Market Data - As of July 10, the Shanghai Composite Index rose by 0.48% to 3509.68 points, while the ChiNext Index increased by 0.22% to 2189.58 points [1] - In the US, major stock indices saw slight gains, with the Dow Jones up 0.43% to 44650.64 points and the S&P 500 rising 0.27% to 6280.46 points, both reaching historical highs [1] - International oil prices fell on July 10, with light crude oil futures down by $1.81 to $66.57 per barrel, a decrease of 2.65%, and Brent crude down by $1.55 to $68.64 per barrel, a drop of 2.21% [1] Economic News - The Chinese government is set to increase the basic pension level for retirees starting January 1, 2025, with an overall adjustment level of 2% based on the average monthly pension of retirees by the end of 2024 [2] - The Ministry of Commerce confirmed ongoing high-level economic talks between China and the US, emphasizing the importance of mutual respect and cooperation to stabilize trade relations [3] - The Chinese government has implemented new procurement measures for medical devices imported from the EU, limiting the proportion of non-EU companies' products to 50% for contracts over 45 million yuan [4] - The China Securities Regulatory Commission highlighted the need to optimize capital market mechanisms, which has led to increased activity from private equity funds in acquiring listed companies [7] Industry Insights - The State Post Bureau reported that China's express delivery volume surpassed 1 billion packages by July 9, 2025, indicating a growing consumer market and increasing e-commerce penetration [6] - The China Association of Automobile Manufacturers announced that in the first half of the year, automobile production and sales exceeded 15 million units, reflecting a year-on-year growth of 12.5% and 11.4%, respectively [6] - Following the central government's push to expand the use of housing provident funds, Beijing has introduced new policies to stimulate housing consumption, including "both withdrawal and loan" options [7]

广东从化天人山水荔枝园，果农甫一摘下即将熟透的荔枝，一场跨越山河的鲜味之旅便已开启。无人机 翻山越岭，智能冷藏车恒温保鲜，全货机速达千里……从岭南到西安，十二时辰间，鲜味已送达。顺丰 这条"飞机+冷链"的"荔枝飞路"已覆盖约2800个县级行政区。 新疆莎车，快递服务点堆满来自天南海北的快递；内蒙古锡林郭勒，牧民轻点手机就能在牧区收到马 具；西藏林芝，来自东南沿海的包裹也能很快收到……截至去年底，我国已累计建成1200多个县级公共 寄递服务中心、超30万个村级寄递物流综合服务站。 制图：宋 博（新华社发） 1000亿件！ 国家邮政局监测数据显示：截至7月9日，今年我国快递业务量超千亿件，比2024年达到千亿件提前了35 天。据了解，2025年第1000亿件快递为一台以旧换新的家用空调，从广东中山发往江苏常州。 "十四五"以来，我国邮政快递业持续较快发展，快递业务量已连续5年突破1000亿件。"今年千亿件的更 快诞生，既展现了邮政快递业的强劲韧性与活力，也折射出行业日益成为促进消费升级和实体经济增长 的有力支撑。"国家邮政局有关负责人表示。 超千亿件所用时间不断缩短：2022年较2021年提前7天，2023年较2 ...

今日摘要 习近平向全球文明对话部长级会议致贺信。 习近平总书记指出，建设海洋强国是实现中华民族伟大复兴的重大战略任务。党的十八大以来，我国系 统推进海洋强国建设，取得一系列突破性进展。 李强抵达开罗开始对埃及进行正式访问。 赵乐际会见韩国国会副议长。 蔡奇出席全球文明对话部长级会议开幕式并发表主旨讲话。 丁薛祥会见美国前财政部长。 今年全国夏粮产量达到2994.8亿斤，实现稳产丰收。 据美国媒体报道，美方恢复向乌克兰运送部分武器。俄罗斯方面称此举无助于外交解决冲突。 内容速览 习近平向全球文明对话部长级会议致贺信 7月10日，中共中央总书记、国家主席习近平向全球文明对话部长级会议致贺信。 【新思想引领新征程】经略海洋 向海图强 习近平总书记指出，建设海洋强国是实现中华民族伟大复兴的重大战略任务。 党的十八大以来，我国系统推进海洋强国建设，在海洋经济发展、海洋科技创新、"蓝色粮仓"建设、海 洋生态修复等方面取得了一系列突破性进展。 李强抵达开罗开始对埃及进行正式访问 应埃及总理马德布利邀请，当地时间7月9日上午，国务院总理李强乘包机抵达开罗，开始对埃及进行正 式访问。 李强会见阿拉伯国家联盟秘书长 当地时间7月 ...

这不仅是对美食的敬畏，更是对生活品质的坚持。而将这份"至味"从产地送到餐桌，考验的不仅是食材 本身的新鲜度，还有物流的速度与确定性。 在生鲜电商领域，包裹发出后的等待，是用户体验的关键考验期。 尤其是当顾客反复刷新物流详情页，却只看到包裹辗转于各个中转站，无法获知那个最关键的答 案："我的生鲜包裹，究竟何时能送达？" 一骑红尘妃子笑，无人知是荔枝来。 近期，《长安的荔枝》剧集热播，让人想起古人为了一颗荔枝千里奔波的艰辛。如今，想吃上一颗新鲜 荔枝已不再困难，尤其在岭南地区，今年荔枝大丰收，"妃子笑"价格亲民，网友们纷纷感叹实现了"荔 枝自由"。 然而，对于绝大多数消费者来说，品尝鲜果仍依赖生鲜快递。不同快递时效差异虽小，对荔枝口感的影 响却巨大——晚到十几个小时，美味可能从"贵妃待遇"跌至"平民水准"。 不仅是荔枝，其他生鲜同样讲究时效。爱吃虾的人知道，死虾与活虾、甚至死两小时和三小时的口感差 别都明显。食客蔡澜的离世让人一阵唏嘘，人们怀念他，不仅因为他的文字与见解，更因为他那句深入 人心的理念——"人间至味，从来都是对生命的热烈拥抱"。 另一方面，用户无法根据精准时间安排收货或行程，可能导致错过配送、商品滞 ...

Investment Rating - The report maintains a "Recommendation" rating for J&T Express (01519.HK) [1] Core Views - J&T Express reported a significant year-on-year increase of 66% in parcel volume in Southeast Asia for Q2, with an average daily volume of 18.5 million parcels [1][3] - The overall average daily parcel volume for the group reached 81.2 million, reflecting a year-on-year growth of 23.5% [1] - The company is expected to benefit from the strong growth of e-commerce platforms like TikTok in Southeast Asia, which is projected to reach a GMV of $128.4 billion by 2024 [1][2] - J&T Express has maintained its position as the leading express operator in Southeast Asia, with a market share of 28.6% in 2024, up 3.2 percentage points from 2023 [2][3] Summary by Sections Company Performance - In Q2, J&T Express's daily average parcel volume in Southeast Asia was 18.5 million, a 66% increase year-on-year, while the daily average volume in China reached 61.7 million, growing by 14.7% [1] - For the first half of the year, the total daily average parcel volume for the group was 76.9 million, up 26% year-on-year, with Southeast Asia showing a 57% increase [1] Market Dynamics - TikTok's e-commerce growth in Southeast Asia has been robust, with its GMV increasing from $4.4 billion in 2022 to $16.3 billion in 2023, and projected to reach $22.6 billion in 2024 [2] - J&T Express is positioned to benefit from the increasing parcel volumes driven by e-commerce growth, despite competition from platforms like Shopee and Lazada [2] Financial Projections - The target price for J&T Express is set at HKD 11.16, with the current price at HKD 8.39, indicating a potential upside of 33% [4] - Revenue projections for J&T Express are expected to grow from $10.26 billion in 2024 to $15.52 billion in 2027, with a compound annual growth rate of 15.9% [8]

Core Insights - The express delivery business volume in China has exceeded 1 trillion pieces as of July 9 this year, achieving this milestone 35 days earlier than in 2024 [1] - Since the 14th Five-Year Plan, the postal and express delivery industry in China has experienced sustained rapid growth, with express delivery business volume surpassing 1 trillion pieces for five consecutive years [1]

Core Insights - J&T Express has rapidly established itself as a significant player in the domestic express delivery market in China, leveraging aggressive pricing strategies and strategic acquisitions to gain market share [2][3][4] Group 1: Company Performance - In Q2 2025, J&T Express achieved a package volume of approximately 7.39 billion, representing a year-on-year growth of 23.5%, with an average daily package volume of 81.2 million [2] - For the first half of 2025, the total package volume reached 13.99 billion, a year-on-year increase of 27%, with an average daily volume of 76.9 million [2] - In the Chinese market, J&T Express reported a package volume of 5.61 billion in Q2 2025, a 14.7% increase year-on-year, and a total of 10.6 billion packages in the first half, up 20% [4] Group 2: Market Strategy - J&T Express entered the Chinese market in 2020 and adopted a low-price strategy to penetrate the market dominated by established players [3] - The company has made two significant acquisitions: in 2021, it acquired the domestic express business of Best Express for approximately 6.8 billion RMB, and in 2023, it acquired Shenzhen Fengwang Information Technology Co., a subsidiary of SF Express [3][4] - The company emphasizes a long-term and healthy development strategy, optimizing customer structure and dynamically adjusting operational strategies to adapt to market changes [4] Group 3: International Expansion - In Southeast Asia, J&T Express reported a record growth in Q2 2025, with a package volume of approximately 1.69 billion, a year-on-year increase of 65.9% [6][9] - The company has expanded its service network in Southeast Asia, increasing the number of service points by 700 to 10,500 and adding 800 vehicles to its fleet [7] - J&T Express has also entered new markets, achieving a package volume of 89.4 million in Q2 2025, a 23.7% increase year-on-year, and plans to continue expanding its automated equipment in Latin America and other regions [8]

Core Points - The article highlights the challenging working conditions faced by delivery personnel in Changsha during the hot summer season, emphasizing their dedication and resilience in ensuring timely deliveries despite extreme weather [1][3][9] Group 1: Working Conditions - Delivery personnel, such as Hu Linhai, start their day early in the morning, facing high temperatures and humidity while managing their delivery tasks [3][7] - The delivery area includes older buildings without elevators, making the job physically demanding as they often have to climb multiple flights of stairs to deliver packages [5][9] Group 2: Customer Interaction - Delivery personnel often receive appreciation from customers, which provides motivation and a sense of fulfillment despite the tough working conditions [7][9] - The company provides amenities like cold drinks and air conditioning at rest areas to help employees cope with the heat [7] Group 3: Delivery Volume and Challenges - On average, delivery personnel handle around 150 packages a day, which includes a variety of items, some of which require special handling due to their size or fragility [5][9] - The trust customers place in the company is highlighted, as they often choose it for handling delicate or oversized items that other services may refuse [5]

Core Viewpoint - The article highlights the inappropriate practice of using public fire hydrants as delivery points for packages, raising concerns about public safety and compliance with fire safety regulations [1][3]. Group 1: Delivery Practices - Many delivery companies allow recipients to set their package delivery preferences to public fire hydrants, which is against fire safety laws [1][3]. - The increasing volume of daily deliveries, amounting to hundreds of millions of packages, exacerbates the issue of where to leave packages when recipients are not home [1]. Group 2: Public Safety Concerns - Storing packages at fire hydrants can obstruct emergency services and violate the Fire Protection Law, which prohibits the obstruction of fire-fighting facilities [1][3]. - The presence of flammable materials in delivery packages poses additional risks to residents' safety [1]. Group 3: Solutions and Recommendations - Delivery companies should seek better solutions that balance legal compliance, public interest, and customer needs, such as increasing delivery stations or installing small parcel boxes at residences [3]. - Community and property management should actively participate in addressing improper package placements and promote fire safety awareness [3]. - Individuals are encouraged to consider alternative delivery arrangements, such as scheduling deliveries for times when they are home [3].

当前，随着电子计费、现代信息技术的运用，显著降低了快递物流业计费的技术门槛和成本。快递企业 完全可以在不过多增加成本的情况下，采用更精确、更符合实际的计费方式，例如通过升级计费系统， 采用智能称重设备自动读取物品重量，实现更精准计费。 "向上取整"这类行业惯例，本质上是一些企业单方面设定的"利己条款"，不利于市场交易的公平，还会 降低消费者对行业的信任度。破除这一潜规则，既是消费者的心声，更有利于行业健康发展。为此，需 要监管部门、企业、消费者多方发力。市场监管部门和行业协会要加强监督和引导，开展专项治理，实 行动态监测，重点核查企业计价系统算法逻辑与计价收费规则，对违规计费的企业予以查处并责令整 改。快递企业则需回归服务本质，依法依规制定公平合理的收费标准，主动公示称重设备校准记录与计 费规则等，接受社会监督。消费者如遇不合理计费行为也应主动维权，倒逼行业整改。 计费零头虽小，却是丈量市场交易公平的一把标尺。随着电商和物流业快速发展，消费者对快递服务要 求越来越高，计费精细化透明化是大势所趋。快递企业须坚守公平诚信经营，并通过持续提升服务质 量、优化运营效率增强自身竞争力，真正赢得消费者信任，推动行业行稳致 ...