相关的品牌那么3月4号他一律按照这个5万块一个客户进行处理那么3月4号以后有抢客户的行为的话他是一律按照5万一个客户处理所以说他是把把年前的这个同门的一个价格一个一个价格然后跟 年前年后的一个抢客户的一个行为跟年后3月4号以后他的那个抢客户的这个行为他都做了一定的约束那么据这个通知发的他是没有发出来那个截止的这个时间但是据我们内部的这个领导人员说的话他是要延续到把这个政策是延续到5月份 那么后面它是内部我们内部自己就是品牌内部它是也是做了一个重申从2月28号开始的话100票以上的这个快快件的那个客户的话他也是要经行一个两到五万的一个处罚那么而且这个客户如果是 没有处罚还回去的话它是必须在48个小时内要把它还回去的如果没有还回去的话就要接受一个处罚然后在年前的它的一个电量的维持的话是在按照去年的一个比例的话它相对来讲是还是比较正常的 偏少了一点比较正常但是今年年初的话它其实有一些积累单那么到目前为止基本上发了七七八八也发完了总体年后比年前的这个票数的话相对来讲是多一些那么随着这个可能是三月三月份开始除了把这个春装或者说春夏装这个短袖款或者说长袖款这种卫衣这种 这种就是说年后必备的一些补货的一些产品发完了之后它可 ...

Report Summary 1. Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints On February 25, affected by the tax period and month - end factors, the capital market showed a tight balance, the bond market fluctuated and adjusted, the main indices of the convertible bond market showed mixed performance, individual convertible bonds were evenly split between gains and losses, yields of US Treasury bonds across various maturities generally increased, and the yields of 10 - year government bonds of major European economies showed divergent trends [1]. 3. Summary by Directory 3.1 Bond Market News 3.1.1 Domestic News - President Xi Jinping met with German Chancellor Merz, emphasizing the importance of Sino - German relations [3] - The central parity rate of the RMB against the US dollar rose 93 basis points, and the on - shore RMB against the US dollar closed 177 basis points higher [3] - Shanghai issued the "Seven Measures for the Property Market", further reducing housing purchase restrictions [4] - Hong Kong's Financial Secretary Paul Chan announced the 2026/27 budget, stating Hong Kong's plans to cooperate with the mainland on financial development [4] 3.1.2 International News - The US Trade Representative said the "global import tariff" rate on some countries might rise from 10% to 15% or higher [5] 3.1.3 Commodities - WTI April crude oil futures fell 0.32%, Brent April crude oil futures rose 0.11%, spot gold rose 0.52%, and a technical glitch at CME interrupted natural gas and metal futures trading [6] 3.2 Capital Market 3.2.1 Open - Market Operations On February 25, the central bank conducted 409.5 billion yuan of 7 - day reverse repurchase operations, with a net injection of 9.5 billion yuan after 400 billion yuan of reverse repurchases matured [8] 3.2.2 Capital Interest Rates Affected by the tax period and month - end factors, the capital market was in a tight balance. DR001 rose 1.66bp to 1.384%, and DR007 rose 4.79bp to 1.507%. Other interest rates also showed various changes [9][10] 3.3 Bond Market Dynamics 3.3.1 Interest - Rate Bonds - Due to the stock market rise and rumors about Shanghai's real estate, the bond market fluctuated and adjusted. The yield of the 10 - year Treasury bond active bond 250022 rose 1.40bp, and the yield of the 10 - year CDB bond active bond 250220 rose 1.35bp [12] - Multiple bonds were issued, with details such as issue scale, winning bid yield, and multiples provided [13] 3.3.2 Credit Bonds - Five industrial bonds had a trading price deviation of over 10%, with some falling and one rising significantly [13] - Multiple credit - related events occurred, such as debt transfer, extension of consent solicitation period, and being listed as a dishonest被执行人 [16] 3.3.3 Convertible Bonds - The A - share market rose, and the convertible bond market fluctuated narrowly. The CSI Convertible Bond Index and Shenzhen Convertible Bond Index rose, while the Shanghai Convertible Bond Index fell slightly. Individual convertible bonds were evenly split between gains and losses [17] - Some convertible bonds had significant price changes, and there were events such as new listings, proposed downward adjustment of the conversion price, and early redemption announcements [21] 3.3.4 Overseas Bond Markets - In the US bond market, except for the 5 - year Treasury bond yield remaining unchanged, yields of other maturities generally rose. The yield spreads of some maturities narrowed, and the break - even inflation rate of 10 - year TIPS rose [22][23][24] - In the European bond market, the yields of 10 - year government bonds of major European economies showed divergent trends [25] - The daily price changes of Chinese - funded US dollar bonds were provided, with some rising and some falling [27]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 中通快遞（開曼）有限公司（於開曼群島註冊成立以不同投票權控制的有限責任公司） 呈交日期： 2026年3月2日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 | 是 | | | 證券代號 (如上市) | 02057 | 說明 | A類普通股 | | | | | | A. 已發行股份或庫存股份變動 | | 已發行股份（不包括庫存股份）變動 | | | 庫存股份變動 | | | | | 事件 | | | ...

板块市场回顾 上周（2026/2/21-2026/2/27）交运指数上涨 3.3%，沪深 300 指数上涨 1.1%，跑赢大盘 2.2%，排名 14/29。交运子板 块中航运板块涨幅最大(+11.9%)，机场板块跌幅最大(-1.8%)。 行业观点 快递：部分快递公司受益反内卷涨价影响。上周（2 月 16 日-2 月 22 日）邮政快递累计揽收量约 8.06 亿件，同比- 77.8%,环比-64.7%；累计投递量约 6.3 亿件，同比-83.7%,环比-81.1%。在监管底线较明确、反内卷思路延续的背景 下，行业价格大幅下探概率不高，同时考虑去年同期基数偏低，当前价格同比改善仍有望对利润端形成支撑，看好龙 头企业份额持续提升，关注中通快递，极兔海外市场保持较高成长持续看好。 物流：化工品价格看涨，看好化工物流。本周中国化工产品价格指数(CCPI)为 4041 点，同比-8.1%，环比-持平。本 周对二甲苯（PX）开工率为 93.25%，环比持平，同比+1.9pct；甲醇开工率为 87.4%，环比+0.1pct，同比+11.9pct； 乙二醇开工率为 66.2%，环比+0.9%，同比+6.3pct。原油价格上涨化 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - The military strike by the US against Iran and the closure of the Strait of Hormuz have profound impacts on the global oil transportation market, potentially leading to supply chain disruptions and increased oil transportation costs [3][15] - Tesla's Cybercab, designed for fully autonomous driving, has been launched, marking a significant step towards the original dedicated era of Robotaxi services [3][17] - A strategic partnership between Youjia Innovation, Didi, and Wall Street Technology aims to advance the large-scale deployment of driverless logistics vehicles, filling a market gap for vehicle-grade autonomous logistics [3][32] - The pre-sale ticket prices for economy class flights during the 2026 Spring Festival have shown a year-on-year increase, indicating stable industry performance as demand is released [3][34] - Uber has launched the Uber Air service supported by Joby, integrating ground and air travel booking, which validates the commercial viability of eVTOL [3][41] Industry Dynamics - The Baltic Air Freight Price Index has decreased month-on-month and year-on-year, while domestic air freight flights have seen a decline [4][44] - The shipping and port sector has experienced an increase in domestic shipping rates, while dry bulk freight rates have also risen [4][52] - The express logistics sector reported a 2.30% year-on-year increase in business volume and a 0.70% increase in revenue as of December 2025 [4] - The average number of international flights operated daily in the last week of February 2026 was 1992.86, reflecting a month-on-month increase of 3.73% and a year-on-year increase of 19.22% [4] - The number of trucks passing through national highways decreased by 40.04% from February 9 to February 15 [4] Investment Recommendations - Focus on opportunities in the shipping sector, particularly oil transportation, dry bulk, and container shipping due to geopolitical tensions, with recommendations for China Merchants Energy Shipping and COSCO Shipping [5] - Consider investments in low-altitude economy and autonomous driving sectors, recommending CITIC Offshore Helicopter and monitoring Cao Cao Mobility [5] - Explore investment opportunities in the travel sector driven by increased demand during the Spring Festival, recommending Air China, China Southern Airlines, and China Eastern Airlines [5] - Look into international market expansion opportunities in express logistics, recommending SF Express and Jitu Express [5] - Pay attention to investment opportunities in the highway sector, recommending Sichuan Chengyu Expressway and other major expressway companies [5]

考虑去年同期价格相对低基数，价格同比增幅明显有望传导至利润端，以圆通速递为例，测算价格端每增1分对应 业绩增2.6亿/年。 #重视电商快递分化信号，1-2月件量增长超预期，预计Top2件量增速领先行业5ppts左右 快递行业反内卷、电商税等因素减少轻小件在快递增量中占比，同时区域快递品牌之间价差收窄等因素推动件量 4Q25起逐渐向Top2集中，我们预计1~2月Top2件量增速领先行业5ppts左右，份额持续提升。 【中信交运】快递跟踪点评：价格短期维持韧性，重视电商快递分化信号 #料淡季价格维持韧性，价格同比增幅明显有望传导至利润端 料监管底线继续明确，26年淡季价格端调整或将不会明显超出季节性范围，重回0.1公斤段8-9毛的烈性价格战概率 较低。 反内卷思路延续背景下，我们预计淡季产粮区价格有望短期维持韧性。 考虑去年同期价格相对低基数，价格同比增幅明显有望传导至利润端，以圆通速递为例，测 【中信交运】快递跟踪点评：价格短期维持韧性，重视电商快递分化信号 #料淡季价格维持韧性，价格同比增幅明显有望传导至利润端 料监管底线继续明确，26年淡季价格端调整或将不会明显超出季节性范围，重回0.1公斤段8-9毛的烈性 ...

格隆汇2月27日丨中通快递-W(02057.HK)宣布，董事会将于2026年3月17日(星期二)(北京时间)举行董事 会会议，以(其中包括)批准(i)公司截至2025年12月31日止第四季度的未经审计财务业绩及其发布；(ii)公 司截至2025年12月31日止财政年度未经审计的全年业绩及其发布；及(iii)宣派及支付股息(如有)。 ...

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，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 董事會會議召開日期 中通快遞（開曼）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，董事會將於 2026年3月17日（星期二）（北京時間）舉行董事會會議，以（其中包括）批准(i)本公 司截至2025年12月31日止第四季度的未經審計財務業績及其發佈；(ii)本公司截 至2025年12月31日止財政年度未經審計的全年業績及其發佈；及(iii)宣派 ...

该信息由智通财经网提供 智通财经APP讯，中通快递-W(02057)发布公告，于2026年2月26日该公司斥资1480.37万美元回购61.78 万股，回购价格为每股23.66-24.18美元。 ...

中通快递-W(02057.HK)2月26日耗资1480.37万美元回购61.78万股 中通快递-W(02057.HK)2月25日耗资 1526.02万美元回购61.76万股 格隆汇2月27日丨中通快递-W(02057.HK)发布公告，2026年2月26日耗资1480.37万美元回购61.78万股， 回购价格每股23.66-24.18美元。 相关事件 ...