Group 1 - The core point of the article is the resignation of Gao Zunming from his position as an independent non-executive director of ZTO Express (02057.HK), effective December 31, 2025, due to his intention to dedicate more time to other professional commitments [1] Group 2 - Gao Zunming is also a member of the board nomination and corporate governance committee of the company [1]

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） 董事名單及其角色和職能 中通快遞（開曼）有限公司（「本公司」）董事會（「董事會」）成員載列如下。 執行董事 賴梅松先生 （主席） 王吉雷先生 胡紅群先生 獨立非執行董事 魏臻先生 黃沁先生 Herman YU先生 謝芳女士 1 董事會下設四個董事委員會。下表提供本公司各董事於該等委員會中所擔任職務 的資料。 | 董事 | 審計 | 薪酬 | 提名及 公司治理 | 環境、 社會及 | | --- | --- | --- | --- | --- | | | 委員會 | 委員會 | 委員會 | 治理委員會 | | 賴梅松先生 | | | | | | 王吉雷先生 | | | | M | | 胡紅群先生 | | | | M | | 劉星先生 | M | M | | | | 許迪女士 | | | | | | 魏臻先生 | | C | C | | | 黃沁先生 | M | M | M | M | | Herman YU先生 | C | | | | | 謝芳女士 | | ...

中通快遞（開曼）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，高遵明先生 （「高先生」）因計劃投入更多時間於其他專業事務，已提呈辭任本公司獨立非執行 董事、董事會提名及公司治理委員會成員，自2025年12月31日起生效。 高先生已確認彼與董事會並無任何意見分歧，亦無任何有關彼辭任之事宜須提請 本公司股東或香港聯合交易所有限公司垂注。 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） 獨立非執 ...

Core Insights - The express delivery industry is transitioning from a high-growth phase to a focus on efficiency and service competition, indicating a need for independent thinking and adaptation to new challenges [1] - The industry is experiencing a slowdown in growth rates, with the overall business volume growth dropping to 5% in November, down from 20% earlier in the year, suggesting a shift towards a more mature and stable growth phase [3] Group 1: Industry Trends - The "anti-involution" campaign initiated by the State Post Bureau aims to address the industry's low-price competition, leading to improved profitability for express companies, although some frontline outlets still face challenges due to rising costs [2] - The double eleven shopping festival saw a total of 139.38 billion packages collected, marking a 9% increase from the previous year, but the growth rate is slowing, indicating a potential shift in consumer behavior and market saturation [3] - The introduction of tax reporting requirements for online platforms starting October 1, 2025, will expose fraudulent activities such as order brushing, pushing the industry towards compliance and authenticity [5] Group 2: Company Developments - YTO Express launched its strategic hub, the Dongfang Tiandi Port, with an investment of 12.2 billion yuan, marking a significant step in its internationalization strategy and aiming to enhance its competitive edge in the logistics sector [6] - Shentong Express completed the acquisition of Daniao Logistics for 362 million yuan, enhancing its operational capabilities and positioning itself in the "quality express" market while Alibaba shifts its focus towards core strategic areas [7] - JD Logistics and SF Express are expanding their international operations, with JD launching a new self-operated B2C brand in Saudi Arabia and SF establishing international air routes, indicating a strong push towards global market penetration [14] Group 3: Technological Advancements - The integration of AI technologies in the express delivery sector is transforming operations, with applications in route optimization and operational efficiency, exemplified by YTO's "smart routing" system [9] - The rise of robotics in the industry is being observed, with advancements in sorting and delivery processes, although challenges remain in achieving efficiency comparable to human workers [15] Group 4: Market Dynamics - The frequent switching of return logistics among various express companies highlights the competitive nature of the market, with companies vying for the more profitable return business as opposed to standard deliveries [10] - The emergence of "sheep shearing" tactics among consumers exploiting platform loopholes poses a challenge for express companies, necessitating stricter regulations to protect the integrity of the logistics chain [12]

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。 董事會欣然宣佈，於2025年12月29日（交易時段後），本公司訂立持續關連交易 協議，以重續下述持續關連交易，期限自2026年1月1日起至2028年12月31日 止。 香港上市規則的涵義 根據香港上市規則第十四A章，持續關連交易協議的相關交易對手將因下文所載 彼等各自與本公司或其附屬公司的董事或主要股東的關係而被視為本公司的關 連人士。因此，持續關連交易協議及據此擬進行的交易構成本公司的持續關連 交易。 由於參照香港上市規則第14.07條計算的有關持續關連交易協議（於下文進一步 詳述）的年度上限截至2028年12月31日止三個年度各年的最高適用百分比率按 年度基準均超過0.1%但低於5%，因此持續關連交易協議及其項下擬進行的交易 應遵守香港上市規則第十四A章的年度審核、申報及公告規定，惟可豁免遵守通 函及獨立股東批准規定。 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 ...

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it recommends specific companies such as SF Express and China Southern Airlines based on their performance and market conditions [2][4]. Core Views - The express delivery sector shows a year-on-year growth of 5% in November, with some companies benefiting from price increases due to reduced competition. The total express delivery volume reached approximately 180.6 billion pieces, while revenue decreased by 3.7% to 137.65 billion yuan [2]. - In logistics, the chemical transportation prices remained stable, and the report recommends Haichen Co. for its focus on smart logistics and improved demand [3]. - The aviation sector experienced a slight increase in flight operations, with an average of 14,612 flights per day, reflecting a 1.79% year-on-year growth. The report anticipates profit elasticity for airlines due to supply constraints and rising ticket prices [4]. - The shipping sector indicates a mixed performance, with container shipping rates showing a slight increase, while dry bulk shipping rates have decreased. The report highlights the impact of geopolitical events on oil tanker operations [5]. - The road and rail sector shows stable performance, with highway freight traffic increasing by 2.02% week-on-week, and the Daqin Railway reported a 1.75% increase in freight volume [6][89]. Summary by Sections 1. Market Review - The transportation index rose by 1.3% during the week of December 20-26, underperforming the Shanghai Composite Index, which increased by 1.9%. The logistics sector had the highest gain at 5.5%, while the aviation sector saw a decline of 0.7% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The report notes a slowdown in container shipping declines, with support from seasonal demand and long-term contracts. However, it warns of potential downward pressure on rates in January due to increased capacity [24]. - The export container shipping index (CCFI) was reported at 1,146.67 points, up 2.0% week-on-week but down 24.3% year-on-year [25]. 2.2 Aviation and Airports - The civil aviation sector saw a total passenger volume of 60.17 million in November, a 6% increase year-on-year, with domestic routes growing by 5% and international routes by 19% [58]. - The report highlights that airlines are expected to see significant profit increases in Q4 due to high load factors and rising ticket prices [58]. 2.3 Rail and Road - The report indicates that national railway passenger volume reached 331 million in November, a year-on-year increase of 8.94%, while freight volume was 460 million tons, up 1.16% [83]. - The highway freight traffic showed a slight increase, with a total of 55.44 million trucks passing through highways during the week of December 16-21 [89].

Investors with an interest in Transportation - Services stocks have likely encountered both ZTO Express (Cayman) Inc. (ZTO) and TFI International Inc. (TFII) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.Everyone has their own methods for finding great value opportunities, but our model includes pairing an impressive grade in the Value category of our Style Scores system with a strong Zacks Rank. The Zacks Rank favors stocks w ...

Core Viewpoint - The logistics industry is undergoing significant transformation driven by technological advancements and diverse consumer demands, impacting operational efficiency and overall economic vitality [1][6]. Group 1: Industry Overview - The logistics sector is described as a vital component of the economy, influencing both business operations and consumer experiences [1][6]. - Key elements of competition in the logistics industry include supply chain optimization, network layout improvement, service quality enhancement, and data technology application [1][6]. Group 2: Company Highlights - Yunda Holdings, led by Chairman Nie Tengyun, emphasizes technology-driven logistics, advancing digital supply chain construction and optimizing network structure to enhance sorting efficiency and delivery speed [3][10]. - ZTO Express, under Chairman Lai Meisong, reported a package volume of 9.57 billion in Q3 2025, a year-on-year increase of 9.8%, with adjusted net profit rising by 5.0% to RMB 2.51 billion and revenue reaching RMB 11.86 billion, up 11.1% [3][10]. - JD Group, led by Liu Qiangdong, achieved logistics revenue of RMB 55.1 billion in Q3 2025, a 24.1% year-on-year growth, with adjusted net profit of RMB 2.02 billion, driven by overseas business expansion [4][11]. - SF Holding, under Wang Wei, strengthened its position in the high-end logistics market, achieving revenue of RMB 225.26 billion in the first three quarters of 2025, a growth of 8.89%, and a net profit of RMB 8.31 billion, up 9.07% [4][11]. - Cainiao Group, led by CEO Wan Lin, made significant progress in building a global smart logistics network, achieving rapid cross-border transportation and precise delivery, with daily package volume in Latin America showing triple-digit growth [5][12].

Core Insights - The report highlights changes in the Hong Kong Stock Connect holdings, with notable increases and decreases in ownership percentages for various companies [1][2]. Group 1: Increased Holdings - ZTO Express (02057) saw an increase of 0.12%, bringing its latest holding percentage to 11.29% [2]. - Mongolian Mining Corporation (00975) experienced a 0.05% increase, with a current holding of 10.59% [2]. - Xinyi International (00732) had a 0.03% increase, resulting in a holding percentage of 5.17% [2]. - Lion Group (02562) had the largest increase over the last five trading days, with a 9.20% rise to 45.26% [3]. - Junsheng Electronics (00699) increased by 3.59%, reaching a holding of 10.21% [3]. - Cambridge Technology (06166) saw a 3.48% increase, with a current holding of 9.53% [3]. Group 2: Decreased Holdings - Meitu (01357) experienced the largest decrease, with a drop of 0.12% to a holding of 28.62% [2]. - Hang Seng Technology ETF (03032) saw a decrease of 0.01%, resulting in a holding of 14.90% [2]. - MicroPort Scientific Corporation-B (02160) had a significant decrease of 2.81%, bringing its holding down to 1.70% over the last five days [3]. - Yihua Tong (02402) decreased by 1.77%, with a current holding of 21.71% [3]. - Zhongjiao Holdings (00839) saw a reduction of 1.22%, resulting in a holding of 13.76% [3].

Core Viewpoint - ZTO Express (02057) announced the cancellation of 8.9403 million American Depositary Shares corresponding to Class A ordinary shares on December 24, 2025 [1] Company Summary - The company is taking steps to reduce the number of outstanding shares by canceling the repurchased American Depositary Shares [1]