Major Events - Excellence Risen (02687) plans to offer 6.6667 million H-shares globally from November 28 to December 3 [1] - Naxin Micro (02676) plans to offer 19.0684 million shares globally from November 28 to December 3 [1] - Stone Four Pharmaceutical Group (02005) received production registration approval for the sustained-release capsule of Tofacitinib (4mg) [1] - Innovent Biologics (01801) received approval from the National Medical Products Administration for its drug, Xinmeiyue® (Pikankizumab injection), for treating moderate to severe plaque psoriasis [1] - Jiangxi Copper (00358) intends to acquire shares of the overseas-listed company SolGold Plc [1] - ZTO Express-W (02057) plans to acquire 100% equity of Zhejiang Xinglian for 178 million yuan to enhance end-to-end domestic and international air logistics capabilities [1] - China Shenhua (01088) completed 168 hours of trial operation for the Beihai Phase II Unit 3 and transferred it to commercial operation [1] - Zhidatech (02650) signed a major contract worth over 100 million yuan for electric vehicle charging stations with Saudi Controls Ltd, expanding into the Middle East market [1] - Hendry (03389) received a voluntary cash offer from Junya at a 12% premium and will resume trading on December 1 [1] - Zijin Mining (02899) donated 20 million HKD to support post-fire reconstruction in Hong Kong's Tai Po District [1] - Guoquan (02517) donated 10 million HKD for fire rescue efforts in Hong Kong's Tai Po [1] - InnoCare Pharma (02577) donated 2 million HKD to assist in fire rescue efforts in Hong Kong's Tai Po [1] Operating Performance - Meituan-W (03690) reported Q3 revenue of approximately 95.5 billion HKD, a year-on-year increase of about 2%, with highlights in flash purchase and global expansion [1] - China Gas (00384) reported a mid-term profit attributable to shareholders of 1.334 billion HKD, with an interim dividend of 0.15 HKD per share [1] - Zhixing Group Holdings (01539) reported a mid-term profit attributable to shareholders of 27.533 million HKD, a year-on-year increase of 35.68%, with gross margin rising to approximately 67.3% [1] - Guofu Quantum (00290) reported mid-term revenue of 1.027 billion HKD, a year-on-year increase of 4564.52% [1] - Yuhua Education (06169) reported an annual adjusted profit attributable to shareholders of 914 million HKD, a year-on-year increase of 95.6% [1] - China Water Affairs (00855) achieved mid-term revenue of approximately 5.183 billion HKD, with a dividend of 0.13 HKD per share [1] - Zhonghui Group (00382) reported annual revenue of approximately 2.489 billion HKD, a year-on-year increase of 7.7% [1]

格隆汇11月28日丨中通快递-W(02057.HK)公告，于2025年11月28日，中通航空(公司的并表附属实体)与 中通云冷及浙江星联订立股权转让协议，据此，中通航空同意购买，而中通云冷同意出售浙江星联 100%股权，总代价为人民币1.78亿元。 由于浙江星联的主营业务为航空货运服务，收购将提升集团的端到端境内外航空物流能力，并将增强集 团在航空货运服务领域的整体竞争力。董事(包括独立非执行董事)认为，此次收购符合集团日常及一般 业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。经计及浙江星联基于估 值报告的评估价值及浙江星联于估值基准日的财务状况後，公司认为收购的代价属公平合理。 此外，收购完成後，浙江星联将成为公司并表附属实体中通航空的全资子公司，其财务业绩将全面并人 集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚集团的业绩并提升对股东 的回报。 ...

由于浙江星联的主营业务为航空货运服务，收购将提升本集团的端到端境内外航空物流能力，并将增强 本集团在航空货运服务领域的整体竞争力。董事(包括独立非执行董事)认为，此次收购符合本集团日常 及一般业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。 此外，收购完成后，浙江星联将成为本公司并表附属实体中通航空的全资子公司，其财务业绩将全面并 入本集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚本集团的业绩并提升 对股东的回报。 截至本公告日期，中通云冷持有浙江星联100%股权。收购完成后，本集团将持有浙江星联100%股权。 浙江星联将成为本公司一家并表附属实体的子公司，其财务业绩亦将并入本集团的财务业绩。 中通快递-W(02057)发布公告，于2025年11月28日，中通航空(本公司的并表附属实体)与中通云冷及浙 江星联订立股权转让协议，中通航空同意购买，而中通云冷同意出售浙江星联100%股权，总代价为人 民币1.78亿元。 ...

此外，收购完成后，浙江星联将成为本公司并表附属实体中通航空的全资子公司，其财务业绩将全面并 入本集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚本集团的业绩并提升 对股东的回报。 截至本公告日期，中通云冷持有浙江星联100%股权。收购完成后，本集团将持有浙江星联100%股权。 浙江星联将成为本公司一家并表附属实体的子公司，其财务业绩亦将并入本集团的财务业绩。 由于浙江星联的主营业务为航空货运服务，收购将提升本集团的端到端境内外航空物流能力，并将增强 本集团在航空货运服务领域的整体竞争力。董事(包括独立非执行董事)认为，此次收购符合本集团日常 及一般业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。 智通财经APP讯，中通快递-W(02057)发布公告，于2025年11月28日，中通航空(本公司的并表附属实体) 与中通云冷及浙江星联订立股权转让协议，中通航空同意购买，而中通云冷同意出售浙江星联100%股 权，总代价为人民币1.78亿元。 ...

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） 關連交易 收購浙江星聯100%股權 股權轉讓協議 於2025年11月28日，中通航空（本公司的併表附屬實體）與中通雲冷及浙江星聯 訂立股權轉讓協議，據此，中通航空同意購買，而中通雲冷同意出售浙江星聯 100%股權，總代價為人民幣178,000,000元。 截至本公告日期，中通雲冷持有浙江星聯100%股權。收購完成後，本集團將持 有浙江星聯100%股 ...

Asia Pacific Equity Research 24 November 2025 ZTO Express (ZTO US/2057 HK) Raising PTs post the Fireside Chat; policy tailwinds reinforce leadership and profitability We are raising our DCF-based PT to US$25.0/Rmb197.0 for the US ADR/H share post the 3Q25 beat and a series of positive updates from the JPM Fireside Chat, briefing, and call back. Management's latest commentary underscores that the anti-involution policy is fundamentally reshaping the competitive landscape, driving a sector-wide shift from vol ...

Core Viewpoint - Multiple logistics companies have responded to a severe fire incident in Hong Kong's Tai Po Wang Fuk Court by donating funds and providing logistical support to aid affected families and recovery efforts [1][3][5][7]. Group 1: Donations and Support - Lalamove announced a donation of 6 million HKD to the "Tai Po Wang Fuk Court Relief Fund" to support affected families and recovery efforts [1]. - SF Express donated 20 million HKD for medical assistance, living supplies, and post-disaster reconstruction, while also providing free transportation for relief supplies across its 146 stations in Hong Kong [3]. - J&T Express initiated a donation of 10 million HKD for emergency housing, basic living support, emotional counseling, and recovery efforts [5]. - Zhongtong Express contributed 10 million HKD to the relief fund, focusing on emergency rescue, transitional housing, and post-disaster reconstruction [7]. Group 2: Logistics and Operational Support - SF Express has activated an emergency response mechanism and established a volunteer team to assist in rescue operations [3]. - J&T Express has opened a green channel for priority transport of disaster relief supplies to ensure timely delivery [5]. - JD Logistics has mobilized its supply chain to expedite the delivery of essential items such as instant noodles and drinking water to shelters [7].

本报讯 （记者肖伟）11月28日，中通快递集团在公司官方微信公众号上发布消息，该公司秉持"利他、 利社会"的理念，向香港大埔宏福苑援助基金捐款1000万港元，善款将全部用于受灾居民的紧急救援、 过渡安置、生活物资补给及灾后重建等工作。 中通快递集团在公司官方微信公众号上表示，该公司将与香港特别行政区政府保持密切联系，与社会各 界携手发力，持续支持后续帮扶与重建等系列工作，期盼受灾社区早日恢复秩序，市民重归平安生活。 11月26日，香港大埔宏福苑多栋住宅楼发生火灾。灾情发生后，香港特别行政区政府宣布成立"大埔宏 福苑援助基金"，协助受灾居民渡过难关，并支持各项相关善后工作。 ...

Core Viewpoint - UBS report indicates that ZTO Express's adjusted net profit for Q3 increased by 5% year-on-year, surpassing market expectations [1] Company Summary - ZTO Express has lowered its full-year sales growth forecast from an expected increase of 14%-18% to a revised range of 12.3%-13.8% due to significant slowdown in industry sales following price hikes influenced by regulatory actions against excessive competition [1] - UBS has raised its earnings per share (EPS) forecasts for ZTO Express from 11% to 37% for the years 2025 to 2027, based on the assumption that there will be no significant deterioration in industry pricing [1] - For 2026, UBS's new model predicts a 10% growth in business volume for ZTO Express, stable average selling price (ASP), and a 3% improvement in core cost per package, leading to a 12% increase in adjusted net profit to 10.7 billion yuan [1] - UBS has increased its target price for ZTO Express's U.S. stock from $22.9 to $26, maintaining a "Buy" rating [1]

机构：东兴证券 研究员：曹奕丰 事件：公司发布2025 三季报，Q3 单季公司完成业务量95.73 亿件，同比增长9.8%，市场份额下降0.6pct 至19.4%。公司Q3 调整后净利润25.06 亿元，同比增长5.0%。 基于行业件量增速整体下降，公司略微下调业务量指引：Q3 公司业务量增速为9.8%，低于行业均值的 13.3%，市场份额下降0.6 pct 至19.4%。三季度行业反内卷趋势逐渐成型，推动行业从数量竞争转向高 质量发展，由于以价换量受到遏制，行业件量增速呈下降趋势。此外，今年双十一行业件量略低于预 期，行业件量增速从9 月的12.7%降至10 月的7.9%，降幅较为明显。公司基于行业趋势变化，下调了中 报给出的业务指引至全年382-387 亿件，对应同比增速12.3%-13.8%（原指引为388-401 亿件，对应业务 量同比增长14%-18%），对应Q4 单季业务量增速5.9%-11.1%。 反内卷带动单票收入同比转正：公司Q3 单票收入同比增长0.02 元（1.7%）至1.21 元/票，相比于Q1 和 Q2 的分别同比下降7.8%和4.6%，收入端有一定改善。从收入结构上看，单票激励增加 ...