Market Environment - On February 13, 2026, the stock price of SF Express (09699.HK) adjusted, falling by 4.03% to close at HKD 13.57, influenced by a weak overall market environment where the Hang Seng Index dropped by 1.79% and the aviation logistics sector declined by 1.91%, reflecting a decrease in overall market risk appetite [1] Stock Price Situation - Technical indicators showed that the stock price fell below the 5-day and 10-day moving averages, with the MACD histogram indicating negative momentum, suggesting weak short-term performance. The KDJ indicator's J line approached the oversold zone, reflecting cautious market sentiment [2] Fund Flow - On the same day, there was a net outflow of HKD 3.12 million in funds, with institutional investors contributing a net outflow of HKD 1.12 million and retail investors a net outflow of HKD 1.99 million, putting direct pressure on the stock price [3] Industry Policy Status - On February 10, 2026, the Ministry of Industry and Information Technology and four other departments released policies supporting low-altitude economic infrastructure. However, the instant delivery industry faced regulatory scrutiny, with seven departments conducting administrative guidance on 16 platforms and courier companies, including Meituan and SF Express, emphasizing the protection of new employment forms. This guidance, while typical for the industry, may raise short-term concerns about cost structures [4] Company Latest Valuation - According to a report by Shenwan Hongyuan on February 3, 2026, SF Express is expected to see a year-on-year growth of no less than 80% in net profit attributable to shareholders for 2025, but its price-to-earnings ratio stands at 54.57, higher than the industry average. Some investors may choose to take profits following the earnings forecast announcement [5]