Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a "reverse involution" trend driving up express prices, enhancing corporate profit elasticity. The e-commerce express delivery sector is expected to see healthy competition opportunities in the medium to long term. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with both performance and valuation having room for growth. J&T Express is expected to benefit from high growth and market share expansion in overseas markets [16] - In the shipping sector, the outlook for crude oil transportation is positive due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cut cycle. The geopolitical uncertainties in the Middle East may enhance VLCC freight rate elasticity. The shipping market is expected to improve further in 2026, with recommendations to focus on companies like China Merchants Energy Shipping and COSCO Shipping Energy [16] - The shipping market is anticipated to recover, driven by environmental regulations limiting the operation of older fleets and the expected demand boost from the production of iron ore in Western Australia and the Federal Reserve's interest rate cuts. Companies like China Merchants Energy Shipping and Hainan Airlines are recommended for attention [16] - The aviation sector is expected to see Q3 performance as a potential signal for a long-term market upturn, with stable demand growth and a tightening supply situation. Companies such as China Eastern Airlines and Hainan Airlines are suggested for early positioning [16] Summary by Sections Express Delivery - The express delivery industry is experiencing a robust demand with a year-on-year growth of 5.0% in business volume, reaching 180.6 billion pieces in November 2025. However, the business revenue decreased by 3.7% to 137.65 billion yuan [25][30] - Companies like YTO Express and Shentong Express are showing significant growth in business volume, with YTO achieving a 13.55% increase and Shentong a 14.67% increase in November 2025 [30] Shipping and Vessels - The BDTI index for crude oil transportation increased by 15.61% to 1388 points, while the BCTI index for refined oil transportation rose by 11.00% to 795 points [47] - The overall shipping market is expected to improve, with the BDI index showing a decrease of 10.23% to 1591 points, indicating a potential recovery phase ahead [47] Aviation - In November 2025, civil aviation completed a passenger transport volume of approximately 60 million people, reflecting a year-on-year increase of 6.6%. The cargo and mail transport volume reached 930,000 tons, up by 10.8% [56] - The overall passenger load factor for major airlines was 85.57%, indicating a stable demand environment [62] Ports - From January 5 to January 11, 2026, China's port cargo throughput reached 26.275 million tons, a week-on-week increase of 3.06%, while container throughput increased by 5.50% to 685,000 TEU [80]

Core Viewpoint - SF Holding announced that by December 2025, the combined revenue from express logistics, supply chain, and international business reached 27.339 billion yuan, representing a year-on-year growth of 3.41% [1] Group 1: Revenue Breakdown - The express logistics business generated revenue of 20.378 billion yuan, with a year-on-year increase of 3.78% [1] - The business volume for express logistics was 1.476 billion packages, showing a year-on-year growth of 9.33% [1] - The average revenue per package was 13.81 yuan, reflecting a year-on-year decrease of 5.09% [1] Group 2: Supply Chain and International Business - Revenue from supply chain and international business amounted to 6.961 billion yuan, marking a year-on-year growth of 2.35% [1] - International freight forwarding revenue was impacted by fluctuations in international trade and a decline in shipping prices, while international express and cross-border e-commerce logistics maintained rapid growth [1]

3、以上收入不含公司其他非物流业务收入。 公司2025年12月速运物流业务、供应链及国际业务合计收入为人民币273.39 亿元，同比增长3.41%。其中：（1）速运物流业务收入同比增长3.78%，业务量 同比增长9.33%。公司坚持可持续健康发展的经营基调，推进激活经营进阶机制， 以高品质服务和稳定运营交付，满足客户多元化物流需求。同时公司逐步优化市 场策略，追求业务高质量增长。（2）由于国际贸易波动及货运市场需求趋缓， 海运价格较去年同期明显回落，影响公司国际货运代理业务的收入。但依托全球 证券代码：002352 证券简称：顺丰控股 公告编号：2026-005 顺丰控股股份有限公司 2025年12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 2025 年 12 月业务经 营简报情况如下： | 项目 | 2025 年 | 12 月 | 2024 年 | 12 月 | 同比变动 | | --- | --- | - ...

第 1 頁 共 7 頁 v 1.3.0 FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 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） 呈交日期： 2026年1月19日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 普通股 | 股份類別 A | | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 002352 | 說明 | A股（於深圳交易所上市） | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | ...

Core Viewpoint - SF Holding (06936.HK) 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: Express Logistics Business - Revenue from the express logistics business increased by 3.78% year-on-year, with a business volume growth of 9.33% [1] - The company maintains a sustainable and healthy development approach, enhancing operational mechanisms to deliver high-quality services and stable operations to meet diverse customer logistics needs [1] - Market strategies are being optimized to pursue high-quality business growth [1] Group 2: International Business - The international freight forwarding business was impacted by fluctuations in international trade and a slowdown in freight market demand, leading to a significant decline in sea freight prices compared to the same period last year [1] - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes and seize new opportunities for enterprises going abroad, resulting in stable cargo volumes for international freight forwarding [1] - Revenue from international express and cross-border e-commerce logistics maintained rapid growth year-on-year [1]

Core Viewpoint - SF Holding (002352)(06936) 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: Express Logistics Business - Revenue from the express logistics business increased by 3.78% year-on-year, with a business volume growth of 9.33% [1] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to deliver high-quality services and stable operations to meet diverse customer logistics needs [1] - The company is gradually optimizing its market strategy, aiming for high-quality business growth [1] Group 2: International Business - Due to fluctuations in international trade and a slowdown in freight market demand, sea freight prices have significantly decreased compared to the same period last year, impacting the revenue of the international freight forwarding business [1] - Leveraging its global network advantages and a rich product portfolio, the company has flexibly responded to market changes and actively seized new opportunities for enterprises going abroad, maintaining stable cargo volume in the international freight forwarding business [1] - Revenue from international express and cross-border e-commerce logistics businesses has continued to grow rapidly year-on-year [1]

智通财经APP讯，顺丰控股(06936)发布公告，公司2025年12月速运物流业务、供应链及国际业务合计收 入为人民币273.39亿元，同比增长3.41%。其中：(1)速运物流业务收入同比增长3.78%，业务量同比增 长9.33%。公司坚持可持续健康发展的经营基调，推进激活经营进阶机制，以高品质服务和稳定运营交 付，满足客户多元化物流需求。同时公司逐步优化市场策略，追求业务高质量增长;(2)由于国际贸易波 动及货运市场需求趋缓，海运价格较去年同期明显回落，影响公司国际货运代理业务的收入。但依託全 球网络优势与丰富产品组合，公司灵活应对市场变化，积极把握企业出海新机遇，使得国际货运代理业 务货量保持稳定。国际快递及跨境电商物流业务收入同比保持较快增长。 ...

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 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2025年12月 業務經營簡報情況如下： | 項目 | | 2025年12月 | 2024年12月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | （人民幣億元） 營業收入 | 203.78 | 196.36 | 3.78% | | | －業務量 （億票） | 14.76 | 13.50 | 9.33% | | | （人民幣元） －單票收入 | 13.81 | 14.55 | -5.09% | | 2. | 供應鏈及國際業務 | | | | | | （人民幣億元） 營業收入 | 69.61 | 68.01 | 2.35% ...

格隆汇1月19日丨顺丰控股(06936.HK)发布公告，2026年1月19日耗资人民币5234.3万元回购135.5万股A 股，回购价格每股38.38-38.95元。 ...

顺丰控股（002352）(06936)发布公告，于2026年1月19日，该公司斥资5234.3万元回购135.5万股A股。 ...