J.P. Morgan: Maintains "Overweight" rating on JD Logistics, optimistic about its steady growth.

JPMorgan Chase's report stated that JD Logistics has outperformed the broader market and most other Chinese logistics service providers' stock prices in the past three months, demonstrating strong resilience in the fiercely competitive market as a well-capitalized, high-end logistics enterprise. The bank pointed out that the recent emphasis by the Chinese State Post Bureau on the logistics industry's "anti-insourcing" policy is consistent with JD Logistics' strategy of focusing on high-end products and diversified business structure. If the policy is implemented, it may help alleviate valuation pressure on the entire logistics industry, benefiting JD Logistics. JPMorgan Chase estimates that JD Logistics' second-quarter revenue will increase by 12% to 13% to reach 47.4 billion yuan, with net profit growing by 5% to reach 2.56 billion yuan. The bank believes that JD Logistics' stable full-year guidance for 2025 is achievable, with revenue expected to achieve double-digit year-on-year growth. Given the strategic measures and favorable market conditions, JPMorgan Chase maintains a "neutral" rating on JD Logistics, believing that it can fully leverage regulatory changes and expand its high-end logistics and food delivery businesses.