1月22日，DeepWay深向与申通快递在上海举行车辆交付仪式，100台深向星辰新能源重卡顺利交付申通快递。此举标志着在快递干线 运输场景中，双方合作已正式迈入规模化运营新里程。 DeepWay深向售后服务中心负责人吴凌 随后，DeepWay深向售后服务中心负责人吴凌也表示，"申通快递是DeepWay深向重要的战略伙伴，从首批车辆的运营，到如今第二 批大规模交付，每一次携手都基于真实的运营成效。我们期待继续与申通并肩，共同打造更绿色、更高效、更智慧的干线运输体系，为 行业可持续发展贡献力量。" 2025年初，申通快递已率先在行业内引入36台深向星辰智能新能源重卡，投入到江浙沪区域23条核心运输线路中。历经长时间、高强 度的实际运营考验，这批车辆在稳定性与能耗控制等方面表现卓越。基于首批车辆的可靠运行数据和出色TCO表现，申通快递再次选择 与DeepWay深向携手，进一步扩大合作规模。 作为快递行业头部企业，申通快递敢为人先，在干线运输中率先规模化引入电动重卡，具有显著的行业示范意义。这不仅验证了电动重 卡在快递快运场景中的商业可行性，也推动全行业从"观望"走向"规模化复制"。 申通快递车辆研究专家王章涛 "智 ...

Core Viewpoint - The logistics industry in China is undergoing a significant transformation as major players like JD Logistics and SF Express shift from price wars to ecosystem collaboration, marking a new competitive landscape in the sector [2][14]. Group 1: JD Logistics and Debon - JD Logistics announced a cash acquisition of Debon for 3.797 billion yuan, at a 35% premium to the stock price before suspension, completing a strategic layout in the express delivery sector [2][5]. - The acquisition follows JD's initial investment in Debon in 2022, culminating in a total investment exceeding 12 billion yuan over four years [5]. - Debon holds a leading market share in large parcel and less-than-truckload logistics, particularly in home appliances and furniture, which complements JD's existing logistics capabilities [5][6]. - The integration of Debon enhances JD's strengths in warehousing and last-mile delivery while addressing gaps in trunk transportation and large item handling [6]. Group 2: SF Express and Jitu - SF Express and Jitu have formed a strategic alliance through mutual shareholding, with a transaction value of 8.3 billion Hong Kong dollars, indicating a long-term commitment to collaboration [2][7]. - The partnership allows SF Express to leverage Jitu's strengths in e-commerce logistics and lower-tier markets, while Jitu benefits from SF's established high-end service network [9][10]. - This collaboration is expected to enhance both companies' international logistics capabilities, with SF focusing on cross-border supply chain strengths and Jitu providing essential last-mile resources in Southeast Asia [10][12]. Group 3: Industry Trends and Competitive Dynamics - The logistics market in China is transitioning towards an oligopolistic structure, with the top eight companies holding 85% market share, and the top three (SF, JD Logistics, Jitu) accounting for over 50% [14][15]. - Companies are shifting their strategic focus from scale expansion to quality improvement and ecosystem development, emphasizing service differentiation, digital transformation, and green logistics [16][17]. - The competition is evolving beyond traditional logistics services to encompass the entire supply chain, with JD Logistics offering integrated solutions and SF Express building a comprehensive ecosystem [16][17]. - The effectiveness of different operational models, such as JD's closed ecosystem versus SF's open platform, remains to be seen, as both face unique challenges and opportunities in the evolving market [18][20].

Core Viewpoint - SF Holding (002352) shows a steady growth in revenue and profit, despite a decline in quarterly net profit for Q3 2025, indicating potential challenges in maintaining profitability in the short term [2]. Financial Performance - For the first three quarters of 2025, SF Holding reported a total revenue of 225.26 billion yuan, an increase of 8.89% year-on-year [2]. - The net profit attributable to shareholders reached 8.31 billion yuan, up by 9.07% year-on-year [2]. - The net profit excluding non-recurring items was 6.78 billion yuan, reflecting a modest increase of 0.52% year-on-year [2]. - In Q3 2025, the company achieved a single-quarter revenue of 78.40 billion yuan, marking an 8.21% year-on-year increase [2]. - However, the single-quarter net profit attributable to shareholders was 2.57 billion yuan, down by 8.53% year-on-year [2]. - The net profit excluding non-recurring items for Q3 was 2.23 billion yuan, showing a decline of 14.17% year-on-year [2]. - The company's debt ratio stands at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan [2]. - The gross profit margin is reported at 12.96% [2]. Market Activity - As of January 22, 2026, SF Holding's stock closed at 39.67 yuan, with a slight increase of 0.43% [1]. - The trading volume was 304,200 hands, with a total transaction value of 1.21 billion yuan [1]. - The net inflow of main funds was 31.04 million yuan, accounting for 2.56% of the total transaction value, while retail investors saw a net inflow of 32.54 million yuan, also representing 2.69% [1]. - Conversely, speculative funds experienced a net outflow of 63.58 million yuan, which is 5.25% of the total transaction value [1]. Analyst Ratings - Over the past 90 days, 18 institutions have provided ratings for SF Holding, with 15 recommending a buy and 3 suggesting an increase in holdings [2]. - The average target price set by institutions in the last 90 days is 51.03 yuan [2].

Group 1 - The core viewpoint of the article emphasizes the differences in the 2026 intelligentization trend compared to previous years, highlighting a stronger focus on AI logic and software opportunities rather than hardware and C-end sales [4][11][13] - Important catalysts for the Robox resonance in 2026 include model iterations from major players like Tesla and Xiaopeng, the promotion of RoboX services, and the expected IPOs of several companies in the sector [5][6][7] - The Robovan is successfully advancing in the express delivery scene, with approximately 27,000 units delivered, and is expected to penetrate other application scenarios such as fast-moving consumer goods and durable goods logistics [6][10] Group 2 - The investment recommendation for the current period is to remain optimistic about the L4 RoboX mainline in 2026 [7] - The Robovan supply chain includes key players such as Desay SV, Black Sesame Intelligence, and several companies planning to go public, indicating a robust ecosystem [8][10] - The article outlines the supportive policies from central and local governments that are expected to enhance the commercial scale and road rights for Robovan, creating a positive cycle of technology, policy, and market [25][30][32]

Core Viewpoint - The logistics industry in Guangxi is leveraging advanced technology to enhance the efficiency of agricultural product distribution, particularly for fresh produce like sugar oranges and persimmons, ensuring rapid delivery to consumers across the country [1][5]. Group 1: Technological Advancements in Logistics - The logistics system in Guangxi utilizes smart logistics, with a daily processing capacity of 1.1 million packages at a local express transfer center [1]. - Drones are employed to deliver freshly picked sugar oranges from orchards to logistics points, significantly reducing transportation time from over 30 minutes to just over 10 minutes [2]. - The introduction of unmanned vehicles, capable of carrying 1,000 kilograms per trip, helps reduce transportation costs for farmers by approximately 0.2 yuan per kilogram [2]. Group 2: Intelligent Sorting and Management - The "smart brain" technology at the transfer center employs digital twin technology for real-time monitoring and management of package flow, enhancing operational efficiency [3]. - Automated scanning and weighing systems allow for precise sorting of packages without manual intervention, increasing sorting efficiency by three times [3]. Group 3: Fresh Produce Transportation - A dedicated green channel has been established for fresh agricultural products, minimizing waiting times during sorting and ensuring timely delivery [4]. - The overall transportation time for agricultural products has been reduced by 6 to 8 hours, with next-day delivery to neighboring provinces and 48-hour delivery to most other regions [5].

Summary of Key Points Core Viewpoint - SF Holding (002352) has shown a positive stock performance with a closing price of 39.8 yuan, reflecting a 2.37% increase from the previous trading day, and a total market capitalization of 200.569 billion yuan as of January 20, 2026 [1]. Group 1: Stock Performance - The stock opened at 38.88 yuan, reached a high of 40.08 yuan, and a low of 38.71 yuan during the trading session [1]. - The trading volume for the day was 2.441 billion yuan, with a turnover rate of 1.29% [1]. Group 2: Share Buyback Announcement - On January 19, 2026, the company announced the repurchase of 1,355,000 A-shares at a price range of 38.38 to 38.95 yuan per share, totaling an expenditure of 52,343,040 yuan [1]. - The repurchased shares will be held as treasury stock and will not be canceled, resulting in a decrease in the total number of issued A-shares and an increase in treasury stock [1]. - This buyback has been authorized by the board of directors and complies with relevant listing rules [1].

自2019年进入越南市场以来，百世已构建起覆盖全国的快递网络，运营40个自动化分拣中心，总面 积超过10万平方米，服务覆盖率达99%，其快递业务日处理能力已达220万件。"快运网络起网运营，标 志着我们在完善越南物流服务体系方面又迈出了关键一步，我们致力于构建一个从包裹配送到大件运输 的多场景物流服务生态，从而提升整体商业流转效率，与合作伙伴实现共赢。"百世(集团)越南总经理 陆淼表示，未来，百世在越南将继续扩大快运服务的覆盖范围，并持续投入物流基础设施建设和数字化 升级，为推动越南数字经济与跨境贸易的持续高质量发展提供支撑。(吴芎) 1月19日，百世在越南宣布快运网络正式起网。此举标志着百世在东南亚本土的业务版图和跨境网 络进一步拓宽和完善。 当下，越南电商市场增长迅猛，为物流产业创造了广阔的发展空间。据越南工贸部数据显示，2025 年越南电商市场规模预计突破310亿美元，同比增长超25%，跨境电商进出口额也有望达到44.5亿美 元。随着家电、家具等大件商品线上销量持续攀升，以及中越跨境大件贸易日益活跃，市场对专业化、 高效的大件物流服务需求迅速增长。然而，传统物流在应对大件货物时普遍面临成本高、时效慢、易 ...

Core Insights - The logistics industry in Guangxi, particularly in Guilin, is leveraging smart logistics to enhance the distribution of local agricultural products like sugar oranges and persimmons, significantly improving delivery efficiency [1][10] Group 1: Logistics Efficiency - The daily processing capacity of a local express transfer center can reach 1.1 million packages, showcasing the scale of operations [1] - The fruit segment accounts for 20% of the total packages processed at the transfer center, indicating a strong focus on agricultural products [3] - The introduction of drones has reduced the transportation time from over 30 minutes to just over 10 minutes for fresh sugar oranges, enhancing efficiency [3][5] Group 2: Cost Reduction - The use of unmanned vehicles can carry up to 1,000 kilograms per trip, saving farmers approximately 0.2 yuan per kilogram in transportation costs [5] - Currently, there are 19 unmanned vehicles in operation and 30 more in testing, addressing the logistical challenges in remote areas [5] Group 3: Smart Technology Integration - The logistics center employs a "smart brain" utilizing digital twin technology for real-time monitoring and management of package movements, which has tripled sorting efficiency [8] - Automated systems for scanning and weighing packages eliminate the need for manual sorting, streamlining the process [8] - The implementation of a dedicated green channel for agricultural products has reduced sorting wait times, enhancing overall delivery speed [10] Group 4: Delivery Timeliness - The overall transportation time for agricultural products has improved by 6-8 hours, with next-day delivery to nearby provinces and 48-hour delivery to most other regions [10] - The logistics system's technological upgrades provide robust support for peak delivery seasons, ensuring timely distribution of goods [10]

Core Viewpoint - UBS reports that J&T Express (01519) and SF Express (002352) announced a cross-shareholding agreement, agreeing to subscribe to each other's newly issued shares, with a total cash amount of HKD 8 billion for each party without external financing [1] Group 1: Strategic Collaboration - The proposed transaction aims to deepen business cooperation between the two companies, with UBS believing there are synergies in their collaboration [1] - SF Express is focused on building end-to-end supply chain service capabilities to serve Chinese enterprises going overseas, with Southeast Asia as an initial key market [1] - Establishing a solid end logistics network overseas is seen as a crucial final piece, with J&T's strong influence in Southeast Asia (over 30% market share by parcel volume) potentially being the solution [1] Group 2: Market Opportunities - J&T Express intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market, which currently accounts for about 10% of its total business volume in Southeast Asia [1] - SF Express's stable non-e-commerce customer base provides an opportunity for J&T Express [1] - UBS does not rule out further synergies in operations within China through shared capacity, and the collaboration may extend beyond Asia [1] Group 3: Global Expansion - J&T Express has rapidly developed its business in Latin America and the Middle East and is considering the possibility of exploring the European and American markets together with SF Express [1]

Core Viewpoint - UBS reports that J&T Express (01519) and SF Express (06936) announced a cross-shareholding agreement, agreeing to subscribe to each other's newly issued shares, with a total cash amount of HKD 8 billion for each party without external financing [1] Group 1: Business Cooperation - The proposed transaction aims to deepen business cooperation between the two companies, with UBS believing there are synergies in their collaboration [1] - SF Express is focused on building end-to-end supply chain service capabilities to serve Chinese enterprises going overseas, with Southeast Asia as an initial key market [1] - Establishing a solid end logistics network overseas is seen as a crucial piece of the puzzle, and J&T's strong influence in Southeast Asia (over 30% market share by parcel volume) may provide the solution [1] Group 2: Market Opportunities - J&T Express intends to move up the logistics value chain to capture more opportunities from the non-e-commerce market, which currently accounts for about 10% of its total business volume in Southeast Asia [1] - SF Express's stable non-e-commerce customer base presents an opportunity for J&T Express [1] - UBS does not rule out further synergies from shared capacity in operations within China, and the collaboration may extend beyond Asia [1] - J&T Express has rapidly developed its business in Latin America and the Middle East and is considering potential expansion into the European and American markets with SF Express [1]