Core Viewpoint - The company, Haowei Group, aims to deepen strategic collaboration with Aixin Yuanzhi by leveraging core technologies in visual terminals, edge computing, and smart automotive sectors, enhancing long-term competitiveness through effective resource integration and collaboration [1] Group 1: Strategic Collaboration - Haowei Group's subsidiary, Weier Hong Kong, plans to invest up to 50 million USD in Aixin Yuanzhi's initial public offering on the Hong Kong Stock Exchange [1] - The investment is intended to promote strategic cooperation in areas such as intelligent driving and edge AI, thereby enhancing the company's technological reserves and supply chain resilience [1] Group 2: Shareholding and Related Transactions - The shareholding percentage in Aixin Yuanzhi will be determined based on the market value at the time of issuance [1] - The chairman and controlling shareholder, Mr. Yu Renrong, holds 1.12% of Aixin Yuanzhi's shares prior to this public offering, which constitutes a related party transaction under relevant regulations [1]

Group 1 - The core point of the announcement is the strategic mutual shareholding agreement between SF Holding and Jitu Express, involving an investment transaction amounting to nearly HKD 8.3 billion [1] - SF Holding will issue 226 million H-shares at a price of HKD 36.74 per share to Jitu Express, while Jitu Express will issue 822 million Class B shares at a price of HKD 10.10 per share to SF Holding [1] - After the transaction, SF Holding will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Holding [1] Group 2 - The mutual shareholding is expected to leverage the complementary strategic synergies between the two companies, enhancing their end-to-end cross-border logistics solutions and domestic service capabilities [2] - SF Holding's strengths in high-quality logistics and international networks will complement Jitu Express's rapid expansion in the e-commerce delivery market [2] - The partnership aims to create a global smart logistics ecosystem by integrating SF Holding's air trunk lines with Jitu Express's end networks across 13 countries, improving efficiency in emerging markets [2]

Core Viewpoint - The phenomenon of voluntary delisting in the A-share market is not merely a result of poor management but a rational choice made by companies based on their development and industry trends, reflecting a mature delisting ecosystem in the capital market [1]. Group 1: Reasons for Voluntary Delisting - Industry consolidation and strategic synergy are the primary reasons for companies opting for voluntary delisting. As industry concentration continues to rise, leading enterprises often consolidate resources through mergers and acquisitions, with voluntary delisting serving as a significant pathway to achieve this goal [3].

同日，顺丰发布投资者关系活动记录表。顺丰管理层在接待229位投资者调研时表示，通过本次合作，双方将更好地利用顺丰跨境干线与极兔海外末端能力 的优势进行互补，这不仅有助于提升顺丰全球网络的覆盖深度与运营效率，还为双方未来探索关键基础设施的共同投资机会创造有利条件。 每经记者｜赵雯琪 每经编辑｜余婷婷 中国物流行业迎来一场标志性的深度合作。 1月15日，顺丰控股（002352.SZ，06936.HK）与极兔速递（01519.HK）联合发布公告，宣布达成一项战略性的相互持股协议，将互为对方增发新股，投资 交易金额达83亿港元。 此次合作远非偶然。从2023年极兔收购顺丰旗下丰网，到顺丰现身极兔IPO（首次公开募股）基石投资者名单，双方关系在过去三年里持续深化，最终从业 务合作升级为资本与战略的双重协同。 双方合作并非偶然 在多位业内人士看来，极兔和顺丰的深度合作并不是偶然事件。 图片来源：据港交所公告制图 快递专家赵小敏在接受《每日经济新闻》记者采访时表示，中国快递行业规模最大（顺丰）与发展速度最快（极兔）的企业联手，将加剧快递企业的竞争压 力，可能使价格战加速走向终结，倒逼其他企业调整策略。 顺丰董事候选人将加入 ...

Group 1 - Jitu Express and SF Holding announced a strategic mutual shareholding agreement with an investment amount of HKD 8.3 billion [1] - Jitu Express will issue 822 million Class B shares to SF Holding at HKD 10.10 per share, while SF Holding will issue 226 million H shares to Jitu Express at HKD 36.74 per share [1] - After the transaction, SF Holding will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Holding [1] Group 2 - The strategic cooperation aims to leverage the complementary strengths of both companies in the global supply chain context, focusing on efficient integration of scarce resources in end-to-end cross-border logistics [2] - SF Holding's core resources in cross-border logistics and Jitu's efficient last-mile delivery network will provide customers with a more reliable one-stop comprehensive logistics service [2] - The collaboration is expected to enhance both companies' logistics capabilities in overseas markets, promoting growth in overseas business, which is a key growth engine [2]

证券代码：002352 证券简称：顺丰控股 顺丰控股股份有限公司投资者关系活动记录表 编号：2026-01 | | □特定对象调研 分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | | □现场参观 | | | □其他 | | | Bank of America、Baron Capital、BlackRock、BNP Paribas、Citi、 Goldman Sachs、Greenwoods、J.P. Morgan、Macquarie、Morgan | | | Stanley、UBS、Value Partners、博时基金、大成基金、重阳投资、 | | 参与单位名称及 | 富国基金、高毅资产、工银瑞信、国泰基金、和谐汇一、华夏基金、 | | 人员姓名 | 景顺长城、泉果基金、睿郡资产、易方达基金、银华基金、远致瑞 | | | 信、中欧基金、长江证券、广发证券、华泰证券、兴业证券、中信 | | | 建投证券、中信证券、中金公司等众多机构和个人股东，总计约 229 | | | 位投资者。 | | 时间 | 年 月 日 ...

据介绍，顺丰控股将凭借在跨境头程与干线段的核心资源优势和成熟运营体系，结合极兔速递在全球13 个国家的末端网络与本地化运营优势，共同增强端到端跨境物流解决方案的网络覆盖和产品竞争力。同 时，在国内业务方面，双方在网络资源、客户群体、产品结构和差异化上具备较大互补协同空间，有助 于共同拓展服务边界。 截至发稿，极兔速递H股报11.86港元/股，涨幅为1.02%；顺丰控股A股报39.38元/股，涨幅为2.15%，H 股报36.18港元/股，涨幅为2.32%。 战略性相互持股实现优势互补 1月15日上午，顺丰控股与极兔速递联合发布公告，宣布达成一项战略性的相互持股协议，将互为对方 增发新股，投资交易金额达83亿港元。交易完成后顺丰控股将持有极兔速递10%股份，极兔速递将持有 顺丰控股4.29%股份。 根据协议，顺丰控股将向极兔速递增发2.26亿股H股股份，发行价为每股36.74港元；极兔速递将向顺丰 控股增发8.22亿股B类股份，发行价为每股10.10港元。交易完成后，顺丰控股将持有极兔速递10%的股 份，极兔速递将持有顺丰控股4.29%的股份。 顺丰控股称，此次合作旨在借助双方优势资源，共同构建一个覆盖更广、效率 ...

国泰海通发布研报称，近日一汽与零跑汽车(09863)签署投资和合作协议。该行认为，此次合作标志着 双方战略协同进一步深化，为长期发展注入持续动力。维持"增持"评级，2025/26/27年归母净利润预测 13/48/76亿元不变。该行用PS法为公司估值，参考可比公司，给予公司2026年估值0.8倍PS，对应目标 价68.73港元(按1港元=0.8991人民币汇率换算)。 国泰海通主要观点如下： 根据公司公告，公司已有条件同意发行7483.22万股内资股，而一汽股权已有条件同意认购7483.22万股 内资股，认购价为内资股每股50.03元(相当于55.29港元)。相较于12月24日零跑汽车收市价49.94港元， 以及协议日期前连续5个交易日平均收市价49.23港元，这一认购价均存在溢价。7483.22万股内资股相当 于零跑汽车已发行内资股总数的约25.74%、经扩大已发行内资股的约20.47%;相当于已发行股份总数的 约5.26%，以及经扩大已发行股份的约5%。本次认购完成后，朱总及一致行动人股权22.56%， Stellantis18.99%，整体股权结构仍保持稳定。 事件 2025年12月28日，中国一汽与零 ...

在德邦发布停牌公告之后，投资者平台上出现了关于德邦股份通过资产注入、京东物流回A股等多种猜 想。针对此类猜想，相关投行业内人士表示，从监管要求、业务逻辑与行业实际来看，这些路径均不具 备可行性，主动退市是最优解。 首先，京东物流体系其他物流资产的注入无法解决核心的同业竞争问题。物流行业中，快递、快运与供 应链业务的边界并无清晰明确的界定，尤其是供应链业务涵盖仓配一体化、干线运输、末端配送等多个 环节，本质上是 "仓+快运+快递" 的融合形态。即便德邦股份与其他物流资产进行整合，仍可能认定为 与京东物流的供应链业务存在同业竞争，无法从根本上解决同业竞争，反而可能增加业务复杂度与监管 风险。 其次，京东物流回A上市或资产注入等方式不符合当前监管政策要求。全面实行注册制后，境外上市的 红筹企业申请A股主板上市需满足严格条件，京东物流的行业属性与市值规模均难以满足要求。对比各 类资本运作方式的约束条件，主动退市能够直接解决同业竞争问题，推进资源整合，是当前最具可操作 性、最能保障各方利益的路径选择。 1月13日，发布停牌公告后的德邦股份（603056.SH）宣布主动撤回A股股票上市交易。据了解，主动退 市并非偶然的资 ...

Core Insights - The capital market was disrupted by the investment performance of MiniMax, a gaming company that went public on January 9, 2026, with a closing increase of 109.1% and a market capitalization exceeding 100 billion HKD [1] - MiHoYo, a game company known for its hit title Genshin Impact, has become a significant player in the investment landscape, holding 11.86% of Suplay and 7.34% of MiniMax, showcasing its successful investment strategy [1][2] Investment Strategy - MiHoYo's investment strategy has evolved from financial investments to strategic partnerships, with a focus on leveraging its IP and capital to enhance business growth [3][9] - The company has successfully transformed Suplay, which initially struggled, through an $8 million investment and subsequent IP licensing agreements, leading to a revenue increase from 146 million CNY in 2023 to 281 million CNY in 2024, a growth of 92.5% [4][3] Strategic Collaborations - MiHoYo's investment in MiniMax is characterized by a forward-looking strategy, as it partnered with leading investors in the AI space before the market boom, integrating MiniMax's technology into its games to enhance user experience [5][6] - The collaboration between MiHoYo and MiniMax exemplifies a win-win scenario, where MiHoYo's games provide real-world applications for MiniMax's technology, while the latter enhances the gaming experience [6] Investment Timeline - MiHoYo's investment timeline reflects a shift from focusing on the ACG (Anime, Comic, and Game) ecosystem to exploring cutting-edge technologies, including brain-computer interfaces and nuclear fusion, indicating a strategic foresight into future trends [8][9] - The company has also invested in the AI and social platform Soul, becoming its second-largest institutional shareholder, which aligns with its strategy to tap into the "social + virtual avatar" market [7] Market Challenges - Despite its successful investments, MiHoYo's core gaming business faces challenges, including declining market share and increased competition from Tencent and NetEase, which have pressured its growth [10][11] - The company has seen a drop in its ranking among global mobile game publishers, indicating a need for new breakthroughs to maintain its competitive edge [10][11]