Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The report highlights the need for the express delivery industry to shift towards high-quality development, as the State Post Bureau opposes "involution" competition and aims to improve service quality [4] - The express delivery sector is currently experiencing a decline in per-package revenue, with major companies like Zhongtong, Yuantong, Yunda, and Shentong showing year-on-year decreases in revenue per package [4] - Jitu's Southeast Asian market has seen significant growth, with a total package volume of 7.392 billion pieces in Q2 2025, a year-on-year increase of 23.5% [5] - The airline industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential for growth [12] - The shipping sector is anticipated to improve due to OPEC+ production increases and the Federal Reserve's interest rate cuts, with specific recommendations for companies like China Merchants Energy and COSCO Shipping [12] Summary by Sections Express Delivery - The express delivery market is facing intense competition, with major players experiencing a decline in revenue per package [4] - The report suggests that regulatory changes could help improve the situation by reducing low-cost competition and enhancing the performance of leading companies [4][12] Airline Industry - The airline sector is characterized by long-term low supply growth, but demand is expected to benefit from macroeconomic recovery [12] - Key companies to watch include China National Aviation Holding, Southern Airlines, and HNA Group [12] Shipping and Ports - The report indicates a positive outlook for oil transportation due to OPEC+ production increases and potential interest rate cuts [12] - Recommendations include focusing on companies like China Merchants Energy and COSCO Shipping for their growth potential in the shipping market [12] Road and Rail - The report notes that the Daqin Railway experienced a year-on-year decrease in freight volume in June 2025, while overall logistics operations remain stable [11][12] - Companies like Zhongyuan Expressway and Sichuan Chengyu are highlighted for their growth potential due to infrastructure developments [12]

Core Viewpoint - SF Airlines has launched a new international cargo route from Xi'an to Vientiane using Boeing 757-200 freighters, marking its first flight to Laos and enhancing its capabilities in dangerous goods air transport [1][3]. Group 1: Company Developments - The new route allows for the safe export of over 20 tons of Class 1 dangerous goods, showcasing SF Airlines' commitment to expanding its operational reach in Southeast Asia [1]. - Since its establishment, SF Airlines has focused on building a comprehensive service system for dangerous goods air transport, transitioning the air logistics industry from rapid growth to high-quality development [3]. - SF Airlines has been granted approval for the transportation of all categories of dangerous goods since January 2020, and has invested in hardware, talent, and service processes to enhance its competitive edge in this sector [3]. Group 2: Industry Context - The Civil Aviation Administration of China (CAAC) issued guidelines in 2021 aimed at establishing a safe, efficient, and high-quality public air transport service system for dangerous goods by 2025, with a modern governance system by 2035 [6]. - SF Airlines has successfully completed various dangerous goods transport tasks, including the export of large lithium batteries and the urgent transport of virus strains, demonstrating its operational capabilities [6][7]. - The company plans to continue improving safety management, enhancing personnel training, and developing a more efficient transport network to meet domestic and international demands for dangerous goods air transport [7].

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [8] Core Insights - The instant retail market in China is expected to exceed 700 billion yuan by 2025, accounting for over 5% of the country's physical network retail sales [2][5] - The shift in consumer behavior from bulk purchasing to "small quantity, multiple times" is driven by smaller family structures and a faster-paced lifestyle, which enhances the demand for instant retail [5][23] - Instant retail is anticipated to drive growth in instant logistics, benefiting companies like SF Holding, and the deployment of smart delivery lockers is also expected to gain traction [2][5] Summary by Sections Instant Retail Emergence - Instant retail is experiencing explosive growth, with major players like JD and Alibaba investing heavily in this sector [15][19] - The transition from distant e-commerce to near-field retail reflects a strong consumer demand for instant gratification [16][23] Opportunities in Transportation and Logistics - The growth of instant retail is expected to stimulate the logistics sector, with a projected increase in online takeaway market size to approximately 1.7 trillion yuan by 2025, representing about 30% of China's dining consumption [43][48] - Instant delivery orders are projected to grow by 18% year-on-year, reaching 48.3 billion orders in 2024, driven by the expansion of flash warehouses and the need for efficient delivery solutions [49][52] Travel Chain Insights - Domestic passenger volume is showing a stable increase, with a 4% year-on-year rise in the week of July 11, while international passenger volume increased by 16% [64] - The average domestic ticket price has seen a slight decline of 6.8% year-on-year, indicating pressure on short-term revenues despite improving demand [62][64] Maritime and Logistics Developments - The maritime sector is witnessing a rebound, with the average VLCC-TCE rate rising by 9.7% to $27,000 per day, driven by active cargo demand in the Middle East [29][30] - The logistics sector is focusing on addressing "involution" in the express delivery market, with a 16.6% year-on-year increase in express delivery volume, indicating robust industry growth [6][20]

Investment Rating - The report recommends investment in the logistics sector, specifically in companies like SF Holding and Haichen Co., due to their resilience and growth potential [2][3]. Core Views - The express delivery industry has seen a significant increase, with national express delivery volume surpassing 1 trillion pieces, indicating strong growth potential [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, which is expected to benefit companies like Haichen Co. [3]. - The aviation sector is experiencing robust growth, with major airports like Baiyun and Shenzhen expected to see significant profit increases in the first half of 2025 [4]. - The shipping industry is facing challenges, with a slight increase in the BDI index but a decline in container shipping rates [4][36]. Summary by Sections Transportation Market Review - The transportation index rose by 0.7% during the week of July 5-11, underperforming the Shanghai and Shenzhen 300 index by 0.1% [12]. Industry Fundamentals Tracking Express Delivery - The national express delivery volume has exceeded 1 trillion pieces, with a year-on-year growth of 16.6% [2]. - Jitu's package volume reached approximately 7.39 billion pieces in Q2 2025, with a growth rate of 3.5% [2]. Logistics - The chemical product price index (CCPI) is at 4035 points, down 14.4% year-on-year [3]. - The domestic shipping price for liquid chemicals is 163 RMB/ton, down 13.9% year-on-year [3]. Aviation Airports - Baiyun Airport expects a net profit of 679 million to 830 million RMB for H1 2025, a year-on-year increase of 55.06% to 89.51% [4]. - Shenzhen Airport anticipates a net profit of 287 million to 337 million RMB for H1 2025, a year-on-year increase of 64.78% to 93.47% [4]. Shipping - The CCFI index for export container shipping is 1313.7 points, down 2.2% week-on-week and down 39.0% year-on-year [21]. - The BDI index for dry bulk shipping is 1483.6 points, up 2.2% week-on-week but down 23.7% year-on-year [36]. Road and Rail Ports - The total cargo throughput at monitored ports was 25.988 million tons, down 5.28% week-on-week [5]. - The number of trucks passing through highways was 52.977 million, down 2.42% week-on-week but up 1.71% year-on-year [5].

Investment Rating - The report maintains a positive outlook on the shipping sector, recommending companies such as China Shipbuilding, Sumec, and Yangtze River Shipbuilding [1][2]. Core Insights - The shipping assets are resonating with the commodity market, with signs of stabilization in ship prices. The report highlights the potential for left-side layout opportunities as the Chinese shipbuilding industry begins to outperform its Japanese and Korean counterparts [1][2]. - The report emphasizes the resilience of domestic demand in the express delivery sector, suggesting that leading companies may optimize their market share through pricing strategies [1][2]. - The aviation sector is expected to see a recovery in demand as supply chain constraints ease, with recommendations for airlines such as China Eastern Airlines and Spring Airlines [1][2]. Summary by Sections 1. Market Performance - The transportation index increased by 0.76%, underperforming the CSI 300 index by 0.05 percentage points. The raw material supply chain services saw the largest increase at 4.22%, while the railway transportation sector experienced a decline of 0.50% [3][10]. - The Baltic Dry Index (BDI) rose by 15.81% to 1,663 points, indicating strong performance across various vessel types [3][10]. 2. Shipping Sector Insights - VLCC rates increased by 10% to $26,813 per day, with Middle East routes rising by 16%. The report anticipates continued rate recovery due to increased cargo availability [1][2]. - The report notes that the Capesize vessel rates are rebounding, driven by strong demand for iron ore and coal, despite seasonal expectations [1][2]. 3. Express Delivery Sector - The express delivery industry is maintaining high growth rates, with recommendations for companies like SF Express and JD Logistics. The report suggests that the upcoming policies may optimize logistics costs, benefiting leading firms [1][2]. 4. Aviation Sector - The aviation market is entering a peak season, with limited supply growth and natural increases in passenger volume expected to support airline revenues. Recommendations include major airlines such as China Southern Airlines and Cathay Pacific [1][2]. 5. High Dividend Stocks - The report lists high dividend stocks in the transportation sector, including Bohai Ferry with a TTM dividend yield of 8.11% and Daqin Railway with a yield of 3.97% [21].

Core Points - The Shanghai Composite Index opened high and fluctuated, with the CSI 300 Transportation Index reported at 3840.29 points [1] - The CSI 300 Transportation Index has decreased by 0.50% over the past month, increased by 3.23% over the past three months, and has declined by 1.05% year-to-date [2] - The CSI 300 Index is categorized into 11 primary industries, 35 secondary industries, over 90 tertiary industries, and more than 200 quaternary industries, with a base date of December 31, 2004, set at 1000.0 points [2] Industry Composition - The top ten weights in the CSI 300 Transportation Index are: Beijing-Shanghai High-Speed Railway (26.22%), SF Holding (17.99%), COSCO Shipping Holdings (14.88%), Datong Railway (12.52%), China Eastern Airlines (5.08%), China Southern Airlines (4.84%), Air China (4.36%), Spring Airlines (4.17%), YTO Express (3.73%), and China Merchants Energy Shipping (3.07%) [2] - The market segments of the CSI 300 Transportation Index show that the Shanghai Stock Exchange accounts for 81.09%, while the Shenzhen Stock Exchange accounts for 18.91% [2] Sector Breakdown - The industry composition of the CSI 300 Transportation Index includes: railway transportation (38.74%), express delivery (21.72%), shipping (20.16%), and air transportation (19.38%) [3] - The index sample is adjusted biannually, with adjustments implemented on the next trading day following the second Friday of June and December each year [3] - Weight factors are generally fixed until the next scheduled adjustment, with temporary adjustments made in response to changes in the CSI 300 Index samples [3]

香港交易及結算所有限公司及香港聯合交易所有限公司（「香港聯交所」）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 而產生或因依賴該等內容而引致的任何損失承擔任何責任。 本公告及隨附的上市文件僅供參考，並非收購、購買或認購任何證券的邀請或要約。 本公告所述證券及擔保未曾亦不會根據經修訂的1933年《美國證券法》（「證券法」）或美國任何 州或其他司法權區的證券法登記，除非獲豁免遵守或交易毋須遵守證券法及適用州或地方證券 法的登記規定，否則證券不得向或在美國境內提呈發售、出售或交付。 本公告及隨附的發售通函乃按香港聯合交易所有限公司證券上市規則（「上市規則」）規定僅供參 考之用，並不構成出售或招攬購買任何證券的要約。本公告及本文所述任何內容（包括隨附的 上市文件）並非任何合同或承諾的依據。為免生疑，刊發本公告及隨附的上市文件不應被視為 就香港法例第32章公司（清盤及雜項條文）條例而言由發行人（定義見下文）或其代表刊發的招 股章程提出的證券發售要約，亦不屬於香港法例第571章證券及期貨條例所指其中載有向公眾 人士發出邀請以訂立或發出要約以訂立有關購買、出售、認 ...

Core Viewpoint - The delivery of 50 units of XCMG's new energy light trucks to SF Express marks a significant step towards the green transformation and high-quality development of the local logistics industry [1]. Group 1: Product Features and Quality - XCMG's new energy light trucks have established a diversified product matrix including logistics vehicles, special vehicles, and engineering vehicles, characterized by "three highs and one long": high aesthetics, high cost-performance, high reliability, and ultra-long endurance [4]. - The delivered light trucks are designed specifically for the high-frequency, long-distance transportation needs of logistics companies, showcasing XCMG's commitment to product quality [6]. - The trucks feature an integrated electric drive axle that significantly enhances transmission efficiency, and an integrated battery liquid cooling technology that ensures stable operation in extreme temperatures [8]. Group 2: Customer Service and Support - XCMG has been enhancing its after-sales service capabilities, establishing a comprehensive service ecosystem to support customers throughout the product lifecycle [12]. - The company has formed a professional after-sales service team, offering ten premium services, three value-added services, and three spare parts commitments to ensure worry-free operations for customers [14]. - During the delivery process, XCMG staff provided thorough explanations of driving precautions and attentively addressed customer inquiries [15]. Group 3: Strategic Collaboration - As more XCMG new energy light trucks enter the SF Express network, the collaboration between the two companies is expected to deepen, focusing on value creation and accelerating the development of a smart, efficient, and sustainable green transportation landscape [17].

Group 1 - The express delivery industry in China continues to maintain high growth, with the volume of express deliveries exceeding 100 billion pieces by July 9, 2023, 35 days earlier than expected for 2024 [2] - The rapid growth is attributed to policies aimed at expanding domestic demand and promoting consumption, particularly the "old-for-new" replacement policy for consumer goods [2][3] - The express delivery sector has achieved a significant scale economy effect, enhancing its ability to drive industrial and economic growth [2] Group 2 - The integration of the express delivery industry with manufacturing and other sectors has expanded its service scope and development space, with over 1,600 key projects generating more than 1 million yuan in revenue [2] - The widespread application of technologies such as 5G, IoT, and AI is accelerating the intelligent upgrade of the express delivery industry [3] - The industry is facing intense competition, leading to ongoing price wars that have affected service quality [3][4] Group 3 - In the first five months of 2025, the average price of express delivery services was 7.5 yuan, a year-on-year decrease of 8.2%, with the first quarter seeing an average price of 7.7 yuan, down 8.8% [4] - Despite calls to avoid price wars, companies are compelled to lower prices to gain market share, significantly impacting firms like SF Express, which reported a 3.4% decline in average revenue per ticket [4] Group 4 - Recent government initiatives aim to combat "involutionary" competition in the express delivery sector, emphasizing the need for improved industry regulation and service quality [5]

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。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-051 顺丰控股股份有限公司 关于完成发行 29.5 亿港元于 2026 年到期之零息有担保可转换 债券的公告 顺丰控股股份有限公司 董 事 会 二○二五年七月十日 1 顺丰控股股份有限公司（以下简称"公司"）全资子公司 SF Holding Investment 2023 Limited 发行并由公司无条件及不可撤销地担保的 29.5 亿港元于 2026 年到 期之零息有担保可转换债券（以下简称"可转债"）的认购协议中的所有先决条 件（具体内容详见公司于 2025 年 6 月 26 日发布的《关于根据一般性授权配售新 H 股以及子公司拟发行 29.5 亿港元可转换为公司 H 股的公司债券的公告》，公 告编号：2025-046）均已达成，前述本金 29.5 亿港元的可转债已于 2025 年 7 月 10 日完成发行。 预计可转债在香港联合交易所有限公司上市及交易的批准将于 2025 年 7 月 11 日生效。后续公司将根据中国证券监督管理委员会的相关规 ...