申万宏源指出，预计三季度快递企业将初步兑现涨价带来的利润修复，关注四季度利润弹性。根据快递 公司经营月报，7月快递企业单票收入较低，普遍处于年内较低水平，8-9月在反内卷推动下逐月改善， 该行认为三季度快递公司将初步兑现涨价带来的利润修复，继续关注四季度利润弹性。 消息面上，多家快递公司发布9月月报。圆通速递9月完成业务量26.27亿件，同比增长13.64%，单票收 入2.21元，同比增长1.09%；申通快递9月完成业务量21.87亿件，同比增长9.46%，单票收入2.12元，同 比增长4.95%；韵达股份9月完成业务量21.10亿件，同比增长3.63%，单票收入2.02元，同比增长 0.50%。华创证券认为，通达系三家公司9月单票收入较7月提升幅度分别为：申通提升0.15元，圆通提 升0.13元，韵达提升0.11元。8-9月从单票收入角度验证了行业提价逻辑，随着10月旺季到来，预计有望 进一步表现。 智通财经APP获悉，中通快递-W(02057)盘中涨超4%，截至发稿，涨3.93%，报148.2港元，成交额1.85 亿港元。 ...

Core Viewpoint - The Hong Kong stock market is experiencing an upward trend, driven by a softening of trade tensions and positive expectations for the fourth quarter [1] Group 1: Market Performance - The Hang Seng China Enterprises ETF (159960) rose by 2.07%, with notable increases in stocks such as NetEase-S (09999) up by 5.36%, SMIC (00981) up by 5.14%, and ZTO Express-W (02057) up by 4.70% [1] - The top ten weighted stocks in the Hang Seng China Enterprises Index (HSCE) account for 55.33% of the index, including Alibaba-W (09988) and Tencent Holdings (00700) [2] Group 2: Economic Indicators - Trade tensions have eased, with Trump indicating that "such high tariffs are unsustainable" [1] - Short-term market fluctuations are expected due to a lack of incremental positive news, but there are anticipated marginal positive factors that could drive the market up [1] Group 3: Future Outlook - The fourth quarter is expected to see a "first suppress then rise" trend for the Hong Kong stock market, with potential drivers including continuous innovation in China's tech sector and a low probability of high tariffs being implemented [1] - The upcoming Fourth Plenary Session of the Communist Party discussing the "14th Five-Year Plan" is expected to boost risk appetite [1] - The expectation of continued interest rate cuts by the Federal Reserve is likely to lead to sustained capital inflows, improving fundamentals and profit expectations, which could drive a slow bull market trend [1]

Group 1 - The company ZTO Express (02057) announced a share repurchase plan, committing to buy back 445,000 shares at a total cost of $8.4097 million [1] - The repurchase price per share is set between $18.52 and $18.99 [1]

【主编观市】 只要关系紧张港股就难有表现，而美国小银行爆雷更加剧了恐慌情绪，恒指上周跌破了半年线支撑位。 关键时刻，特朗普态度再度发生转变，他表示：100%高关税不可持续，确定双方将在韩国会面。然 后，中美经贸团队举行了视频通话，双方同意尽快举行新一轮中美经贸磋商。本周，中美将在马来西亚 会谈，为最终的高层会面铺路。市场预期10月31日以前双方领导见面的概率非常高。 还有重磅会议即将于本周召开，十五五规划对市场将有信心提振。财政部：近期中央财政从地方政府债 务结存限额中安排5000亿元下达地方。财政刺激到年底有加快迹象。 整体看，大环境有缓和迹象，上周的下跌有望出现修复。 热点方向，科技股的刺激比较多，据上交所官网披露，沐曦集成电路(上海)股份有限公司的科创板 IPO，将于10月24日进入上市审核委员会审议。另据报道，美光科技计划停止向中国的数据中心供应服 务器芯片，该业务尚未从中国2023年的禁令中恢复过来。国产替代包括美国对咱们国家授时中心发动网 络攻击活动进一步强化网络安全概念；智元机器人王闯：今年营收或增超10倍，人形机器人出货比马斯 克的都大。机器人调整也比较充分了。传我国与必和必拓达成协议，下季度 ...

Core Viewpoint - Multiple companies in China conducted share buybacks on October 17, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1][2] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 10.70 million shares for a total of 494 million yuan, with a year-to-date total of 27.30 million shares, representing 0.110% of its total share capital [2] - Four Seasons Pharmaceutical (00460) repurchased 15 million shares for 21.76 million yuan, with a year-to-date total of 59.60 million shares, representing 0.647% of its total share capital [2] - Mengniu Dairy (02319) repurchased 1.20 million shares for 16.97 million yuan, with a year-to-date total of 18.52 million shares, representing 0.473% of its total share capital [2] Group 2: Other Notable Buybacks - VITASOY International (00345) repurchased 1.02 million shares for 8.20 million yuan, with a year-to-date total of 566.60 million shares, representing 0.540% of its total share capital [2] - Zhongtong Express-W (02057) repurchased 445,000 shares for 8.41 million yuan, with a year-to-date total of 5.07 million shares, representing 0.630% of its total share capital [2] - Huazhong Media (00685) repurchased 500,000 shares for 50,000 yuan, with a year-to-date total of 225.60 million shares, representing 0.139% of its total share capital [2]

智通财经APP讯，中通快递-W(02057)发布公告，该公司于2025年10月17日斥资840.97万美元回购44.5万 股股份，每股回购价格为18.52-18.99美元。 ...

Core Viewpoint - ZTO Express (02057.HK) announced a share buyback plan, spending $8.4097 million to repurchase 445,000 shares at a price range of $18.52 to $18.99 per share [1] Summary by Category - **Company Actions** - ZTO Express plans to repurchase a total of 445,000 shares [1] - The total expenditure for the buyback is $8.4097 million [1] - The buyback price per share ranges from $18.52 to $18.99 [1]

呈交日期： 2025年10月20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 | 已發行股份（不包括庫存股份）數 目 | | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) | 已發行股份總數 | | 於下 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8] Core Insights - The travel chain is experiencing a recovery in demand, with ticket prices showing a positive trend and a clear inflection point in revenue [2][5] - The shipping sector is witnessing a seasonal surge in freight rates due to peak season and geopolitical factors [6] - The logistics sector is seeing a year-on-year increase in unit prices for major express delivery companies, with a second round of price hikes initiated [6] Summary by Sections Aviation - Demand recovery is evident, with business travel gradually increasing since September, leading to improved revenue margins. The industry is expected to benefit from a tightening supply side and lower fuel costs, resulting in a resonance of income and costs [5][17] - The introduction of new aircraft is expected to remain slow in 2025, with engine maintenance squeezing capacity. The industry is projected to reach historical highs in capacity utilization [5][17] Shipping - Oil shipping rates are on the rise, with the average VLCC-TCE increasing by 8.7% to $86,000 per day. Geopolitical events and OPEC+ production increases are expected to support the oil shipping market [6][22] - The SCFI index for foreign trade shipping has risen by 12.9% to 1,310 points, driven by increased demand and tariff adjustments [6][22] - The BDI index for bulk shipping has increased by 6.9% to 2,069 points, supported by stable overseas mining shipments [6][22] Logistics - The express delivery sector is seeing a year-on-year increase in unit prices, with a second round of price hikes underway. The overall performance of the sector is expected to improve in Q4 and next year [6][36] - The average daily collection volume for postal express services has decreased by 0.7% year-on-year, indicating seasonal effects and price adjustments [6][36]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Repurchase Details - The company plans to repurchase 265,600 shares at a total cost of $5.033 million [1] - The repurchase price is set between $18.87 and $18.99 per share [1]