【#顺丰主动放弃抖音电商退货业务#】据报道，知情人士透露，顺丰并未参与 2026 年抖音电商退货服 务，系其主动放弃该业务市场。后续，抖音电商退货履约将逐步由京东、中通、圆通等物流服务商承 接。行业分析指出，此次变化主要源于顺丰自身业务与战略调整，业务增长压力下，顺丰正持续收缩退 货业务。（36氪） ...

Key Takeaways ZTO benefits from upward EPS estimate revisions, with current-year forecasts raised over the past 60 days. ZTO shares jumped 12.1% in 90 days, easily outperforming the transportation services industry's gains. ZTO saw Q3 parcel volume rise 9.8% Y/Y, with express delivery revenues up 11.6%, lifting overall growth.ZTO Express Cayman (ZTO) is bolstered by its robust operational efficiency. The company’s strong liquidity is also encouraging. Due to these tailwinds, ZTO shares have performed impres ...

抖音退货又切换快递了。 12月16日起，京东物流、中通、圆通、邮政、韵达等多家快递公司，将在不同地区承担其退货业务。 数据显示，抖音电商日均退货量达数百万单，对于急需散单的快递企业来说，这是一块不小的市场蛋糕。面对逆向快递最大来源平台之一，各 大快递此次异常重视抖退业务，竞争也十分激烈。 对于新加入的快递企业而言，想要对标此前顺丰抖音退货"5分钟响应、一小时内核销取件码、当日发出"的服务标准，几乎难上加难。 01 亿豹网发现，在反内卷的大背景下，快递公司抢着做退货生意，核心就一个原因：这钱比正向件好赚多了。总部揽收一个电商件，利润为几分钱，有时甚 至亏钱，但揽收一个退货件，运费尽管一降再降，目前各个平台也有四五元左右，这种高附加值的业务，自然成了香饽饽。 此外，做好退货服务，能直接提升消费者体验，增强用户对快递品牌的粘性。像顺丰、京东物流都推出了专门的"网购退货"入口，还提供折扣和优惠，就 是为了在这个领域建立优势。 有数据显示，目前全国日均退货业务量超2000万件。在传统电商渠道增速放缓的情况下，退货业务作为一个新的增长点，能快速帮助快递公司开拓市场， 缓解业绩压力。 02 亿豹网了解到，抖音电商为提升用户 ...

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

Core Insights - The report emphasizes that domestic demand is recovering ahead of external demand, with a focus on low base effects in 2026, making bottomed-out sectors worth attention [3] - It highlights that upstream sectors are recovering before downstream sectors, with significant demand elasticity expected in early 2026, particularly in bulk supply chains and dry bulk shipping [3] - The report notes that price increases are anticipated before volume growth, with a focus on dry bulk shipping, e-commerce logistics, and airlines benefiting from supply constraints and favorable oil exchange rates [3] Industry Overview - The transportation sector ranked 29th in the market as of December 10, 2025, reflecting significant pressure on fundamentals, with a -1% performance in the Shenwan primary transportation index [18][19] - The report identifies structural opportunities in logistics and shipping, despite the overall economic cycle affecting the sector [20] - It indicates that the transportation sector's performance is closely tied to economic fundamentals, with a notable correlation between ROE and economic cycles [23] Sub-industry Analysis - In logistics, domestic demand is stabilizing while external trade remains robust, with expectations of price increases due to anti-involution policies [11][20] - The airline sector is experiencing improvements in supply and demand, with a focus on capturing opportunities in private airlines and airport duty-free consumption recovery [11][20] - The shipping sector, particularly dry bulk shipping, is highlighted as a cost-effective opportunity for 2026, driven by supply and demand dynamics [11][20] Investment Strategy - The report suggests a strategy of seeking alpha within beta, focusing on sectors with low beta characteristics that are expected to turn around in 2026 [11][20] - It emphasizes the importance of identifying individual stocks within the transportation sector that can outperform the broader market, given the anticipated recovery in demand [11][20] - The report outlines a cautious but optimistic outlook for 2026, with a focus on sectors that have shown resilience and potential for recovery [11][20]

Investors interested in stocks from the Transportation - Services sector have probably already heard of ZTO Express (Cayman) Inc. (ZTO) and TFI International Inc. (TFII) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings e ...

Core Viewpoint - The article discusses the perplexing logistics routes taken by express deliveries in China, highlighting a case where a package of lamb from Gansu to Chengdu took an indirect route via Nanjing, raising questions about efficiency and resource allocation in modern logistics [1][2][3]. Group 1: Logistics Operations - The delivery route for the lamb involved a journey of over 2900 kilometers instead of the direct 600 kilometers, illustrating a complex logistics operation that seems counterintuitive to consumers [1][2]. - The logistics process involves packages being routed through major hubs, such as Nanjing, which serves as a central distribution point for express deliveries in China [5][6]. - The "Y" shaped route taken by the package symbolizes the modern logistics challenges where consumers question the efficiency of such operations despite technological advancements [2][3]. Group 2: Economic Considerations - The logistics companies utilize an "axle-radial distribution model" to consolidate packages at central hubs, which helps in achieving economies of scale and reducing costs [6][7]. - The cost of shipping a single package is significantly higher when not consolidated, emphasizing the need for logistics companies to optimize routes for cost efficiency [8][9]. - The logistics industry's approach to routing is a calculated decision balancing cost, efficiency, and network stability, which may appear irrational to consumers but is strategically sound [7][8]. Group 3: Hub Selection and Strategy - Major logistics companies, including China Post and SF Express, have strategically chosen hub locations based on factors like traffic infrastructure, regional economic potential, and government planning [9][10]. - The establishment of logistics hubs in cities like Nanjing and Hubei is part of a broader national strategy to enhance logistics efficiency across the country [11][12]. - The future of logistics in China aims to create a more interconnected and efficient network that minimizes unnecessary detours while maximizing operational efficiency [12][13].

Momentum investing revolves around the idea of following a stock's recent trend in either direction. In "long context," investors will be essentially be "buying high, but hoping to sell even higher." With this methodology, taking advantage of trends in a stock's price is key; once a stock establishes a course, it is more than likely to continue moving that way. The goal is that once a stock heads down a fixed path, it will lead to timely and profitable trades.Even though momentum is a popular stock characte ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - Crude oil freight rates have declined from high levels, with mixed changes in ocean freight rates. The China Import Crude Oil Composite Index (CTFI) was reported at 2321.90 points on December 4, down 7.9% from November 27. The VLCC market has seen transactions at major loading ports, with shipowners trying to maintain price levels despite a cooling market [3][14] - China Eastern Airlines has launched the world's longest one-way flight route from Shanghai to Buenos Aires, reducing travel time by over 4 hours. Additionally, a ton-class eVTOL was included in urban firefighting drills for the first time [3][16] - In November, China's express delivery volume exceeded 180 billion items for the first time, marking a new record. The first full schedule China-Europe freight train departed from Shijiazhuang [3][24] Summary by Sections Industry Hot Events - Crude oil freight rates have decreased, with the Middle East route showing a 9.76% drop. The Shanghai port's export rates to Europe and the US have also seen declines of 0.3%, 5.0%, and 4.7% respectively [14][15] - The launch of the longest flight route by China Eastern Airlines connects Shanghai to Buenos Aires, significantly shortening travel time [16][17] - The express delivery volume in China reached a record high of 180 billion items in November, reflecting strong economic vitality [24][26] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 5721.00 points, up 2.4% year-on-year [28] - Domestic freight flight numbers decreased by 2.03% year-on-year in November, while international flights increased by 14.88% [30] - The SCFI index for container shipping was reported at 1397.63 points, down 0.39% week-on-week and down 38.06% year-on-year [37] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream [5] - Investment opportunities in low-altitude economy trends, recommending CITIC Offshore Helicopter [5] - Opportunities in the highway and railway sectors, recommending Gansu Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Shares [5] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [5] - Opportunities in the aviation sector, recommending Air China, China Southern Airlines, and others [5]

中通快递在电商快递行业中具有显著的竞争优势，主要体现在以下几个方面： 1. 市场份额：根据 2023 年的数据，中通的市场份额达到 22.9%，领先于 其他竞争对手。虽然与第二名圆通的差距仅为 4 个百分点，但从整体市 占率来看，中通明显处于第一梯队，而其他公司则分布在第二和第三梯 队。 2. 单票盈利：中通的单票盈利能力显著高于其他公司。2023 年数据显示， 中通与圆通相比，单票盈利几乎有一倍左右的差距。这表明中通在每一 票业务上的净利润远高于竞争对手。 3. 客户溢价支付意愿：中通客户愿意支付更高的服务溢价，这反映了其服 务质量和客户满意度较高。尽管与顺丰、京东等完全直营模式的公司相 比存在一定差距，但在纯加盟制快递公司中，中通长期保持服务排名第 一。 4. 运营成本控制：中通在单票核心成本控制方面表现出色。2023 年数据 显示，中通的单票合计成本为 0.7 元，低于圆通（0.75 元）和韵达 （0.8 元以上）。这得益于其精细化管理和规模效应，使得其运营效率 更高。 中通快递 20251207 摘要 中通快递以显著优势领先市场，虽与圆通差距仅 4%，但整体市占率稳 居第一梯队，远超其他竞争者，奠定其 ...