Investment Rating - The report maintains a "Positive" outlook on the shipping industry, highlighting strong performance in the sector despite seasonal challenges [4]. Core Insights - The shipbuilding sector is expected to show significant earnings growth, with Su Mei Da's Q4 net profit forecasted at 2.5 billion, a year-on-year increase of 71%, driven by strong contributions from shipbuilding and power generation [5]. - The shipping market continues to experience robust demand, with one-year charter rates for VLCCs rising by 2.8% to $64,000 per day, and Cape rates increasing by 8.4% to $28,700 per day [5]. - The report emphasizes the ongoing volatility in oil transportation rates, with VLCC rates experiencing a 62% increase in a single day due to supply-demand imbalances and geopolitical tensions [5]. - The dry bulk shipping market is also showing resilience, with the BDI index rising by 21.9% week-on-week, driven by strong demand from Australia and Brazil [5]. Summary by Sections Shipbuilding Sector - Su Mei Da's Q4 net profit is projected at 2.5 billion, up 71% year-on-year, exceeding expectations [5]. - ST Songfa's Q4 net profit is estimated between 11-14 million, with a net profit margin of 14%, reflecting a 1.6 percentage point increase from Q3 [5]. - Attention is drawn to China Shipbuilding's upcoming full consolidation of assets and the release of high-priced orders in Q1 2026 [5]. Shipping Market - The report notes a continued upward trend in shipping rates, with VLCC rates increasing by 2.8% and Cape rates by 8.4% [5]. - The VLCC average rate rose by 16% week-on-week, reaching $122,326 per day, with Middle East to Far East rates dropping by 25% [5]. - The report highlights the impact of geopolitical tensions on oil transportation, particularly in the context of the Ukraine conflict [5]. Dry Bulk Shipping - The BDI index recorded a 21.9% increase, with Capesize rates rising by 35.8% to $31,809 per day [5]. - Strong demand from Australia and Brazil is noted, with limited supply contributing to higher rates [5]. Air Transportation - The report indicates a significant opportunity for airlines due to rising passenger volumes and historical high load factors, suggesting a potential "golden era" for the industry [5]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch [5]. Express Delivery - The report anticipates uncertainty in the express delivery sector due to fluctuating demand and industry self-regulation policies, but notes that leading companies like Zhongtong Express and YTO Express are expected to maintain their market share and profitability [5]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are showing resilience, with recent data indicating a slight decline in volumes but overall stability [5]. - The report suggests that high dividend investment themes and potential value management catalysts in the highway sector are worth monitoring [5].

Market Overview - The logistics sector increased by 0.68% on January 29, with Tian Shun Co. leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Top Gainers in Logistics Sector - Tian Shun Co. (002800) closed at 16.68, up 3.86% with a trading volume of 90,800 shares and a turnover of 150 million yuan [1] - Jianfa Co. (600153) closed at 9.65, up 3.21% with a trading volume of 482,500 shares [1] - Hengji Daxin (002492) closed at 9.13, up 2.82% with a trading volume of 263,100 shares and a turnover of 240 million yuan [1] - Milkway (603713) closed at 63.79, up 2.62% with a trading volume of 36,000 shares and a turnover of 230 million yuan [1] - Jia You International (603871) closed at 13.81, up 2.07% with a trading volume of 99,600 shares [1] Top Losers in Logistics Sector - Changjiang Investment (600119) closed at 7.25, down 9.94% with a trading volume of 37,800 shares and a turnover of 27.42 million yuan [2] - ST Yuanshang (603813) closed at 39.90, down 3.69% with a trading volume of 6,332 shares and a turnover of 25.57 million yuan [2] - Pu Lu Tong (002769) closed at 11.57, down 3.26% with a trading volume of 158,100 shares [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 27.94 million yuan from institutional investors and a net outflow of 199 million yuan from retail investors, while retail investors saw a net inflow of 227 million yuan [2] - Notable net inflows from retail investors were observed in several companies, including SF Holding (002352) with a net inflow of 16.21 million yuan [3] - China Foreign Transport (601598) had a significant net inflow of 39.42 million yuan from institutional investors, representing 20.76% of its trading volume [3]

北京金杜（杭州）律师事务所 关于圆通速递股份有限公司 2026 年第一次临时股东会之 法律意见书 致：圆通速递股份有限公司 北京金杜（杭州）律师事务所（以下简称本所）接受圆通速递股份有限公司 （以下简称公司）委托，根据《中华人民共和国证券法》（以下简称《证券法》）、 《中华人民共和国公司法》（以下简称《公司法》）、中国证券监督管理委员会《上 市公司股东会规则》（以下简称《股东会规则》）等中华人民共和国境内（以下简 称中国境内，为本法律意见书之目的，不包括中国香港特别行政区、中国澳门特 别行政区和中国台湾省）现行有效的法律、行政法规、规章和规范性文件（以下 简称法律法规）以及现行有效的《圆通速递股份有限公司章程》（以下简称《公 司章程》）有关规定，指派律师出席了公司于 2026 年 1 月 28 日召开的 2026 年第 一次临时股东会（以下简称本次股东会），并就本次股东会相关事项出具本法律 意见书。 为出具本法律意见书，本所律师审查了公司提供的以下文件，包括但不限于： 1. 经公司 2025 年第二次临时股东大会审议通过的《公司章程》； 2. 公司 2026 年 1 月 10 日刊登于《中国证券报》《上海证券 ...

证券代码：600233 证券简称：圆通速递 公告编号：临 2026-010 圆通速递股份有限公司 2026年第一次临时股东会决议公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： (四)表决方式是否符合《公司法》及《公司章程》的规定，会议主持情况等。 会议由公司董事局召集，采取现场投票和网络投票相结合的方式召开，会议 由半数以上董事共同推举董事潘水苗先生主持。本次会议的召集、召开及表决方 式均符合《中华人民共和国公司法》及《公司章程》的有关规定。 (五)公司董事和董事局秘书的列席情况 1、公司在任董事9人，列席5人，董事喻会蛟、张小娟、沈沉、葛程捷因工作原 因未能列席； 本次会议是否有否决议案：无 一、会议召开和出席情况 (一)股东会召开的时间：2026 年 1 月 28 日 (二)股东会召开的地点：上海市青浦区华新镇华徐公路 3029 弄 18 号一楼会议室 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 652 | | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Spring Airlines, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030, driven by a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments leading to a peak order volume of 120 million for Taobao Flash Sales in December 2025, indicating a robust growth trajectory [12][15]. - SF Express is positioned as a leading independent third-party instant delivery service, benefiting from the industry's rapid growth and increasing demand for delivery services [30][18]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching CNY 1.2 trillion by 2026 and over CNY 2 trillion by 2030 [10][12]. - Alibaba's strategic investments in instant retail are evident, with a focus on expanding beyond food delivery to a broader range of products, resulting in substantial order growth [13][15]. - SF Express is highlighted as a key player in the instant delivery market, with a 49% revenue growth in H1 2025 and a significant increase in order volume [18][21]. Aviation Sector - The aviation industry is recovering from a seasonal downturn, with domestic flight volumes increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The cargo segment is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - Recommendations include focusing on major airlines such as China Eastern Airlines and Spring Airlines, which are expected to benefit from improved demand and pricing [57][61]. Express Delivery Sector - The express delivery industry has shown resilience, with a 6.5% year-on-year increase in total revenue for 2025, despite challenges in pricing [61][75]. - The report notes a stabilization in single-package pricing, with significant growth in market share for companies like SF Express and YTO Express [75][81]. - The ongoing "anti-involution" trend is expected to lead to improved profitability for express delivery companies as competition becomes more structured [81][82].

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, YTO Express, and Eastern Airlines Logistics, among others [2][3]. Core Insights - The instant retail industry is experiencing rapid expansion, with China's market expected to reach 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030, reflecting a CAGR of 43.6% from 2018 to 2026 [8][10]. - Alibaba's commitment to the instant retail sector is strong, with significant investments aimed at expanding beyond food delivery into a full range of instant retail services, evidenced by a peak of 120 million daily orders on Taobao Flash Purchase [12][15]. - SF Express is highlighted as a leading independent third-party instant delivery service, benefiting from the industry's growth and increasing demand for delivery services [30][18]. - The airline industry is recovering from a seasonal downturn, with domestic flight numbers increasing by 1.4% week-on-week, and ticket prices showing a year-on-year increase of 8.4% [32][43]. - The air cargo sector is also seeing a recovery, with stable freight rates and increased demand expected as the Chinese New Year approaches [50][57]. - The express delivery industry is stabilizing, with a slight increase in average revenue per package, and major players like SF Express and YTO Express gaining market share [61][75]. Summary by Sections Instant Delivery Industry - The instant retail market in China is projected to grow significantly, with a CAGR of 43.6% from 2018 to 2026, reaching 1.2 trillion yuan by 2026 and over 2 trillion yuan by 2030 [10][18]. - Alibaba's strategic investments in instant retail are reshaping the market, with a focus on expanding beyond traditional food delivery [12][15]. - SF Express is positioned as a key player in the instant delivery sector, benefiting from rapid growth and increased order volumes [30][18]. Airline Industry - The airline sector is showing signs of recovery, with domestic flight operations increasing and ticket prices rising [32][43]. - The air cargo market is stabilizing, with expectations of increased demand leading up to the Chinese New Year [50][57]. Express Delivery Industry - The express delivery market is stabilizing, with slight improvements in revenue per package and market share gains for major companies [61][75]. - The report emphasizes the ongoing trend of "anti-involution" in the industry, which is expected to lead to improved profitability for express delivery companies [81].

Investment Rating - The report rates the transportation industry as "Overweight" indicating that it is expected to outperform the overall market [30]. Core Insights - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from the previous quarter, ranking 16th among 31 industries [5][6]. - The proportion of holdings in the aviation transportation, ports, cross-border logistics, and highways sectors has increased, with respective shares of 56.8%, 3.4%, 4.6%, and 4.8%, showing significant increases [12]. - The top ten holdings in the transportation industry funds include China Eastern Airlines, Southern Airlines, SF Express, and others, with notable growth rates for China Eastern Airlines and Southern Airlines at 448% and 244% respectively [20][23]. Summary by Sections 1. Changes in Fund Holdings - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from Q3, with a 1 rank increase in the industry ranking [5][6]. - The transportation industry fund holdings accounted for 1.32% of all fund heavy holdings, up by 0.24 percentage points from Q3 [10]. 2. Sector Performance - The market value changes for various sectors within the transportation industry showed significant fluctuations, with aviation transportation increasing by 80% and express delivery decreasing by 39% [12]. - The holdings in the aviation transportation sector have increased significantly, while express delivery and shipping sectors have seen declines [12]. 3. Top Holdings - The top ten holdings in the transportation industry funds include: - China Eastern Airlines: 45 billion, up 448% - Southern Airlines: 31 billion, up 244% - SF Express: 11 billion, down 16% [20][23]. - Other notable stocks with over 3 billion in total market value and growth rates exceeding 10% include Spring Airlines and Jiayou International [20].

Core Viewpoint - The performance landscape of China's major express delivery companies is becoming clearer as they report their 2025 operational data, indicating a shift towards high-quality development in the industry, with significant growth in business volume and revenue [1][6]. Group 1: Performance of Major Companies - SF Holding achieved a milestone in 2025 with annual revenue surpassing 300 billion yuan, driven by logistics and international business growth, despite a slight decline in per-package revenue [2][6]. - YTO Express maintained its leading position within the Tongda system, reporting 683.18 billion yuan in revenue and 311.44 billion packages delivered, with a focus on cost control and international expansion [3][6]. - Shentong Express emerged as a significant player in 2025, with a 28.23% year-on-year increase in revenue to 58.36 billion yuan, benefiting from the consolidation of Daniao Logistics [3][6]. - Yunda Express experienced a decline in package volume but managed to increase per-package revenue, indicating a strategic shift towards rational development and profitability [4][6]. Group 2: Industry Trends and Developments - The express delivery industry is transitioning from low-price competition to high-quality development, with companies prioritizing profitability over volume [6][8]. - Technological advancements and green transformation are becoming key drivers of industry growth, with increased investment in smart logistics and sustainable practices [7][8]. - Internationalization and collaborative development are emerging as strategic priorities for leading companies, enhancing their global service networks and competitiveness [7][8]. Group 3: Future Outlook - The ongoing optimization of industry structure is expected to enhance the resource integration capabilities and brand advantages of leading companies, while compressing the survival space for smaller firms [8]. - Competition surrounding service upgrades, technological innovation, and international expansion is anticipated to intensify, positioning the Chinese express delivery industry for robust resilience and growth potential in the global logistics market [8].

Core Insights - The article highlights the operational efficiency of the Dongfang Tiandi Port, which features 45 fully automated sorting lines that can process packages quickly, completing the entire process from unloading to loading in just over ten minutes [1] - Dongfang Tiandi Port, developed by YTO Express with an investment of 12.2 billion yuan, is positioned as a global aviation logistics hub and is referred to as the "Eastern Memphis," serving as a logistics center for the Yangtze River Delta and beyond [1] - The logistics center spans 268 acres with a building area exceeding 230,000 square meters, capable of handling approximately 900,000 packages per hour [1] Company Overview - YTO Express has invested significantly in the Dongfang Tiandi Port, indicating a strong commitment to enhancing logistics capabilities and infrastructure [1] - The development of the port is a strategic move to establish a logistics hub that can efficiently serve both domestic and international markets [1] Industry Impact - The operational capabilities of the Dongfang Tiandi Port are expected to contribute to the overall logistics efficiency in the Yangtze River Delta region, potentially influencing logistics practices across the industry [1] - The port's advanced technology and infrastructure may set a benchmark for future logistics developments in China and globally [1]

数九寒天，吉林查干湖冬捕现场，直播与快递齐上阵，助力"北鱼南飞"极速达。 这边，镜头对准冰面，传统渔猎的古老仪式、"冰湖腾鱼"的壮观景象，引得直播间粉丝连连惊叹； 那头，一辆辆冷链车、无人车列队待发，冰湖起网、锁鲜封装，产地直发叠加公铁空立体化运力，助力 鲜鱼最快次日早晨便能抵达北京、上海等地。 小小快递，连接城市乡村、联通线上线下，是推动资源双向流动、畅通经济循环的重要力量。 北国大地，千里冰封；查干湖上，马蹄阵阵。 "微循环"加速迭代。电子运单实现全覆盖，干线车辆北斗卫星导航系统安装率超95%，云计算、大模型 在需求预测、智能仓管、智能调度、路径规划等多个场景广泛应用……新一代信息技术在收、转、运、 派各个环节发力显效，投递效率和妥投率持续提高，用户满意度逐年提升。 如今，这张日新月异的快递网络，日复一日承载着大规模、高频次、广地域的实物流通，支撑2025年中 国快递业务量达到近2000亿件新高度。 习近平总书记高度重视现代物流体系建设，强调"物流是实体经济的'筋络'"，指出"要积极发展农村电子 商务和快递业务"。 战略定、方向明，更好连接生产消费、服务实体经济的使命更加清晰。 面对外部冲击和内需不足挑战 ...