Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [7] Core Insights - The passenger transport volume is recovering, with domestic passenger volume increasing by 3% year-on-year and international passenger volume rising by 17% [5][13] - Shipping rates for container shipping are showing strong support, while oil and bulk shipping rates have slightly adjusted downwards [6][39] - Logistics technology financing is accelerating, with express delivery volume increasing by 7.8% year-on-year [5][50] Summary by Sections Passenger Transport - Domestic passenger volume has shown a 3% year-on-year increase as of October 24, with international passenger volume up by 17% [5][13] - The average domestic seat occupancy rate has improved by 1.0 percentage points year-on-year, while international occupancy has increased by 5.1 percentage points [22] - Oil prices have decreased by 0.7% year-on-year, putting slight pressure on industry revenue [22] Shipping - The average VLCC-TCE rate has decreased by 8.4% to $79,000 per day [39] - The SCFI index for foreign trade container shipping has increased by 7.1% to 1,403 points, indicating strong pricing support from shipping companies [6][39] - The BDI index has decreased by 3.8% to 1,991 points, reflecting a softening demand for large vessel rentals [39] Logistics - The express delivery volume from October 13 to October 19 reached 3.944 billion pieces, a year-on-year increase of 7.8% [50] - The average price for bulk commodity road transport has increased by 4.8% year-on-year, reaching 0.33 yuan per ton [50] - The average daily transport volume at Ganqimaodu was 900 vehicles, with a short-distance average price of 90 yuan per ton, reflecting a 13 yuan increase [50]

Core Insights - The logistics industry is witnessing a significant shift towards the adoption of unmanned delivery vehicles, with major companies making large-scale purchases to enhance efficiency and reduce costs [1][4][5]. Group 1: Unmanned Vehicle Procurement - China Post has initiated a procurement project for 7,000 unmanned vehicles, including various sizes and services, with a framework agreement lasting four years [1][2]. - JD Logistics plans to purchase 3 million robots, 1 million unmanned vehicles, and 100,000 drones over the next five years to strengthen its position in smart logistics [1][4]. - Companies like Cainiao and Shentong Express are also investing in unmanned vehicles, with Shentong aiming to deploy 2,000 unmanned vehicles by the end of the year [1][5]. Group 2: Market Trends and Growth - The unmanned delivery vehicle market is expected to experience explosive growth by 2025, driven by technological advancements, cost reductions, and increased demand in the instant retail market [4][6]. - As of mid-2025, over 100 cities in China have opened road rights for unmanned delivery vehicles, with the total number of such vehicles exceeding 6,000, marking a 50% increase from 2024 [6][8]. Group 3: Cost Efficiency and Operational Benefits - Unmanned vehicles can significantly reduce delivery costs, with reports indicating a decrease of 30%-50% in last-mile delivery expenses [8][10]. - Companies like Zhongtong Express have noted that using unmanned vehicles can lower costs by 6-7 cents per package, enhancing operational efficiency [5][10]. Group 4: Expansion Beyond Traditional Delivery - The application of unmanned vehicles is expanding beyond the express delivery sector into urban logistics and instant delivery markets, indicating a potential for exponential growth [10][12]. - White Rhino is diversifying its operations to include campus delivery networks and retail replenishment, showcasing the versatility of unmanned vehicles in various logistics scenarios [12].

格隆汇10月24日丨中通快递-W(02057.HK)宣布，董事会将于2025年11月19日（星期三）（北京时间） 举行董事会会议，以（其中包括）批准本公司截至2025年9月30日止第三季度的未经审计财务业绩及其 发布。本公司将于2025年11月20日（星期四）（北京时间）于联交所开市前发布本公司截至2025年9月 30日止第三季度的未经审计财务业绩。 ...

Core Viewpoint - The report from JPMorgan highlights the transformation in China's express logistics industry as a model of the country's anti-involution policy, with significant changes in pricing rules, package volume growth, and competitive landscape observed in recent months [1] Industry Summary - The average price and package volume trends in September reflect the impact of regulatory intervention [1] - Preliminary data for "Double 11" indicates stable consumer participation, but extended promotional periods and changing subsidy strategies create new uncertainties [1] - Market reactions show a resurgence of investor interest in the industry, with a shift in preference order [1] Company Summary - For Q3, JPMorgan expects SF Express's profit to increase by 3% year-on-year to 2.9 billion RMB, indicating robust package volume and strict cost management despite a high base [1] - ZTO Express is shifting the industry competition focus from "volume-driven" to "profit-oriented" under the anti-involution policy [1] - JPMorgan's top picks are ZTO Express and SF Express, with ZTO rated "Overweight" and a target price of 187 HKD for Hong Kong stocks and 24 USD for US stocks; SF Express has target prices of 48 HKD for H-shares and 51 RMB for A-shares, both rated "Overweight" [1] - JD Logistics has a target price of 15 HKD and is also rated "Overweight" [1]

Group 1: Logistics - The logistics industry is expected to undergo a paradigm shift towards high-quality development, driven by policy changes and the "anti-involution" movement, which aims to ensure the rights of delivery personnel and improve profitability [4][24][30] - The logistics sector is entering a new phase of overseas expansion, with companies like Jitu Express and Jiayou International transitioning from initial stages to more advanced operations, focusing on management and capacity exports [4][8][35] Group 2: Aviation - The aviation industry is poised for recovery, benefiting from a resurgence in business travel demand since September, leading to improved revenue and cost dynamics [9][51] - The supply side is tightening, with low aircraft deliveries expected in 2025 and high capacity utilization rates, indicating a potential for revenue and cost resonance in the industry [9][51] Group 3: Shipping - The shipping sector is influenced by both seasonal and non-seasonal factors, with a focus on oil transportation due to OPEC+ production adjustments and the expected positive impact of new projects in the dry bulk segment [10][20] - The container shipping market is facing tariff disruptions, but demand is anticipated to rise due to proposed measures from the 301 investigation, which may boost feeder vessel demand [10][20] Group 4: Highways - Highway companies are regaining attractiveness in terms of valuation and dividend yield, with a focus on low valuation and high dividend characteristics [11][20] - The widening gap between highway company dividend yields and ten-year government bond yields suggests a return to a high cost-performance ratio for these assets [11][20]

Core Insights - A new logistics company, Foshan Jiwan Logistics Co., Ltd., has been established with a registered capital of 500 million yuan [1] - The company is co-owned by ZTO Express Co., Ltd. and Shanghai Zhongyutong Logistics Co., Ltd. [1] Company Overview - The legal representative of the new logistics company is Zhang Chun [1] - The business scope includes domestic freight transportation agency, supply chain management services, loading and unloading, property management, and enterprise management [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, indicating confidence in its stock value and commitment to returning capital to shareholders [1] Group 1: Share Repurchase Details - The company will spend $7.3281 million to repurchase 386,600 shares [1] - The repurchase price per share is set between $18.84 and $18.99 [1]

Group 1 - The company, ZTO Express (02057), announced a share repurchase plan, committing to buy back 386,600 shares at a total cost of $7.3281 million [1] - The repurchase price per share is set between $18.84 and $18.99 [1]

Core Viewpoint - ZTO Express (02057.HK) announced a share buyback on October 22, 2025, spending $7.3281 million to repurchase 386,600 shares at a price range of $18.84 to $18.99 per share [1] Group 1 - The total amount spent on the share buyback was $7.3281 million [1] - The number of shares repurchased was 386,600 [1] - The price range for the repurchased shares was between $18.84 and $18.99 per share [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10月23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 ...