Core Viewpoint - The newly revised "Interim Regulations on Express Delivery" will take effect on June 1, focusing on improving the governance of express packaging, aiming for a comprehensive governance approach involving various stakeholders [1][2]. Group 1: Strengthening Corporate Responsibility - The express delivery industry is a crucial part of modern services, with a projected business volume of 1.75 trillion pieces by 2024, maintaining its position as the world's largest for 11 consecutive years [2]. - The revised regulations emphasize the responsibility of express delivery companies in packaging governance, mandating optimization of packaging methods and structures while ensuring safety [2]. - Companies are required to establish and implement recycling management systems for packaging materials, enhancing the recycling rate [2]. Group 2: Promoting Collaborative Governance - The regulations clarify the responsibilities of various stakeholders, including government departments, express companies, industry organizations, and consumers, in the entire lifecycle of packaging [3]. - The establishment of a new governance model is anticipated, characterized by government guidance, corporate accountability, industry self-regulation, and public participation [3]. - Industry organizations are expected to play a significant role in creating green packaging innovation alliances and developing standards for sustainable packaging [3]. Group 3: Enhancing Public Participation - The regulations encourage government and media to conduct educational campaigns to raise public awareness about eco-friendly packaging [4]. - Express companies are incentivized to promote the reuse of packaging through rewards and discounts, highlighting the importance of public involvement in achieving green transformation [4]. Group 4: Improving Governance Standards - The regulations are expected to foster a positive interaction between legal frameworks and standard systems, enhancing the effectiveness of packaging governance [5][6]. - Two mandatory national standards have been established to limit excessive packaging and regulate hazardous substances in packaging materials, contributing to initial successes in packaging governance [6]. - The regulations stipulate penalties for companies that fail to comply with mandatory standards, ensuring accountability and effective implementation [6][7].

Core Viewpoint - The State Council's decision to amend the "Interim Regulations on Express Delivery" aims to address environmental issues related to packaging in the rapidly growing express delivery industry, which has seen significant growth in recent years [2][3]. Background - The express delivery industry is a crucial part of modern services, significantly contributing to cost reduction in logistics, supporting e-commerce, and creating employment opportunities. In 2024, the industry handled 1.75 trillion packages, maintaining its position as the world's largest for 11 consecutive years. However, this growth has led to excessive resource consumption and environmental pollution, necessitating comprehensive regulatory measures [2]. Overall Approach to Amendment - The amendment focuses on packaging issues, emphasizing three main principles: 1. Problem-oriented approach to enhance packaging management systems for green development [3]. 2. Systematic perspective to clarify responsibilities across the entire packaging chain, including design, production, usage, and recycling [3]. 3. Balancing regulation and guidance to foster a supportive environment for green development while considering industry realities [3]. Responsibilities of Express Delivery Companies - The decision reinforces the responsibilities of express delivery companies in packaging management, mandating compliance with national standards and regulations to prevent excessive packaging and environmental pollution. Companies are required to optimize packaging methods, implement operational norms, and report on the use and recycling of single-use plastics [3][4]. Systematic Governance of Packaging - The decision promotes a comprehensive approach to packaging governance, encouraging collaboration among various stakeholders, including manufacturers and e-commerce companies. It also supports the use of biodegradable and reusable materials and aims to improve recycling rates through the establishment of collection facilities [4]. Ensuring Safety in Packaging Reduction - The amendment stipulates that any reduction in packaging must prioritize the safety of deliveries. It emphasizes that companies should optimize packaging while ensuring the protection of goods, supported by national standards that provide technical guidelines for reducing excessive packaging [5]. Implementation Measures - To ensure effective implementation of the decision, three key actions will be taken: 1. Ongoing promotion and training to enhance understanding of the decision among stakeholders [6]. 2. Development of supporting regulations and standards to facilitate the decision's application [6]. 3. Strengthened supervision and enforcement to ensure compliance and address violations [6].

Investment Rating - The industry investment rating is "Recommended (Maintain)" [1] Core Insights - The report highlights that the recent decline in oil prices is expected to elevate the profit margins for the aviation sector, with Brent oil prices dropping below $70 per barrel and WTI prices below $67 per barrel [8] - The report suggests that if oil prices remain low, it could lead to cost savings of approximately 4-5 billion yuan for major airlines, equivalent to a ticket price reduction of about 3%-4% [8] - The report emphasizes the importance of monitoring supply-demand dynamics and macroeconomic conditions to ensure that the benefits of lower oil prices translate into profits for the airlines [13] Summary by Sections Weekly Focus - The focus of the week is on the accelerated decline in oil prices, which is expected to enhance the profit margins for the aviation industry [6] Industry Data Tracking (2025.03.02 - 03.08) Aviation High-Frequency Data Tracking - Domestic flight volume for the period was 81,367 flights, with a daily average of 11,624 flights, down 10.07% week-on-week and 7.47% year-on-year [10] - Domestic passenger volume reached 11.0615 million, down 12.05% week-on-week and 4.17% year-on-year [11] - The average full ticket price decreased by 4.76% week-on-week and 3.39% year-on-year [11] - The domestic passenger load factor was 83.18%, an increase of 3.73 percentage points year-on-year [12] - International passenger volume reached 1.315 million, down 5.27% week-on-week but up 26.01% year-on-year [14] Express Delivery High-Frequency Data Tracking - For the week of February 24 to March 2, the average daily express delivery volume was approximately 534 million pieces, with a delivery volume of about 541 million pieces, showing a slight decrease of 0.56% and an increase of 0.05% respectively compared to the previous week [19] - Year-to-date (January 1 to March 2), the average daily express delivery volume was approximately 488 million pieces, up 37.41% year-on-year [20] Shipping High-Frequency Data Tracking - The BDI index for the international dry bulk market was 1,263 points, up 17% week-on-week [51] - The CCFI index for the international container shipping market decreased by 3% week-on-week, while the SCFI index fell by 5% [51] - The VLCC-TCE rate for oil shipping was $39,359 per day, down 1% week-on-week [52] Recent Key Reports - The report includes a recommended investment portfolio consisting of companies such as COSCO Shipping Energy, Shandong Hi-Speed, and China Eastern Airlines, among others [5]