New Consumption Highlights - San Yuan launched "Beijing Yogurt" with four flavors, emphasizing natural ingredients and high protein content [5][3] - "Happy Monkey" supermarket introduced a new pomegranate jasmine green tea drink, highlighting its quality ingredients and natural flavors [8] - Haidilao and Coca-Cola collaborated to create the "Charming Hot Pot" meal set, featuring popular dishes paired with Coca-Cola [6][12] - Oreo released a new "Double Layer Cheesecake" at Sam's Club, designed for social gatherings and celebrations [11][8] - "Mango Snow Ice City" launched a new banana series, including banana milk and banana latte, with promotional offers [11][30] - Lemon Republic and Tmall Supermarket introduced "Cloud Top Lemon," featuring high juice content and natural flavors [11][30] Industry Events - Deckers Brands announced the closure of two niche outdoor footwear brands, Ahnu and Koolaburra, by Q3 of the 2026 fiscal year [13] - a2 became the first official dairy partner of the Australian Open, launching limited edition gift boxes [14] - SF Express and Jitu announced a strategic mutual shareholding agreement, with an investment amount of HKD 8.3 billion [15] - JD Health and Heliang deepened their cooperation to innovate health management models [15] Investment and Financing Movements - Danish biotech company Bactolife secured over €30 million (approximately RMB 244 million) in Series B financing [21] - McCormick & Company acquired a 25% stake in its Mexican subsidiary for $750 million (approximately RMB 5.238 billion) [22] - L Catterton acquired a majority stake in American cheese brand Good Culture, with the deal valued at over $500 million [24] - Lemon tea brand Linli completed a multi-million A round financing, with a valuation close to RMB 1 billion [24] New Product Launches - Tea Xiaokai launched a new light sparkling osmanthus pear fermented yogurt drink, targeting health-conscious consumers [28] - Starbucks China introduced a new truffle chocolate flavor series, including truffle chocolate lattes [34] - Kudi Coffee established a new company in Suzhou with a registered capital of $160 million, expanding its operational scope [32]

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].

Investment Rating - The report maintains a "Buy" rating for key companies in the logistics and transportation sector, including SF Holding and Jitu Express [6]. Core Insights - The strategic alliance between Jitu Express and SF Holding aims to enhance cross-border logistics and network expansion, leveraging each company's strengths for better collaboration and market reach [1][3]. - The oil shipping market is experiencing a rise in freight rates due to geopolitical risks and optimistic sentiment among shipowners, with a focus on companies like China Merchants Energy and COSCO Shipping Energy [2][12]. - The express delivery sector is expected to see significant growth, with a projected 8% increase in business volume in 2026, driven by overseas e-commerce growth and the strategic partnership between Jitu and SF [3][17]. Summary by Sections Weekly Insights and Market Review - The transportation sector index fell by 0.94% in the week of January 12-16, 2026, underperforming the Shanghai Composite Index by 0.49 percentage points [1][18]. - The top-performing segments included shipping, public transport, and express delivery, with respective gains of 1.51%, 1.42%, and 0.93% [18]. Aviation - The aviation sector is expected to benefit from low supply growth and recovering demand, with a focus on business travel and international flight recovery [11][26]. Shipping and Ports - VLCC freight rates have significantly increased due to concentrated shipments from the Middle East and West Africa, with rates reaching $99,627 per day [2][12]. - The dry bulk shipping market is facing a decline in rates, particularly for Cape-sized vessels, due to slow recovery in demand [13][14]. Logistics - The express delivery sector is highlighted with two main investment themes: international expansion through the Jitu and SF partnership and the internal competition dynamics among leading express companies [3][17]. - The express delivery business volume is projected to grow by approximately 8% in 2026, despite a slowdown in growth rates due to market saturation and price increases [17].

Core Viewpoint - The collaboration between Jitu and SF Express marks a significant milestone in the logistics industry, being the first of its kind based on market capitalization, aimed at jointly developing overseas business opportunities [1][2]. Group 1: Partnership Details - Jitu and SF Express announced a joint investment transaction amounting to HKD 8.3 billion, focusing on expanding their overseas operations [2]. - The partnership is seen as a natural progression due to the long-standing relationship between the two companies, with SF Express being a significant shareholder in Jitu [3]. - The collaboration is expected to leverage SF Express's strengths in cross-border logistics and Jitu's capabilities in local delivery, creating a complementary operational model [3]. Group 2: Market Focus - The partnership aims to target the European and American markets, with Jitu reporting over 50% growth in Southeast Asia, the Middle East, and Latin America in the last quarter of the previous year [4]. - The rapid growth of local e-commerce markets presents significant opportunities, particularly in the U.S. and Europe, where there is a lack of independent third-party logistics providers catering specifically to e-commerce [4]. Group 3: Competitive Landscape - Jitu and SF Express will face competition from major international brands like UPS, FedEx, and DHL, as well as local brands in the markets they are entering [4]. - The collaboration is expected to challenge established players like UPS, particularly in local delivery networks where UPS lacks presence [5]. Group 4: Advantages and Challenges - Chinese logistics companies are perceived to have advantages in technology application and management models, which can lead to cost reductions even in high labor cost markets like Europe and the U.S. [5]. - Challenges include navigating local laws, cultures, and labor protections, as well as ensuring data security while avoiding the replication of domestic competitive practices in international markets [5]. Group 5: Industry Trends - The expansion of Chinese logistics companies aligns closely with the growth of e-commerce platforms, indicating a significant market potential for logistics services driven by e-commerce demand [7]. - Companies like Cainiao and ZTO are also expanding in Southeast Asia, each with distinct operational models, highlighting the diverse strategies within the industry [6][7].

《中国民航报》、中国民航网 记者田以丹 通讯员王睿捷 报道：1月15日下午，顺丰航空O3263航班满载 货物从南京飞往台北，标志着"南京—台北"定班货运航线顺利启航，该航线由波音757-200型全货机执 飞，每周运行2班，将为两岸经贸合作搭建一条高效稳定的航空物流通道。 "南京—台北"航线由南京市交通集团旗下南京交控航空物流有限公司联合顺丰航空、苏瑞亚（南京）航 空科技有限公司共同打造，是新合作模式下宁台间首条固定班期、固定时刻并向市场公开销售的航空货 运通道，可精准服务两岸高端制造、生鲜贸易等领域的物流需求，进一步畅通宁台产业合作的物流动 脉。 自2014年首跨海峡、首飞台北以来，顺丰航空已陆续开通多条台湾航线，与华东、华南区域连接，在台 北积累了丰富的航线运营经验。"南京—台北"航线的开通，是顺丰航空响应宁台经贸合作深化趋势，依 托南京禄口国际机场航空枢纽优势，进一步加密两岸航空物流网络、促进两岸产业联结和经贸融合的重 要行动。 目前，顺丰航空机队规模已达90架，国内外通航站点累计突破120个，货运航线网络覆盖国内、辐射亚 洲、畅达欧美。接下来，顺丰航空将持续发挥规模优势，在全力保障"南京—台北"航线安全 ...

Core Viewpoint - SF Airlines has successfully launched a dedicated cargo flight route between Nanjing and Taipei, enhancing cross-strait economic and trade cooperation [1] Group 1: Route Details - The flight, designated O3263, took off from Nanjing to Taipei on January 15, 2026, fully loaded with cargo [1] - The route will be operated by a Boeing 757-200 freighter, with two flights scheduled each week [1] Group 2: Economic Impact - This new cargo route is expected to establish an efficient and stable air logistics channel for economic and trade cooperation between the two regions [1]

人民财讯1月17日电，顺丰集团消息，2026年1月15日下午，顺丰航空O3263航班满载货物从南京飞往台 北，标志着"南京=台北"定班货运航线顺利启航，该航线由B757-200型全货机执飞，每周运行2班，将为 两岸经贸合作搭建一条高效稳定的航空物流通道。 转自：证券时报 ...

Core Insights - The logistics industry in China is undergoing significant changes, marked by two major transactions: the strategic shareholding agreement between SF Express and Jitu Express, and the delisting of Debon Logistics, indicating a shift towards a more integrated and efficient competitive landscape [2][10][33] Group 1: Strategic Alliances - SF Express and Jitu Express announced an HKD 8.3 billion strategic shareholding agreement, with SF holding 10% of Jitu and Jitu holding 4.29% of SF, establishing a long-term partnership [2][4] - The collaboration is seen as a response to the industry's transition from rapid growth to a focus on efficiency and value reconstruction, as both companies aim to leverage each other's strengths in cross-border logistics and last-mile delivery [3][5][23] Group 2: Market Dynamics - The Chinese express delivery market has shifted from over 20% annual growth to a projected low of 5% by 2025, with average delivery prices dropping significantly from CNY 12.7 in 2015 to below CNY 3 [2][18] - The competitive landscape is evolving from scale expansion to efficiency and value creation, with market share increasingly concentrated among leading players [19][25] Group 3: Financial Implications - The share issuance for the strategic partnership allows both companies to optimize their capital structure without significant cash outflows, reducing financial pressure while enhancing their market positions [5][16] - SF's investment in Jitu is expected to yield benefits from Jitu's growth in overseas markets, particularly in Southeast Asia, while Jitu gains credibility and capital support from SF [5][7] Group 4: Operational Synergies - The partnership is already yielding operational benefits, with Jitu utilizing SF's network for deliveries in lower-tier markets, enhancing service quality and customer satisfaction [8][9] - Both companies plan to create a comprehensive cross-border logistics solution, aiming to reduce delivery times significantly in Southeast Asia and other emerging markets [9][25] Group 5: Debon Logistics and JD Logistics - Debon Logistics' delisting is viewed as a strategic move to eliminate competition with JD Logistics, which acquired a controlling stake in Debon, allowing for deeper integration and operational efficiency [10][12] - The integration aims to resolve competitive overlaps and enhance resource sharing, with JD Logistics leveraging Debon's capabilities in large-item logistics [11][13] Group 6: Future Outlook - The logistics industry is expected to enter a phase of ecological competition and globalization, with cross-border logistics and large-item logistics becoming key growth drivers [30][31] - Companies that adapt to these trends and focus on building collaborative ecosystems will likely emerge as leaders in the evolving market landscape [33]

Core Viewpoint - The recent strategic partnership between SF Express and Jitu Express marks a significant milestone in the logistics industry, with both companies engaging in mutual shareholding to enhance collaboration and resource sharing [2][3][5]. Group 1: Strategic Partnership Details - On January 15, SF Express and Jitu Express announced a mutual shareholding agreement with a total investment amount of HKD 8.3 billion [3][4]. - Following the transaction, SF Express will hold 10% of Jitu Express, while Jitu Express will own 4.29% of SF Express [4][8]. - The share issuance will be simultaneous, and both companies are restricted from selling their shares in each other for five years post-transaction [9]. Group 2: Business Synergies - The partnership aims to leverage the complementary strengths of both companies, enhancing their logistics network and service offerings [6][10]. - SF Express will utilize its core resources in cross-border logistics, while Jitu Express will contribute its established local networks in 13 countries [10][11]. - The collaboration is expected to create a more efficient global logistics network, capitalizing on the opportunities presented by cross-border e-commerce [11]. Group 3: Financial Performance and Market Position - As of January 16, SF Express had a market capitalization of CNY 195.6 billion, while Jitu Express was valued at HKD 101.4 billion [7]. - In the first half of 2025, Jitu Express processed 10.6 billion packages in China, reflecting a 20% year-on-year growth, with a market share of 11.1% [24]. - SF Express reported a revenue of CNY 146.9 billion in the first half of 2025, a 9.26% increase year-on-year, but faced a decline in average revenue per package [26]. Group 4: Historical Context and Previous Collaborations - Prior to this partnership, SF Express had already invested in Jitu Express during its pre-IPO financing rounds, indicating a long-standing relationship [14]. - In May 2023, Jitu Express acquired 100% of SF Express's subsidiary, enhancing its capabilities in the e-commerce logistics sector [15][18]. Group 5: Future Outlook - The partnership is expected to strengthen both companies' positions in the logistics market, particularly in international operations and e-commerce logistics [29]. - The collaboration is seen as a strategic move to optimize resource allocation and accelerate global coverage without heavy capital investment [29].

中新网南京1月16日电 (任川君 朱晓颖)15日，一架载有27吨货物的全货机从南京禄口国际机场起飞，标 志着南京—台北全货机定班航线开通。 1月15日， 1月15日， 南京—台北全货机定班航线开通。东部机场集团有限公司 供图 南京—台北全货机定班航线的开通，是南京禄口国际机场完善货运航线网络、服务两岸经贸交流的重要 举措。(完) 南京—台北全货机定班航线开通。东部机场集团有限公司 供图 该航线由顺丰航空有限公司执飞，采用B757—200机型，每周运行2班，满舱载货能力达30吨。目前， 该航线主要承运普货及跨境电商货品，后续将发挥冷链运输能力，将台湾水产品、水果等农产品引入江 苏市场，为两岸企业搭建起更便捷、高效的物流桥梁。 ...