Major Events - Lanke Technology (06809) will conduct an IPO from January 30 to February 4, with an expected listing on February 9 [1] - Aixin Yuanzhi (00600) will conduct an IPO from January 30 to February 5, with an expected listing on February 10 [1] - Lexin Outdoor (02720) will conduct an IPO from January 31 to February 5, raising HKD 130 million from Horizon Capital and Huangshan Dejun [1] - Dongpeng Beverage (09980) sets the offer price at HKD 248 per share [1] - Zhonghui Biotech-B (02627) received approval from the National Medical Products Administration for a trivalent influenza virus subunit vaccine [1] - Kangzheng Pharmaceutical (00867) received approval for the first and only targeted drug for vitiligo treatment in China [1] - Shishi Pharmaceutical Group (02005) received production registration for Propafenone Hydrochloride Injection from the National Medical Products Administration [1] - China Aluminum (02600) plans to jointly acquire 68.6% of Brazilian Aluminum from Rio Tinto and will initiate a mandatory offer [1] - Yanzhou Coal Mining (01171) plans to transfer 100% equity of Inner Mongolia Xintai Coal [1] - Botai Car Union (02889) plans to collaborate with Ping An Property & Casualty to reconstruct the smart travel insurance ecosystem [1] - Jin Jing New Energy (01783) signed a strategic framework agreement with Tianqi Grand for lithium battery recycling and precious metal extraction [1] - Guangdong-Hong Kong-Macau Holdings (01396) subsidiary Hongce Data introduces Fudian Capital as a strategic investor for 40% equity [1] - China Mobile (00941), China Unicom (00762), and China Telecom (00728) will adjust the applicable scope of value-added tax for telecom services [1] Operating Performance - BYD Company (01211) sold approximately 210,000 new energy vehicles in January [2] - Geely Automobile (00175) reported total vehicle sales of 270,200 units in January, a year-on-year increase of about 1% [2] - Chery Automobile (09973) saw total sales of 191,500 vehicles in January, a year-on-year decrease of about 10.7% [2] - Seres (09927) reported total vehicle sales of 45,900 units in January, a year-on-year increase of 104.85% [2] - Great Wall Motors (02333) sold approximately 90,300 vehicles in January, a year-on-year increase of 11.59% [2] - Li Auto-W (02015) delivered 27,668 new vehicles in January, a year-on-year decrease of 7.5% [2] - NIO-SW (09866) delivered 27,182 vehicles in January, a year-on-year increase of 96.1% [2] - GAC Group (02238) reported vehicle sales of 116,600 units in January, a year-on-year increase of 18.47% [2] - Great Wall Motors (02333) released a preliminary report indicating a net profit attributable to shareholders of 9.912 billion yuan for 2025, a year-on-year decrease of 21.71% [2] - Shandong Gold (01787) expects a net profit attributable to shareholders of approximately 4.6 billion to 4.9 billion yuan for 2025, a year-on-year increase of 56% to 66% [2] Earnings Forecast - SF Express (09699) expects a year-on-year profit increase of no less than 80% for 2025 [3] - China International Capital Corporation (03908) anticipates a net profit attributable to shareholders of 8.542 billion to 10.535 billion yuan for 2025, a year-on-year increase of 50% to 85% [3] - China Shenhua (01088) expects a year-on-year decline in net profit for 2025 [3] - Datang Power (00991) anticipates a net profit of approximately 6.8 billion to 7.8 billion yuan for 2025, a year-on-year increase of about 51% to 73% [3] - China Southern Airlines (01055) expects a net profit attributable to shareholders of 800 million to 1 billion yuan for 2025, turning a profit [3] - Air China (00753) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.9 billion yuan for 2025 [3] - China Eastern Airlines (00670) warns of a net loss attributable to shareholders of approximately 1.3 billion to 1.8 billion yuan for 2025 [3] - GAC Group (02238) expects a net loss attributable to shareholders of 8 billion to 9 billion yuan for 2025 [3] - Ansteel (00347) warns of a net loss attributable to shareholders of approximately 4.077 billion yuan for 2025, a year-on-year narrowing of 42.75% [3] - Junshi Biosciences (01877) warns of a net loss attributable to shareholders of approximately 873 million yuan for 2025, a year-on-year decrease of about 31.85% [3]

Core Viewpoint - SF Express (09699) anticipates a significant increase in profits and revenue for the fiscal year ending December 31, 2025, driven by the growth in the instant retail market and improvements in operational efficiency [2] Financial Projections - The company's profit attributable to shareholders is expected to be no less than RMB 238 million, representing an increase of at least 80% compared to 2024 [2] - The adjusted net profit for the year is projected to be no less than RMB 376 million, reflecting a growth of at least 158% from 2024 [2] - Group revenue is forecasted to be no less than RMB 22 billion, indicating a growth of at least 40% compared to 2024 [2] Growth Drivers - The positive performance is primarily attributed to the rapid increase in demand for instant delivery services in the instant retail market [2] - The balanced and high-quality development across various business segments has led to healthy growth in order volume and revenue, significantly enhancing scale [2] - The company's neutral and open positioning in the third-party market, along with high-quality services across all time periods and product categories, has fostered long-term customer trust, driving steady business growth [2] - Lean operations of the rider base and innovations in digital technology have improved network quality and efficiency, further enhancing scale effects and demonstrating ongoing operational leverage, which boosts resource input-output efficiency and profit release [2]

Core Viewpoint - SF Express (09699) expects a significant increase in profit and revenue for the fiscal year ending December 31, 2025, driven by growth in the instant retail market and improvements in operational efficiency [1] Financial Projections - The company's profit attributable to shareholders is expected to be no less than RMB 238 million, representing an increase of at least 80% compared to 2024 [1] - The adjusted net profit for the year is projected to be no less than RMB 376 million, reflecting a growth of at least 158% from 2024 [1] - Group revenue is anticipated to reach no less than RMB 22 billion, indicating a growth of at least 40% compared to 2024 [1] Growth Drivers - The positive performance is primarily attributed to the company's ability to seize opportunities in the instant retail market, with a rapid increase in demand for instant delivery services [1] - Balanced and high-quality development across various business segments has led to healthy growth in order volume and revenue, significantly enhancing scale [1] - The company's neutral and open third-party market positioning, along with high-quality services available at all times and across all categories, has fostered long-term customer trust, contributing to steady business growth [1] - Lean operations for delivery personnel and innovations in digital technology have improved network quality and efficiency, further enhancing scale effects and operational leverage, thereby increasing resource input-output efficiency and driving profit release [1]

集团把握即时零售市场机遇，即时配送需求快速增加；集团各项业务均衡高质发展，订单量和收入实现 健康增长，规模显著提升；以中立开放第三方市场定位及全时段全品类优质服务，取得客户长期信赖， 带动业务稳健增长；及精益化骑手底盘运营和数智化技术革新带动网络提质增效，规模效应进一步提 升，经营杠杆持续显现，提高资源投入产出效率，带动利润释放。 格隆汇2月1日丨顺丰同城(09699.HK)公告，根据对集团截至2025年12月31日止年度最新未经审核综合管 理账目及目前可得的其他资料初步审阅，(i)本年度公司拥有人应占利润预期将不低于人民币2.38亿元， 较截至2024年12月31日止年度不低于80%的增长；(ii)年度经调整净利润预期将不低于人民币3.76亿元， 较2024年度不低于158%的增长；(iii)年度集团收入预期将不低于人民币220亿元，较2024年度不低于 40%的增长。该预期的正面表现主要是由于以下原因： ...

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，並明確表示概不就因本公告全部或任何部分內容所產生或因依賴 該等內容而引致的任何損失承擔任何責任。 Hangzhou SF Intra-city Industrial Co., Ltd. 杭州順豐同城實業股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：9699） 1 • 本集團把握即時零售市場機遇，即時配送需求快速增加； • 本集團各項業務均衡高質發展，訂單量和收入實現健康增長，規模顯著提 升； • 以中立開放第三方市場定位及全時段全品類優質服務，取得客戶長期信賴， 帶動業務穩健增長；及 • 精益化騎手底盤運營和數智化技術革新帶動網絡提質增效，規模效應進一步 提升，經營槓桿持續顯現，提高資源投入產出效率，帶動利潤釋放。 內幕消息 正面盈利預告 本公告乃由杭州順豐同城實業股份有限公司（「本公司」，連同其附屬公司統稱「本 集團」）根據香港聯合交易所有限公司證券上市規則（「上市規則」）第13.09(2)(a)條 及香港法例第571章證券及期貨條例（「證券及期貨條例」）第XIVA部項下的內 ...

机构：信达国际 研究员：李芷莹 實行配送場景全覆蓋，受惠即時零售市場持續擴張2024 年內地即時零售規模達7,810 億元人民幣，商務 部預期2025 年將達9,714 億元人民幣，至2030 年將達到2 萬億元人民幣，「十五五」期間年均增速將達 12.6%。順豐同城是內地最大的第三方即時配送平台，擁有強大的品牌效應和行業影響力。集團已全方 位覆蓋餐飲外賣、同城零售及近場電商，形成強大的市場布局，料將受惠於即時零售市場持續擴張。 節日期間提供穩定履約保障，突顯其即時配送能力順豐同城數據顯示，2026 年元旦假期期間，同城配 送日均單量按年增長55%，其中飲品單量倍增、速食單量增逾90%。集團作為麥當勞、肯德基等頭部餐 飲品牌的全管道合作夥伴，憑藉彈性運力模式，為節日餐飲消費提供穩定履約的保障。與此同時，商超 百貨、美妝、數碼等品類也實現顯著增長，集團與山姆、華為等多個品牌及零售平台合作，有效滿足高 峰期的運力需求。特別在跨年日，C 端業務單量較前一日翻倍，文件、鮮花、高端禮贈等單量顯著上 升。這反映市場對即時配送的需求強勁，並突顯集團的競爭優勢明顯。 具備「獨立」及「全場景」屬性，優先匹配新增需求對外方面，集 ...

對外方面，集團作為獨立第三方及具備全場景業務覆蓋能力的平台， 可承接全渠道訂單，包括抖音、淘寶閃購、京東秒送等。阿里早前提 出，2026 年淘寶閃購首要目標是份額增長，相信順豐同城將受惠於其 加快擴張及份額爭奪。此外，隨著需求場景拓闊至非餐飲實物以及生 活服務領域，相關領域的商家並未與現有平台建立綁定關係，為獨立 第三方即時配送平台帶來增長動力。在需求強勁的背景下，集團有望 優先匹配新增需求。 個股推介 順豐同城(9699.HK) 2026 年 1 月 29 日星期四 實行配送場景全覆蓋，受惠即時零售市場持續擴張 2024 年內地即時零售規模達 7,810 億元人民幣，商務部預期 2025 年 將達 9,714 億元人民幣，至 2030 年將達到 2 萬億元人民幣，「十五 五」期間年均增速將達 12.6%。順豐同城是內地最大的第三方即時配 送平台，擁有強大的品牌效應和行業影響力。集團已全方位覆蓋餐飲 外賣、同城零售及近場電商，形成強大的市場布局，料將受惠於即時 零售市場持續擴張。 節日期間提供穩定履約保障，突顯其即時配送能力 順豐同城數據顯示，2026 年元旦假期期間，同城配送日均單量按年增 長 55%，其中 ...

【国联民生交运*周报260126】即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 #阿里即时零售领域长期投入的决心坚定，抖音、拼多多入局，即时零售再起势。 1）阿里：持续加码大消费和服务电商赛道，即时零售领域长期投入的决心坚定。 25H2淘宝闪购日订单峰值达1.2亿单，8月周度日均订单突破8000万单。 2025Q3，即时零售收入同比增长60%。 【国联民生交运*周报260126】即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 #阿里即时零售领域长期投入的决心坚定，抖音、拼多多入局，即时零售再起势。 1）阿里：持续加码大消费和服务电商赛道，即时零售领域长期投入的决心坚定。 25H2淘宝闪购日订单峰值达1.2亿单，8月周度日均订单突破8000万单。 2025Q3，即时零售收入同比增长60%。 2）抖音&拼多多：抖音整合即时零售业务，抖音超市合并至小时达，开展"直播带货 #顺丰同城：即时零售"必争之地"趋势渐明，重视顺丰同城布局机会。 公司为独立第三方即配龙头，享即配行业规模持续快速扩张和快递业务量高增双β红利，2030年中国即时零售市场 规模有望超过2万亿元，在品牌化趋势下其竞争 ...

Core Viewpoint - The State Council's Anti-Monopoly and Anti-Unfair Competition Committee is investigating the market competition in the food delivery platform service industry, which is expected to lead to more compliant competition in the instant retail sector, driving growth in higher-priced categories and providing more growth opportunities for logistics [3] Group 1: Market Competition and Growth - The investigation is based on the Anti-Monopoly Law of the People's Republic of China, indicating a regulatory focus on fair competition in the food delivery sector [3] - Increased compliance in competition is anticipated to shift product categories from food and beverages to higher-priced items, enhancing growth potential for logistics services [3] Group 2: Consumer Behavior and Order Growth - High-frequency subsidies have successfully cultivated consumer habits, with increased investment expected to directly boost the scale of instant delivery orders, becoming a key source of industry demand growth [3] - During the New Year holiday period in 2026, daily average orders for same-city delivery increased by 55% year-on-year, with beverage orders doubling and fast food orders increasing by over 90% [3] Group 3: Category Performance - Categories such as supermarkets, beauty products, and electronics also saw significant year-on-year growth in order volume, with all food and non-food categories experiencing high double-digit growth, supporting holiday consumption and business operations [3] Group 4: Impact on Logistics Providers - The competitive landscape is favorable for third-party logistics service providers, with companies like SF Express benefiting from the overflow of delivery volumes from the food delivery battle, leading to positive business growth and profit expectations [3]

Core Viewpoint - SF Express City (09699) has seen a significant stock price increase of 9.83%, currently trading at HKD 16.09, with a transaction volume of HKD 132 million [5] Group 1: Company Performance - During the 2026 New Year holiday period, the average daily order volume for same-city delivery increased by 55% year-on-year, with beverage orders doubling and fast food orders increasing by over 90% [5] - Categories such as supermarkets, beauty products, and electronics also experienced high double-digit growth in order volume year-on-year, supporting holiday consumption and business operations [5] Group 2: Industry Insights - The competition in the instant retail sector is becoming more regulated, which is expected to drive the transition from lower-priced categories like food and beverages to higher-priced categories, providing more growth opportunities for logistics [5] - Increased investment in high-frequency subsidies has successfully cultivated consumer habits, which will directly boost the scale of instant delivery order growth, becoming a key source of industry demand increase [5] - The competitive landscape is favorable for third-party logistics service providers, with SF Express City benefiting from the overflow of order volume from the food delivery battle, leading to positive business growth and profit expectations [5]