Core Viewpoint - The Guangzhou Intellectual Property Court ruled in favor of SF Express, recognizing "SF Express" as a well-known trademark and determining that the "SF Pregnancy" car stickers sold by the defendant constituted trademark infringement due to their similarity and derogatory impact on the brand's reputation [1][5][7]. Group 1: Trademark Infringement Case - SF Express filed a lawsuit against the defendant, Shop Xiao Er, for trademark infringement after discovering the sale of "SF Pregnancy" car stickers that closely resembled its trademark [1][4]. - The defendant argued that "SF Pregnancy" was a humorous expression and that consumers purchased it for aesthetic reasons, not intending to infringe [4]. - The court found that the "SF Express" trademark had been recognized as a well-known trademark since 2010, meeting the legal criteria for such recognition [5]. Group 2: Court's Ruling and Implications - The court ruled that the "SF Pregnancy" stickers not only infringed on the trademark but also violated public morals by trivializing women's reproductive experiences and damaging the professional reputation of SF Express [7]. - The court ordered the defendant to compensate SF Express for economic losses and other expenses totaling 200,000 yuan, and to publish a statement in the media to mitigate the negative impact [7]. Group 3: Market Response and Cultural Context - Prior to the ruling, there were reports of multiple sellers on e-commerce platforms offering "SF Pregnancy" stickers, priced between 5 to 20 yuan, with some sellers claiming high sales volumes [8]. - Public sentiment reflected discomfort with the stickers, with some netizens supporting SF Express's legal action against the perceived vulgarity of the product [9]. - SF Express emphasized the promotion of positive cultural expressions and stated its commitment to protecting its brand against unauthorized sales of related materials [11].

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]

转自：武汉发布 近日 "快递停运"冲上微博热搜 引发网友热议 不少人表示有点"焦虑" 圆通速递、申通快递、韵达快递客服均表示，春节期间快递不停，且未收到加价通知。 中国邮政速递物流客服表示，快递运送全年无休，但有可能会出现上门取件加价情况，具体规定需看后续通知。 中通快递客服称，目前暂未接到停运通知。另外，正常情况下，春节期间不会收取资源调节费。 京东物流则回应，根据春节期间快递流量情况，部分站点可能会出现排班情况，且会产生资源调度费，具体需以站点为准。 此外，顺丰速运、德邦快递客服均回复春节期间不停运，但运输费用会有调整。 同时，快递企业提醒：因节日期间资源调配受限、极端天气变化等多重因素，快件时效或将受到不同程度影响。 对此，多家快递企业 相继发布春节期间服务安排 宣布将继续提供收派服务 全力满足节日期间的寄递需求 ...

Group 1 - In January 2026, the number and scale of share buyback plans from A-share companies decreased, with 26 companies disclosing new buyback plans compared to 35 in December 2025, indicating a decline in both quantity and scale [1] - The total proposed buyback amount from these 26 companies is approximately 5.682 billion yuan, a decrease of 46.13% from December's 10.548 billion yuan, showing a significant drop in both the number of plans and the total amount [1] - Despite the overall decline, large buybacks remain dominant, with 18 companies planning to repurchase over 100 million yuan, accounting for 69.23% of the total, reflecting strong confidence in their own value [1] Group 2 - Leading companies in the buyback amount for January include Midea Group, Kweichow Moutai, SF Express, Century Huatong, and Yanjinpuzi, with buybacks of 488 million yuan, 451 million yuan, 357 million yuan, 301 million yuan, and 218 million yuan respectively [2] - Both Midea Group and SF Express have exceeded their proposed buyback lower limits, although their buyback paces differ significantly [2]

Core Viewpoint - The article discusses the operational status of various express delivery companies during the upcoming Spring Festival, highlighting that most companies will continue to provide services but may implement additional charges due to increased demand and resource allocation challenges [2][4][5][6]. Group 1: Company Responses - China Post Express Logistics confirmed that it will operate year-round but may introduce additional charges for pick-up services, with specific details to be announced later [4]. - JD Logistics indicated that during the peak period from January 19 to February 23, 2026, it will impose a resource adjustment fee of 0.1 to 1.2 yuan/kg on express heavy cargo, depending on the station [4]. - SF Express announced that it will charge a resource adjustment fee during the Spring Festival from February 16 to February 23, with reports of price increases in certain areas [5]. - YTO Express stated that it will maintain normal operations except for certain regions affected by third-party logistics or weather, with potential delays of 2-3 days for intra-provincial and 4-5 days for inter-provincial deliveries [5]. - Yunda Express confirmed normal operations during the Spring Festival, with some areas experiencing delays and potential price increases [6]. Group 2: Operational Challenges - Companies are preparing for potential delays in delivery times due to limited resource allocation and extreme weather conditions during the holiday period [6]. - Different express delivery companies may have varying operational statuses based on local conditions, with some branches still awaiting specific instructions [6].

Core Viewpoint - The recent "express delivery suspension" trending on social media has caused public anxiety, prompting multiple express delivery companies to announce their service arrangements during the Spring Festival, ensuring continued delivery services to meet holiday demand [1]. Group 1: Company Responses - China Post Express Logistics confirmed that delivery services will operate year-round, but there may be additional charges for pick-up services, with specific regulations to be announced later [1]. - JD Logistics indicated that due to peak delivery volumes, some stations may implement scheduling changes and resource adjustment fees, with a peak resource adjustment fee of 0.1 to 1.2 yuan/kg applicable from January 19 to February 23, 2026 [1]. - SF Express and Debon Express both stated that they will not suspend operations during the Spring Festival, but transportation costs will be adjusted, with SF Express planning to charge resource adjustment fees during the holiday period [1]. - YTO Express announced that from February 15 to February 23, they will ensure service continuity and network stability, with normal operations in most regions except for certain areas affected by third-party logistics or weather [2]. - Yunda Express confirmed normal operations during the Spring Festival, with potential delays of 2-3 days for intra-provincial and 4-5 days for inter-provincial deliveries [2]. - Zhongtong Express stated they will ensure customer delivery needs are met, with staffing adjustments based on local conditions, although some locations may not guarantee timely delivery [2]. - Shentong Express also confirmed normal service during the holiday, with possible adjustments to delivery fees based on local conditions [2]. Group 2: Operational Challenges - Express delivery companies warned that delivery efficiency may be impacted by limited resource allocation and extreme weather conditions during the holiday period [3].

Core Viewpoint - The discussion around whether express delivery services will be suspended during the Spring Festival has garnered attention, with major companies confirming they will continue to provide services during this period [1][2][3]. Group 1: Company Responses - China Post will continue to provide services from February 15 to 23, allowing users to submit collection requests through various online channels and providing customer service via a dedicated hotline [1]. - SF Express will ensure the operation of express delivery services during the Spring Festival, adjusting service fees for certain shipments, with additional resource adjustment fees applied during the holiday [1]. - YTO Express will maintain service availability during the Spring Festival, with normal operations in most regions, except for areas affected by third-party logistics disruptions or weather conditions [2]. - Shentong Express will adjust operations based on local conditions, with most areas expected to have normal collection and delivery services, advising users to confirm specific times with local outlets [2]. - Zhongtong Express will also ensure stable logistics support during the Spring Festival, while JD Logistics commits to providing comprehensive logistics safety and service coverage, including same-day and next-day delivery options [3]. Group 2: Service Adjustments and Fees - SF Express will charge a resource adjustment fee of 0.1 to 1.5 yuan/kg for shipments over 20kg from January 19 to February 15, with additional fees during the holiday period [1]. - JD Logistics will implement a resource adjustment fee of 0.1 to 1.2 yuan/kg for express heavy goods during the Spring Festival [3].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Insights - The aviation sector is expected to benefit from the Spring Festival travel peak, leading to a positive outlook for airline stocks. The report highlights a significant increase in flight operations and passenger volumes during this period, indicating a recovery in demand [4][6] - The report emphasizes the potential for oil transportation to rise, driven by geopolitical factors and structural demand growth, suggesting a favorable investment environment in the shipping sector [6][7] Summary by Sections Investment Highlights - The report identifies key investment opportunities in the aviation sector, particularly focusing on major airlines and low-cost carriers that are expected to benefit from rising ticket prices and improved operational performance [4][6] - It also highlights the logistics and express delivery sectors, noting the positive earnings forecast for companies like SF Express, which is capitalizing on the growth of instant delivery services [6] Aviation Data Tracking - Daily flight operations from February 2 to February 6 showed significant increases for major airlines, with Eastern Airlines and Southern Airlines leading the growth [4] - The average aircraft utilization rates also improved, indicating a recovery in operational efficiency across the sector [4] Shipping Data Tracking - The report tracks various shipping indices, noting a mixed performance in container shipping but a positive trend in oil transportation indices, suggesting a potential upturn in the oil shipping market [6][7] - The report recommends focusing on companies in the oil shipping sector due to limited supply and structural demand growth [6][7] Logistics Data Tracking - The report provides data on logistics performance, indicating a substantial increase in express delivery volumes, which is expected to continue benefiting from the growth in e-commerce and instant delivery services [6] - It highlights the importance of addressing industry challenges such as competition and regulatory changes to maintain profitability [6] Company Performance Tracking - The report includes performance metrics for key companies in the aviation and logistics sectors, showcasing their earnings forecasts and operational improvements [4][6] - It emphasizes the strategic positioning of companies like Spring Airlines and China Eastern Airlines, which are expected to leverage their market positions for growth [4][6]

Core Viewpoint - The recent "express delivery suspension" trending on social media has caused public anxiety, prompting multiple express delivery companies to announce their service arrangements during the Spring Festival, ensuring continued collection and delivery services to meet holiday demand [1] Group 1: Company Responses - SF Express and Debon Express confirmed that they will not suspend operations during the Spring Festival, although transportation fees will be adjusted. SF Express will impose a resource adjustment fee from February 16 to February 23, with some areas experiencing a price increase of 10 yuan [4] - China Post Express Logistics stated that they will operate year-round but may implement additional charges for pickup services, with specific regulations to be announced later [5] - JD Logistics indicated that service availability may vary based on express delivery volume during the Spring Festival, with potential resource adjustment fees depending on the station [5] - YTO Express announced that from February 15 to February 23, they will ensure service continuity and network stability, with normal operations in most regions except for certain areas affected by third-party logistics suspensions or weather conditions [9] - Yunda Express confirmed normal operations during the Spring Festival, with potential delays of 2-3 days for intra-province and 4-5 days for inter-province deliveries [9] - Zhongtong Express stated they will reasonably ensure customer delivery needs and maintain smooth logistics support, with variations in service based on local conditions [9] - Shentong Express affirmed they will operate normally during the Spring Festival, with possible adjustments to service arrangements and fees based on local circumstances [9] Group 2: Service Impact and Adjustments - Express delivery companies warned that service efficiency may be affected by limited resource allocation and extreme weather conditions during the holiday period [8]

（来源：河北新闻网） 转自：河北新闻网 上班第一天，师傅递给他一把电动三轮车钥匙："今后它就是你的战友了。" 此后三年，这辆电动三轮车陪伴他穿梭在石家庄市区的大街小巷。最忙的时候，一天要经手二三百件快递，常常从早上7点多忙 到晚上9点，风雨无阻。夏日汗水浸透工服，冬日寒风吹裂双手，谷聪却从没抱怨过。 快递行业看似简单，实则门道不少。谷聪很快意识到，要想在这行做好，光有体力不够，还得有技术。 他开始钻研包装技巧。易碎品怎么包装才能经得起长途运输？不规则物品如何固定最稳妥？谷聪一有空就练习，用废旧纸箱反 复试验。最终，他练就了一手绝活：10秒内完成一个手机的标准包装；他打包的易碎品，从两米高处坠落也安然无恙。 2018年，在河北省职工职业技能大赛快递行业专业比拼中，谷聪从50多名快递员中脱颖而出，获得个人组第一名。 2月4日，谷聪（右三）在河北顺丰速运有限公司总部的一间会议室与同事交流工作。 河北日报记者 史晟全摄 2月4日9时，河北顺丰速运有限公司总部办公区一片忙碌。 谷聪坐在办公桌前，盯着电脑屏幕上密密麻麻的表格，一项项核对前一天的工作数据。作为河北顺丰速运有限公司销售支持组 负责人，他负责的全省120多名销 ...