Company Performance - ZTO Express (02057.HK) has seen a strong stock price performance, reaching a new high, driven by multiple factors including share buybacks totaling approximately $15.01 million and $15.26 million for 612,400 shares, signaling management's confidence in the company's intrinsic value [1] - Moody's assigned ZTO Express an "A3" issuer rating and an "A3" senior unsecured rating for its proposed convertible bonds, with a stable outlook, reflecting the company's leading market position, strong financial metrics, and prudent financial policies [4] Industry Policy and Environment - Recent administrative guidance from the Ministry of Human Resources and Social Security and six other departments emphasizes the protection of labor rights for new employment forms, which is expected to shift the industry from "price competition" to "quality competition," improving overall profitability and benefiting leading companies like ZTO [2] Business Fundamentals - According to institutional analysis, ZTO Express maintained growth in business volume in Q3 2025, with strong performance in its parcel business and improved single-ticket profitability due to a "de-involution" trend. The company expects total revenue for 2025 to be between 48.5 billion and 50 billion RMB, representing a year-on-year growth of 9.5% to 12.9%, with parcel volume reaching 38.52 billion pieces, a 13.3% increase [3] Sector Performance - On February 11, the Hong Kong aviation logistics sector saw an overall increase, with the Hang Seng Index rising, positively impacting individual stocks. From January 2 to February 13, ZTO Express's stock rose by 18.24%, reaching a peak price of 196.10 HKD [5]

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [34]. Core Insights - The express delivery industry is experiencing a divergence in growth rates among brands, with leading companies like Shentong and Yunda showing significant growth in January. Shentong's single ticket revenue increased by 14.1% year-on-year, while Yunda's grew by 6.4% [3][11]. - The report highlights the strong performance of YTO Express, which continues to lead in growth despite a general slowdown in the industry. The company is expected to maintain its competitive edge [4]. - The report emphasizes the potential of Jitu Express in Southeast Asia, projecting a 74% year-on-year increase in daily parcel volume by Q4 2025, indicating high growth potential in new markets [4]. Summary by Sections January Data Overview - In January, the parcel volume growth rates were as follows: YTO (29.8%), Shentong (25.6%), Yunda (10.8%), and SF Express (4.2%). Shentong's revenue growth was the highest at 43.3% year-on-year [8][11]. - Single ticket revenues for January were reported as follows: Shentong at 2.35 CNY, Yunda at 2.15 CNY, YTO at 2.25 CNY, and SF Express at 14.72 CNY [3][11]. Investment Recommendations - The report continues to recommend investment in Zhongtong and YTO due to their improved market positions and low valuations. It also sees potential in Shentong due to its significant earnings elasticity [4]. - SF Express is viewed positively, with a focus on its "Gain Plan" to optimize structure and enhance collaboration with Jitu Express, which is expected to yield future benefits [4].

行业政策与环境 近期，人社部等七部门对包括快递企业在内的平台企业开展用工行政指导，强调保障新就业形态劳动者 权益。此类政策有助于引导行业从"价格竞争"转向"质量竞争"，改善整体盈利预期，利好中通等龙头企 业。 经济观察网 根据公开信息，中通快递-W（02057.HK）股价在近期（截至2026年2月11日）创出阶段性 新高，主要受以下几方面因素推动： 股价与资金表现 公司于2026年2月4日斥资约32.69亿港元回购1825.44万股，并于2月10日及11日连续在美国市场回购美国 存托股份（ADR）。持续的股份回购向市场传递了管理层对公司内在价值的认可，对股价形成直接支 撑。 2026年2月11日，港股航空物流板块整体上涨，恒生指数收涨，市场情绪偏暖对个股形成带动。南向资 金在近期也呈现净流入态势，反映资金对港股快递板块的关注度提升。 以上内容基于公开资料整理，不构成投资建议。 公司基本面 根据机构分析，中通快递在2025年第三季度业务量保持增长，散件业务表现强劲，"反内卷"趋势带动单 票盈利环比改善。公司2025年全年业绩预估显示，收入预计达485-500亿元，同比增长9.5%-12.9%；包 裹量385.2 ...

责任编辑：卢昱君 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 热点栏目 自选股 数据中心 行情中心 资金流向 模拟交易 客户端 中通快递-W（02057）发布公告，于2026年2月12日，该公司斥资1499.55万美元回购61.24万股。 客户端 中通快递-W（02057）发布公告，于2026年2月12日，该公司斥资1499.55万美元回购61.24万股。 责任编辑：卢昱君 ...

中通快递-W(02057)发布公告，于2026年2月12日，该公司斥资1499.55万美元回购61.24万股。 ...

智通财经APP讯，中通快递-W(02057)发布公告，于2026年2月12日，该公司斥资1499.55万美元回购 61.24万股。 ...

FF305 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 | | | 佔有關事件前的現有已發 | | | 每股發行/出售價 (註4) | 已發行股份總數 | | | | | 已發行股份（不包括庫存股份）數 | | 行股份（不包括庫存股 | | 庫存股份數目 | | ...

Financial Performance - The company estimates its total revenue for the year 2025 to be between 48.5 billion and 50 billion RMB, representing a growth of approximately 9.5% to 12.9% compared to 2024 [2] - The parcel volume is expected to reach 38.52 billion pieces, showing a year-on-year increase of 13.3%, although gross profit is projected to decrease by 8.5% to 11.4% [2] Capital Actions - On February 5, 2026, the company announced plans to issue $1.5 billion in convertible bonds at a premium of approximately 37.5% [3] - Citigroup analysts noted that the company still has $700 million in share repurchase capacity as of September 2025, which may lead to a resumption of the repurchase plan during future earnings releases [3] Industry Environment - Recent favorable changes in industry policy have emerged, with the Ministry of Human Resources and Social Security and six other departments providing guidance on labor practices for express delivery companies, emphasizing the protection of workers' rights [4] - This shift from "price competition" to "quality competition" may improve the profit outlook for leading companies in the sector [4] - The company's stock price closed at 193.80 HKD on February 11, 2026, reaching a new high, supported by ongoing share repurchases and solid fundamentals [4]

Group 1 - The company ZTO Express (02057) announced a share repurchase plan, intending to buy back 612,400 shares at a cost of $15.2555 million [2][4]

Group 1 - The core point of the article is that ZTO Express (Cayman) Inc. announced a share repurchase plan, spending $15.2555 million to buy back 612,400 shares on February 11, 2026 [1] Group 2 - The company is actively engaging in share repurchase, indicating confidence in its financial position and future prospects [1] - The repurchase of shares may positively impact the stock price by reducing the number of shares outstanding, potentially increasing earnings per share [1]