机构：招银国际 研究员：Wayne Fung J&T's parcel volume growth in 3Q25 reached 23% YoY, driven by outstandinggrowth of 79% in SEA. While the parcel volume growth in China slowed to 10%due to the "anti-involution" campaign, it was alongside a rebound of ASP. Inview of the strong growth in SEA, we see upside to J&T's full-year parcel volumegrowth guidance (+56% in SEA). We continue to like J&T, due to (1) theunmatched competitive edge and market share gain potential in SEA (32.8% in1H25), and (2) strong potential in New m ...