Investment Rating - The report maintains a positive outlook on the shipping industry, recommending stocks such as China Merchants Energy and COSCO Shipping Energy [4][5]. Core Insights - The report highlights a significant increase in charter rates for VLCCs, which rose by 4.62% to $62,250 per day, and Cape rates increased by 5.37% to $26,475 per day, indicating a strong correlation between commodity prices and shipping rates [4]. - New ship prices are rising alongside second-hand ship prices, with the new ship composite index increasing by 0.07 to 184.76 points, suggesting a favorable market for shipbuilders [4]. - The report notes that the oil tanker market remains robust, with VLCC rates averaging around $105,090 per day, despite a recent decline in rates due to increased supply [4]. - The dry bulk market is experiencing a rebound, with the BDI index recording a 12.4% increase to 1,762 points, driven by increased grain exports from South America [4]. - The air transport sector is expected to see significant improvements in profitability due to rising passenger volumes and constrained supply, marking a potential golden era for airlines [4]. Summary by Sections Shipping Market - The shipping market is experiencing a strong correlation with commodity prices, with VLCC and Cape rates showing significant increases [4]. - The report emphasizes the importance of geopolitical factors and supply constraints in maintaining high shipping rates [4]. New Ship Prices - New ship prices are on the rise, reflecting the overall health of the shipping market, with a slight increase in the new ship composite index [4]. Oil Tanker Market - The oil tanker market remains strong, with high average rates for VLCCs and a stable demand despite recent fluctuations [4]. Dry Bulk Market - The dry bulk market is witnessing a rebound, particularly in the Capesize segment, driven by favorable export conditions from South America [4]. Air Transport Sector - The air transport sector is poised for significant growth, with airlines expected to benefit from increased passenger volumes and a constrained supply of aircraft [4]. Logistics and Express Delivery - The logistics sector is seeing a concentration of market share among leading companies, with a focus on firms like ZTO Express and YTO Express, which are expected to maintain their competitive advantages [4].

控制申通的陈氏兄妹，卷入一宗财产官司。 1月22日，申通公告，前总裁奚春阳，对公司及实控人之一陈小英，提起民事诉讼。奚主张，判令确认登记在陈名下50%的申通股权，归其所有。 作为该案的共同被告之一，申通同样卷入其中。且申通当前的掌舵人陈德军，恰是陈小英兄长，两人为一致行动人。 "这是陈小英的个人纠纷，与上市公司没有关系，只是涉及到一个股东资格确权。" 《21CBR》记者致电申通董秘办，其负责人表示，不会对正常生产经营造、实际控制权产生影响。 这家老牌快递巨头，业务量已冲入行业前三，市值站上200亿元，全年营收约550亿。 意外的财务纠纷，起源自一段陈年旧事，其预计不会干扰申通既定的节奏。 追讨股权 陈小英与奚春阳，本是一对夫妻，新官司实为离婚财产纠纷。 陈是申通的开拓者之一，1993年与第一任丈夫聂腾飞共同创业，后聂意外去世，兄长陈德军参与管理，三人均是杭州桐庐人。 2012年，陈小英与奚春阳结合，且二人共同出资1.6亿元，收购天天快递，奚出任董事长兼总裁。 来源：天天快递 公开信息称，奚早年为聂腾飞的专职司机兼助手，也跟随夫妇一起创业。 陈、奚的婚姻关系，维持时间很短。公告披露，两人结婚的2012年，便解除 ...

中证报中证网讯(记者罗京)2026年年货节消费热潮来临，快递行业迎来新一轮业务量峰值。近日，记者 从申通快递（002468）获悉，公司发布年货节保障方案，围绕强化网络运营、升级客服支持、优化产品 矩阵、落实一线关怀四大核心举措，通过数智化赋能与全链路协同，构建常态化、高质量的节日寄递保 障体系。 在网络运营层面，申通快递全国76个转运中心维持常态化运营状态。公司依托自研数智系统，对运力实 施实时监控，根据单量预测数据灵活调整分拣节奏，以此保障极端天气及业务高峰双重压力下，快递全 链路时效的稳定性。 针对多元化寄递需求，申通快递基于大数据预测为商家提供定制化保障方案，通过驻场服务、预留产能 等方式，助力商家应对订单高峰，保障大促期间物流履约评分稳定。与此同时，旗下丹鸟"半日达"服务 在年货节期间照常运行，并且在12个重点城市新增上线"闪购4小时达"服务，满足消费者对高时效商品 的配送需求。 客服与网点支撑体系也同步升级。申通快递采用"数智客服+人工专项"的服务策略，三大智能客服中心 实现对全量网点的24小时即时响应，确保客户咨询高效流转处理。在网点运营帮扶上，总部与省区建立 联动帮扶机制，提前派驻人员驻场维护设 ...

Core Insights - The express delivery business in the region achieved a volume of 2.483 billion packages in 2025, marking a year-on-year growth of 23.68% [1] - The delivery volume reached 4.631 billion packages, with a year-on-year increase of 12.85%, indicating robust growth in both incoming and outgoing deliveries [1] - The express delivery input-output ratio improved to 1.87:1, reflecting strong demand for incoming goods and an increase in outgoing products [1] Group 1: Industry Growth and Infrastructure - The postal industry backbone network was further enhanced, with 42 major mail and express distribution centers established, and a daily processing capacity exceeding 40 million packages [1] - The proportion of weekly deliveries in administrative villages increased to 92%, and the mechanization rate for rural deliveries rose to 85% [1] - Key indicators for mail delivery timeliness ranked among the best in the country, showcasing the efficiency of the postal service [1] Group 2: Integration with Other Industries - The integration of express delivery with manufacturing has led to cost reduction and efficiency improvements, with annual delivery volumes for paper products, clothing, snail powder, small appliances, and auto parts exceeding 470 million packages [1] - The collaboration between express delivery and agriculture has facilitated the distribution of Guangxi agricultural products to national markets, with annual delivery volumes surpassing 220 million packages [1] Group 3: Service Quality and Sustainability - The quality of express delivery services has improved, with user complaint rates below 0.002%, and complaint response and resolution rates exceeding 90% [2] - Public satisfaction and the 72-hour delivery rate have both increased year-on-year, indicating enhanced service reliability [2] - The industry is accelerating its green transformation, with significant progress in the greening, reduction, and recyclability of packaging materials [2] Group 4: Workforce Development - By the end of 2025, a total of 1,199 care stations for delivery personnel were established, and free health check-ups covered 11,000 individuals [2] - Professional skills training was provided to 6,836 individuals, with 2,862 receiving certification, highlighting the industry's commitment to workforce development [2] Group 5: Future Focus - During the 14th Five-Year Plan period, the postal industry in Guangxi will focus on promoting high-quality development and efficient governance, emphasizing improvements in rural delivery, international delivery, and industrial support capabilities [2]

Investment Rating - The investment rating for ZTO Express is "Outperform the Market" [6] Core Viewpoints - The report emphasizes that ZTO Express maintains significant competitive advantages, including leading market share, superior network operational capabilities, brand premium, stronger stability among franchisees, and robust financial strength [3][14] - In the short to medium term, ZTO's strategy of "pursuing both volume and quality" is expected to enhance its market share as the demand structure in the express delivery industry optimizes due to price increases and e-commerce taxation [3] - Long-term, as the competitive landscape stabilizes, ZTO is anticipated to develop a diversified service system, leading to improved profitability [3] Summary by Sections Industry Development Review - The express delivery demand in China has transitioned from rapid growth to steady growth, with the volume expected to increase from 2.34 billion pieces in 2010 to 199 billion pieces by 2025, reflecting a compound annual growth rate (CAGR) of 34.5% [1][34] - The competitive landscape has returned to rationality, with price competition being controlled within reasonable limits [1] Company Development Review - ZTO Express has distinguished itself in the industry through innovative models and strategic foresight, becoming the first private express company to open inter-provincial network services in 2005 and implementing a paid delivery fee model in 2007 [2] - The company has consistently led in investments in resources such as trunk vehicles and automation equipment, establishing a virtuous cycle of scale, cost, profit, and quality [2] Company Highlights - ZTO Express's competitive advantages remain strong, with expectations for continued market share growth and an optimized competitive landscape [3] - The company is projected to achieve net profits of 9.48 billion, 10.59 billion, and 11.78 billion yuan for the years 2025, 2026, and 2027, respectively, with year-on-year growth rates of 7.5%, 11.7%, and 11.2% [3][5] - The current stock price is considered to be at a low point, with a price-to-earnings (PE) ratio of 12X and 11X for 2026 and 2027, respectively, indicating significant long-term investment value [3]

2026年"年货节"战线拉长，快递行业迎来新一轮单量峰值。近日，申通快递（002468）发布"年货节"保 障方案，聚焦"客户体验，助力网点经营"，系统部署强化网络运营、升级客服支持、优化产品矩阵、落 实一线关怀四大核心举措。通过数智化赋能与全链路协同，构建常态化、高质量的节日寄递保障体系。 申通快递表示，"年货节"期间，全国76个转运中心保持常态化运营，依托自研数智系统实时监控运力， 精准调度资源，并根据单量预测灵活调整分拣节奏，确保全链路时效在极端天气及业务高峰下的稳定 性。 同时，结合大数据预测，申通快递为商家提供定制化保障方案，通过驻场服务、预留产能等举措，协助 商家应对订单高峰，确保大促期间物流履约评分不降级。 此外，申通快递通过"技术辅助+资源下沉"支持机制，确保客户服务质量稳定。在客服保障上，依托"数 智客服+人工专项"策略，申通快递三大智能客服中心实现全量网点24小时即时响应，确保客户咨询处 理畅通流转。在网点运营上，总部与省区建立"帮扶机制"，提前驻场维护设备、规划路由、调配运力， 实实在在帮助网点减负、降本、提效。 申通快递春节服务总指挥姚晓舟表示，公司将依托数智化实现网络精细化管理，在保障 ...

2026年"年货节"战线拉长，快递行业迎来新一轮单量峰值。日前，申通快递股份有限公司（以下简称"申通快递"）发布年 货节保障方案，聚焦"聚焦客户体验，助力网点经营"，系统部署强化网络运营、升级客服支持、优化产品矩阵、落实一线关怀 四大核心举措。通过数智化赋能与全链路协同，构建常态化、高质量的节日寄递保障体系。 数智驱动 保障全链路时效稳定 申通快递全国76个转运中心保持常态化运营，依托自研数智系统实时监控运力，精准调度资源，并根据单量预测灵活调整 分拣节奏，确保全链路时效在极端天气及业务高峰期的稳定性。 本报记者 冯思婕 体系升级 强化网点与客服支撑 申通快递通过"技术辅助+资源下沉"支持机制，确保客户服务质量稳定。 在客服保障上，依托"数智客服+人工专项"策略，申通快递三大智能客服中心实现全量网点24小时即时响应，确保客户咨 询处理畅通流转。在网点运营上，总部与省区建立"帮扶机制"，提前驻场维护设备、规划路由、调配运力，实实在在帮助网点 减负、降本、提效。 守正筑底 落实安全与一线关怀 节前，申通快递已完成全链路风险排查，通过专项治理、应急演练与培训，落实从转运中心到网点的闭环管理。同时设立 专项激励，回馈 ...

北京商报讯(记者何倩)1月23日，北京商报记者从北京市邮管局获悉，"十四五"期末，北京市快递日均 处理量超2300万件，北京年人均快递使用量387件。 据了解，目前北京已建成覆盖城乡、高效运转的寄递网络，现有700余个邮政局所和3000余个快递网 点。全市快递处理量由58亿件增长到84.4亿件，市民年人均快递使用量从265件增长到387件，同比增长 31.5%。 ...

2026.01. 23 本文字数：2037，阅读时长大约4分钟 作者 | 第一财经 陆涵之 每到春节前夕，快递网点和外卖站点都会提前招聘一批快递员和骑手，以保障春节期间的正常运转。 近期，快递网点纷纷给出高福利进行春节招新，甚至为推荐人设置了上千元的伯乐奖。而为了激励骑 手留岗，外卖站点也给出多重福利，让春节前后的一个月成为快递员全年收入最高的月份。 避开年后"招聘难" 快递网点在春节前完成新年招聘，已经成为行业惯例。 这一惯例的形成有多重原因。从往年经验看，春节对于网点而言是一道考验，网点通常会提前储备运 力以确保消费者在年货节以及春节期间的日常需求得到满足。 年货节是春节前的包裹量高峰，中通上海浦东三林网点负责人陈红志预计今年的年货节高峰在2月初 到来。他表示虽然年货节的包裹量不及双11。但年货节期间的挑战在于天气，通常雨雪天、冰冻天 较多，派送难度可能高于双11。 网点也需要运力在春节期间值班。陈红志表示，虽然春节期间包裹量并不高，但是多数快递员会选择 回家过年。根据往年经验，留下值班的快递员约占30%。 此外，陈红志表示春节过后用工市场需求会相对集中，各家企业释放的岗位较多。对于快递行业而 言，招聘有 ...

此外，陈红志表示春节过后用工市场需求会相对集中，各家企业释放的岗位较多。对于快递行业而言， 招聘有周期，短时间内可能没有足够的合适人员补齐，会拉长时间窗口。因此，网点通常在春节前做规 划，比临时性抢人更好。 每到春节前夕，快递网点和外卖站点都会提前招聘一批快递员和骑手，以保障春节期间的正常运转。 近期，快递网点纷纷给出高福利进行春节招新，甚至为推荐人设置了上千元的伯乐奖。而为了激励骑手 留岗，外卖站点也给出多重福利，让春节前后的一个月成为快递员全年收入最高的月份。 避开年后"招聘难" 快递网点在春节前完成新年招聘，已经成为行业惯例。 这一惯例的形成有多重原因。从往年经验看，春节对于网点而言是一道考验，网点通常会提前储备运力 以确保消费者在年货节以及春节期间的日常需求得到满足。 年货节是春节前的包裹量高峰，中通上海浦东三林网点负责人陈红志预计今年的年货节高峰在2月初到 来。他表示虽然年货节的包裹量不及双11。但年货节期间的挑战在于天气，通常雨雪天、冰冻天较多， 派送难度可能高于双11。 网点也需要运力在春节期间值班。陈红志表示，虽然春节期间包裹量并不高，但是多数快递员会选择回 家过年。根据往年经验，留下值班的快 ...