Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The report highlights that the express delivery industry is experiencing a structural optimization in peak season, with leading e-commerce express companies increasing their market share [3][4] - In November, the express delivery business volume grew by 5.0% year-on-year, with cumulative physical goods online retail sales reaching 11.82 trillion yuan, a 5.7% increase [4][15] - The report emphasizes the ongoing growth potential in the express delivery sector, driven by the rise of live e-commerce and increasing online shopping penetration [7][40] Summary by Sections Industry Situation - In November, the express delivery industry saw a business volume increase of 5.0% year-on-year, with a cumulative total of 1,807.4 billion packages delivered from January to November, reflecting a 14.9% year-on-year growth [4][15] - The average package value decreased by 12.9% year-on-year to approximately 65.4 yuan [15] Company Performance - In November, the business volume for major companies was as follows: YTO Express at 2.886 billion packages, Shentong Express at 2.502 billion packages, Yunda Express at 2.175 billion packages, and SF Express at 1.534 billion packages [5][28] - SF Express's business volume growth rate was 20.13%, while cumulative growth from January to November was 27.25% [5][28] Market Share - Cumulative market share from January to November showed YTO Express at 15.6%, Shentong Express at 13.1%, Yunda Express at 13.0%, and SF Express at 8.4% [5][29] - SF Express's market share increased by 0.8 percentage points year-on-year [29] Pricing Situation - The average price per package in the express delivery industry increased by 1.9% month-on-month in November, reaching 7.62 yuan, although it was down 8.3% year-on-year [6][26] - SF Express's average price per package was 13.47 yuan in November, reflecting a month-on-month increase of 0.29 yuan [6][29] Investment Recommendations - The report recommends investing in SF Express as a leading comprehensive express logistics company, anticipating a turning point in operations and cash flow [8][41] - It also suggests looking at Zhongtong Express and YTO Express, while keeping an eye on Yunda Express and Shentong Express due to the ongoing recovery in the express delivery sector [8][41]

Core Insights - SF Holding reported a total revenue of 27.173 billion yuan in November, representing a year-on-year growth of 7.85% [1] - The express logistics business generated revenue of 20.66 billion yuan, up 9.88% year-on-year, with a business volume of 1.534 billion parcels, reflecting a 20.13% increase [1] - The supply chain and international business revenue reached 6.513 billion yuan, showing a year-on-year growth of 1.86% [1] Business Performance - The growth in core business segments is attributed to the ongoing domestic consumption upgrade and the expansion of cross-border trade [1][3] - SF Holding's strategic focus on service upgrades and cross-border supply chain development has been pivotal in driving revenue growth [1][2] Service Upgrades - On December 1, SF Holding launched a "late delivery compensation" service, allowing customers to receive cash compensation for delays caused by SF's transportation [1] - This initiative aligns with the industry's shift towards high-quality development and enhances SF's service quality across its operations [1] New Market Opportunities - The upgrade in timely services has opened new consumer scenarios, including the delivery of golf equipment, snow gear, and materials for international tours, which require high standards of timeliness and professionalism [2] - SF Holding has successfully transitioned from general logistics services to tailored solutions, expanding its business growth potential [2] Cross-Border Trade Transformation - SF Holding is evolving from a single cross-border logistics service provider to a comprehensive cross-border supply chain partner [2] - By integrating various services such as supply chain finance and just-in-time delivery, SF enhances its service offerings, ensuring stable supply for enterprises while reducing costs [2] Strategic Outlook - The November operational data reflects the resilience of SF Holding's core business and the foresight of its strategic layout [3] - With the continued advancement of consumption upgrades and cross-border trade, the strategic value of SF Holding is expected to be further realized [3]

Core Insights - SF Holding reported a total revenue of 27.173 billion yuan in November, representing a year-on-year growth of 7.85% [1] - The express logistics business generated revenue of 20.66 billion yuan, up 9.88% year-on-year, with a business volume of 1.534 billion parcels, an increase of 20.13% [1] - The company has successfully narrowed the year-on-year decline in single parcel prices for three consecutive months following the implementation of the "Gain Plan" [1] Group 1: Service Upgrade and Market Trends - The express delivery industry experienced a total business volume of 18.06 billion parcels during the "Double 11" shopping festival, reflecting a 5.0% year-on-year increase, indicating strong seasonal logistics demand [2] - The consumer market is transitioning from a phase of "scale expansion" to "quality upgrade," with increasing demands for product quality and service experience [2] - SF Holding launched a "late delivery compensation" service on December 1, allowing customers to receive cash compensation for delayed deliveries, enhancing service quality in the industry [2] Group 2: New Consumption Scenarios - The upgrade in service efficiency has opened new consumption scenarios for SF Holding, including logistics for golf equipment, snow sports gear, and international touring materials, which require high standards of timeliness and professionalism [3] - The company has successfully penetrated various emerging niche markets by providing customized service solutions, expanding its business growth opportunities [3] Group 3: Global Supply Chain and Cross-Border Trade - SF Holding is strategically positioning itself within global supply chain nodes, capitalizing on the growing demand for cross-border logistics as China's openness increases [4] - The company has launched a series of cross-border logistics products, including "China-Vietnam Smart Express" and "China-India Fast Shipping," addressing traditional pain points in cross-border logistics [4] - SF Holding has developed a comprehensive service matrix tailored to different markets in the Asia-Pacific region, enhancing service efficiency and reliability [4] Group 4: Transformation into Supply Chain Partner - SF Holding is evolving from a mere cross-border logistics service provider to a comprehensive supply chain partner, integrating various services such as supply chain finance and just-in-time delivery [5] - This transformation enhances collaboration with enterprises and supports their logistics needs for large items, while also facilitating the entry of foreign goods into the Chinese market [5] - The company's strategic positioning is expected to further drive growth in cross-border trade as consumer upgrades and international trade continue to advance [5]

Group 1 - Apple responds to concerns about iPhone storage issues, stating that users should maintain at least 1GB of free space for optimal performance [3][4] - ByteDance is advancing partnerships with hardware manufacturers like Vivo and Lenovo to develop AI phones, aiming to pre-install AIGC plugins [4] - Alibaba's DingTalk has initiated a secret project called "D Plan," potentially targeting AI hardware, with speculation about launching a product similar to "Doubao phone" [4] Group 2 - Over 500 stores of Mooson Milk have closed, with the founder Zhao Bohua completely exiting the company [6] - SF Express has confirmed its exit from the Douyin e-commerce return service, stating that the contract naturally expired [6] - XREAL won a lawsuit against VITURE for patent infringement, leading to a ban on VITURE products in nine European countries [6] Group 3 - Li Auto has restructured its supply chain department, merging the "Parts Cluster" into the "Manufacturing" department, with nearly 1,000 employees affected [7] - Xiaomi has obtained an L3 level road testing license for its autonomous vehicles in Beijing [7] - Neta Auto is undergoing bankruptcy restructuring, with a management trustee selected to oversee the process [7] Group 4 - Apple's first foldable phone, iPhone Fold, is delayed in mass production until the second half of 2026, with potential supply shortages expected [9] - SoftBank is racing to fulfill its $22.5 billion funding commitment to OpenAI by the end of the year [9] - Elon Musk predicts the gradual extinction of traditional fuel vehicles, emphasizing the future competitiveness of smart vehicles [9] Group 5 - Ford is recalling over 270,000 electric and hybrid vehicles in the U.S. due to parking function issues that could lead to rollaway risks [9] - Geely's autonomous driving unit is undergoing personnel changes, with key scientists leaving the company [9] - ChatGPT mobile app user spending has surpassed $3 billion, with projections for significant growth in the coming years [9] Group 6 - Meta's former chief AI scientist Yann LeCun plans to raise €500 million for his new AI startup, aiming for a valuation of around €3 billion [12] - OpenAI is reportedly planning to raise up to $100 billion, potentially reaching a valuation of $830 billion [12] - Galaxy Z TriFold, Samsung's new foldable phone, has launched in China, starting at ¥19,999 [18]

Core Insights - The express delivery industry in Tibet is experiencing rapid growth, with significant increases in package delivery and consumer engagement [1][2] Group 1: Industry Growth - The overall express delivery volume in China is projected to grow from approximately 83 billion packages in 2020 to 175 billion packages by 2024, reflecting an annual growth rate of around 20% [1] - In Tibet, the annual order volume for SF Express has surged from about 4 million orders five years ago to 14 million orders last year, indicating a rise in consumer willingness and purchasing power [1] Group 2: Consumer Experience - The average delivery time for packages from other provinces has improved significantly, with many now arriving within 4 to 7 days, compared to previous delays [2] - The online retail sales in Tibet reached 18.07 billion yuan in the first half of 2025, marking a year-on-year increase of 38.6%, with physical goods accounting for 86.1% of this total, also showing a growth of 39.3% [1] Group 3: Logistics Innovations - SF Express has implemented a "land + air" transportation model to enhance efficiency and reduce costs, while local postal authorities encourage the establishment of local and remote warehouses to lower overall logistics costs [2] - The government is actively supporting the development of a modern delivery logistics system extending to rural areas, providing subsidies for the construction of grassroots logistics systems [2]

Core Viewpoint - SF Holding Co., Ltd. reported a total revenue of RMB 27.173 billion for November 2025, reflecting a year-on-year growth of 7.85% in its express logistics and supply chain businesses [3] Group 1: Express Logistics Business - The express logistics business revenue increased by 9.88% year-on-year, with a business volume growth of 20.13% [3] - The company emphasizes sustainable and healthy development, enhancing operational mechanisms to meet the delivery demands during the e-commerce promotional season, thus driving high-quality business growth [3] Group 2: Supply Chain and International Business - The international freight forwarding business faced challenges due to fluctuations in international trade and a slowdown in freight market demand, leading to a significant drop in sea freight prices compared to the same period last year [3] - Despite these challenges, the company leveraged its global network and diverse product offerings to adapt to market changes, maintaining stable cargo volumes in international freight forwarding [3] - Revenue from international express and cross-border e-commerce logistics continued to grow at a rapid pace year-on-year [3]

Core Viewpoint - SF Holding (002352) reported a decline in stock price and provided an operational update for November 2025, indicating growth in express logistics revenue but a decrease in single ticket revenue [1] Group 1: Stock Performance - As of December 19, 2025, SF Holding's stock closed at 37.85 yuan, down 0.89% from the previous trading day [1] - The stock opened at 38.2 yuan, reached a high of 38.37 yuan, and a low of 37.85 yuan, with a trading volume of 10.98 billion yuan and a turnover rate of 0.6% [1] Group 2: Operational Performance - In November 2025, the express logistics business generated revenue of 20.66 billion yuan, reflecting a year-on-year increase of 9.88% [1] - The total business volume reached 1.534 billion tickets, up 20.13% year-on-year [1] - The average revenue per ticket was 13.47 yuan, showing a decline of 8.49% compared to the previous year [1] - Supply chain and international business revenue amounted to 6.513 billion yuan, marking a year-on-year growth of 1.86% [1] - Overall revenue for the month totaled 27.173 billion yuan, representing a year-on-year increase of 7.85% [1] Group 3: Business Insights - The international freight forwarding business was impacted by a decline in sea freight prices, although the volume remained stable [1] - Revenue from international express and cross-border e-commerce logistics experienced rapid year-on-year growth [1] - The data provided is unaudited and may differ from final reports [1]

Core Viewpoint - SF Express has officially ended its collaboration with Douyin's e-commerce return service, which is described as a normal business practice as the contract naturally expired [1] Group 1: Business Operations - SF Express will not participate in the Douyin e-commerce return service for 2026, indicating a voluntary withdrawal from this market segment [1] - The return service responsibilities will be gradually taken over by other logistics providers such as JD, Zhongtong, and YTO [1] Group 2: Strategic Adjustments - The change is primarily attributed to SF Express's internal business and strategic adjustments, as the company faces growth pressures [1] - SF Express is continuing to scale back its return service operations in response to these pressures [1]

Company News - SF Holding (06936.HK) reported a total revenue of 27.173 billion yuan for its express logistics, supply chain, and international business in November, representing a year-on-year growth of 7.85%. The express logistics business revenue grew by 9.88%, with a business volume increase of 20.13% [2] - Capital Investment (02324.HK) expects to achieve an unaudited consolidated net profit of approximately 115 million to 140 million HKD for the fiscal year ending September 30, 2025, marking a turnaround from losses, primarily due to the performance of listed equity investments [2] - Tianqi Lithium (09696.HK) has completed the construction of the third phase of its chemical-grade lithium concentrate expansion project and has officially commenced trial production [2] - Qingdao Port (06198.HK) plans to purchase two assets from the Qingdao Shipping Financial Center for the development of a cruise port [2] - CanSino Biologics (06185.HK) has initiated Phase I clinical trials for its DTCP–HIb–MCV4 combined vaccine and completed the enrollment of the first subject [2] - Fuhong Hanlin (02696.HK) received approval from the U.S. Food and Drug Administration for its application for the Phase I clinical trial of HLX18, a biosimilar to Nivolumab for the treatment of various solid tumors [2] - China National Nuclear Corporation (01763.HK) announced that its subsidiary, CNNC Haidewei, has received clinical approval for its BNCT boron drug [2] - Hisense Home Appliances (00921.HK) subscribed to a financial product from Jingu Trust for 1.892 billion yuan [2] Acquisition and Disposal - Evergrande Property (06666.HK) has received several updated non-binding offers from selected bidders, which the liquidators are currently considering [3] - Ruian Construction (00983.HK) has completed the sale of Ruian Property Management Services Co., Ltd. [4] - Tianjin Port Development (03382.HK) plans to purchase ten gantry cranes for 185 million yuan [5] Buyback Activities - Tencent Holdings (00700.HK) repurchased 1.036 million shares at a cost of 636 million HKD, with buyback prices ranging from 607 to 617 HKD [5] - Xiaomi Group-W (01810.HK) repurchased 3.75 million shares for 152 million HKD, with buyback prices between 40.42 and 40.56 HKD [6] - COSCO Shipping Holdings (01919.HK) repurchased 3.9655 million shares for 53.6689 million HKD, with buyback prices ranging from 13.47 to 13.73 HKD [6] - Kuaishou-W (01024.HK) repurchased 755,000 shares for 49.9509 million HKD, with buyback prices between 65.4 and 66.6 HKD [7]

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of RMB 27.173 billion for its express logistics, supply chain, and international business in November 2025, representing a year-on-year growth of 7.85% [1] Group 1: Revenue Breakdown - The express logistics business revenue increased by 9.88% year-on-year [1] - The business volume for express logistics grew by 20.13% [1] Group 2: Business Strategy - The company emphasizes sustainable and healthy development in its operational approach [1] - SF Holding is advancing its operational activation mechanism to ensure high-quality service and stable operations [1] - The company aims to meet customer demand during the e-commerce promotional peak season, driving high-quality business growth [1]