Core Insights - The article highlights the rapid growth and development of China's postal and express delivery industry, which has become the largest and most utilized network globally, with express delivery volume reaching 198.95 billion pieces, a year-on-year increase of 13.6%, and total revenue of 1.5 trillion yuan, up 6.5% year-on-year [1][13] Group 1: High-Quality Development - The 2026 National Postal Work Conference emphasizes "two promotions and three enhancements" as the core strategy for industry development, with a primary focus on promoting high-quality development [1][13] - High-quality development is seen as a necessary transition from scale expansion to value creation, as the industry adapts to new market conditions and consumer demands [1][14] - The domestic e-commerce market is shifting from "incremental expansion" to "deep cultivation of existing markets," necessitating a focus on quality improvement rather than just quantity growth [2][14] Group 2: New Growth Opportunities - Companies are encouraged to explore new value growth avenues by extending their services along the supply chain, moving beyond basic delivery services to areas like cold chain logistics and supply chain management [3][15] - The industry must shift from a competitive mindset of "dividing the pie" to "improving the pie together," focusing on quality, innovation, and customer experience [3][16] - Emphasis is placed on fostering new productive forces through technological innovation, integrating AI, big data, and IoT into business operations to enhance efficiency and service quality [4][16] Group 3: Efficient Governance - The article discusses the need for a governance upgrade from mere management to a multi-faceted approach involving government regulation, corporate self-discipline, and social collaboration [5][17] - Key strategies for effective governance include optimizing the business environment, innovating regulatory models, and enhancing corporate compliance [6][18] - Collaboration across the entire supply chain is essential, with a focus on shared interests and responsibilities among delivery companies, end-point networks, and franchisees [6][18] Group 4: Enhancing Rural Delivery Services - The National Postal Work Conference outlines three major tasks, including enhancing rural delivery service capabilities, which is crucial for improving network efficiency and supporting rural revitalization [20][21] - The rural delivery network consists of both public postal services and private delivery companies, emphasizing the need for a balanced approach to service provision [20][21] - New metrics for rural delivery services focus on accessibility, stability, and quality, ensuring that services effectively support agricultural and industrial product distribution [9][21] Group 5: International Delivery Service Capabilities - Improving international delivery service capabilities is critical for expanding market reach and enhancing resilience, aligning with China's status as a major global economy [10][22] - The article notes that two Chinese companies have entered the Fortune Global 500, and seven are in the China 500, indicating growing international competitiveness [10][22] - Strategies for enhancing international logistics include strengthening capabilities across the delivery process and optimizing organizational models for cross-border e-commerce [11][23] Group 6: Service Industry Capability Enhancement - Enhancing service capabilities is identified as a core driver for the transformation and value enhancement of the postal and express delivery industry [24] - The industry is urged to integrate logistics services with modern industrial systems, becoming an integral part of the supply chain rather than merely fulfilling logistics demands [24][25] - The focus on developing supply chain logistics and transitioning to comprehensive logistics providers is expected to create high-value service opportunities and support national modernization efforts [24][25]

建成村级寄递物流综合服务站的建制村比例达80%，直营制快递企业进村率超过90%，加盟制快递企业 进村率提升至1/3……1月30日，国家邮政局通报2025年邮政快递业更贴近民生实事完成情况，其中"加 强村级寄递物流综合服务站建设，持续提高农村地区投递水平"尤为引人瞩目。 "快递进村"走深走实，寄递网络直达基层，服务范围不断延伸。邮政快递行业农村寄递物流体系建设不 断取得新进展—— 据介绍，今年国家邮政局将拓展试点范围，在中西部农村地区开展快递进村邮政兜底专项试点工作；加 强农村邮件投递服务监督检查，巩固提升农村邮件投递服务水平；引导快递企业加大能力投入，鼓励发 展共同配送，通过邮快合作、快快合作、客货邮融合等方式降低运营成本。（记者韩鑫） 顺丰速运发展超25万个村镇级驿站合作点，服务乡镇覆盖率达99.75%，形成较为完备的乡村快递网 络；2020年至2025年，极兔速递累计建设乡镇网点超1500个、村级寄递服务站（含共建）4.5万个；韵 达借助发达的末端网络，强化对特色农业的服务支持，助力甘肃天水苹果、新疆阿克苏苹果等农特产品 出村进城；京东物流网络深入西藏波密县、墨脱县，从拉萨发出的网购商品基本实现"隔日达" ...

证券代码：002120 证券简称：韵达股份 公告编号：2026-003 韵达控股集团股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项， 应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文件的要求，依据公司股东会的授权， 择机办理本次公司债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 韵达控股集团股份有限公司董事会 2026年1月31日 韵达控股集团股份有限公司（以下简称"公司"）近日收到中国证券监督管理 委员会出具的《关于同意韵达控股集团股份有限公司向专业投资者公开发行公司 债券注册的批复》（证监许可〔2026〕169 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 20 亿元公司债券的注 册申请。 ...

Core Insights - The upcoming Spring Festival has led to a surge in demand for logistics services, with e-commerce platforms launching promotional events that test the capabilities of courier companies [1] - The National Postal Administration has issued a plan to ensure delivery services meet consumer needs during the holiday season, prompting courier companies to enhance their operational strategies [1] Group 1: Industry Response - Yunda Holdings has initiated its 2026 work deployment, focusing on network efficiency and service quality improvements to ensure effective delivery during the Spring Festival [2] - Shentong Express has implemented operational measures, including real-time monitoring of capacity and flexible sorting adjustments, to maintain delivery stability during peak periods [2] - SF Express has adopted customized packaging solutions to ensure the safe delivery of diverse products, including perishables and fragile items [3] Group 2: Service Optimization - Yunda has introduced a "scheduled pickup" service to enhance efficiency, ensuring timely collection and processing of packages [3] - The logistics industry is focusing on precision, differentiation, and intelligence in service offerings, catering to both general and specialized delivery needs [4] - The overall logistics capability during the Spring Festival is seen as a reflection of the resilience and competitiveness of courier companies [4]

北臧村镇总工会聚焦辖区一线职工及新就业形态劳动者群体，开展"冬送温暖"工会会员专享活动。活动 现场，工会工作人员将一份份"温暖包"送到职工手中，并与职工交流，详细询问他们工作生活状况，认 真倾听心声需求。接过"温暖包"的职工们纷纷表示，"娘家人"的关怀既实在又贴心，让寒冷的冬日多了 浓浓暖意，也更添了对新春的期待。 （来源：劳动午报） 转自：劳动午报 本报讯 （记者 孙艳） 新春佳节即将来临之际，近日，大兴区各级工会紧扣职工需求，将传统年俗与工 会服务深度融合，在全区范围内开展座谈会、慰问走访等系列暖心活动，把"娘家人"的关怀与温暖送到 新就业形态劳动者、一线职工身边，让职工在辞旧迎新的氛围中收获满满的幸福感与归属感。 兴丰街道总工会以"冬送温暖"专项行动为抓手，双线发力做好职工服务。一方面，组织召开新就业形态 劳动者座谈会，该街道工会主席与职工代表面对面交流，认真倾听职工在权益保障、服务便利等方面的 诉求与建议，现场逐一回应疑问、搭建沟通桥梁；另一方面，深入一线岗位，为百余名新就业形态劳动 者送上精心准备的"温暖包"，让关爱直达基层、落到实处。 庞各庄镇总工会通过"慰问+座谈"方式，让服务更有温度、更具精度 ...

【国联民生交运*周报260126】即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 #阿里即时零售领域长期投入的决心坚定，抖音、拼多多入局，即时零售再起势。 1）阿里：持续加码大消费和服务电商赛道，即时零售领域长期投入的决心坚定。 25H2淘宝闪购日订单峰值达1.2亿单，8月周度日均订单突破8000万单。 2025Q3，即时零售收入同比增长60%。 【国联民生交运*周报260126】即时零售再起势，重视顺丰同城布局机会；航空量价环比回升预热春运 #阿里即时零售领域长期投入的决心坚定，抖音、拼多多入局，即时零售再起势。 1）阿里：持续加码大消费和服务电商赛道，即时零售领域长期投入的决心坚定。 25H2淘宝闪购日订单峰值达1.2亿单，8月周度日均订单突破8000万单。 2025Q3，即时零售收入同比增长60%。 2）抖音&拼多多：抖音整合即时零售业务，抖音超市合并至小时达，开展"直播带货 #顺丰同城：即时零售"必争之地"趋势渐明，重视顺丰同城布局机会。 公司为独立第三方即配龙头，享即配行业规模持续快速扩张和快递业务量高增双β红利，2030年中国即时零售市场 规模有望超过2万亿元，在品牌化趋势下其竞争 ...

黑猫大数据中心联合黑猫投诉 【下载黑猫投诉客户端】平台发布《黑猫投诉2025年度物流领域投诉数 据报告》，通过投诉数据盘点2025年行业趋势、行业热点问题等，通过投诉数据变化情况回顾行业消费 趋势。 全年投诉量近22万件 2025 年黑猫投诉平台物流行业全年投诉量近 22 万件，随着行业业务规模持续扩大、电商消费带动物流 需求激增，投诉量较 2024 年同比上涨 5.52%。因年货节、618、双 11 等消费节点订单量大幅激增，导 致节点前后投诉量显著攀升；其余时间投诉量相对平稳。 物流投诉典型问题 物流投诉中的典型问题主要集中在三个方面，一是配送途中货物出现丢失、破损的情况，影响客户正常 的收货体验；二是客户明确提出送货上门的需求，物流方却未按要求履约，仅将货物放置于收货点，未 能满足客户的配送要求；三是物流配送存在延误问题，该情况在节假日期间尤为突出，给客户带来了诸 多不便。 丢件坏件投诉占比超三成 从投诉问题来看，丢件、坏件是最突出的痛点，占比约 35%；其次是邮件已到不配送、延误问题，占 比约 28%；售后服务欠缺的占比18%。此外，邮件签收问题、提供虚假信息、未履行保价承诺等问题也 较为常见。 物流 ...

央视网消息：据国家邮政局微信公众号消息，近日，国家邮政局印发《2026年春运期间寄递服务保障工 作方案》，其中明确，要保障快递员春运期间休息休假等合法权利，按时支付从业人员工资，健全快递 员诉求反映机制，切实保障快递员合法权益。邮政企业、快递企业要根据业务量变化和快递员个人意 愿，实行错峰放假和调休。不得以保证金、扣留费用、考核返还等形式强制要求快递员留岗值班或节后 返岗。对春节假期留岗加班的快递员要及时足额发放加班工资和节假日补贴，积极做好留岗过年员工餐 饮、住宿、医疗等服务保障。要及时结清快递员劳动报酬，杜绝拖欠工资、派费行为，依法保障快递员 劳动所得。 ...

Core Insights - The report emphasizes the steady growth of the postal industry, with a total delivery volume of 2,165.1 billion pieces in 2025, marking an 11.8% year-on-year increase, and express delivery volume reaching 1,989.5 billion pieces, up 13.6% year-on-year [15][14] - The social service sector has shown a 4.78% increase in the last two trading weeks, ranking 8th among 31 industries, with expectations for continued growth in consumer spending driven by various policies [8][12] - The logistics sector is experiencing structural optimization, with the national postal bureau reporting robust growth in the industry, while the airline sector sees a slight decrease in average ticket prices compared to 2019 due to timing issues [15][14] Market Performance - The Shanghai Composite Index closed at 4,132.61, down 0.09%, while the Shenzhen Component Index fell by 0.85% to 14,316.64 [1] - The social service sector outperformed the CSI 300 index by 5.97 percentage points, indicating strong relative performance [9][8] Industry Dynamics - The report highlights the successful first flight of a 500kg tilt-rotor drone, indicating advancements in the low-altitude economy and the potential for eVTOL applications [15][14] - The report notes a general decline in freight rates for major shipping routes due to geopolitical tensions affecting demand [15][14] Investment Recommendations - The report suggests focusing on companies with strong earnings growth certainty in the travel chain and related industries, such as Tongcheng Travel and Huangshan Tourism [12] - It also recommends monitoring opportunities in the express logistics sector, particularly for companies like SF Express and Jitu Express, as well as in the airline industry due to increased demand during the Spring Festival [17][12]

证券研究报告·固定收益·固收周报 固收周报 20260126 转债建议同时关注高胜率顺周期标的 2026 年 01 月 26 日 证券分析师 李勇 执业证书：S0600519040001 010-66573671 liyong@dwzq.com.cn 2026-01-26 证券分析师 陈伯铭 《二级资本债周度数据跟踪 （20260119-20260123）》 执业证书：S0600523020002 chenbm@dwzq.com.cn 2026-01-25 相关研究 《周观：新的债市震荡区间形成（2026 年第 4 期）》 [Table_Tag] [Table_Summary] ◼ 本周（0119－0123）海外方面黄金似乎正在经历一场"完美风 暴"，周涨幅达到 8.4%+，无论公共部门还是私人部门都在积极 配置黄金以应对全球新的地缘逻辑，公共部门"挤出效应"显著， 因此在央行（尤其新兴市场国家）购金潮回落趋势确认、联储货 币政策转向、财政强支出剧本（部分依赖于宽货币）逆转前，很 难给出金价迎来拐点的结论；迎来驻点的概率是否较大？我们 认为这主要取决于中期的"机会成本"，即会否出现其他资产的 风险调整后收益率 ...