Core Viewpoint - Zhongtong Express-W (02057.HK) stock price showed strong performance on February 11, 2026, closing at HKD 193.80, marking a new high due to continuous share buybacks, improved industry policy environment, solid fundamentals, and positive market sentiment [1] Group 1: Stock Performance - On February 10, 2026, the company repurchased shares worth approximately USD 15.012 million, with details disclosed the following day. The ongoing share buybacks signal the company's recognition of its own value, helping to support the stock price [2] Group 2: Industry Policy and Environment - Recently, the Ministry of Human Resources and Social Security and six other departments provided administrative guidance on labor for platform companies, including express delivery firms, emphasizing the protection of rights for new employment forms. Such policies are expected to guide the industry from "price competition" to "quality competition," improving overall profit expectations and benefiting leading express delivery companies [3] Group 3: Company Fundamentals - According to institutional analysis, Zhongtong Express maintained growth in business volume in Q3 2025, with strong performance in parcel business. The trend of "anti-involution" has led to improved per-ticket profitability, and market recognition of the optimized competitive landscape and the company's leading position may have driven capital inflow [4] Group 4: Sector Performance - On February 11, the Hong Kong aviation logistics sector saw an overall increase, with the Hang Seng Index also rising, indicating a warm market sentiment that positively influenced individual stocks [5]

Core Viewpoint - The Nanjing Postal Administration has issued a consumer notice regarding the delivery services during the Spring Festival, highlighting the operational adjustments made by various postal and express companies to ensure smooth service during the peak season [1][3]. Group 1: Delivery Operations - The Spring Festival travel rush began on February 2 and will last until March 13, totaling 40 days, leading to a temporary surge in express delivery volume due to promotional activities by e-commerce platforms [1]. - Major express companies have coordinated resources to handle the peak demand, ensuring overall stability in the delivery industry [1]. Group 2: Company-Specific Adjustments - SF Express will maintain operations without interruption, with price increases for large items starting from January 19, and a gradual return to normal operations beginning February 24 [2]. - JD Logistics will operate in core cities and main routes without interruption, with special charges for heavy items from January 19 to February 23, and limited service during the first three days of the new year [2]. - China Post will not implement price increases throughout the year, but will limit service in remote areas from January 1 to 3, with a return to normal by February 8 [2]. - Debon will keep key routes operational, with price increases for certain items from January 19 to February 14, and a full return to normal by February 8 [2]. - YTO Express and Shentong Express will reduce service and suspend operations in remote areas starting January 10, with a gradual recovery expected by February 24 [2]. Group 3: Consumer Advisory - The Nanjing Postal Administration advises consumers to be aware of potential delays due to adverse weather conditions and operational challenges during the Spring Festival, urging understanding and patience [3]. - Consumers are encouraged to consult with postal and express companies before sending items and to stay updated on service arrangements published by these companies [3].

Key Points - A total of 129 stocks reached 52-week highs as of February 11, with notable performers including Lexin Outdoor (02720), Times Universal Group (02310), and Shanghai Qingpu Fire (08115) [1] - Lexin Outdoor achieved a high rate of 34.35%, closing at 38.000 and reaching a peak of 39.500 [1] - Times Universal Group recorded a high rate of 30.56%, with a closing price of 0.078 and a peak of 0.094 [1] - Shanghai Qingpu Fire had a high rate of 27.04%, closing at 9.030 and peaking at 9.020 [1] 52-Week High Rankings - The top three stocks with the highest increase rates are Lexin Outdoor (34.35%), Times Universal Group (30.56%), and Shanghai Qingpu Fire (27.04%) [1] - Other notable stocks include Global Printing (08448) with a 21.84% increase, and Maokai Kwai Chong (01716) with an 18.68% increase [1] - The list includes various companies across different sectors, indicating a broad market interest [1] Additional Stock Performance - The report also highlights stocks that have shown significant increases, such as Jian Tao Laminated Board (01888) with a 13.60% increase and Xingli (Hong Kong) Holdings (00396) with a 12.40% increase [1] - The data reflects a positive trend in the market, with many companies experiencing growth [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, committing to buy back 612,000 shares for a total expenditure of $15.012 million on February 10, 2026 [1] Group 1 - The company plans to repurchase shares as part of its capital management strategy [1] - The total amount allocated for the share buyback is $15.012 million [1] - The number of shares to be repurchased is 612,000 [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, committing to buy back 612,000 shares for a total expenditure of $15.012 million, scheduled for February 10, 2026 [1] Group 1 - The company plans to repurchase shares as part of its capital management strategy [1] - The total amount allocated for the share buyback is $15.012 million [1] - The number of shares to be repurchased is 612,000 [1]

Group 1 - The core point of the article is that ZTO Express (Cayman) Inc. (02057.HK) announced a share buyback on February 10, 2026, spending $15.01 million to repurchase 612,000 shares at a price range of $24.31 to $24.65 per share [1]

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2月11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 ...

Core Viewpoint - The upcoming Spring Festival is expected to create a peak in online consumption and a tight logistics capacity, leading major delivery companies to commit to continuous service during the holiday while also raising delivery fees. Group 1: Delivery Companies' Commitments - Major delivery companies including SF Express, JD Logistics, YTO, Shentong, Zhongtong, and Yunda have announced they will operate during the Spring Festival, promising uninterrupted delivery services [1] - SF Express will charge an additional 3 yuan per order as a "Spring Festival fee" for online orders placed between February 11 and February 24, 2026 [1] - YTO, Shentong, and other major express companies have also committed to "not closing" during the holiday but will implement a "resource adjustment fee" [12] Group 2: Retail Platforms' Fee Adjustments - Fresh retail platforms such as Sam's Club, Hema, Dingdong Maicai, and Yonghui Supermarket have announced service fees ranging from 3 to 6 yuan per order during the Spring Festival [1] - Hema will adjust its delivery fee to a base of 6 yuan per order from February 14 to 21, 2026, while maintaining the same fee structure as previous years for members [1] - Dingdong Maicai will charge an additional 3 yuan service fee for orders placed from February 15 to February 21, 2026 [4] Group 3: Consumer Reactions and Other Platforms - Most consumers have expressed understanding of the additional service fees, with comments in support of the adjustments being prevalent [11] - Platforms like Meituan Waimai, Taobao Shanguo, and JD have announced they will not raise delivery fees for consumers during the Spring Festival, instead investing billions to subsidize riders and frontline employees [12] - Meituan Waimai plans to incentivize riders through cash rewards and benefits, while Taobao Shanguo will invest nearly 2 billion yuan in rider subsidies from February 4 to March 3 [12]

Group 1 - The Ministry of Human Resources and Social Security, along with several other departments, is conducting administrative guidance for 16 companies, including Meituan, Taobao, and Didi, to ensure the rights of new employment form workers are protected [1] - There are currently 84 million new employment form workers in China, playing a significant role in stabilizing employment [1] - The rights protection level for new employment form workers in China has steadily improved through continuous institutional enhancements [1] Group 2 - A new occupational injury insurance model, which charges per order and ensures coverage for each order, has been actively promoted, with 23.25 million people insured by October 2025 [2] - The administrative guidance aims to balance the interests of individual workers, industries, and consumers, requiring ongoing detailed work to protect workers' rights [2] - The timing of the administrative guidance coincides with the Spring Festival, reflecting a humanistic concern for workers who continue to work during this period [2] Group 3 - Companies like Taobao and Didi are providing emotional value to workers through various benefits, such as New Year meals and subsidies, to enhance their well-being [3] - Meituan has organized over 5,000 recognition gatherings and provided welfare packages to riders, demonstrating a commitment to worker appreciation [3] Group 4 - Protecting the rights of new employment form workers is a significant challenge, and larger companies and platforms are expected to take a leading role in this effort [4]

Group 1: Industry Dynamics Tracking - The SCFI composite freight index decreased by 3.8% week-on-week to 1267 points, with specific routes showing varied changes: Shanghai-Europe/Med prices changed by -1.1%/-5.5%, Shanghai-West Coast/East Coast US prices changed by -3.5%/-2.9%, and Shanghai-Southeast Asia prices fell by 4.6% [1][6] - ZTO Express forecasts a revenue range of 48.5 to 50 billion yuan for 2025, with a year-on-year growth of 9.5% to 12.9%, driven by a 13.3% increase in package volume to 38.52 billion pieces [2] - The global air passenger volume is expected to reach 10.2 billion by 2026, with a compound annual growth rate of 3.4% driven by growth in emerging markets [4] Group 2: Financial Instruments and Corporate Actions - ZTO Express plans to issue $1.5 billion in convertible preferred notes, with net proceeds of approximately $1.404 billion, to refinance and repurchase shares, indicating a strategy to enhance shareholder returns [3] - Hongchuan Smart announced a downward revision of the conversion price for its bonds from 14.00 yuan/share to 12.65 yuan/share, effective from February 9, 2026 [3] Group 3: Shipping and Port Operations - The BCTI index increased by 1.6% week-on-week to 903 points, with specific route changes: LR1 Middle East-Japan down by 6.0%, MR-Pacific/Singapore-Australia/Atlantic down by 5.0%/-7.5% and up by 48.8% respectively [8] - China's port cargo throughput increased by 9.63% week-on-week to 281.6 million tons, with container throughput rising by 12.41% to 7.41 million TEU [9] Group 4: Logistics and Transportation - National logistics operations were orderly from January 26 to February 1, with rail freight increasing by 2.27% to 76.11 million tons and highway freight traffic up by 4.75% to 56.83 million vehicles [10] - The demand for express delivery in the e-commerce sector remains resilient, with a positive outlook for companies like SF Express and JD Logistics due to cost control and cyclical recovery [11]