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（「中通」或「本公司」）今日宣佈，擬根據1933年美國證 券法（經修訂）（「證券法」）S規例，在美國境外進行的離岸交易中向屬「合資格機 構買家」（定義見1933年美國證券法第144A條）的非美國人士發售（「票據發售事 項」）本金額合共15億美元的2031年到期的可換股優先票據（「票據」），視乎市況及 其他因素而定。 本公司計劃將票據發售事項所得款項淨額（扣除聯席賬簿管理人佣金及估計發售 費用後）用於以下用途：(i)用於再融資， ...

Core Viewpoint - ZTO Express (Cayman) Inc. announced a proposed offering of US$1.5 billion in convertible senior notes due 2031, aimed at refinancing and share repurchase programs, subject to market conditions [1][2]. Group 1: Notes Offering Details - The offering consists of US$1.5 billion in aggregate principal amount of convertible senior notes, which will be offered to non-U.S. persons as "qualified institutional buyers" [1]. - The notes will mature on March 1, 2031, and holders may convert them after a compliance period of 40 days from the original issuance [1][2]. - The company plans to use the net proceeds for refinancing, share repurchases, and general corporate purposes [1][2]. Group 2: Redemption and Repurchase Options - The company may redeem the notes for cash if less than 10% of the original principal amount remains outstanding or due to certain tax law changes [1]. - Holders have the option to require the company to repurchase any notes in the event of a "fundamental change" and can also request repurchase on March 1, 2029 [1][2]. Group 3: Concurrent Share Repurchase - Concurrently with the notes offering, the company plans to repurchase Class A ordinary shares from certain purchasers of the notes to facilitate initial hedging [2]. - The repurchase will be made at the closing price of the Class A ordinary share on the Hong Kong Stock Exchange on February 4, 2026 [2]. - The repurchase is expected to offset potential dilution to the holders of the company's ordinary shares upon conversion of the notes [2]. Group 4: Capped Call Transactions - The company expects to enter into capped call transactions to reduce potential dilution upon conversion of the notes [1][2]. - These transactions may involve purchasing hedges in privately negotiated transactions, which could affect the market price of the company's shares and notes [2]. Group 5: Company Overview - ZTO Express is a leading express delivery company in China, providing services through a scalable network partner model to support e-commerce growth [2]. - The company controls critical line-haul transportation and sorting networks while leveraging network partners for pickup and last-mile delivery [2].

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） 內幕消息 2025年全年若干初步估計財務業績 本公告乃由中通快遞（開曼）有限公司（「本公司」）根據《香港聯合交易所有限公司 證券上市規則》（「上市規則」）第13.09(2)(a)條及第13.10B條以及《證券及期貨條 例》（第571章）第XIVA部刊發。 本公司謹此向本公司股東及潛在投資者提供2025年全年的若干初步估計財務業 績。根據目前所得資料 ...

Core Viewpoint - ZTO Express (Cayman) Inc. anticipates significant growth in total revenues and parcel volumes for the year 2025, driven by the increasing demand for express delivery services in China [1]. Financial Estimates - The estimated total revenues for 2025 are projected to range from RMB48,500.0 million to RMB50,000.0 million, reflecting an increase of approximately 9.5% to 12.9% from RMB44,280.7 million in 2024 [7]. - The estimated gross profit for 2025 is expected to range from RMB12,150.0 million to RMB12,550.0 million, indicating a decrease of approximately 8.5% to 11.4% from RMB13,717.1 million in 2024 [7]. - The company estimates parcel volumes will rise from 34.01 billion in 2024 to 38.52 billion in 2025, representing a year-over-year increase of 13.3% [1]. Company Overview - ZTO Express is recognized as a leading and fast-growing express delivery company in China, providing a wide range of logistics services through a reliable nationwide network [4]. - The company operates a scalable network partner model, which supports the growth of e-commerce in China by leveraging partners for pickup and last-mile delivery while managing critical transportation and sorting operations [5].

Group 1: Domestic News - The 2026 Central Document was released, focusing on agricultural modernization and rural revitalization, emphasizing the need for reforms in rural collective property rights and controlling new village-level debts [2] - The document encourages the use of special bonds and long-term treasury bonds to support major projects in agriculture and rural areas, enhancing the effectiveness of financial support for agriculture [2] Group 2: Monetary Policy - The central bank announced an increase in the amount of 3-month reverse repos, conducting an operation of 800 billion yuan, resulting in a net injection of 100 billion yuan after accounting for maturing repos [3] - The central bank's Shanghai headquarters is actively promoting financial reforms in the free trade zone, aiming to enhance cross-border financial services and the convenience of cross-border RMB business [3] Group 3: International News - The U.S. House of Representatives approved a funding bill to end a partial government shutdown, with a vote of 217 to 214, sending the bill to the President for signature [4] - Despite the approval, a funding shortfall risk remains, particularly for the Department of Homeland Security, which has funding only until February 13 [4] Group 4: Commodity Market - International crude oil prices rose, with WTI crude up 1.72% to $63.21 per barrel and Brent crude up 1.56% to $67.33 per barrel [5] - Gold futures increased by 6.94% to $4975.30 per ounce, while natural gas prices rose by 3.49% to $3.377 per million British thermal units [5] Group 5: Bond Market Dynamics - The bond market showed mixed performance, with short-term bonds weaker and medium to long-term bonds slightly stronger; the yield on the 10-year government bond fell by 0.40 basis points to 1.8110% [9] - The central bank conducted a 7-day reverse repo operation with a total of 1055 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 2965 billion yuan due to maturing repos [6][7] Group 6: Credit Bonds - No credit bonds showed price deviations exceeding 10% on February 3, indicating stable trading conditions in the secondary market [11] - Companies like Zhongjun Group and Yida China are facing financial difficulties, with Zhongjun unable to repay a bond and Yida receiving a lawsuit for debt recovery [11][12] Group 7: Convertible Bonds - The convertible bond market saw a collective rebound, with major indices rising between 2.51% and 2.79%, and trading volume increasing significantly [13] - Notable individual bonds like Baichuan Convertible Bond surged over 17%, while some bonds experienced declines, such as Huazheng Convertible Bond, which fell over 4% [14] Group 8: Overseas Bond Market - U.S. Treasury yields showed mixed movements, with the 10-year yield down 1 basis point to 4.28%, while the 2-year yield remained unchanged at 3.57% [16] - European government bond yields generally increased, with Germany's 10-year yield rising by 2 basis points to 2.89% [18]

鲁斯嘉 长江证券交运分析师: 尊敬的各位投资者，大家晚上好，我是长江交运韩云超团队的卢思佳。今天晚上给大家来 汇报一下我们近期发布的中通快递深度报告。中道豫州稳潮头，通达全网筑壁垒。那么在 25 年快递行业经历了反内卷之后，我们觉得电商的生态其实发生了非常大的转变。那么无 论是电商税的这个全面的合规征收，还是快递行业的这种反内卷，那么都让快递的这个格 局产生了非常深远的这种影响。那么展望未来，我们觉得快递行业将重新进入到一个份额 加速向头部集中的这么一个状态。 那么对于快递行业目前的龙头老大中通来讲，过去的股价一直处在被低估的状态。那么我 们觉得随着份额重新向头部集中，中通将迎来一个份额、利润以及估值三个维度的这种三 基，那么在这个时间点上，给大家做一下重大的这个推荐。那么这篇报告主要分成三个部 分。第一个是对中通过去的发展历史，做一个简单的回顾，去看一下中通在过去究竟凭借 什么从行业当中最年轻的一家公司，一跃成为行业的领头羊。第二个，是在过去两年，24 年以及 25 年的一季度，那么中通为什么份额出现了阶段性的回落？ 以及第三块，那么随着外部竞争环境的变化，中通的龙头优势将重新再次回归。那么首先 第一个，我 ...

据了解，依托朝阳区"3+N"工会组织服务体系，46家基层工会每周在职工密集区域常态化"摆摊设点"宣 传入会、提供服务，打通街乡工会、社区（村）和商务楼宇联合工会、企业工会三级资源，实现横向覆 盖。与此同时，在美团、饿了么、货拉拉、中通四家头部平台建会的基础上发挥企业示范引领作用，通 过平台宣传动员未入会新就业形态劳动者按点位信息就近参与职工沟通会，与地方工会建立数据共享机 制，逐步施行"入职即入会"，实现纵向覆盖。 针对平台企业职工工作分散、流动性强的特点，朝阳区总工会创新实施跨区域联动，协调有办公点的街 乡工会同步开展平台企业专属职工沟通会，开辟网上入会、指尖入会渠道，联合平台企业工会提前在系 统内部推送预热。2025年一次性推动美团旗下4家关联公司建立工会组织。 转自：劳动午报 本报讯 （记者 刘欣欣） 近年来，朝阳区总工会聚焦平台企业职工入会难题，以市级职工沟通会为契机 整合企业资源与工会服务，以"共建、共享、共赢"为理念积极探索工作新模式，吸引新就业形态劳动者 广泛入会，实现企业发展与职工成长的双向赋能。 （来源：劳动午报） 2025年，朝阳区各级工会组织累计召开企业沟通会3695场，职工沟通会235 ...

第 1 頁 共 11 頁 v 1.2.0 | 3. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | B類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | | | USD | | | | 本月底結存 | | | 1,000,000,000 | ...

中通快递 20260201 摘要 中通快递通过"同建共享"理念，将网络合作伙伴转变为股东，形成利 益共同体，有效提升了整体网络管理效率，并为后续转运中心自动化升 级奠定了基础。创始人赖梅松持股比例为 26.4%，体现了该理念。 2016 年至 2025 年前三季度，中通累计资本开支超过 570 亿元，显著 领先于竞争对手。2025 年前三季度资本开支约 43 亿元，主要用于设备、 土地、车队扩展及设施升级。截至 2025 年第三季度，拥有超 1 万辆自 有干线运输车队和 761 套自动化分拣设备。 中通快递市场份额总体保持增长趋势，2024 年虽有阶段性回落，但 2025 年下半年起，随着行业反内卷和跨境价格回升，以及电商平台合 规监管强化，中通凭借其品牌和服务优势，市场份额逐步恢复并提升。 中通通过扩充自有运输车辆、优化运输路线和车辆调度，以及升级自动 分拣技术，显著降低了单票运输和分拣成本。单票运输成本从 2016 年 的 0.83 元降至 2025 年前三季度的 0.36 元，单票分拣成本从 2016 年 的 0.43 元降至 2025 年前三季度的 0.225 元。 Q&A 中通快递在业务量和服务质量 ...

Investment Rating - The report maintains a "Recommended" rating for the transportation industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - Geopolitical factors are driving up VLCC freight rates, with the Clarksons VLCC-TCE index rising to $116,000 per day, a week-on-week increase of 17%. The Middle East to China route is reported at $127,000 per day, up 27% week-on-week [1][10]. - The BDI index is showing resilience during the off-season, closing at 2148 points, a week-on-week increase of 21.9%. The average BDI for January is reported at 1759 points, a year-on-year increase of 89% [2][23][24]. Summary by Sections Oil Transportation - The ongoing tensions between the US and Iran have led to an increase in VLCC freight rates, with the market showing signs of weakness as the supply of cargo from the Middle East is tapering off [1][10]. - The Brent crude oil futures price has risen to $69.83 per barrel, a 9.6% increase since January 22, driven by concerns over potential disruptions in Middle Eastern oil supply [2][11]. Dry Bulk Transportation - The BDI index has shown strong performance despite seasonal trends, with significant increases in various sub-indices: BCI up 35.8%, BPI up 8.1%, BSI up 4.0%, and BHSI up 3.0% week-on-week [2][23]. - The report highlights that the supply side is constrained due to recent storms affecting shipping schedules, while demand remains robust due to favorable weather conditions for iron ore exports from Brazil [3][24]. Investment Recommendations - The report suggests a positive outlook for both oil and dry bulk markets, recommending companies such as China Merchants Energy and COSCO Shipping for oil transportation, and Haitong Development and Pacific Shipping for dry bulk [7][28]. - The report emphasizes the importance of performance elasticity and dividend value in the transportation sector, particularly in aviation and shipping [7][62].