证券日报网讯 1月15日，顺丰控股发布公告称，公司第七届董事会第二次会议审议通过《关于认购极兔 速递新发行股份以及根据一般性授权向极兔速递发行新H股的议案》。 （文章来源：证券日报） ...

转自：新华财经 【重点关注】 •中国人民银行决定下调再贷款、再贴现利率0.25个百分点 •中国人民银行将单设1万亿元民营企业再贷款 •惠及更多职工 两部门发文扩大企业年金覆盖面 •多只万科债券涨超30% 触发盘中临停 【国内要闻】 •中国人民银行决定，自2026年1月19日起，下调再贷款、再贴现利率0.25个百分点。下调后，3个月、6个月和1年期支农支小再贷款利率分别为0.95%、 1.15%和1.25%，再贴现利率为1.5%，抵押补充贷款利率为1.75%，专项结构性货币政策工具利率为1.25%。 •中国人民银行副行长邹澜1月15日在国新办举行的新闻发布会上表示，将合并使用支农支小再贷款与再贴现额度，增加支农支小再贷款额度5000亿元，总额 度中单设民营企业再贷款，额度1万亿元，重点支持中小民营企业。 •据人民银行，2025年12月末，广义货币（M2)余额340.29万亿元，同比增长8.5%。狭义货币（M1)余额115.51万亿元，同比增长3.8%。流通中货币（M0)余 额14.13万亿元，同比增长10.2%。全年净投放现金1.31万亿元。 •据人民银行，2025年12月末，本外币贷款余额275.74万亿元， ...

里昂表示，这次合作对两家公司而言将是业务发展重要一步，有助推动因海外业务这个关键增长引擎的 发展，预料深化合作将可提升双方在海外市场的物流能力。按发行价计算，极兔估值约相当于 2025/2026年预测市盈率29倍及20倍；顺丰的估值则约相当于2025/2026年预测市盈率16倍及14倍。 智通财经APP获悉，里昂发布研报称，极兔速递-W(01519)与顺丰控股(06936) 宣布达成股权战略合作， 双方将以交叉向对方发行新股，涉资83亿元，其中极兔向顺丰折让近14%发行近8.22亿股B类股份，顺 丰则溢价约3.9%向极兔增发2.26亿股H股股份，交易完成后顺丰将于极兔持股10%的股份，而极兔将持 有顺丰4.29%的股份。里昂现时给予极兔及顺丰目标价分别为11.9港元及47.4港元，评级均为"跑赢大 市"。 ...

Core Viewpoint - Jitu Express (01519) and SF Express (002352) have announced a strategic equity cooperation involving a total investment of 8.3 billion HKD, which includes cross-share issuance between the two companies [1] Group 1: Strategic Cooperation Details - Jitu will issue approximately 822 million Class B shares to SF at a discount of nearly 14%, while SF will issue about 226 million H shares to Jitu at a premium of approximately 3.9% [1] - Post-transaction, SF will hold a 10% stake in Jitu, and Jitu will own 4.29% of SF [1] Group 2: Market Impact and Valuation - This collaboration is seen as a significant step for both companies, enhancing their logistics capabilities in overseas markets, which is a key growth driver [1] - Based on the issuance price, Jitu's valuation corresponds to a projected P/E ratio of 29 times for 2025/2026, while SF's valuation corresponds to a projected P/E ratio of 16 times for the same period [1] Group 3: Analyst Ratings - Analysts at Credit Lyonnais have set target prices of 11.9 HKD for Jitu and 47.4 HKD for SF, with both companies rated as "outperform" [1]

Group 1 - The core viewpoint of the article is that Jitu Express and SF Express have announced a strategic equity cooperation involving a total investment of 8.3 billion HKD, which will enhance their logistics capabilities in overseas markets [1] - Jitu will issue approximately 822 million Class B shares to SF at a discount of nearly 14%, while SF will issue about 226 million H shares to Jitu at a premium of approximately 3.9% [1] - Following the completion of the transaction, SF will hold a 10% stake in Jitu, and Jitu will own 4.29% of SF [1] Group 2 - According to the report, this collaboration is a significant step for both companies in terms of business development, particularly in leveraging overseas business as a key growth engine [1] - The estimated valuation for Jitu is approximately 29 times and 20 times the forecasted price-to-earnings ratio for 2025/2026, while SF's valuation is around 16 times and 14 times for the same period [1] - The target prices set by the firm for Jitu and SF are 11.9 HKD and 47.4 HKD respectively, with both companies rated as "outperform" [1]

1月15日盘前，顺丰控股（002352.SZ，6936.HK）发布公告称，公司与极兔速递宣布达成一项战略性的 相互持股协议，顺丰控股将向极兔速递增发2.26亿股H股股份，发行价为每股36.74港元；极兔速递将向 顺丰控股增发8.22亿股B类股份，发行价为每股10.10港元。 交易完成后，顺丰控股将持有极兔速递10%的股份，极兔速递将持有顺丰控股4.29%的股份。在满足特 定前提条件下，极兔李杰先生承诺将提名并支持顺丰的一名董事候选人加入极兔董事会。双方约定本次 交易的股份锁定期将为5年，充分体现了彼此长期战略合作的诚意与决心。未来双方将在全球物流网络 建设、基础设施布局、业务协同发展等方面探索更多的合作可能性。 顺丰控股创始人王卫和极兔速递创始人李杰共同表示，顺丰和极兔是多年合作的战略伙伴。此次相互持 股，是双方关系深化的重要里程碑，标志着彼此从业务协同走向更紧密的战略共赢。双方将携手打造一 个更高效的全球智慧物流网络，有力把握中资企业出海及跨境电商带来的历史性机遇，为客户创造更卓 越的全球供应链价值。 作为亚洲最大、全球第四大的综合物流服务提供商，顺丰控股近年来一直在深化国际化发展战略，获取 关键核心资源、 ...

证券代码：002352 证券简称：顺丰控股 顺丰控股股份有限公司投资者关系活动记录表 编号：2026-01 | | □特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | | Bank of America、Baron Capital、BlackRock、BNP Paribas、Citi、 Goldman Sachs、Greenwoods、J.P. Morgan、Macquarie、Morgan | | | Stanley、UBS、Value Partners、博时基金、大成基金、重阳投资、 | | 参与单位名称及 | 富国基金、高毅资产、工银瑞信、国泰基金、和谐汇一、华夏基金、 | | 人员姓名 | 景顺长城、泉果基金、睿郡资产、易方达基金、银华基金、远致瑞 | | | 信、中欧基金、长江证券、广发证券、华泰证券、兴业证券、中信 | | | 建投证券、中信证券、中金公司等众多机构和个人股东，总计约 229 | | | 位投资者。 | | 时间 | 年 月 日 ...

分析师认为，这可以看作是中国快递物流行业从"内卷竞争"转向"深层耦合"的里程碑事件。 极兔表示，将凭借在全球13个国家的末端网络与本地化运营优势，结合顺丰在跨境头程与干线段的核心资源优势和成熟运营体系，共同增强端到端跨境物 流解决方案的网络覆盖和产品竞争力。 1月15日，极兔速递（1519.HK）与顺丰控股（002352.SZ,6936.HK）联合发布公告，宣布达成一项战略性的相互持股协议，将互为对方增发新股，投资交 易金额达83亿港元。 对于双方的合作，快递物流专家赵小敏对第一财经记者表示，顺丰的优势在于高端快递网络、冷链物流、航空运输资源，服务质量和时效优势明显。极兔 速递在电商件快递市场表现突出，尤其在拼多多、Shopee等平台订单中占据优势，并在东南亚市场快速扩张。双方合作后，能够实现高端件与电商件的互 补，形成覆盖全价位、全场景的综合快递服务体系。 根据协议，极兔速递将向顺丰控股增发8.22亿股B类股份，发行价为每股10.10港元；顺丰控股将向极兔速递增发2.26亿股H股股份，发行价为每股36.74港 元。交易完成后，顺丰控股将持有极兔速递10%的股份，极兔速递将持有顺丰控股4.29%的股份。 此外 ...

Core Insights - The logistics industry is undergoing a significant restructuring, highlighted by the strategic mutual shareholding agreement between J&T Express and SF Express, amounting to HKD 8.3 billion [1][2] - This partnership aims to leverage both companies' strengths to build a more efficient and resilient global logistics network [1][2] Group 1: Strategic Partnership - J&T Express will issue 822 million Class B shares to SF Express at HKD 10.10 per share, while SF Express will issue 226 million H shares to J&T at HKD 36.74 per share [1] - Post-transaction, SF Express will hold 10% of J&T Express, and J&T Express will hold 4.29% of SF Express [1] - This collaboration marks a transition from business cooperation to a deeper capital and strategic alignment [1][2] Group 2: Market Context - The Chinese express delivery industry is shifting from a phase of rapid growth to one focused on high-quality development and globalization [2] - The partnership is seen as a milestone to capitalize on the historical opportunities presented by Chinese companies going global and the rise of cross-border e-commerce [2] Group 3: Resource Synergy - The strategic investment is based on the complementary nature of both companies' core assets, essential for creating an end-to-end cross-border logistics solution [3][4] - J&T Express offers a global end network and localized operational systems, while SF Express provides strong cross-border transportation capabilities [3][4] Group 4: Growth Metrics - J&T Express projects a total package volume of 30.13 billion by 2025, with a year-on-year growth of 22.2%, indicating its leading position in the industry [6] - In Southeast Asia, J&T Express anticipates a package volume of 7.66 billion, growing by 67.8%, showcasing its dominance in that market [6] - The company is also experiencing rapid growth in new markets, with a 43.6% increase in package volume [6] Group 5: Domestic Market Strategy - In the domestic market, J&T Express aims for quality growth, with a projected package volume of 22.07 billion in 2025, reflecting an 11.4% increase [8] - This strategy aligns with the national postal authority's push to move away from traditional growth models focused solely on scale and speed [8] Group 6: Implications for the Industry - The mutual investment of HKD 8.3 billion provides both capital and resource support for J&T Express's global expansion [9] - The partnership signifies a shift in the logistics industry from zero-sum competition to collaborative efforts to enhance global logistics efficiency [9][10] - This model of strategic cooperation offers a new development template for the industry, focusing on complementing strengths rather than merely competing for market share [10][11]

来源：观点地产网 观点网讯：1月15日，极兔速递与顺丰控股宣布83亿元战略性相互持股，里昂研报指出该交易将强化双 方海外物流网络。 根据协议，极兔以折让14%向顺丰发行8.22亿股B类股份，顺丰则以溢价3.9%向极兔增发2.26亿股H股股 份，交易完成后顺丰持有极兔10%股权，极兔持有顺丰4.29%股权。 里昂测算，按发行价计，极兔2025/2026年预测市盈率分别为29倍及20倍，顺丰为16倍及14倍。股权摊 薄虽影响现有股东权益，但双方可借此共享东南亚与中国的干线、清关及末端配送资源，海外业务增速 有望提升。 维持极兔目标价11.9港元、顺丰47.4港元，评级均为"跑赢大市"。 免责声明：本文内容与数据由观点根据公开信息整理，不构成投资建议，使用前请核实。 ...