Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - Crude oil freight rates are fluctuating at high levels while container shipping rates on long-distance routes are declining [3][14] - The first hybrid tilt-rotor unmanned aerial vehicle (eVTOL) model has been accepted for certification by the Southwest Regional Administration of Civil Aviation of China, and a collaboration between Saudi Arabia and Ehang is planned to launch autonomous aerial vehicles and air taxi services [3][16] - China's first national standard for logistics enterprise digitization has been officially released, and the "Parallel Port" logistics model has achieved a cargo throughput of over 760,000 tons in its first year of operation [3][24] Summary by Sections 1. Industry Hot Events - Crude oil freight rates are experiencing high volatility, with the China Import Crude Oil Composite Index (CTFI) reported at 1908.03 points, down 3.4% from September 18 [3][14] - Container shipping rates are declining, with the Shanghai port export rate to Europe at $971/TEU, down 7.7%, and to the US West and East coasts at $1460/FEU and $2385/FEU, down 10.8% and 6.7% respectively [3][15] - The DF600 unmanned aerial vehicle has received certification acceptance, marking a significant step in the eVTOL sector [3][16] - The "Parallel Port" logistics model has successfully handled 760,000 tons of cargo, significantly improving logistics efficiency [3][25] 2. Industry High-Frequency Data Tracking - Air cargo prices remain stable, with the Shanghai outbound air freight price index at 4516.00 points, down 6.6% year-on-year [4][26] - Domestic freight volumes for August 2025 increased by 12.29% year-on-year, with total express delivery volume reaching 16.15 billion pieces [4][50] - The shipping market shows a mixed trend, with the Baltic Dry Index (BDI) at 2259 points, up 2.54% week-on-week [4][44] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized, China Merchants Energy Shipping, and Huamao Logistics [5] - Attention to the transportation demand increase driven by hydropower station construction in the Yarlung Tsangpo River downstream area, recommending Sichuan Chengyu, Chongqing Port, and Fulimin Transportation [5] - Opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Investment opportunities in the highway and railway sectors, recommending Gansu Guangdong Expressway, Beijing-Shanghai High-Speed Railway, and others [5] - The cruise and water ferry sector is highlighted, recommending Bohai Ferry and Straits Shares [5] - E-commerce and express delivery investment opportunities are recommended, including SF Express, Jitu Express, and Yunda Shares [5] - Opportunities in the aviation sector, recommending China National Aviation, Southern Airlines, Spring Airlines, and others [5]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry is experiencing resilient demand, with a shift towards "quality over quantity" leading to price increases, which will enhance corporate profitability. Companies like SF Express and JD Logistics are expected to benefit from cyclical recovery and cost reduction [4][13] - The shipping sector is anticipated to benefit from the OPEC+ production cycle and the Federal Reserve's interest rate cuts, with a notable improvement in the oil transportation market expected in Q4 2025 [13] - The aviation industry is projected to see long-term demand growth due to macroeconomic recovery, with short-term ticket booking data indicating a rebound [13] Summary by Sections Express Delivery - The express delivery sector is witnessing a significant price increase, with over 90% of regions in China experiencing price hikes, which is expected to improve profitability for companies [4] - Key companies to watch include YTO Express, Shentong Express, Zhongtong Express, and SF Express, all of which are positioned to benefit from the industry's positive trends [13] Shipping and Shipbuilding - The shipping sector is expected to see a cyclical recovery, particularly in oil transportation due to OPEC+ production increases and geopolitical uncertainties enhancing VLCC rate elasticity [13] - The shipbuilding market is in a green transition phase, with new orders expected to improve as market conditions stabilize [13] Aviation - The aviation sector is experiencing low supply growth with increasing demand, leading to a favorable long-term outlook. Companies like China Southern Airlines and Air China are highlighted for their potential [13][14] Logistics and Ports - The logistics sector is seeing a positive trend with companies like Shenzhen International and Debon Logistics expected to benefit from improved competition and operational efficiencies [13] - Port operations are stable, with a focus on cash flow and growth potential in hub ports like China Merchants Port and Qingdao Port [13]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, committing to spend $7.688 million to buy back 394,500 shares by September 26, 2025 [1] Group 1 - The company plans to repurchase shares at a total cost of $7.688 million [1] - The number of shares to be repurchased is 394,500 [1] - The repurchase is scheduled to be completed by September 26, 2025 [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, committing to spend $7.688 million to buy back 394,500 shares by September 26, 2025 [1] Company Summary - ZTO Express plans to repurchase a total of 394,500 shares [1] - The total expenditure for the share buyback is set at $7.688 million [1]

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9月29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 ...

Summary of ZTO Express Conference Call Company Overview - **Company**: ZTO Express - **Industry**: Transportation & Infrastructure - **Market**: Asia Pacific, primarily Mainland China Key Points and Arguments Market Dynamics and Volume Growth - ZTO's volume is expected to grow by approximately 10% year-over-year (YoY) in 3Q25, while industry volume growth is projected to slow from 17% in 2Q25 to 13% YoY in 3Q25 due to soft consumption and competition from instant shopping [2][4] - The anti-involution initiatives are impacting the market, leading to decreased low-value parcels and limiting upside for ZTO's market share gains in 3Q25 [2][5] Earnings Outlook - Adjusted net profit (NP) growth for 3Q25 is likely to remain negative at -8% YoY, an improvement from previous expectations of a drop greater than 15% YoY [3][4] - Unit operating profit is expected to improve by Rmb0.03 quarter-over-quarter (QoQ) to Rmb0.28 in 3Q25, influenced by various factors including anti-involution initiatives and market pricing [3][4] - There is mild potential for earnings growth to turn positive in 4Q25, with EPS forecasts for 2025-2027 raised by 9.1%, 5.8%, and 5.7% respectively [4][14] Price Target and Valuation - The price target remains unchanged at US$23.80, implying a 15x 2025 estimated price-to-earnings (P/E) ratio, which is below the domestic peer average of 20x [4][15] - The stock is currently trading at 12x 2025 estimated P/E, with a forward free cash flow (FCF) yield of 6-7%, which is attractive compared to the peer average of 1% [6][28] Competitive Landscape - More provinces are announcing price hikes amid anti-involution, but the competition outlook for 2026 remains uncertain [5][28] - ZTO aims to prioritize market share gains in the long run, despite potential disruptions from anti-involution initiatives [5][28] Financial Metrics - Current market capitalization is Rmb109,666 million, with a share price of US$19.24 as of September 25, 2025 [8] - The company has a projected non-GAAP net profit of Rmb9.3 billion for 2025, exceeding consensus estimates of Rmb8.9 billion [13][42] Risks and Considerations - Risks include potential pricing competition resuming after peak season, which could lead to near-term earnings cuts and market share gains for ZTO [5][43] - The company faces challenges from intensified industry competition and potential market consolidation stagnation [43] Additional Important Information - ZTO's strategic initiatives include cash dividends with a 40% payout and share repurchases to enhance shareholder returns [28] - The company is focused on maintaining its market leadership position and improving unit profitability despite the competitive pressures [6][23]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, intending to buy back 395,700 shares at a total cost of $7.5997 million, with a per-share price range of $18.86 to $19.33 [1] Group 1 - The company plans to execute the share buyback on September 25, 2025 [1] - The total expenditure for the buyback is approximately $7.6 million [1] - The number of shares to be repurchased is 395,700 [1]

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) FF305 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9月26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 | | | ...

Core Insights - The rise of live-streaming sales and cold chain logistics has made hairy crabs a seasonal delicacy available nationwide, with significant competition among logistics companies to capture this high-value market [1][3] - The logistics of hairy crab delivery require high efficiency and service standards, with companies like Zhongtong, JD Logistics, and SF Express enhancing their capabilities to meet consumer demand [1][3] Group 1: Logistics Developments - Zhongtong has set up multiple collection points and mobile cold chain vehicles in key production areas, ensuring temperature control from catch to sorting [1] - Zhongtong has introduced new air routes and an intelligent cold chain system, achieving "next-day delivery" in 200 cities nationwide, with same-day delivery in major cities of Jiangsu, Zhejiang, and Shanghai [3] - JD Logistics has invested in autonomous vehicles, drones, and AI technologies to improve delivery experiences, increasing collection points by over 100% and extending collection cut-off times [3] - SF Express has launched a dedicated intelligent express transfer center for hairy crabs, linking over 100 front-end collection points for all-weather delivery assurance [3] Group 2: Market Trends - The peak harvesting season for hairy crabs in Jiangsu began on September 22, with major production areas like Suqian and Yangcheng Lake starting their catch shortly after [3] - The quality and yield of Jiangsu hairy crabs have improved this year, with data showing 7,970 existing companies related to hairy crabs in China, predominantly established 5-10 years ago [4] - Suzhou accounts for over 50% of the total number of companies related to hairy crabs, with a significant portion of these companies having registered capital of less than 1 million yuan [4] - In 2024, 489 new companies related to hairy crabs have been registered, with 289 registered so far this year [4]

Group 1 - The company ZTO Express (02057) announced a share repurchase plan, intending to buy back 395,700 shares at a total cost of $7.5154 million [1] - The repurchase price per share is set between $18.76 and $19.29 [1]