关于控股股东部分 A 股股份办理质押的公告 本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。 顺丰控股股份有限公司（以下简称"公司"）于 2026 年 1 月 7 日收到控股 股东深圳明德控股发展有限公司（以下简称"明德控股"）的通知，获悉其所持 有的公司部分 A 股股份办理质押，具体事项如下： 本次质押股份不涉及负担重大资产重组等业绩补偿义务的情况。 证券代码：002352 证券简称：顺丰控股 公告编号：2026-002 二、股东股份累计质押情况 顺丰控股股份有限公司 | | | | | 本次办理 | | 本次办理 | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 持 A | 股 | 占公司 | 质押前质 | | 质押后质 | 占其所 | 占公司 | 情况 | | 情况 | | | 名称 | 数量 | | 总股本 | 押 A | 股股 | 押 A 股股 | 持股份 | 总股本 | 已质押 ...

FF301 本月底法定/註冊股本總額： RMB 5,039,430,409 | 2. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002352 | 說明 | | A股 (於深圳證券交易所上市) | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,799,430,409 | RMB | | 1 | RMB | | 4,799,430,409 | | 增加 / 減少 (-) | | | 0 | | | | RMB | | 0 | | 本月底結存 | | | 4,799,430,409 | RMB | | 1 | RMB | | 4,799,430,409 | 呈交日期: 2026年1月6日 第 1 頁 共 10 頁 v 1.1.1 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | ...

Market Overview - The logistics sector increased by 1.38% on January 6, with Milkyway leading the gains [1] - The Shanghai Composite Index closed at 4083.67, up by 1.5%, while the Shenzhen Component Index closed at 14022.55, up by 1.4% [1] Top Gainers in Logistics Sector - Milkyway (603713) closed at 60.59, up by 4.45% with a trading volume of 31,600 lots and a transaction value of 188 million [1] - Guanghui Logistics (600603) closed at 6.50, up by 3.17% with a trading volume of 205,800 lots and a transaction value of 133 million [1] - Furan De (605050) closed at 13.81, up by 3.14% with a trading volume of 124,600 lots and a transaction value of 172 million [1] Top Losers in Logistics Sector - Zhongchu Logistics (603967) closed at 13.57, down by 3.90% with a trading volume of 178,400 lots and a transaction value of 244 million [2] - Hongchuan Wisdom (002930) closed at 11.01, down by 1.78% with a trading volume of 119,400 lots and a transaction value of 132 million [2] - ST Haichin (600753) closed at 8.30, down by 1.54% with a trading volume of 35,200 lots and a transaction value of 29.47 million [2] Capital Flow in Logistics Sector - The logistics sector experienced a net outflow of 890,100 yuan from institutional investors, while retail investors saw a net inflow of 1.38 billion yuan [2][3] - Notable net inflows from retail investors were observed in companies like SF Holding (002352) with a net outflow of 73.1 million from institutional investors [3] Individual Stock Capital Flow - SF Holding (002352) had a net inflow of 1.32 million yuan from institutional investors, but a net outflow of 73.1 million from speculative funds [3] - Donghang Logistics (601156) saw a net inflow of 14.28 million yuan from institutional investors [3] - Wanlin Logistics (603117) had a significant net inflow of 10.41 million yuan from institutional investors [3]

Group 1 - In 2025, the express delivery industry in China experienced significant stock price fluctuations, with Shentong Express leading the A-share market with a 33.36% increase, followed by YTO Express at 18.73%, and Jitu Express achieving a remarkable 70% increase in H-shares [1][3] - The overall express delivery business volume in China surpassed 180 billion packages by November 30, 2025, reflecting strong market vitality and economic growth [13] - Major listed express companies reported substantial growth in business volume, with SF Express exceeding 10 billion packages for the first time, Jitu surpassing 15 billion, YTO exceeding 20 billion, and Zhongtong surpassing 25 billion [14] Group 2 - The express delivery industry is shifting from a focus on price competition to a value-driven approach, emphasizing quality and digital transformation [3][4] - The National Postal Administration held discussions to address "involution" in the industry, promoting high-quality development and raising the minimum price for express services [5][7] - Companies are increasingly investing in automation and smart logistics, with major players like JD Logistics and SF Express developing advanced technologies to enhance efficiency and service quality [10][12] Group 3 - Revenue growth among major express companies varied, with SF Express reporting a revenue of 225.26 billion yuan, a year-on-year increase of 8.89%, while Shentong achieved 38.57 billion yuan, up 15.17% [15][17] - Despite overall revenue growth, profit margins are under pressure due to rising costs and intense competition, highlighting the need for improved operational efficiency [18][20] - The competitive landscape is expected to evolve, with a greater emphasis on service quality, supply chain solutions, and technological capabilities in the coming years [20]

Group 1 - The core viewpoint of the news is that SF Holding has shown a positive stock performance recently, with a 2.07% increase in stock price on January 6, reaching 39.04 yuan per share, and a total market capitalization of 196.739 billion yuan [1] - As of September 30, the number of shareholders of SF Holding increased by 90.71% to 269,700, while the average circulating shares per person decreased by 47.83% to 17,702 shares [2] - For the period from January to September 2025, SF Holding achieved operating revenue of 225.261 billion yuan, representing a year-on-year growth of 8.89%, and a net profit attributable to shareholders of 8.308 billion yuan, up 9.07% year-on-year [2] Group 2 - SF Holding has distributed a total of 21.483 billion yuan in dividends since its A-share listing, with 15.351 billion yuan distributed in the last three years [3] - As of September 30, 2025, the second-largest circulating shareholder is Hong Kong Central Clearing Limited, holding 259 million shares, a decrease of 90.556 million shares from the previous period [3] - The seventh-largest circulating shareholder is Huatai-PB CSI 300 ETF, holding 40.991 million shares, down by 1.8831 million shares from the previous period [3]

Group 1: BYD's Global Expansion - BYD's 14 millionth electric vehicle rolled off the production line in Brazil, marking a significant milestone for Chinese automakers in the South American market [1] - In 2025, BYD's overseas sales of passenger cars and pickups exceeded 1.0496 million units, a year-on-year increase of 145%, with a presence in over 119 countries and regions [1] - BYD's strategy focuses on local adaptation, including product customization, localized production, autonomous logistics, and brand contextualization to overcome market barriers [1][2] - The company emphasizes local talent recruitment, with approximately 80% of the workforce at its Brazilian factory being local residents [1] Group 2: Technological Advancements and Market Strategy - BYD plans to enhance its overseas market expansion and increase the global adoption of electric vehicles and renewable energy products [2] - The company aims to strengthen its technological leadership by investing in electric and intelligent technology, ensuring that innovations translate into market competitiveness [2] Group 3: SF Express's Logistics Innovations - SF Express has significantly increased its blueberry shipping volume from 50,000 items in 2018 to over 10 million items in 2025, enhancing the freshness experience for consumers [3] - The company has implemented a drone logistics network in key blueberry production areas, utilizing AI and high-spectral imaging technology to improve product quality [3] - SF Express has introduced a "late delivery compensation" service to enhance customer rights and service quality, initially launched in ten cities [4] Group 4: iFLYTEK's AI Developments - iFLYTEK's AI model has undergone five iterations in 2025, achieving core capabilities in language understanding and mathematical reasoning, supporting over 130 languages [5][6] - The company focuses on using domestic computing power for model training to ensure long-term development security and independence [6] - iFLYTEK has expanded its AI applications across various sectors, including education and automotive, serving millions of users and facilitating significant interaction volumes [6] Group 5: Yili's Industry Growth - Yili Group's intelligent production base in Inner Mongolia has a daily processing capacity of 6,500 tons of fresh milk, emphasizing quality control throughout the production chain [7] - The company has successfully developed technologies that significantly enhance the retention of lactoferrin in long-life milk products [7] - Yili aims to increase its international market share and product value, positioning itself as a leading global health food provider [8] Group 6: Skyworth's New Energy Business - Skyworth's new energy business revenue reached 13.801 billion yuan in the first half of 2025, a nearly 54% year-on-year increase, accounting for 38% of total revenue [9] - The company is developing a comprehensive green energy ecosystem through innovations in photovoltaic technology and integrated energy solutions [9][10] - Skyworth plans to enhance its competitiveness in smart home appliances and expand its presence in the global green energy market [10]

Group 1 - The core viewpoint is that logistics companies are transitioning from traditional low-cost competition to a high-quality development model focused on customer value and driven by digital intelligence [3][4] - SF Express has significantly increased its blueberry shipment volume from 50,000 pieces in 2018 to over 10 million pieces by 2025, showcasing its commitment to enhancing the freshness experience of blueberries from production to delivery [2] - The company has implemented a drone logistics network in key blueberry production areas and utilizes AI sorting and hyperspectral imaging technology to standardize grading and increase product value [2] Group 2 - SF Express launched a "late delivery compensation" service on December 1, 2025, which allows customers to receive compensation for delays caused by the company, initially available in 10 cities and expected to expand nationwide [3] - The company aims to enhance its operational efficiency through technology, focusing on optimal resource path calculation, precise resource-demand matching, and stable delivery systems [3][4] - SF Express plans to invest key resources to strengthen its long-term core competitiveness and build a leading comprehensive logistics network both domestically and internationally by 2026 [4]

Core Viewpoint - The article emphasizes the strategic partnership between SF Express and Kales, highlighting the importance of human capital in investment decisions and the potential for technological advancements in the logistics industry through robotics [12][22]. Group 1: Company Overview - Kales Technology Group has submitted a listing application to the Hong Kong Stock Exchange, positioning itself as a leading player in China's logistics robotics sector and a representative of comprehensive in-house logistics robot solutions [2][13]. - SF Express holds approximately 14.1% of Kales' shares, making it the largest external institutional shareholder, while Kales' founders control over 40% of the voting rights, establishing them as the core decision-makers [2][13]. Group 2: Strategic Importance of Kales - SF Express is focused on improving efficiency and reducing costs in logistics, which are determined by internal processes such as warehousing, handling, and sorting, rather than just the final delivery [15][17]. - Kales specializes in enhancing core logistics operations through increased storage density, flexible handling, and high-intensity sorting, thereby transforming logistics infrastructure rather than merely manufacturing robots [16][19]. Group 3: Partnership Dynamics - SF Express recognizes the need for a strong technological partner like Kales, rather than attempting to develop a large-scale technology division independently [18][20]. - Kales has demonstrated its capabilities through successful implementations within SF Express and other major clients, showcasing its market-validated technology and integration of hardware and software into a complete intelligent logistics system [19][20]. Group 4: Founders' Background - The founders of Kales, Gu Chunguang and Yang Yan, possess impressive academic and professional backgrounds, including degrees from Tsinghua University and MIT, as well as experience in strategic consulting and large enterprises, making them well-equipped to drive technological innovation [21][22]. - SF Express's choice to partner with Kales reflects a commitment to a team capable of creating sustained value and driving significant industry transformation through robotics [22].

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights a significant drop in crude oil shipping rates, while long-distance shipping rates have increased. The China Import Crude Oil Composite Index (CTFI) fell by 40.6% to 1354.35 points as of December 25, 2025. Conversely, shipping rates for routes to Europe and the US have risen, with rates for Shanghai to Europe increasing by 10.2% to $1690 per TEU, and rates to the US West and East coasts rising by 9.8% and 6.6% respectively [3][13] - The report notes that Peak Flying's Kai Rui Ou eVTOL successfully completed the first ton-level unmanned cross-strait flight over the Qiongzhou Strait, demonstrating the feasibility of low-altitude transportation. Additionally, China National Airlines plans to purchase 60 Airbus A320NEO aircraft, with a total list price of approximately $9.53 billion, scheduled for delivery between 2028 and 2032 [3][14][16] - JD.com has launched its first campus "Smart Wolf" front warehouse at Guangdong Industry and Commerce Vocational Technical University, contributing to a 5.0% year-on-year growth in national social logistics total, amounting to 331.2 trillion yuan for the first 11 months of 2025 [3][22][23] Summary by Sections Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index has decreased both month-on-month and year-on-year. The Shanghai outbound air freight price index was reported at 5821.00 points, showing a year-on-year increase of 9.3% but a month-on-month decrease of 8.6% [25] - Domestic cargo flight operations saw a year-on-year decline of 3.24% in December 2025, while international flights increased by 15.99% [26] - The SCFI index for container shipping was reported at 1656.32 points, with a week-on-week increase of 6.66% but a year-on-year decrease of 32.68% [35] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in low-altitude economy trends and road-rail investment opportunities [4][5]

Group 1: Core Insights - The report maintains a "recommended" investment rating for the express logistics industry, highlighting the expected orderly competition and gradual optimization of the competitive landscape [1] - The express logistics sector is projected to benefit from the growth of e-commerce and reverse logistics, with a significant increase in business volume and revenue in 2025 [7][12] - The average price in the express industry has shown signs of recovery due to anti-involution policies, with a narrowing year-on-year decline in prices [18][24] Group 2: Industry Overview - In 2025, the total express business volume reached 180.74 billion pieces, a year-on-year increase of 14.9%, while total revenue was 1,355.06 billion yuan, up 7.1% [7][12] - The growth in express logistics is attributed to the expansion of e-commerce into lower-tier markets and the increasing demand for reverse logistics [12][14] - The average price per package has decreased by 12.5% year-on-year, reflecting the impact of low-cost e-commerce and live-streaming sales [12][14] Group 3: Competitive Landscape - Major companies like SF Express and YTO Express have seen an increase in market share, with SF Express's market share rising by 1.3 percentage points year-on-year [24][31] - The competitive dynamics have shifted, with leading companies maintaining growth while smaller firms face pressure to adapt to pricing strategies [24][25] - The report emphasizes the importance of head companies having stable cash flows and low debt levels, positioning them as quasi-dividend stocks [8][12] Group 4: Investment Strategy - The report suggests that the express logistics industry is currently undervalued, with expectations for improved profitability as competition stabilizes and pricing levels stabilize [7][12] - Key investment targets include Zhongtong Express, YTO Express, Shentong Express, and Yunda Express, which are expected to benefit from the evolving market dynamics [7][12] - The cross-border logistics segment is also highlighted for its growth potential, particularly in Southeast Asia and emerging markets, driven by the expansion of e-commerce [7][12]