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。 ...

本文图片均由陈智广 / 摄 《中国民航报》、中国民航网 记者胡夕姮 通讯员任川君 报道：1月15日16时25分，一架载有27吨货物 的全货机从南京机场起飞，标志着南京—台北全货机定班航线正式开通。该航线由顺丰航空执飞，采用 波音B757—200机型，每周运行两班，满舱载货能力达30吨，可满足两岸间各类货物的运输需求。 南京—台北全货机定班航线的开通，是南京机场完善货运航线网络、服务两岸经贸交流的重要举措。该 航线主要承运普货及跨境电商货品，后续还将发挥冷链运输能力，将中国台湾地区的新鲜水产品、水果 等特色农产品引入江苏市场，进一步促进两岸农产品贸易，丰富本地消费选择，为两岸企业搭建起更加 便捷、高效的物流桥梁。 未来，东部机场集团将持续完善国际及港澳台全货运航线网络，加快提升南京机场国际服务功能，为服 务江苏及区域经济社会高质量发展提供更加坚实的支撑。（编辑：许浩存 校对：李佳洹 审核：韩磊） ...

Core Viewpoint - SF Holding and Jitu Express have announced a strategic mutual shareholding agreement worth up to HKD 8.3 billion, marking a significant move in the domestic express delivery industry towards reducing internal competition and fostering industry consolidation [1][3]. Group 1: Strategic Partnership - SF Holding will issue 226 million H shares to Jitu Express at HKD 36.74 per share, while Jitu Express will issue 822 million Class B shares to SF Holding at HKD 10.10 per share [3]. - Post-transaction, SF Holding will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Holding [3]. - The partnership is expected to enhance operational efficiency and pricing power in the face of competition from e-commerce platforms [3][4]. Group 2: Industry Context - The Chinese express delivery market is projected to reach a revenue of CNY 1.8 trillion and handle 216.5 billion parcels by 2025, with a year-on-year growth of 6.4% and 11.5% respectively [4]. - Despite growth, the industry faces challenges with low profit margins, often relying on extreme price competition, leading to a situation where the cost of delivery is unsustainable [4][6]. - The average revenue per parcel for major express companies has been declining, with significant drops noted for companies like YTO and ZTO [5]. Group 3: Market Dynamics - The industry is experiencing a shift towards price increases, with regulatory bodies pushing for better pricing strategies to combat the "involution" phenomenon [6][8]. - Major express companies are beginning to raise prices, although the long-standing culture of low pricing remains a significant hurdle [8][9]. - The consolidation of the market is evident, with major players like Jitu and SF Holding seeking to enhance their market positions through strategic partnerships [10]. Group 4: Cross-Border Opportunities - The partnership aims to leverage cross-border logistics, with SF Holding focusing on high-end logistics and Jitu Express on e-commerce deliveries, creating a complementary business model [11][16]. - The international logistics market is expanding, with significant growth in overseas warehouse construction and parcel volume, particularly in Southeast Asia [11][14]. - Both companies are positioned to enhance their competitive edge in international markets, where profit margins are generally higher than in the domestic market [11][17]. Group 5: Pricing Power Challenges - The express delivery sector faces challenges in regaining pricing power against e-commerce platforms, which exert significant influence over logistics costs [17][20]. - Recent trends indicate that platforms like Shopee are increasingly building their logistics capabilities, which could further pressure express companies to lower prices [17][20]. - SF Holding's recent negotiations with Douyin highlight the importance of maintaining pricing power in lucrative segments like returns logistics [21][22].

Core Viewpoint - The strategic shareholding agreement between Jitu Express and SF Express, totaling HKD 8.3 billion, marks a significant shift in the logistics industry, indicating a move from individual competition to collaborative strategies aimed at capturing growth opportunities in cross-border e-commerce and international supply chains [1][4]. Group 1: Strategic Partnership Details - SF Express will acquire 10% of Jitu Express through the issuance of approximately 226 million H-shares at HKD 36.74 per share, while Jitu Express will issue about 822 million B-shares to SF Express at HKD 10.10 per share, establishing a long-term partnership with a five-year lock-up period [2][3]. - This partnership allows SF Express to nominate a board member at Jitu Express, enhancing governance and strategic decision-making collaboration [2]. Group 2: Market Position and Competitive Advantage - SF Express, as Asia's largest and the world's fourth-largest logistics service provider, leverages its strong international air freight capabilities, while Jitu Express has captured over 32% market share in Southeast Asia and established competitive local delivery networks in 13 countries [3]. - The collaboration enables SF Express to access Jitu's established end-delivery network without heavy investments in overseas infrastructure, while Jitu can enhance its cross-border logistics solutions using SF's resources [3]. Group 3: Industry Implications and Market Reactions - The partnership is seen as a signal of the logistics industry's shift from price wars to value-based competition, potentially improving profit margins and market valuations for both companies [4][5]. - Following the announcement, both companies' stock prices rose, reflecting positive market sentiment regarding the potential for improved profitability and market share expansion [5]. - Analysts view this collaboration as a crucial step for both companies in enhancing their international logistics capabilities and positioning them favorably in the global market [5]. Group 4: Future Outlook - The "SF Express trunk + Jitu Express end" model is expected to become a preferred logistics solution for Chinese brands going global, potentially ending price wars and prompting other players to reassess their competitive strategies [6]. - The ongoing collaboration is anticipated to create a more efficient and resilient global logistics network, generating long-term value for shareholders and setting a new benchmark for the logistics industry [6].

新浪科技讯 1月16日下午消息，星动纪元与顺丰科技签约，达成深度合作。双方将以"联合开发、落地 推广"的模式，推动具身智能机器人在顺丰供应链业务中规模化落地，并持续在仓储、快递中转等环节 挖掘具身智能技术应用场景，使该技术覆盖仓储、配送、核验等全业务流程，以全面提升作业效率与质 量。 星动纪元是一家具备软硬件一体化全栈自研技术实力的具身智能公司，致力于打造通用机器人与机器人 的通用智能。依托自研端到端VLA具身模型ERA-42，以及全尺寸双足人形机器人星动L7和半身模块 M7，星动纪元已推出覆盖"分拣-扫码-供件"全流程的具身智能仓储物流解决方案。该方案与客户物流系 统深度协同，使星动L7/M7可根据场景需求自适应操作，灵活应对多规格、动态化的作业需求。 责任编辑：刘万里 SF014 此外，双方将联合制定具身智能机器人物流行业标准，引领行业规范发展。 ...

Group 1: Popular Industry Research - The most researched industries from January 12 to January 16, 2026, are mechanical equipment, computers, electronics, and power equipment, with mechanical equipment and computers receiving the highest attention in the past five days [9][11]. - Over the past 30 days (December 17, 2025, to January 16, 2026), the most researched industries are mechanical equipment, electronics, automobiles, power equipment, basic chemicals, and computers, with mechanical equipment and computers again leading in the number of research institutions [11]. Group 2: Popular Company Research - In the past five days, the companies with the most research occurrences and more than 10 institutional ratings include Ice Wheel Environment, Ningbo Bank, and Zhou Dasheng [14]. - Companies with the highest number of research institutions in the past five days, each with more than 10 institutional ratings, include SF Holding, Aobi Zhongguang-UW, and Qianwei Central Kitchen [15]. - Over the past 30 days, the companies with the most research occurrences and more than 10 institutional ratings include Ice Wheel Environment, Kebo Da, and Jiangbolong [18]. Group 3: Key Company Research Insights 1. **Ice Wheel Environment**: The focus of research is on its three high-growth sectors: data center liquid cooling, nuclear power and heating, and thermal management. The company is the only supplier of cooling systems for the entire nuclear island area in China and has successfully implemented liquid cooling solutions in several benchmark projects domestically and internationally [21][22]. 2. **SF Holding**: The research highlights its strategic shareholding agreement with Jitu Express, where both companies will invest approximately HKD 8.299 billion in each other. This partnership aims to integrate SF's advantages in cross-border logistics with Jitu's local delivery capabilities in Southeast Asia, the Middle East, and Latin America [23][24]. 3. **Aobi Zhongguang-UW**: The research focuses on the rapid growth of its performance, attributed to the penetration of 3D vision technology in various applications. The company reported a revenue of CNY 714 million for the first three quarters of 2025, a year-on-year increase of 103.50%, and a net profit of CNY 108 million, up 279.12% [25][26].

Core Viewpoint - Jitu Express and SF Express are entering a strategic partnership involving mutual shareholding worth HKD 8.3 billion, aiming to build a global integrated logistics network [1][2] Group 1: Shareholding Details - Jitu Express will issue 822 million Class B shares to SF Express at HKD 10.10 per share, while SF Express will issue 226 million H shares to Jitu Express at HKD 36.74 per share [1] - Post-transaction, SF Express will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Express [1] Group 2: Strategic Cooperation - The partnership will explore collaboration in global logistics network construction, infrastructure layout, and business synergy [2] - Both companies aim to create a more efficient and resilient global logistics network, targeting Chinese enterprises going global and the global e-commerce logistics market [5][6] Group 3: Complementary Strengths - Jitu Express has a strong end network in 13 countries, while SF Express possesses superior cross-border trunk and mainline resources [6] - The collaboration is expected to enhance service offerings across all price points and scenarios, with SF Express leveraging Jitu's Southeast Asian network for cross-border e-commerce logistics [7] Group 4: Market Context - The cross-border logistics sector is recognized as a trillion-dollar opportunity, with increasing demand for comprehensive logistics services as Chinese brands expand internationally [9][10] - Jitu Express has established a significant presence in Southeast Asia, with over 30% market share, while SF Express is enhancing its international capabilities through various investments [14][11] Group 5: Future Prospects - The partnership is anticipated to optimize resource allocation in the logistics industry, shifting competition from price to value [16] - Both companies are expected to enhance their operational efficiency and expand their market presence through this collaboration [16]

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16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 | | | | | 事件 | 已發行股份（不包 ...