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 ...

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]

Summary of Zhongtong Express Conference Call Company Overview - **Company**: Zhongtong Express - **Industry**: Express Delivery and Logistics Key Points and Arguments Industry Dynamics - The express delivery industry is undergoing significant changes due to the end of "involution" and the comprehensive compliance of e-commerce taxes, leading to a more concentrated market share among leading companies [1][10] - The industry is transitioning from a high-growth phase to a mature stage, with growth rates declining to single digits for the first time in history [18][23] Zhongtong's Historical Performance - Zhongtong became the largest private express company in China in October 2016 and has maintained the highest market share for eight consecutive years [2][19] - Key factors for Zhongtong's rise include the implementation of a paid delivery fee system and the direct management of transfer centers, which transformed relationships with franchisees [2][3] Competitive Advantages - Zhongtong's core competitive advantages stem from effective cost control, management of franchisees, and a robust incentive mechanism for employees [1][5] - The company has invested heavily in infrastructure, including automated sorting technology and direct management of transfer centers, leading to significant improvements in operational efficiency [4][9] Recent Challenges - In 2024 and Q1 2025, Zhongtong experienced a temporary decline in market share due to intensified competition and a strategic shift towards balancing service quality and profitability over sheer volume [10][11] - The overall e-commerce landscape has become increasingly competitive, with platforms engaging in price wars that devalue package worth, impacting Zhongtong's business [11][12] Strategic Shifts - Zhongtong is shifting its focus from volume-driven growth to a balanced approach that emphasizes service quality and profitability [13][14] - The company has seen a 40% year-on-year increase in its high-margin single-item business, indicating the effectiveness of its differentiated competitive strategy [14] Future Outlook - The express delivery market is expected to return to a state where leading companies regain market share as the industry stabilizes and competition rationalizes [15][18] - Zhongtong's strong financial position, with a cash flow of 30 billion and a debt ratio below 30%, allows for increased shareholder returns through dividends and buybacks [19][23] - The company anticipates a 10% to 15% growth in performance, supported by a favorable competitive landscape and a potential valuation recovery to 15 times PE [23] Investment Recommendations - The report recommends Zhongtong as a strong investment opportunity, highlighting its potential for market share, profit, and valuation growth [23] Additional Important Information - The company has established a network of over 90,000 outlets and is exploring direct delivery models to reduce costs further [20][21] - Zhongtong's diversified investments in cold chain logistics and air freight are positioned to enhance its competitive edge [22] This summary encapsulates the key insights from the conference call regarding Zhongtong Express and the express delivery industry, emphasizing the company's historical performance, competitive advantages, recent challenges, strategic shifts, and future outlook.

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].

Investment Rating - The report maintains a rating of "Buy" for the transportation sector [5] Core Insights - The dry bulk freight rates have unexpectedly rebounded during the off-season, with significant increases noted in large vessels. The VLCC market saw a rise in freight rates due to geopolitical risks and strong demand for commodities like iron ore and grain [1][2] - The report highlights key companies to watch, including China Merchants Energy, COSCO Shipping Energy, Haitong Development, COSCO Shipping International, and CIMC Enric [1][2] Summary by Sections Weekly Insights and Market Review - The VLCC freight rates surged again, while dry bulk freight rates showed an unexpected off-season recovery, particularly for larger vessels. The BDI index reached 2148 points on January 30, with the BCI at 3507 points [1][2] - The transportation sector index fell by 1.40%, underperforming the Shanghai Composite Index by 0.96 percentage points. The top-performing segments were shipping, ports, and highways, with gains of 2.19%, 1.42%, and 0.10% respectively [21][22] Travel - Domestic flight ticket bookings for the upcoming Spring Festival exceeded 7.16 million, reflecting a 16% increase compared to the previous year. The report remains optimistic about the long-term outlook for the aviation sector due to recovering demand and supportive policies [3][13] Shipping and Ports - The VLCC market is experiencing a resurgence in freight rates, with the index for oil transport from the Persian Gulf to China rising to WS137.2 points, an increase of 42.6 points from the previous day. The dry bulk freight rates are also on the rise, supported by strong demand for iron ore and grain [14][15] - Key companies in the shipping sector include China Merchants Energy and COSCO Shipping International, which are expected to benefit from the current market dynamics [17] Logistics - The report identifies two main investment themes in the express delivery sector: the overseas expansion driven by the rapid growth of e-commerce and the internal competition dynamics that favor leading companies. Recommended stocks include ZTO Express, YTO Express, and Shunfeng Express [19][20]

Investment Rating - The report recommends a positive outlook for the logistics and transportation sector, particularly highlighting companies like SF Holding and China National Aviation [2][4]. Core Insights - The express delivery sector saw a year-on-year growth of 2.3% in December, with major companies benefiting from price increases amid reduced competition [2]. - The logistics sector is experiencing a recovery in demand, with a recommendation for Haicheng Co. due to its focus on smart logistics [3]. - The aviation sector is expected to see improved profitability as supply constraints ease, with recommendations for China National Aviation and Southern Airlines [4]. Summary by Sections Transportation Market Review - The transportation index fell by 1.3% during the week of January 24-30, 2026, while the Shanghai and Shenzhen 300 index rose by 0.1%, indicating underperformance against the broader market [12]. Industry Fundamentals Tracking Shipping Ports - The shipping market is adjusting, with the China Export Container Freight Index (CCFI) at 1175.59 points, down 2.7% week-on-week and down 21.9% year-on-year [21]. - The dry bulk shipping index (BDI) increased by 14.2% week-on-week, indicating a positive trend in dry bulk demand [34]. Aviation Airports - In December 2025, civil aviation passenger volume reached 60.6 million, a 6% year-on-year increase, with domestic routes showing strong performance [53]. - Major airlines are expected to improve profitability, with China National Airlines and Southern Airlines highlighted for their potential [4]. Rail and Road - National railway passenger volume increased by 8.52% year-on-year in December 2025, while road freight volume showed a slight increase of 0.62% [72]. - The report notes a decline in truck traffic on highways, with a 3.32% decrease week-on-week [34]. Recommendations - The report recommends investing in SF Holding for its valuation and resilience, and in Haicheng Co. for its smart logistics initiatives [2][3]. - The aviation sector is also recommended for investment, particularly in China National Aviation and Southern Airlines due to expected profit recovery [4].

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [3]. Core Insights - Geopolitical tensions are driving up oil shipping rates, while the dry bulk shipping market shows signs of improvement. The report suggests focusing on oil tanker and dry bulk stocks for 2026, including companies like COSCO Shipping Energy and China Merchants Energy [6][11][16]. - The logistics sector is experiencing a decline in air freight prices, with a week-on-week decrease of 3.9% but a year-on-year increase of 0.7% [2][29]. - The report highlights a positive trend in the infrastructure sector, recommending investments in stable cash flow assets like ports, which are currently undervalued [18]. - The aviation sector is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [27][28]. - The express delivery industry is projected to see a slowdown in growth rates, with a forecasted return to mid-to-high single-digit growth in 2026 after a strong performance in 2025 [20]. Shipping Sector Summary - The shipping industry is facing a mixed outlook, with container shipping rates under pressure due to seasonal declines in shipping volumes. The SCFI index for the East America route dropped by 10% this week [11][35]. - Oil tanker rates are influenced by geopolitical risks, particularly in the Middle East, with VLCC rates showing a year-on-year increase of 29% [13][16]. - The dry bulk index (BDI) has risen by 21.9% this week, indicating a recovery in the dry bulk market driven by improved demand for iron ore and grain shipments [16][51]. Infrastructure Sector Summary - Weekly data shows a decrease in truck traffic by 3.3% week-on-week but a significant year-on-year increase of 38.4%. Rail freight volumes also showed a slight year-on-year growth of 1.2% despite a week-on-week decline [17][18]. - The report recommends focusing on high-quality infrastructure stocks, particularly in the port sector, which is seen as a stable investment opportunity [18]. Express Delivery Sector Summary - The express delivery market saw a total volume of 1.99 billion packages in 2025, with a year-on-year growth of 13.7%. However, growth is expected to slow in 2026 [19][20]. - The competitive landscape is gradually improving, with major players like SF Express expected to benefit from operational adjustments and profit growth in 2026 [20]. Aviation Sector Summary - The aviation sector is currently experiencing a temporary decline in passenger volumes due to the timing of the Spring Festival, with a year-on-year decrease of 3.5% in passenger numbers [27]. - The report anticipates that 2026 will be a pivotal year for the aviation industry, with potential profitability improvements driven by better supply-demand conditions and lower fuel costs [28].