Core Viewpoint - ZTO Express (Cayman) Inc. has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook on its earnings estimates, which is a significant factor influencing stock prices [1][4]. Earnings Estimates and Revisions - The Zacks rating system is based solely on a company's changing earnings picture, with the Zacks Consensus Estimate tracking EPS estimates from sell-side analysts [2]. - The recent upgrade reflects a 6.2% increase in the Zacks Consensus Estimate for ZTO Express over the past three months, with expected earnings of $1.64 per share for the fiscal year ending December 2025, unchanged from the previous year [9]. Impact on Stock Prices - Changes in earnings estimates are strongly correlated with near-term stock price movements, as institutional investors adjust their valuations based on these estimates, leading to buying or selling actions that affect stock prices [5]. - The upgrade to Zacks Rank 1 positions ZTO Express in the top 5% of Zacks-covered stocks, suggesting potential for higher stock prices in the near term due to improved earnings outlook [11]. Zacks Rank System - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of Zacks Rank 1 stocks generating an average annual return of +25% since 1988 [8]. - The system maintains a balanced distribution of ratings, ensuring that only the top 5% of stocks receive a "Strong Buy" rating, indicating superior earnings estimate revisions [10].

Investment Rating - The report maintains a positive outlook on the Robovan sector, particularly emphasizing the potential of L4 RoboX technology in 2026 [3]. Core Insights - The 2026 smart technology landscape differs from previous years, focusing more on AI logic and software opportunities rather than hardware and consumer sales [3]. - Key catalysts for Robovan's growth include model iterations, increased RoboX deployments, and supportive policy developments [3]. - The report highlights the successful penetration of Robovan in the express delivery sector, with expectations for expansion into fast-moving consumer goods, durable goods, and chain restaurant applications [3]. - Investment recommendations suggest a strong focus on L4 RoboX as a primary investment theme for 2026 [3]. Summary by Sections Industry Overview - The report draws parallels between the current AI-driven transformation in transportation and the previous 4G mobile internet wave, noting that AI will enhance hardware capabilities and replace existing transportation methods [4][12]. - The report identifies Robovan as a key player in urban logistics, with significant potential for replacing traditional delivery vehicles [4][12]. Robovan Market Dynamics - Robovan's successful deployment in express delivery has led to approximately 27,000 units delivered in the first 11 months of 2025, primarily in the express sector [3]. - The report outlines the expected growth of Robovan in various logistics scenarios, including fast-moving consumer goods and durable goods delivery [3][46]. Technological Advancements - The report discusses the technological advancements in Robovan, including hardware and algorithm improvements that reduce costs and enhance operational efficiency [23][24]. - It emphasizes the importance of a robust supply chain and the integration of AI technologies to facilitate Robovan's commercial viability [23][24]. Policy Support - The report highlights ongoing government support for Robovan technology, with numerous policies aimed at facilitating the deployment and commercialization of autonomous delivery vehicles [12][19]. - It notes that over 250 cities have opened public road rights for Robovan, indicating a favorable regulatory environment for growth [20]. Market Potential - The urban delivery market is projected to reach 1.4292 trillion yuan in 2022, with Robovan expected to capture a significant share due to its efficiency in the supply chain [56]. - The report identifies that 64% of the urban delivery market consists of scenarios suitable for Robovan, indicating substantial growth opportunities [56].

Core Insights - Zhongtong Express is a leading and rapidly growing express delivery company in China, emphasizing service quality and balanced development strategies for 2026 [1][2] Group 1: Company Performance - In 2025, Zhongtong Express achieved a total business volume of 38.52 billion packages, representing a year-on-year growth of 13.3%, maintaining the industry's largest scale for ten consecutive years [1] - The company's reverse logistics business doubled, gaining more trust from platform customers and consumers [1] Group 2: Industry Outlook - The express delivery industry is transitioning from high quantity to high quality development, and from single express services to comprehensive logistics solutions [2] - The company aims to be a "clear-sighted, leading, and practical" player in the industry, focusing on practical achievements and avoiding internal competition [2] Group 3: Strategic Focus for 2026 - The 2026 work plan emphasizes the integration of quality and development, with key themes including safety, service enhancement, optimization, efficiency improvement, fairness, team cohesion, execution strength, and potential exploration [1]

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） 自願公告 中通快遞召開2026年全國網絡工作會議 本公告乃由中通快遞（開曼）有限公司（「中通」或「本公司」）自願作出。 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。 賴梅松董事長感謝中通網絡合作夥伴和全體員工過去一年的信任和支持。我們堅 信，快遞行業依然是充滿希望的朝陽產業，行業正處於從高數量向高質量發展轉 變，從單一快遞向綜合物流轉變的關鍵時期。在高質量發展的賽道上，中通要 做「清醒者、引領 ...

Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed [1] Group 1: Company Performance - YTO Express reported a December revenue of 6.496 billion yuan, a year-on-year increase of 7.48%, with a business volume of 2.884 billion pieces, up 9.04% year-on-year, while the average revenue per piece decreased by 1.43% to 2.25 yuan [1] - Yunda's December express service revenue was 4.626 billion yuan, a year-on-year decrease of 1.49%, with a business volume of 2.148 billion pieces, down 7.37% year-on-year, and an average revenue per piece of 2.15 yuan, up 5.91% [1] - Shentong Express achieved a December revenue of 5.836 billion yuan, a year-on-year increase of 28.23%, with a business volume of 2.501 billion pieces, up 11.09% year-on-year, and an average revenue per piece of 2.33 yuan, up 15.35% [1] - SF Holding's total revenue from express logistics, supply chain, and international business in December was 27.339 billion yuan, a year-on-year increase of 3.41%, with express revenue reaching 20.378 billion yuan, up 3.78% year-on-year, and a business volume of 1.476 billion pieces, up 9.33% [1] Group 2: Industry Trends - The growth rate of express delivery business volume in December was 2.6%, significantly down due to factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes [2] - The industry average price in December was 7.94 yuan, showing a month-on-month increase of 0.31 yuan, indicating a continued upward trend in pricing amid industry self-discipline [2] - There is a divergence in business volume growth among companies, with Shentong (+11.1%) and SF (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline [3]

Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed. Companies like ZTO Express and YTO Express are recommended, while attention is drawn to the performance elasticity of Shentong Express. Jitu Express is expected to maintain its leading position in Southeast Asia and new markets, and SF Express is noted for its management structure and business line adjustments, presenting bottom-fishing opportunities [1]. Group 1: December Performance Reports - YTO Express reported a revenue of 6.496 billion yuan in December, a year-on-year increase of 7.48%, with a business volume of 2.884 billion tickets, up 9.04%. The average revenue per ticket decreased by 1.43% to 2.25 yuan [2]. - Yunda's December revenue was 4.626 billion yuan, down 1.49% year-on-year, with a business volume of 2.148 billion tickets, down 7.37%. The average revenue per ticket increased by 5.91% to 2.15 yuan [2]. - Shentong Express achieved a revenue of 5.836 billion yuan in December, a significant year-on-year increase of 28.23%, with a business volume of 2.501 billion tickets, up 11.09%. The average revenue per ticket rose by 15.35% to 2.33 yuan [2]. - SF Express's total revenue from express logistics, supply chain, and international business reached 27.339 billion yuan, a year-on-year increase of 3.41%. The express business revenue was 20.378 billion yuan, up 3.78%, with a business volume of 1.476 billion tickets, up 9.33%, and an average revenue per ticket of 13.81 yuan [2]. Group 2: Industry Trends and Insights - The growth rate of express delivery business volume in December was 2.6%, significantly down due to multiple factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes. The State Post Bureau projects an 8% growth rate for express delivery business volume in 2026 [2]. - The industry average price in December was 7.94 yuan, reflecting a month-on-month increase of 0.31 yuan, indicating ongoing price increases amid the anti-involution trend [2]. - There is a noticeable divergence in business volume growth among companies, with Shentong Express (+11.1%) and SF Express (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline. Factors like e-commerce taxes are impacting lower-priced merchants more significantly, exacerbating industry differentiation [3].

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].

Core Viewpoint - As of January 15, a total of 105 stocks reached their 52-week highs, with notable performers including 德莱建业 (01546), 东曜药业－Ｂ (01875), and 大森控股 (01580) achieving high rates of 78.00%, 51.36%, and 37.61% respectively [1]. Summary by Category 52-Week Highs - 德莱建业 (01546) closed at 0.355, with a peak of 0.445, marking a high rate of 78.00% [1]. - 东曜药业－Ｂ (01875) closed at 4.190, reaching a high of 4.450, with a high rate of 51.36% [1]. - 大森控股 (01580) closed at 0.275, with a peak of 0.300, achieving a high rate of 37.61% [1]. - 顺兴集团控股 (01637) and 怡园酒业 (08146) also showed significant increases, with high rates of 36.36% and 24.74% respectively [1]. Additional Notable Stocks - JBB BUILDERS (01903) reached a high rate of 24.12% with a closing price of 2.830 [1]. - 天臣控股 (01201) and 江苏创新 (02116) had high rates of 15.38% and 15.00% respectively [1]. - 万国黄金集团 (03939) and 竣球控股 (01481) also performed well, with high rates of 12.95% and 12.44% respectively [1]. 52-Week Lows - The report also noted stocks reaching 52-week lows, with 天彩控股 (03882) showing a low rate of -14.42% [3]. - 中国智慧能源 (01004) and 基石控股 (01592) followed with low rates of -13.64% and -12.86% respectively [3]. - 弘毅文化集团－旧 (02990) and 中原建业 (09982) also reported significant declines of -9.09% and -6.06% respectively [3].

中泰证券（600918）发布研报称，"价格战"转向"价值战"背景下，快递业市场份额有望逐步向服务品质 更优、管理能力更强、网络健康度更好的快递企业集中，同时该等企业有望凭借自身资源优势实现更为 显著的降本增效;重点跟踪监管力度、量价表现及头部企业竞争策略变化情况。个股方面重点关注中通 快递-W(02057)、圆通速递（600233）(600233.SH)。建议关注申通快递（002468）(002468.SZ)、韵达股 份（002120）(002120.SZ)及顺丰控股（002352）(002352.SZ)。 中泰证券主要观点如下： 3)行业端：行业件量增速放缓下，价值竞争成关键。"反内卷"背景下，快递价格理性回归，快递轻小件 化趋势减弱，同时电商平台合规经营监管强化有望推动快递件量"去泡沫"，行业件量增速中枢下移预期 下(据2026年全国邮政工作会议，2025年快递业务量同比增长13.7%，预计2026年快递业务量同比增长 8%左右)，"降本、提质、增效"的价值竞争成为快递企业打造竞争优势、获取市场份额的关键。 深挖全链路成本下降潜力，末端决胜逐步成为共识 1)中转环节：随着件量规模不断扩大，规模效应带来的边 ...

3)行业端：行业件量增速放缓下，价值竞争成关键。"反内卷"背景下，快递价格理性回归，快递轻小件 化趋势减弱，同时电商平台合规经营监管强化有望推动快递件量"去泡沫"，行业件量增速中枢下移预期 下(据2026年全国邮政工作会议，2025年快递业务量同比增长13.7%，预计2026年快递业务量同比增长 8%左右)，"降本、提质、增效"的价值竞争成为快递企业打造竞争优势、获取市场份额的关键。 深挖全链路成本下降潜力，末端决胜逐步成为共识 1)中转环节：随着件量规模不断扩大，规模效应带来的边际降本效果逐渐减弱，头部加盟制快递公司主 要通过优化路由、提升车辆装载率及分拣效率等方式来降本增效，截至2025年H1"通达系"快递公司的 单票中转成本已降至0.60元左右，后续总部中转环节的降本空间可能会逐步收窄。 2)末端环节：末端配送作为快递服务"最后一公里"，直接影响用户体验和物流效率，相关成本在全链路 成本中占比较高，网点"调优革新"将成为重点发力方向，随着自动化、无人化等举措持续推进，预计后 续仍有较大成本优化空间。在加盟制快递模式中，末端设备投入与优化成本由加盟商承担，因此新产 品、新技术的应用进展及降本成效与网点的经 ...