国海证券此前指出，中通快递规模效应和单票盈利性大幅领先，随着产品及业务结构持续优化，全链路 降本项目持续推进，单票盈利能力有望继续与同行拉开差距。短期期待量利再平衡策略带来利润和增长 修复，长期看好电商快递龙头管理优秀强者恒强，维持"买入"评级。 消息面上，招商证券表示，受反内卷政策催化，行业利好事件、积极信号不断释放，推动估值大幅修 复：5月初义乌快递低价率先实现小幅修复；7月国家邮政局多次召开"反内卷"相关会议；华南地区已于 8月初启动涨价、8月底义乌启动涨价，从8月主要电商快递公司月度数据表现上看，已经初步验证了价 格的环比修复；9月以来，全国华中、华北多个区域价格环比修复，随着双十一临近、快递行业步入旺 季，建议持续关注旺季价格表现和数据验证情况。 中通快递-W(02057)涨超4% ，截至发稿，涨4.13%，报151.4港元，成交额4.21亿港元。 ...

Core Viewpoint - ZTO Express (02057) has seen a significant stock price increase of over 4%, currently trading at 151.4 HKD, with a transaction volume of 421 million HKD, driven by favorable industry developments and policy changes [1] Industry Summary - The "anti-involution" policy has catalyzed positive signals in the express delivery industry, leading to a substantial valuation recovery [1] - In early May, Yiwu's express delivery prices began to show slight recovery, followed by multiple meetings held by the State Post Bureau regarding "anti-involution" in July [1] - Price increases were initiated in early August in South China and in Yiwu by the end of August, with preliminary data indicating a month-on-month price recovery among major e-commerce express companies [1] - Since September, several regions in Central and Northern China have also experienced month-on-month price recovery, suggesting a positive trend as the peak season approaches with Double Eleven [1] Company Summary - Guohai Securities highlighted ZTO Express's significant scale effect and superior single-ticket profitability, which is expected to widen the gap with competitors as product and business structures continue to optimize [1] - The ongoing cost reduction projects across the entire supply chain are anticipated to enhance single-ticket profitability further [1] - In the short term, a strategy focused on balancing volume and price is expected to restore profits and growth, while the long-term outlook remains positive for leading e-commerce express companies due to their strong management capabilities [1]

Core Points - ZTO Express (02057) announced a share repurchase plan, committing to buy back 283,400 shares for a total expenditure of $5.3687 million [1] Group 1 - The company plans to execute the buyback on October 8, 2025 [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, committing to buy back 283,400 shares for a total expenditure of $5.3687 million on October 8, 2025 [1] Group 1 - The company plans to repurchase shares as part of its capital management strategy [1] - The total amount allocated for the share buyback is approximately $5.37 million [1] - The number of shares to be repurchased is 283,400 [1]

格隆汇10月9日丨中通快递-W(02057.HK)发布公告，2025年10月8日耗资536.87万美元回购28.34万股， 每股回购价18.78-18.99美元。 ...

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： 2025年10月9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 | | ...

中通快递-W(02057)发布公告，于2025年10月7日，该公司斥资359.54万美元回购18.94万股。 ...

第 1 頁 共 11 頁 v 1.1.1 | 3. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | 其他類別 (請註明) | 於香港聯交所上市 (註1) | 否 | | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 未指定 | | | 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） | 2. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | B | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | B類普通股 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,000,000,000 | USD | | 0.0001 | USD | | 100,000 | | 增加 / 減少 (-) | | | | | ...

智通财经APP讯，中通快递-W(02057)发布公告，于2025年10月7日，该公司斥资359.54万美元回购18.94 万股。 ...

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） FF305 呈交日期： 2025年10月8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 ...