Nomura released a research report stating that, according to media reports, jd.com logistics (02618.HK) will be included in Alibaba-W's (09898.HK) Taobao Tmall's merchant logistics options in mid-October. In return, jd.com will introduce Alibaba's Cainiao Express and Cainiao Stations into its merchant platform. The bank believes that the logistics cooperation between the two parties will enable jd.com logistics to reach merchants on the Taobao and Tmall platforms, especially Tmall merchants who tend to choose high-quality, fast delivery services, thereby driving the growth of jd.com logistics' express delivery revenue, expected to increase jd.com logistics' revenue by 4% to 8%. The bank's target price for jd.com logistics is 10.3 yuan, with a "neutral" rating.

The bank believes that jd.com logistics may directly compete with s.f. holding (002352.SZ) for merchants after entering Alibaba's ecosystem, as both are positioned to serve mid-to-high-end customers.