Investment Rating - The report maintains an "Overweight" rating for the express delivery industry, indicating an expectation for the industry to outperform the overall market [3]. Core Insights - The express delivery sector is experiencing a significant increase in pricing, with September showing a year-on-year growth of approximately 12% in business volume and a 7% increase in revenue [3]. - The report highlights that the average single ticket revenue for September was 7.58 yuan per item, reflecting a month-on-month increase of 3% [3]. - The report anticipates that the third quarter will see express companies begin to realize profit recovery due to price increases, with a focus on profit elasticity in the fourth quarter [3]. - The report outlines three scenarios for the new phase of price competition in the industry, including the potential for sustained profit recovery and significant dividends, continued competitive dynamics in certain regions, and the possibility of higher-level mergers and acquisitions [3]. Summary by Sections Business Volume and Revenue - In September, major express companies reported the following business volumes: YTO Express at 2.627 billion items (up 13.64%), Shentong Express at 2.187 billion items (up 9.46%), and Yunda at 2.110 billion items (up 3.63%) [3]. - The average single ticket revenue for YTO was 2.21 yuan (up 1.4%), for Shentong was 2.12 yuan (up 4.95%), and for Yunda was 2.02 yuan (up 0.50%) [3]. Price Trends - The report notes a significant month-on-month increase in pricing across the industry, with Yunda showing the largest recovery in single ticket pricing [3]. - The report emphasizes the ongoing trend of price increases driven by the reduction of internal competition within the industry [3]. Future Outlook - The report suggests that the express delivery industry is entering a new phase of competition, with a focus on the upcoming quarterly reports and peak season pricing [3]. - Companies recommended for investment include Shentong Express, YTO Express, and Jitu Express, with a focus on Zhongtong Express and Yunda for their competitive advantages [3]. Valuation Table - The report includes a valuation table for key companies in the transportation sector, detailing their market capitalization and projected net profits for 2025 to 2027 [4].

Market Overview - A-shares market showed overall upward movement on October 20, with the communication sector performing strongly, reaching an intraday increase of over 5% [1][3][5] - The Hang Seng Index in the Hong Kong market also exhibited significant strength, with an intraday increase of over 2.6% [2][6] Sector Performance - The communication sector led the gains in the A-shares market, with several stocks, including Hengxin Oriental (300081), Tianfu Communication (300394), and Zhongji Xuchuang (300308), seeing intraday increases exceeding 10% [5] - Other sectors such as electronics, power equipment, coal, and machinery also showed notable gains, while sectors like non-ferrous metals, agriculture, and banking lagged behind [5] Active Stocks - A total of over 4,200 stocks in the market experienced increases, with active stocks such as Zhongji Xuchuang, Xinyisheng (300502), and Hanwha Tech (300476) achieving transaction volumes exceeding 10 billion [3][5] Hong Kong Market Highlights - In the Hong Kong market, notable stocks included NetEase-S, which saw an intraday increase of over 6%, along with Alibaba-W, ZTO Express-W, and AIA Group leading the gains [7] - Conversely, stocks like Chow Tai Fook, China Telecom (601728), and Longfor Group experienced declines [8] Specific Stock Movements - Coastal Home announced a potential sale of 153 million shares, representing approximately 36.93% of its total issued share capital, with the transaction expected to be finalized by the end of October 2025 [9]

Core Viewpoint - The A-share market showed an overall upward trend on October 20, 2023, with the communication sector performing strongly, leading to increased market sentiment [1][3]. Group 1: A-share Market Performance - The A-share market saw major indices rise, with the ChiNext Index reaching a peak increase of over 3.6% during the session [3]. - By midday, the Shanghai Composite Index rose by 0.69%, the Shenzhen Component Index increased by 1.38%, the ChiNext Index was up by 2.49%, and the STAR 50 Index gained 1.39% [3]. - More than 4,200 stocks in the market experienced gains [3]. Group 2: Sector Performance - The communication sector led the gains, with a peak increase of over 5% during the session [5]. - Notable stocks included Hengxin Oriental, which rose over 12%, and several popular stocks like Tianfu Communication and Zhongji Xuchuang, which saw increases exceeding 10% [5]. - Other sectors that performed well included electronics, power equipment, coal, and machinery, while sectors like non-ferrous metals, agriculture, and banking showed relatively weak performance [5]. Group 3: Conceptual Sector Trends - Conceptual sectors such as CPO, optical communication, composite copper foil, and brain engineering saw significant gains, while the gold concept sector experienced a noticeable decline, with a drop exceeding 2% [6]. Group 4: Hong Kong Market Performance - The Hong Kong market also showed significant strength, with the Hang Seng Index rising by nearly 2.5% and the Hang Seng Tech Index increasing by over 3% [7]. - Leading stocks in the Hang Seng Index included NetEase, which saw a peak increase of over 6%, along with Alibaba, ZTO Express, AIA, and Shenzhou International, which also performed well [7][8].

Market Performance - The Hang Seng Index increased by 2.41% and the Hang Seng Tech Index rose by 3.21% [1] - The Hong Kong Tech ETF (159751) gained 2.3% and the Hang Seng Hong Kong Stock Connect ETF (159318) increased by 2.1% [1] Sector Performance - The passenger airline and life sciences tools sectors showed significant gains [1] - The hotel and resort REIT sector experienced notable declines [1] Individual Stock Movements - Sanhua Intelligent Control surged by 6.79%, China National Aviation Holdings rose by 5.95%, and NetEase-S increased by 5.54% [1] - Sands China Limited gained 5.42%, Alibaba-W rose by 4.99%, and ZTE Corporation increased by 4.8% [1] - Notable gainers also included Huahong Semiconductor (4.62%), NIO-SW (4.47%), and AIA Group (4.42%) [1] - On the downside, Chifeng Jilong Gold Mining fell by 5.42% and Laopu Gold dropped by 6.22% [1] - Zhongqingbao Holdings saw a significant increase of 13.06%, while Dazhong Public Utilities rose by 10.77% [1]

Core Viewpoint - The Hong Kong stock market is experiencing an upward trend, driven by a softening of trade tensions and positive expectations for the fourth quarter [1] Group 1: Market Performance - The Hang Seng China Enterprises ETF (159960) rose by 2.07%, with notable increases in stocks such as NetEase-S (09999) up by 5.36%, SMIC (00981) up by 5.14%, and ZTO Express-W (02057) up by 4.70% [1] - The top ten weighted stocks in the Hang Seng China Enterprises Index (HSCE) account for 55.33% of the index, including Alibaba-W (09988) and Tencent Holdings (00700) [2] Group 2: Economic Indicators - Trade tensions have eased, with Trump indicating that "such high tariffs are unsustainable" [1] - Short-term market fluctuations are expected due to a lack of incremental positive news, but there are anticipated marginal positive factors that could drive the market up [1] Group 3: Future Outlook - The fourth quarter is expected to see a "first suppress then rise" trend for the Hong Kong stock market, with potential drivers including continuous innovation in China's tech sector and a low probability of high tariffs being implemented [1] - The upcoming Fourth Plenary Session of the Communist Party discussing the "14th Five-Year Plan" is expected to boost risk appetite [1] - The expectation of continued interest rate cuts by the Federal Reserve is likely to lead to sustained capital inflows, improving fundamentals and profit expectations, which could drive a slow bull market trend [1]

Group 1 - The company ZTO Express (02057) announced a share repurchase plan, committing to buy back 445,000 shares at a total cost of $8.4097 million [1] - The repurchase price per share is set between $18.52 and $18.99 [1]

Group 1 - The overall market environment shows signs of improvement, with expectations for a recovery following last week's decline [2] - The technology sector is experiencing significant activity, with the upcoming IPO of Mu Xi Integrated Circuit Co., Ltd. on the Sci-Tech Innovation Board [2] - Domestic retail sales for Chow Tai Fook increased by 4.1% year-on-year in Q3, with a notable recovery in same-store sales in mainland China [3][4] Group 2 - Chow Tai Fook's online retail performance was strong, with a year-on-year increase of 28.1% in Q3 [4] - The company plans to maintain a pricing strategy for gold products, aiming for a 20%-25% share of total sales [5] - The express delivery industry is seeing improved operating conditions, with significant increases in single-ticket revenue for major companies in September [6][7] Group 3 - The express delivery sector is transitioning from price wars to orderly competition, with price increases expected to enhance profitability [8] - SF Express maintained high growth in volume, while other companies like Yunda and Zhongtong are also benefiting from price adjustments [8] - The Hang Seng Index is showing potential for a rebound, supported by ongoing US-China trade negotiations and expectations of interest rate cuts [9]

Core Viewpoint - Multiple companies in China conducted share buybacks on October 17, 2025, with Xiaomi Group-W leading in terms of buyback amount and quantity [1][2] Group 1: Buyback Details - Xiaomi Group-W (01810) repurchased 10.70 million shares for a total of 494 million yuan, with a year-to-date total of 27.30 million shares, representing 0.110% of its total share capital [2] - Four Seasons Pharmaceutical (00460) repurchased 15 million shares for 21.76 million yuan, with a year-to-date total of 59.60 million shares, representing 0.647% of its total share capital [2] - Mengniu Dairy (02319) repurchased 1.20 million shares for 16.97 million yuan, with a year-to-date total of 18.52 million shares, representing 0.473% of its total share capital [2] Group 2: Other Notable Buybacks - VITASOY International (00345) repurchased 1.02 million shares for 8.20 million yuan, with a year-to-date total of 566.60 million shares, representing 0.540% of its total share capital [2] - Zhongtong Express-W (02057) repurchased 445,000 shares for 8.41 million yuan, with a year-to-date total of 5.07 million shares, representing 0.630% of its total share capital [2] - Huazhong Media (00685) repurchased 500,000 shares for 50,000 yuan, with a year-to-date total of 225.60 million shares, representing 0.139% of its total share capital [2]

智通财经APP讯，中通快递-W(02057)发布公告，该公司于2025年10月17日斥资840.97万美元回购44.5万 股股份，每股回购价格为18.52-18.99美元。 ...

Core Viewpoint - ZTO Express (02057.HK) announced a share buyback plan, spending $8.4097 million to repurchase 445,000 shares at a price range of $18.52 to $18.99 per share [1] Summary by Category - **Company Actions** - ZTO Express plans to repurchase a total of 445,000 shares [1] - The total expenditure for the buyback is $8.4097 million [1] - The buyback price per share ranges from $18.52 to $18.99 [1]