JD(US:JD) Bank of China Securities·2025-10-14 06:44Market Performance - The Hang Seng Index (HSI) closed at 25,889, down 1.5% for the day but up 29.1% year-to-date (YTD) [2] - The MSCI China index decreased by 1.3% to 87, with a YTD increase of 34.0% [2] - The CSI 300 index fell 0.5% to 4,594, showing a YTD growth of 16.7% [2] Commodity Prices - Brent Crude oil rose by 1.0% to $63 per barrel, but is down 11.8% YTD [3] - Gold prices increased by 2.3% to $4,110 per ounce, reflecting a significant YTD rise of 56.6% [3] - Copper prices dropped by 3.2% to $10,518 per ton, with a YTD increase of 20.0% [3] Economic Indicators - China's exports grew by 8.3% YoY in September, up from 4.4% in August, exceeding market expectations [6] - Imports rose by 7.4% in September, significantly higher than the 1.3% increase in August [8] - The US PPI Final Demand YoY increased by 2.6%, slightly below the consensus of 2.7% [4] Company Insights - JD.com is projected to achieve a 15.2% YoY revenue growth in Q3 2025, despite a forecasted 65% decline in adjusted net profit to RMB 4.6 billion [11] - The stock is rated as a "BUY" with a target price of $41.00, indicating potential upside from enhanced supply chain capabilities [13]