顺丰控股（002352）(06936)发布公告，于2026年1月26日，该公司斥资人民币5242.84万元回购135万股 A股，每股回购价格为38.6-39.98元。 ...

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26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 。 FF305 確認 根據《主板上市規則》第13.25C條 / 《GEM上市規則》第17.27C條，我們在此確認，據我們所知所信，第一章節所述的每項股份發行或庫存股份出售或轉讓已獲發行人董事會正式授權批准，並遵 照所有適用上市規則、法律及其他監管規定進行，並在適用的情況下： (註7) | 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 | ...

Investment Rating - The report rates the transportation industry as "Overweight" indicating that it is expected to outperform the overall market [30]. Core Insights - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from the previous quarter, ranking 16th among 31 industries [5][6]. - The proportion of holdings in the aviation transportation, ports, cross-border logistics, and highways sectors has increased, with respective shares of 56.8%, 3.4%, 4.6%, and 4.8%, showing significant increases [12]. - The top ten holdings in the transportation industry funds include China Eastern Airlines, Southern Airlines, SF Express, and others, with notable growth rates for China Eastern Airlines and Southern Airlines at 448% and 244% respectively [20][23]. Summary by Sections 1. Changes in Fund Holdings - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from Q3, with a 1 rank increase in the industry ranking [5][6]. - The transportation industry fund holdings accounted for 1.32% of all fund heavy holdings, up by 0.24 percentage points from Q3 [10]. 2. Sector Performance - The market value changes for various sectors within the transportation industry showed significant fluctuations, with aviation transportation increasing by 80% and express delivery decreasing by 39% [12]. - The holdings in the aviation transportation sector have increased significantly, while express delivery and shipping sectors have seen declines [12]. 3. Top Holdings - The top ten holdings in the transportation industry funds include: - China Eastern Airlines: 45 billion, up 448% - Southern Airlines: 31 billion, up 244% - SF Express: 11 billion, down 16% [20][23]. - Other notable stocks with over 3 billion in total market value and growth rates exceeding 10% include Spring Airlines and Jiayou International [20].

国海证券研报指出，顺丰控股短期利润扰动或面临拐点；收入稳增叠加降本增效，中期盈利能力有望稳 步提升；长期看供应链及国际业务第二增长曲线蓄势待发。考虑到多网融通及营运变革深入推进，对成 本费用节约的效果逐步显现，预计2025-2027年归母净利润分别110.75亿元、122.85亿元、138.23亿元， 同比增长8.90%、10.92%、12.52%，对应PE分别18倍、16倍、14倍。参考顺丰控股A股近三年平均PE （TTM）约24倍，考虑公司激活经营下业务量增长、精益管理成本费用有望带动利润率提升，预计进 入产能投放后回报周期，远期国际业务有望打开增长空间，首次覆盖，给予公司"买入"评级。 ...

Core Viewpoint - Several logistics companies, including SF Express, JD Logistics, and Deppon, have announced their service plans for the Spring Festival, indicating a commitment to meet delivery service demands during this period while implementing peak resource adjustment fees to manage resource allocation needs [1] Group 1 - SF Express has stated that due to limited resource allocation during the holiday period and extreme weather changes, the timeliness of deliveries may be affected to varying degrees [1] - The company plans to flexibly adjust the scheduling of packages and resources, dynamically modifying certain service fee standards [1]

Summary of SF Holding Conference Call Company Overview - SF Holding is the largest integrated logistics service provider in China and Asia, and the fourth largest globally. Its direct operation model and comprehensive logistics capabilities are its core competitive advantages, allowing it to lead in the express delivery and mid-to-high-end economic express markets and adapt quickly to market changes [2][3]. Core Business Insights - Express delivery remains the core business, but its revenue share has decreased from 66% in 2017 to 43% in the first half of 2025. Despite this, SF Holding maintains a leading position with a 64% market share in the highly concentrated express delivery market [5]. - Future growth drivers include increased online sales and return demands for mid-to-high-end products, logistics needs from high-end manufacturing, and international business growth driven by global supply chain restructuring and cross-border e-commerce [2][5]. Financial Performance - From 2016 to 2020, the net profit attributable to shareholders grew consistently. However, in 2021, net profit declined due to increased investments and rising labor costs. From 2022 to 2024, profitability is expected to recover through business structure adjustments and cost reduction measures, with a 9.07% year-on-year increase in net profit for the first three quarters of 2025 [7][8]. - The company plans to steadily increase cash dividend ratios, projecting a rise to 40% in 2024, and has repurchased approximately 5.16 billion yuan worth of shares from 2022 to October 2025 [8]. Cost Control Measures - Since 2021, SF Holding has implemented a cost control strategy through the integration of its logistics networks, achieving cumulative cost reductions exceeding 3.8 billion yuan from 2021 to 2024. The company has optimized transportation routes and reduced the number of network nodes to enhance efficiency [6]. Strategic Partnerships - SF Holding has entered a strategic partnership with J&T Express, involving mutual shareholding worth 8.3 billion HKD. This collaboration aims to leverage each other's strengths in cross-border logistics and enhance global network coverage and operational efficiency [11][13]. Market Position and Future Outlook - The company has opened 59 domestic and 19 international routes, with over 1.4 million flights operated in the first half of 2025, marking a 14% year-on-year increase. The partnership with J&T is expected to enhance local delivery capabilities and optimize logistics operations [13]. - Investors are advised to consider the company's long-term investment value, with a projected net profit of 100.2 billion yuan for 2026, translating to a price-to-earnings ratio of approximately 16 times. The company is expected to show improved performance in the fourth quarter and the first quarter of the following year [14].

Core Viewpoint - The performance landscape of China's major express delivery companies is becoming clearer as they report their 2025 operational data, indicating a shift towards high-quality development in the industry, with significant growth in business volume and revenue [1][6]. Group 1: Performance of Major Companies - SF Holding achieved a milestone in 2025 with annual revenue surpassing 300 billion yuan, driven by logistics and international business growth, despite a slight decline in per-package revenue [2][6]. - YTO Express maintained its leading position within the Tongda system, reporting 683.18 billion yuan in revenue and 311.44 billion packages delivered, with a focus on cost control and international expansion [3][6]. - Shentong Express emerged as a significant player in 2025, with a 28.23% year-on-year increase in revenue to 58.36 billion yuan, benefiting from the consolidation of Daniao Logistics [3][6]. - Yunda Express experienced a decline in package volume but managed to increase per-package revenue, indicating a strategic shift towards rational development and profitability [4][6]. Group 2: Industry Trends and Developments - The express delivery industry is transitioning from low-price competition to high-quality development, with companies prioritizing profitability over volume [6][8]. - Technological advancements and green transformation are becoming key drivers of industry growth, with increased investment in smart logistics and sustainable practices [7][8]. - Internationalization and collaborative development are emerging as strategic priorities for leading companies, enhancing their global service networks and competitiveness [7][8]. Group 3: Future Outlook - The ongoing optimization of industry structure is expected to enhance the resource integration capabilities and brand advantages of leading companies, while compressing the survival space for smaller firms [8]. - Competition surrounding service upgrades, technological innovation, and international expansion is anticipated to intensify, positioning the Chinese express delivery industry for robust resilience and growth potential in the global logistics market [8].

Group 1: Company Insights - Huace Testing expects a net profit of 1.013-1.021 billion yuan for 2025, a year-on-year increase of 10%-11% [4] - The company anticipates a Q4 net profit of 201-209 million yuan, reflecting a growth of 15%-20% year-on-year [5] - The company is focusing on strategic mergers and international expansion, which will gradually release growth momentum [5] Group 2: Military Industry Developments - Major military groups in China have held annual meetings to set goals for the 14th Five-Year Plan and outline key tasks for 2026 [7] - China Aerospace Science and Technology Corporation emphasizes breakthroughs in reusable rocket technology and the development of commercial aerospace [8] - China Commercial Aircraft Corporation is advancing the C919 aircraft's certification and commercial operations, with growing interest from Southeast Asian countries [9] Group 3: Cross-Border E-commerce Performance - The global cross-border e-commerce market is projected to reach 551.23 billion USD by 2025, with a compound annual growth rate of 15.44% from 2025 to 2034 [13] - Jihua Co. expects a net profit of 272-291 million yuan for 2025, a significant increase of 50%-60% year-on-year [13] - Huakai Yibai anticipates a net profit of 132-162 million yuan for 2025, with improved inventory management leading to a recovery in gross margin [13] Group 4: Coal Industry Trends - In Q4 2025, coal sector holdings in actively managed funds increased to 0.36%, indicating a low level of crowding and significant value [17] - The coal price is expected to be supported by tight supply and demand conditions, with a potential upward trend in the price center [19] - Major coal companies are initiating buybacks and asset injection plans, reflecting confidence in the sector's growth and stability [20] Group 5: Banking Sector Performance - Industrial Bank expects a revenue growth of 0.24% and a net profit growth of 0.34% for 2025, with asset quality remaining stable [22] - The bank's asset scale is projected to exceed 11 trillion yuan, with a year-on-year growth of 5.57% [23] - The non-performing loan ratio is stable at 1.08%, with significant reductions in new non-performing loans in key sectors [23] Group 6: Renewable Energy and Technology - Mingyang Smart Energy plans to acquire Dehua Chip, a leader in satellite energy systems, to enhance its capabilities in space photovoltaic technology [25] - The space photovoltaic market is expected to grow significantly, with Mingyang's revenue projected to reach 40.879 billion yuan by 2025, reflecting a 51% year-on-year increase [27] - The company aims to leverage its existing technologies to create synergies with Dehua Chip, enhancing its competitive position in the market [27] Group 7: Robotics Industry Developments - Tesla plans to start selling its humanoid robot Optimus by the end of next year, with ongoing testing to ensure reliability and safety [33] - The humanoid robot industry is expected to see significant growth, with over 140 companies and more than 330 products launched in 2025 [40] - Microsoft has launched its first robot-specific AI model, Rho-alpha, which enhances the adaptability and reliability of robots [41]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of relative performance that exceeds the relevant market indices over the next 12 months [10]. Core Insights - In Q4 2025, the transportation sector's public fund heavy holding ratio decreased by 0.03 percentage points to 1.09%, primarily due to significant reductions in logistics and supply chain investments, while the aviation sector saw a slight increase in allocation [2][6]. - The number of heavily held stocks in the transportation sector increased to 60, with a total market value of 21.49 billion yuan, reflecting a 15.3% quarter-on-quarter increase [6]. - The transportation sector index outperformed major indices such as the Shanghai Composite Index, CSI 300, and ChiNext Index, with a quarterly increase of 3.4% [6]. Summary by Sections Fund Holdings - The transportation sector's allocation is ranked 17th among 32 primary industries, indicating an underweight status compared to the standard allocation ratio of 2.46% [6]. - The allocation ratios for sub-sectors in Q4 2025 are as follows: Aviation (0.50%), Logistics and Supply Chain (0.34%), Rail and Road (0.12%), Maritime (0.08%), and Transportation Infrastructure (0.05%) [6][14]. Heavy Holdings - The top five heavily held stocks in the transportation sector accounted for 57.7% of the total market value, with the top ten accounting for 79.2%, indicating an increase in concentration [7]. - The leading stocks by market value in Q4 2025 were China Eastern Airlines (4.55 billion yuan), Southern Airlines (3.08 billion yuan), and SF Express (2.29 billion yuan) [7][22]. Northbound Capital - Northbound capital holdings in the transportation sector increased to 4.3%, with the aviation sector being the largest segment at 11.61 billion yuan, representing 27.5% of the transportation industry [8][26]. - The top five stocks with the highest foreign ownership ratios included Sichuan Chengyu, Southern Airlines, and Iron Dragon Logistics, with foreign ownership ratios of 15.4%, 14.6%, and 8.1% respectively [8][26].

Investment Rating - The report maintains an "Overweight" rating for the aviation and oil shipping sectors [4]. Core Insights - The aviation sector is expected to see record passenger flow during the Spring Festival, with a projected increase of approximately 5.3% year-on-year, reaching 9.5 billion trips in 2026. The report anticipates strong demand during the Spring Festival, with limited additional flights due to strict management by airlines [4]. - In the oil shipping sector, high oil freight rates are expected to persist, with a significant year-on-year increase in tanker profits anticipated for Q1 2026. The report highlights a bullish long-term outlook for oil shipping driven by global oil production growth and an aging fleet [4]. - The express delivery sector is projected to experience a growth rate of 14% in 2025, with a notable recovery in profitability driven by effective measures against excessive competition [4]. Summary by Relevant Sections Aviation - The report forecasts a record high in passenger flow during the Spring Festival, with a year-on-year growth of 5.3% in civil aviation passenger transport [4][5]. - The pre-sale trends for airline tickets are positive, and the overall flight capacity increase during the Spring Festival is expected to be limited, benefiting airline revenue management [4]. - The report suggests a strategic investment in the aviation sector, highlighting companies such as Air China, China Eastern Airlines, and Spring Airlines as potential beneficiaries [4]. Oil Shipping - Oil freight rates are expected to remain high, with a significant increase in tanker profits projected for Q1 2026 due to rising oil production from the Middle East and South America [4]. - The report emphasizes the long-term bullish logic for oil shipping, driven by increased demand and a tightening supply due to an aging fleet [4]. - Recommended companies in the oil shipping sector include COSCO Shipping Energy Transportation and China Merchants Energy Shipping [4]. Express Delivery - The express delivery sector is expected to see a growth rate of 14% in 2025, with a decline in growth rate towards the end of the year [4]. - The report notes that measures against excessive competition have led to a recovery in profitability for leading companies in the sector [4]. - Companies such as SF Express and ZTO Express are highlighted as key players to watch in this sector [4].