Core Viewpoint - SF Holding (06936.HK) announced that its board meeting will be held on October 30, 2025, to consider and approve the unaudited consolidated performance for the third quarter ending September 30, 2025 [1] Group 1 - The board meeting is scheduled for October 30, 2025 [1] - The meeting will focus on the approval of the unaudited consolidated results [1] - The financial results pertain to the third quarter ending September 30, 2025 [1]

Core Points - SF Holding's stock price decreased by 0.39% on October 16, with a trading volume of 1.061 billion yuan [1] - The company achieved a financing buy of 119 million yuan and a net financing buy of 22.13 million yuan on the same day [1] - As of October 16, the total financing and securities lending balance for SF Holding was 3.325 billion yuan [1] Financing Summary - On October 16, SF Holding's financing buy amounted to 119 million yuan, with a financing balance of 3.322 billion yuan, representing 1.69% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level [1] - The securities lending data shows a repayment of 22,700 shares and a sell amount of 330,900 yuan, with a remaining securities lending balance of 3.1128 million yuan, which is below the 10th percentile of the past year [1] Financial Performance - For the first half of 2025, SF Holding reported a revenue of 146.858 billion yuan, reflecting a year-on-year growth of 9.26% [2] - The net profit attributable to shareholders for the same period was 5.738 billion yuan, showing a year-on-year increase of 19.37% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for SF Holding was 141,400, a decrease of 15.74% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.82% to 33,934 shares [2] - The company has distributed a total of 21.483 billion yuan in dividends since its A-share listing, with 15.351 billion yuan distributed in the last three years [3]

Core Insights - The low-altitude economy is emerging as a significant economic driver, transforming various sectors such as logistics, agriculture, tourism, and public services through the use of manned and unmanned aerial vehicles [1][2][19]. Group 1: Definition and Key Applications - The low-altitude economy operates below 1,000 meters (with some areas extending to 4,000 meters) and primarily involves general aviation and drones [2][19]. - In logistics, drones are addressing ground traffic bottlenecks by enabling rapid delivery of small packages, with companies like Walmart achieving 15-minute delivery times and SF Express completing over 800,000 flights [2][21]. - Agricultural applications include the use of plant protection drones for efficient crop management, enhancing sustainability in farming practices [3][26]. - The tourism sector is witnessing growth in low-altitude experiences, with activities like hot air ballooning and helicopter tours becoming popular, generating significant consumer spending [3][31]. Group 2: Ecosystem and Policy Support - The rapid development of the low-altitude economy is supported by a collaborative ecosystem involving government policies, technological advancements, and corporate initiatives [4][5]. - Central and local governments are prioritizing low-altitude economic development, with initiatives to establish general airports and drone landing sites [4][19]. - The airspace management is being progressively liberalized, with cities like Shenzhen planning to open 75% of the airspace below 120 meters by 2025 [4][19]. Group 3: Technological Innovations and Industry Structure - Technological innovations in materials, core components, and power systems are enhancing the performance of aerial vehicles, driving the growth of the low-altitude economy [5][19]. - The industry has developed a complete supply chain, from raw materials and components to manufacturing and application in various sectors [5][19]. - The market for the low-altitude economy is projected to reach 2 trillion yuan by 2030 and exceed 5.1 trillion yuan by 2035, with the eVTOL market alone expected to reach 570 billion yuan [5][19]. Group 4: Market Opportunities and Future Outlook - The low-altitude economy is transitioning from pilot projects to large-scale development, with drones and aerial vehicles increasingly integrated into daily life [6][19]. - Continuous technological advancements and policy improvements are expected to unlock greater potential in this new economic sector, contributing to high-quality economic growth [6][19].

Core Insights - SF Airlines has officially launched the "Ezhou-Chicago" international cargo route, enhancing its North American network to cover major cities including New York, Los Angeles, and Chicago [1][2] - The new route will operate weekly, providing approximately 220 tons of air cargo capacity, primarily for international express shipments, e-commerce parcels, and general cargo [1] - The establishment of this route is expected to improve logistics connectivity between China and the U.S., facilitating international industrial collaboration and economic cooperation [1][2] Company Developments - SF Airlines has been focusing on customer needs in the North American market, having opened several international routes to cities such as Los Angeles, New York, Miami, and Halifax [2] - The fleet of SF Airlines has grown to 90 all-cargo aircraft, with a network that spans domestic and international routes across Asia, Europe, and North America [2] - The company aims to enhance its international supply chain service capabilities and provide superior air logistics services to global customers, contributing to the dual circulation development pattern in China [2]

Investment Rating - The report gives a "Positive" rating for the express delivery industry, marking it as the first rating issued [1]. Core Insights - The express delivery industry is experiencing a significant growth in business volume, with a year-on-year increase of 12.3% in August 2025, outpacing the growth of physical online retail sales at 7.1% and social consumer retail sales at 3.4% [5][8]. - The trend of smaller packages in express delivery continues, contributing to rapid growth in business volume [5][8]. - The average revenue per package in the express delivery industry was 7.37 yuan in August 2025, showing a year-on-year decline of 7.16%, although there was a slight month-on-month increase of 0.13% [5][16]. - The report anticipates a price recovery in the express delivery sector due to the ongoing "anti-involution" efforts within the industry [5][25]. Summary by Sections Industry Volume and Price - The express delivery industry maintains high growth, with business volume growth outpacing both online retail and overall retail sales [5][8]. - The trend of smaller packages continues, with the average value of a single express package decreasing to 63.0 yuan, down 4.62% year-on-year [13][15]. - The competitive pricing environment has led to a decline in average revenue per package, but there are expectations for stabilization in pricing due to industry adjustments [5][16]. Company Volume and Price - In August 2025, the business volume growth rates for major companies were as follows: YTO Express at +11.06%, Yunda at +8.72%, Shentong at +10.0%, and SF Express at +34.80%, with SF Express outperforming the industry average [20]. - The average revenue per package for these companies showed significant declines, particularly for SF Express at -15.32% year-on-year, indicating a substantial impact from changes in business structure [24][28].

Group 1: Shipping Industry - The implementation of mutual port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [1][20][21] - Different shipping segments will experience varying degrees of impact, with oil and dry bulk sectors facing greater challenges compared to container shipping [1][20] - Short-term price fluctuations may occur due to initial chaos from the new policies, but overall, the impact on freight rates is expected to be limited [1][20] Group 2: Aviation Industry - Domestic passenger flight volumes have decreased slightly post-National Day, but overall traffic remains above 2019 levels, indicating a recovery trend [2][33] - The average domestic ticket price is stable, with a slight year-on-year increase, suggesting a balanced supply-demand dynamic in the aviation market [2][34] - The aviation sector is expected to see continued recovery in profitability as the supply-demand gap narrows, with recommendations to invest in major airlines like China Eastern Airlines and Spring Airlines [2][34] Group 3: Express Delivery Industry - The "anti-involution" policy has led to price increases across approximately 90% of express delivery volumes in China, indicating a shift towards more sustainable competition [2][43][44] - The profitability of express delivery companies is anticipated to improve in the fourth quarter, driven by seasonal demand and the effects of the "anti-involution" measures [2][43][44] - Major express companies like SF Express and ZTO Express are expected to see significant growth in profitability in 2025, with projected earnings growth of 15-20% for SF Express [2][54] Group 4: Logistics Sector - The logistics company DeBang's revenue has shown double-digit growth, but profitability has been under pressure due to increased transportation costs [2][66][67] - The company is focusing on enhancing its service quality and optimizing its product structure to improve margins in the future [2][66][67]

Core Viewpoints - The transportation industry is experiencing a decline in passenger flight volumes following the National Day holiday, with overall and domestic flight volumes down by 0.6% week-on-week, but still above 2019 levels [1][3] - The implementation of reciprocal port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [2] Shipping Industry - The upcoming US port fee measures will take effect on October 14, prompting China to respond with special port fees for US vessels [2] - Different shipping segments will experience varying impacts, with container shipping likely facing the least disruption, while oil and dry bulk shipping will be more significantly affected [2] - Short-term price fluctuations may occur due to initial policy confusion, but major container shipping companies have committed to not raising prices to maintain competitiveness [2] - Oil shipping rates are expected to perform strongly in the short to medium term due to seasonal effects and recent geopolitical developments [2] Aviation Industry - The overall and domestic passenger flight volumes have decreased post-holiday, but remain above 2019 levels, indicating a recovery trend [3] - The average ticket price for domestic economy class is stable, with a slight year-on-year increase of 0.3% [3] - The domestic aviation market is expected to continue improving in supply-demand dynamics, with ticket prices likely stabilizing [3][4] Express Delivery Industry - The "anti-involution" policy has led to price increases in the express delivery sector, with most regions now participating in this trend [4] - The industry is expected to see improved profitability in the fourth quarter due to reduced competition and better regulatory balance [4] - Recommendations include focusing on companies like SF Express and the Tongda system, which are expected to benefit from the ongoing policy changes [4][5]

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [3][5]. Core Views - The express delivery sector is expected to see performance recovery due to the "anti-involution" policies, while the mutual port fees imposed by China and the U.S. are likely to drive shipping rates upward [1][2]. - The shipping industry is facing mixed impacts from the U.S. port fee measures, with over 40% of shipping capacity affected by U.S. fees, while the impact on Chinese shipping capacity is significantly lower [1][20]. - The aviation sector is projected to experience a gradual recovery in ticket prices and profitability as the domestic passenger market continues to optimize supply and demand dynamics [2][34]. - The express delivery industry is witnessing a significant price increase across major production areas, with expectations for this trend to continue through the end of the year [2][43]. Shipping Sector Summary - The implementation of mutual port fees between China and the U.S. is expected to create short-term price volatility, particularly affecting oil and dry bulk shipping more than container shipping [1][20]. - The oil shipping rates have shown a significant increase recently, with VLCC shipping rates rising due to concerns over port congestion and supply chain efficiency [1][20]. - The overall impact of the mutual port fees on shipping rates is limited, but initial chaos from policy implementation may lead to fluctuations [20][21]. Aviation Sector Summary - Domestic passenger flight volumes have decreased slightly post-holiday, but overall traffic remains above 2019 levels [2][33]. - The average domestic ticket price has remained stable, with a slight year-on-year increase [2][34]. - The aviation market is expected to see continued improvement in profitability as supply-demand gaps narrow [34]. Express Delivery Sector Summary - The "anti-involution" policy has led to price increases across approximately 90% of the express delivery volume in China, with expectations for sustained price stability [2][43]. - The report highlights the potential for improved profitability in the express delivery sector during the fourth quarter due to seasonal demand [2][43]. - Major express companies are expected to benefit from the "anti-involution" policies, with specific recommendations for companies like SF Express and ZTO Express [5][54]. Key Company Ratings and Predictions - COSCO Shipping Energy: Outperform, 2025E PE of 12.2 [6]. - SF Express: Outperform, 2025E PE of 17.4, with expected growth of 15-20% in 2026 [6][54]. - ZTO Express: Outperform, with a focus on long-term value and stable returns [5][54].

"这也意味着我们在推动'一条鱼'产业数字化转型上迈出关键一步，自3月至今，入驻的11家企业已完成超1800场直播，预计全年营收将突破千 万元。"舟山国家远洋渔业基地科技发展有限公司副总经理陈阳说，基地将继续以电商为抓手，推动平台经济与产业发展融合，进一步适应电 商新赛道的要求，致力打造产供销融合发展的综合性电商产业园。（来源：定海区委宣传部） 电商企业进行直播（定海区委宣传部供图） 据了解，该电商产业园与物流企业顺丰速运的深度合作，构建了"电商包裹+大件冷运+物流溯源"的一体化运营模式，为舟山海鲜"鲜达天下"提 供了坚实保障。"主要是为了破解水产品电商'保鲜难、配送贵'的痛点难题。"顺丰速运浙中区冷运负责人王传旭说，入驻基地后实现了仓配一 体，直播订单可当天极速发运，截单时间更是从下午5点延至晚上9点。未来还将增仓扩容，并规划直发上海线路，持续提升时效与品质保障。 近日，在舟山国家远洋渔业基地，舟山国家远洋渔业基地电商开渔节启动暨电商产业园（顺丰冷链物流园）正式开园，这标志着"渔业+电商 +冷链"新时代的正式启航，这里也将成为远洋渔业+电商产业融合新坐标。 ...