Report Summary 1. Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints On February 25, affected by the tax period and month - end factors, the capital market showed a tight balance, the bond market fluctuated and adjusted, the main indices of the convertible bond market showed mixed performance, individual convertible bonds were evenly split between gains and losses, yields of US Treasury bonds across various maturities generally increased, and the yields of 10 - year government bonds of major European economies showed divergent trends [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping met with German Chancellor Merz, emphasizing the importance of Sino - German relations [3] - The central parity rate of the RMB against the US dollar rose 93 basis points, and the on - shore RMB against the US dollar closed 177 basis points higher [3] - Shanghai issued the "Seven Measures for the Property Market", further reducing housing purchase restrictions [4] - Hong Kong's Financial Secretary Paul Chan announced the 2026/27 budget, stating Hong Kong's plans to cooperate with the mainland on financial development [4] 3.1.2 International News - The US Trade Representative said the "global import tariff" rate on some countries might rise from 10% to 15% or higher [5] 3.1.3 Commodities - WTI April crude oil futures fell 0.32%, Brent April crude oil futures rose 0.11%, spot gold rose 0.52%, and a technical glitch at CME interrupted natural gas and metal futures trading [6] 3.2 Capital Market 3.2.1 Open - Market Operations On February 25, the central bank conducted 409.5 billion yuan of 7 - day reverse repurchase operations, with a net injection of 9.5 billion yuan after 400 billion yuan of reverse repurchases matured [8] 3.2.2 Capital Interest Rates Affected by the tax period and month - end factors, the capital market was in a tight balance. DR001 rose 1.66bp to 1.384%, and DR007 rose 4.79bp to 1.507%. Other interest rates also showed various changes [9][10] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - Due to the stock market rise and rumors about Shanghai's real estate, the bond market fluctuated and adjusted. The yield of the 10 - year Treasury bond active bond 250022 rose 1.40bp, and the yield of the 10 - year CDB bond active bond 250220 rose 1.35bp [12] - Multiple bonds were issued, with details such as issue scale, winning bid yield, and multiples provided [13] 3.3.2 Credit Bonds - Five industrial bonds had a trading price deviation of over 10%, with some falling and one rising significantly [13] - Multiple credit - related events occurred, such as debt transfer, extension of consent solicitation period, and being listed as a dishonest被执行人 [16] 3.3.3 Convertible Bonds - The A - share market rose, and the convertible bond market fluctuated narrowly. The CSI Convertible Bond Index and Shenzhen Convertible Bond Index rose, while the Shanghai Convertible Bond Index fell slightly. Individual convertible bonds were evenly split between gains and losses [17] - Some convertible bonds had significant price changes, and there were events such as new listings, proposed downward adjustment of the conversion price, and early redemption announcements [21] 3.3.4 Overseas Bond Markets - In the US bond market, except for the 5 - year Treasury bond yield remaining unchanged, yields of other maturities generally rose. The yield spreads of some maturities narrowed, and the break - even inflation rate of 10 - year TIPS rose [22][23][24] - In the European bond market, the yields of 10 - year government bonds of major European economies showed divergent trends [25] - The daily price changes of Chinese - funded US dollar bonds were provided, with some rising and some falling [27]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中通快遞（開曼）有限公司（於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2026年3月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02057 | 說明 | A類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | | ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]

2026 年 03 月 01 日 相关研究 券研究报 证券分析师 范晨轩 A0230525070003 fancx@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 王晨签 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 申万宏源研究微信服务号 伊朗高势油运行情空中加油， 告船联动关注 ST 松发、招商锌 申万宏源交运一周天地汇(2026 ...

考虑去年同期价格相对低基数，价格同比增幅明显有望传导至利润端，以圆通速递为例，测算价格端每增1分对应 业绩增2.6亿/年。 #重视电商快递分化信号，1-2月件量增长超预期，预计Top2件量增速领先行业5ppts左右 快递行业反内卷、电商税等因素减少轻小件在快递增量中占比，同时区域快递品牌之间价差收窄等因素推动件量 4Q25起逐渐向Top2集中，我们预计1~2月Top2件量增速领先行业5ppts左右，份额持续提升。 【中信交运】快递跟踪点评：价格短期维持韧性，重视电商快递分化信号 #料淡季价格维持韧性，价格同比增幅明显有望传导至利润端 料监管底线继续明确，26年淡季价格端调整或将不会明显超出季节性范围，重回0.1公斤段8-9毛的烈性价格战概率 较低。 反内卷思路延续背景下，我们预计淡季产粮区价格有望短期维持韧性。 考虑去年同期价格相对低基数，价格同比增幅明显有望传导至利润端，以圆通速递为例，测 【中信交运】快递跟踪点评：价格短期维持韧性，重视电商快递分化信号 #料淡季价格维持韧性，价格同比增幅明显有望传导至利润端 料监管底线继续明确，26年淡季价格端调整或将不会明显超出季节性范围，重回0.1公斤段8-9毛的烈性 ...

格隆汇2月27日丨中通快递-W(02057.HK)宣布，董事会将于2026年3月17日(星期二)(北京时间)举行董事 会会议，以(其中包括)批准(i)公司截至2025年12月31日止第四季度的未经审计财务业绩及其发布；(ii)公 司截至2025年12月31日止财政年度未经审计的全年业绩及其发布；及(iii)宣派及支付股息(如有)。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 董事會會議召開日期 中通快遞（開曼）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會將於 2026年3月17日（星期二）（北京時間）舉行董事會會議，以（其中包括）批准(i)本公 司截至2025年12月31日止第四季度的未經審計財務業績及其發佈；(ii)本公司截 至2025年12月31日止財政年度未經審計的全年業績及其發佈；及(iii)宣派 ...

末端权益保障政策重塑成本与价格结构 2026年全国邮政工作会议明确强调"穿透式"监管，纠治"接诉即罚"，并推动社保新政落地，有力保障快 递员权益。社保与规范用工锁定成本底线，部分快递企业尤其是加盟网点，过去通过少缴、漏缴社保及 大量使用劳务外包来规避人力成本，2026年社保新规的落地有利于将过去游离于监管之外的隐性成本， 强制性地化为所有玩家的统一刚性成本。同时最低派费指导形成价格传导的刚性支点，在当前各家中转 运输成本趋同且优化速度放缓的情况下，派费占比较高(以圆通速递为例，24年单票揽收及派送服务成 本为1.35元，占比为65%)，一定程度上决定了快递的价格。 投资分析意见 AI替代进程加快，快递行业作为灵活就业的重要"蓄水池"，末端权益保障政策有望带动末端派费企稳回 升，单票价格进入修复通道，企业盈利弹性逐步释放，看好行业高质量发展下头部企业利润、份额双集 中。推荐竞争力持续提升的圆通速递、优势持续扩大的中通快递，关注申通快递的业绩弹性。极兔速递 东南亚及新市场业务量加速增长，看好公司未来的持续领先优势及行业地位。顺丰控股管理结构和业务 线调整充分，关注底部配置机遇。 风险提示：行业价格竞争程度超预期; ...

来源：格隆汇APP 格隆汇2月27日｜港股主要指数午后拉升，其中，恒生指数涨超1%，恒生科技指数涨近1%，国企指数 涨0.74%。恒生指数成分股中，新鸿基地产涨超6%领涨，药明生物涨超4%，石药集团、药明康德涨超 3%，网易、携程、腾讯、泡泡玛特、蒙牛乳业、中通快递涨超2%。 | 代码 | 名称 | | 涨跌幅 √ | 年初至今涨跌 | 总市值 | | --- | --- | --- | --- | --- | --- | | 00016 | 新鸿基地产 | (0) | 6.02% | 52.59% | 4187.29 Z | | 02269 | 药明生物 | | 4.81% | 27.61% | 1659.98亿 | | 01093 | 石药集团 | | 3.67% | 17.32% | 1139.57亿 | | 02359 | 药明康德 | | 3.04% | 20.36% | 3544.7 Z | | 099999 | 网易-S | | 2.74% | -16.22% | 5692.45 Z | | 09961 | 携程集团-S | | 2.60% | -25.85% | 2685亿 | | 00700 ...

该信息由智通财经网提供 智通财经APP讯，中通快递-W(02057)发布公告，于2026年2月26日该公司斥资1480.37万美元回购61.78 万股，回购价格为每股23.66-24.18美元。 ...