临近春节的关键节点，申通快递宣布换帅。 王文彬、韩永彦的加入与阿里押注申通不无关系。2019年3月，阿里系出资46.65亿元持有申通快递 14.65%股权，随后又在2020年9月，阿里系再度出资32.95亿元，增持申通快递10.35%，合计以近80亿元 拿下申通25%的股权。 不过，彼时的申通快递处境并不乐观，市场份额掉队，盈利能力下滑，网络出现动荡。2021年2月1日， 随着王文彬"空降"总经理，经验丰富的职业经理人团队不仅带来了新的管理理念和运营模式，申通快递 通过数字化改造快速提升产能。2022年，王文彬提出"三年百亿计划"，投入百亿级资金开展产能提升工 程。 从申通快递近年来的业绩表现来看，在王文彬带领下，公司实现了"触底反弹"与稳步增长，营业总收入 从2021年的252.55亿元增长至2024年的471.69亿元，净利润从2021年的亏损9.09亿元到2024年的盈利 10.40亿元。 值得一提的是，2022年，申通曾推出"每股1元"的员工持股计划，而王文彬、韩永彦是主要的受益者。 最新公告显示，王文彬直接持有申通快递股份2,857,146股，通过"申通快递股份有限公司-第一期员工持 股计划"间接持 ...

Core Viewpoint - The article discusses the recent administrative guidance issued by various government departments to ensure the rights of new employment form workers are protected, focusing on 16 major companies in the delivery and gig economy sectors [1][2]. Group 1: Government Actions - The Ministry of Human Resources and Social Security, along with other central departments, has initiated administrative guidance for 16 companies including Meituan, Taobao, JD, and Didi to uphold the rights of new employment form workers [1]. - The meeting emphasized the need for these companies to fully implement their responsibilities as employers and to continuously improve labor management practices [2]. Group 2: Companies Involved - The companies targeted by the administrative guidance include major players in the gig economy such as Meituan, Taobao Shanguo, JD Seconds, Didi, and various express delivery services like SF Express and YTO Express [1]. - These companies are expected to take concrete actions to safeguard the rights of their workers, reflecting a growing regulatory focus on labor rights in the gig economy [2].

Investment Rating - The report maintains a "Recommended" rating for key companies in the transportation sector, including SF Holding, Eastern Airlines Logistics, and Spring Airlines, among others [2]. Core Insights - The report highlights the competitive landscape in the instant retail sector, emphasizing the strategic moves by Meituan and Alibaba to enhance their market positions. Meituan's acquisition of Dingdong Maicai and Alibaba's significant promotional activities are noted as key developments [7][10]. - The instant retail market in China is projected to grow rapidly, with a CAGR of 43.6% from 2018 to 2026, potentially reaching a market size of 1.2 trillion yuan in 2026 and over 2 trillion yuan by 2030 [14][19]. - The report underscores the importance of SF Express's positioning as a leading independent third-party delivery service, benefiting from the rapid expansion of the instant delivery market and increasing demand for express services [22][34]. - In the aviation sector, the report indicates a strong performance during the Spring Festival travel period, with passenger numbers and ticket prices showing positive trends. The average ticket price for domestic economy class has increased by 4.8% year-on-year [36][44]. - The report also discusses the recovery in air cargo demand, driven by seasonal inventory replenishment ahead of the Spring Festival, and recommends focusing on leading logistics companies like Eastern Airlines Logistics [59]. Summary by Sections Instant Retail Competition - Meituan and Alibaba are intensifying their efforts in instant retail, with Meituan acquiring Dingdong Maicai for approximately 7.17 billion yuan to enhance its supply chain capabilities [12]. - The instant retail market is expected to grow significantly, with a projected market size of 1.2 trillion yuan in 2026 and over 2 trillion yuan by 2030, driven by a CAGR of 43.6% [14][19]. - The competition in the instant retail space is intensifying, with major players like Douyin and Pinduoduo entering the market, indicating a "must-win" scenario for market share [21][34]. Aviation Sector Insights - The Spring Festival travel period has seen a surge in passenger numbers, with an average of 231.34 million passengers per day, a year-on-year increase of 5.48% [7][36]. - The average ticket price for domestic economy class has risen to 840.52 yuan, reflecting a 3.06% increase compared to the previous year [44]. - The report suggests that the aviation sector is poised for growth, with favorable supply-demand dynamics expected to drive ticket prices higher [47]. Air Cargo and Logistics - Air cargo demand is rebounding, with major airlines reporting increased cargo aircraft utilization rates, indicating a seasonal recovery in logistics operations [51][55]. - The report recommends focusing on leading logistics companies like Eastern Airlines Logistics, which are well-positioned to benefit from the recovery in air cargo demand [59]. Gankimau Port Operations - The average daily traffic at Gankimau Port has increased significantly, with a year-on-year growth of 117.3% [60]. - Indonesia plans to significantly reduce coal production in 2026, which may impact global coal prices and logistics operations [72].

证券研究报告 | 2026年02月09日 美元债双周报（26 年第 6 周） 弱于大市 景气回升难掩财政忧虑，美债曲线陡峭化博弈加剧 美国 1 月 ISM 数据显示，制造业与服务业景气度同步回升，经济动能明显改 善。制造业 PMI 从 47.9 大幅跃升至 52.6，显著高于预期，重返扩张区 间并创近几年新高，新订单与产出强劲反弹是主要拉动因素，显示企业 补库存与需求修复加快。不过，就业指数仍低于荣枯线，制造业用工恢 复偏慢，叠加物价支付指数回升，反映成本压力再度抬头。服务业方面， PMI 维持在 53.8 的阶段性高位，扩张态势稳健，商业活动表现较好，但 新订单增速放缓，就业几乎停滞于荣枯线附近，显示需求与用工修复并 不同步。同时，价格指数走高，提示服务业通胀压力有所回升。整体而 言，美国经济开年景气度改善明确，但就业恢复偏弱、成本压力上行， 结构性特征依然突出。 市场避险情绪升温，但美债需求并不强劲。在上周市场对美联储换帅导致 的流动性冲击以及 AI 对软件的替代影响的担忧而出现抛售时，美债价 格上涨幅度却相当温和，而且收益率曲线显著趋陡，10 年-2 年期限利 差逼近多年高位。这表明尽管市场存在避险情绪 ...

Group 1 - The Ministry of Human Resources and Social Security, along with other governmental departments, is taking measures to protect the rights of workers in new employment forms by providing administrative guidance to 16 companies including Meituan, Taobao, JD, and Didi [1] - Companies are required to fully implement their responsibilities as employers, continuously improve labor management, and effectively safeguard the rights of workers in new employment forms [1] Group 2 - The A-share market is expected to rise significantly before and after the Spring Festival [2] - Shenzhen has set a GDP target of over 5 trillion yuan for the 14th Five-Year Plan period [2]

近日，人力资源社会保障部会同中央社会工作部、中央网信办、交通运输部、市场监管总局、国家邮政 局、全国总工会，就维护新就业形态劳动者权益，对美团、淘宝闪购、京东秒送、闪送、顺丰同城、盒 马、滴滴、T3出行、曹操出行、货拉拉、满帮、圆通速递、申通快递、中通快递、韵达快递、极兔快 递等16家企业开展用工行政指导。会议要求有关企业全面落实用工主体责任，持续改进劳动管理，切实 保障好新就业形态劳动者权益。 ...

近日，人力资源社会保障部会同中央社会工作部、中央网信办、交通运输部、市场监管总局、国家邮政 局、全国总工会，就维护新就业形态劳动者权益，对美团、淘宝闪购、京东秒送、闪送、顺丰同城、盒 马、滴滴、T3出行、曹操出行、货拉拉、满帮、圆通速递、申通 快递、中通快递、韵达快递、极兔快 递等16家企业开展用工行政指导。会议要求有关企业全面落实用工主体责任，持续改进劳动管理，切实 保障好新就业形态劳动者权益。（新华社） ...

证券研究报告 | 2026年02月09日 美元债双周报（26 年第 6 周） 弱于大市 景气回升难掩财政忧虑，美债曲线陡峭化博弈加剧 美国 1 月 ISM 数据显示，制造业与服务业景气度同步回升，经济动能明显改 善。制造业 PMI 从 47.9 大幅跃升至 52.6，显著高于预期，重返扩张区 间并创近几年新高，新订单与产出强劲反弹是主要拉动因素，显示企业 补库存与需求修复加快。不过，就业指数仍低于荣枯线，制造业用工恢 复偏慢，叠加物价支付指数回升，反映成本压力再度抬头。服务业方面， PMI 维持在 53.8 的阶段性高位，扩张态势稳健，商业活动表现较好，但 新订单增速放缓，就业几乎停滞于荣枯线附近，显示需求与用工修复并 不同步。同时，价格指数走高，提示服务业通胀压力有所回升。整体而 言，美国经济开年景气度改善明确，但就业恢复偏弱、成本压力上行， 结构性特征依然突出。 市场避险情绪升温，但美债需求并不强劲。在上周市场对美联储换帅导致 的流动性冲击以及 AI 对软件的替代影响的担忧而出现抛售时，美债价 格上涨幅度却相当温和，而且收益率曲线显著趋陡，10 年-2 年期限利 差逼近多年高位。这表明尽管市场存在避险情绪 ...

北京商报讯（记者 何倩）2月9日，顺丰正式发布面向全国一线员工的"春季增收"专项计划，投入2亿元 资金助力快递员全员增收，平均收入提升500元左右。叠加春节期间各项激励与福利，关怀一线快递 员。 据了解，顺丰本次增收计划一期时间3个月，覆盖全国所有一线快递员群体，增收部分将以单票计提补 贴形式直接发放。 ...

顺丰表示，后续将会持续推出面向一线快递员的增收计划，并对现有方案持续迭代调整，逐步形成稳定 的长效增收激励机制，以员工收入提升不断带动促进客户服务质量优化升级。 记者从顺丰速运获悉，马年春节前夕，顺丰发布了面向全国一线员工的"春季增收"专项计划，投入2亿 元资金助力快递员全员增收，平均收入提升500元左右。 本次增收计划一期时间3个月，覆盖全国所有一线快递员群体，增收部分将以单票计提补贴形式直接发 放，这也是行业内首次推出全国性快递员增收专项计划。 春节期间，除增收计划外，顺丰继续实行延续多年的春节激励和关怀举措，实行"常规薪酬+加班工资 +特殊激励+其他福利"四重薪资结构；同时，顺丰也将继续进行员工假期科学调配，并通过发放春节年 货大礼包、全员开工红包及个性化返岗激励等方式，将年味一直持续到元宵佳节。 来源：北京日报客户端 ...