Core Viewpoint - The article discusses the perplexing logistics routes taken by express deliveries in China, highlighting a case where a package of lamb from Gansu to Chengdu took an indirect route via Nanjing, raising questions about efficiency and resource allocation in modern logistics [1][2][3]. Group 1: Logistics Operations - The delivery route for the lamb involved a journey of over 2900 kilometers instead of the direct 600 kilometers, illustrating a complex logistics operation that seems counterintuitive to consumers [1][2]. - The logistics process involves packages being routed through major hubs, such as Nanjing, which serves as a central distribution point for express deliveries in China [5][6]. - The "Y" shaped route taken by the package symbolizes the modern logistics challenges where consumers question the efficiency of such operations despite technological advancements [2][3]. Group 2: Economic Considerations - The logistics companies utilize an "axle-radial distribution model" to consolidate packages at central hubs, which helps in achieving economies of scale and reducing costs [6][7]. - The cost of shipping a single package is significantly higher when not consolidated, emphasizing the need for logistics companies to optimize routes for cost efficiency [8][9]. - The logistics industry's approach to routing is a calculated decision balancing cost, efficiency, and network stability, which may appear irrational to consumers but is strategically sound [7][8]. Group 3: Hub Selection and Strategy - Major logistics companies, including China Post and SF Express, have strategically chosen hub locations based on factors like traffic infrastructure, regional economic potential, and government planning [9][10]. - The establishment of logistics hubs in cities like Nanjing and Hubei is part of a broader national strategy to enhance logistics efficiency across the country [11][12]. - The future of logistics in China aims to create a more interconnected and efficient network that minimizes unnecessary detours while maximizing operational efficiency [12][13].

Group 1 - The core viewpoint of the articles highlights the increasing trend of stock buybacks among A-share listed companies, driven by policy guidance, valuation recovery needs, and shareholder return optimization [1][4] - Over 40% of stock buyback plans announced this year are aimed at complete or partial cancellation, indicating a rise from 38.33% in 2024 [1][4] - The total amount of stock buybacks in A-shares has exceeded 150 billion yuan, with leading companies actively participating in these buybacks [2][4] Group 2 - Midea Group has completed a significant buyback of approximately 1.35 million shares, totaling around 10 billion yuan, marking it as the only "billion-level" buyback in A-shares this year [2][4] - Other notable companies include Kweichow Moutai and CATL, which have also engaged in substantial buybacks of 6 billion yuan and 4.386 billion yuan, respectively [2][3] - The trend of buyback cancellations is seen as a response to policies like the "New Nine Articles," which encourage companies to optimize their capital structures and enhance shareholder value [4][5] Group 3 - The buyback and cancellation strategy is viewed as a means to improve earnings per share (EPS) and attract long-term capital inflow, thereby enhancing company competitiveness [5][6] - Companies are advised to balance shareholder returns with maintaining a robust capital structure to avoid excessive cash flow pressure [6] - The overall sentiment is that buyback cancellations can stabilize the market and promote healthy development within the capital market [6]

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： 2025年12月9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 ...

十年收并购风云 十年弹指一挥间，快递江湖的并购逻辑，也完成了从"清理门户"到"强强联合"的质变。 最开始要从"清场时代"说起，也就是2017年前，行业狂飙突进的年代，淘汰赛率先从第二梯队开始，这一阶段的并购，多为资本对经营不善者的接盘，但 结局不尽如人意。 其中最经典的就是天天快递，作为与申通、顺丰同时代起跑的"元老"，天天的命运最为坎坷。2017年，试图构建物流护城河的苏宁以超40亿元的对价将天 天收入麾下。 如今，电商增速换挡，价格战硝烟渐散，快递行业已经从"草莽群殴"迈入"巨头角力"新纪元。 近十年间，一场场动辄数十亿的资本并购，不断重塑着行业的版图与座次。 业内收并购，有的成功，实现1+1＞2，有的失败，甚至1+1＜1。 《快递观察家》发现，透过一系列"商战"，并购的结局，早在交易敲定前就已经埋下伏笔。其成败从不取决于交易金额的大小，而是在于收购方战略逻辑 的清晰度、协同价值的真实性与后期整合的魄力、稳力之中。 成功的并购，是补齐一块关键的战略拼图；失败的并购，则是吞下一颗致命的财务毒药。 然而，苏宁一手打造的"生态协同"，并没有想象中美好。在苏宁体系内，天天定位模糊，与主业协同微弱，沦为持续失血的" ...

该信息由智通财经网提供 智通财经APP讯，顺丰控股(06936)发布公告，于2025年12月9日，该公司斥资4996.52万元回购132.7万股 A股。 ...

格隆汇12月9日丨顺丰控股(06936.HK)发布公告，2025年12月9日耗资人民币4996.52万元回购132.7万股 A股，回购价格每股37.51-37.8元。 ...

顺丰控股（002352）(06936)发布公告，于2025年12月9日，该公司斥资4996.52万元回购132.7万股A股。 ...

证券日报网讯12月8日晚间，顺丰控股（002352）发布公告称，公司及控股子公司无逾期对外担保情 形，不存在涉及诉讼的担保及因败诉而承担担保的情形。 ...

（文章来源：证券日报） 证券日报网讯 12月8日晚间，顺丰控股发布公告称，公司于 2025 年 12 月 8 日召开第六届董事会第二十 六次会议，审议通过了《关于全资子公司发行债务融资工具一般性授权的议案》。 ...

截至发稿，顺丰控股市值为1919亿元。 每经头条（nbdtoutiao）——处方药变"瘾品"：国内首次报告普瑞巴林滥用致成瘾病例，网络平台暴 露"无病历可购药"漏洞，列管与否尚需科学考量 （记者 曾健辉） 每经AI快讯，顺丰控股（SZ 002352，收盘价：38.08元）12月8日晚间发布公告称，截至本公告披露 日，公司对外担保余额为人民币438亿元，占公司2024年度经审计净资产的48%；公司已审批的对外担 保总额度注为人民币1081亿元，其中对子公司的担保总额度占对外担保总额度的比例为97%，对合并报 表外参股公司的担保总额度占对外担保总额度的比例为3%。 2025年1至6月份，顺丰控股的营业收入构成为：速运物流占比97.73%，其他非物流业务占比2.27%。 ...