Core Viewpoint - ZTO Express (ZTO.US) shares rose over 3% to $20.70 following a price increase in the express delivery sector in Guangdong Province, which has been confirmed by multiple industry insiders [1] Industry Summary - Starting from August 4, the base price for express delivery in Guangdong has been raised by 0.4 yuan per ticket, with the average price exceeding 1.4 yuan [1] - Companies are required to not charge below a cost price of 14 yuan for collection, with penalties for non-compliance [1] - The State Post Bureau held a meeting on July 29 to address issues such as "involution" competition and illegal charges in rural areas, aiming to maintain a healthy development of the industry [1] Company Summary - Zheshang Securities indicated that with the end of the off-peak season and the upcoming peak season in September, there is potential for broader price stabilization and recovery, which may alleviate pressure on franchise operations [1] - Recently, Shentong Express's acquisition of Daniao marks the beginning of resource consolidation in the express delivery industry under the national anti-involution policy [1] - The State Post Bureau encourages mergers and restructuring among express delivery companies, leading to a healthier industry structure and optimized competitive ecology, which may present sector-wide investment opportunities [1]

Group 1 - ZTO Express (ZTO.US) shares rose over 3% to $20.70 following a price increase in the express delivery sector in Guangdong Province, with the base price raised by 0.4 yuan per ticket, averaging above 1.4 yuan [1] - The National Postal Administration emphasized the need to address "involution" competition and illegal charges in rural areas during a meeting with express delivery companies, aiming to maintain a healthy industry development [1] - With the end of the off-peak season and the upcoming peak season in September, there is an expectation for broader price stabilization and recovery, which may alleviate pressure on franchise operators and improve performance in the express delivery sector [1] Group 2 - Recently, Shentong Express's acquisition of Daniao marks the beginning of resource consolidation in the express delivery industry under the national anti-involution policy, indicating a trend towards healthier industry structure and optimized competitive ecology [1] - The National Postal Administration encourages mergers and acquisitions among express delivery companies, which is expected to create sector-wide investment opportunities in the long term [1]

Market Performance - The Nasdaq China Golden Dragon Index opened slightly higher, currently up over 1% with notable gains in companies such as ZTO Express and Miniso, both rising over 4%, and GDS Holdings up over 3% [1] - The US stock market opened with all three major indices showing gains: the Dow Jones up 0.59%, the Nasdaq up 0.75%, and the S&P 500 up 0.55% [2] - Futures for the three major US indices were also up, with Dow futures rising 0.45%, S&P 500 futures up 0.57%, and Nasdaq futures increasing by 0.73% [3] Company-Specific Movements - Eli Lilly saw a significant drop of over 9%, while Intel and Honda both fell over 2%. In contrast, Apple experienced an increase of over 2% [2] - Intel's pre-market decline expanded to 5% following comments from Trump demanding the resignation of Intel's CEO [3]

智通财经APP获悉，港股今早探底回升，午后涨幅有所扩大，恒生指数成功站上两万五大关。截止收 盘，恒生指数涨0.69%或171点，报25081.63点，全日成交额为2457.48亿港元；恒生国企指数涨0.55%， 报8981.73点；恒生科技指数涨0.26%，报5546.73点。 国泰海通证券指出，年初以来的中国资产重估行情中，港股整体涨幅较A股更为可观，创新药、新消 费、AI应用等方向亮点纷呈。借鉴历史上港股占优行情，该行认为本轮行情或和其中的2012-2014年具 有一定相似性，港股表现强劲源于部分资产更具稀缺性。展望未来，港股稀缺性资产基本面更优，或吸 引南下持续流入，支撑港股继续向上。 蓝筹股表现 至6%，这带来显著的正向经营杠杆、竞争减少和盈利预估的提升。尽管近期表现优异，但如果增长得 以维持，该行认为该行业估值仍偏低。 1. 苹果概念表现亮眼。截至收盘，高伟电子(01415)涨9.62%，报29.86港元；鸿腾精密(06088)涨6.91%， 报3.25港元；舜宇光学(02382)涨3.3%，报76.75港元；蓝思科技(06613)涨2.93%，报21.1港元。 美国当地时间8月6日，苹果公司宣布追 ...

中通快递(ZTO.US)盘前涨超4.2%，报20.8美元；H股今日收涨4.15%，报163.1港元。 （原标题：美股异动｜中通快递盘前涨超4.2% 广东省快递行业开启"反内卷" 底价整体上调0.4元） 消息面上，据南方都市报，8月4日起，广东省快递底价整体上调0.4元/票，均价涨至1.4元以上。按照有 关部门要求，各家均不得低于1.4元成本价揽收，否则将遭受重罚。多位快递企业人士证实了该消 息，"确实是涨价了，0.1kg不能低于1.4元，已经开始了。" 另外，招银国际近日发布研报指，上周国家邮政局与快递运营商的座谈会，加上发改委在新闻发报会中 提出修改价格法的意见，以响应政府高层推进"反内卷"的意愿，这些举措将在未来3-6个月内成为快递 行业的利好催化剂。(格隆汇) ...

Core Insights - Zhongtong Express has successfully launched the first regular unmanned delivery route in Tibet, addressing the challenges of logistics in high-altitude areas [1][2] - The introduction of unmanned vehicles has significantly reduced delivery costs and improved efficiency, with a notable decrease in delivery time for local residents [1][2] - The company plans to expand its unmanned delivery network to cover more towns in the region within the next month [2] Cost and Efficiency Improvements - Previously, manual delivery to remote towns incurred a monthly driver cost of 7,500 yuan and fuel costs of 50 yuan for a 60 km round trip [1] - The investment in two unmanned vehicles totaled 120,000 yuan, with each charge costing only 15 yuan, allowing for three 60 km round trips [1] - Unmanned vehicles have improved delivery frequency, with one vehicle now able to make daily trips, reducing overall delivery time by one hour [1] Technological Impact and Future Plans - The unmanned delivery model is seen as a transformative solution for logistics in extreme environments, with potential applications in similar regions both domestically and internationally [4] - The successful implementation in Tibet serves as a reference for expanding logistics capabilities in other challenging terrains, such as deserts and mountainous areas [4] - Zhongtong Express aims to create a comprehensive highland smart delivery network, enhancing service accessibility for remote communities [2]

Core Viewpoint - Zhongtong Express (02057) has seen a rise of over 4%, currently trading at 163.3 HKD, with a transaction volume of 542 million HKD, following a price increase in the express delivery sector in Guangdong Province [1] Industry Summary - Starting from August 4, the base price for express delivery in Guangdong Province has been raised by 0.4 HKD per ticket, with the average price now exceeding 1.4 HKD [1] - Companies are mandated not to collect below the cost price of 1.4 HKD, with penalties for non-compliance [1] - The National Postal Administration has emphasized the need to address issues such as "involution" competition and illegal charges in rural areas, aiming to maintain a healthy development environment for the industry [1] Company Summary - Zheshang Securities indicates that with the end of the off-peak season and the upcoming peak season in September, there is potential for broader price stabilization and recovery, which may alleviate pressure on franchise operations [1] - Recently, Shentong Express's acquisition of Daniao marks the beginning of resource consolidation in the express delivery industry under the national anti-involution policy [1] - The National Postal Administration encourages mergers and restructuring among express delivery companies, leading to a healthier industry structure and optimized competitive ecology, which may present sector-wide investment opportunities [1]

Core Viewpoint - Zhongtong Express (02057) has seen a rise of over 4%, currently trading at 163.3 HKD, with a transaction volume of 542 million HKD, following a price increase in the express delivery sector in Guangdong Province [1] Industry Summary - Starting from August 4, the base price for express delivery in Guangdong Province has been raised by 0.4 HKD per ticket, with the average price exceeding 1.4 HKD. Companies are mandated not to collect below this cost price, or they will face severe penalties [1] - The National Postal Administration held a meeting on July 29, emphasizing the need to address issues such as "involution" competition and illegal charges in rural areas, aiming to maintain a healthy development environment for the industry [1] Company Summary - Zheshang Securities indicates that with the end of the off-peak season and the upcoming peak season in September, there is potential for broader price stabilization and recovery, which may alleviate pressure on franchise operations and improve performance in the express delivery sector [1] - Recently, Shentong Express's acquisition of Daniao marks the beginning of resource consolidation in the express delivery industry under the national anti-involution policy. In the long term, the National Postal Administration encourages mergers and restructuring among express delivery companies, leading to a healthier industry structure and optimized competitive ecology, which may present sector-wide investment opportunities [1]

Group 1 - Zhongtong Express-W (02057) has seen a rise of over 4%, currently up 4.28% at HKD 163.3, with a trading volume of HKD 542 million [1] - Starting from August 4, the minimum express delivery price in Guangdong Province has been increased by HKD 0.4 per ticket, raising the average price to above HKD 1.4 [1] - The National Postal Administration held a meeting on July 29 to address issues such as "involution" competition and illegal charges in rural areas, emphasizing the need for a healthy development of the industry [1] Group 2 - Zheshang Securities predicts that with the end of the off-peak season and the arrival of the peak season in September, there is potential for broader price stabilization and recovery, which may alleviate pressure on franchise operations [1] - Recently, Shentong Express's acquisition of Daniao marks the beginning of resource consolidation in the express delivery industry under the national anti-involution policy [1] - The National Postal Administration encourages mergers and restructuring among express delivery companies, leading to a healthier industry structure and optimized competitive ecology, which may present sector-wide investment opportunities [1]

Monetary Policy and Economic Outlook - The Central Political Bureau of the Communist Party of China decided to hold the Fourth Plenary Session of the 20th Central Committee in October to discuss the 15th Five-Year Plan for economic and social development, emphasizing the need for stable and flexible policies[5] - The government plans to allocate approximately 90% of the 90 billion yuan budget for childcare subsidies from the central finance[6] Market Trends - The bond market showed signs of recovery, with the yield on the 10-year government bond decreasing by 2.75 basis points to 1.7200%[16] - The U.S. Federal Reserve maintained the federal funds rate at 4.25% to 4.5%, marking the fifth consecutive meeting without changes, while the U.S. GDP grew at an annualized rate of 3% in Q2, surpassing expectations[8][9] Financial Market Performance - The bond market experienced a net cash injection of 158.5 billion yuan on July 30, following a 3,090 billion yuan reverse repurchase operation by the central bank[12] - The weighted average interest rates for various repo transactions showed a downward trend, with DR001 and DR007 rates falling to 1.315% and 1.518%, respectively[13][14] Commodity Prices - International crude oil prices increased, with WTI rising by 1.36% to $70.99 per barrel, while natural gas prices fell by 1.89% to $3.016 per MMBtu[10] Bond Issuance and Trading - The bond auction results indicated a competitive bidding environment, with the 1-year agricultural development bond receiving a bid-to-cover ratio of 2.3[18] - The convertible bond market saw a decline, with major indices dropping, and a total trading volume of 84.376 billion yuan, down by 5.53 billion yuan from the previous day[24]