Hong Teng Precision manufactures precision connectors, directly driven by AI server demand; Lens Technology's consumer electronics glass covers are significantly impacted by the iPhone product cycle, and a potential acceleration in AR/MR shipments in 2026 is a new variable; JD Logistics' recent financial report shows a continuous increase in the proportion of external customers, with a clear trend of gross margin improvement; JD Industrial focuses on the B2B industrial supply chain, benefiting from the trend of digital procurement in manufacturing. Revenue growth rate and gross margin are the core comparative dimensions, and the current pricing is roughly reasonable 😸