06:00-07:00 核心看点： 此次业绩交流会将成为市场评估英伟达在AI浪潮中持续增长能力的重要窗口，投资者将 重点关注公司对第四季度及2027财年的业绩指引，以及对中国市场政策变化的应对策略。 嘉宾： 英伟达核心管理层 扫码预约 02 中通快递[ZTO.N]2025年第三季度业绩交流会 08:30-09:30 核心看点： 重点关注公司在行业价格竞争趋缓背景下的盈利能力修复，以及科技应用带来的成本优 化效果。 01 英伟达[NVDA.O]2026财年第三季度业绩交流会 04 瑞银展望2026：2026亚洲经济——关税、不确定性、科技周期与政策 16:00-17:00 嘉宾： 中通快递核心管理层 扫码预约 03 林园：2026年度展望【把握2026投资机会】 15:00-16:00 核心看点： 2026年将如何与政策驱动的"新质生产力"主线共振，催生新一轮机遇？ 嘉宾： 林园丨林园投资董事长 扫码预约 核心看点： 告别波折起伏的2025年，如何解读2026年亚洲经济走向？ 嘉宾： 邓维慎丨瑞银高级亚洲及中国经济学家 林克芮丨瑞银高级东南亚经济学家 徐宾丨瑞银证券中国研究部总监 扫码预约 05 网易[NTES ...

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（「中通」或「本公司」）欣然公佈其根據美國證券交易委 員會（「美國證交會」）適用規則刊發的截至2025年9月30日止第三季度的未經審計 財務業績（「2025年第三季度業績」）。 2025年第三季度業績乃根據不同於國際財務報告準則的美國公認會計準則編製。 本公告附表I為本公司於2025年11月19日（美國東岸時間）就2025年第三季度業績 刊發的新聞稿全文，其中部分內容可能構成本公司的重大內幕消息。 （股份代號：2057） 本公 ...

Core Viewpoint - ZTO Express (02057.HK) announced a share buyback plan, indicating confidence in its stock value and future performance [1] Summary by Categories Company Actions - ZTO Express plans to repurchase 162,700 shares at a total cost of $3.0806 million, with individual share prices ranging from $18.73 to $18.99 [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11月19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 ...

Core Insights - The article discusses the rapid development and application of low-altitude logistics, particularly through the use of drones, which are becoming a new logistics transport medium in various regions of China [1][3]. Application Acceleration - Over 140 new low-altitude logistics routes were opened last year, with a significant focus on urban areas, accounting for 90% of new routes [3]. - In Shanghai, a partnership with Meituan has established a low-altitude logistics model that enables delivery within 15 minutes [2]. - Drones have significantly reduced delivery times for agricultural products, such as transporting 2000 pounds of oranges in 10 minutes instead of 3 hours [2][3]. Market Growth - The low-altitude logistics market is projected to reach between 1200 billion to 1500 billion yuan this year, with expectations to grow to 4500 billion to 6050 billion yuan by 2035 [3]. - The industry is primarily concentrated in economically developed regions like the Guangdong-Hong Kong-Macau Greater Bay Area, Yangtze River Delta, Beijing-Tianjin-Hebei, and Sichuan-Chongqing [3]. Advantages - Drones meet the demand for high-efficiency, small-batch, and high-value goods transportation, with significant improvements in delivery speed and cost [4][5]. - For instance, a drone can transport packages at a cost of 1.14 yuan per item, which is about 40% lower than traditional logistics costs [5]. Challenges - The low-altitude logistics sector is still in its early stages, facing challenges such as infrastructure development and safety governance [6][7]. - Efficient operation requires coordination across multiple aspects, including order scheduling, cargo handling, and route planning [6]. Safety and Governance - Safety is critical for the development of low-altitude logistics, necessitating a robust safety governance framework [7]. - Companies are innovating in product design and operational protocols to enhance safety, such as incorporating automatic parachute systems for drones [7].

Core Insights - The article discusses the rapid development and application of low-altitude logistics, highlighting its integration into various sectors such as express delivery, agricultural product transportation, and medical supplies [1][3][4]. Application Acceleration - Over 140 new low-altitude logistics routes were opened last year, with urban routes accounting for 90% of the total [3]. - In Shanghai, a collaboration with Meituan has established a low-altitude logistics model that enables delivery within 15 minutes [2]. - In Suzhou, a drone delivery service for semiconductor samples has significantly reduced delivery time to under one hour [2]. - In Hubei, drone logistics has cut the time to transport 2000 pounds of oranges from 3 hours to 10 minutes [2]. - In the Guangdong region, a network of cross-city routes has been established, with daily flights exceeding a thousand and over 20,000 packages delivered [2]. Market Growth - The low-altitude logistics market is projected to reach between 1200 billion to 1500 billion yuan this year, with expectations to grow to 4500 billion to 6050 billion yuan by 2035 [3]. Advantages - Low-altitude logistics meets the demand for high-efficiency, small-batch, and high-value goods transportation, with significant improvements in delivery times [4]. - Drone delivery can enhance efficiency by over 100% for time-sensitive products compared to traditional methods [5]. - The lifecycle cost of a drone is significantly lower than traditional logistics, with a cost reduction of approximately 40% per package [5]. Challenges - The industry is still in its early stages, facing challenges in infrastructure development and safety governance [6][7]. - Efficient operation of drone logistics requires coordination across multiple aspects, including order scheduling and weather monitoring [6]. - Companies are calling for more open airspace resources to facilitate growth and operational efficiency [6]. Safety and Governance - Safety is critical for the development of low-altitude logistics, necessitating a robust governance framework [7]. - Companies are innovating in product design to enhance safety, including features like automatic parachute deployment and emergency landing protocols [7].

Core Viewpoint - Shentong Express has signed a new stock option extension agreement with Alibaba, extending the exercise period to December 27, 2028, which raises uncertainties regarding future control and ownership dynamics [1][3][9] Company Summary - On November 17, Shentong Express announced the signing of the "Stock Option Extension Agreement II" with Alibaba, extending the stock option exercise period to December 27, 2028 [1][3] - The stock option price has been adjusted from RMB 16.50 per share to RMB 16.413 per share [3] - Shentong Express's stock fell by 5.87% to RMB 14.28 per share following the announcement [1] - The company reported a revenue of RMB 385.70 billion for the first three quarters of the year, a year-on-year increase of 15.17%, and a net profit of RMB 7.56 billion, up 15.81% [6] - However, the net cash flow from operating activities decreased by 28.55% to RMB 19.28 billion, attributed to increased revenue from monthly settlement customers and reduced prepayments from franchisees [6] Industry Summary - The express delivery industry is experiencing a trend of rational competition, with the State Post Bureau opposing "involution" competition [6] - In the third quarter, Shentong Express's average monthly unit price increased from RMB 1.97 to RMB 2.12, while its business volume growth slowed, with September's growth at 9.46%, trailing behind industry averages [6] - The market share of Shentong Express has remained stable at around 13%, lagging behind competitors such as Zhongtong and Yuantong [6] - The industry is expected to see a further concentration of resources and core business towards leading companies, as weaker firms face increasing pressure [7] - Shentong Express has acquired 100% of Daniao Logistics, aiming to enhance its position in the high-end market and improve logistics services [7]

Core Insights - The launch of Tongda Future City marks a significant milestone for the express logistics industry in Tonglu, with the return of major companies from the "Three Express" group (Shentong, Yunda, Zhongtong, and Yunda) to their hometown [1][2] - The integration of technology and express logistics is emphasized, with AI applications enhancing delivery efficiency and the establishment of a comprehensive logistics ecosystem [2][3] - Tonglu aims to create a trillion-level express logistics industry cluster while fostering the development of related sectors such as visual intelligence, new energy, new materials, and life health [3] Group 1 - The return of the "Three Express" companies to Tonglu is driven by nostalgia and the need to leverage local advantages for the development of smart logistics [1] - Tongda Future City features headquarters for major express companies and aims for over 60% occupancy by the end of the year [1][2] - The city is focusing on building a full industry chain ecosystem, with 51 enterprises already established in the logistics sector [2] Group 2 - The introduction of advanced technologies, such as AI for smart path planning and automated sorting systems, is a key focus for enhancing operational efficiency [2] - Tonglu has attracted 183 express logistics projects and aims to integrate education and industry through initiatives like the establishment of Tongda Academy [3] - The goal is to elevate the city's economic capabilities and create a robust ecosystem for the logistics industry [2][3]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Repurchase Details - The company plans to repurchase 316,000 shares at a total cost of $5.8769 million [1] - The repurchase price is set between $18.73 and $18.99 per share [1]

Core Viewpoint - ZTO Express (02057) announced a share repurchase plan, indicating confidence in its stock value and future prospects [1] Group 1: Share Repurchase Details - The company plans to repurchase 316,000 shares at a total cost of $5.8769 million [1] - The repurchase price is set between $18.73 and $18.99 per share [1]