Core Viewpoint - UBS reports that J&T Express and SF Express 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 pave the way for deeper business cooperation between the two companies, with UBS believing that 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 being its initial target market [1] Group 2: Market Position and Opportunities - J&T Express holds a strong influence in Southeast Asia, with a market share of over 30% in terms of parcel volume, which UBS considers a potential solution for SF Express [1] - 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 robust non-e-commerce customer base provides an opportunity for J&T Express [1] Group 3: Potential Synergies - UBS does not rule out the possibility of further synergies in operations within China through shared capacity between the two companies, and the collaboration may extend beyond Asia [1] - UBS has assigned a "Buy" rating to J&T Express [1]

长江商报消息 ●长江商报记者 黄聪 顺丰控股（002352.SZ、06936.HK）和极兔速递（01519.HK）这两家物流行业龙头，今后的合作将更加 紧密。 1月15日，顺丰控股与极兔速递联合发布公告称，双方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，投资交易金额近83亿港元（按当前汇率计算约合人民币74亿元）。 长江商报记者统计发现，2025年前11个月，顺丰控股供应链及国际业务营业收入达734.2亿元，较上年 同期713.63亿元增长约3%，与整体业务相比，公司国际业务增速相对较慢。 武汉一家物流企业相关负责人向长江商报记者表示，从顺丰控股角度看，通过投资极兔可以分享其在全 球市场的增长收益，同时借助极兔速递的资源和优势提升自身国际业务和国内业务的竞争力。 9个月总件量增33.4% 值得关注的是，这并非两家企业首次牵手。早在2023年，极兔速递赴港上市前，顺丰控股就通过投资持 有极兔1.54%股份。 同年，顺丰控股还将旗下丰网速运100%股权，以11.83亿元价格出售给极兔速递，为其注入关键资源。 与极兔速递拟互认股份 1月15日，顺丰控股与极兔速递联合发布公告称，双方宣布达成一项战略性的相 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - SF Express and Jitu Express announced a strategic mutual shareholding agreement worth HKD 8.3 billion, focusing on building a global integrated logistics network to meet the needs of Chinese enterprises going abroad and the new landscape of cross-border e-commerce logistics [3][14] - COSCO Shipping and Peru Post signed a memorandum of cooperation to enhance cross-border e-commerce logistics channels between China and Peru, improving logistics service capabilities and operational efficiency [3][16] - Zhihang released a lightweight eVTOL aircraft named "Bullet," targeting the personal flying vehicle market, while Eastern Airlines Jiangsu will open and restore multiple international and domestic routes during the 2026 Spring Festival [3][17][19] - The tense situation in Iran has led to a rapid increase in risk premiums in the Strait of Hormuz, with VLCC daily earnings doubling to USD 68,000, while sanctions on Venezuela may lead to a redistribution of heavy crude oil shipping capacity [3][24][25] Industry Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year [4][30] - Domestic express delivery volume increased by 5.00% year-on-year in November 2025, while revenue decreased by 3.70% [4][51] - The average daily number of international flights in the second week of January 2026 was 1,802.29, down 1.15% month-on-month and 1.34% year-on-year [4] - From January 5 to January 11, 2026, the number of freight trucks on national highways reached 55.09 million, a month-on-month increase of 17.3% [4] Investment Recommendations - Recommended investment opportunities in international market expansion for express logistics, specifically in SF Express and Jitu Express [5] - Suggested investment in the airline industry due to increased demand during the Spring Festival, recommending China National Aviation Holding, Southern Airlines, and Eastern Airlines [5] - Suggested attention to the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Recommended investment opportunities in oil shipping due to geopolitical conflicts, suggesting China Merchants Energy Shipping [5][28] - Recommended focusing on the equipment and manufacturing export chain, suggesting COSCO Shipping Heavy Industry [5] - Recommended investment opportunities in the highway and railway sector, suggesting Beijing-Shanghai High-Speed Railway [5]

Core Viewpoint - The collaboration between Jitu and SF Express marks a significant milestone in the logistics industry, being the first of its kind based on market capitalization, aimed at jointly developing overseas business opportunities [1][2]. Group 1: Partnership Details - Jitu and SF Express announced a joint investment transaction amounting to HKD 8.3 billion, focusing on expanding their overseas operations [2]. - The partnership is seen as a natural progression due to the long-standing relationship between the two companies, with SF Express being a significant shareholder in Jitu [3]. - The collaboration is expected to leverage SF Express's strengths in cross-border logistics and Jitu's capabilities in local delivery, creating a complementary operational model [3]. Group 2: Market Focus - The partnership aims to target the European and American markets, with Jitu reporting over 50% growth in Southeast Asia, the Middle East, and Latin America in the last quarter of the previous year [4]. - The rapid growth of local e-commerce markets presents significant opportunities, particularly in the U.S. and Europe, where there is a lack of independent third-party logistics providers catering specifically to e-commerce [4]. Group 3: Competitive Landscape - Jitu and SF Express will face competition from major international brands like UPS, FedEx, and DHL, as well as local brands in the markets they are entering [4]. - The collaboration is expected to challenge established players like UPS, particularly in local delivery networks where UPS lacks presence [5]. Group 4: Advantages and Challenges - Chinese logistics companies are perceived to have advantages in technology application and management models, which can lead to cost reductions even in high labor cost markets like Europe and the U.S. [5]. - Challenges include navigating local laws, cultures, and labor protections, as well as ensuring data security while avoiding the replication of domestic competitive practices in international markets [5]. Group 5: Industry Trends - The expansion of Chinese logistics companies aligns closely with the growth of e-commerce platforms, indicating a significant market potential for logistics services driven by e-commerce demand [7]. - Companies like Cainiao and ZTO are also expanding in Southeast Asia, each with distinct operational models, highlighting the diverse strategies within the industry [6][7].

Core Viewpoint - The logistics industry in China is experiencing significant changes, with major players like Debon Logistics and Aneng Logistics opting for privatization and withdrawal from the capital market, indicating a shift in strategy and market dynamics [2][8] Group 1: Company Actions - Debon Logistics announced its decision to voluntarily withdraw its A-share listing on the Shanghai Stock Exchange, following Aneng Logistics' privatization last year [2] - The withdrawal is part of a strategic move to resolve competition issues with JD Logistics, which acquired Debon Logistics [3][4] - JD Logistics plans to offer a cash option to Debon shareholders at a price of RMB 19.0 per share, representing a market capitalization of over 19 billion RMB, with a premium of 35.3% compared to the last trading price [6] Group 2: Market Context - The logistics industry has seen a transition from a fragmented market to increased concentration, with major mergers and acquisitions reshaping the competitive landscape [8] - The current market environment emphasizes comprehensive service capabilities over price competition, necessitating strategic collaborations like that between JD Logistics and Debon Logistics [9] - The decision for Debon to go private aligns with national strategies for high-quality development in the logistics sector, allowing for deeper integration with JD Logistics' resources [10]

胸怀"十五五"宏伟蓝图，紧扣"规划"开局部署，深圳工业总会积极发挥平台作用，引领企业厚植创新发展优势，勇立改革开放潮头。1月 16日下午，以"AI赋能，智创未来"为主题，第六届深圳企业创新促进大会暨深圳工业总会2025年度年会在深圳五洲宾馆隆重举行。 大会上，多项标杆技术成果与创新工业产品齐齐亮相。多位产业专家、知名企业高层围绕科技创新、产业升级与高质量发展等议题展开深 度交流，共同探讨行业前沿趋势与实践路径。 【导读】第六届深圳企业创新促进大会扬帆"十五五"创新浪潮 第十四届全国政协委员、工业和信息化部原副部长王江平，中国工业经济联合会党委书记、执行副会长兼秘书长、国家制造强国建设战略 咨询委员会委员熊梦，香港经济智库主席石柱专程来深出席。全国政协原常委、深圳市委原书记厉有为，第十七届中央委员、深圳市政府 原市长、山西省政府原省长于幼军，深圳市委常委、统战部部长王强，市关工委主任、市政府原副市长陈彪，市人大常委会原常务副主 任、市政府原副市长郭荣俊，省政府资深参事、原深圳出入境检验检疫局局长刘胜利，市委社会工作部副部长、市委"两新"工委副书记冀 小平，市工业和信息化局党组成员、副局长平原，深圳市工商联党组成 ...

Core Viewpoint - Jitu Express and SF Express are entering a strategic partnership involving mutual shareholding worth HKD 8.3 billion, aiming to build a global integrated logistics network [1][2] Group 1: Shareholding Details - Jitu Express will issue 822 million Class B shares to SF Express at HKD 10.10 per share, while SF Express will issue 226 million H shares to Jitu Express at HKD 36.74 per share [1] - Post-transaction, SF Express will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Express [1] Group 2: Strategic Cooperation - The partnership will explore collaboration in global logistics network construction, infrastructure layout, and business synergy [2] - Both companies aim to create a more efficient and resilient global logistics network, targeting Chinese enterprises going global and the global e-commerce logistics market [5][6] Group 3: Complementary Strengths - Jitu Express has a strong end network in 13 countries, while SF Express possesses superior cross-border trunk and mainline resources [6] - The collaboration is expected to enhance service offerings across all price points and scenarios, with SF Express leveraging Jitu's Southeast Asian network for cross-border e-commerce logistics [7] Group 4: Market Context - The cross-border logistics sector is recognized as a trillion-dollar opportunity, with increasing demand for comprehensive logistics services as Chinese brands expand internationally [9][10] - Jitu Express has established a significant presence in Southeast Asia, with over 30% market share, while SF Express is enhancing its international capabilities through various investments [14][11] Group 5: Future Prospects - The partnership is anticipated to optimize resource allocation in the logistics industry, shifting competition from price to value [16] - Both companies are expected to enhance their operational efficiency and expand their market presence through this collaboration [16]

Summary of SF Holding and J&T Express Strategic Cooperation Conference Call Company and Industry Involved - **Company**: SF Holding (顺丰控股) - **Partner**: J&T Express (极兔速递) - **Industry**: Logistics and Express Delivery Core Points and Arguments - **Strategic Shareholding**: SF Holding and J&T Express have established a strategic partnership through mutual shareholding, with SF holding 10% of J&T and J&T holding 4.29% of SF, both with a five-year lock-up period. This aims to enhance resource sharing and explore global logistics network collaboration [2][3] - **Global Coverage Strategy**: SF's decision to partner with J&T instead of building its own overseas network is aimed at optimizing resource allocation and accelerating global coverage, thereby deepening its globalization strategy [2][6] - **Operational Efficiency**: The partnership is expected to improve operational efficiency and customer satisfaction, with both companies leveraging each other's networks for enhanced service delivery [2][4] - **International Business Cooperation**: The collaboration will focus on international business, utilizing SF's cross-border resources and J&T's overseas delivery network to provide integrated logistics services [2][8] - **End-to-End Fulfillment Network**: The partnership aims to build a stable end-to-end fulfillment network to optimize inventory efficiency and enhance delivery timeliness [2][9] Additional Important Content - **Board Representation**: J&T has committed to nominating a candidate to SF's board, contingent on SF maintaining at least 8% ownership in J&T, to ensure effective implementation of the partnership [3][4] - **Investment in Infrastructure**: Both companies plan to invest jointly in key infrastructure to create a more efficient and resilient fulfillment system, benefiting Chinese enterprises going global [5] - **Domestic and International Synergies**: SF will open its domestic delivery network to J&T, while J&T will help SF expand its model internationally, enhancing operational efficiency and customer experience [10][11] - **Future Growth Expectations**: While specific figures for future cooperation scale are not provided, the collaboration is expected to extend beyond Southeast Asia to Europe and South America, enhancing customer experience and operational efficiency [13] - **Positive EPS Impact**: The transaction is anticipated to have a positive effect on SF's earnings per share (EPS) based on market expectations for J&T's performance and the synergy effects of their collaboration [14] - **Timing of Cooperation**: The timing for this strategic cooperation is deemed optimal due to previous successful collaborations and the established rapport between the two companies [15]

Group 1: Commercial Real Estate Policy Changes - The People's Bank of China announced a reduction in the minimum down payment ratio for commercial property loans to 30%, down from the previous 50% or higher in most cities [2][3] - This policy aims to support the commercial real estate market and help reduce inventory [2][3] Group 2: Super Fusion's IPO Guidance - Super Fusion Digital Technology Co., Ltd. has submitted an IPO guidance filing to the Henan Securities Regulatory Bureau, with CITIC Securities as the advisory institution [5] - The company, founded in September 2021, has a registered capital of 880 million yuan and is positioned as a full-stack solution provider in the AI and data era [6] Group 3: Strategic Shareholding Between SF Express and Jitu - SF Express and Jitu Express announced a strategic mutual shareholding agreement worth 8.3 billion HKD, with SF Express acquiring 10% of Jitu and vice versa [8] - This collaboration aims to leverage both companies' resources to build a more efficient global logistics network for Chinese enterprises [8] Group 4: Legal Action by Xunlei Against Former CEO - Xunlei and its subsidiary have filed a civil lawsuit against former CEO Chen Lei, alleging he harmed the company's interests and seeking over 200 million yuan in compensation [9][10] - The lawsuit focuses on accusations of fund misappropriation and potential conflicts of interest during Chen's tenure [10] Group 5: Shenzhen Urban Transport Company Name Change - Shenzhen Urban Transport Company plans to change its name to "Technology Group" to better align with its business focus on transportation technology solutions [11] - The company has shifted from traditional transportation consulting to a focus on big data, AI, and intelligent transportation products [11]

Core Viewpoint - The training program for postal drone operators in Zhengzhou aims to enhance logistics efficiency by transitioning traditional delivery methods to drone technology, addressing the "last mile" delivery challenges in remote areas [1][3][5]. Group 1: Training Program Details - The training lasts for 22 days and combines theory, practical skills, and scenario-based learning tailored to the postal industry [3][4]. - A total of 82 postal delivery personnel from various provinces are participating in the program, which includes practical flight simulations and regulatory education [1][3]. - The program is designed to ensure that graduates not only obtain drone operator licenses but are also prepared for immediate practical application in logistics [3][4]. Group 2: Industry Impact - The initiative is part of China's broader "14th Five-Year Plan," which identifies the low-altitude economy as a strategic emerging industry, with a target of achieving a 50 billion yuan low-altitude economy industry scale by 2027 [3][4]. - The program aims to facilitate regular drone delivery services in remote and rural areas, significantly reducing delivery times from hours to minutes [3][4]. - The collaboration between the aviation industry and China Post is seen as a model for talent development that can be replicated across the logistics sector, promoting industry transformation [4][5].