Summary of Key Points Core Viewpoint - SF Holding (002352) has shown a positive stock performance with a closing price of 39.8 yuan, reflecting a 2.37% increase from the previous trading day, and a total market capitalization of 200.569 billion yuan as of January 20, 2026 [1]. Group 1: Stock Performance - The stock opened at 38.88 yuan, reached a high of 40.08 yuan, and a low of 38.71 yuan during the trading session [1]. - The trading volume for the day was 2.441 billion yuan, with a turnover rate of 1.29% [1]. Group 2: Share Buyback Announcement - On January 19, 2026, the company announced the repurchase of 1,355,000 A-shares at a price range of 38.38 to 38.95 yuan per share, totaling an expenditure of 52,343,040 yuan [1]. - The repurchased shares will be held as treasury stock and will not be canceled, resulting in a decrease in the total number of issued A-shares and an increase in treasury stock [1]. - This buyback has been authorized by the board of directors and complies with relevant listing rules [1].

Market Performance - The Hong Kong stock market experienced a decline, with the Hang Seng Index falling by 0.29% to 26,487.51 points, the Hang Seng Tech Index down 1.16% to 5,683.44 points, and the National Enterprises Index decreasing by 0.43% to 9,094.76 points [1] - Major technology stocks generally declined, with Alibaba down 0.44%, Tencent down 1.48%, and Xiaomi down 2.74%, while JD.com saw a slight increase of 0.09% [1] - New consumption concept stocks performed well, with Pop Mart rising by 9% and Naixue's Tea increasing by over 4% [1] Corporate News - Codex-B (02487.HK) reported positive top-line results from a Phase III clinical trial for CU-20101, an injectable botulinum toxin type A for moderate to severe glabellar lines [2] - Saint Bella (02508.HK) entered a strategic cooperation framework agreement with Cloudwise Technology to explore the integration of AI and robotics in high-demand home care scenarios [2] Profit Forecasts - China Taiping (00966.HK) expects a net profit increase of approximately 215% to 225% in 2025, compared to 8.432 billion HKD in the previous year [3] - TCL Electronics (01070.HK) anticipates an adjusted net profit of approximately 2.33 billion to 2.57 billion HKD in 2025, representing a growth of 45% to 60% [3] - Jihong Co. (02603.HK) forecasts a net profit of approximately 273 million to 291 million RMB in 2025, a year-on-year increase of 50% to 60% [3] - Guolian Minsheng (01456.HK) expects a net profit of 2.008 billion RMB in 2025, a growth of around 406% [3] - China Railway (00390.HK) reported a new contract amount of 1,165.98 billion RMB in Q4 2025, with a cumulative new contract amount of 2,750.9 billion RMB, a year-on-year growth of 1.3% [3] Sales and Revenue - Shenzhen Holdings (00604.HK) anticipates a total contract sales amount of approximately 13.311 billion RMB in 2025, a decrease of 21.55% [4] - SF Holding (06936.HK) reported a total revenue of 27.339 billion RMB in December from its logistics, supply chain, and international businesses, reflecting a year-on-year growth of 3.41% [5] Institutional Insights - Dongwu Securities noted that the Hong Kong market is in a long-term upward trend but faces short-term challenges, with strong consensus on domestic fundamentals but mixed views on overseas factors [9] - Huaxia Fund emphasized the high sensitivity of the Hong Kong market to corporate earnings and macroeconomic data, suggesting that positive economic surprises could significantly boost market expectations [10] - Tianfeng Securities highlighted that the Hong Kong market has the foundation for a rebound due to valuation recovery and sentiment improvement, but upward momentum may be constrained by high overseas interest rates [10] - Huaxi Securities pointed out that the "AI+" logic is catalyzing valuation optimization in the Hong Kong market, with a focus on internet, technology, and emerging consumption sectors [10]

Core Viewpoint - SF Holding's operational data for December 2025 shows a monthly revenue of 27.339 billion yuan, with significant growth in both express logistics and supply chain businesses, indicating a strong performance amidst industry trends [1][2]. Group 1: Revenue and Business Growth - In December 2025, the express logistics business generated revenue of 20.378 billion yuan, a year-on-year increase of 3.78%, with a total business volume of 1.476 billion parcels, up 9.33% year-on-year [1][2]. - The supply chain and international business revenue reached 6.961 billion yuan, reflecting a year-on-year growth of 2.35% [1]. - SF Holding's overall business growth outpaced the industry average, showcasing its robust business resilience and growth momentum [2]. Group 2: Strategic Adjustments and Market Position - Since the third quarter of 2025, SF Holding has implemented a product structure optimization strategy, resulting in significant improvements by the end of the year [2]. - The average revenue per parcel in December 2025 was 13.81 yuan, indicating a solid foundation in traditional express services and a clear trend of profit recovery [2]. - The company is enhancing its international network and leveraging its smart supply chain and cross-border logistics capabilities to capitalize on the growth of cross-border e-commerce [2][3]. Group 3: Technological Advancements - SF Technology has partnered with Star Motion to develop intelligent robotic solutions for warehousing and transit, aimed at upgrading logistics intelligence and improving efficiency [3]. - The technological strategy extends beyond individual efficiency improvements to a comprehensive network reconstruction, enhancing operational cost efficiency and expanding service boundaries [3]. - The company is positioned to provide competitive end-to-end service capabilities in key regions, supported by its internationalization strategy and technological empowerment [3].

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of RMB 27.339 billion for its express logistics, supply chain, and international business in December 2025, representing a year-on-year growth of 3.41% [1] Group 1: Revenue Breakdown - Revenue from express logistics business increased by 3.78% year-on-year [1] - Business volume for express logistics grew by 9.33% [1] Group 2: Business Strategy - The company maintains a sustainable and healthy development approach, focusing on high-quality service and stable operations to meet diverse customer logistics needs [1] - SF Holding is gradually optimizing its market strategy to pursue high-quality business growth [1]

Summary of Company Buybacks Companies Involved - China Communications Construction Company (01800) - Kuaishou Technology (01024) - SF Holding (06936) - Sunny Optical Technology (02382) - Xiaomi Group (01810) Key Points - **China Communications Construction Company** repurchased 1.267 million A-shares for a total of approximately 10.6379 million CNY on January 19 [1] - **Kuaishou Technology** spent about 29.9604 million HKD to buy back 392,000 shares on January 19 [2] - **SF Holding** repurchased 1.355 million A-shares for approximately 52.343 million CNY on January 19 [3] - **Sunny Optical Technology** repurchased 1.22 million shares for about 78.812 million HKD on January 19 [4] - **Xiaomi Group** repurchased 4 million shares for approximately 146 million HKD on January 19 [5] Additional Important Information - The buyback activities indicate a trend of companies investing in their own shares, which may reflect confidence in their future performance and an effort to enhance shareholder value [6]

Core Viewpoint - UBS reports that J&T Express (01519) and SF Express (002352) announced a cross-shareholding agreement, agreeing to subscribe to each other's newly issued shares, with a total cash amount of HKD 8 billion for each party without external financing [1] Group 1: Strategic Collaboration - The proposed transaction aims to deepen business cooperation between the two companies, with UBS believing there are synergies in their collaboration [1] - SF Express is focused on building end-to-end supply chain service capabilities to serve Chinese enterprises going overseas, with Southeast Asia as an initial key market [1] - Establishing a solid end logistics network overseas is seen as a crucial final piece, with J&T's strong influence in Southeast Asia (over 30% market share by parcel volume) potentially being the solution [1] Group 2: Market Opportunities - J&T Express intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market, which currently accounts for about 10% of its total business volume in Southeast Asia [1] - SF Express's stable non-e-commerce customer base provides an opportunity for J&T Express [1] - UBS does not rule out further synergies in operations within China through shared capacity, and the collaboration may extend beyond Asia [1] Group 3: Global Expansion - J&T Express has rapidly developed its business in Latin America and the Middle East and is considering the possibility of exploring the European and American markets together with SF Express [1]

Core Viewpoint - UBS reports that J&T Express (01519) and SF Express (06936) announced a cross-shareholding agreement, agreeing to subscribe to each other's newly issued shares, with a total cash amount of HKD 8 billion for each party without external financing [1] Group 1: Business Cooperation - The proposed transaction aims to deepen business cooperation between the two companies, with UBS believing there are synergies in their collaboration [1] - SF Express is focused on building end-to-end supply chain service capabilities to serve Chinese enterprises going overseas, with Southeast Asia as an initial key market [1] - Establishing a solid end logistics network overseas is seen as a crucial piece of the puzzle, and J&T's strong influence in Southeast Asia (over 30% market share by parcel volume) may provide the solution [1] Group 2: Market Opportunities - J&T Express intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market, which currently accounts for about 10% of its total business volume in Southeast Asia [1] - SF Express's stable non-e-commerce customer base presents an opportunity for J&T Express [1] - UBS does not rule out further synergies from shared capacity in operations within China, and the collaboration may extend beyond Asia [1] - J&T Express has rapidly developed its business in Latin America and the Middle East and is considering potential expansion into the European and American markets with SF Express [1]

Group 1 - The core viewpoint of the announcement is that SF Holding Company reported a total revenue of RMB 27.339 billion for December 2025, reflecting a year-on-year growth of 3.41% [2] - The express logistics business revenue increased by 3.78% year-on-year, with a business volume growth of 9.33%, indicating a focus on sustainable and high-quality service delivery to meet diverse customer logistics needs [2] - The international freight forwarding business faced challenges due to fluctuations in international trade and a decline in shipping prices compared to the previous year, but the company maintained stable cargo volumes through its global network and product offerings [2] Group 2 - The company is actively optimizing its market strategy to pursue high-quality business growth while adapting to market changes and seizing new opportunities for enterprises going global [2] - The revenue from international express and cross-border e-commerce logistics maintained a rapid growth year-on-year, showcasing the company's resilience in the face of market fluctuations [2] - The data provided is unaudited and may differ from periodic report data, serving as a reference for investors [1]

当日关注点 交易信息汇总 资金流向 1月19日主力资金净流出5199.48万元；游资资金净流入5591.93万元；散户资金净流出392.45万元。 公司公告汇总 H股公告-翌日披露报表 截至2026年1月19日收盘，顺丰控股(002352)报收于38.88元，上涨0.18%，换手率0.64%，成交量30.76万 手，成交额11.88亿元。 业绩披露要点 2025年12月快递物流业务经营简报 顺丰控股披露2025年12月快递物流业务经营简报。速运物流业务实现营业收入203.78亿元，同比增长 3.78%；业务量14.76亿票，同比增长9.33%；单票收入13.81元，同比下降5.09%。供应链及国际业务收 入69.61亿元，同比增长2.35%。合计收入273.39亿元，同比增长3.41%。国际货运代理受海运价格回落 影响收入下降，但货量保持稳定，国际快递及跨境电商物流收入同比快速增长。上述数据未经审计，可 能存在与定期报告差异。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：1月19日主力资金净流出5199.48万 ...

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