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]

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） ...

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, highlighting 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% [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 cargo: The outbound air cargo price index at Pudong Airport increased by 5.3% week-on-week and 8.9% year-on-year as of February 2 [7][44]. - Shipping: VLCC freight rates increased by 2%, while the BDI decreased by 10% and SCFI decreased by 4% [7][48]. - The report highlights the expected compound annual growth rate (CAGR) of approximately 3% for aircraft imports over the next three years, indicating a supply constraint in the aviation sector [31][32]. 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 leading companies in express logistics, such as Zhongtong and Yuantong, as well as the instant retail leader Shunfeng Tongcheng, which is expected to benefit from rapid growth and low valuation [7][31]. - The report also highlights the importance of dividend-paying assets, recommending Sichuan Chengyu and China Merchants Port for their stable performance and potential for dividend increases [7][31].

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].

Core Viewpoint - SF Express and SF City have launched a new end-to-end delivery service using building robots, starting operations at the Nanchang Twin Towers on February 5, focusing on solving last-mile delivery challenges in high-rise buildings [1] Group 1: Service Implementation - The service integrates delivery robots within the SF Express service center at the Twin Towers, aiming to create a one-stop living service hub that combines "intelligent delivery" and "specialized economy" [2] - The robot delivery system allows for seamless collaboration between delivery personnel and robots, enhancing delivery efficiency and user experience by autonomously completing the last 100 meters of delivery [2][3] - The service supports not only SF Express but also other courier and food delivery platforms, reducing wait times and improving operational efficiency by allowing robots to utilize elevators during off-peak hours [3] Group 2: Broader Logistics Strategy - SF City is expanding its unmanned delivery capabilities, developing a smart delivery ecosystem that includes unmanned vehicles, drones, and delivery robots for various scenarios, including medical emergencies and food delivery [4] - The collaboration between SF City and SF Express enhances last-mile delivery efficiency through shared resources and complementary services, improving the overall logistics experience [4] - The successful implementation of this robot delivery model in Nanchang serves as a reference for similar high-density spaces, with plans for expansion to more urban business districts in the future [5]

Core Viewpoint - SF Express City has launched a new end-delivery service using building robots in collaboration with SF Express, aimed at improving delivery efficiency in high-rise buildings while enhancing customer service experience [2][5]. Group 1: Service Launch and Features - The new service was first implemented in the iconic Nanchang Twin Towers, focusing on solving end-delivery challenges in high-rise buildings through a "delivery personnel + robot" collaborative model [2]. - The service integrates delivery robots within the SF Express service center in the Twin Towers, creating a one-stop living service hub that combines "intelligent delivery and specialty economy" [2]. - The robots autonomously handle the "last 100 meters" of delivery after riders drop off packages at designated stations, streamlining the delivery process [2][3]. Group 2: Efficiency and User Experience - The introduction of robot delivery services significantly enhances delivery efficiency in diverse scenarios, supporting not only SF Express but also other courier and food delivery platforms [3]. - The service eliminates the need for users to go downstairs to collect packages, reduces waiting times for elevators, and minimizes the hassle of cross-floor deliveries [3]. - Building management benefits from reduced foot traffic of delivery personnel, leading to lower management costs, while users enjoy a "contactless delivery" experience [3]. Group 3: Broader Strategic Initiatives - SF Express City is advancing the commercialization of unmanned delivery technologies, establishing a smart delivery ecosystem that includes unmanned vehicles, drones, and delivery robots across various service scenarios [4]. - The company collaborates with medical institutions for integrated blood transport and partners with local governments and restaurants to create comprehensive unmanned delivery solutions [4]. - By leveraging its high-frequency instant delivery network, SF Express City enhances the last-mile delivery capabilities of SF Express, improving service timeliness and flexibility [4].

Core Insights - SF Express and SF City have launched a new end-to-end delivery service using building robots, starting operations on February 5 in Nanchang's iconic Twin Towers, addressing challenges in high-rise building deliveries through a "delivery personnel + robot" collaborative model [1][3] Group 1: Service Implementation - The service integrates delivery robots within the SF Express service center at the Twin Towers, aiming to create a one-stop living service hub that combines "intelligent delivery and specialty economy" [3] - The robot delivery service enhances efficiency by autonomously completing the "last 100 meters" of delivery after riders drop off packages at designated stations [3][5] - The system allows riders to select robot delivery via the SF City Knight APP, enabling seamless order synchronization and intelligent delivery operations [3][5] Group 2: Efficiency and User Experience - The introduction of robot delivery significantly improves efficiency in diverse scenarios, alleviating issues such as long elevator wait times and the need for users to retrieve packages themselves [5] - The service reduces the frequency of external personnel entering buildings, lowering management costs for property owners, and offers a "contactless delivery" experience for users [5][8] Group 3: Broader Logistics Strategy - SF City is expanding its unmanned delivery technology, building a smart delivery ecosystem that includes unmanned vehicles, drones, and delivery robots for various scenarios, including medical emergencies and food delivery [7] - The collaboration between SF City and SF Express enhances last-mile delivery efficiency, leveraging high-frequency instant delivery networks to meet increasing demand [7][9] - The robot delivery model at the Twin Towers serves as an innovative practice that effectively coordinates property management, corporate service needs, and delivery efficiency, providing a reference solution for similar high-density spaces [8][9] Group 4: Future Prospects - The robot delivery model is expected to expand to more urban business districts, enhancing user convenience and contributing to the development of smart logistics systems in cities [9]

Group 1 - SF Express (09699.HK) saw an early morning increase of over 5% and is currently up by 2.76%, trading at HKD 14.88 [1] - The trading volume reached HKD 13.98 million [1]

Core Viewpoint - SF Express City (09699) has announced a positive earnings forecast, expecting significant profit growth for the fiscal year 2025, driven by the expansion of the instant retail market and operational efficiencies [1][5]. Financial Performance - The company anticipates a profit attributable to shareholders of no less than 238 million yuan for 2025, representing a year-on-year increase of over 80% [1][5]. - Adjusted net profit is expected to be no less than 376 million yuan, reflecting a year-on-year growth of over 158% [1][5]. - Annual revenue is projected to be no less than 22 billion yuan, with a year-on-year increase of over 40% [1][5]. Market Insights - The growth in performance is attributed to a surge in delivery demand due to the expansion of the instant retail market, healthy order growth driven by full-category and all-time service offerings, and enhanced operational efficiency through lean rider operations and digital technology [1][5]. - HSBC's report indicates that the adjusted net profit forecast exceeds their expectations, maintaining confidence in SF Express City's organic growth despite recent market scrutiny of instant retail platforms [1][5]. - The bank projects a compound annual growth rate (CAGR) of 33% for revenue from 2024 to 2027, compared to a CAGR of 24% from 2021 to 2024 [1][5].