由于浙江星联的主营业务为航空货运服务，收购将提升本集团的端到端境内外航空物流能力，并将增强 本集团在航空货运服务领域的整体竞争力。董事(包括独立非执行董事)认为，此次收购符合本集团日常 及一般业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。 此外，收购完成后，浙江星联将成为本公司并表附属实体中通航空的全资子公司，其财务业绩将全面并 入本集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚本集团的业绩并提升 对股东的回报。 截至本公告日期，中通云冷持有浙江星联100%股权。收购完成后，本集团将持有浙江星联100%股权。 浙江星联将成为本公司一家并表附属实体的子公司，其财务业绩亦将并入本集团的财务业绩。 中通快递-W(02057)发布公告，于2025年11月28日，中通航空(本公司的并表附属实体)与中通云冷及浙 江星联订立股权转让协议，中通航空同意购买，而中通云冷同意出售浙江星联100%股权，总代价为人 民币1.78亿元。 ...

此外，收购完成后，浙江星联将成为本公司并表附属实体中通航空的全资子公司，其财务业绩将全面并 入本集团财务业绩。因此，鉴于浙江星联的稳定运营及往绩盈利，收购预期将增厚本集团的业绩并提升 对股东的回报。 截至本公告日期，中通云冷持有浙江星联100%股权。收购完成后，本集团将持有浙江星联100%股权。 浙江星联将成为本公司一家并表附属实体的子公司，其财务业绩亦将并入本集团的财务业绩。 由于浙江星联的主营业务为航空货运服务，收购将提升本集团的端到端境内外航空物流能力，并将增强 本集团在航空货运服务领域的整体竞争力。董事(包括独立非执行董事)认为，此次收购符合本集团日常 及一般业务的运营流程，特别是该收购涉及组建中通航空以优化运营及组织协同效应。 智通财经APP讯，中通快递-W(02057)发布公告，于2025年11月28日，中通航空(本公司的并表附属实体) 与中通云冷及浙江星联订立股权转让协议，中通航空同意购买，而中通云冷同意出售浙江星联100%股 权，总代价为人民币1.78亿元。 ...

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） 關連交易 收購浙江星聯100%股權 股權轉讓協議 於2025年11月28日，中通航空（本公司的併表附屬實體）與中通雲冷及浙江星聯 訂立股權轉讓協議，據此，中通航空同意購買，而中通雲冷同意出售浙江星聯 100%股權，總代價為人民幣178,000,000元。 截至本公告日期，中通雲冷持有浙江星聯100%股權。收購完成後，本集團將持 有浙江星聯100%股 ...

Core Viewpoint - Zhongtong Express Group has donated 10 million Hong Kong dollars to the Tai Po Hongfu Court Relief Fund to assist disaster-affected residents following a fire incident on November 26 [1] Group 1 - The donation will be used for emergency relief, transitional housing, supply of living materials, and post-disaster reconstruction efforts for the affected residents [1] - The Hong Kong Special Administrative Region government has established the "Tai Po Hongfu Court Relief Fund" to support residents in overcoming difficulties and to assist with related aftermath work [1] - Zhongtong Express Group expressed its commitment to maintain close communication with the Hong Kong government and collaborate with various sectors to support ongoing assistance and reconstruction efforts [1]

Core Insights - The article discusses the rapid growth and challenges in the unmanned logistics vehicle sector, highlighting significant investments exceeding 8 billion yuan and the industry's response to public sentiment amid controversies surrounding technology and safety [2][6][18]. Investment and Market Growth - The unmanned logistics vehicle sector has seen unprecedented funding, with over 8 billion yuan disclosed in investments as of now [2][6]. - Major funding rounds include 1 billion USD for Jiusi Intelligent and over 600 million USD for New Stone Technology, marking significant transactions in China's private equity landscape [2][6]. - The market is projected to reach 263.4 billion yuan by 2030, a 5.4-fold increase from 2025 [8][11]. Technological Advancements and Cost Reduction - The cost of unmanned logistics vehicles has drastically decreased from over 1 million yuan in 2018 to as low as 20,000 yuan in 2023, driven by domestic production of key components [10][11]. - The industry is transitioning from a "sell vehicles" model to a "software subscription" model, enhancing revenue potential through ongoing service fees [12][13]. Industry Dynamics and Competition - A price war has emerged among companies, with aggressive pricing strategies being employed to capture market share [12][13]. - Companies like Jiusi Intelligent and New Stone Technology are competing on price and financing options, with Jiusi offering vehicles at 1.98 million yuan and New Stone providing zero down payment plans [12][13]. Regulatory and Safety Concerns - Despite the rapid growth, there are significant concerns regarding the safety and reliability of unmanned logistics vehicles, highlighted by several accidents and public skepticism [14][15][18]. - The lack of uniform road rights across cities poses a challenge for widespread deployment, with companies like New Stone Technology actively working to secure necessary permits [16][18]. Future Outlook - The industry is expected to evolve, with projections indicating that unmanned logistics vehicles could replace traditional delivery vehicles, achieving a penetration rate of nearly 15% by 2030 [17][18]. - The ongoing competition and regulatory hurdles will shape the future landscape of the unmanned logistics vehicle market, as companies strive to balance innovation with public trust [18][20].

Core Viewpoint - UBS report indicates that ZTO Express's adjusted net profit for Q3 increased by 5% year-on-year, surpassing market expectations [1] Company Summary - ZTO Express has lowered its full-year sales growth forecast from an expected increase of 14%-18% to a revised range of 12.3%-13.8% due to significant slowdown in industry sales following price hikes influenced by regulatory actions against excessive competition [1] - UBS has raised its earnings per share (EPS) forecasts for ZTO Express from 11% to 37% for the years 2025 to 2027, based on the assumption that there will be no significant deterioration in industry pricing [1] - For 2026, UBS's new model predicts a 10% growth in business volume for ZTO Express, stable average selling price (ASP), and a 3% improvement in core cost per package, leading to a 12% increase in adjusted net profit to 10.7 billion yuan [1] - UBS has increased its target price for ZTO Express's U.S. stock from $22.9 to $26, maintaining a "Buy" rating [1]

机构：东兴证券 研究员：曹奕丰 事件：公司发布2025 三季报，Q3 单季公司完成业务量95.73 亿件，同比增长9.8%，市场份额下降0.6pct 至19.4%。公司Q3 调整后净利润25.06 亿元，同比增长5.0%。 基于行业件量增速整体下降，公司略微下调业务量指引：Q3 公司业务量增速为9.8%，低于行业均值的 13.3%，市场份额下降0.6 pct 至19.4%。三季度行业反内卷趋势逐渐成型，推动行业从数量竞争转向高 质量发展，由于以价换量受到遏制，行业件量增速呈下降趋势。此外，今年双十一行业件量略低于预 期，行业件量增速从9 月的12.7%降至10 月的7.9%，降幅较为明显。公司基于行业趋势变化，下调了中 报给出的业务指引至全年382-387 亿件，对应同比增速12.3%-13.8%（原指引为388-401 亿件，对应业务 量同比增长14%-18%），对应Q4 单季业务量增速5.9%-11.1%。 反内卷带动单票收入同比转正：公司Q3 单票收入同比增长0.02 元（1.7%）至1.21 元/票，相比于Q1 和 Q2 的分别同比下降7.8%和4.6%，收入端有一定改善。从收入结构上看，单票激励增加 ...

规模效应领先，"同建共享"理念下形成全链路竞争优势。公司资产规模和结构均领先市场，在规模效应 下干线中转降本能力具有优势。同时公司秉承"同建共享"理念，绑定全网利益，积极推进"三网叠 加"、"驿站代收"、"末端直链"等措施全链路降本，服务质量行业领先推动产品分层，进而形成全链路 竞争优势，最终公司单票盈利远高于同行，"量本利"模型持续跑通。 投资建议：公司规模效应和单票盈利领先，随产品结构优化，全链路降本项目推进，单票盈利有望继续 与同行拉开差距。短期期待市占率回归带来估值修复，长期看好电商快递龙头管理优秀强者恒强。我们 预计公司2025-2027 年营业收入分别为488.66 亿元、551.26 亿元与611.78 亿元，归母净利润分别为96.87 亿元、111.08 亿元与122.29 亿元，2025-2027 年对应PE 分别为12.26 倍、10.69 倍、9.71 倍。首次覆盖， 给予"买入"评级。 风险提示：行业件量增速不及预期；快递价格战重启；成本管控不及预期；加盟商爆仓风险。 机构：财通证券 研究员：祝玉波 三大决策"省际班车"+"有偿派费"+"股份改革"实现弯道超车。 公司凭借对加盟快递商业 ...

Core Viewpoint - The article highlights the tragic fire incident at Hong Kong's Tai Po Wang Fuk Court, which resulted in significant casualties and prompted the establishment of a relief fund by the Hong Kong government to assist affected residents [1] Company Actions - Zhongtong Express (02057) has donated 10 million HKD to the "Tai Po Wang Fuk Court Relief Fund," which will be used entirely for emergency rescue, transitional housing, supply of living materials, and post-disaster reconstruction for the affected residents [1] - The company expressed deep condolences to the victims and their families, and paid tribute to the firefighters, medical personnel, and volunteers involved in the rescue efforts [1] - Zhongtong Express committed to maintaining close communication with the Hong Kong government and collaborating with various sectors of society to support ongoing relief and reconstruction efforts [1]

Core Viewpoint - The fire incident at Hong Kong's Tai Po Wang Fuk Court has resulted in significant casualties, prompting the establishment of the "Tai Po Wang Fuk Court Assistance Fund" by the Hong Kong government to support affected residents and related efforts [1] Company Actions - Zhongtong Express (02057) has donated HKD 10 million to the assistance fund, with all funds allocated for emergency rescue, transitional housing, supply of living materials, and post-disaster reconstruction for the affected residents [1] - The company expressed deep condolences to the victims and their families, and paid high respect to the firefighters, medical personnel, and volunteers involved in the rescue efforts [1] - Zhongtong Express stated its commitment to maintaining close communication with the Hong Kong government and collaborating with various sectors of society to support ongoing assistance and reconstruction efforts [1]