Core Insights - Star Dynamics and SF Technology have signed a deep cooperation agreement focusing on logistics scenarios such as express delivery and warehousing, aiming to promote the intelligent and flexible upgrade of the logistics industry [1][4] Group 1: Company Overview - SF Technology is a leading enterprise in the global logistics technology field, specializing in supply chain services and digital innovation, providing end-to-end supply chain services both domestically and internationally [3] - Star Dynamics is a company with integrated software and hardware self-research capabilities, dedicated to developing general-purpose robots and their intelligence [3] Group 2: Technological Developments - SF Technology has developed core technologies such as the "Bai Chuan" intelligent supply chain platform and the "SF Super Brain" intelligent decision-making platform, achieving refined control and efficiency improvement across the entire logistics chain [3] - Star Dynamics has launched a comprehensive embodied intelligent warehousing logistics solution covering the entire process from sorting to scanning to supply, which collaborates deeply with customer logistics systems [3][4] Group 3: Industry Challenges and Solutions - The logistics industry currently faces challenges such as labor shortages and insufficient flexibility of automated equipment [4] - The cooperation aims to scale the application of embodied intelligent robots in SF's supply chain business and explore application scenarios in warehousing and express transit to enhance operational efficiency and quality [4] Group 4: Future Directions - Both companies will jointly establish industry standards for embodied intelligent robots in logistics, leading the normative development of the industry [5] - The partnership is committed to long-term cooperation and joint development, continuously deepening exploration in the integration of embodied intelligence and logistics scenarios to drive industry transformation [5]

分析师认为，这可以看作是中国快递物流行业从"内卷竞争"转向"深层耦合"的里程碑事件。 极兔表示，将凭借在全球13个国家的末端网络与本地化运营优势，结合顺丰在跨境头程与干线段的核心资源优势和成熟运营体系，共同增强端到端跨境物 流解决方案的网络覆盖和产品竞争力。 1月15日，极兔速递（1519.HK）与顺丰控股（002352.SZ,6936.HK）联合发布公告，宣布达成一项战略性的相互持股协议，将互为对方增发新股，投资交 易金额达83亿港元。 对于双方的合作，快递物流专家赵小敏对第一财经记者表示，顺丰的优势在于高端快递网络、冷链物流、航空运输资源，服务质量和时效优势明显。极兔 速递在电商件快递市场表现突出，尤其在拼多多、Shopee等平台订单中占据优势，并在东南亚市场快速扩张。双方合作后，能够实现高端件与电商件的互 补，形成覆盖全价位、全场景的综合快递服务体系。 根据协议，极兔速递将向顺丰控股增发8.22亿股B类股份，发行价为每股10.10港元；顺丰控股将向极兔速递增发2.26亿股H股股份，发行价为每股36.74港 元。交易完成后，顺丰控股将持有极兔速递10%的股份，极兔速递将持有顺丰控股4.29%的股份。 此外 ...

Core Viewpoint - The 2025 China Enterprise ESG "Golden Responsibility Award" aims to recognize companies that have made significant contributions to ESG (Environmental, Social, and Governance) practices, with over 5,000 enterprises participating in the evaluation process [1][4]. Group 1: ESG Services and Initiatives - Sina Finance ESG Rating Center offers 14 ESG services, including information, reports, training, and consulting, to help listed companies promote ESG concepts and enhance their sustainable development performance [1][4]. - In 2025, many quality enterprises in China are actively practicing their responsibilities in environmental, social, and governance aspects, while domestic financial institutions are steadily advancing in the field of ESG responsible investment [1][4]. Group 2: Award Selection and Winners - The award selection process involved over three months of competition, combining ESG performance, professional evaluation scores, and online voting results [1][4]. - The winners of the 2025 China Enterprise ESG "Golden Responsibility Award" for Best Corporate Governance include Zijin Mining, SF Holding, ZTE Corporation, Industrial Fulian, JA Solar, SANY Heavy Industry, Nanjing Steel, Bright Dairy, TCL Zhonghuan, and Fuyao Glass [2][5]. Group 3: ESG Rating Center Overview - The Sina Finance ESG Rating Center is the first Chinese ESG professional information and rating aggregation platform, dedicated to promoting sustainable development and responsible investment [3][6]. - The center aims to establish ESG evaluation standards suitable for China's characteristics and promote the development of ESG investment in the asset management industry [3][6].

全球物流行业的竞争格局刚刚迎来了一次实质性的重构。 1月15日，极兔速递（1519.HK）与顺丰控股（002352）（002352.SZ, 6936.HK）联合发布公告，宣布达 成一项总金额达83亿港元的战略性相互持股协议。 在公告中，双方明确了此次合作的核心意图，借助双方优势资源，共同构建一个覆盖更广、效率更高、 更具韧性的全球一体化物流网络。 这一动作的背景，是中国快递行业正在告别单纯的规模增长阶段，转向高质量发展与全球化布局，极兔 速递创始人李杰与顺丰控股创始人王卫在联合声明中表示，这是双方关系深化的重要里程碑，旨在有力 把握中资企业出海及跨境电商带来的历史性机遇。 核心资源的深度协同 此次战略互投的商业逻辑，建立在双方核心资产的高度互补性之上。 在当前全球供应链重构的背景下，构建一套完整的"端到端"跨境物流解决方案，需要同时具备强大的干 线运输能力和深度的末端派送网络。极兔速递与顺丰控股的结盟，本质上是这两类稀缺资源的对接。 极兔速递在合作中提供的核心价值，在于其全球化的末端网络与成熟的本地化运营体系，作为一家起家 于东南亚、快速扩张至全球的物流服务商，极兔已在全球13个国家建立了自营快递网络。截至2 ...

Core Insights - Star Dynamics and SF Technology have officially signed a deep cooperation agreement to focus on logistics scenarios such as express delivery and warehousing, aiming to promote the intelligent and flexible upgrade of the logistics industry [1][4] Group 1: Company Overview - SF Technology is a leading enterprise in the global logistics technology field, specializing in supply chain services and digital innovation, providing end-to-end supply chain services both domestically and internationally [3] - Star Dynamics is a company with integrated software and hardware self-research capabilities, dedicated to creating general-purpose robots and their intelligence [3] Group 2: Technological Developments - SF Technology has developed core technologies such as the "Bai Chuan" intelligent supply chain platform and the "SF Super Brain" intelligent decision-making platform, achieving refined control and efficiency improvement across the entire logistics chain [3] - Star Dynamics has launched a comprehensive intelligent warehousing logistics solution covering the entire process from sorting to scanning to supply, utilizing its self-developed VLA embodiment model ERA-42 and humanoid robots [3] Group 3: Industry Challenges and Solutions - The logistics industry currently faces challenges such as labor shortages and insufficient flexibility of automated equipment [4] - The cooperation aims to scale the application of embodied intelligent robots in SF's supply chain business and explore application scenarios in warehousing and express transit to enhance operational efficiency and quality [4] Group 4: Future Collaboration - Both companies will jointly develop and promote industry standards for embodied intelligent robots in logistics, leading the normative development of the industry [4] - The partnership is committed to long-term cooperation and mutual development, continuously deepening the exploration of the integration of embodied intelligence and logistics scenarios [4]

来源：观点地产网 观点网讯：1月15日，极兔速递与顺丰控股宣布83亿元战略性相互持股，里昂研报指出该交易将强化双 方海外物流网络。 根据协议，极兔以折让14%向顺丰发行8.22亿股B类股份，顺丰则以溢价3.9%向极兔增发2.26亿股H股股 份，交易完成后顺丰持有极兔10%股权，极兔持有顺丰4.29%股权。 里昂测算，按发行价计，极兔2025/2026年预测市盈率分别为29倍及20倍，顺丰为16倍及14倍。股权摊 薄虽影响现有股东权益，但双方可借此共享东南亚与中国的干线、清关及末端配送资源，海外业务增速 有望提升。 维持极兔目标价11.9港元、顺丰47.4港元，评级均为"跑赢大市"。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...

经济观察网1月15日，星动纪元与顺丰科技正式签约，达成深度合作。双方将聚焦快递、仓储等物流场 景，联合开展具身智能机器人技术方案的研发与应用推广，共同推动物流行业向更高阶的智能化、柔性 化升级。 当前，物流行业面临人力短缺、自动化设备柔性不足等痛点。本次合作，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。 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，共同推动物流行业向更高阶 的智能化、柔性化升级。 ...

Core Viewpoint - SF Holding and J&T Express have entered into a strategic mutual shareholding agreement, with a total investment amount of HKD 8.3 billion, aiming to enhance their logistics network and service capabilities for Chinese enterprises going global [1][2]. Group 1: Strategic Partnership - SF Holding will issue 226 million H-shares to J&T Express at a price of HKD 36.74 per share, while J&T Express will issue 822 million Class B shares to SF Holding at a price of HKD 10.10 per share [1]. - Post-transaction, SF Holding will hold 10% of J&T Express, and J&T Express will hold 4.29% of SF Holding [1]. Group 2: Market Implications - The partnership is expected to leverage SF Holding's high-end express network and J&T Express's strong performance in the e-commerce delivery market, particularly on platforms like Pinduoduo, to create a comprehensive logistics service system [1][2]. - This collaboration is anticipated to enhance the global competitiveness of Chinese express delivery services, challenging the dominance of three major international express companies in the Asia-Pacific market [2]. Group 3: Industry Trends - The Chinese express delivery industry has become the largest globally, but has faced challenges due to price wars leading to a decline in delivery prices among major players [2]. - Since Q3 2025, the industry has seen a collective price increase as part of an "anti-involution" initiative, indicating a shift towards competition based on service quality and efficiency rather than solely on price [2].

Core Viewpoint - The logistics industry is facing challenges such as slowing revenue growth and intensified competition, prompting companies like SF Express and Jitu Express to seek strategic changes to adapt to potential crises and shifts in the market [2]. Group 1: Strategic Partnership - SF Express and Jitu Express announced a strategic mutual shareholding agreement, involving a total investment of HKD 8.3 billion [2]. - 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 [2]. - Post-transaction, SF Express will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Express [2]. Group 2: Complementary Strengths - The partnership aims to leverage both companies' strengths to build a more efficient and resilient global integrated logistics network, enhancing service for Chinese enterprises and the global e-commerce landscape [3]. - SF Express will utilize its core resources in cross-border logistics, while Jitu Express will contribute its localized operations across 13 countries, enhancing end-to-end logistics solutions [3]. - Both companies have significant complementary synergies in domestic operations, which will help expand their service boundaries [3]. Group 3: Historical Context - This is not the first collaboration between the two companies; in 2023, Jitu Express acquired SF Express's economy express business for CNY 1.183 billion, which improved Jitu's last-mile delivery capabilities and increased daily order volume to 50 million [3]. - The previous acquisition laid the groundwork for Jitu Express's successful entry into the capital market [3]. - SF Express has optimized its resources to focus on high-end express and comprehensive logistics business restructuring [4].

Core Viewpoint - SF Holding and J&T Express have announced a strategic mutual shareholding agreement, involving a total investment of HKD 8.3 billion (approximately RMB 7.435 billion) [1][3] Group 1: Share Issuance Details - SF Holding will issue 226 million H shares to J&T Express at a price of HKD 36.74 per share [3] - J&T Express will issue 822 million B shares to SF Holding at a price of HKD 10.10 per share [3] - Post-transaction, SF Holding will own 10% of J&T Express, while J&T Express will hold 4.29% of SF Holding [3] Group 2: Strategic Objectives - The collaboration aims to leverage both companies' strengths to build a more extensive, efficient, and resilient global integrated logistics network [3] - The partnership will enhance end-to-end cross-border logistics solutions by combining SF Holding's core resources in cross-border and trunk segments with J&T Express's localized operations in 13 countries [3] - There is significant complementary synergy in domestic operations, including network resources, customer bases, and product structures, which will help expand service boundaries [3]