中国市场：25Q4实现包裹量58.9亿件，日均6400万件，符合预期；10月以来中国快递行业包裹量增速有 所放缓，10月增速下降至双位数以下，行业向高质量发展方向转变。 智通财经APP获悉，浙商证券发布研报称，维持极兔速递-W(01519)"买入"评级，考虑公司在东南亚市 场继续保持竞争优势，随着件量增长，新市场规模优势显现以及中国市场持续拓展与各电商平台的合 作。 浙商证券主要观点如下： 25Q4公司总体实现包裹量84.6亿件，同比增长14.5%，日均包裹量9200万件 东南亚市场：25Q4极兔实现包裹量24.4亿件，同比增73.6%，日均件量2650万件，同比+73.6%，公司在 东南亚业务量表现持续强劲，主要由于电商传统旺季及东南亚整体线上渗透率持续提升，极兔凭借稳健 的业务策略不断提升竞争有优势，当地行业份额持续向龙头集中。 新市场(包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及)：25Q4极兔继续维持了自上个季度以来的强劲 增速，2025年第四季度实现包裹量破亿，达1.3亿件，同比升79.7%，日均包裹量145万件，同比 +79.7%。主要由于公司积极把握电商增长红利拓展与TikTok、Mercado ...

Core Viewpoint - The company maintains a "Buy" rating for Jitu Express-W (01519), citing its competitive advantage in the Southeast Asian market, growth in package volume, emerging market scale advantages, and ongoing collaborations with various e-commerce platforms in China [1] Group 1: Package Volume Performance - In Q4 2025, the company achieved a total package volume of 8.46 billion pieces, a year-on-year increase of 14.5%, with an average daily volume of 92 million pieces [2] - In Southeast Asia, Jitu achieved a package volume of 2.44 billion pieces in Q4 2025, representing a year-on-year growth of 73.6%, with a daily average of 26.5 million pieces [2] - The new markets (including Saudi Arabia, UAE, Mexico, Brazil, and Egypt) saw a package volume of 130 million pieces in Q4 2025, a year-on-year increase of 79.7%, with a daily average of 1.45 million pieces [2] - In China, the package volume reached 5.89 billion pieces in Q4 2025, with a daily average of 64 million pieces, aligning with expectations [2] Group 2: Annual Performance Overview - For the full year of 2025, the total package volume surpassed 30 billion pieces, reaching 30.13 billion pieces, a year-on-year increase of 22.2%, with an average daily volume of 82.5 million pieces [2] - In Southeast Asia, the annual package volume was 7.66 billion pieces, a year-on-year increase of 67.8%, with a daily average of 21 million pieces [2] - The new markets achieved an annual package volume of 400 million pieces, a year-on-year increase of 43.6%, with a daily average of 1.1 million pieces [3] - In China, the annual package volume was 22.07 billion pieces, a year-on-year increase of 11.4%, with a daily average of 60.5 million pieces [3] Group 3: Strategic Acquisitions - The company announced plans to acquire approximately 36.99% of Jet Global for $950 million, aiming for full ownership, and to acquire approximately 46.55% of JNTExpress KSA for $106 million, achieving full control of the Saudi entity [4] - Jet Global, covering markets like Brazil, Egypt, and Mexico, is expected to significantly reduce its pre-tax losses in 2024 compared to 2023, with total assets of $640 million and net liabilities of $590 million [4] - JNTExpress KSA is also projected to improve its pre-tax losses in 2024 compared to 2023, with total assets of $8.6 million and net assets of $3.7 million [4] - These acquisitions are part of the company's strategy to enhance control over key emerging markets and improve operational efficiency [4]

重大事项： 赛目科技(02571)拟为浙江赛目科技引入战投1200.98万元 构建全链条汽车电子仿真业务能力 毛戈平(01318)与路威凯腾签订战略合作框架协议 天工国际(00826)：镇江乾元拟代价1.8亿元将其持有的1.76%天工工具股权转让给天工新材 恒瑞医药(01276)：瑞拉芙普α注射液获得药品注册批准 正通汽车(01728)：启富集团拟8.03亿元出售深圳汇安启全部股权 聚焦汽车主业转型 同源康医药-B(02410)：甲磺酸艾多替尼片(TY-9591片)拟纳入优先审评 景联集团(01751)附属就苏尼特右旗新蒙新材料有限公司工业废气发电专案二期工程订立工程承包协定 经营业绩： 极兔速递-W(01519)2025年包裹量合计301.287亿件，同比增长22.2% 和黄医药(00013)宣布索乐匹尼布用于治疗温抗体型自身免疫性溶血性贫血的 ESLIM-02中国研究的III期 阶段取得阳性顶线结果 中国碳中和(01372)与中国铁塔及中国再生资源签署三方战略合作协议 联合打造锂电循环经济生态圈 丽珠医药(01513)：莱康奇塔单抗注射液被纳入优先审评审批程序 秦港股份(03369)：2025年度吞吐量总 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved a record high in overall package volume in 2025, reaching 30.13 billion packages, a year-on-year increase of 22.2% [2] - The Southeast Asian market showed strong performance with a package volume of 7.66 billion in 2025, up 67.8% year-on-year, capturing a market share of 32.8% [2] - New markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, also demonstrated significant growth, with a package volume of 400 million in 2025, a 43.6% increase year-on-year [2] Summary by Relevant Sections Overall Package Volume - In Q4 2025, the company achieved a total package volume of 8.46 billion, a 14.5% increase year-on-year, with an average daily volume of 92 million packages [1] - The total package volume for 2025 was 30.13 billion, with an average daily volume of 82.5 million packages, reflecting a 22.6% year-on-year growth [2] Southeast Asia Market - In Q4 2025, the company recorded a package volume of 2.44 billion in Southeast Asia, a remarkable 73.6% increase year-on-year, with an average daily volume of 26.5 million packages [1] - The company maintained its leading market share in Southeast Asia for six consecutive years, with a 5.4 percentage point increase from the previous year [2] New Markets - The new markets achieved a package volume of 130 million in Q4 2025, a 79.7% increase year-on-year, with an average daily volume of 1.45 million packages [1] - The company is actively expanding its presence in new markets, leveraging partnerships with e-commerce platforms like TikTok and Mercado Libre [1] Financial Forecasts - The adjusted net profit for 2025-2027 is projected to be $400 million, $710 million, and $990 million, respectively, with corresponding P/E ratios of 33.1x, 18.8x, and 13.5x [10] - Revenue is expected to grow from $10.26 billion in 2024 to $17.39 billion in 2027, reflecting a compound annual growth rate of approximately 16% [12]

Investment Rating - The report maintains an "Outperform" rating for the company [7][8]. Core Insights - The company has experienced significant growth in Southeast Asia and new markets, leading to an upward revision of profit forecasts [7]. - The fourth quarter saw a total package volume of 8.461 billion pieces, a year-on-year increase of 14.5%, with Southeast Asia showing a remarkable growth of 73.6% [7]. - The company is expected to achieve adjusted net profits of $387 million, $602 million, and $888 million for the years 2025 to 2027, reflecting year-on-year growth rates of 93.01%, 55.69%, and 47.47% respectively [6][7]. Financial Data and Profit Forecast - Revenue projections are as follows: - 2023: $8.849 billion - 2024: $10.259 billion - 2025E: $12.406 billion - 2026E: $15.573 billion - 2027E: $19.911 billion - The corresponding year-on-year growth rates are 21.77%, 15.93%, 20.93%, 25.53%, and 27.86% [6][8]. - Adjusted net profit estimates for 2025E, 2026E, and 2027E are $387 million, $602 million, and $888 million, with respective growth rates of 93.01%, 55.69%, and 47.47% [6][7]. - The price-to-earnings (PE) ratios for 2025E, 2026E, and 2027E are projected to be 33x, 21x, and 15x [7].

Investment Rating - The report maintains an "Outperform" rating for J&T Express (01519) [2][7] Core Insights - J&T Express continues to experience high growth in Southeast Asia, with a significant increase in package volume, particularly in new markets [7] - The company has adjusted its profit forecasts upward due to better-than-expected performance in package volumes for Southeast Asia and new markets [7] - The financial outlook shows a strong revenue growth trajectory, with projected revenues increasing from $8.85 billion in 2023 to $19.91 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 27.86% [6][8] Financial Data and Profit Forecast - Revenue projections for J&T Express are as follows: - 2023: $8,849 million - 2024: $10,259 million - 2025E: $12,406 million - 2026E: $15,573 million - 2027E: $19,911 million - Adjusted net profit forecasts are: - 2025E: $387 million - 2026E: $602 million - 2027E: $888 million - The company is expected to achieve a net profit growth rate of 93.01% in 2025, 55.69% in 2026, and 47.47% in 2027 [6][8]

Market Overview - The Hong Kong stock market experienced a downward trend, with the Hang Seng Index closing down 0.94% at 26,458.95 points and a total trading volume of HKD 2,761.34 million [1] - The Hang Seng China Enterprises Index fell by 1.14% to 9,138.75 points, while the Hang Seng Tech Index decreased by 1.49% to 5,738.52 points [1] - Zheshang International noted that the market fundamentals remain weak, with a decline in the funding environment, while policy focus is on new productivity and expanding domestic demand [1] Blue Chip Performance - WuXi Biologics (02269) led blue-chip stocks, rising 5.92% to HKD 36.12, contributing 11.87 points to the Hang Seng Index [2] - Other notable blue-chip performers included Innovent Biologics (01801) up 5.38% and WuXi AppTec (02359) up 4.91%, while Alibaba (09988) fell 3.25%, dragging the index down by 65.17 points [2] Sector Highlights Pharmaceutical Sector - The pharmaceutical sector continued its upward trend, with notable gains from Rongchang Biologics (09995) up 12.93% and Tigermed (03347) up 8.88% [3] - The National Medical Products Administration reported that 76 innovative drugs are expected to be approved by 2025, significantly surpassing the 48 approved in 2024, indicating a strong growth trajectory for the sector [4] Nickel Sector - Nickel stocks showed strong performance, with Xinjiang Xinxin Mining (03833) rising 12.28% and Zhongwei New Materials (02579) up 10% [4] - Nickel prices surged over 20% in the past two weeks, driven by supply constraints from Indonesia, which plans to reduce nickel mining quotas by 2026 [4] Paper Sector - The paper sector saw significant gains, with Nine Dragons Paper (02689) up 8.97% and Lee & Man Paper (02314) up 6.92% [5] - Several paper companies announced price increases, indicating a reduction in production pressure and a more favorable pricing environment [5] Coal Sector - Coal stocks generally rose, with Shougang Resources (00639) up 5.98% and China Qinfa (00866) up 5.92% [6] - The Dalian Commodity Exchange saw a surge in coking coal and coke futures, with expectations of improved supply-demand dynamics in 2026 [6] Optical Communication Sector - Optical communication stocks rebounded, with Yangtze Optical Fibre and Cable (06869) up 6.75% [6] - The sector is expected to benefit from advancements in AI technology and increased demand for high-performance components [7] Notable Stocks - Yadea Group Holdings (01585) announced a profit increase forecast, leading to a 4.63% rise in stock price [8] - JinkoSolar (06680) remained active with a 3.65% increase, driven by potential export restrictions on rare earth materials to Japan [9] - Jitu Express (01519) reached a new high, with a 3.39% increase, reporting significant growth in package volume [10] - GF Securities (01776) faced pressure, declining 4.09% after announcing a share placement and convertible bond issuance to raise funds for international business development [11]

在东南亚，极兔2025年第四季度实现包裹量24.4亿件，同比增长73.6%，全年实现包裹量76.6亿件，同 比增长67.8%。在新市场（包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及），极兔继续维持了自上个 季度以来的强劲增速，2025年第四季度实现包裹量破亿，达1.3亿件，同比升79.7%；全年实现包裹量 4.0亿件，同比升43.6%。 消息面上，1月7日，极兔速递公布2025年第四季度及全年主要经营数据。2025年第四季度，公司总体实 现包裹量84.6亿件，同比增长14.5%，日均包裹量9,200万件。2025年全年，公司总体包裹量首次突破 300亿件大关，达301.3亿件，同比增长22.2%，日均包裹量8250万件，同比增长22.6%。期内，极兔整体 实现稳健增长，主要得益于东南亚和新市场强劲的业务表现，以及中国市场的稳定贡献。 智通财经APP获悉，极兔速递-W(01519)涨近3%，截至发稿，涨2.68%，报11.5港元，成交额1.48亿港 元。 ...

Core Viewpoint - J&T Express reported strong growth in parcel volume for Q4 and the full year of 2025, driven by robust performance in Southeast Asia and new markets, alongside stable contributions from the Chinese market [1] Group 1: Q4 Performance - In Q4 2025, J&T Express achieved a total parcel volume of 8.46 billion pieces, representing a year-on-year increase of 14.5%, with an average daily parcel volume of 92 million pieces [1] - The company’s overall performance in Q4 was supported by strong business growth in Southeast Asia and new markets [1] Group 2: Full Year Performance - For the full year 2025, J&T Express's total parcel volume surpassed 30 billion pieces for the first time, reaching 30.13 billion pieces, which is a year-on-year growth of 22.2%, with an average daily parcel volume of 82.5 million pieces, up 22.6% [1] - The growth in parcel volume for the full year was primarily attributed to the stable contribution from the Chinese market and strong performance in Southeast Asia and new markets [1] Group 3: Southeast Asia and New Markets - In Southeast Asia, J&T Express reported a Q4 parcel volume of 2.44 billion pieces, marking a significant year-on-year increase of 73.6%, with a full year parcel volume of 7.66 billion pieces, up 67.8% [1] - In new markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, the company maintained strong growth, achieving a Q4 parcel volume of 130 million pieces, a year-on-year increase of 79.7%, and a full year volume of 400 million pieces, up 43.6% [1]

极兔速递1月7日公告，2025年第四季度，公司总体实现包裹量84.6亿件，同比增长14.5%，日均包裹量 9200万件。2025年全年，公司总体包裹量首次突破300亿件大关，达301.3亿件，同比增长22.2%，日均 包裹量8250万件，同比增长22.6%。 ...