恒生指数公司发布季检结果：恒指纳入中国电信、京东物流、泡泡玛特，成分股增至88只。 ...

（文章来源：每日经济新闻） 每经AI快讯，8月22日，恒生指数公司发布季检结果：恒指纳入中国电信、京东物流、泡泡玛特，成分 股增至88只。 ...

Core Viewpoint - The Hang Seng Index Company has announced the results of its quarterly review, which includes the addition of China Telecom, JD Logistics, and Pop Mart to the index, increasing the total number of constituent stocks to 88 [1] Group 1 - The inclusion of China Telecom, JD Logistics, and Pop Mart reflects a strategic adjustment in the index composition to enhance its representation of the market [1] - The total number of constituent stocks in the Hang Seng Index has increased from 85 to 88, indicating a broader market coverage [1]

【恒指公司公布季检结果 恒指纳入中国电信、京东物流、泡泡玛特】智通财经8月22日电，恒生指数公 司发布季检结果：恒指纳入中国电信、京东物流、泡泡玛特，成分股增至88只；恒生科技指数成份股没 有变动，成份股数目维持30只；恒生中国企业指数纳入泡泡玛特，剔除极兔速递。 转自：智通财经 ...

Group 1 - The Hang Seng Index will announce its semi-annual review results on August 22, 2025, affecting major indices such as the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index, with changes effective from September 8, 2025 [1] - Several brokerages, including UBS, Huatai Securities, and CICC, have released reports predicting adjustments to the Hang Seng Index and potential candidates for inclusion in the Hong Kong Stock Connect [1][2] - CICC highlights the significant size of passive funds tracking flagship indices, with ETF sizes for the Hang Seng Index, the Hang Seng China Enterprises Index, and the Hang Seng Tech Index being approximately $30.35 billion, $6.63 billion, and $26.12 billion respectively, indicating substantial potential fund flows due to component changes [1] Group 2 - CICC estimates that potential candidates for inclusion in the Hang Seng Index include Bank of Communications (03328), Pop Mart (09992), Yum China (09987), XPeng Motors (09868), Huazhu Group (01179), JD Logistics (02618), and Innovent Biologics (01801) [1][2] - UBS predicts that stocks likely to be included in the Hang Seng Index are WuXi AppTec (02268), Pop Mart, JD Logistics, Kingsoft (03888), and Bank of Communications, while Pop Mart is also expected to be included in the Hang Seng China Enterprises Index [2] Group 3 - Companies such as Cao Cao Travel (02643), InnoCare Pharma (09606), and Zhou Liu Fu (06168) are expected to be included in the Hong Kong Stock Connect, which connects Hong Kong-listed companies with mainland investors [3] - CICC estimates that 19 stocks meet the criteria for inclusion in the Hong Kong Stock Connect, including Cao Cao Travel, InnoCare Pharma, Zhou Liu Fu, and others [3][4] - UBS forecasts potential candidates for the Hong Kong Stock Connect based on the Hang Seng Composite Index predictions, including East Asia Bank, InnoCare Pharma-B, Blue Moon Group, and others [3] Group 4 - Huatai Securities also anticipates that 19 stocks may be included in the Hong Kong Stock Connect, with a list that includes Yunzhisheng, InnoCare Pharma-B, and others [4] - Historical data indicates that newly included stocks in the Hong Kong Stock Connect tend to outperform the market, while stocks removed from the index face significant capital outflows [4]

Group 1 - The Hang Seng Index Company will announce the semi-annual review results of the Hang Seng series indices on August 22, 2025, with changes effective from September 8, 2025 [1] - Major brokerages, including UBS, Huatai Securities, and CICC, have released reports predicting adjustments to the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Composite Index [1][2] - CICC highlights the significant scale of passive funds tracking flagship indices, with ETF sizes for the Hang Seng Index, Hang Seng China Enterprises Index, and Hang Seng Technology Index being approximately $30.35 billion, $6.63 billion, and $26.12 billion respectively [1] Group 2 - Potential candidates for inclusion in the Hang Seng Index include Bank of Communications, Pop Mart, Yum China, XPeng Motors, Huazhu Group, JD Logistics, and Innovent Biologics [1][2] - UBS predicts that stocks likely to be included as blue-chip stocks are WuXi AppTec, Pop Mart, JD Logistics, Kingsoft, and Bank of Communications [2] - Historical data indicates that actual results of the Hang Seng Index's quarterly reviews may differ significantly from predictions based on market capitalization rankings [2] Group 3 - Companies such as Cao Cao Travel, InnoCare Pharma, and Chow Tai Fook are expected to be included in the Stock Connect list, which connects Hong Kong-listed companies with mainland investors [3] - CICC estimates that 19 stocks meet the criteria for inclusion in the Stock Connect, including Cao Cao Travel, InnoCare Pharma, and Nanshan Aluminum [3][4] - UBS forecasts potential additions to the Stock Connect list, including East Asia Bank, InnoCare Pharma-B, and Blue Moon Group [3] Group 4 - Huatai Securities also anticipates that 19 stocks may be added to the Stock Connect, including Yunzhisheng, Huiju Technology, and InnoCare Pharma-B [4] - Historical performance shows that newly included stocks in the Stock Connect tend to outperform the Hang Seng Index during the adjustment period, while stocks removed from the index face significant outflows [4]

机构：中信建投证券 研究员：韩军/梁骁 核心观点 京东物流第二季度京东物流总收入515.6 亿/+16.6%，相比上季度进一步加速，多场景助力内外单收入二 季度增速显著提升；京东物流开始招募和管理全职骑手，参与京东集团外卖业务的配送服务，6 月在沙 特阿拉伯推出自营快递品牌「JoyExpress」；毛利润为54.8 亿元/+4.3%；归属母公司盈利21.3 亿 元/+5.1%；经调整后净利润25.9亿元，同比增长5.4%，净利率达到5.0%，经调EBITDA为57.2 亿/+1.5%。H1 资本支出23.9 亿元，同比增长0.8%，占营收比例为2.5%，同比下降0.2pct。 动态 财务动态 2025 第二季度京东物流总收入515.6 亿/+16.6%，相比上季度进一步加速，经调净利润为25.9 亿 元/+5.4%，经调净利润率5.0%。 经调EBITDA 为57.2 亿/+1.5%。 业务动态 2025 年第二季度，京东物流开始招募和管理全职骑手，参与京东集团外卖业务的配送服务。上半年， 海外仓实现进一步扩张，在美国、英国、法国、波兰、韩国、越南、沙特等国家新开多个海外仓，目前 已覆盖全球23 个国家和地区 ...

Core Insights - JD Logistics has officially launched its 2025 seafood assurance plan, focusing on rapid delivery and enhanced cold chain logistics services [2] Group 1: Delivery and Logistics Strategy - JD Logistics will deploy delivery personnel in major production areas to facilitate nearby collection and increase air transport capacity, enabling seafood to reach core city tables within 24 hours [2] - The company operates approximately 100 temperature-controlled cold chain warehouses dedicated to fresh, frozen, and refrigerated foods, covering over 300 cities nationwide [2] Group 2: Cold Chain Services - JD Logistics offers end-to-end, omnichannel, and all-scenario cold chain logistics services to seafood merchants, helping them reduce costs and improve efficiency [2] - The logistics network allows seafood merchants to meet diverse delivery needs, including multi-frequency and small-batch deliveries from factories to supermarkets, convenience stores, and restaurants [2]

Core Viewpoint - UBS report indicates that JD Logistics' Q2 performance roughly meets expectations, with a surprising revenue growth of 17% year-on-year, while the net profit margin under non-IFRS slightly falls short of expectations [1] Financial Performance - Revenue growth for JD Logistics in Q2 was 17% year-on-year, which exceeded market expectations [1] - Non-IFRS net profit margin was 5%, slightly below expectations [1] - UBS has raised its financial forecasts, projecting a 16% revenue growth and a 6.5% increase in non-IFRS net profit for the year [1] Management Outlook - Management expresses greater confidence in achieving annual growth targets, aiming for double-digit revenue growth and single-digit growth in non-IFRS net profit [1] - The potential contribution from the newly launched food delivery service is considered, with expectations that overall revenue growth may surpass market forecasts [1] Target Price Adjustment - UBS has increased the target price for JD Logistics from HKD 17.4 to HKD 18, maintaining a "Buy" rating [1]

该行指出，京东物流管理层对达成全年增长目标有更大信心，即目标总收入及非国际财务报告准则净利 润分别达到双位数和中个位数增长。管理层又考虑到其新开设的食品配送服务的潜在贡献，料其全年收 入增长或超越市场预期。 智通财经APP获悉，瑞银发布研报称，京东物流(02618) 次季业绩大致符合预期。收入增长令市场惊 喜，同比升幅为17%;盈利则符合预期，惟非国际财务报告准则净利润率5%，则略逊于预期。该行表 示，由于该公司的乐观情绪，上调财务预测，预计公司今年的收入增长16%，而非国际财务报告准则净 利润则升6.5%。另外，该行将公司目标价由17.4港元调升至18港元，维持"买入"评级。 ...