收入总额的估计增长主要受包裹量由2024年的340.1亿件增加至2025年的385.2亿件(同比增长13.3%)所带 动。 智通财经APP讯，中通快递-W(02057)发布公告，本公司估计：2025年，其收入总额介于人民币485亿元 至人民币500亿元，较2024年的人民币442.807亿元增长约9.5%至12.9%;及2025年，其毛利介于人民币 121.5亿元至人民币125.5亿元，较2024年的人民币137.17亿元减少约8.5%至11.4%。 ...

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」）今日宣佈，擬根據1933年美國證 券法（經修訂）（「證券法」）S規例，在美國境外進行的離岸交易中向屬「合資格機 構買家」（定義見1933年美國證券法第144A條）的非美國人士發售（「票據發售事 項」）本金額合共15億美元的2031年到期的可換股優先票據（「票據」），視乎市況及 其他因素而定。 本公司計劃將票據發售事項所得款項淨額（扣除聯席賬簿管理人佣金及估計發售 費用後）用於以下用途：(i)用於再融資， ...

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 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 內幕消息 2025年全年若干初步估計財務業績 本公告乃由中通快遞（開曼）有限公司（「本公司」）根據《香港聯合交易所有限公司 證券上市規則》（「上市規則」）第13.09(2)(a)條及第13.10B條以及《證券及期貨條 例》（第571章）第XIVA部刊發。 本公司謹此向本公司股東及潛在投資者提供2025年全年的若干初步估計財務業 績。根據目前所得資料 ...

Group 1: Domestic News - The 2026 Central Document was released, focusing on agricultural modernization and rural revitalization, emphasizing the need for reforms in rural collective property rights and controlling new village-level debts [2] - The document encourages the use of special bonds and long-term treasury bonds to support major projects in agriculture and rural areas, enhancing the effectiveness of financial support for agriculture [2] Group 2: Monetary Policy - The central bank announced an increase in the amount of 3-month reverse repos, conducting an operation of 800 billion yuan, resulting in a net injection of 100 billion yuan after accounting for maturing repos [3] - The central bank's Shanghai headquarters is actively promoting financial reforms in the free trade zone, aiming to enhance cross-border financial services and the convenience of cross-border RMB business [3] Group 3: International News - The U.S. House of Representatives approved a funding bill to end a partial government shutdown, with a vote of 217 to 214, sending the bill to the President for signature [4] - Despite the approval, a funding shortfall risk remains, particularly for the Department of Homeland Security, which has funding only until February 13 [4] Group 4: Commodity Market - International crude oil prices rose, with WTI crude up 1.72% to $63.21 per barrel and Brent crude up 1.56% to $67.33 per barrel [5] - Gold futures increased by 6.94% to $4975.30 per ounce, while natural gas prices rose by 3.49% to $3.377 per million British thermal units [5] Group 5: Bond Market Dynamics - The bond market showed mixed performance, with short-term bonds weaker and medium to long-term bonds slightly stronger; the yield on the 10-year government bond fell by 0.40 basis points to 1.8110% [9] - The central bank conducted a 7-day reverse repo operation with a total of 1055 billion yuan at a rate of 1.40%, resulting in a net withdrawal of 2965 billion yuan due to maturing repos [6][7] Group 6: Credit Bonds - No credit bonds showed price deviations exceeding 10% on February 3, indicating stable trading conditions in the secondary market [11] - Companies like Zhongjun Group and Yida China are facing financial difficulties, with Zhongjun unable to repay a bond and Yida receiving a lawsuit for debt recovery [11][12] Group 7: Convertible Bonds - The convertible bond market saw a collective rebound, with major indices rising between 2.51% and 2.79%, and trading volume increasing significantly [13] - Notable individual bonds like Baichuan Convertible Bond surged over 17%, while some bonds experienced declines, such as Huazheng Convertible Bond, which fell over 4% [14] Group 8: Overseas Bond Market - U.S. Treasury yields showed mixed movements, with the 10-year yield down 1 basis point to 4.28%, while the 2-year yield remained unchanged at 3.57% [16] - European government bond yields generally increased, with Germany's 10-year yield rising by 2 basis points to 2.89% [18]

鲁斯嘉 长江证券交运分析师: 尊敬的各位投资者，大家晚上好，我是长江交运韩云超团队的卢思佳。今天晚上给大家来 汇报一下我们近期发布的中通快递深度报告。中道豫州稳潮头，通达全网筑壁垒。那么在 25 年快递行业经历了反内卷之后，我们觉得电商的生态其实发生了非常大的转变。那么无 论是电商税的这个全面的合规征收，还是快递行业的这种反内卷，那么都让快递的这个格 局产生了非常深远的这种影响。那么展望未来，我们觉得快递行业将重新进入到一个份额 加速向头部集中的这么一个状态。 那么对于快递行业目前的龙头老大中通来讲，过去的股价一直处在被低估的状态。那么我 们觉得随着份额重新向头部集中，中通将迎来一个份额、利润以及估值三个维度的这种三 基，那么在这个时间点上，给大家做一下重大的这个推荐。那么这篇报告主要分成三个部 分。第一个是对中通过去的发展历史，做一个简单的回顾，去看一下中通在过去究竟凭借 什么从行业当中最年轻的一家公司，一跃成为行业的领头羊。第二个，是在过去两年，24 年以及 25 年的一季度，那么中通为什么份额出现了阶段性的回落？ 以及第三块，那么随着外部竞争环境的变化，中通的龙头优势将重新再次回归。那么首先 第一个，我 ...

据了解，依托朝阳区"3+N"工会组织服务体系，46家基层工会每周在职工密集区域常态化"摆摊设点"宣 传入会、提供服务，打通街乡工会、社区（村）和商务楼宇联合工会、企业工会三级资源，实现横向覆 盖。与此同时，在美团、饿了么、货拉拉、中通四家头部平台建会的基础上发挥企业示范引领作用，通 过平台宣传动员未入会新就业形态劳动者按点位信息就近参与职工沟通会，与地方工会建立数据共享机 制，逐步施行"入职即入会"，实现纵向覆盖。 针对平台企业职工工作分散、流动性强的特点，朝阳区总工会创新实施跨区域联动，协调有办公点的街 乡工会同步开展平台企业专属职工沟通会，开辟网上入会、指尖入会渠道，联合平台企业工会提前在系 统内部推送预热。2025年一次性推动美团旗下4家关联公司建立工会组织。 转自：劳动午报 本报讯 （记者 刘欣欣） 近年来，朝阳区总工会聚焦平台企业职工入会难题，以市级职工沟通会为契机 整合企业资源与工会服务，以"共建、共享、共赢"为理念积极探索工作新模式，吸引新就业形态劳动者 广泛入会，实现企业发展与职工成长的双向赋能。 （来源：劳动午报） 2025年，朝阳区各级工会组织累计召开企业沟通会3695场，职工沟通会235 ...

Report Summary 1. Investment Rating No investment rating for the industry is provided in the report. 2. Core Viewpoint On February 2, the capital market remained balanced and stable, the bond market oscillated weakly, the main indexes of the convertible bond market declined collectively, most convertible bond issues fell, the yields of US Treasury bonds across all tenors generally rose, and the yields of 10-year government bonds in major European economies generally rose [1][2]. 3. Summary by Section 3.1 Bond Market News - **Domestic News**: Premier Li Qiang emphasized promoting development, improving people's livelihoods, and enhancing the development potential in Shandong; the central government approved the "Modern Capital Metropolitan Area Spatial Collaborative Planning (2023 - 2035)", which is significant for Beijing - Tianjin - Hebei coordinated development; the "2026 'Happy Shopping Spring Festival'" event will be launched to boost consumption; the Ministry of Finance and the State Taxation Administration issued relevant tax management measures [4][5][8]. - **International News**: The US January ISM manufacturing PMI far exceeded expectations; the US and India reached a trade agreement to lower tariffs; international crude oil and natural gas prices declined [9][10][11]. 3.2 Capital Market - **Open - market Operations**: On February 2, the central bank conducted 750 billion yuan of 7 - day reverse repurchase operations with a rate of 1.40%. With 1505 billion yuan of reverse repurchases maturing, there was a net withdrawal of 755 billion yuan [13]. - **Funding Rates**: The capital market remained balanced and stable. DR001 rose 3.65bp to 1.364%, and DR007 fell 10.2bp to 1.491%. Other funding rates also showed changes [14]. 3.3 Bond Market Dynamics - **Interest - rate Bonds**: In the morning, the bond market was bullish due to the disappointing January PMI data, but then oscillated weakly. The yields of some bonds changed, such as the 10 - year Treasury bond active issue 250016's yield rising 0.50bp to 1.8150%. The bond bidding situation showed different issuance scales, yields, and multiples [15][16]. - **Credit Bonds**: Three industrial bonds had a trading price deviation of over 10%. There were also various credit - related events such as debt and guarantee overdue, investment negotiations, bond suspension and resumption, and rating adjustments [17][19]. - **Convertible Bonds**: The A - share market declined, and the convertible bond market followed suit. The main convertible bond indexes fell, and most individual convertible bonds declined. The trading volume of the convertible bond market shrank, and some bonds had significant price changes. Yifeng Convertible Bond may trigger the condition for downward adjustment of the conversion price [19][20][22]. - **Overseas Bond Markets** - **US Bond Market**: Yields of US Treasury bonds across all tenors generally rose, and the yield spreads of some maturities narrowed. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate declined [23][24][26]. - **European Bond Market**: Except for the 10 - year UK government bond yield, which declined 2bp, the 10 - year government bond yields of other major European economies generally rose [27]. - **Chinese - funded US - dollar Bonds**: The daily price changes of Chinese - funded US - dollar bonds showed significant differences among different issuers, with some rising and some falling [29].

Group 1: Express Delivery Industry - The express delivery business volume in China is expected to grow by 13.7% year-on-year by 2025, with some companies benefiting from price increases amid reduced competition [1] - During the week of January 5-11, the total collection volume of postal express reached approximately 4.107 billion pieces, a week-on-week increase of 7.1% and a year-on-year increase of 4.1% [1] - The total delivery volume for the same week was about 4.16 billion pieces, with a week-on-week increase of 6.0% and a year-on-year increase of 9.0% [1] - By 2025, the express delivery revenue is projected to reach 1.5 trillion yuan, with a year-on-year growth of 6.5% [1] - The report recommends investing in SF Holding due to valuation, operational resilience, and improved shareholder returns, while also being optimistic about Zhongtong Express due to market share growth [1] Group 2: Logistics Industry - The chemical product price index (CCPI) in China is currently at 4024 points, showing a year-on-year decrease of 7.7% but a month-on-month increase of 1.1% [2] - The domestic sea freight price for liquid chemicals is 169 yuan/ton, reflecting a year-on-year decrease of 8.98% [2] - Shanghai has introduced favorable policies for intelligent driving, aiming to expand the application of L3-level autonomous vehicles and enhance smart logistics [2] - The report recommends Hai Chen Co. due to improved demand in its main business [2] Group 3: Aviation Industry - The average daily number of flights in China has decreased by 5.66% year-on-year, with domestic flights down by 6.18% [3] - Brent crude oil futures settled at $64.13 per barrel, a month-on-month increase of 1.25% but a year-on-year decrease of 19.76% [3] - The report suggests that supply constraints from aircraft manufacturers and upstream suppliers will slow supply growth, leading to improved ticket prices and airline profit elasticity, recommending China National Aviation and Southern Airlines [3] Group 4: Shipping Industry - The China Container Freight Index (CCFI) is at 1209.85 points, reflecting a month-on-month increase of 1.3% but a year-on-year decrease of 22.5% [4] - The crude oil transportation index (BDTI) increased by 18.5% month-on-month and 60.2% year-on-year [4] - The dry bulk freight index (BDI) is at 1586.4 points, showing a month-on-month decrease of 10.5% but a year-on-year increase of 51.2% [4] - The report indicates that the total number of trucks on highways decreased year-on-year by 2.02% [4]

1月30日，百度Apollo开放平台新版发布会于广东东莞正式举办。作为全球活跃度最高的自动驾驶开源社区，Apollo 11.0从软件能力、硬件生态、工程落地 与人才培养四大维度实现全面升级，也标志着其发展模式从"技术开源"向"场景驱动+生态共建"完成深度演进。九识智能作为本次大会唯一受邀的L4级无人 驾驶RoboVan企业，在会上发表了题为《以生态之力，筑无人之基：通过L4技术构建城市运力新基建》的主题演讲。 九识智能副总裁、联合创始人周清发表主题演讲 近两年，无人物流车落地规模持续扩大、商业化进程不断提速，越来越多的无人物流车穿梭于城市街巷，甚至深入山区路段。人们也猛然发觉，无人物流车 竟比智能电动汽车，更早实现了L4级无人驾驶技术的上路落地。 溯源：从自动驾驶到无人物流车 全球较早开启自动驾驶技术研究的是谷歌的Waymo，但真正改变全球自动驾驶行业格局的，是中国的百度——2017年7月，百度发布了全球最大的自动驾驶 开源平台，Apollo计划，从此掀起了自动驾驶全民创业的热潮。 可以说，百度Apollo的开源，不仅让自动驾驶技术真正从实验室走向了大规模落地应用，更对中国多个产业，尤其是汽车产业的变革，起到 ...

Core Viewpoint - The article highlights the significant movements in the U.S. stock market, particularly focusing on the performance of major companies and the implications of recent economic data. Group 1: Stock Market Performance - On February 2, U.S. stock indices closed higher, with the Dow Jones up 1.05%, S&P 500 up 0.54%, and Nasdaq up 0.56% [1][3] - Major tech companies are set to report earnings this week, including Google, Amazon, and others across various sectors [1] Group 2: Technology Sector Insights - Micron Technology rose over 5%, while other tech stocks like Texas Instruments, Dell Technologies, and Apple saw gains exceeding 4% [5] - Apple is expected to launch a new MacBook Pro with an M6 chip, which will not utilize TSMC's latest 2nm N2P process, potentially saving costs and ensuring supply [5] - Nvidia's stock fell 2.89% amid stalled negotiations with OpenAI regarding a $100 billion investment, highlighting risks associated with reliance on a single client [6] Group 3: Semiconductor and Memory Market - SanDisk shares surged 15.44% following reports of a 35% increase in average NAND flash prices by Q4 2025, attracting investment from funds moving away from precious metals and cryptocurrencies [6] Group 4: Economic Indicators - The U.S. manufacturing PMI unexpectedly rose from 47.9 to 52.6 in January, marking the highest level since February 2022 and indicating a shift towards expansion [9][11] - The U.S. government shutdown has delayed the release of the January non-farm payroll report, affecting data collection and publication by the Bureau of Labor Statistics [10]