国盛证券（002670）看好快递行业两条投资主线。1)出海线：快递出海，天地广阔，海外电商GMV爆 发式增长，带动快递业务量迅猛增长；2)"反内卷"线：快递行业增速由于基数增大和快递价格拉涨等因 素持续放缓，通达内部分化并未因为"反内卷"而中断，反而因为行业增速红利消减而加大。"反内卷"背 景下更考验快递总部管理能力和网络实力，头部快递竞争实力能显著放大，份额逐步向其集中。头部快 递份额、利润同步提升，有望迎来双击。 中泰证券（600918）认为，"反内卷+无人化"共同催化快递行业经营质量改善，跨境物流关注嘉友国际 （603871）盈利改善持续性。1)快递行业高质量发展持续推进，"反内卷"政策或加码提振行业盈利预 期。2)无人驾驶或加速催化产业变革。目前，京东、菜鸟、顺丰等物流快递巨头在无人车等相关领域均 有布局，在政策推动、技术进步与资本加持背景下，配送业务变革或加速。 12月16日记者从国家邮政局获悉，前11个月，我国邮政行业寄递业务量累计完成1967.5亿件，同比增长 12.9%。其中，快递业务量累计完成1807.4亿件，同比增长14.9%。当日，国家邮政局公布邮政行业运行 情况。前11个月，我国邮政行 ...

广场上，一块写有"中小企业能办大事"的巨石格外醒目。 □ 本报记者集体采写 时光悠悠，珠水静流。7年后，记者走进明珞装备的大门，巨石上"中小企业能办大事"几个字更显得沉 稳、鲜明。"是来找姚总的吧？他正在'魔幻岛'呢。"还未开口，一个热情的小伙子便明白了记者的来 意。 此刻的"魔幻岛"，正在上演一场关于时间的魔法：金属碰撞的轻响中，机械臂如舞者舒展身姿，精准地 抓取、焊接……不到20秒，仅是常人一两次深呼吸的时长，不同车型的白车身部件加工就已完成了切 换。 董事长姚维兵正站在"岛"旁，紧盯屏幕上的实时数据。这位从湖北小城走出的"新粤商"，用17年时间， 带领6人小团队，依靠15万元启动资金，一路闯关夺隘，上演了一部国家级制造业单项冠军企业诞生 的"传奇"。 民营企业对我国经济发展贡献很大，前途不可限量。党中央一直重视和支持非公有制经济发展，这一点 没有改变、也不会改变。创新创造创业离不开中小企业，我们要为民营企业、中小企业发展创造更好条 件。 ——2018年10月24日，习近平总书记在调研广州明珞汽车装备有限公司等民营企业时指出 广州黄埔，一片大型厂区内，一块刻着"中小企业能办大事"的巨石静立，与车间内起舞的 ...

Core Viewpoint - The establishment of inspection and testing alliances in Jiangsu Province is a strategic move to enhance the integration of inspection and testing services with key industrial chains, thereby accelerating the development of modern industrial systems and promoting high-quality growth in the low-altitude and advanced communication sectors [1][2][4]. Group 1: Establishment of Alliances - Jiangsu Province has initiated the establishment of two key inspection and testing alliances: the Low Altitude Industry Inspection and Testing Alliance and the Advanced Communication Industry Inspection and Testing Alliance, responding to national infrastructure development goals [2][3]. - The Low Altitude Industry Inspection and Testing Alliance aims to consolidate resources and foster collaborative innovation to support the high-quality development of the low-altitude economy [3][9]. - The Advanced Communication Industry Inspection and Testing Alliance focuses on integrating inspection and testing capabilities, technological innovation, and talent resources to enhance the advanced communication industry [3][4]. Group 2: Membership and Coverage - As of the end of October, the Low Altitude Industry Inspection and Testing Alliance has 151 member units, covering 12 cities in Jiangsu Province and including organizations from Shanghai, Zhejiang, Shandong, and Guangdong [3][4]. - The Advanced Communication Industry Inspection and Testing Alliance has been established to create a comprehensive inspection and testing capability list, facilitating resource sharing among member units [3][4]. Group 3: Service Model and Achievements - The alliances provide a "one-stop" service model, addressing the needs of enterprises by offering integrated solutions for quality management, inspection, testing, and certification [6][7]. - The Advanced Communication Industry Inspection and Testing Alliance has successfully completed over 40 vehicle models' certifications for the Middle East market, significantly aiding domestic automotive companies in their international expansion [6][10]. - The Low Altitude Industry Inspection and Testing Alliance has developed a domestic wind tunnel testing system for drones, addressing the industry's need for cost-effective and efficient compliance testing methods [9][10]. Group 4: Focus on Standards and Long-term Mechanisms - The alliances emphasize the importance of standardization in driving industry development, with initiatives to create and promote local standards for low-altitude applications and RFID technology [11]. - Regular events, such as the "Precision Service Quality Empowerment" conference, facilitate ongoing dialogue between enterprises and experts, ensuring that industry challenges are addressed in a timely manner [8][11]. - The Jiangsu Provincial Market Supervision Administration plans to deepen collaboration between inspection and testing services and industrial development, further enhancing the support for high-quality growth in the region [11].

Core Insights - During the "14th Five-Year Plan" period, Huai'an aims to establish itself as a modern service industry development hub in northern Jiangsu, integrating deeply into the Yangtze River Delta, focusing on project-driven growth and environmental enhancement [1] Group 1: Service Industry Growth - The added value of the service industry in Huai'an increased from 198.47 billion yuan at the end of the "13th Five-Year Plan" to 283.07 billion yuan in 2024, with an average annual growth rate of 7.68% [1] - In the first three quarters of 2025, the service industry added value reached 213.60 billion yuan, a year-on-year increase of 6.6% [1] Group 2: Key Industries - Huai'an focuses on three main industries: ecological culture and tourism, modern logistics, and modern commerce, which are essential for solidifying the foundation of the service industry [2] - The logistics sector saw significant growth, with waterway transport volume reaching 53.39 million tons, a 9.6% increase, and railway freight volume increasing by 74.8% to 647,000 tons in the first three quarters of 2025 [2] Group 3: Tourism Development - The total revenue from tourism in Huai'an grew from 26.69 billion yuan at the end of the "13th Five-Year Plan" to 57.51 billion yuan in 2024, with an average annual growth rate of 26.18% [3] - In the first three quarters of 2025, tourism revenue reached 47.71 billion yuan, a year-on-year increase of 13.03%, with 41.26 million domestic and international visitors [3] Group 4: Commercial Market Dynamics - The retail sales of consumer goods in Huai'an reached 48.19 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 7.8% [4] - E-commerce is rapidly developing, with online retail sales amounting to 17.15 billion yuan, a year-on-year increase of 16.8% [4] Group 5: Innovation and Digital Transformation - Huai'an is focusing on innovation-driven development, with the digital economy core industry reaching 41.14 billion yuan in 2024, growing at an average annual rate of 13.2% [6] - The city has established 11 data centers with a total computing power of approximately 158 PFLOPS, enhancing its digital service infrastructure [5] Group 6: Future Outlook - Huai'an is transitioning from scale expansion to a focus on quality and efficiency in the service industry, aiming to strengthen its service industry system and drive modernization [7]

Core Viewpoint - Aneng Logistics has announced its decision to delist from the Hong Kong Stock Exchange, with a consortium led by Da Cheng Capital, Temasek, and Danming Capital facilitating the privatization process. The CEO, Qin Xinghua, will transition to a senior advisory role, raising questions about the company's future performance post-delisting [1][3]. Group 1: Delisting and Privatization - Aneng Logistics plans to privatize at a cash offer of HKD 12.18 per share, valuing the company at approximately HKD 14.3 billion, a 48.54% premium over the last unaffected closing price of HKD 8.2 on September 3, 2025 [3]. - The consortium, including key executives, holds a combined 35.74% of the company's issued shares, indicating strong internal support for the privatization proposal [3]. - The decision to delist is attributed to long-term stock price pressure and low trading volumes since 2021, which have limited the company's ability to raise capital through public markets [4]. Group 2: Financial Performance and Strategic Shift - In 2022, Aneng reported a revenue of CNY 9.335 billion, a year-on-year decline of 3.22%, and a net loss of CNY 408 million, significantly reduced from a loss of CNY 2 billion in 2021 [5]. - The company has shifted its strategy from focusing on volume and scale to prioritizing profitability and quality, implementing reforms to enhance operational efficiency [5][6]. - In 2024, Aneng's adjusted pre-tax profit and net profit reached CNY 1.084 billion and CNY 837 million, respectively, marking year-on-year increases of 65.7% and 64.2% [6]. Group 3: Market Position and Future Outlook - The logistics industry is facing intensified competition, and Aneng's delisting may allow for more flexible and efficient strategic decisions without the pressures of short-term market expectations [7][8]. - Despite the potential benefits of privatization, Aneng will continue to compete against major players like SF Express and Debon, which have strong backing from companies like JD and Jitu [8]. - Analysts suggest that Da Cheng Capital may pursue acquisition strategies or consider re-entering the public market after restructuring Aneng's operations [8].

Core Viewpoint - Aneng, a less-than-truckload (LTL) logistics network operator, has announced its decision to delist from the Hong Kong Stock Exchange, backed by a consortium led by Dazhong Capital, Temasek, and Danming Capital, with CEO Qin Xinghua transitioning to a senior advisory role [1][4][6]. Delisting Proposal - The consortium has proposed a cash offer of HKD 12.18 per share, valuing Aneng at approximately HKD 14.3 billion, which represents a 48.54% premium over the last unaffected closing price of HKD 8.20 on September 3, 2025 [5][6]. - The proposal has received irrevocable commitments from key executives, including CEO Qin Xinghua and COO Jin Yun, who collectively hold 35.74% of the company's issued shares [4][5]. Financial Performance and Challenges - Aneng's stock has faced long-term pressure since 2021, with trading volumes declining and the company incurring significant administrative and compliance costs associated with maintaining its public status [6][10]. - The company reported a revenue of CNY 9.335 billion in 2022, a year-on-year decline of 3.22%, and a net loss of CNY 408 million, although this was a significant reduction from a loss of CNY 2 billion in 2021 [8][9]. - In 2023, Aneng's adjusted pre-tax profit and net profit increased by 65.7% and 64.2%, respectively, with total freight volume rising by 17.5% to 14.15 million tons [9]. Strategic Shift - The decision to delist is seen as a move to alleviate the burdens of public company obligations and refocus resources on core business operations, enhancing operational efficiency [6][10]. - Aneng aims to shift from a growth-at-all-costs strategy to one focused on profitability and quality, including targeting the higher-margin small parcel market and optimizing its logistics network [8][9]. Market Context - The logistics industry is experiencing intensified competition, with Aneng facing challenges from major players like SF Express and Debon Logistics, as well as the backing of significant entities like JD.com and Jitu [11]. - The private equity involvement from Dazhong Capital is reminiscent of its previous restructuring efforts with Luckin Coffee, indicating a potential for strategic acquisitions or future market re-entry [10][11].

Core Viewpoint - Aneng, a less-than-truckload (LTL) logistics network operator, has announced its decision to delist from the Hong Kong Stock Exchange, backed by a consortium led by Dazhong Capital, Temasek, and Danming Capital, with CEO Qin Xinghua transitioning to a senior advisory role [1][4]. Group 1: Delisting and Privatization - The consortium has received irrevocable commitments from CEO Qin Xinghua and COO Jin Yun, who collectively hold 35.74% of the company's issued shares, to support the privatization proposal [4]. - The proposed cash offer is set at HKD 12.18 per share, valuing Aneng at approximately HKD 14.3 billion, representing a 48.54% premium over the last unaffected closing price of HKD 8.20 on September 3, 2025 [5][6]. - Aneng's management cited long-term stock price pressure and low trading volume since 2021 as reasons for the delisting, which will allow the company to save costs and focus on core operations [6]. Group 2: Financial Performance and Strategic Changes - In 2022, Aneng reported a revenue of CNY 9.335 billion, a year-on-year decline of 3.22%, with a net loss of CNY 408 million, significantly reduced from CNY 2 billion in 2021 [8]. - The company has shifted its strategy from focusing on volume and scale to prioritizing profitability and quality, including targeting the higher-margin small parcel market [8][9]. - In 2024, Aneng's adjusted pre-tax profit and net profit reached CNY 1.084 billion and CNY 837 million, respectively, with year-on-year growth rates of 65.7% and 64.2% [9]. Group 3: Market Position and Future Outlook - Aneng's delisting is seen as a move to alleviate the burdens of public company status, allowing for more flexibility in strategic decision-making without the pressures of short-term market expectations [10]. - Despite the delisting, Aneng will continue to face intense competition from established players like SF Express and Debon, which are backed by significant capital [11]. - Industry experts suggest that Dazhong Capital may pursue acquisition strategies post-privatization, with the potential for Aneng to re-enter the public market depending on future developments [11].

Core Viewpoint - Aneng Logistics, a leading player in China's less-than-truckload (LTL) market, is set to be privatized and delisted from the Hong Kong Stock Exchange, with a valuation of approximately HKD 14.3 billion (USD 1.84 billion) as part of a proposal by a consortium including Da Cheng Capital, Temasek, and True Light Capital [1][2][3] Group 1: Privatization Details - The consortium's proposal includes a cash offer of HKD 12.18 per share, representing a premium of 48.54% over the last closing price of HKD 8.20 before unusual trading activity [3] - The consortium holds approximately 52.40%, 23.80%, and 23.80% stakes in the company, respectively, and has received irrevocable commitments from the CEO and COO, who collectively hold about 35.74% of the shares [2][3] - The privatization price is final, and the offeror does not reserve the right to increase the price [3] Group 2: Business Context - Aneng Logistics operates a vast network with over 38,000 freight partners, covering over 99.6% of China's counties and towns [2] - The company has faced challenges due to macroeconomic factors and increased competition in the LTL sector, prompting the need for strategic measures that may impact short-term financial performance [4] - In the first half of 2025, Aneng Logistics reported revenue of CNY 5.625 billion, a year-on-year increase of 6.4%, and an adjusted net profit of CNY 476 million, up 10.7% [4] Group 3: Rationale for Delisting - The decision to delist is driven by the need to focus on core business operations without the pressures of short-term market expectations and stock price volatility [4][5] - Since its listing in November 2021, Aneng Logistics' stock price has struggled to exceed the initial offering price, leading to limited capital-raising capabilities [5] - The delisting is expected to allow the company to save costs associated with maintaining its public listing and reallocate resources to enhance operational efficiency [5] Group 4: Future Plans - Post-privatization, the consortium plans to continue existing operations and explore new strategic growth opportunities while maintaining the current workforce [6]

Group 1 - The 19th China (Shenzhen) International Logistics and Supply Chain Expo has commenced, attracting over 2,200 exhibitors from more than 60 countries and regions, highlighting the global interest in China's logistics market [1][2] - The expo covers an area of nearly 130,000 square meters, with over 20% of exhibitors being international, indicating a strong global engagement in logistics and supply chain opportunities [2] - The participation of companies from countries like Uzbekistan, Georgia, Romania, and Azerbaijan marks a new trend, driven by the continuous upgrade of the China-Europe transport routes, enhancing supply chain resilience for Chinese enterprises [2] Group 2 - In the first half of the year, Shenzhen's transportation, warehousing, and postal industries saw a value-added growth of 9.0% and a revenue increase of 12.3%, contributing significantly to economic growth [3] - Shenzhen Port achieved a container throughput of 17.23 million TEUs, a year-on-year increase of 10.8%, while Shenzhen Airport handled 983,000 tons of cargo, growing by 14.0% [3] - The China-Europe Railway Express (Shenzhen) operated 87 trains with a cargo value of $348 million and a weight exceeding 40,000 tons, showcasing the robust logistics capabilities of the region [3] Group 3 - The expo serves as a platform for showcasing new technologies and models in logistics, with a focus on digitalization and sustainability [4] - SF Express presented its "SF Super Brain," an AI-driven decision-making platform that optimizes logistics operations, potentially generating over $1 billion in economic benefits and reducing carbon emissions by hundreds of thousands of tons [4] - Lingniu Technology showcased a hydrogen-powered heavy truck, which offers a range of 450-500 kilometers and a competitive operating cost, indicating a promising future for hydrogen energy in commercial vehicles [4]

Core Insights - The report highlights the significant growth potential in the pet medical market, driven by increasing pet ownership and the aging of pets, with a projected market size of 549 billion yuan by 2024 and a potential growth to 1,011 billion yuan by 2030 [10][12] - The report emphasizes the advantages of nationwide chain pet medical institutions in terms of medical technology and platform management, which are crucial for providing comprehensive services and maintaining competitive advantages [13][14] - The report identifies key players in the domestic pet medical market, including New Ruipeng, Ruipai, and Ruichen, which are establishing a competitive landscape with a focus on operational quality and efficiency [14] Company-Specific Insights - Weixinno has signed an investment cooperation agreement with Kunshan Weixin to establish a global new display industry innovation center project with a total investment of approximately 5 billion yuan [4] - Dongshan Precision is planning to issue H shares and list on the Hong Kong Stock Exchange, with discussions ongoing with relevant intermediaries [4] - Hualing Cable intends to acquire control of Anhui San Bamboo Intelligent Technology Co., which produces connectors for high-end applications [4] - Postal Savings Bank announced the absorption and merger of its wholly-owned subsidiary, optimizing its management and business structure [4] - Wolker Materials has approved an investment of up to 1 billion yuan for a new materials project in Jiangsu Province [4] Industry Insights - The report discusses the ongoing trend of "anti-involution" in the express delivery industry, which has led to a decrease in the practice of competing on price, resulting in a noticeable increase in single-ticket revenue for companies like Shentong and Yunda [6][7] - The express delivery industry is experiencing a slowdown in volume growth, with a year-on-year increase of 12.3% in August, indicating a shift towards service quality over price competition [6][8] - The report anticipates that the anti-involution policies will continue to positively impact industry profitability and stock prices, particularly for leading companies like Zhongtong and Yuantong [8]