Core Viewpoint - The Ministry of Human Resources and Social Security, along with several other governmental departments, is taking steps to protect the rights of workers in new employment forms by providing administrative guidance to 16 companies in the gig economy [1] Group 1: Government Actions - The meeting involved multiple departments including the Ministry of Human Resources and Social Security, the Central Social Work Department, the Central Internet Information Office, the Ministry of Transport, the State Administration for Market Regulation, the National Postal Service, and the All-China Federation of Trade Unions [1] - The focus is on ensuring that companies fulfill their responsibilities as employers and improve labor management practices [1] Group 2: Companies Involved - The companies receiving guidance include major players in the gig economy such as Meituan, Taobao Flash Purchase, JD Instant Delivery, Flash Delivery, SF Express, Hema, Didi, T3 Travel, Cao Cao Travel, Huolala, Manbang, YTO Express, Shentong Express, Zhongtong Express, Yunda Express, and Jitu Express [1] - These companies are expected to take concrete actions to safeguard the rights of workers in new employment forms [1]

Group 1 - The Ministry of Human Resources and Social Security, along with several other governmental departments, is focusing on protecting the rights of workers in new employment forms [1] - A total of 16 companies, including Meituan, Taobao Shanguo, JD Seconds, and Didi, are under administrative guidance regarding labor practices [1] - The meeting emphasized the need for these companies to fully implement their responsibilities as employers and improve labor management to ensure the rights of new employment form workers are safeguarded [1]

Core Viewpoint - The article discusses the recent administrative guidance issued by various government departments to ensure the rights of new employment form workers are protected, focusing on 16 major companies in the delivery and gig economy sectors [1][2]. Group 1: Government Actions - The Ministry of Human Resources and Social Security, along with other central departments, has initiated administrative guidance for 16 companies including Meituan, Taobao, JD, and Didi to uphold the rights of new employment form workers [1]. - The meeting emphasized the need for these companies to fully implement their responsibilities as employers and to continuously improve labor management practices [2]. Group 2: Companies Involved - The companies targeted by the administrative guidance include major players in the gig economy such as Meituan, Taobao Shanguo, JD Seconds, Didi, and various express delivery services like SF Express and YTO Express [1]. - These companies are expected to take concrete actions to safeguard the rights of their workers, reflecting a growing regulatory focus on labor rights in the gig economy [2].

近日，人力资源社会保障部会同中央社会工作部、中央网信办、交通运输部、市场监管总局、国家邮政 局、全国总工会，就维护新就业形态劳动者权益，对美团、淘宝闪购、京东秒送、闪送、顺丰同城、盒 马、滴滴、T3出行、曹操出行、货拉拉、满帮、圆通速递、申通 快递、中通快递、韵达快递、极兔快 递等16家企业开展用工行政指导。会议要求有关企业全面落实用工主体责任，持续改进劳动管理，切实 保障好新就业形态劳动者权益。（新华社） ...

麦格理发表研报指，中通快递去年末季表现强劲，增长领先同业。根据其初步业绩，其中业务量按年增 9%；营收介乎按年增8%至19%之间，毛利率则在23%至28%的区间内。该行认为，在物流行业"反内 卷"的政策环境下，结合中通高质量且具性价比的价值定位，集团在捕捉客户价格偏好转移方面处于有 利地位。展望2026年，该行预测中通总包裹量将年增8%，而预期的行业增速为7%；在行业定价复苏及 其关键客户与退件零售策略利好下，平均单价预计将按年提升2分，至1.28元；又相信去年触底后，受 规模效应扩大与平均单价提升双重推动下，单位经济效益应持续改善。该行将中通美股目标价从18.4美 元一举升至26.6美元，评级上调至"跑赢大市"。 来源：滚动播报 ...

展望2026年，该行预测中通总包裹量将年增8%，而预期的行业增速为7%；在行业定价复苏及其关键客 户与退件零售策略利好下，平均单价预计将按年提升2分，至1.28元；又相信去年触底后，受规模效应 扩大与平均单价提升双重推动下，单位经济效益应持续改善。该行将中通美股目标价从18.4美元一举升 至26.6美元，评级上调至"跑赢大市"。 麦格理发表研报指，中通快递去年末季表现强劲，增长领先同业。根据其初步业绩，其中业务量按年增 9%；营收介乎按年增8%至19%之间，毛利率则在23%至28%的区间内。该行认为，在物流行业"反内 卷"的政策环境下，结合中通高质量且具性价比的价值定位，集团在捕捉客户价格偏好转移方面处于有 利地位。 ...

Group 1: Company Overview - Nanya Technology (688519.SH) is expected to achieve revenues of 49.48 billion, 61.75 billion, and 73.41 billion CNY for the years 2025 to 2027, with net profits of 2.24 billion, 5.11 billion, and 7.83 billion CNY respectively, leading to a target market value of 229.80 billion CNY and a target price of 97.88 CNY for 2026, receiving a "Buy" rating [2][7]. - Shunxin Agriculture (000860.SZ) is projected to have revenues of 72.6 billion, 79.6 billion, and 86.7 billion CNY from 2025 to 2027, with net profits of -1.5 billion, 0.6 billion, and 1.7 billion CNY, reflecting a significant decline in 2025 but recovery in subsequent years, and is rated "Accumulate" [4][21]. Group 2: Industry Insights - The demand for high-end CCL (Copper Clad Laminate) is expected to grow significantly, with a projected CAGR of 40% from 2024 to 2027, driven by AI and high-frequency applications, although the market is currently dominated by a few key players [8][9]. - The white liquor industry is facing significant pressure, with production showing negative growth and a shift in consumer preferences towards quality over quantity, leading to intensified competition and a focus on value rather than scale [20][21]. - The asset tokenization market is entering a new era of compliance management, providing more diverse financing channels for companies with quality underlying assets, which may optimize their financing structures and enhance compliance credibility [15][17].

Company Overview - ZTO Express is a leading express delivery company in China, known for its extensive network and efficient delivery services [1] - The company competes with major players in the logistics industry, including SF Express and YTO Express [1] Stock Performance and Analyst Ratings - On February 8, 2026, Macquarie upgraded ZTO's stock from Neutral to Outperform, with the stock priced at $24.09, indicating a positive outlook on the company's performance [2][6] - ZTO has a consensus rating of "Moderate Buy" from seven research firms, which includes three hold ratings, three buy ratings, and one strong buy rating [2] - The average one-year target price for ZTO is $22.36, which is below its current price of $24.09, suggesting mixed expectations from analysts [3][6] Market Activity - ZTO's stock has shown volatility, with a 52-week price range between $16.34 and $24.14, and the current price of $24.09 marking its highest point over the past year [4][6] - The company's market capitalization is approximately $19.2 billion, indicating its significant presence in the logistics sector [4][6] - Today's trading volume for ZTO is 1,690,641 shares, reflecting active investor interest [5]

Core Viewpoint - The news highlights concerns regarding the potential suspension of express delivery services during the Spring Festival, which has led to increased consumer anxiety and purchasing behavior. Group 1: Consumer Behavior - Many consumers are reacting to the news of potential delivery suspension by making last-minute purchases, with one individual stating they placed 20 orders overnight due to the announcement [2] - The fear of not receiving goods in time for the holiday has prompted consumers to buy items they were previously hesitant about [5] Group 2: Delivery Service Responses - Multiple express delivery companies have announced their service arrangements for the Spring Festival, confirming that they will continue to provide delivery services to meet holiday demand [9] - Major companies such as YTO Express, Shentong Express, and Yunda Express have stated that they will not suspend operations during the holiday and have not received any notifications regarding price increases [11] - China Post Express Logistics confirmed that they operate year-round but may implement additional charges for pickup services, while JD Logistics indicated that some stations might experience scheduling changes and potential resource adjustment fees [12] - Other companies like SF Express and Debon Express also confirmed they will not suspend operations, although transportation costs may be adjusted due to various factors [12][14]

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting potential opportunities in the industry [2][3]. Core Insights - The Spring Festival travel rush has begun, with air passenger volume averaging 2.313 million per day, up 5.5% year-on-year, while railway passenger volume averaged 11.792 million, down 0.7% year-on-year [1][10]. - The report emphasizes the competitive landscape in instant retail, particularly with the launch of the "30 Billion Free Order" campaign by Qianwen, which saw over 10 million orders in just 9 hours [2][35]. - The report identifies key players in the aviation sector, including China National Airlines, Southern Airlines, and Eastern Airlines, as well as low-cost carriers like Spring Airlines, which are expected to benefit from high price elasticity and operational efficiency [2][34]. Industry Data Tracking - Air freight rates at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - The VLCC freight rate rose by 2% week-on-week, while the BDI decreased by 10% [7][48]. - The report highlights the growth potential in the express logistics sector, particularly for leading companies like Zhongtong and Yuantong, as well as the promising outlook for instant retail leader SF Express [7][31]. Investment Recommendations - The report suggests focusing on "performance elasticity" and "dividend value" as key investment themes for the transportation sector in 2026 [7][31]. - It recommends continued investment in the aviation sector due to expected low growth in aircraft supply and a projected 5% increase in passenger numbers [2][31]. - The report also emphasizes the importance of dividend assets, recommending companies like Sichuan Chengyu and China Merchants Port for their stable performance and potential for increased dividends [7][31].