Group 1 - The article discusses the ongoing tensions in the Middle East, particularly the U.S. military presence and actions in Iran, with President Trump claiming control over the Strait of Hormuz and indicating that Iran is eager for a deal [2][4] - The U.S. military is preparing for a ground operation in Iran, with over 50,000 troops deployed, aiming for a quick resolution without occupying territory, reminiscent of the Gulf War strategy [3] - Protests against the Trump administration are expected to be among the largest in U.S. history, with over 9 million participants planned across 50 states [4] Group 2 - The article highlights the impact of the ongoing conflict on global markets, including a focus on oil prices and potential supply chain disruptions, particularly in the aluminum sector due to attacks on major aluminum plants in the Middle East [5][21] - The article notes that the conflict has led to significant increases in oil prices, with Vietnam experiencing a doubling of diesel prices since the onset of hostilities [18] - The article mentions the upcoming release of key economic indicators, including the U.S. non-farm payroll report and China's PMI data, which will be closely watched in the context of the Middle East situation [5]

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

Group 1 - The logistics ETF, 富国 (516910), opened down 0.92% at 1.190 yuan on March 27 [1][2] - Major holdings in the logistics ETF include 中远海控 (down 0.66%), 顺丰控股 (down 0.76%), 京沪高铁 (down 0.40%), 招商轮船 (up 0.18%), 大秦铁路 (down 0.19%), 圆通速递 (up 0.30%), 蔚蓝锂芯 (down 1.72%), 中远海能 (down 1.72%), 物产中大 (down 0.97%), and 建发股份 (down 0.44%) [1][2] - The performance benchmark for the logistics ETF is the 中证现代物流指数 return rate, managed by 富国基金管理有限公司, with a fund manager named 张圣贤 [1][2] Group 2 - Since its establishment on June 3, 2021, the logistics ETF has achieved a return of 19.97%, with a return of 0.52% over the past month [1][2]

Investment Rating - The industry investment rating is "Positive" [8] Core Insights - The express delivery industry is experiencing a shift from quantity to quality due to the implementation of anti-involution policies, resulting in a lower growth rate in business volume [2][11] - In February 2026, the total business volume of express delivery services reached approximately 12.11 billion pieces, a year-on-year decrease of about 10.9%. However, when considering the cumulative data for January and February, there was a year-on-year growth of approximately 7.1% [1][9] - The average single ticket revenue in the industry increased significantly, with a year-on-year rise of 12.2% in February 2026. The single ticket price for the combined January and February period increased by about 0.8% compared to the same period in 2025 [2][27] - The performance of major companies in the industry varied, with SF Express showing a significant increase in volume growth, while Yunda's growth rate was lower [3][18] Summary by Sections 1. Industry Overview - The express delivery industry is transitioning from a focus on volume to a focus on quality, influenced by high base figures from the previous year and the ongoing anti-involution policies [2][11] - In February 2026, the business volume was approximately 12.11 billion pieces, down 10.9% year-on-year, but a cumulative growth of 7.1% was noted for January and February [1][9] 2. Business Volume - The business volume growth rate has declined to a low level, with the industry gradually shifting towards a focus on service quality rather than just volume [2][11] - SF Express outperformed the industry average in volume growth, while Yunda's growth was notably lower [3][18] 3. Revenue per Ticket - The average single ticket revenue in February 2026 increased by 12.2% year-on-year, with a cumulative increase of 0.8% for January and February compared to the previous year [2][27] - Among major companies, Shentong and Yunda saw year-on-year revenue growth of 19.6% and 15.4%, respectively, while Round Express had a lower growth rate of 3.4% due to a high base from the previous year [3][29] 4. Investment Recommendations - The report suggests focusing on leading companies with superior service quality, such as Zhongtong and Round Express, as well as Shentong, which has shown significant improvement in operational data [3][35] - The ongoing anti-involution policies are expected to support the industry's price stability and quality improvement, indicating a potential for sustainable growth [3][35]

Core Insights - The report highlights the significant impact of geopolitical tensions, particularly the U.S.-Iran relations, on market performance, with major indices in both A-shares and Hong Kong experiencing substantial declines [1][8][12] - The Federal Reserve's stance on interest rates remains cautious, with officials indicating that future decisions will depend on the evolving situation in the Middle East [8][12] - Chinese platform companies, including Ctrip and JD.com, have been summoned for discussions regarding "involution" competition issues, indicating regulatory scrutiny in the tech sector [8][12] Market Performance - A-shares saw a sharp decline, with the Shanghai Composite Index falling by 3.63% to 3813.28 points, and the Shenzhen Component down 3.76% [1][5] - Hong Kong's Hang Seng Index dropped 3.54% to 24382.47 points, with the Hang Seng Technology Index down 3.28% [1][5] - The trading volume in the Hong Kong market was approximately 368.77 billion HKD [1] Geopolitical Developments - President Trump announced a five-day delay in military action against Iran's energy infrastructure, suggesting potential negotiations with Tehran, although Iran denied any dialogue [8][12] - The U.S. Federal Reserve officials expressed that it is premature to alter the expectation of four interest rate cuts this year, emphasizing the need for more information before making policy changes [8][12] Regulatory Environment - The Beijing Municipal Market Supervision Administration has conducted talks with 12 platform companies, addressing issues related to competitive practices and requiring corrective actions [8][12]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11] Core Insights - The supply-demand dynamics in the transportation sector are continuously improving, with oil price impacts yet to be fully realized. Profitability is on an upward trend across various sub-sectors [2][4] Summary by Sub-Sector Aviation - The aviation sector is experiencing significant profitability improvements due to a combination of rising demand during the Spring Festival and a notable decrease in oil prices. The overall profitability is expected to turn positive in Q1 2026 [4][16] Airports - Domestic airport traffic is recovering, with a projected increase in both domestic and international flights. However, profitability may vary significantly among airports due to differing operational costs [5][21] Express Delivery - The express delivery sector shows resilience in demand, with package volumes expected to grow modestly. The sector is transitioning towards quality competition, leading to improved average order values and profitability [5][23] Logistics - The logistics sector is facing volatility in bulk supply chain profitability, while cross-border logistics is expected to see an upward trend due to strong export demand [6][25] Maritime Transport - Maritime transport profitability is mixed, with container shipping facing pressure while oil transportation sees significant gains due to geopolitical tensions. Dry bulk shipping is also expected to improve profitability [7][27] Ports - Port operations are expected to show high growth rates in cargo throughput, driven by increased imports of various goods. The port sector is highlighted for its stable performance and high dividend yields [8][30] Highways - The highway sector is projected to maintain stable traffic flow, with slight improvements in profitability expected compared to Q1 2025 [9][33] Railways - The railway sector is benefiting from rising oil prices, with both passenger and freight volumes expected to grow. The profitability outlook is positive, particularly for coal transport [10][35]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [12] Core Insights - The supply-demand dynamics in the transportation sector are continuously improving, with oil price impacts yet to be fully realized. Overall profitability is on an upward trend across various sub-sectors [2][4] Summary by Sub-Sector Aviation - The aviation sector is experiencing significant profitability improvements due to a combination of rising demand during the Spring Festival and a notable decrease in oil prices. The industry is expected to turn profitable in Q1 2026 [4][19] Airports - Domestic airport traffic is recovering, with a projected increase in both domestic and international flights. However, profitability may vary by airport due to differing operational costs [5][25] Express Delivery - The express delivery sector shows resilience in demand, with package volumes expected to grow modestly. The sector is transitioning towards quality competition, leading to improved profitability for leading companies [6][27] Logistics - The logistics sector is facing volatility in bulk supply chain profitability, but cross-border logistics is showing positive trends due to strong export demand [6][30] Maritime Transport - Maritime transport is characterized by a divergence in profitability among different vessel types. While container shipping faces challenges, oil and dry bulk shipping are expected to see profitability improvements [7][31] Ports - Port operations are witnessing high growth rates in cargo throughput across various categories, indicating a positive outlook for profitability in the port sector [8][35] Highways - The highway sector is expected to maintain stable traffic flow, with slight improvements in profitability anticipated compared to Q1 2025 [9][38] Railways - The railway sector is benefiting from rising oil prices, with both passenger and freight volumes expected to grow in Q1 2026 [10][41]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 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） （股份代號：6936） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，順豐控股股份有限公司（「本公司」）在巨 潮資訊網( www.cninfo.com.cn )刊發了以下公告。茲載列如下，僅供參閱。 聯席公司秘書 甘玲 中國深圳，2026年3月23日 於本公告日期，本公司董事會成員包括董事長及執行董事王衞先生，執行董事何捷先生及 徐本松先生；及獨立非執行董事陳尚偉先生、李嘉士先生及丁益博士。 证券代码：002352 证券简称：顺丰控股 公告编号：2026-013 顺丰控股股份有限公司关于全资子公司 深圳顺丰泰森控股（集团）有限公司向专业投资者公开发行 承董事會命 順豐控股股份有限公司 1、同意泰森控股向专业投资者公开发行面值 ...

Core Insights - The report maintains a "positive" rating for the logistics industry, indicating optimism about future performance [1] - In the past 12 months, the logistics sector has shown a market performance of -9%, while the Shanghai and Shenzhen 300 index has performed at -3% [2] Industry Volume and Price - In January-February 2026, the growth rate of physical online retail sales was 10.3%, surpassing the express delivery industry's business volume growth of 7.1%, which in turn exceeded the social consumer goods retail growth of 2.8% [7][11] - The average revenue per express delivery ticket in January-February 2026 was 7.82 yuan, reflecting a year-on-year increase of 0.8% and a month-on-month increase of 2.6% compared to December 2025 [16][18] - The ongoing "anti-involution" trend in the industry has led to a positive growth rate in average revenue per ticket [16] Regional Volume and Price - In January-February 2026, the express delivery business volume growth rates for first, second, and third-tier regions were 4.44%, 15.66%, and 25.24%, respectively, with second and third-tier regions significantly outperforming first-tier regions [23] - The average revenue per ticket in first-tier regions showed a year-on-year growth of 2.82%, while second and third-tier regions experienced declines of 5.57% and 11.33%, respectively [23] Company-Specific Volume and Price - In January-February 2026, the business volume growth rates for major companies were as follows: YTO Express +16.67%, Yunda +9.44%, Shentong +11.23%, and SF Express +9.44%, all exceeding the industry average growth of 7.1% [30] - The average revenue per ticket for YTO Express, Yunda, Shentong, and SF Express was 2.31, 2.19, 2.38, and 14.98 yuan, respectively, with year-on-year growth rates of -1.2%, +10.1%, +16.3%, and -0.8% [33]

证券代码：002352 证券简称：顺丰控股 公告编号：2026-013 2、本批复自同意注册之日起 24 个月内有效，泰森控股在注册有效期内可以 分期发行公司债券。 二、其他情况说明 公司分别于 2024 年 3 月 26 日、2024 年 4 月 30 日召开第六届董事会第十二 次会议及 2023 年年度股东大会，审议通过了《关于全资子公司在境内外发行债 务融资产品的议案》，具体内容详见公司于 2024 年 3 月 27 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于全资子公司在境内外发行债务融资产品的 公告》（公告编号：2024-027）。最终发行方案以相关监管机构的核准、注册、备 案结果为准，公司将按照有关法律、法规的规定及时披露本次债务融资产品的核 准/注册/备案及相关发行进展情况。 1 顺丰控股股份有限公司关于全资子公司 深圳顺丰泰森控股（集团）有限公司向专业投资者公开发行 公司债券获得中国证监会同意注册批复的公告 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。 一、本次接受注册的情况 顺丰控股股份有限公司（以下简称"公司"）全资 ...