2月26日，记者从南京市邮政管理局获悉，截至目前，全市邮政快递网点复工比例达100%，人员到岗率超92%，寄递网络全面恢复常态化运行，为节后生 产生活顺畅流通提供了坚实保障。 据南京市邮政局最新统计数据，2026年春节期间，南京市寄递渠道总体平稳畅通，全市快递行业在严格保障服务质量的前提下，日均揽收量达77.7万件， 日均投递邮件快件达86万件，这意味着日均快递处理量达163.7万件。快递从业人员的辛勤付出有效满足了节日期间电商年货流通、市民互寄礼品及应急 物资配送需求。 极兔速递南京夫子庙中心网点准备派送 记者了解到，针对2026年春节较晚、返岗高峰与春季用工叠加的特点，南京市邮政管理局在节前即开展专题部署，督导各寄递企业严格执行节日期间营业 情况报备与公示制度。提前锁定节后返岗及新招人员，确保人力、运力储备充足，为节后快速复工复产备足"提前量"。 节后首个工作日，南京市邮政管理局迅速启动行业运行监测机制，通过线上数据比对与线下实地检查，全面摸底各品牌企业员工返岗率、快件处理情况。 针对部分网点节后可能出现的阶段性用工紧张，南京市邮政管理局联合市人社局，依托专场招聘会，精准匹配求职需求，助力企业迅速恢复峰值 ...

初春的永康，寒意尚未完全褪去，但中国科技五金城内早已是一派车水马龙的火热景象。 五金商家的发货仓内，撕扯打包胶带的刺啦声与自动化流水线的运转声交织不停，工人们正熟练地将一 件件打包好的电动工具、一箱箱五金配件搬上货车；而在转运园区外，满载包裹的干线物流车随装随 走，正有条不紊地接连驶出，将新春的开年订单高效发往全国各地。 又是一年春节长假结束，全国各行各业迅速切换至复工复产模式。作为享誉中外的"五金之都"，浙江永 康正紧锣密鼓地为全年的首个交易高峰做准备。 在五金制造行业，一直有着"夏秋旺季，节后小阳春"的规律。随着下游工厂陆续开工、国内外客商备货 需求激增，永康当地的五金市场迅速迎来了一波订单回暖。 作为全国最大的五金产品集散中心，永康的产业体量令人瞩目。公开报道显示，目前永康聚集了超4万 家五金工厂，生产了全国40%的电动五金工具和超七成的防盗门，创造了超千亿元的工业产值。从防盗 门到健身器材，这里庞大的产业集群不仅向全球输出着海量商品，也催生了极其庞大的快递物流需求。 庞大的产业集群和密集的订单流，让商家在抢占新年"开门红"的同时，也面临着一道棘手的物流履约考 题。 在永康，物流履约一直有一个隐形的行业 ...

交通运输/ 物流 2026 年 02 月 24 日 春节错期影响一月量价，快递公司 行 业 研 究 / 行 业 点 评 相关研究 - 行 业 及 产 业 王易 A0230525050001 wangyi@swsresearch.com 本期投资提示： 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 证 券 研 究 报 告 证券分析师 王易 A0230525050001 wangyi@swsresearch.com 闫海 A0230519010004 yanhai@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 加速全面复工 看好 ——快递 1 月数据点评 ⚫ 事件：快递公司公布一月月报。1 月，顺丰控股速运物流业务、供应链及国际业务合计 收入为 268.60 亿元，同比增长 2.22%。其中，速运业务营收达到 203.96 亿元，同比 下降 1.77%；业务量 13.86 亿票，同比增长 4.21%；单票收入达到 14.72 元/票。供应 链及国际业务营收 64.64 亿元，同比增长 17.2 ...

Group 1: Stock Recommendations - 吉利汽车 (Geely Auto) has a market cap of $23.4 billion, with a target price of $25.00, indicating an upside potential of 48%[5] - 正力新能 (Zhengli New Energy) has a market cap of $2.8 billion, with a target price of $18.00, indicating an upside potential of 113%[5] - 极兔速递 (Jitu Express) has a market cap of $12.2 billion, with a target price of $13.40, indicating an upside potential of 25%[5] - 三一国际 (Sany International) has a market cap of $6.2 billion, with a target price of $20.60, indicating an upside potential of 37%[5] - 瑞幸咖啡 (Luckin Coffee) has a market cap of $11.0 billion, with a target price of $54.68, indicating an upside potential of 41%[5] Group 2: Performance Overview - The basket of 26 long positions had an average return of -2.3%, outperforming the MSCI China Index, which returned -2.4% by 0.1 percentage points[10] - Out of the 26 stocks, 11 had returns exceeding the benchmark[10] - The report includes a new addition of Datadog (DDOG US) to the buy list, while Salesforce (CRM US) has been removed[7]

Investment Rating - The report maintains a positive outlook on the shipping industry, particularly focusing on oil transportation and shipbuilding sectors, recommending stocks such as ST Songfa and China Merchants Energy [4]. Core Insights - The report highlights a strong performance in oil shipping, with VLCC TCE rates rising by 24% to $146,385 per day, and a significant increase in demand leading to higher freight rates [4]. - The global energy chain's valuation is on the rise, driven by long-term capacity utilization and mid-cycle profit expectations, suggesting a favorable environment for shipping rates [4]. - The report emphasizes the resilience of the dry bulk market, with the BDI index recording a slight increase of 1.19% to 2,043 points, indicating stable demand despite seasonal fluctuations [5]. Summary by Sections Shipping Market Performance - The shipping index decreased by 1.41%, underperforming the CSI 300 index by 1.77 percentage points, with the aviation sector experiencing the largest decline at -5.16% [5]. - The report notes that the coastal dry bulk freight index in China fell by 1.76%, while the Baltic Dry Index increased by 1.19% [5]. Oil Transportation - VLCC rates reached a new high of approximately $160,000 per day during the Spring Festival, with expectations for continued strength in the coming weeks [4]. - The report indicates that the average VLCC freight rate increased by 23% week-on-week, reaching $149,564 per day, reflecting tight capacity and strong demand [4]. Dry Bulk Market - The report mentions that the Capesize freight rate decreased by 4.1%, while the Panamax index showed resilience with a 3.5% increase [4]. - The report anticipates that post-holiday demand recovery will be crucial for the dry bulk market, particularly in iron ore shipments [4]. Air Transportation - The report suggests that the airline industry is at a turning point, with potential for significant profit growth due to increased passenger volumes and operational efficiencies [4]. - Airlines such as China Eastern Airlines and Spring Airlines are highlighted as key players to watch in this sector [4]. Express Delivery - The report notes uncertainties in the express delivery sector due to fluctuating demand and competitive pressures, but highlights the strong market position of leading companies like ZTO Express and YTO Express [4]. Rail and Road Transportation - Rail freight volumes and highway truck traffic are reported to be resilient, with the Ministry of Transport data showing a slight decrease in freight volume but overall stability [4]. - The report identifies two main investment themes in the highway sector: high dividend yields and potential value recovery in undervalued stocks [4].

Core Viewpoint - Kins Services, once valued at over 55 billion HKD, has officially delisted from the Hong Kong stock market after five years of listing, marking a significant shift in its operational strategy and ownership structure [1][4]. Group 1: Company Overview - Kins Services was initially part of Kins Holdings and was listed on the Hong Kong Stock Exchange in October 2020, with an initial share price of 44.8 HKD, reaching a market cap of over 280 billion HKD on its first trading day [2][3]. - The company experienced a peak market valuation exceeding 550 billion HKD during its early years, positioning itself alongside other major property management firms [2]. Group 2: Ownership Changes - The ownership of Kins Services transitioned significantly when its parent company, Kins Holdings, faced a liquidity crisis, leading to the sale of a 22% stake to Boyu Capital for 37.34 billion HKD in December 2021 [3]. - Boyu Capital gradually increased its stake, becoming the largest shareholder by acquiring additional shares through a series of strategic moves, including a partial tender offer in November 2022 and a court-ordered auction in March 2025 [3][4]. Group 3: Delisting and Privatization - The delisting was initiated by Boyu Capital as part of a voluntary privatization process, with a tender offer made at 8.69 HKD per share, resulting in a 95.56% acceptance rate from shareholders [4][5]. - Following the privatization, Kins Services' market cap was approximately 52 billion HKD, reflecting a decline of over 90% from its historical peak [4]. Group 4: Financial Performance - Kins Services reported a total revenue of 2.335 billion CNY for the first half of 2025, a slight decrease of 3.1% year-on-year, while maintaining cash and liquid assets of 2.65 billion CNY [5]. - The company has faced cumulative losses of around 3.4 billion CNY over the past three years, leading to a significant reduction in its market valuation and operational capabilities [5]. Group 5: Industry Context - The delisting of Kins Services reflects broader trends in the real estate and property management sectors, where companies are increasingly opting for privatization due to low public market valuations and financial pressures [9]. - Similar cases of privatization and mergers have been observed in the industry, indicating a shift towards a focus on asset consolidation and operational efficiency in a challenging market environment [9].

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [34]. Core Insights - The express delivery industry is experiencing a divergence in growth rates among brands, with leading companies like Shentong and Yunda showing significant growth in January. Shentong's single ticket revenue increased by 14.1% year-on-year, while Yunda's grew by 6.4% [3][11]. - The report highlights the strong performance of YTO Express, which continues to lead in growth despite a general slowdown in the industry. The company is expected to maintain its competitive edge [4]. - The report emphasizes the potential of Jitu Express in Southeast Asia, projecting a 74% year-on-year increase in daily parcel volume by Q4 2025, indicating high growth potential in new markets [4]. Summary by Sections January Data Overview - In January, the parcel volume growth rates were as follows: YTO (29.8%), Shentong (25.6%), Yunda (10.8%), and SF Express (4.2%). Shentong's revenue growth was the highest at 43.3% year-on-year [8][11]. - Single ticket revenues for January were reported as follows: Shentong at 2.35 CNY, Yunda at 2.15 CNY, YTO at 2.25 CNY, and SF Express at 14.72 CNY [3][11]. Investment Recommendations - The report continues to recommend investment in Zhongtong and YTO due to their improved market positions and low valuations. It also sees potential in Shentong due to its significant earnings elasticity [4]. - SF Express is viewed positively, with a focus on its "Gain Plan" to optimize structure and enhance collaboration with Jitu Express, which is expected to yield future benefits [4].

韵达快递相关负责人告诉南都记者，春节期间，根据客户需求安排相应的运营计划，包括人员、车辆和 线路及末端派送资源，做好保通保畅工作，满足市场和客户需求。 近日，春节"快递停运"话题再度引发关注。2月14日，南都N视频记者从广东省邮政管理局获悉，该局 要求各品牌寄递企业统筹做好春运期间寄递服务保障和安全生产工作。此外，中通、韵达、极兔、德邦 等多家快递公司相关负责人均向南都N视频记者表示，春节期间服务不中断。 广东省邮政管理局近日印发了《2026年春运期间广东省寄递渠道服务保障工作方案》，在此基础上，2 月10日，该局召开了春运期间全省寄递渠道安全生产工作调度会，要求各品牌寄递企业统筹做好春运期 间寄递服务保障和安全生产工作，切实加强对快递员的关心关爱。 广东省邮政管理局表示，将切实加强行业监管，通过督促各品牌快递企业省内总部强化资源调度，加强 与主流电商平台对接协调，对年前揽收的年货商品应投尽投，合理制定春节假期运营计划，切实保障春 运期间寄递服务需求，并有序组织做好节后行业恢复生产运行工作。持续开展行业运行监测和指挥调 度，强化寄递渠道安全管理，开展安全生产隐患排查，全力保障末端网点稳定，坚决维护行业安全稳定 ...

Core Viewpoint - The express delivery industry is ensuring uninterrupted service during the Spring Festival, addressing consumer concerns about potential delivery halts, while also focusing on reducing internal competition and improving profitability [1][2][3]. Group 1: Service Operations During Spring Festival - Multiple express companies, including Zhongtong Express, Shentong Express, and Jitu Express, have confirmed that they will maintain normal operations during the Spring Festival, with specific arrangements for employee shifts to ensure service continuity [1][3]. - Zhongtong Express will operate from February 16 to February 21, while Jitu Express has planned resource allocation to ensure operational stability during the holiday period [3][5]. Group 2: Industry Trends and Financial Performance - The express delivery sector is experiencing a "reverse involution," leading to an increase in single-ticket revenue for companies like Shentong Express and Yunda Express, with expectations for continued growth in 2026 [2][6]. - From late 2025, the industry has shifted from price competition to profit recovery, with Yunda Express reporting a 5.9% year-on-year increase in single-ticket revenue in December 2025 [6]. Group 3: Fundraising and Financial Strategies - Zhongtong Express plans to issue $1.5 billion in convertible senior notes, with a net amount of approximately $1.404 billion allocated for refinancing and general corporate purposes [7]. - Shentong Express intends to issue medium-term notes not exceeding 2 billion yuan to enhance liquidity and support project development [7]. Group 4: Market Outlook - Analysts predict that the express delivery industry is in the early stages of an upward cycle, with improving profitability and a shift towards higher service quality, which is expected to foster sustainable development [7].

Summary of Key Points from Conference Call Records Industry Overview Commercial Aerospace - Shanghai Port Bay's perovskite technology in collaboration with Dongfang Risen is expected to benefit from the SpaceX supply chain. The increase in satellite launches will boost the demand for solar wings, positively impacting related companies [1][3]. Refractory Materials - Companies like Zhongsen Technology, Luyang Energy, and Zhonggang Nairuo are performing well through business extensions and are considered important targets for investment as the sector begins to rally [1][3]. AI+ Sector - Companies such as China National Materials, Honghe Technology, Feilihua, and China Jushi are benefiting from LDK demand, leading to significant profit increases. Attention is drawn to upstream raw materials like high-end electronic fabrics [1][3]. Construction and Building Materials - New business models in the construction and building materials industry focus on increasing market share and revenue scale, with a clear supply clearing and gradual industry improvement. Sanjias Tree's beautiful countryside business and community stores are rapidly developing, while Yuhong enhances competitiveness through service model innovation [1][4]. Real Estate Market Insights Recent Data and Trends - Recent data indicates a positive trend in the real estate market, particularly in first and second-tier cities where second-hand housing transaction volume has increased year-on-year, and price indices have turned positive. The listing volume has decreased, with demand driven by school district housing improving transaction structure. The new housing market is expected to rebound post-holiday due to supply constraints [1][5]. Investment Strategy - The current rally in real estate stocks is characterized by a mix of speculative and long-term capital, suggesting a more sustainable upward trend. The second quarter may present an opportunity to increase real estate positions, with recommended stocks including China Merchants Shekou, New City Holdings, Jindi Group, and Wo Ai Wo Jia [1][6][8]. Transportation and Logistics Sector Investment Themes - The transportation and logistics sector has four main investment themes: 1. Domestic express logistics is entering a critical consolidation phase, with a focus on leading companies like ZTO Express and YTO Express [2][9]. 2. Cross-border e-commerce and the Belt and Road Initiative, with key companies including SF Holding and JD Logistics [2][9]. 3. Platform transportation through internet platforms like Didi and Cao Cao Mobility, which are expected to enhance profits with the realization of autonomous driving and new energy vehicle replacements [2][10]. 4. Large cycle sectors, including aviation and shipping, are anticipated to see profit growth due to tight supply and recovering demand. Companies like China Merchants Energy and COSCO Shipping are recommended, with significant profit elasticity expected from VLCC operations [2][10]. Additional Considerations - The real estate market's upward speed is not expected to be as rapid as in previous cycles, with a potential long-term upward trend following policy implementation. The core cities' housing prices may stabilize by the end of the year, with real estate stocks likely leading the fundamental bottom by 2 to 3 quarters [1][8]. - Long-term capital movements should be closely monitored to adjust investment strategies accordingly [1][7].