2025年，在多个政策的持续释放与技术革命深度渗透的双重驱动下，中国智慧物流行业规模预计达到 9655亿元，其发展的核心逻辑也从过去追求规模扩张的"量变"，加速转向聚焦于全链路优化的"质变"。 人工智能，尤其是大模型技术在多个应用场景的突破，使其真正渗透到物流运营的"毛细血管"中，驱动 行业从"单点智能"向"全局智能"演进，甚至试探性地迈向"自主决策"。 与此同时，技术上呈现出鲜明的"双轨制"特征：一端是面向广大中小网点的低成本、轻量化"普惠"自动 化；另一端是大型枢纽对超高速、超智能的极致追求。除此之外，竞争的维度被极大地拓宽，加速出海 布局寻求更广阔的市场、持续绿色低碳转型共同构成了企业构筑未来核心壁垒的关键。 AI大模型驱动全链路智能化变革 图：AI制作 处在"十四五"规划的收官之年，中国智慧物流行业正经历一场由内而外的深刻质变。 生质变。 2025年，人工智能尤其是大模型技术，真正开始渗透到物流运营的毛细血管，成为驱动行业效率再次飞 跃的核心引擎，其应用特征正从"单点智能"向"全局智能"演进，目标也从"辅助决策"向"自主决策"试 探。 中商产业研究院发布的《2025-2030年中国智慧物流市场调查与行 ...

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] - The integrated supply chain segment, a core business of JD Logistics, achieved a revenue of 30.1 billion yuan in the quarter, with a growth rate of 45.8%, leading the industry [1] - The company is enhancing its international logistics capabilities by launching a new all-cargo flight route from Shenzhen to Singapore and expanding its domestic network with new regional centers [1] Revenue and Growth - Total revenue for Q3 2025 was 55.1 billion yuan, a 24.1% increase year-on-year [1] - Integrated supply chain revenue grew by 45.8%, reaching 30.1 billion yuan [1] - Express and freight business revenue was 24.9 billion yuan, showing steady growth [7] Technological Advancements - R&D spending increased by 15.9% in Q3 2025, with the launch of "Super Brain Model 2.0" and "Wolf Pack Intelligent Robotic Arm System" [3] - The "Super Brain Model 2.0" can optimize logistics paths dynamically, reducing model solving time to under 2 hours [3] - The "Wolf Pack" robotic cluster has been deployed in over 10 countries, covering all logistics chain segments [3] Service Enhancements - The company is expanding high-value service categories, including fresh produce and meat, improving service quality and fulfillment efficiency [7] - During the 11.11 shopping festival, the volume of Dazha crab deliveries increased by over 100% year-on-year [7] - JD Logistics acquired the local instant delivery business of JD Group, enhancing its last-mile delivery network [7] International Expansion - JD Logistics launched its self-operated express service JoyExpress in Saudi Arabia, achieving rapid growth in delivery volume [7] - The service has gained recognition among local consumers for its door-to-door and on-demand pickup services [7]

Core Insights - JD Logistics has reported a significant transformation in its business model, focusing on high-efficiency and high-value services rather than traditional scale expansion, leading to a systematic optimization of its business structure [2][4][6] Financial Performance - In Q3 2025, JD Logistics achieved total revenue of 55.1 billion yuan, representing a year-on-year growth of 24.1%, with other customer revenues contributing 24.9 billion yuan [2] - The integrated supply chain business led the industry with a year-on-year growth rate of 45.8%, highlighting the effectiveness of its strategic shift from a logistics service provider to a supply chain solution provider [2] Business Strategy - The company is focusing on high-value business expansion by enhancing its efficiency and service experience, establishing a differentiated advantage in the high-end express delivery market [3][4] - JD Logistics has added over 20 new air routes in Q3, resulting in a more than 10% year-on-year increase in the volume of "next-day delivery" services for routes over 800 kilometers [3][5] Technological Advancements - The company has invested significantly in technology, with R&D expenditures increasing by 15.9% year-on-year, focusing on cutting-edge logistics technologies and hardware applications throughout the supply chain [5][6] - JD Logistics plans to procure 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to enhance its logistics supply chain [5] Market Positioning - JD Logistics is reconfiguring resource allocation to break the traditional low-price competition model, aiming for high-quality growth by focusing on efficiency upgrades rather than market subsidies [6][7] - The company has recently acquired 100% equity of a subsidiary engaged in local instant delivery services for approximately 270 million USD, which is expected to enhance its service offerings and operational efficiency [7]

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]

Core Insights - JD Logistics has unveiled two major technological advancements: Super Brain Model 2.0 and the Yiwang Embodied Intelligent Robotic Arm System, marking a new paradigm in the application of "Artificial Intelligence+" in the logistics industry [1][2] Group 1: Super Brain Model 2.0 - The Super Brain Model 2.0 achieves Agentic capabilities, enabling autonomous decision-making for intelligent devices [1] - It can reduce the model solving time for millions of variables to under 2 hours, dynamically optimizing logistics planning [1] - The model enhances operational efficiency by standardizing employee operations by 15% and improving frontline efficiency by nearly 20% through real-time data optimization [1] - Human-machine collaboration efficiency is increased by over 20% due to the model's ability to learn and adjust execution strategies [1] Group 2: Yiwang Embodied Intelligent Robotic Arm System - The Yiwang system addresses the automation challenges of handling a large volume of non-standard packages in logistics [2] - It utilizes an advanced visual perception system to analyze package characteristics and generate optimal grasping strategies [2] - The system operates with high precision, capable of complex movements and millimeter-level accuracy, creating a closed-loop system of perception, decision-making, execution, and evolution [2] Group 3: Additional Innovations and Impact - Other products from JD Logistics' "Wolf Pack" include the "Smart Wolf" system, which improves space efficiency by 4 times and reduces logistics costs by 50% in specific applications [3] - The "Lone Wolf" sixth-generation delivery vehicle operates with L4-level autonomous driving across nearly 30 cities [3] - JD Logistics has over 500 global warehouses deploying intelligent devices, indicating a generational leap in logistics intelligence [3] - Experts highlight that JD Logistics is leading the industry transition from mechanized operations to cognitive intelligence, significantly reducing logistics costs and driving high-quality development [3][4]

Investment Rating - The industry investment rating is "Overweight," indicating that the growth level of the industry is expected to be higher than that of the CSI 300 index over the next six months [26]. Core Insights - The ASI declaration by Alibaba signifies a new direction for the AI industry, with a focus on collaboration between government and enterprises, and the acceleration of AI applications across various sectors [2][21]. - The AI industry is currently experiencing a phase of multiple resonances in policy, technology, and application, which is expected to lead to systematic implementation rather than isolated breakthroughs [21]. - Short-term developments in policy implementation and standardized evaluation systems are anticipated to drive the industry towards a more regulated and sustainable growth trajectory [21]. - In the medium to long term, the multi-dimensional upgrades of large models are expected to accelerate their penetration into sectors such as education and film, enhancing application implementation and industrialization processes [21]. Summary by Sections Market Performance Review - The social services sector index experienced a weekly decline of 5.92%, ranking 31 out of 31 in the Shenwan first-level industry performance [7]. - The performance of sub-industries showed declines, with tourism and hospitality sectors facing significant drops of 9.46% and 9.18%, respectively [7][19]. Core Insights - The ASI declaration and collaboration with NVIDIA highlight the industry's forward-looking signals, emphasizing the importance of computational power and AI agent evolution [2][21]. - The collaboration between Alibaba and NVIDIA covers various aspects of Physical AI, including data synthesis, model training, and environment simulation [2][21]. - The AI applications are transitioning from isolated pilot projects to cross-regional and cross-scenario implementations, supported by initiatives like the China-ASEAN AI cooperation [18]. Industry News Dynamics - The Ministry of Education and other departments have launched a plan to enhance the quality of high schools in rural areas, focusing on resource expansion and digital education [22]. - A joint initiative to promote electrification in buildings has been proposed, aiming to reduce carbon emissions and enhance energy efficiency [23].

Core Insights - JD Logistics has unveiled two major technological advancements: "Super Brain Model 2.0" and "Yiwang Embodied Intelligent Robotic Arm" at the JD Discovery-2025 Global Technology Explorer Conference [2][3] Group 1: Super Brain Model 2.0 - The Super Brain Model 2.0 utilizes a digital twin-based intelligent decision-making system, reducing the model solving time for millions of variables to under 2 hours [2] - It significantly enhances logistics supply chain operational efficiency through collaborative smart devices, achieving a 15% improvement in standardization of employee operations [2] - The model optimizes real-time operational data to improve frontline efficiency by nearly 20% and enhances human-machine collaboration efficiency by over 20% [2] Group 2: Yiwang Intelligent Robotic Arm - The Yiwang robotic arm addresses the automation challenges of handling a large volume of non-standard packages in logistics scenarios [3] - It employs an advanced visual perception system to analyze package characteristics and generate precise grasping decision plans, achieving high-precision movements [3] - The robotic arm operates in a self-learning manner within real production environments, continuously improving its technical metrics through an intelligent closed-loop system [3] Group 3: Synergy Between Technologies - The collaboration between Super Brain Model 2.0 and Yiwang robotic arm optimizes logistics operations, with the former analyzing logistics data and the latter executing efficient operations in warehousing [3] - This integration creates a complete operational loop from cloud-based intelligence to terminal execution, enhancing overall logistics efficiency [3]