2026年1月，由中国物流与采购联合会服装物流分会主办、极兔速递支持的"服装出海新机遇座谈 会"及"走进印尼·物流产业考察行"在印度尼西亚顺利举行。来自波司登、特步、水星家纺、朗姿、都市 丽人等二十余家国内服装、家纺企业的物流和供应链负责人组成考察团，深入雅加达、泗水两地的物流 枢纽、仓储中心及本土企业，实地调研极兔速递在印尼构建的本地化物流服务体系，共同探寻中国品牌 在东南亚市场的高效供应链解决方案与协同增长路径。 财经频道更多独家策划、专家专栏，免费查阅>> 针对跨境物流中常见的清关效率、末端覆盖、退货逆向等核心挑战，极兔展示了其系统化解决方案。极 兔依托在印尼深度布局的云仓网络，以雅加达、泗水为核心枢纽，贯穿头程运输、清关、仓储管理与末 端配送全链路，实现雅加达市区"次日达"、爪哇岛核心区域2～3天送达的稳定时效，显著提升了跨境履 约的可预期性。 此外，极兔推出的"仓配一体"模式，进一步简化了品牌方的供应链结构。借助数据化库存预警与智能补 货系统，极兔已助力部分合作服装品牌降低超过30%的库存周转成本。这一成效标志着物流已从传统成 本中心，演进为提升出海效率与运营确定性的战略性资产。极兔速递副总裁安东指 ...

极兔速递相关负责人表示，极兔自2015年进入印尼市场，目前已建成覆盖全国超过17000个岛屿的物流 网络，拥有超过10000个服务网点、5800辆干线车辆以及64个自动化转运中心。据悉，目前，极兔在雅 加达的转运中心，日均超百万票、高峰时期达250万票的自动化分拣能力。 此外，极兔依托在印尼深度布局的云仓网络，以雅加达、泗水为核心枢纽，贯穿头程运输、清关、仓储 管理与末端配送全链路，实现雅加达市区"次日达"、爪哇岛核心区域2~3天送达的稳定时效，显著提升 了跨境履约的可预期性。 新浪科技讯 1月26日上午消息，近日由中国物流与采购联合会服装物流分会主办、极兔速递支持的"服 装出海新机遇座谈会"及"走进印尼·物流产业考察行"在印度尼西亚顺利举行。来自波司登、特步、水星 家纺、朗姿、都市丽人等二十余家国内服装、家纺企业的物流和供应链负责人组成考察团，深入雅加 达、泗水两地调研极兔速递在印尼构建的本地化物流服务体系。 新浪科技讯 1月26日上午消息，近日由中国物流与采购联合会服装物流分会主办、极兔速递支持的"服 装出海新机遇座谈会"及"走进印尼·物流产业考察行"在印度尼西亚顺利举行。来自波司登、特步、水星 家纺、朗 ...

Investment Rating - The report recommends a "Buy" rating for key companies including SF Holding, Cao Cao Travel, and Jitu Express [8]. Core Insights - The report highlights the explosive growth of instant retail driven by major companies' investments, suggesting that investors should seize opportunities in SF Express's urban delivery segment [1]. - The logistics sector is expected to benefit from the rapid growth of overseas e-commerce and the ongoing recovery in domestic demand, with a focus on companies like Jitu Express and Zhongtong Express [3][18]. - The aviation sector is projected to see a historical high in passenger volume during the 2026 Spring Festival, with a year-on-year growth of approximately 5.3% [11][12]. Summary by Sections Weekly View and Market Review - The transportation sector index rose by 1.76%, outperforming the Shanghai Composite Index by 0.93 percentage points [21]. - The top-performing sub-sectors included warehousing logistics, road freight, and public transport, with increases of 6.05%, 5.91%, and 4.09% respectively [21]. Aviation - The Civil Aviation Administration of China forecasts a record 95 million passengers during the 2026 Spring Festival, with domestic and international routes showing significant growth [11][12]. - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [12]. Shipping and Ports - The VLCC market is experiencing high rates due to geopolitical risks, with daily rates reaching $107,937 on the Middle East route [13]. - Dry bulk freight rates are recovering, with the BDI index reaching 1,762 points [14]. - The report emphasizes the potential for LNG transport to enter a different economic cycle, highlighting companies like CIMC Anrui [16]. Logistics - The report identifies two main investment themes in the express delivery sector: overseas expansion driven by e-commerce growth and domestic market consolidation amid competitive pressures [3][18]. - In December 2025, the express delivery industry handled 18.2 billion packages, reflecting a year-on-year growth of 2.3% [19]. - The report notes a divergence in performance among leading express companies, with Zhongtong and YTO showing growth while SF Express faced a decline due to strategic business adjustments [20].

证券研究报告 | 行业周报 gszqdatemark 2026 01 25 年 月 日 交通运输 增持（维持） 行业走势 -10% -2% 6% 14% 22% 30% 2025-01 2025-05 2025-09 2026-01 交通运输 沪深300 行情回顾：本周（2026.1.19-2026.1.23）交通运输板块行业指数上涨 1.76%， 跑赢上证指数 0.93 个百分点（上证指数上涨 0.84%）。从申万交通运输行业 三级分类看，涨幅前三名的板块分别为仓储物流、公路货运、公交，涨幅分别 为 6.05%、5.91%、4.09%；没有细分板块下跌。 出行：根据民航局预测，2026 年春运民航客运量有望迎历史新高。继续看好 "扩内需"及"反内卷"下航空板块中长期景气度。运力供给维持低增速、需 求持续恢复，供需缺口缩小叠加油价中枢下移、人民币走强及政策的呵护，静 待票价持续修复、航司盈利不断改善。持续跟踪需求修复及跨境游情况，关注 公商务出行需求及国际航班恢复情况。 航运港口：VLCC 高位运行；干散货运价回升；集运主要航线运价回落。VLCC 市场，本周中东航线 2 月上旬出货过半，地缘风险溢价发酵，船东 ...

Investment Rating - The report maintains a positive outlook on the shipping industry, recommending companies such as China Merchants Energy and COSCO Shipping Energy [3]. Core Insights - The report highlights a significant increase in charter rates for VLCCs, which rose by 4.62% to $62,250 per day, and Cape rates increased by 5.37% to $26,475 per day, indicating a strong correlation between commodity prices and shipping rates [3]. - New ship prices are rising alongside second-hand ship prices, with the new ship composite index increasing by 0.07 to 184.76 points, suggesting a favorable market for shipbuilders [3]. - The report emphasizes the resilience of the shipping market, particularly in oil and bulk shipping, with expectations of continued demand driven by geopolitical factors and commodity price fluctuations [3]. Summary by Sections Shipping Market Performance - The shipping index increased by 1.76%, outperforming the CSI 300 index by 2.38 percentage points [4]. - The coastal dry bulk freight index in China rose by 0.84%, while the Shanghai export container freight index fell by 7.39% [4]. Oil Shipping - VLCC rates are currently around $100,000 per day, with a recent decline of 11% in average rates to $105,090 per day, indicating potential volatility in the market [3]. - The report notes that while VLCC rates may adjust, smaller oil tanker rates remain supported due to high demand [3]. Dry Bulk Shipping - The report indicates a rebound in dry bulk rates, particularly driven by increased grain exports from South America, with the BDI index recording a 12.4% increase [3]. - Capesize rates increased by 16.1%, reflecting strong demand in the Pacific market [3]. Container Shipping - The report observes a seasonal decline in container shipping rates as the peak season ends, with the SCFI index dropping by 7.4% [3]. - The resumption of services in the Red Sea has been noted, but the market remains cautious due to geopolitical uncertainties [3]. Air Transportation - The report highlights a significant supply constraint in aircraft manufacturing, with an aging fleet and increasing passenger demand expected to enhance airline profitability [3]. - Airlines are recommended for investment due to their strong demand elasticity and potential for significant earnings growth [3]. Logistics and Express Delivery - The report anticipates a concentration of market share and profits among leading express delivery companies, with a focus on ZTO Express and YTO Express [3]. - The logistics sector shows resilience, with steady growth in freight volumes reported [3].

格隆汇1月23日｜极兔速递-W(1519.HK)拟发行于2033年到期的46.5亿港元零息有担保可换股债券，所得 款项净额45.96亿港元将用于进一步发展集团的海外业务及技术升级、优化集团的资本架构(包括股份回 购)，以及作一般企业用途。债券的初始换股价为每股B类股份14.55港元，较昨日收市价11.12港元溢价 约30.85%；若悉数兑换，将可兑换为最多约3.2亿股新股，占扩大后股本约3.47%。 ...

发行新股将毋须获得股东批准。新股将根据一般授权配发及发行，并将在所有方面与新股相关登记日期 当时已发行股份享有同等地位。 发行2026年可换股债券的所得款项总额将为46.5亿港元，及发行2026年可换股债券的所得款项净额(扣 除发行费用及开支后)将约为45.96亿港元。按照该所得款项净额计算及假设2026年可换股债券悉数兑 换，每股新股净价约为14.38港元。本公司拟将发行2026年可换股债券的所得款项净额用于进一步发展 本集团的海外业务及技术升级、优化本集团的资本架构(包括股份回购)，以及作一般企业用途。 极兔速递-W(01519)发布公告，董事会宣布于2026年1月22日(交易时段后)，债券发行人Bolt Innovation Limited、本公司及经办人已订立一份认购协议，在认购协议的条款及条件的规限下，经办人各自(而非 共同)已同意认购及支付，或促使认购人认购及支付债券发行人将予发行的本金总额为46.5亿港元的 2026年可换股债券。本公司无条件及不可撤回地同意担保信托契据及2026年可换股债券列明债券发行人 应付的所有到期款项。2026年可换股债券的发行价将为2026年可换股债券本金总额的100. ...

格隆汇1月23日丨极兔速递-W(01519.HK)发布公告，2026年1月22日，债券发行人(即Bolt Innovation Limited，公司一间全资附属公司)、公司及经办人已订立一份认购协议，在认购协议的条款及条件的规 限下，经办人各自(而非共同)已同意认购及支付，或促使认购人认购及支付债券发行人将予发行的本金 总额为46.50亿港元的2026年可换股债券。公司无条件及不可撤回地同意担保信托契据及2026年可换股 债券列明债券发行人应付的所有到期款项。2026年可换股债券的发行价将为2026年可换股债券本金总额 的100.00%，而每份债券的面值将为200万港元及超出面值部分为100万港元的整数倍。 初始换股价每股B类股份14.55港元较1月22日(即签署认购协议的交易日)香港联交所所报最后收市价每 股B类股份11.12港元溢价约30.85%。按照初始换股价14.55港元及假设2026年可换股债券按初始换股价 悉数兑换，则2026年可换股债券将可兑换为最多约3.20亿股新股，占于本公告日期公司现有已发行股本 的约3.56%。 发行2026年可换股债券的所得款项总额将为46.50亿港元，及发行2026年 ...

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Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed [1] Group 1: Company Performance - YTO Express reported a December revenue of 6.496 billion yuan, a year-on-year increase of 7.48%, with a business volume of 2.884 billion pieces, up 9.04% year-on-year, while the average revenue per piece decreased by 1.43% to 2.25 yuan [1] - Yunda's December express service revenue was 4.626 billion yuan, a year-on-year decrease of 1.49%, with a business volume of 2.148 billion pieces, down 7.37% year-on-year, and an average revenue per piece of 2.15 yuan, up 5.91% [1] - Shentong Express achieved a December revenue of 5.836 billion yuan, a year-on-year increase of 28.23%, with a business volume of 2.501 billion pieces, up 11.09% year-on-year, and an average revenue per piece of 2.33 yuan, up 15.35% [1] - SF Holding's total revenue from express logistics, supply chain, and international business in December was 27.339 billion yuan, a year-on-year increase of 3.41%, with express revenue reaching 20.378 billion yuan, up 3.78% year-on-year, and a business volume of 1.476 billion pieces, up 9.33% [1] Group 2: Industry Trends - The growth rate of express delivery business volume in December was 2.6%, significantly down due to factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes [2] - The industry average price in December was 7.94 yuan, showing a month-on-month increase of 0.31 yuan, indicating a continued upward trend in pricing amid industry self-discipline [2] - There is a divergence in business volume growth among companies, with Shentong (+11.1%) and SF (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline [3]