Core Viewpoint - ZTO Express (02057) announced the resignation of Mr. Gao Zunming as an independent non-executive director, effective December 31, 2025, due to his intention to dedicate more time to other professional commitments [1] Summary by Relevant Categories Company Changes - Mr. Gao Zunming will resign from his position as an independent non-executive director and member of the board nomination and corporate governance committee [1]

Group 1 - The core point of the article is the resignation of Gao Zunming from his position as an independent non-executive director of ZTO Express (02057.HK), effective December 31, 2025, due to his intention to dedicate more time to other professional commitments [1] Group 2 - Gao Zunming is also a member of the board nomination and corporate governance committee of the company [1]

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） 董事名單及其角色和職能 中通快遞（開曼）有限公司（「本公司」）董事會（「董事會」）成員載列如下。 執行董事 賴梅松先生 （主席） 王吉雷先生 胡紅群先生 獨立非執行董事 魏臻先生 黃沁先生 Herman YU先生 謝芳女士 1 董事會下設四個董事委員會。下表提供本公司各董事於該等委員會中所擔任職務 的資料。 | 董事 | 審計 | 薪酬 | 提名及 公司治理 | 環境、 社會及 | | --- | --- | --- | --- | --- | | | 委員會 | 委員會 | 委員會 | 治理委員會 | | 賴梅松先生 | | | | | | 王吉雷先生 | | | | M | | 胡紅群先生 | | | | M | | 劉星先生 | M | M | | | | 許迪女士 | | | | | | 魏臻先生 | | C | C | | | 黃沁先生 | M | M | M | M | | Herman YU先生 | C | | | | | 謝芳女士 | | ...

中通快遞（開曼）有限公司（「本公司」）董事會（「董事會」）謹此宣佈，高遵明先生 （「高先生」）因計劃投入更多時間於其他專業事務，已提呈辭任本公司獨立非執行 董事、董事會提名及公司治理委員會成員，自2025年12月31日起生效。 高先生已確認彼與董事會並無任何意見分歧，亦無任何有關彼辭任之事宜須提請 本公司股東或香港聯合交易所有限公司垂注。 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） 獨立非執 ...

0:00 近日，河北省保定市白沟新城的物流商贸中心内一派繁忙景象，一辆辆满载货物的快递车往来穿梭，工 人们正有条不紊地进行分拣、装车作业。 近年来，白沟新城聚焦特色产业发展需求，积极构建"制造+电商+物流"深度融合的产业生态。依托政 策红利，引进顺丰、中通、圆通等头部企业建立区域分拨中心。与此同时，快递企业组建专属团队进驻 产业聚集区，开通"随产随发"绿色通道，实现从"生产线到快递车"的无缝衔接，为电商订单的快速履约 提供了坚实保障。 目前，白沟新城拥有3个物流中心，物流企业189家，日均发出快件100余万件。 制片人：马宝军 策划：李琳 杜屹然 统筹：汪峰 陶玲君 编导：李聪 报道员：冯云 孙浩龙 薛银成 新媒体编辑：王家辉 黄传莉 ...

Core Viewpoint - The express delivery industry in China is undergoing a significant green transformation, focusing on reducing packaging waste and enhancing sustainability through various innovative practices and regulatory frameworks [1][3][7]. Group 1: Industry Achievements - During the "14th Five-Year Plan" period, the express delivery sector achieved full coverage of electronic waybills and reusable packaging, with over 800 million recycled cardboard boxes annually [1]. - The standardization rate of express packaging reached 86%, and intelligent packing algorithms reduced material consumption by nearly 20% [2][3]. - Major companies like JD, SF, and Yunda have implemented green packaging initiatives, including the use of narrow tape and recycling boxes, with Yunda setting up over 20,000 recycling devices nationwide [2][3]. Group 2: Regulatory Framework - The introduction of three laws, 15 standards, and nine policies during the "14th Five-Year Plan" has established a comprehensive regulatory framework for green practices in the postal industry [3]. - The revised "Interim Regulations on Express Delivery" emphasizes the creation of a green and energy-efficient express service system, covering the entire lifecycle of packaging from design to disposal [3][6]. Group 3: Technological Innovations - The industry is leveraging technology to enhance packaging efficiency, such as using bamboo film bags that are 15% cheaper than traditional plastic bags and have higher durability [4]. - Smart algorithms in warehouses are optimizing packaging sizes, achieving a volume utilization rate of 90% and reducing material usage by approximately 20% [4][5]. Group 4: Collaborative Efforts - The postal industry is promoting collaboration with upstream e-commerce companies to minimize excessive packaging and enhance resource efficiency [5][6]. - The establishment of a green supply chain is encouraged through industry associations, aiming for a unified approach to packaging governance [7].

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。 董事會欣然宣佈，於2025年12月29日（交易時段後），本公司訂立持續關連交易 協議，以重續下述持續關連交易，期限自2026年1月1日起至2028年12月31日 止。 香港上市規則的涵義 根據香港上市規則第十四A章，持續關連交易協議的相關交易對手將因下文所載 彼等各自與本公司或其附屬公司的董事或主要股東的關係而被視為本公司的關 連人士。因此，持續關連交易協議及據此擬進行的交易構成本公司的持續關連 交易。 由於參照香港上市規則第14.07條計算的有關持續關連交易協議（於下文進一步 詳述）的年度上限截至2028年12月31日止三個年度各年的最高適用百分比率按 年度基準均超過0.1%但低於5%，因此持續關連交易協議及其項下擬進行的交易 應遵守香港上市規則第十四A章的年度審核、申報及公告規定，惟可豁免遵守通 函及獨立股東批准規定。 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 ...

Summary of Low Altitude Economy Conference Call Industry Overview - The low altitude economy is projected to experience a surge in business in 2024, with sales expected to match the total of the past decade, driven by government infrastructure investments and the construction of state-owned platform application devices, as well as a clearer understanding of low altitude economy and GDP data boundaries [1][2][3] Key Points and Arguments - **New Policy Framework**: The recent low altitude economy statistical classification policy clarifies the statistical scope of four major sectors: infrastructure (communications, navigation), hardware (general aviation aircraft, drones), operations, and services training, aligning with the "14th Five-Year Plan" and annual economic work conference expectations [1][2][3] - **Government Guidance**: The State Council issued documents in June and November to guide state-owned enterprises in low altitude economy development and classify air traffic control platforms at provincial and municipal levels, providing clear guidance for social capital inflow and avoiding redundant construction [1][3] - **Project Approval Process**: Low altitude economy projects must connect with local government departments, such as transportation or water resources, and report to national ministries. The proportion of special bonds or treasury bonds in infrastructure projects has significantly increased, with notable projects like Shandong's 4 billion yuan tender for flying vehicles [4][5] - **Investment Trends**: In Zhejiang Province, low altitude projects are encroaching on traditional infrastructure project shares, indicating a trend where local governments aim to maintain special bond shares through low altitude economy development, expected to improve steadily over the next 3-5 years [5][6] Challenges and Opportunities - **Local Government Challenges**: Local governments face challenges in funding sources, attracting capable enterprises, and coordinating resources across departments. Collaborative efforts with major tech companies like Alibaba and Tencent are being made to support data collection and business model innovation [7] - **Mature Applications**: The application of cargo drones is relatively mature, with significant commercial scenarios in logistics, agricultural protection, and inspections. The agricultural protection sector alone sees annual sales of about 200,000 drones, with a penetration rate nearing double digits [8][9] - **Cost Efficiency in Logistics**: Drones demonstrate significant cost efficiency in logistics, with examples showing reduced transportation costs and time savings in specific scenarios, such as using hydrogen-powered drones for frozen goods delivery [9][10] Industry Leaders and Innovations - **Prominent Companies**: Key players in the low altitude economy's information technology sector include military state-owned enterprises like Lai Si, China Electronics, and Aerospace Science and Industry, which are expected to become industry leaders [11][12] - **Regulatory Platform Development**: The construction of provincial and municipal regulatory platforms is progressing, with companies like Zhongke Xingtou and Zhongke Yuntu showing strong performance in supporting application scenarios [12][13] Future Outlook - **Investment Projections**: Expected investment amounts for low altitude special bonds range from 2 to 4 billion yuan in Hubei and over 5 billion in Guangdong, with ongoing efforts to promote project implementation [15] - **Infrastructure Needs**: The development of low altitude economy is hindered by lagging infrastructure, necessitating government investment and policy support to facilitate technology innovation and application promotion [22][23] - **Market Potential**: The low altitude economy is anticipated to see explosive growth in infrastructure projects from 2024 to 2027, leading to significant procurement of drones and related equipment [17][19] Conclusion - The low altitude economy is positioned for substantial growth, driven by government policies, technological advancements, and increasing market demand. However, challenges related to infrastructure and regulatory frameworks must be addressed to fully realize its potential.

Investment Rating - The report indicates a positive outlook for the shipping sector, expecting a strong start in 2026, particularly for companies like ST Song, China Shipbuilding, and China Power [5]. Core Insights - The shipping industry has seen improvements in new ship orders and pricing since October, with expectations for a strong performance in 2026. The report highlights the potential for a seasonal price increase in January, particularly in the oil and bulk cargo sectors [5]. - The report emphasizes the resilience of the railway and highway freight volumes, with steady growth observed. Data from the Ministry of Transport shows a slight decrease in railway freight but an increase in highway truck traffic [5][6]. - The airline industry is at a turning point, with expectations for significant improvements in airline profitability due to supply constraints and increasing passenger volumes [5]. - The express delivery sector is entering a new phase of competition, with three potential scenarios outlined for future profitability and market dynamics [5]. Summary by Sections Shipping Sector - New ship orders and pricing have improved since October, with expectations for a strong performance in 2026. Companies like ST Song, China Shipbuilding, and China Power are highlighted as key players [5]. - The report notes a significant drop in VLCC rates, with a 34.4% decrease observed on December 24, while crude oil tanker rates showed a 7.6% increase due to supply constraints [5]. Railway and Highway - Railway freight volume was reported at 78.37 million tons, a 1.96% decrease week-on-week, while highway truck traffic increased by 2.02% to 55.44 million vehicles [5][6]. Airline Industry - The report suggests that the airline industry is poised for a golden era, with supply constraints and increased international travel expected to enhance profitability [5]. Express Delivery - The express delivery sector is undergoing a transformation, with three scenarios proposed for future market dynamics, focusing on price recovery and potential mergers [5]. Overall Transportation Index - The transportation sector index rose by 1.37%, underperforming compared to the Shanghai Composite Index, which increased by 1.95% [6].

Investment Rating - Maintain "Buy" rating for the transportation sector [5] Core Views - The international passenger turnover for October and November 2025 is expected to grow by 12.9% and 14.3% year-on-year compared to the same months in 2019, indicating a recovery in demand [1][2] - The average economy class ticket price for the New Year holiday in 2026 is projected to be 597 RMB, reflecting a 1.1% decrease from 2024 and a 6.7% increase from 2025 [1][2] - The logistics sector is benefiting from explosive growth in overseas e-commerce, with TikTok Shop's GMV in Southeast Asia increasing by 2.7 times during the "12.12" promotion [1][3] Summary by Sections Weekly Insights and Market Review - The transportation sector index rose by 1.37%, underperforming the Shanghai Composite Index by 0.51 percentage points [1][19] - The top three performing sub-sectors were shipping, public transport, and logistics, with increases of 4.70%, 4.65%, and 1.96% respectively [1][19] Air Travel - From January to November 2025, civil aviation passenger turnover reached 12,865.80 billion person-kilometers, a 19.6% increase compared to the same period in 2019 [2][12] - Domestic routes saw a 25.6% increase, while international routes grew by 3.6% [2][12] - The aviation sector is expected to maintain a positive outlook due to low supply growth and recovering demand, with a focus on business travel and international flight recovery [2][12] Shipping and Ports - The oil and dry bulk freight rates are experiencing a decline, with VLCC rates significantly dropping due to seasonal factors and lower-than-expected January loading volumes [3][13] - The dry bulk shipping index continues to fall, with a focus on the impact of new iron ore production and geopolitical developments [3][14] - The LNG transportation market is anticipated to follow a different cycle compared to larger vessels, with new projects in hydrogen production [3][16] Logistics - The logistics sector is focusing on two investment themes: overseas expansion driven by e-commerce growth and internal competition management amid slowing industry growth [3][17] - The express delivery volume showed a modest increase of 1.6% year-on-year in December, indicating a competitive landscape where leading companies are expected to gain market share [3][17]