8月22日，恒生指数有限公司公布了最新季度检讨结果。恒生指数成分股数目将从85只增加至88只，新 纳入中国电信股份有限公司、京东物流股份有限公司和泡泡玛特国际集团有限公司。所有变动将于2025 年9月8日正式生效。 此次调整结果基本符合市场预期，三只新纳入的股票分别来自不同行业，体现了恒指行业代表性和多样 性的考量。 泡泡玛特作为中国文化产品最流行的IP，产品风靡全球；中国电信实力雄厚，代表了国央企的稳健发 展；京东物流作为中国物流行业的创新者和领军者，以科技驱动，助力行业降低物流成本备受关注。 恒指调整带来的资金流动不容小觑。追踪恒生指数的ETF规模约为303.5亿美元，这些被动资金需要调 整投资组合以跟踪指数变化。行业人士分析，新纳入的三只个股有望获得增量资金青睐，港股作为"全 球价值洼地"，其中长期投资价值仍受认可，南向资金持续流入便是证明。 （文章来源：证券日报） ...

Group 1 - JD Logistics (02618) saw a stock price increase of over 7%, reaching HKD 13.9 with a trading volume of HKD 304 million [1] - On August 22, the Hang Seng Index Company announced its semi-annual index adjustment results, including JD Logistics in the Hang Seng Index constituents, increasing the number of constituents from 85 to 88 [1] - The adjustment will take effect after the market closes on September 5 and will be effective from September 8 [1] Group 2 - Zheshang Securities recently reported that JD Logistics, as a leading company in the integrated supply chain industry, is experiencing continuous growth in business volume, with scale effects becoming increasingly evident [1] - The integration of JD Logistics with Taotian and the addition of new takeaway services by JD Group are expected to further enhance the company's revenue [1]

Core Viewpoint - JD Logistics (02618) has seen a significant increase in stock price, rising over 7% following its inclusion in the Hang Seng Index, indicating positive market sentiment and potential growth opportunities for the company [1] Group 1: Stock Performance - JD Logistics shares rose by 7.01%, reaching HKD 13.9, with a trading volume of HKD 304 million [1] Group 2: Index Inclusion - On August 22, the Hang Seng Index Company announced its semi-annual index adjustment, which will include JD Logistics as a constituent stock, increasing the number of constituent stocks from 85 to 88 [1] - The adjustment will take effect after the market closes on September 5 and will be effective from September 8 [1] Group 3: Business Outlook - According to recent research from Zheshang Securities (601878), JD Logistics is a leading company in the integrated supply chain industry, with continuous growth in business volume and increasing scale effects [1] - The integration of JD Logistics with TaoTian and the addition of new food delivery services by JD Group are expected to further enhance the company's revenue [1]

Core Viewpoint - JD Logistics (02618) has seen a stock price increase of over 7%, currently trading at 13.9 HKD with a transaction volume of 304 million HKD, following its inclusion in the Hang Seng Index [1] Group 1: Stock Performance - JD Logistics' stock rose by 7.01% [1] - The current trading price is 13.9 HKD [1] - The transaction volume reached 304 million HKD [1] Group 2: Index Inclusion - JD Logistics will be included in the Hang Seng Index, increasing the number of constituent stocks from 85 to 88 [1] - This change will take effect after the market closes on September 5 and will be effective from September 8 [1] Group 3: Business Outlook - According to recent research from Zheshang Securities, JD Logistics is a leading company in the integrated supply chain industry [1] - The company is experiencing continuous growth in business volume, with scale effects becoming increasingly evident [1] - The integration of JD Logistics with TaoTian and the addition of new food delivery services by JD Group are expected to further enhance the company's revenue [1]

格隆汇8月25日｜京东物流(2618.HK)涨超6%，报13.82港元。消息面上，恒生指数公司8月22日晚宣布截 至2025年6月30日的恒生指数系列季度检讨结果，其中，京东物流(2618.HK)获纳入恒生指数，变动将于 9月5日(星期五)收市后实施，并于9月8日(星期一)起生效。 ...

港股泡泡玛特、京东物流涨超3%，中国电信涨超2%，此前恒指纳入中国电信、京东物流、泡泡玛特， 成分股增至88只。 ...

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。 ...