Core Viewpoint - The logistics industry in China is transitioning from a phase of rapid expansion to one focused on quality and efficiency, with a significant shift in the competitive landscape of the less-than-truckload (LTL) express delivery sector, moving from price wars to AI empowerment [2][14]. Group 1: Industry Landscape - The market size for freight transport in China is projected to reach 58.7 billion tons by 2025, with a year-on-year growth rate of 3.2% [2]. - The LTL express delivery market was valued at 2.1 trillion yuan in 2020, with a forecasted growth to 2.62 trillion yuan by 2025, reflecting a compound annual growth rate of 6.9% [3][5]. - The market concentration is increasing, with the top 10 companies' market share (CR10) rising from 78.4% in 2020 to an expected 90.5% in 2025 [6][24]. Group 2: Competitive Dynamics - The competitive landscape has evolved from a fragmented market with many players to a more consolidated structure dominated by a few key players, with major companies like SF Express, JD Logistics, and Aneng Logistics gaining significant market shares [6][22]. - The shift from price competition to AI-driven competition is becoming evident, with companies focusing on technological advancements to enhance operational efficiency and service quality [14][30]. - The top players are increasingly leveraging AI technologies to optimize logistics operations, improve service delivery, and reduce costs, marking a significant transformation in the industry [18][19]. Group 3: Business Model Evolution - The LTL express delivery sector has seen a transition from four business models to a focus on two primary models: direct operation and franchising, as the specialized line model diminishes [7][8]. - Companies are increasingly adopting AI technologies for demand forecasting, route optimization, and operational efficiency, which are becoming critical competitive advantages [16][19]. Group 4: Financial Performance and Investment - In 2025, JD Logistics is expected to generate overall revenue of 217.15 billion yuan, with LTL express delivery revenue estimated at 350-400 billion yuan, reflecting a significant contribution to its overall business [13][26]. - SF Express reported a revenue of 33.93 billion yuan in 2023, maintaining its position as the market leader in both revenue and freight volume [22][26]. - The investment in AI capabilities is crucial, with JD Logistics investing 4.136 billion yuan in R&D in 2025, indicating a strong commitment to technological advancement [26][30].

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company is expected to see a short-term profit turning point and long-term value due to business structure optimization and new growth opportunities in supply chain and international business [6][8]. - The company's express logistics business showed a revenue of 36.817 billion yuan in January-February, a year-on-year increase of 8.57%, with business volume growing by 9.44% [6][8]. - Average revenue per package slightly decreased by 0.79% to 14.98 yuan, but is expected to stabilize as the company adjusts its market strategy [6][8]. Financial Projections - Revenue projections for 2025-2027 are 312.76 billion yuan, 342.95 billion yuan, and 372.98 billion yuan, representing year-on-year growth rates of 9.97%, 9.65%, and 8.76% respectively [6][7]. - Net profit forecasts for the same period are 11.075 billion yuan, 12.285 billion yuan, and 13.821 billion yuan, with growth rates of 8.90%, 10.92%, and 12.50% respectively [6][7]. - The expected P/E ratios for 2025-2027 are 17 times, 15 times, and 13 times [6][7]. Business Performance - The company's stock performance over the last 12 months shows a decline of 14.2%, compared to a 14.3% increase in the CSI 300 index [5][6]. - The current stock price is 36.57 yuan, with a 52-week price range of 36.03 to 51.13 yuan [5][6]. - The total market capitalization is approximately 184.26 billion yuan [5].

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][32]. Core Insights - The express delivery industry is entering a new phase of high-quality development characterized by a shift in growth dynamics, prioritizing quality and price stability, and an increase in market share for leading companies [3][4]. - The report highlights that the leading companies in the domestic e-commerce express delivery sector are Zhongtong and Yuantong, with Zhongtong expected to further demonstrate its value as a leader in the new phase [3][4]. - The report also emphasizes the potential performance elasticity of Shentong Express and the continued growth prospects for Jitu Express in Southeast Asia, projecting a 74% year-on-year increase in average daily parcel volume by Q4 2025 [3][4]. Summary by Sections Industry Overview - The report notes that in January-February, the cumulative business volume growth rate was led by Yuantong, with a year-on-year increase of 16.7% [3][11]. - The report provides detailed revenue data for February, showing Shentong with the highest revenue growth rate of 29.4% year-on-year, followed by Yuantong at 14.9% [3][11]. Company Performance - In February, Shentong's single ticket revenue was 2.44 yuan, up 19.6% year-on-year, while Yuantong's was 2.40 yuan, up 3.15% year-on-year [3][11]. - The report indicates that Shentong's revenue growth is significantly higher than its competitors, with a notable performance in both business volume and revenue [3][11]. Future Outlook - The report suggests that the express delivery industry will maintain stable pricing, with leading companies expected to increase their market share [3][4]. - It also highlights the importance of Shentong's "Gain Plan" for optimizing its structure and the potential for collaboration with Jitu Express to enhance growth prospects [3][4].

Investment Rating - The report maintains a "Positive" investment rating for the express delivery industry [7] Core Insights - Since March 2026, the express delivery industry has intensified its focus on addressing "involution" competition, entering a second phase of "anti-involution" [3][4] - Key aspects of this phase include legislative efforts to protect the rights of delivery personnel and increased administrative regulation, leading to a rise in delivery fees across various provinces [4][5] - The introduction of an unexpected e-commerce tax is driving industry consolidation, with a current PE valuation of 11-12X for the express delivery sector in 2026, indicating a high certainty of profit improvement [5][6] Summary by Sections Legislative and Regulatory Changes - The Ministry of Justice aims to resolve "involution" competition through legislative measures, focusing on protecting the rights of new and flexible employment groups [3][4] - Administrative regulations are tightening, with specific measures such as the cancellation of differentiated delivery fees and mandatory labor contracts being implemented [4] Pricing Dynamics - The report notes a significant increase in delivery fees in various regions, including a 0.1 yuan increase in Sichuan and the removal of discounts in Yunnan [4] - Regulatory bodies are establishing regular communication mechanisms to monitor the "anti-involution" efforts and pricing strategies [4] Market Outlook - The report highlights a strong continuation of the "anti-involution" trend, with expectations for improved profitability and a favorable risk-reward ratio for leading companies like Zhongtong and Yuantong [5][6] - The report emphasizes the potential for volume and price increases for these leading firms, with a focus on performance validation in Q4 2025 and Q1 2026 [5]

順豐控股股份有限公司 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。 S.F. Holding Co., Ltd. （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2026 年 2 月快遞物流業務經營簡報 根據《深圳證券交易所上市公司自律監管指引第3號 —— 行業信息披露》的規 定，順豐控股股份有限公司（以下簡稱「公司」或「本公司」）現披露2026年2月業 務經營簡報情況如下： | 項目 | | 2026年2月 | 2025年2月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 164.21 | 131.49 | 24.88% | | | －業務量 （億票） | 10.72 | 9.16 | 17.03% | | | －單票收入 （人民幣元） | 15.32 | 14.35 | 6.76% | | 2. | 供應鏈及國 ...

2026年2月快递物流业务经营简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2026 年 2 月业务经 营简报情况如下： 证券代码：002352 证券简称：顺丰控股 公告编号：2026-012 顺丰控股股份有限公司 （1）速运物流业务收入同比增长8.57%，主要得益于公司积极拓展春节期间 的年货寄递、文旅出行等消费场景，依托直营网络的稳定服务优势与场景化解决 方案能力，有效保障客户多元化业务寄递需求，实现收入高质量增长。 （2）供应链及国际业务收入同比增长8.49%。公司凭借全球网络优势与丰富 产品组合，灵活应对市场变化，积极把握企业出海新机遇，供应链业务、国际快 递及跨境电商物流业务收入保持较快增长；但国际贸易波动及货运市场需求趋缓 导致海运价格较去年同期回落，影响公司国际货运代理业务的收入增速。 上述数据未经审计，与定期报告数据可能存在差异，仅供投资者阶段性参考， 相关数据以公司定期报告为准，敬请广大投资者注意投资风险。 特 ...

Summary of Conference Call Notes Industry Overview - **Industry Focus**: Transportation and logistics sectors, including shipping, rail, air travel, and express delivery services - **Geopolitical Context**: The situation in the Strait of Hormuz is impacting shipping, rail, and hazardous materials logistics positively, while high oil prices are increasing operational costs across various transport sectors Key Points and Arguments Shipping and Logistics - **Shipping Industry**: The daily passage through the Strait of Hormuz has decreased significantly, affecting 31% of global oil shipping exports and 5% of container shipping, leading to a re-evaluation of shipping rates and a potential restructuring of shipping networks [1][2] - **Rail Transport**: High oil prices are increasing road transport costs, making rail transport more attractive. The Daqin Railway is expected to benefit from increased coal transport demand due to rising coal prices linked to oil price increases [1][2] - **Hazardous Materials Logistics**: Companies with a high percentage of chemical and oil products in their storage are likely to benefit from increased demand for stockpiling, potentially raising warehouse rental rates [3] Air Travel - **Cost Pressures**: The aviation sector is facing significant cost pressures due to rising fuel prices, with fuel costs accounting for approximately 35% of total operating costs. The expected increase in fuel surcharges could reach 170-180 RMB per flight segment [6][17] - **Market Dynamics**: The geopolitical situation is creating opportunities for Chinese airlines as travelers seek alternatives to Middle Eastern hubs, potentially increasing international passenger volumes by 13% if 25% of transit passengers shift to Chinese carriers [18][19] Express Delivery - **Market Trends**: The express delivery sector is experiencing a "reverse involution" trend, with prices in key areas like Yiwu increasing. Major companies like YTO and ZTO are expected to gain competitive advantages [1][5] Investment Recommendations - **Stock Selection**: It is recommended to focus on stocks with low correlation to Middle Eastern geopolitical risks and those with defensive attributes, such as Anhui Expressway and Shenzhen International. SF Express is highlighted for its alignment with high-quality growth trends in the express delivery sector [7] - **Shipping vs. Oil Transport**: The recommendation is to prioritize container shipping over oil transport due to lower expected volatility and higher certainty in returns, even amidst geopolitical tensions [8] Market Conditions - **Current Market Sentiment**: The overall sentiment in the transportation sector is cautious, with a preference for rail over road transport due to the latter's vulnerability to rising fuel costs. The express delivery sector shows signs of recovery, while air travel is under pressure from fuel costs [15][20] Airport Operations - **White Cloud Airport**: A new duty-free agreement has been signed with a commission rate reduced to 21%, which is expected to positively impact profits, although the overall profit elasticity will depend on the recovery of duty-free sales [22][23] Future Outlook - **Long-term Adjustments**: The geopolitical situation is expected to lead to profound adjustments in global logistics networks, with potential shifts in trade routes and increased congestion at major ports [4][10] Risks and Challenges - **Cost Transferability**: The ability of the air, road, and express delivery sectors to pass on increased costs to consumers is limited due to weak supply-demand dynamics, which may suppress market demand if oil prices remain high [2][6] Additional Important Insights - **Rail Freight Benefits**: The closure of the Strait of Hormuz is driving up coal prices in the Asia-Pacific region, benefiting rail freight operations like the Daqin Railway [10] - **Container Transport Opportunities**: The potential shift from sea to rail transport for high-value goods due to increased shipping costs could benefit the China-Europe Railway Express [11] This summary encapsulates the key insights and trends discussed in the conference call, providing a comprehensive overview of the current state and future outlook of the transportation and logistics sectors.

Summary of Key Points from Conference Call Records Industry Overview - The consumer sector, particularly the cyclical consumption segment, is showing signs of bottoming out, with potential for rebound or reversal in demand. This is supported by positive trends in the restaurant industry, which serves as a key reference point [2][2] - The restaurant industry is experiencing a slowdown in price wars, with companies like McDonald's and KFC implementing slight price increases, indicating a more rational pricing environment [2][2] Company-Specific Insights Haidilao - Haidilao's table turnover rate has improved to over 4.0, with expectations for 2026 revenue to reach approximately 4.6 billion yuan [1][5] - The return of founder Zhang Yong as CEO is expected to accelerate the growth of the main brand and the "hard bone" sub-brands, with plans to expand into lower-tier cities and introduce new dining formats [6][6] - If Haidilao maintains a turnover rate above 4.0 and a customer price close to 100 yuan, it could achieve a profit recovery to around 4.6 billion yuan, corresponding to a valuation of about 20 times [6][6] Mixue Ice Cream - Mixue Ice Cream is expected to see over 20% growth in store openings in 2026, with its price advantage under 10 yuan becoming more pronounced as delivery subsidies decline [1][7] - Despite market concerns about same-store sales and growth, Mixue's actual performance may exceed pessimistic expectations, with a stable same-store sales growth forecast [7][8] Songcheng Performance - Songcheng Performance is projected to achieve revenue between 1 billion to 1.1 billion yuan in 2026, driven by improvements in existing projects and new developments [3][4] Old Puhuang Gold - Old Puhuang Gold is transitioning towards a luxury goods model, with expected revenue of around 7.2 billion yuan in 2026 and a low valuation of 15 times [1][10] - The company is focusing on high-value customers, with significant growth potential in its high-end gold product offerings [11][11] China Oriental Education - China Oriental Education has seen a year-on-year increase of over 25% in spring recruitment collections, with a projected profit of 1 billion yuan for 2026 [1][17] - The company is expanding into new sectors such as beauty and pet care, indicating a strategic diversification [17][18] Dongfang Zhenxuan - Dongfang Zhenxuan is experiencing a fundamental turnaround, with plans to expand its self-operated product offerings by 90% to approximately 1,500 SKUs in the 2026 fiscal year [1][18] - The company is enhancing its multi-channel strategy, including expanding its own app and offline teaching networks [18][18] Bluko - Bluko is guiding for a 30% revenue growth in 2026, with a focus on international expansion and new product categories like building vehicles [1][16] - The company aims for a 70%-80% growth in its overseas segment, leveraging popular IPs for market penetration [16][16] Additional Insights - The overall sentiment in the cyclical consumption sector is cautiously optimistic, with signs of recovery in consumer spending and strategic shifts among key players [2][2] - Companies are increasingly focusing on enhancing customer experience and product offerings to drive sales growth in a competitive environment [1][1]

Report Industry Investment Rating - There is no information about the report industry investment rating in the provided content. Core Viewpoints of the Report - The geopolitical tensions persist, and concerns about inflation have led to a decline in US Treasuries. The yields of 10 - year and 2 - year US Treasuries have risen significantly, with the 2 - year yield rising more, reflecting concerns about limited Fed rate - cut space due to rising inflation expectations. The situation's uncertainty remains high, and the duration of the Holmuiz Strait's navigation restrictions is crucial [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks, with the Bloomberg Barclays Chinese - funded US dollar bond total return index falling 0.5% last week [1][3]. - In the on - shore market, the yields of 3 - year and 10 - year government bonds have risen. Factors such as improved inflation expectations, good industrial production and export performance, improved fixed investment data, and reduced expectations of future monetary policy easing have jointly promoted the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [1][4]. Summary According to Relevant Catalogs Off - shore Market - There were 3 new issuances of Chinese - funded US dollar bonds exceeding $100 million last week, totaling $1.45 billion, mainly financial bonds; about 17.5 billion RMB of off - shore RMB bonds were newly issued, also mainly financial bonds [2]. - The yields of 10 - year and 2 - year US Treasuries rose 14 and 16 basis points respectively to 4.28% and 3.72% last week, mainly due to market concerns about potential inflation problems caused by the continuous high oil price [1][2]. - Key - term US Treasuries have fully reversed all their gains this year. The yields of 10 - year and 2 - year US Treasuries have risen 11 and 24 basis points respectively compared to the end of 2025 [1][2]. - Affected by the sharp rise in US Treasury yields, Chinese - funded US dollar bonds have declined for two consecutive weeks. The Bloomberg Barclays Chinese - funded US dollar bond total return index fell 0.5% last week, and the spread narrowed by 2 basis points. Among them, the high - rating index fell 0.5%, and the spread narrowed by 3 basis points; the high - yield index fell 0.4%, and the spread widened by 3 basis points [1][3]. On - shore Market - The People's Bank of China net - withdrew 10.11 billion RMB of short - term liquidity through reverse repurchase operations last week, and inter - bank funding rates rebounded. The weighted average interest rates of 7 - day deposit - type institutional pledged repurchase and 7 - day inter - bank pledged repurchase rose 5 and 1 basis points respectively to 1.46% and 1.50% [4]. - The yields of 3 - year and 10 - year government bonds rose 1 and 3 basis points respectively to 1.37% and 1.81% last week [4]. - February's inflation data showed improved price pressure, and the continuous geopolitical tensions pushed up oil prices, improving market expectations of subsequent inflation. The macro data from January to February showed good industrial production and export performance, improved fixed investment data, and although retail data was still weak, it was better than market expectations. Coupled with the guidance of the People's Bank of China, market expectations of future monetary policy easing have weakened, jointly promoting the rise in government bond yields. However, overall, monetary policy will remain supportive, and there is no basis for a continuous rise in interest - rate bond yields [4]. Recent Newly Issued Chinese - funded US Dollar Bonds - Beijing Construction Engineering (Hong Kong) Co., Ltd. issued bonds with a coupon rate of 4.10%, an issue amount of $300 million, and a maturity date of March 19, 2029 [5]. Appendix: List of Chinese - funded US Dollar Bonds - The appendix provides a detailed list of various Chinese - funded US dollar bonds, including information such as the issuer, guarantor, coupon rate, issue amount, maturity date, and ratings from Moody's, S&P, and Fitch [17][19][21].

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。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 甘玲 （股份代號：6936) 中國深圳，2026年3月16日 董事會會議召開日期 順豐控股股份有限公司（「本公司」，及其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，本公司董事會會議將於2026年3月30日（星期一）舉行，藉以 （其中包括）考慮及批准本集團截至2025年12月31日止年度的末期業績及其發 佈，以及考慮派發末期股息（如有）。 董事會命 順豐控股股份有限公司 於本公告日期，本公司董事會成員包括董事長及執行董事王衞先生，執行董事何捷先生及 徐本松先生；及獨立非執行董事陳尚偉先生、李嘉士先生及丁益博士。 聯席公司秘書 ...