Core Insights - J&T Express reported significant growth in global package volume during the Double 11 shopping festival, with over 100 million packages processed on November 11, marking a 9% year-on-year increase [1] - The average daily package volume from November 1 to 12 reached 94.59 million, reflecting a 15% year-on-year growth, particularly strong in Southeast Asia and new markets with growth rates of 78% and 83% respectively [1] Group 1: Market Performance - The Southeast Asian market showed robust growth, with the Philippines experiencing a 55% increase in average daily package volume during Double 11 compared to regular days [2] - Vietnam saw explosive growth, with a 211% year-on-year increase in total package volume from November 1 to 11 [2] Group 2: Capacity Expansion - To meet the demands of the peak season, J&T Express implemented 18 capacity expansion and upgrade projects in Thailand, enhancing operations across 10 centers and 8 distribution points, resulting in an overall capacity increase of 80% [2] - The company deployed over 300 temporary trucks daily and arranged for more than 9,000 personnel at end-point locations during the peak season [2] Group 3: Support for SMEs - In China, J&T Express became a preferred logistics partner for major e-commerce platforms, achieving a 15% year-on-year increase in average daily package volume in the Zhangzhou Longhai area during Double 11 [3] - The company optimized fulfillment processes and innovated return handling mechanisms to enhance customer experience, particularly for small and medium-sized enterprises [3] Group 4: Regional Growth - J&T Express demonstrated strong growth potential in emerging markets, with over 1 million packages processed in Brazil from November 11 to 12 due to proactive capacity expansion [4] - In Egypt, collaboration with local e-commerce platforms like noon resulted in a 41% year-on-year increase in package volume from November 1 to 12 [4] - The company continues to invest in advanced technologies such as AI sorting and automated transfer centers to enhance global logistics capabilities [4]

香港，2025年11月14日 —— 全球物流服务运营商极兔速递 (1519.HK) 宣布其双十一业务旺季的关键表 现。在"双十一"与"黑色星期五"等全球电商大促周期推动下，极兔全球订单包裹量增长迅猛。11月11日 当天，极兔速递全球包裹量再次突破亿件大关，创历史新高，同比增长9%。随着多个促销季的相继进 行，自11月1日至12日，极兔全球日均包裹量达9,459万件，同比增长15%，其中东南亚与新市场增长迅 速，分别实现78%和83%的强劲增长，充分展现了极兔在全球电商生态中不可或缺的战略地位和卓越的 服务韧性。 东南亚：业务旺季多维度保障 多个市场延续高增长 此次年末业务旺季期间，东南亚市场延续一贯活力。其中，菲律宾双十一期间日均包裹量对比平日增长 高达55%。新加坡、印尼与越南等多个东南亚市场在11月初的促销期中增长显著，其中越南市场呈爆发 式增长，在11月1日至11日期间累计包裹量同比劲增211%。 为应对年末业务旺季，极兔于泰国预先进行了18项产能拓展与升级项目，涵盖10个中心与8个集散点的 产能升级，并新增投入5套全自动化分拣设备，实现操作场地产能整体提升80%。在运力与人力保障方 面，业务旺季期间泰 ...

Core Insights - The article highlights the operational efficiency and logistics capabilities of the Guangzhou Railway Group during the "Double Eleven" e-commerce shopping festival, emphasizing the importance of rail transport in meeting increasing logistics demands [1][3][5] Group 1: Operational Efficiency - The Guangzhou Railway Group has been operating three dedicated e-commerce freight trains daily since the start of the "Double Eleven" period on November 1, 2025, ensuring rapid logistics services between major economic regions [1][3] - The logistics center completed the loading and dispatch of over 200,000 packages within a six-hour window, showcasing the effectiveness of their operational strategies [1][5] - The introduction of a new intelligent security inspection system has improved overall inspection efficiency by 15%, ensuring safety while maintaining speed [3] Group 2: Logistics Capacity - The freight trains are designed for small parcels and e-commerce deliveries, operating at a speed of 160 kilometers per hour, which is the highest speed for freight trains aside from high-speed passenger trains [3] - The logistics center anticipates sending over 10 million packages, weighing approximately 18,000 tons during the "Double Eleven" period, representing a 20% increase compared to the previous year [5] - The air-rail intermodal transport model has been further developed, with a projected 30% increase in cross-border e-commerce business volume, indicating a growing trend in logistics integration [3]

为破解"双11"运输"堵点"，北京铁路物流中心推出"三维保障体系"。在通道保障上，开辟货物分拣、装卸、转运专用通道，实施"优先接入、优先卸车、优 先查验、优先放行"的"四优先"机制，列车在站停留时间压缩至2小时以内；在协作保障上，与京东、顺丰等物流企业建立"对口转运"机制，提前锁定短驳车 辆运力，实现货物"班列到站即装车转运"的零等待衔接；在效率保障上，调配200余名工作人员24小时轮班，搭配智能分拣设备，日均处理货物超30万件， 卸车效率较平日提升30%。 数据显示，11月1日以来，黄村货场累计发送货物超178万件、到达货物超203万件，运输量较去年同期增长6%，成为电商平台应对订单洪峰的"硬核支撑"。 从凌晨的第一班列车到站，到深夜的最后一批货物转运，黄村货场的灯火始终通明。提前一天预订次日订舱货量，集货上站时间延长2小时，各物流公司有 自己的集货上站作业区，快件在站内运输流线互不干扰。北京铁路物流中心相关负责人表示，将持续优化班列开行方案，根据订单流量动态调整运力，便于 电商物流企业第一时间将快递物件送到消费者手中，以"铁路速度"筑牢物流保障线，让消费者的"购物车"更快变成"收货箱"。 同时，为高质量开 ...

Group 1 - The "Double Eleven" shopping festival is approaching, leading to increased activity among e-commerce and logistics companies across various regions in China [2][4][6] - Workers are busy sorting and dispatching packages in automated logistics centers, showcasing advancements in technology within the logistics sector [3][10][21] - Live streaming sales are becoming a popular method for e-commerce companies to engage customers, as seen in a network technology company in Wenzhou [4][5] Group 2 - In Jiangsu province, logistics workers are actively fulfilling orders in e-commerce industrial parks, indicating a robust supply chain response to the shopping festival [6][8][19] - The use of smart sorting lines in postal companies highlights the industry's shift towards automation and efficiency in package handling [10][23][24] - Unmanned delivery vehicles are being utilized for last-mile delivery, reflecting innovation in logistics solutions [19]

Core Insights - The e-commerce logistics index in China rose to 113.1 points in October 2025, marking a 0.4 point increase from September, continuing an upward trend for eight consecutive months driven by holiday consumption [1] - The total business volume index for e-commerce logistics reached a new high of 132.9 points in October, also up by 0.4 points from September, with all four major regions showing an increase [1] - The rural e-commerce logistics business volume index increased to 133.0 points in October, reflecting a 0.3 point rise from September, with notable growth in the northeastern region [1] Supply and Demand Dynamics - Demand for e-commerce remains strong, with the State Post Bureau reporting 7.23 billion express packages during the holiday period, contributing to the high logistics indices [1] - Companies are enhancing service capabilities, with logistics efficiency index, satisfaction index, and personnel index rising by 0.2, 0.3, and 0.3 points respectively in October [2] - Inventory turnover rate index decreased by 0.8 points as companies increased stocking in anticipation of the November shopping festival, while cost index fell by 0.2 points, marking five consecutive months of decline [2] Future Outlook - The upcoming promotional events like "Double 11" are expected to sustain the upward trend in demand [3]

Core Points - The Harbin Railway Bureau Group has initiated its "Double 11" e-commerce peak period express delivery service, marking a shift to a regular and efficient operation phase [1] - The company plans to utilize over 80 high-speed trains daily for express delivery during the "Double 11" period, with an expected 14% increase in express delivery capacity compared to the previous year [2] Group 1 - The Harbin Railway Bureau Group collaborates with China Railway Express Harbin Branch to leverage the advantages of high-speed rail for e-commerce logistics [2] - The express delivery service includes a network of six major high-speed railway stations in Heilongjiang Province, offering a "door-to-door" service with delivery within four hours [4] - The service is designed to accommodate various types of goods, including clothing and electronics, and has tailored solutions for special categories like fresh produce and medical supplies [4] Group 2 - The company has implemented a real-time monitoring system for the safety of goods during transport, ensuring separation of passenger and cargo services [2] - Additional services such as "high-speed pet transportation," "lost item express return," and "convenient mailing cabinets" have been introduced to enhance customer experience [4]

Core Viewpoint - The report from CICC maintains an outperform rating for Jitu Express (01519), projecting profits of $319 million and $470 million for 2025 and 2026, respectively, with corresponding P/E ratios of 37x and 25x. The target price remains at HKD 11.1, indicating a 9% upside from the current price [1]. Group 1: Southeast Asia Market - Jitu Express is expected to maintain its leading market share in Southeast Asia, benefiting from the growth of social e-commerce and the optimization of the express delivery landscape in 2025 [2]. - The company’s market share in Southeast Asia increased by 5.4 percentage points to 32.8%, while competitors saw declines in their market shares [2]. - The trend of free shipping in Southeast Asia's e-commerce is anticipated to further stimulate online shopping habits, allowing Jitu Express to leverage its scale for cost advantages [2]. Group 2: New Markets - The logistics industry in Latin America is still in its early stages, with Jitu Express positioned to benefit from increasing e-commerce penetration [3]. - The GMV of TikTok Shop in Brazil has seen significant growth, indicating a rising demand for logistics services in the region [3]. - Jitu Express is expected to maintain high growth in shipment volumes as it serves both Chinese outbound e-commerce platforms and local Latin American platforms [3]. Group 3: China Market - In the short to medium term, the company faces challenges due to price wars, but there may be relief in the second half of the year as "anti-involution" trends emerge [4]. - The company is under observation for its cost optimization progress, which could impact its performance in the competitive Chinese market [4].

Core Insights - The China E-commerce Logistics Index for September reached a new high of 112.7 points, increasing by 0.4 points from the previous month, indicating sustained growth in e-commerce logistics [1] - The total business volume index for e-commerce logistics was 132.5 points, up by 1.1 points month-on-month, with the central region showing the highest increase of 3.5 points [1] - The rural e-commerce logistics business volume index also rose to 132.7 points, marking a 1.0 point increase, with the western region experiencing the highest growth of 2.3 points [3] Demand and Economic Activity - The continuous rise in the e-commerce logistics index reflects growing demand around the e-commerce sector and indicates improving economic vitality [1] - Factors contributing to demand growth include the National Day and Mid-Autumn Festival holiday preparations, seasonal consumption changes, and back-to-school shopping [1] - Popular online consumption categories included mooncakes, cultural products, and travel-related items, with significant sales in automotive supplies and holiday gifts [1] Technological and Operational Improvements - E-commerce logistics companies are enhancing their capabilities through increased transport capacity, technological advancements, and improved services, leading to a steady rise in supply willingness and capacity [5] - Key performance indicators such as logistics timeliness, fulfillment rate, satisfaction rate, and personnel index have all shown improvement, with the satisfaction rate reaching a high of 103 points for the first time this year [5] - Cost indices have decreased, reaching the lowest level since 2023, as companies implement measures like demand forecasting and unmanned delivery to reduce costs and increase efficiency [5] Future Outlook - The upcoming National Day and Mid-Autumn Festival are expected to boost e-commerce logistics demand, while the pre-promotion activities for the "Double Eleven" shopping festival may further enhance growth in October [5]

Core Insights - The China E-commerce Logistics Index for September reached 112.7 points, marking a month-on-month increase of 0.4 points and setting a new annual high [3] - The total business volume index for e-commerce logistics was 132.5 points, up 1.1 points from the previous month, with the central region showing the largest increase of 3.5 points [3][5] Industry Performance - The China E-commerce Logistics Index has maintained growth for seven consecutive months, indicating a sustained increase in demand around the e-commerce sector and reflecting ongoing economic vitality [5] - Various factors have contributed to the rise in demand, including preparations for the National Day and Mid-Autumn Festival holidays, seasonal consumption changes, and back-to-school shopping [7] - Popular online consumption categories included mooncakes, cultural tourism products, and seasonal gifts, with strong sales in automotive supplies and travel gear as autumn consumption begins to scale up [7]