Group 1 - JD Logistics appoints Wang Zhenhui as CEO, replacing Hu Wei, effective November 13, 2025 [2] - Hu Wei resigns as CEO of JD Logistics to take on other roles within JD Group [2] Group 2 - Didi Chuxing establishes its first international presence for autonomous driving in Abu Dhabi, partnering with the Abu Dhabi Investment Office [3] - The collaboration focuses on innovation in autonomous driving technology, AI talent development, and ecosystem building [3] - Plans to expand operations throughout the Middle East [3] Group 3 - Alibaba Cloud's Bailian announces a price reduction for the Tongyi Qianwen 3-Max model starting November 13, 2025 [4] - Batch invocation will be charged at half price, with implicit caching at 20% of the standard input token price [4] - Explicit caching will charge 125% for creating cache tokens, with subsequent hits costing only 10% [4] Group 4 - Tencent's President Liu Chiping addresses the agreement with Apple regarding a 15% fee on purchases of WeChat mini-games during Q3 earnings call [5] - Liu emphasizes the strong relationship and ongoing discussions between Tencent and Apple to enhance the mini-game ecosystem [5] Group 5 - Stanford professor Fei-Fei Li's startup World Labs launches the first commercial world model, Marble [6] - Marble supports large-scale multimodal capabilities, allowing the creation of 3D worlds from various inputs [6] - Users can interactively edit, expand, and combine worlds using Marble [6]

Core Insights - JD Logistics reported a total revenue of 55.1 billion RMB for Q3 2025, representing a year-on-year growth of 24.1%, with an adjusted net profit of 2.02 billion RMB [1] Business Performance - Integrated supply chain revenue grew by 45.8% year-on-year, reaching 30.1 billion RMB, with external integrated supply chain client revenue at 8.9 billion RMB, up 13.5% [1] - The company continues to see growth in customer numbers and average revenue per customer across multiple industries, particularly in the home appliance sector, by enhancing end-to-end supply chain coverage and leveraging digital capabilities [1] International Expansion - The company is actively expanding its overseas business, replicating its warehousing and integrated supply chain capabilities in international markets, providing comprehensive solutions for Chinese brands and cross-border e-commerce platforms [2] - A notable collaboration with a well-known electric vehicle brand has extended operations to the Middle East, establishing a parts warehouse in Dubai, which supports after-sales service networks in the region [2] Logistics Network Development - As of September 30, 2025, JD Logistics' warehousing network covers nearly all counties in China, with over 1,600 company-operated warehouses and more than 2,000 third-party operated cloud warehouses, totaling over 34 million square meters of managed space [3] - The company has acquired 100% of a subsidiary engaged in local instant delivery services for approximately 270 million USD, which is expected to enhance its service offerings and improve last-mile delivery capabilities [3]

NO.1 滴滴自动驾驶出海首站落户中东阿布扎比 11月13日消息，滴滴自动驾驶宣布与阿布扎比投资办公室（ADIO）达成战略合作。滴滴自动驾驶加入 阿布扎比智能和自动驾驶汽车产业集群SAVI，双方将在自动驾驶技术创新应用、AI人才培养、生态建 设等领域开放合作，共同支持阿布扎比建设领先的智慧出行和可持续交通生态，并逐步将合作拓展至更 广泛的中东地区。滴滴自动驾驶和广汽埃安合作的具有全球化适配能力的新一代自动驾驶车，将于年底 交付。 点评：全球自动驾驶赛道已从技术研发转向场景落地的攻坚期，中东地区凭借雄厚的石油资本和对智慧 城市建设的迫切需求，正成为国际自动驾驶企业的必争之地。 点评：2025年，AI大模型市场已完成初步洗牌，字节、阿里、百度等巨头凭借技术、资金与生态优势 占据主导，而"AI六小龙"等初创企业生存空间被挤压，行业焦点从模型研发转向C端产品落地与全球市 场争夺。上百名工程师的专项投入与专属办公区域的设置，凸显了阿里将AI视为"必答题"的战略决心。 NO.4 菜鸟服务淘宝闪购仓配"小时达"已覆盖重点12城 11月13日，《每日经济新闻》记者从菜鸟获悉，自10月菜鸟加入淘宝闪购以来，伴随"双11"加快推 ...

Major Events - Shanghai Industrial Holdings (00363) plans to sell 49% stake in Shanghai Shanshi Medical Beauty Hospital for 73.598 million yuan [1] - Hengrui Medicine (01276) received approval for clinical trial of Rivoceranib tablets [1] - CanSino Biologics (06185) initiated Phase I clinical trial of inhaled tuberculosis vaccine in Indonesia, completing the enrollment of the first subject [1] - Zhonghui Biotech-B (02627) started Phase I clinical trials for quadrivalent and trivalent influenza virus subunit vaccines [1] - Zhiyun Health (09955) signed a service cooperation agreement with JD Health (06618) to expand online sales and service channels for Livermore tablets and other P2M pipeline products [1] - China Resources Land (01109) plans to place shares of China Resources Mixc Lifestyle (01209) to diversify shareholder structure [1] - Shoucheng Holdings (00697) announced investment in Star Motion Era by Beijing Robotics Fund [1] Financial Performance - Tencent Holdings (00700) reported third-quarter revenue and profit growth, with non-IFRS profit attributable to shareholders reaching 70.551 billion yuan [1] - JD Group-SW (09618) reported third-quarter total revenue of 299.059 billion yuan, a year-on-year increase of 14.85% [1] - JD Logistics (02618) reported third-quarter revenue of 55.084 billion yuan, a year-on-year growth of 24.1% [1] - JD Health (06618) reported third-quarter operating profit of 1.243 billion yuan, a year-on-year increase of 125.3% [1] - SMIC (00981) reported third-quarter profit attributable to shareholders of approximately 192 million USD, a quarter-on-quarter increase of 44.7% and a year-on-year increase of 28.9% [1] - Bilibili-W (09626) reported a net profit of 469 million yuan in the third quarter, turning profitable year-on-year, with all core user metrics reaching historical highs [1] - China Pacific Insurance (02601) reported original insurance premium income of 241.322 billion yuan for the first ten months, a year-on-year increase of 9.9% [1]

Core Viewpoint - JD Group announced the appointment of Wang Zhenhui as the new CEO and Executive Director of JD Logistics, effective November 13, 2025, succeeding Hu Wei, who resigned due to other commitments within JD Group [1] Company Summary - JD Logistics has appointed Wang Zhenhui as CEO and Executive Director [1] - Hu Wei has resigned from his position as CEO and Executive Director of JD Logistics [1] - The change in leadership is set to take effect on November 13, 2025 [1]

Performance Highlights - Tencent Holdings (00700.HK) reported Q3 revenue of 192.87 billion yuan, a year-on-year increase of 15% and a quarter-on-quarter increase of 5%. Net profit reached 63.13 billion yuan, up 19% year-on-year and 13% quarter-on-quarter [2] - Semiconductor Manufacturing International Corporation (00981.HK) achieved Q3 sales revenue of 2.38 billion USD, a quarter-on-quarter increase of 7.8% and a year-on-year increase of 9.7%. Gross margin improved to 22.0%, up 1.6 percentage points quarter-on-quarter [3] - JD Group (09618.HK) reported Q3 total revenue of 299.06 billion yuan, a year-on-year increase of 14.85%, while net profit decreased by 55.03% to 5.28 billion yuan [4] - JD Logistics (02618.HK) recorded Q3 revenue of 55.08 billion yuan, a year-on-year increase of 24.1%, with operating profit rising by 125.3% to 1.24 billion yuan [5] - Bilibili (09626.HK) achieved Q3 net revenue of 7.69 billion yuan (1.08 billion USD), a year-on-year increase of 5%, and turned a profit with a net profit of 469 million yuan (65.9 million USD) [6] Company News - Heng Rui Medicine (01276.HK) received clinical trial approval for its drug, with similar products expected to generate global sales of approximately 11.04 billion USD in 2024 [7] - China Pacific Insurance (02601.HK) reported that for the first ten months, life insurance premium income reached 241.32 billion yuan, a year-on-year increase of 9.9% [8] - Zhong An Online (06060.HK) reported total original insurance premium income of approximately 29.82 billion yuan for the first ten months, a year-on-year increase of 5.18% [9] Buyback Activities - Yongsheng Services (01995.HK) plans to repurchase up to approximately 173 million shares, accounting for about 10% of the issued share capital [12] - Kintor Pharmaceutical (02171.HK) intends to repurchase up to approximately 25.46 million shares [13] - China Feihe (06186.HK) spent 87.86 million HKD to repurchase 20 million shares at prices ranging from 4.37 to 4.40 HKD [14]

格隆汇11月13日丨京东集团-SW(09618.HK)宣布，公司的并表子公司京东物流股份有限公司(「京东物 流」)(香港联交所代号：2618)已委任王振辉为其首席执行官及执行董事，以接替胡伟，自2025年11月13 日起生效。 ...

京东集团-SW(09618)发布公告，本公司的并表子公司京东物流股份有限公司(京东物流)(02618)已委任王 振辉先生为其首席执行官及执行董事，以接替胡伟先生，自2025年11月13日起生效。胡先生已辞任京东 物流首席执行官及执行董事，原因为彼将于京东集团有其他任职。 ...

智通财经APP讯，京东集团-SW(09618)发布公告，本公司的并表子公司京东物流股份有限公司(京东物 流)(02618)已委任王振辉先生为其首席执行官及执行董事，以接替胡伟先生，自2025 年11月13日起生 效。胡先生已辞任京东物流首席执行官及执行董事，原因为彼将于京东集团有其他任职。 ...

Core Insights - JD Logistics reported a total revenue of 55.1 billion yuan for Q3 2025, representing a year-on-year growth of 24.1%, with adjusted net profit reaching 2.02 billion yuan, exceeding market expectations [1][3] - The integrated supply chain revenue grew by 45.8% year-on-year, solidifying JD Logistics' leading position in the supply chain market [3][5] Revenue Breakdown - Integrated supply chain revenue accounted for 30.1 billion yuan in Q3, with a significant year-on-year increase of 45.8%, driven by a robust logistics network and extensive warehousing management experience [3][5] - Revenue from other clients, including express and freight services, reached 24.9 billion yuan, showing steady growth [5] Technological Advancements - JD Logistics launched two core technological achievements: "Super Brain Model 2.0" and "Wolf Pack Intelligent Robotic Arm System," enhancing the application of AI in logistics [5] - The "Super Brain Model 2.0" can reduce the solving time for millions of variables to under 2 hours, optimizing logistics planning dynamically [5] - The "Wolf Pack" robotic group has been deployed across over 20 provinces in China and more than 10 countries globally, covering the entire logistics chain [5] Operational Enhancements - During the 11.11 shopping festival, JD Logistics saw over 100% year-on-year growth in the delivery volume of hairy crabs, implementing upgraded service guarantees to ensure freshness [6] - The company doubled its resource investment in collection and transportation, utilizing advanced technologies such as unmanned vehicles, drones, and AI for logistics support [6]