每日投资策略-20251014

Group 1: Market Overview - Global stock markets showed mixed performance, with the Hang Seng Index declining by 1.52% while the US markets rebounded, with the Dow Jones increasing by 1.29% [1][3] - The Southbound capital saw a net buy of HKD 19.804 billion, with notable inflows into the Tracker Fund, Hang Seng China Enterprises, and Hua Hong Semiconductor, while Tencent, Alibaba, and SMIC faced net selling [3] Group 2: Chinese Market Insights - The Chinese stock market experienced a continuous pullback, particularly in healthcare, information technology, and consumer discretionary sectors, while materials and utilities sectors saw gains [3] - China's exports showed resilience, with a year-on-year growth of 8.3% in September, driven by strong demand for industrial robots and wind power equipment, while imports also rebounded significantly [4] Group 3: Company Analysis - JD.com - JD.com is expected to report total revenue of RMB 295 billion for Q3 2025, reflecting a year-on-year growth of 13.3%, aligning with Bloomberg's consensus [4] - The non-GAAP net profit for JD.com is projected at RMB 4.4 billion, a decline of 67% year-on-year due to increased investments in the delivery business, but better than the market consensus of RMB 3.7 billion [4] - The operating profit for JD's retail segment is anticipated to grow by 17% year-on-year, exceeding market expectations due to improved scale effects and a higher proportion of high-margin service revenue [4]