Company Overview - FedEx (NYSE: FDX) recently announced its earnings, with the company's share price remaining mostly flat despite trading at a low valuation [2]. Valuation and Performance - The company's low valuation is highlighted, and there is an indication of improving performance in a challenging market environment [2]. Investment Strategy - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy, which includes extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2].

Company Overview - FedEx (NYSE: FDX) recently announced its earnings, with the company's share price remaining mostly flat despite trading at a low valuation [2]. Valuation and Performance - The company's low valuation is highlighted, and there is an indication of improving performance in a challenging market environment [2]. Investment Strategy - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy, which includes extensive analysis of 10Ks, analyst commentary, market reports, and investor presentations [2].

Core Points - The event "2025 'Ten Thousand Jobs for Ten Thousand Families'" job fair will be held on September 27 in Zhengzhou, organized by the Jinshui District Human Resources and Social Security Bureau and the Fengqing Road Street Office [1] - The job fair targets various urgent employment groups, including young talents, high-level talents, recent graduates, unemployed individuals, and veterans [1] - Over 9,300 job positions will be available across multiple industries, including computer science, environmental technology, mechanical manufacturing, education, finance, and more [1] Industry Summary - The job fair will feature key enterprises from diverse sectors such as technology, education, food, tourism, finance, and healthcare, indicating a broad demand for talent across industries [1] - Job positions will cover a wide range of professional categories, including roles in new media, project management, e-commerce, engineering, and legal services, reflecting the evolving job market needs [1] - The event will provide various service areas for job seekers, including recruitment zones and registration areas, enhancing the job matching process [1]

Core Insights - JD.com's logistics arm, JD Logistics (JDL), is experiencing rapid growth, with Q2 2025 revenues reaching RMB 51.6 billion, a 16.6% year-over-year increase, driven by strong performance in both internal and external businesses [1][10] Group 1: Expansion and Strategy - The launch of JoyExpress in Saudi Arabia marks JDL's first self-operated express delivery service overseas, indicating a strategic push for international expansion, with plans to double overseas warehouse capacity by the end of 2025 [2][10] - JDL operates over 130 warehouses across 23 countries, managing over 1.3 million square meters of space, which enhances its global supply chain network [3][10] Group 2: Technological Advancements - JDL is focused on increasing capacity and efficiency through last-mile delivery enhancements and investments in automation and AI technologies, including the deployment of the "Zhilang" smart warehousing system in major Chinese cities [4] Group 3: Market Position and Competition - JDL's tech-driven model and expanding global reach position it favorably in a supply chain market projected to grow at an 11.2% compound annual rate through 2030, suggesting logistics strength will be a key driver for JD's long-term growth [5] - Alibaba's Cainiao and Amazon are significant competitors, with Alibaba leveraging a platform model and Amazon utilizing advanced robotics and a hybrid retail model to enhance efficiency and customer experience [6][7] Group 4: Financial Performance and Valuation - JD.com shares have declined 2.9% year-to-date, contrasting with a 14.9% return in the Zacks Internet - Commerce industry [8] - JD.com is trading at a forward price-to-earnings ratio of 11.35X, significantly lower than the industry's 25.34X, indicating a favorable valuation [11] - The Zacks Consensus Estimate for JD's full-year 2025 revenues is $183.33 billion, reflecting a 14.04% year-over-year growth, while earnings are projected at $2.68 per share, a 37.09% decline from 2024 [14]

（原标题：阿布扎比在马斯达尔城启动自动驾驶配送车试点项目） 海湾新闻9月16日消息，阿布扎比市政交通局下属机构综合交通中心（ITC）宣布启动阿布扎比首 个自动驾驶配送车试点项目。该项目由智能与自动系统委员会（SASC）监督，携手物流企业K2及7X旗 下物流部门EMX共同推进。阿布扎比酋长国已为首辆自动驾驶配送车辆颁发官方牌照。该计划彰显了 ITC在监管自动驾驶车辆及货运领域的职能，并支持酋长国智能交通战略愿景。阿布扎比计划到2040年 实现25%出行采用智能交通解决方案，此前已通过推出自动驾驶出租车等举措奠定基础。 ...

Market Overview - U.S. equity markets opened lower on September 22, 2025, following a record-high closing last week, reflecting cautious sentiment ahead of key economic data and Federal Reserve commentary [1][2] - The S&P 500 dipped approximately 0.2%, while the Dow Jones Industrial Average fell by 169 to 228 points (0.37% to 0.5%), and the Nasdaq Composite eased back by 0.1% to 0.2% [2] Economic Indicators - The market's overall trajectory has been upward since hitting a bottom in April, driven by expectations of continued rate cuts from the Federal Reserve [3] - Investors are particularly focused on upcoming inflation data, including the Personal Consumption Expenditures (PCE) price index, which is expected to show a slight increase [5] Corporate Developments - Pfizer (PFE) announced its intent to acquire Metsera (MTSR) for $4.9 billion, leading to a 60% surge in Metsera's shares and a 1.5% increase in Pfizer's stock [6] - FedEx Corp. (FDX) shares advanced 2.3% after reporting strong first-quarter fiscal 2026 adjusted earnings [6] - Lennar Corp. (LEN) saw a 4.2% decline in shares after its third-quarter fiscal 2025 adjusted earnings fell short of estimates [6] - Newmont Corp. (NEM) shares surged 4.3% following the sale of its stake in Orla Mining [6] - Brighthouse Financial Inc. (BHF) shares jumped 27.2% amid acquisition talks with Aquarian Holdings [6] Technology Sector News - Oracle (ORCL) gained 4% following reports of discussions with Meta for a potential $20 billion cloud computing deal [10] - Oklo (OKLO) shares climbed 28% due to a substantial UK-US nuclear energy partnership valued at $350 billion [10] - Apple (AAPL) shares rose 3.2% after a J.P. Morgan upgrade and the global launch of its newest iPhone model [10] - Tesla (TSLA) added 2.2% following a positive upgrade from Baird [10]

Group 1 - The article discusses the author's experience in the logistics sector and stock investing, highlighting a focus on ASEAN and NYSE/NASDAQ stocks, particularly in banks, telecommunications, logistics, and hotels [1] - The author mentions a shift in investment strategy since 2014, moving from traditional savings in banks and properties to stock market investments for portfolio diversification [1] - The author has been trading in the US market since 2020, gaining insights from Seeking Alpha and comparing analyses between the US and PH markets [1] Group 2 - The author has a diverse portfolio that includes investments in various industries and market cap sizes, with some stocks held for retirement and others for trading profits [1] - The article reflects the author's journey from initial investments in blue-chip companies to a broader range of holdings across different sectors [1]

Market Overview - U.S. stock futures are trending lower, indicating a cautious start to the trading week after major indexes closed at record highs [1][2] - The S&P 500 futures are down 0.3%, Dow Jones futures are also down 0.3%, and Nasdaq futures show a larger decrease of 0.4% [2] - European indexes have started the week lower, with Germany's DAX down 0.6%, France's CAC 40 down 0.5%, and London's FTSE 100 declining by 0.1% [3] Economic Data and Events - Key economic data to be released includes the August Personal Consumption Expenditures (PCE) price index, with consensus estimates predicting a 2.7% increase for the headline PCE and a 2.9% rise for the core PCE [4] - Provisional Purchasing Managers' Index (PMI) surveys for September are expected, with the U.S. S&P Manufacturing & Services PMI scheduled for Tuesday [5] - A looming deadline to prevent a U.S. government shutdown is also a concern for investors [5] Corporate Developments - President Trump's decision to impose a $100,000 one-time fee for new H-1B visas is expected to significantly impact technology and financial sectors, leading to lower shares for Indian IT companies like Tata Consultancy Services and Infosys [6] - FedEx Corporation shares advanced by 2.3% after reporting stronger-than-expected first-quarter fiscal 2026 adjusted earnings [7] - Lennar Corporation shares fell by 4.2% after missing third-quarter fiscal 2025 adjusted earnings estimates [7] - Newmont Corporation surged 4.3% following the sale of its stake in Orla Mining [7] - Brighthouse Financial Inc. experienced a significant jump of 27.2% amid advanced acquisition talks with Aquarian Holdings [7] - Apple Inc. shares jumped 3.2% driven by strong demand for the new iPhone 17, with preorders in China reportedly topping those of the iPhone 16 in just one minute [7] - Oracle Corporation gained 4% after reports of discussions with Meta Platforms for a multi-year cloud computing deal worth $20 billion [11] - Airline stocks, including British Airways owner IAG, Lufthansa, and Air France-KLM, are down following a cyberattack targeting major airports [11]

Market Overview - The market reached new all-time closing highs for major indices including the Dow, Nasdaq, S&P 500, and Russell 2000, with the Nasdaq leading the gains [2][3] - The S&P 500 was up 0.51%, the Dow increased by approximately 0.3% (around 120 points), and the equal-weighted S&P 500 index outperformed the benchmark index slightly, indicating a broader market rally beyond just tech stocks [3][4] Sector Performance - Most sectors closed in the green, particularly technology, industrials, financials, and healthcare, while consumer discretionary and consumer staples lagged [4] - Nvidia's $5 billion investment in Intel significantly boosted Intel's stock, which rose by 23%, while Nvidia itself closed about 3% higher [4] Cryptocurrency Insights - Bitcoin is trading around $118,000, with a key technical level to watch at $120,000, reflecting a nearly 25% increase year-to-date [5][6] Federal Reserve Actions - The Federal Reserve cut rates by 25 basis points, which was perceived as a dovish move, leading to a rally in risk assets and a decline in bond yields [8][9] - The Fed's decision was influenced by signs of weakening in the labor market, with expectations of two more 25 basis point cuts in upcoming meetings [13][14] Economic Indicators - The Philly Fed index exceeded expectations, and initial jobless claims decreased, indicating some positive economic momentum despite concerns about the labor market [16][17] - The S&P 500 is currently trading at a forward P/E ratio of 22.5, approaching historical highs, which raises concerns about valuation [19] Investment Opportunities - Investment strategies are focusing on quality companies with strong balance sheets and earnings growth prospects, particularly in sectors like communication services, technology, and industrials [22][25] - There is a cautious approach towards momentum-driven sectors, especially in international markets like China and Europe, which have shown significant gains despite minimal earnings growth [25][26] Company-Specific Updates - FedEx reported Q1 adjusted EPS of $3.83, beating estimates, and reinstated its full-year profit outlook, leading to a 6% increase in after-hours trading [27][28] - The American Express Platinum card has undergone a major refresh, offering substantial credits that could provide over $3,500 in potential annual value, although the high annual fee of $895 may not suit everyone [30][35]

Summary of the Conference Call on the China Logistics Sector Industry Overview - The conference call focused on the **China Logistics Sector**, particularly the **parcel delivery** and **freight forwarding** industries, highlighting the earnings outlook and potential risks for key players in the market [2][4]. Key Points and Arguments Earnings Outlook - **Parcel Sector Recovery**: The earnings outlook for the parcel sector is improving, with industry prices recovering since late July due to regulatory measures against price competition. This recovery has exceeded previous expectations [2][3]. - **Earnings Revisions**: - EPS estimates for Tongda companies (ZTO, YTO, STO, Yunda) have been raised by approximately **0-65%** for 2025-27, reflecting a more positive average selling price (ASP) outlook [2][3]. - SF Holding's recurring net profit (NP) in Q2 was disappointing, leading to a **13%** reduction in EPS estimates for 2025-27 and a downgrade to a Neutral rating [2][5]. Pricing Impact - **Price Hikes**: Price increases began in key regions like Yiwu and Guangdong, affecting **80%** of industry volumes. An average sequential price hike of **Rmb0.3** per parcel is expected by year-end, with **1/3** of this benefiting Tongda companies [3]. - **Profit Boost**: Assuming stabilized pricing beyond 2025, profit boosts for Tongda companies could average **Rmb0.03** per parcel for the full year 2025 [3]. Risks - **Volume Slowdown**: A potential slowdown in industry volumes, which grew by **12%** in August, poses a significant downside risk. This could disrupt the current favorable pricing environment and impact higher-tier firms more severely due to their larger capacities [3]. Freight Forwarding Sector - **Resilience Amid Challenges**: Despite macroeconomic headwinds and US-China trade tensions, freight forwarding companies are expected to maintain bottom-line resilience by capturing business opportunities in the global logistics value chain [4]. - **Kerry Logistics Network (KLN)**: KLN has seen **15%** of its total revenue from ASEAN, with **40%** of its freight volume being air-related, which is higher margin compared to sea freight [4]. Company-Specific Insights - **J&T as Top Pick**: J&T is highlighted as a top pick due to its significant growth potential overseas and higher margin sensitivity to improving pricing in China [5]. - **SF Holding Downgrade**: SF Holding's earnings growth is expected to be only **12%** CAGR over 2024-27, down from **17%**, leading to lower price targets and a downgrade in ratings [5]. Additional Important Information - **Market Share and Performance**: The express delivery market share and performance metrics for major players like Yunda, YTO, STO, and SF were discussed, showing varying growth rates and revenue figures [7][21]. - **Valuation Comparisons**: Valuation metrics for parcel and freight forwarding companies were provided, indicating the market cap, P/E ratios, and expected growth rates for 2025-27 [17][18]. This summary encapsulates the key insights and data points from the conference call, providing a comprehensive overview of the current state and outlook of the China logistics sector.