Market Performance - The Hong Kong stock market saw a significant afternoon rally, with the Hang Seng Index rising over 1%, the Hang Seng Tech Index increasing nearly 1%, and the National Enterprises Index up by 0.74% [1] Leading Stocks - New World Development Company Limited (00016) led the gains with a rise of 6.02%, marking a year-to-date increase of 52.59% and a total market capitalization of 418.73 billion [2] - WuXi Biologics (02269) increased by 4.81%, with a year-to-date rise of 27.61% and a market cap of 165.99 billion [2] - CSPC Pharmaceutical Group (01093) saw a 3.67% increase, with a year-to-date gain of 17.32% and a market capitalization of 113.96 billion [2] - WuXi AppTec (02359) rose by 3.04%, with a year-to-date increase of 20.36% and a total market value of 354.47 billion [2] - NetEase (099999) increased by 2.74%, but has a year-to-date decline of 16.22%, with a market cap of 569.25 billion [2] - Trip.com Group (09961) rose by 2.60%, with a year-to-date decline of 25.85% and a market capitalization of 268.5 billion [2] - Tencent Holdings (00700) increased by 2.34%, with a year-to-date decline of 12.52% and a market cap of 4.77 trillion [2] - ZTO Express (09992) rose by 2.32%, with a year-to-date increase of 17.07% and a market capitalization of 149.97 billion [2] - Pop Mart International (09992) increased by 2.31%, with a year-to-date rise of 22.75% and a market cap of 309.09 billion [2] - Mengniu Dairy (02319) rose by 2.10%, with a year-to-date increase of 7.65% and a market capitalization of 62.26 billion [2]

Group 1 - The company, ZTO Express (02057), announced a share repurchase plan, committing to buy back 617,800 shares at a total cost of $14.8037 million [1] - The repurchase price per share is set between $23.66 and $24.18 [1]

中通快递-W(02057.HK)2月26日耗资1480.37万美元回购61.78万股 中通快递-W(02057.HK)2月25日耗资 1526.02万美元回购61.76万股 格隆汇2月27日丨中通快递-W(02057.HK)发布公告，2026年2月26日耗资1480.37万美元回购61.78万股， 回购价格每股23.66-24.18美元。 相关事件 ...

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 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） 呈交日期： 2026年2月27日 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 ...

Group 1 - On February 26, a total of 16 Hong Kong stocks were repurchased by companies, with 4 stocks having repurchase amounts exceeding 10 million HKD [1] - The companies with the largest repurchase amounts were Xiaomi Group-W (99.9968 million HKD), Geely Automobile (63.1177 million HKD), and Jitu Express-W (15.646 million HKD) [1] - As of February 26, 134 Hong Kong stocks have been repurchased this year, with 14 stocks having cumulative repurchase amounts exceeding 100 million HKD [1] Group 2 - The companies with the highest cumulative repurchase amounts this year are Tencent Holdings (6.358 billion HKD), Xiaomi Group-W (3.832 billion HKD), and Zhongtong Express-W (3.269 billion HKD) [1]

Company Performance - On February 26, ZTO Express (ZTO.N) experienced a stock decline of 3.82% in the US market, while its Hong Kong counterpart (02057.HK) fell by 2.88%, reflecting a broader market downturn where the Nasdaq index dropped by 1.92% [1] - On February 25, ZTO Express announced a share buyback of 617,600 shares at a cost of $15.26 million, with prices ranging from $24.52 to $25.15 per share. Despite being a positive signal, the buyback did not mitigate the overall market pressure [1] Industry Trends - According to a report by Guohai Securities, the express delivery industry saw a year-on-year increase of 5.40% in shipment volume during the first eight weeks of 2026. However, due to the timing of the Spring Festival, the shipment volume in the first three weeks of February declined by 28.35% year-on-year [1] - The competition within the industry is shifting from quantity to quality, with leading companies expected to achieve performance and valuation recovery, although short-term data fluctuations may impact market expectations [1] Capital Flow - On February 26, ZTO Express in Hong Kong experienced a net capital outflow of HKD 3.8232 million. While there was a net inflow of HKD 121 million from institutional investors, retail investors withdrew HKD 124 million, indicating some retail investors chose to exit [2]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Repurchase Details - The company will repurchase 617,600 shares at a total cost of $15.2602 million [1] - The repurchase price per share ranges from $24.52 to $25.15 [1]

智通财经APP讯，中通快递-W(02057)发布公告，于2026年2月25日该公司斥资1526.02万美元回购61.76 万股，回购价格为每股24.52-25.15美元。 ...

呈交日期： 2026年2月26日 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 | | ...

Industry Overview - The total express delivery volume for the first eight weeks of 2026 reached 32.734 billion pieces, representing a year-on-year increase of 5.40% [1][2] - The competition landscape in the express delivery industry is accelerating differentiation, shifting from quantity competition to quality competition as the industry pursues high-quality development [1][4] Company Performance - In January, the express delivery volumes were as follows: YTO Express at 2.943 billion pieces, Shentong Express at 2.540 billion pieces, Yunda at 2.231 billion pieces, and SF Express at 1.386 billion pieces [3] - The growth rates for January were led by YTO Express at 29.75%, followed by Shentong Express at 25.57%, and Yunda at 10.83% [3] - SF Express saw an increase in average single ticket price to 14.72 yuan, up by 0.91 yuan month-on-month, indicating a shift from scale-driven to value-driven growth [3] Investment Recommendations - SF Express is recommended as a leading comprehensive express logistics company, expected to enter a new development phase with improved cash flow and operational strategies [4] - The company is anticipated to benefit from the rapid growth of the instant retail sector, with its same-city delivery business poised for strategic opportunities [4] - The express delivery industry is expected to see continued recovery in profitability due to price adjustments initiated since August 2025, with a focus on leading companies like ZTO Express and YTO Express [4]