Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, CAOCAO Mobility, and Jitu Express [8]. Core Insights - The oil shipping sector is expected to experience significant price elasticity due to the current inventory reduction and potential future replenishment, particularly in the context of the ongoing geopolitical tensions in the Strait of Hormuz [2][3]. - The air travel sector is projected to benefit from high passenger load factors, which may lead to increased ticket prices, supported by a recovering demand and favorable policies [12]. - The logistics sector shows signs of improvement, with major players like ZTO Express reporting significant profit growth and a focus on enhancing service quality amid a competitive landscape [15][18]. Summary by Sections Weekly Insights and Market Review - The transportation sector index fell by 2.65% during the week of March 16-20, 2026, outperforming the Shanghai Composite Index by 0.73 percentage points [19]. - The shipping sector was the only sub-sector to gain, with a 1.21% increase, while public transport, air transport, and logistics saw declines of -6.87%, -6.78%, and -5.76% respectively [19]. Air Travel - The domestic flight ticket booking volume for the Qingming Festival exceeded 1.12 million, a year-on-year increase of approximately 23%, indicating a recovery in air travel demand [11]. - The average ticket price for domestic flights has risen by 6.6% compared to the same period last year, reflecting a positive trend in pricing power for airlines [11][12]. Shipping and Ports - The daily shipping rate for a 270,000-ton vessel from Ras Tanura to Ningbo was reported at $346,998, while the rate for a 260,000-ton vessel from Malongo to Ningbo was $127,870 [2][13]. - The report highlights the potential for increased shipping rates due to geopolitical risks and rising fuel prices, with major shipping companies beginning to impose fuel surcharges [2][14]. Logistics - ZTO Express reported a net profit of 2.695 billion yuan for Q4 2025, reflecting a 26.5% quarter-on-quarter increase after adjusting for tax refunds [15]. - The express delivery industry saw a volume increase of 7.1% year-on-year in January-February 2026, with market share continuing to concentrate among leading companies [17][18]. Key Companies to Watch - The report emphasizes the importance of companies such as ZTO Express, SF Holding, and CAOCAO Mobility, which are expected to benefit from ongoing trends in the logistics and transportation sectors [8][18].

曹操出行有限公司（「本公司」）董事會（「董事會」）謹此宣佈，本公司將於2026年 3月27日（星期五）舉行董事會會議，藉以（其中包括）考慮及批准本公司、其附屬 公司及合併聯屬實體截至2025年12月31日止財政年度之綜合全年業績。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限公司） （股份代號：02643） 董事會會議日期 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。 承董事會命 曹操出行有限公司 董事會主席 楊健先生 香港，2026年3月11日 截至本公告日期，董事會包括(i)執行董事龔昕先生；(ii)非執行董事楊健先生、 張權先生、劉金良先生、李陽先生及周肖虹女士；及(iii)獨立非執行董事劉欣女 士、劉寧女士及付強先生。 ...

本月底法定/註冊股本總額： USD 50,000 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2026年2月28日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | 曹操出行有限公司 | | | | | | 呈交日期: | 2026年3月5日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 02643 | 說明 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 5,000,000,000 USD | | 0.00001 | USD | | 50,000 | | 增加 ...

Core Viewpoint - Recently, Weixing Technology Co., Ltd. underwent a business change, with original shareholders exiting and a new full ownership structure established [1] Group 1: Company Changes - Zhejiang Jidi Technology Co., Ltd. and Mercedes-Benz Mobility Services GmbH have exited as shareholders of Weixing Technology [1] - Hangzhou Youxing Technology Co., Ltd., an affiliate of Cao Cao Travel, has been added as the sole shareholder [1] - Yang Guang has stepped down as the legal representative, with Zang Ke taking over the position [1] Group 2: Company Background - Weixing Technology Co., Ltd. was established in May 2019 with a registered capital of 700 million RMB [1] - The company's business scope includes small and micro passenger vehicle leasing services, wholesale of computer software and hardware, and maintenance of computer and office equipment [1]

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。 CaoCao Inc. 曹操出行有限公司 （於開曼群島註冊成立的有限責任公司） （股份代號：02643） 公告 於2026年2月27日舉行的臨時股東大會的投票表決結果 董事會欣然宣佈，於2026年2月27日舉行的臨時股東大會上提呈的所有決議案 已以投票方式正式通過。 | | 普通決議案 | 所投票數 | | | --- | --- | --- | --- | | | | （佔所投總票數百分比） | | | | | 贊成 | 反對 | | | 授權本公司任何董事在其可能全權酌情認為就實施 (b) | 56,068,498 | 400 | | | 股權收購協議及其項下擬進行或其附帶的其他事項 | (99.999287%) | (0.000713%) | | | 或與之有關而屬必要或適宜的情況下簽署、簽立、 | | | | | 完善及交付一切有關文件以及作出一切有關舉措、 | | | | | 行動、事宜及事情， ...

Core Viewpoint - Recently, Weixing Technology Co., Ltd. underwent a business change, with original shareholders Zhejiang Jidi Technology Co., Ltd. and Mercedes-Benz Mobility Services GmbH exiting, and Hangzhou Youxing Technology Co., Ltd., an affiliate of Cao Cao Travel, becoming the sole shareholder [1] Group 1: Company Changes - Weixing Technology was established in May 2019 with a registered capital of 700 million RMB, focusing on micro-car rental services, wholesale of computer hardware and software, and maintenance of computer and office equipment [1] - Yang Guang has stepped down as the legal representative, with Zang Ke taking over the position [1] Group 2: Share Acquisition - Cao Cao Travel announced on the Hong Kong Stock Exchange that Hangzhou Youxing agreed to acquire 50% equity of Weixing Technology from Zhejiang Jidi and Mercedes-Benz Mobility for a total cash consideration of 225 million RMB [1]

Group 1 - The stock price of Cao Cao Mobility (02643) showed strong performance, rising over 9% during the day and closing at HKD 36.32, up 6.01% with a trading volume of 149 million, ranking among the top in its sector [1] - Cao Cao Mobility's driver Zhang Guirong was invited to appear on the CCTV Spring Festival Gala, highlighting the platform's core value of "user first" and becoming the first practitioner in the ride-hailing industry to perform on this stage [1] - The company is accelerating its scale deployment of Robotaxi, having announced the launch of 100 Robotaxi vehicles in Hangzhou's Binjiang District, supported by the "Green Intelligent Traffic Island" [1] Group 2 - Cao Cao Mobility is collaborating with Geely and related partners to develop fully customized Robotaxi models with pre-installed autonomous driving components, aiming to launch the model this year and deploy a total of 100,000 units by 2030 [2] - The "Green Intelligent Traffic Island" will be expanded alongside the Robotaxi business, providing comprehensive automated operational support and creating an integrated travel ecosystem with partners [2] - The company has established a unique development model combining "smart customized vehicles + smart driving technology + smart operations," and has outlined a clear three-step strategy for Robotaxi development [2] Group 3 - At a recent annual partner conference, Cao Cao Mobility officially launched its global business travel service strategy, entering the trillion-yuan corporate travel service market [3] - The company's overseas ride-hailing services now cover 42 countries, forming a comprehensive service capability that integrates "travel + business travel" [3] - By integrating resources from its subsidiaries, the company aims to create a global, all-scenario technology travel platform to enhance the travel experience for Chinese enterprises and their employees worldwide [3]

Core Viewpoint - Cao Cao Travel (02643) has launched a global business travel service strategy, aiming to enter the trillion-yuan corporate travel service market, enhancing its service capabilities in both travel and business travel sectors [1] Group 1: Company Developments - Cao Cao Travel's stock price increased by over 9% during trading, currently up 6.48% at HKD 36.48, with a trading volume of HKD 138 million [1] - The company completed a placement raising HKD 383 million earlier this month, with the funds aimed at strengthening its strategic layout in the Robotaxi and corporate service sectors [1] - The company has set a clear target to deploy 100,000 fully customized Robotaxis by 2030, which is a key performance indicator in its new share incentive plan, highlighting its strategic importance for future value growth [1] Group 2: Market Strategy - The integration of resources from its subsidiaries, Yao Travel and Geely Business Travel, has allowed Cao Cao Travel to establish a comprehensive service capability covering both "travel + business travel" [1] - The company is committed to building a global, all-scenario technology travel platform, indicating a significant expansion into the corporate travel service market [1]

Core Viewpoint - Caocao Travel has launched a global business travel service strategy, aiming to enter the trillion-dollar corporate travel service market, enhancing its service capabilities in both travel and business travel sectors [1] Group 1: Company Developments - Caocao Travel's stock price increased by over 9% during trading, closing at HKD 36.48 with a transaction volume of HKD 138 million [1] - The company completed a placement raising HKD 383 million, which will be used to strengthen its strategic layout in the Robotaxi and corporate service sectors [1] - A clear target has been set to deploy 100,000 fully customized Robotaxis by 2030, highlighting its strategic importance as a core engine for future value growth [1] Group 2: Market Strategy - The integration of resources from its subsidiaries, Yao Travel and Geely Business Travel, has allowed Caocao Travel to develop a comprehensive service capability covering both "travel + business travel" [1] - The company aims to create a global, all-scenario technology travel platform, indicating a significant expansion in its service offerings [1]

Core Insights - The strong resurgence of Hong Kong IPOs in 2025 is a central theme for the global capital markets, with nearly HKD 300 billion raised, reclaiming the top position in global IPO fundraising [2][7] - The Hong Kong IPO market has experienced a significant increase in both quantity and quality, with new listings up nearly 70% year-on-year and fundraising doubling compared to the previous year [2][3] Market Dynamics - The traditional dominance of internet and financial real estate sectors has been disrupted, with hard technology, advanced manufacturing, and biomedicine emerging as the three main pillars supporting the market [3][4] - Key sectors such as new energy, semiconductors, smart vehicles, and high-end equipment are now prominently represented in the Hong Kong market, enhancing its manufacturing base [3][4] Notable IPOs - Significant companies that went public in 2025 include: - CATL (宁德时代), raising approximately HKD 41 billion with a market cap of about HKD 920 billion and a PE ratio of around 18x [3] - Hengrui Medicine (恒瑞医药), a leader in innovative drugs, with a market cap of approximately HKD 320 billion and a PE of about 32x [3] - Sanhua Intelligent Control (三花智控), with a market cap of around HKD 180 billion and a PE of about 24x [3] - Haitian Flavoring and Food (海天味业), with a market cap of approximately HKD 420 billion and a PE of about 30x [3] - Chery Automobile (奇瑞汽车), with a market cap of around HKD 190 billion and a PE of about 12x [4] A+H Listing Trend - 2025 marked a significant year for A+H dual listings, with leading companies opting for this model to enhance global liquidity and valuation recovery [5][6] - The A+H model has become a standard for industry giants, reinforcing Hong Kong's position as the preferred overseas listing location for Chinese enterprises [6] Future Outlook - The recovery of the Hong Kong IPO market is seen as a result of multiple cyclical factors, including improved global liquidity, long-term valuation recovery, and the increasing demand for high-quality assets from mainland China [6][7] - Moving forward, the focus of the Hong Kong IPO market is expected to shift from quantity expansion to quality prioritization, with a stronger emphasis on industry logic over speculative trading [6][7]