansion due to higher costs compared to peers and ongoing technology investments [3][22] Earnings Forecasts - **EPS Forecasts**: Raised by 11% for 2026 and 15% for 2027, reflecting improved margin outlook and revenue growth [4][35] - **Price Target Adjustment**: Increased by 27% to HK$16.20 based on earnings changes and a positive margin outlook [4][35] Valuation - **Current Valuation**: Trading at 8x 2026 P/E, significantly lower than the peer average of 15x, indicating an attractive investment opportunity [5][28] - **Valuation Drivers**: Margin dynamics are seen as the key driver for valuation, with potential for EPS growth and re-rating [32][28] Risks - **Downside Risks**: 1. On-demand delivery growth may miss expectations 2. Increased competition could negatively impact margins 3. Elevated fuel prices may exert pressure on margins [6][28] Market Performance - **Underperformance**: JD Logistics has underperformed the Hang Seng Index (HSI) by 30 percentage points since January 2025, primarily due to margin contraction and earnings misses [5][28] - **Recent Rally**: A 22% share price rally observed on March 6, 2026, following positive growth forecasts [5][28] Conclusion - **Investment Thesis**: The robust revenue and profit growth in 2026, combined with a return to margin expansion, supports an upgrade to an Overweight rating. The attractive valuation relative to peers presents a compelling investment opportunity for JD Logistics [5][32]

Group 1 - Nomura's report indicates that JD Logistics' Q4 2025 performance in terms of revenue and profit exceeded expectations, with total revenue increasing by 22% year-on-year, surpassing market and Nomura's estimates by 2 percentage points, primarily benefiting from internal revenue growth [1] - Non-IFRS net profit increased by 6% year-on-year to 2.4 billion yuan, exceeding market and Nomura's expectations by 11% and 6% respectively [1] - Nomura maintains a "Buy" rating for JD Logistics, raising the target price from 17 HKD to 18 HKD, and adjusting the earnings per share forecasts for the fiscal years 2026 and 2027 upwards by 9% and 13% respectively [1]

Core Insights - The article discusses the challenges and strategies of inventory counting in high-speed logistics environments like JD Logistics, emphasizing the need for accuracy amidst a vast number of SKUs and rapid turnover [1][2]. Group 1: Core Logic of JD Inventory Counting - Inventory counting at JD Logistics transcends simple counting; it is a dynamic calibration system embedded in business processes aimed at ensuring accuracy without compromising speed [2]. - The counting process is characterized by high frequency and rolling methods, allowing for continuous problem detection and correction without halting warehouse operations [4]. - The accuracy of inventory data is critical for customer experience, as discrepancies can lead to overselling and negatively impact platform reputation [5]. Group 2: Dependence on Technology and Processes - JD Logistics relies heavily on technology such as PDAs, RFID, and Warehouse Management Systems (WMS) to ensure standardized and real-time data collection, minimizing errors associated with manual processes [6]. - The counting process must be integrated with ongoing operations, requiring sophisticated process design and system scheduling to maintain efficiency [7]. Group 3: Traditional Inventory Counting Challenges - Despite advanced technology, traditional counting methods still face significant challenges, particularly the reliance on human labor, which can lead to fatigue and errors during high-volume scanning [9]. - Certain product categories present difficulties for technology, reverting to manual estimation and weighing, which can slow down the process and increase error rates [10]. - The opportunity cost of reallocating skilled workers for counting tasks can be substantial, especially during peak periods, leading to increased operational costs [11]. Group 4: Optimizing Inventory Counting - To address the identified challenges, the introduction of advanced sensing technologies, such as weight counting shelves, can enhance inventory accuracy and efficiency [13]. - Weight counting shelves can automate the counting of non-standard and bulk items, providing real-time weight data that translates into accurate inventory counts without manual intervention [14]. - This technology enables continuous monitoring of inventory levels, transforming traditional periodic checks into real-time data updates, significantly improving inventory visibility [15]. Group 5: Implementation and Integration - By automating the most time-consuming and error-prone counting tasks, companies can redirect human resources to higher-value activities, enhancing overall operational efficiency [16]. - The weight counting technology can seamlessly integrate with existing WMS and ERP systems, facilitating automatic data flow and reducing the need for manual data entry [17]. - The article concludes that optimizing inventory counting in logistics requires a combination of various technologies tailored to specific scenarios, with weight counting technology filling critical gaps in inventory management [18].