受春运返工潮及复工复产的影响，2月25日，物流板块早盘维持强势，物流ETF（516910）盘中涨 幅突破3.1%，截至发稿的最新涨幅达2.84%。与以往快递股领涨不同，今日物流板块的核心驱动力来自 于航运的集体爆发。从指数成分股的表现来看，招商轮船、中远海能、招商南油均实现10CM涨停，中 远海特、海通发展等个股亦大幅跟涨，凸显出本轮行情"海运强于快递"的鲜明特征。 （责任编辑：董萍萍 ） 机构观点认为，本轮物流板块的强势上涨，核心逻辑在于全球贸易回暖与"一带一路"沿线需求超预 期。近期，多家航运龙头披露，中东、东南亚等区域的航线运量显著提升，叠加节后复工带动的出口订 单增长，直接推高了市场对航运企业的业绩预期。同时，全球供应链重构也为具备国际竞争力的物流企 业打开了新的增长空间。 【免责声明】本文仅代表作者本人观点，与和讯网无关。和讯网站对文中陈述、观点判断保持中立，不对所包含内容 的准确性、可靠性或完整性提供任何明示或暗示的保证。请读者仅作参考，并请自行承担全部责任。邮箱： news_center@staff.hexun.com 物流ETF（516910）不仅覆盖了顺丰、圆通等快递龙头，更全面布局了航运、 ...

智通财经APP讯，中通快递-W(02057)发布公告，于2026年2月24日该公司斥资1547.06万美元回购61.78 万股，回购价格为每股24.67-25.21美元。 ...

Core Viewpoint - SF Intra-city (09699) has launched a new end-delivery service using building robots in collaboration with SF Express, starting operations at the iconic Nanchang Twin Towers in Jiangxi, aiming to enhance delivery efficiency and customer service experience [1][5]. Group 1 - SF Intra-city's stock price rose by 7.08%, reaching HKD 13.92, with a trading volume of HKD 35.2153 million [1][5]. - The new service focuses on addressing the challenges of last-mile delivery in high-rise buildings through a "courier + robot" collaborative model [1][5]. - The service integrates building delivery robots at the SF Express service center within the Twin Towers, aiming to create a one-stop living service hub that combines "intelligent delivery and specialty economy" [1][5]. Group 2 - The initiative aims to establish a smart service ecosystem for last-mile delivery, covering various scenarios such as food delivery, instant retail, urgent business items, and end delivery of parcels within the Twin Towers [1][5].

Core Viewpoint - SF Intra-City (09699) has seen a stock increase of over 4%, currently trading at 13.56 HKD with a transaction volume of 19.218 million HKD, following the announcement of a new end-delivery service utilizing building robots in collaboration with SF Express [1] Group 1: Business Development - SF Intra-City and SF Express have launched a new end-delivery service using building robots, initially implemented in the iconic Nanchang Twin Towers in Jiangxi [1] - The service aims to address the challenges of last-mile delivery in high-rise buildings by employing a "delivery personnel + robot" collaborative model, enhancing delivery efficiency and improving customer service experience [1] Group 2: Service Features - The building delivery robots are deployed at the SF Express service center within the Twin Towers, which not only serves as a courier station but also aims to create a one-stop living service hub integrating "intelligent delivery and specialty economy" [1] - This initiative seeks to establish a smart service ecosystem for last-mile delivery, covering various scenarios including food delivery, instant retail, urgent business items, and courier services within the Twin Towers [1]

Core Viewpoint - SF Express City (09699) has seen a stock increase of over 4%, currently at HKD 13.56, with a trading volume of HKD 19.218 million, following the announcement of a new end-to-end delivery service utilizing building robots in collaboration with SF Express [1] Group 1 - The new service has been launched in the iconic Nanchang Twin Towers, focusing on solving the last-mile delivery challenges in high-rise buildings through a "delivery personnel + robot" collaborative model [1] - This initiative aims to enhance delivery efficiency while providing a better service experience for consumers [1] - The service will deploy delivery robots within the SF Express service center at the Twin Towers, which is designed to be a one-stop living service hub integrating "intelligent delivery and specialty economy" [1] Group 2 - The initiative aims to create a smart service ecosystem for last-mile delivery, covering various scenarios including food delivery, instant retail, urgent business items, and express delivery [1]

Group 1: Basic Chemicals - The U.S. government has classified phosphorus and glyphosate as strategic resources to ensure domestic supply chain security, impacting the global agricultural input market [3] - The U.S. is projected to have a 16% dependence on phosphorus ore imports by 2025, primarily from Peru and Morocco, while China maintains a high self-sufficiency rate in phosphorus ore [3] - Recommendations include Yuntianhua, Chuanheng Shares, and China National Petroleum Corporation due to the potential for improved market conditions if U.S. demand increases [3] Group 2: Power Equipment and New Energy - The U.S. Supreme Court ruled against tariffs imposed under the IEEPA, which may lead to a series of new policies affecting the export of new energy equipment [4] - In 2025, global gas turbine orders reached 100 GW, a 75% year-on-year increase, with the U.S. market leading at a 159% growth rate [5] - Major manufacturers like GEV, Siemens Energy, and MHI are expected to see significant order increases, with Siemens Energy achieving a notable market share growth [5] Group 3: Transportation - The 2026 Spring Festival saw a significant increase in travel demand, with daily cross-regional movement up 8.6% compared to the previous year [6] - Recommendations include China Eastern Airlines and Beijing-Shanghai High-Speed Railway, as the travel sector is expected to benefit from a recovery in demand [6] Group 4: Consumer Discretionary - The Chinese high-end consumer market shows signs of recovery, with LVMH reporting positive sales growth in the China region [12] - The focus is shifting towards value and experience in consumer spending, with high-quality products expected to perform well in the market [12] Group 5: Construction and Engineering - The construction market is transitioning from growth to a focus on existing stock, with an emphasis on identifying operational turning points and exploring new business models [13] - Companies are encouraged to assess their market share and potential growth in the context of a "stock" market narrative [13] Group 6: Dairy Industry - Modern Dairy is positioned to benefit from a cyclical recovery, with expectations of improved profitability as beef prices rise and milk prices remain low [16] - The company is anticipated to enter a recovery phase in 2026, with synergies from acquisitions expected to enhance performance [16]

当地时间2月23日，全球运输企业联邦快递（FedEx）起诉美国政府要求退还关税款项。联邦快递已向美国国际贸 易法院提起诉讼，请求全额退还根据《国际紧急经济权力法》征收的全部关税。 美国消费者新闻与商业频道报道截图 自美国最高法院日前公布裁决，认定美国《国际紧急经济权力法》没有授权总统征收大规模关税后，法庭记录显 示，美国已经有超过1000家企业加入法律诉讼，要求政府返还已缴纳的关税。参与起诉的包括开市客、锐步等大 型企业。 中国国际经济交流中心美欧研究部副部长张茉楠认为，这可能是一个耗时非常长的拉锯战。尽管现在美国最高法 院裁定美国政府根据《国际紧急经济权力法》征收的钢铁关税违宪，但从目前的法律裁定来看，胜诉不等于立即 退款。 中国国际经济交流中心美欧研究部副部长张茉楠： 现在有几点实际上还面临着很大的不确定性，一方面来自于当前法律的真空。因此企业尽管有这样的诉求和主 张，但很可能要经历耗时很长的司法程序。第二，因为现在涉及到的关税收入金额非常巨大，很可能达到2000亿 至3000亿美元左右，如此庞大的财政支出也会让美国政府陷入非常两难的境地。 张茉楠表示，总体来看，这是以"不确定性"来应对"不确定性"。现在 ...

Core Viewpoint - FedEx has filed a lawsuit against the U.S. Customs and Border Protection and the U.S. government for a full refund of import duties imposed under the International Emergency Economic Powers Act, following a Supreme Court ruling that deemed such tariffs unauthorized [1] Group 1: Legal Action - FedEx initiated legal proceedings in the U.S. International Trade Court seeking a refund of tariffs paid [1] - The lawsuit follows a Supreme Court decision that overturned the President's authority to impose large-scale tariffs under the International Emergency Economic Powers Act [1] - Over 1,000 companies, including major firms like Costco and Reebok, have joined the legal action to reclaim paid tariffs [1] Group 2: Financial Impact - FedEx executives indicated that the U.S. government's tariff policy is expected to impact the company's earnings by $1 billion in fiscal year 2026 [1] - The Supreme Court's ruling could lead to a total refund amount of $175 billion for affected companies, as estimated by the Wharton School's budget model [1]

Core Viewpoint - The recent administrative guidance from the Ministry of Human Resources and Social Security and seven other departments to 16 platform companies emphasizes the importance of labor rights protection, regardless of economic innovation [1][2]. Group 1: Labor Rights and Responsibilities - The rapid growth of the digital economy has made gig workers, such as delivery riders and ride-hailing drivers, essential to urban operations, but it has also led to issues like algorithmic control and inadequate social security [1]. - Some companies prioritize efficiency and profit, shifting operational costs and risks onto workers, resulting in high labor intensity, insufficient social security, and limited career development opportunities for employees [1]. Group 2: Regulatory and Policy Recommendations - The lack of regulations in the gig economy cannot be sustained, necessitating regulatory measures to establish necessary boundaries for labor practices in emerging sectors [1]. - The government should expedite the development of labor protection laws and regulations that adapt to new employment forms, enhance inter-departmental regulatory collaboration, and create a regular supervision mechanism to ensure policy implementation [2]. - A robust social security system should be established, exploring insurance models that fit the characteristics of flexible employment [2]. Group 3: Collaborative Efforts for Labor Rights Protection - To protect the rights of gig workers, a collective effort is required, with platform companies needing to update their development philosophies to prioritize labor rights [1]. - Companies should continuously optimize algorithm rules to ensure reasonable rest periods for workers, improve vocational training systems to broaden career development opportunities, and facilitate communication channels for workers to express and address their concerns effectively [1].

Core Viewpoint - The article highlights the challenges and dedication of delivery personnel during the Chinese New Year, focusing on the experiences of a specific delivery worker, Du Kelei, who manages a delivery point in Beijing while balancing family involvement and community service [2][3]. Group 1: Delivery Operations - During the Chinese New Year, the number of packages delivered is lower than usual, but due to a shortage of staff, each delivery worker is responsible for four to five delivery areas, which requires familiarity and coordination [2] - Du Kelei, the manager of the delivery point, has reduced staff from over twenty to four or five during the holiday, taking on multiple roles including driver and delivery person [2] - The delivery process involves sorting packages and prioritizing fresh goods for timely delivery, showcasing the operational challenges faced during peak holiday periods [2] Group 2: Community Engagement - Du Kelei has been in the delivery industry for over twenty years and has taken on additional responsibilities, such as engaging with elderly residents in the delivery area and conducting small acts of community service [3] - The delivery personnel also assist in emergency situations, as illustrated by an incident where a delivery worker transported a child to the hospital after an accident [4]