Core Viewpoint - The "Annual Outstanding CFO" award recognizes financial leaders who have made significant contributions and demonstrated exceptional leadership within their companies [4] Group 1: Award Announcement - The "Annual Outstanding CFO" award ceremony will take place during the "Technology Empowerment · Capital Breakthrough" sharing session on December 22, featuring a list of notable companies [1] - Ten individuals from various companies have been awarded the "Annual Outstanding CFO" title, including representatives from Baize Medical, Le Comfort, Quantum Song, Meitu, SF Express, Sikao Education, Four Rings Pharmaceutical, Hong Kong and China Gas, New World Development, and Starry Commercial [1] Group 2: Evaluation Criteria - The selection process for the award involved multiple indicators such as strategic contribution, capital market operations, and corporate value creation, utilizing a rigorous evaluation procedure and quantitative data analysis [4] - The award aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4]

Group 1 - The Singapore-China Joint Cooperation Committee achieved a record 27 agreements during its 21st meeting, highlighting a comprehensive partnership across various sectors including finance, technology, and cultural exchanges [1] - Since 2015, the Singapore-China connectivity projects have signed 347 government and commercial cooperation projects totaling $26 billion, showcasing significant collaborative efforts [1] Group 2 - Vietnam's e-commerce sector is projected to reach $31 billion by 2025, with a growth rate exceeding 25%, making it one of the fastest-growing e-commerce markets globally [2] - The cross-border e-commerce market in Vietnam is expected to generate $4.1 billion in total online import and export value by 2024, with exports anticipated to grow by 18% to $2 billion by 2025 [2] Group 3 - Vietnam is set to reduce the special consumption tax on hybrid electric vehicles (HEVs) to 70% of the rate applied to gasoline and diesel vehicles starting January 1, 2026, which is expected to stimulate market growth [3] Group 4 - The Vietnamese government is enhancing regulations to combat plastic waste and promote sustainable packaging, with over 6,000 packaging companies transitioning to eco-friendly alternatives [4] Group 5 - Dubai has launched a new integrated R&D and Innovation ecosystem to accelerate innovation and strengthen global collaboration, managed by the Dubai Future Foundation [5] Group 6 - China's trade with Belt and Road Initiative countries exceeded 21 trillion yuan in the first 11 months of the year, accounting for over half of the country's total foreign trade [6] - Exports to Belt and Road countries grew by 11.3%, significantly outpacing overall export growth, driven by high-end manufacturing products like chips and electric vehicles [6] Group 7 - TikTok Shop has released a promotional calendar for Southeast Asia for 2026, following a record GMV increase of 2.7 times during the previous year's 12.12 sales event [7] Group 8 - ByteDance has signed agreements to establish a new entity in the U.S. for TikTok's operations, retaining a 19.9% stake while allowing Oracle and other investors to hold 50% [8] Group 9 - Shopee is launching a market expansion plan for Brunei starting January 2026, allowing Malaysian sellers to reach Bruneian customers without opening new stores [9] Group 10 - Shopee Philippines will adjust fees for certain activities starting January 1, 2026, increasing service fees for large coupon activities during promotional days [10] Group 11 - Temu has introduced its first official Shopify app, enabling merchants to manage products across over 30 markets, including the U.S. and Canada [11] Group 12 - Temu has become the third most visited e-commerce platform in the UK, with a monthly visit count of 28.4 million, significantly increasing its user base [12] Group 13 - Amazon has introduced a new "Prompts" feature in its advertising backend, designed to match relevant products to customer inquiries using AI [13] Group 14 - Lazada has fully launched its third-party fulfillment (3PF) logistics model in Vietnam, enhancing local delivery capabilities for cross-border sellers [14] Group 15 - The Russian e-commerce platform Megamarket reported that LEGO accounted for 85% of toy sales during the 2025 New Year gift season, indicating strong brand dominance [15] Group 16 - The global toy and game sales are projected to reach $287 billion by 2025, driven by nostalgia and high-value products, with Asia-Pacific being the largest market [16] Group 17 - The number of households in the UK using professional home security monitoring services is expected to grow by 31% by 2025, reflecting a shift towards smart technology for home safety [17] Group 18 - Guangzhou has successfully implemented a "tax refund upon departure" model for cross-border e-commerce, streamlining processes for businesses [18] Group 19 - SF International has signed a memorandum of cooperation with MSC Air Cargo to enhance international logistics services through multi-modal transport solutions [19] Group 20 - SF Middle East has signed a cooperation agreement with Asyad Group in Oman to strengthen cross-border transport and supply chain collaboration [20] Group 21 - Thailand will impose a 17% tax on all imported goods starting January 1, 2026, eliminating previous exemptions for low-value items [21] Group 22 - Malaysia will enforce new regulations on large social media platforms starting January 1, 2026, requiring them to register and comply with national security laws [22] Group 23 - Japan will implement significant changes to its cross-border market regulations in 2026, including the removal of tax exemptions for low-value imports and new compliance requirements for overseas platforms [23]

Core Viewpoint - SF International and Evri have signed a strategic cooperation agreement, marking a new phase in their global logistics collaboration [1][11]. Group 1: Partnership Framework - The signing establishes a cooperation framework that lays a solid foundation for resource allocation and project implementation, enhancing mutual confidence and clarifying future development directions [3][13]. - Over the next three to five years, both parties will deepen collaboration in international e-commerce, supply chain, and integrated logistics based on a shared vision [3][13]. Group 2: Complementary Advantages - Evri, a leading UK courier service provider with over 50 years of operational experience, has a service network covering the UK and over 220 countries, excelling in efficient delivery services for e-commerce platforms and brand clients [4][14]. - SF, as the largest logistics service provider in China and Asia, and the fourth largest globally, has significant advantages in international express delivery, supply chain management, and cross-border e-commerce logistics [4][14]. - The partnership aims to optimize the cross-border logistics chain between China and the UK through resource sharing and capability complementarity, enhancing overall operational efficiency and service experience [4][14]. Group 3: Strategic Directions - In the UK domestic business, SF International will leverage direct cargo flights to enhance cross-border transport efficiency, optimize transportation costs through network collaboration, and expand service offerings [7][18]. - For global market expansion, the partnership will focus on the UK as a core hub to develop e-commerce logistics in key markets such as the US, Australia, and Ireland, creating a closed-loop for cross-border transport [7][18]. - In terms of integrated service solutions, both parties will collaborate on full truckload, less-than-truckload transportation, and bulk logistics, providing customs clearance services and building bonded warehousing and fulfillment centers [7][18]. Group 4: Industry Impact - The collaboration is a precise response to the demand in the China-UK cross-border logistics market and represents a significant step towards building a global smart logistics ecosystem [9][20]. - The partnership aims to continuously expand the breadth and depth of international e-commerce, supply chain, and logistics services, providing more efficient and reliable global solutions for customers [9][20]. - This cooperation is expected to establish a new benchmark for China-UK cross-border logistics and ensure smooth international trade [9][20].

顺丰无人车能高效完成从快递网点到驿站"最后五公里"配送。受访者供图 在深圳，无人物流车已从前沿科技探索走向规模化实用落地，成为串联商业流通、医疗服务、产业运转 的智能纽带。从基层医疗的物资转运到社区生活的即时配送，从产业园区的精准流转到大型赛事的后勤 保障，这些智能设备正以高效、安全、可控的运营模式，织就覆盖全域的智慧运输网络。 到今年底将开通5条无人物流车线路 龙岗区人民医院将联通20个社康 无人物流车的"身影"已深度融入深圳城市运转的各类场景。在医疗服务领域，深圳市龙岗区人民医院联 合深圳市华程交通有限公司，推出"智慧物流+医疗后勤"无人驾驶物流车项目。 长期以来，龙岗区人民医院主院区与下属众多社区健康服务中心(社康)之间的物资运输，主要依赖人工 车辆配送。"传统模式下，是'人等物资'；我们的目标，是构建一个高效、可靠、智能的运输网络，实 现'物资等人'。"龙岗区人民医院医务部主任介绍称。今年8月13日，随着合作协议的签署与首辆无人物 流车的启动，这一"科技赋能医疗"的探索正式落地。该项目旨在打造连接主院区与社康的智能化物资运 输专线，精准破解基层医疗后勤服务的核心痛点。 驶上街头的并非简单的自动运输工具 ...

Core Viewpoint - SF Holding's logistics business showed strong growth in November 2025, driven by high-quality service and stable operations, despite challenges in international freight due to trade fluctuations and declining shipping prices [1] Financial Performance - In November 2025, SF Express's logistics business generated revenue of 20.66 billion yuan, representing a year-on-year increase of 9.88% [1] - The total business volume reached 1.534 billion parcels, up 20.13% year-on-year [1] - The average revenue per parcel was 13.47 yuan, a decrease of 8.49% compared to the previous year [1] - Supply chain and international business achieved revenue of 6.513 billion yuan, reflecting a year-on-year growth of 1.86% [1] - The combined total revenue for the month was 27.173 billion yuan, marking a year-on-year increase of 7.85% [1] Market Context - The growth in the express logistics business was attributed to the demand during the e-commerce promotional season [1] - The international freight forwarding business faced revenue pressure due to fluctuations in international trade and a decline in shipping prices, although the volume remained stable [1] - Revenue from international express and cross-border e-commerce logistics experienced rapid growth [1]

Core Viewpoint - SF Express has decided to exit the return logistics business for Douyin e-commerce, citing the termination of their contract as the reason, although this is perceived as a pretext due to the unprofitability of the business model [3][4]. Group 1: Business Model Challenges - Douyin's return rate is alarmingly high, with rates in live-streaming e-commerce ranging from 30% to 60%, and even exceeding 80% for women's clothing during promotions [3]. - SF Express charges only 4.5 yuan per return, with delivery personnel receiving 2.9 yuan, leading to losses on each transaction when considering additional costs like transportation and packaging [3][7]. - The stringent time requirements for pickups on Douyin, such as a 5-minute response and 1-hour verification, create unrealistic expectations for delivery personnel already under pressure [4][3]. Group 2: Industry Impact - The logistics industry has seen a 50% decrease in per-package pricing over recent years, while operational costs have risen by 15% to 20% annually, leading to the exit of many small logistics companies [9]. - The situation reflects a broader trend where e-commerce platforms prioritize low-cost returns to attract consumers, often at the expense of logistics providers and delivery personnel [9][10]. - Comparatively, other platforms like Vipshop have recognized the issue and implemented minimum pricing agreements with logistics providers to ensure sustainability [9]. Group 3: Stakeholder Reactions - A significant portion of delivery personnel supports SF Express's decision to exit Douyin's return business, citing the financial strain and high complaint rates associated with these returns [7][9]. - Some consumers argue that low-cost returns benefit them, but this perspective is challenged by the reality that delivery personnel and logistics companies bear the brunt of these costs [7][9]. - The ongoing pressure on logistics providers to maintain low prices while managing rising operational costs raises questions about the long-term viability of such business models in the industry [9][10].

Core Viewpoint - SF Express has voluntarily exited the return service market for Douyin e-commerce, indicating a strategic shift in its business operations [3][4]. Group 1: Business Changes - SF Express did not participate in the 2026 Douyin e-commerce return service, which is seen as a voluntary withdrawal from the market [3]. - The contract for SF Express's collaboration with Douyin for return services naturally expired, marking a normal business decision [3]. - Starting mid-December, Douyin began a large-scale re-tendering for return service suppliers, redistributing orders previously handled by SF Express to multiple logistics companies [4]. Group 2: Market Dynamics - The logistics companies now involved in Douyin's return services include JD Logistics, Zhongtong, Yuantong, Yunda, and the postal service, with JD Logistics positioned as the fallback service provider [4]. - The return rate for Douyin e-commerce is notably high, with industry data indicating that live e-commerce return rates range from 30% to 60%, and can reach up to 80% for certain categories during peak periods [9][10]. - The e-commerce return logistics market has seen significant growth, with the volume of return shipments increasing from 3.6 billion in 2019 to 8.2 billion in 2023, and projected to reach 20.9 billion by 2028 [11]. Group 3: Operational Challenges - The high return rates present logistical challenges, requiring service providers to maintain high responsiveness and flexibility, which can disrupt low-cost operational models [10]. - New logistics providers taking over Douyin's return services face significant challenges in meeting the high service standards required, particularly in non-core commercial areas and lower-tier markets [11]. - The transition to new logistics providers will test their capabilities in handling millions of return shipments daily, reshaping the market dynamics of e-commerce reverse logistics [12].

Group 1 - The Super Brand concept index declined by 0.48%, ranking among the top declines in concept sectors, with notable declines in stocks such as Aucma, Zhonggong Education, and TCL Technology [1] - Among the Super Brand concept stocks, 13 stocks saw price increases, with Anfu Technology, SF Holding, and Dong'e Ejiao leading the gains at 2.40%, 1.22%, and 1.11% respectively [1] - The Super Brand concept experienced a net outflow of 1.662 billion yuan from main funds, with 32 stocks facing net outflows, and 7 stocks seeing outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stocks included China Mobile, TCL Technology, and Kweichow Moutai, with net outflows of 359.45 million yuan, 219.80 million yuan, and 155.96 million yuan respectively [2] - Conversely, the stocks with the highest net inflows included SF Holding, Dong'e Ejiao, and Yunnan Baiyao, with net inflows of 89.39 million yuan, 34.34 million yuan, and 14.78 million yuan respectively [2] - The trading volume for China Mobile was 2.28%, while TCL Technology had a turnover rate of 2.06% [3]

Group 1 - The core viewpoint of the report is that the express delivery industry is experiencing a recovery in performance due to price increases and seasonal volume growth, with a recommendation for leading companies like SF Holding and Zhongtong Express [1][5] - In November, the express delivery business volume grew by 5.0% year-on-year, with a cumulative total of 1,807.4 billion parcels from January to November, reflecting a 14.9% increase year-on-year [2][3] - The average unit price for SF Holding increased by 0.29 yuan in November, indicating a shift from scale-driven growth to value-driven growth, which is beneficial for profit margin recovery [3][4] Group 2 - The express delivery industry saw a significant price increase of 1.9% month-on-month in November, with the average unit price at 7.62 yuan, although it remains down 8.3% year-on-year [4] - The competitive landscape is changing, with a focus on high-quality development and a notable shift in market dynamics due to the "anti-involution" trend, which has led to price recovery since August [5] - The market share for express delivery companies from January to November shows that Zhongtong holds 15.6%, Shentong 13.1%, Yunda 13.0%, and SF Holding 8.4%, with SF Holding gaining 0.8 percentage points year-on-year [3]

Core Viewpoint - The report from Cinda Securities recommends focusing on leading companies in the express delivery industry, particularly SF Holding and Zhongtong Express, due to expected improvements in operational and cash flow performance as the industry undergoes significant changes and price recovery [1][5]. Group 1: Industry Performance - In November, the express delivery industry experienced a year-on-year growth of 5.0% in business volume, with a cumulative total of 1,807.4 billion parcels delivered from January to November, reflecting a 14.9% increase year-on-year [2][3]. - The cumulative online retail sales of physical goods reached 11.82 trillion yuan from January to November, growing by 5.7% year-on-year, which is 1.7 percentage points higher than the total retail sales growth [2]. Group 2: Company Performance - In November, the business volumes for major companies were as follows: YTO Express delivered 2.886 billion parcels, Shentong Express 2.502 billion, Yunda Express 2.175 billion, and SF Holding 1.534 billion. SF Holding showed the highest growth rate at 20.13% [3]. - For the cumulative business volume from January to November, the figures were: YTO Express 28.26 billion parcels, Shentong Express 23.64 billion, Yunda Express 23.45 billion, and SF Holding 15.16 billion, with SF Holding leading in growth rate at 27.25% [3]. Group 3: Pricing Trends - The express delivery industry saw a 1.9% month-on-month increase in average pricing in November, with the average price per parcel at 7.62 yuan, down 8.3% year-on-year [4]. - SF Holding's average price per parcel increased by 0.29 yuan month-on-month to 13.47 yuan, while Shentong Express's price rose by 0.23 yuan to 2.41 yuan [4]. Group 4: Future Outlook - The express delivery industry is expected to continue growing, driven by the expansion of e-commerce and the rise of live-streaming commerce, despite a downward trend in the average value of goods per parcel [5]. - The ongoing "anti-involution" trend in the industry is leading to price recovery and a shift towards high-quality development, suggesting a potential acceleration in market differentiation among companies [5].