中央财经大学副教授刘春生对《证券日报》记者表示，快递行业的良好表现是我国经济韧性的微观印 证，其增速与实物商品网上零售高度关联。快递业务量峰值、下沉市场增速等数据，可直观检验促消费 政策效果，单票收入回升也反映出消费品质升级趋势，成为观察宏观经济与消费活力的高频窗口。 国家邮政局1月19日发布《2025年12月中国快递发展指数报告》(以下简称《报告》)。根据报告公布的 数据，经测算，2025年12月中国快递发展指数为466.8。其中发展规模指数、服务质量指数、发展能力 指数和发展趋势指数分别为631.6、650.8、253.1和61.7。12月份，行业运行平稳安全，服务质效持续提 升，基础网络稳步拓展，全年业务规模与业务收入再创新高。 苏商银行特约研究员付一夫告诉记者，当前快递行业已从规模扩张转向高质量发展，并依托政策赋能与 数智化升级来有效对冲宏观压力，实现稳健增长。 作为连接生产与消费的重要环节，快递物流运行情况往往被视为观察消费活跃度与经济流转效率的"晴 雨表"。 展望未来，《报告》称，2026年，在提振消费专项行动的有力推进下，行业将继续保持稳中有进良好态 势，推动实现质的有效提升和量的合理增长。 付 ...

Core Insights - Zhongtong Express is a leading and rapidly growing express delivery company in China, emphasizing service quality and balanced development strategies for 2026 [1][2] Group 1: Company Performance - In 2025, Zhongtong Express achieved a total business volume of 38.52 billion packages, representing a year-on-year growth of 13.3%, maintaining the industry's largest scale for ten consecutive years [1] - The company's reverse logistics business doubled, gaining more trust from platform customers and consumers [1] Group 2: Industry Outlook - The express delivery industry is transitioning from high quantity to high quality development, and from single express services to comprehensive logistics solutions [2] - The company aims to be a "clear-sighted, leading, and practical" player in the industry, focusing on practical achievements and avoiding internal competition [2] Group 3: Strategic Focus for 2026 - The 2026 work plan emphasizes the integration of quality and development, with key themes including safety, service enhancement, optimization, efficiency improvement, fairness, team cohesion, execution strength, and potential exploration [1]

根據不同投票權架構，我們的股本包括A類普通股及B類普通股。對於需要股東投票的所有事 項，A類普通股持有人每股可投1票，而B類普通股持有人則每股可投10票。股東及有意投資者 務請留意投資不同投票權架構公司的潛在風險。我們的美國存託股（每股美國存託股代表一股A 類普通股）於美國紐約證券交易所上市，代碼為ZTO。 ZTO Express (Cayman) Inc. 中通快遞（開曼）有限公司 （於開曼群島註冊成立以不同投票權控制的有限責任公司） （股份代號：2057） 自願公告 中通快遞召開2026年全國網絡工作會議 本公告乃由中通快遞（開曼）有限公司（「中通」或「本公司」）自願作出。 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示概不會就本公告全部或任何部分內容而產生或因倚賴 該等內容而引致的任何損失承擔任何責任。 賴梅松董事長感謝中通網絡合作夥伴和全體員工過去一年的信任和支持。我們堅 信，快遞行業依然是充滿希望的朝陽產業，行業正處於從高數量向高質量發展轉 變，從單一快遞向綜合物流轉變的關鍵時期。在高質量發展的賽道上，中通要 做「清醒者、引領 ...

这是继2023年极兔收购顺丰旗下"丰网速运"后，双方关系的又一次实质性升级。从业务层面的资产转让 到资本层面的绑定，这桩百亿级的"联姻"不仅改变了企业的股权结构，也意味着行业正在告别单纯的规 模增长阶段，转向高质量发展与全球化布局。 在物流行业告别高增长、进入存量博弈的背景下，两大行业巨头的一纸公告引发市场关注。 1月15日，顺丰控股（002352.SZ / 6936.HK）与极兔速递（1519.HK）联合发布公告，宣布签署《认购 协议》，双方将进行战略性互持股份，交易对价均约为83亿港元。交易完成后，顺丰将持有极兔约10% 的股份，成为其第二大股东；而极兔将持有顺丰约4.29%的股份。 反观极兔，这家起家于东南亚的快递新贵，凭借激进的打法迅速构建了覆盖东南亚、拉美等地的密 集"地网"。2025年上半年数据显示，极兔在东南亚的市场份额已攀升至32.8%，盈利能力强劲。但在国 内市场，极兔仍面临激烈的同质化竞争，且在航空干线资源和高端品牌形象上与顺丰存在差距。 业内分析认为，此次互持是典型的"长板互补"。顺丰可以通过极兔的海外网络快速补齐国际业务的末端 短板，实现"借船出海"；而极兔则能借力顺丰的航空干线资源和 ...

Group 1 - Core viewpoint: YTO Express (600233) announced that its major shareholder, Hangzhou Haoyue Enterprise Management Co., Ltd., has completed a share reduction plan, transferring 68,450,994 shares, accounting for 2% of the company's total share capital [1][3] - The share reduction plan was initiated on October 17, 2025, with a maximum transfer of 68,450,994 shares through block trading, reflecting the shareholder's strategic and financial planning [3] - The transfer price ranged from 15.74 CNY to 16.37 CNY, with a total transaction amount of 1.089 billion CNY [3] Group 2 - Prior to this reduction, Hangzhou Haoyue held 310,244,613 shares, representing 9.06% of the total share capital, making it the third-largest shareholder of YTO Express [3] - YTO Express's second-largest shareholder is Hangzhou Alibaba Venture Capital Co., Ltd., holding 9.08% of the shares, indicating a relationship between the two entities [3] - This is not the first reduction by Hangzhou Haoyue; a previous reduction occurred on March 12, 2025, where it transferred 68,935,068 shares for a total of 847 million CNY [4] Group 3 - YTO Express reported a revenue of 54.156 billion CNY for the first three quarters of 2025, a year-on-year increase of 9.69%, but the net profit decreased by 1.83% to 2.877 billion CNY [4] - The gross margin was 8.87%, down 7.91% year-on-year, and the net margin was 5.25%, down 11.03% year-on-year [4] - The total sales, management, and financial expenses amounted to 1.08 billion CNY, accounting for 1.99% of revenue, a decrease of 10.89% year-on-year [4] Group 4 - In December 2025, YTO Express reported a revenue of 6.496 billion CNY from express products, a year-on-year increase of 7.48%, with a business volume of 2.884 billion parcels, up 9.04% [5] - However, the average revenue per parcel decreased to 2.25 CNY, down 1.43% year-on-year [5] Group 5 - As of January 20, 2026, YTO Express's stock price closed at 17.59 CNY per share, with a total market capitalization of 60.203 billion CNY [6][7] - The stock experienced a 2.75% increase on that day, with a trading volume of 349 million CNY [7]

Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed [1] Group 1: Company Performance - YTO Express reported a December revenue of 6.496 billion yuan, a year-on-year increase of 7.48%, with a business volume of 2.884 billion pieces, up 9.04% year-on-year, while the average revenue per piece decreased by 1.43% to 2.25 yuan [1] - Yunda's December express service revenue was 4.626 billion yuan, a year-on-year decrease of 1.49%, with a business volume of 2.148 billion pieces, down 7.37% year-on-year, and an average revenue per piece of 2.15 yuan, up 5.91% [1] - Shentong Express achieved a December revenue of 5.836 billion yuan, a year-on-year increase of 28.23%, with a business volume of 2.501 billion pieces, up 11.09% year-on-year, and an average revenue per piece of 2.33 yuan, up 15.35% [1] - SF Holding's total revenue from express logistics, supply chain, and international business in December was 27.339 billion yuan, a year-on-year increase of 3.41%, with express revenue reaching 20.378 billion yuan, up 3.78% year-on-year, and a business volume of 1.476 billion pieces, up 9.33% [1] Group 2: Industry Trends - The growth rate of express delivery business volume in December was 2.6%, significantly down due to factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes [2] - The industry average price in December was 7.94 yuan, showing a month-on-month increase of 0.31 yuan, indicating a continued upward trend in pricing amid industry self-discipline [2] - There is a divergence in business volume growth among companies, with Shentong (+11.1%) and SF (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline [3]

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [1][33]. Core Insights - The express delivery industry experienced a slowdown in growth in December, with significant differentiation in brand growth rates. The report highlights the need to focus on the "Gain Plan" of SF Express to optimize its structure [1]. - In December, the year-on-year growth rates for business volume were as follows: Shentong (11.1%) > SF Express (9.3%) > YTO (9.0%) > Yunda (-7.4%). For the cumulative year-on-year growth from January to December, the rates were: SF Express (25.4%) > YTO (17.2%) > Shentong (15.0%) > Yunda (7.6%) [6][8]. - Revenue growth in December showed Shentong leading with a year-on-year increase of 28.2%, followed by YTO (7.5%), SF Express (3.8%), and Yunda (-1.5%). The cumulative revenue growth for the year was: Shentong (17.6%) > YTO (12.3%) > SF Express (10.9%) > Yunda (4.7%) [6][8]. Summary by Sections Industry Basic Data - The total market value of the express delivery industry is approximately 314.61 billion yuan, with a circulating market value of about 302.76 billion yuan [3]. Company Performance - SF Express reported a single ticket revenue of 13.81 yuan in December, a year-on-year decrease of 5.1%. In contrast, Shentong's single ticket revenue was 2.33 yuan, showing a year-on-year increase of 15.4% [8]. - The report notes that Shentong's acquisition of Daniao Logistics has positively impacted its revenue growth, with the company expected to benefit from network synergies [6]. Strategic Developments - SF Express has entered a strategic partnership with J&T Express, enhancing its operational capabilities by combining its cross-border advantages with J&T's end capabilities. This collaboration aims to create a more efficient and resilient end-to-end fulfillment system [6]. - The report emphasizes the potential for continued investment opportunities in SF Express, particularly through its "Gain Plan" and collaboration with J&T Express, which is expected to optimize its operational structure and improve cash flow sustainability [6].

Core Viewpoint - The express delivery industry faces multiple uncertainties regarding demand and self-discipline policies, but the trend of concentration in market share and profits among leading companies is confirmed. Companies like ZTO Express and YTO Express are recommended, while attention is drawn to the performance elasticity of Shentong Express. Jitu Express is expected to maintain its leading position in Southeast Asia and new markets, and SF Express is noted for its management structure and business line adjustments, presenting bottom-fishing opportunities [1]. Group 1: December Performance Reports - YTO Express reported a revenue of 6.496 billion yuan in December, a year-on-year increase of 7.48%, with a business volume of 2.884 billion tickets, up 9.04%. The average revenue per ticket decreased by 1.43% to 2.25 yuan [2]. - Yunda's December revenue was 4.626 billion yuan, down 1.49% year-on-year, with a business volume of 2.148 billion tickets, down 7.37%. The average revenue per ticket increased by 5.91% to 2.15 yuan [2]. - Shentong Express achieved a revenue of 5.836 billion yuan in December, a significant year-on-year increase of 28.23%, with a business volume of 2.501 billion tickets, up 11.09%. The average revenue per ticket rose by 15.35% to 2.33 yuan [2]. - SF Express's total revenue from express logistics, supply chain, and international business reached 27.339 billion yuan, a year-on-year increase of 3.41%. The express business revenue was 20.378 billion yuan, up 3.78%, with a business volume of 1.476 billion tickets, up 9.33%, and an average revenue per ticket of 13.81 yuan [2]. Group 2: Industry Trends and Insights - The growth rate of express delivery business volume in December was 2.6%, significantly down due to multiple factors such as price increases, the timing of the New Year goods festival, and e-commerce taxes. The State Post Bureau projects an 8% growth rate for express delivery business volume in 2026 [2]. - The industry average price in December was 7.94 yuan, reflecting a month-on-month increase of 0.31 yuan, indicating ongoing price increases amid the anti-involution trend [2]. - There is a noticeable divergence in business volume growth among companies, with Shentong Express (+11.1%) and SF Express (+9.3%) showing positive growth, while Yunda (-7.4%) experienced a decline. Factors like e-commerce taxes are impacting lower-priced merchants more significantly, exacerbating industry differentiation [3].

中证报中证网讯（记者 倪铭娅）1月19日晚顺丰控股（002352）发布的2025年12月经营数据显示，2025 年12月，公司月度营收合计273.39亿元，其中，速运物流业务营收203.78亿元，同比增长3.78%；业务 量14.76亿票，同比增长9.33%；单票收入13.81元；供应链及国际业务营收稳健增长，达到69.61亿元， 同比增长2.35%。 业内人士称，过去一年，顺丰国内业务结构不断调优，全球供应链深化卡位，精益化管理与技术创新红 利持续释放。 核心快递业务量质齐升 顺丰自2025年三季度开展持续调优产品结构战略后，成效在2025年底显著释放。 数据显示，2025年12月顺丰速运物流业务量同比增长9.33%，全年累计增速或突破25%，顺丰坚持可持 续健康发展的经营理念，推进激活经营进阶机制，以高品质服务和稳定运营交付，满足客户多元化物流 需求，推动业务高质量增长。 国家邮政局数据显示，2025年我国快递业务量和收入分别完成1990亿件和1.5万亿元，同比增长13.7%和 6.5%。在此背景下，顺丰全年超行业均值的增速凸显了其强劲的业务韧性与超越行业的增长动力。 业务增长背后是结构调优能力的强化。2 ...

Core Insights - The Guangdong postal industry achieved a delivery volume of 46.8 billion items and revenue of 341.3 billion yuan in 2025, accounting for 22% and 19% of the national totals respectively [1] - The express delivery volume and revenue reached 46 billion items and 300.2 billion yuan, representing 23% and 20% of the national figures [1] - Since the start of the 14th Five-Year Plan, the industry revenue has increased from 240 billion yuan to 340 billion yuan, with an average annual growth rate of 7.2% [1] Delivery Volume and Revenue - The express delivery volume has surged from 20 billion items to 40 billion items [1] - Eight cities have been designated as national postal express hub cities, with the establishment of 27 express logistics parks and 94 inter-provincial mail and express processing centers [1] - The number of operating outlets has increased by 1.5 times compared to five years ago, with over 19,000 rural delivery logistics service stations established [1] International and E-commerce Growth - There are 150 international licensed express companies, with overseas warehouse space exceeding 2.4 million square meters [1] - The international and Hong Kong/Macau/Taiwan express delivery volume has grown at an annual rate of 12.7% [1] - The collaboration with e-commerce has reached new heights, supporting over 1 trillion yuan in online retail sales of physical goods annually [1] Future Projections - For 2026, the postal industry in Guangdong is expected to maintain a steady upward trend, with a projected delivery volume of 49.6 billion items, a year-on-year increase of approximately 6% [2] - The express delivery volume is anticipated to reach 49 billion items, reflecting a growth of around 7% [2]