当然，这项服务也有些小要求。目前，自助寄件柜仅支持顺丰到付件，费用以实际计价为准，且投 递完成后无法取消，寄件前务必确认物品符合顺丰快递寄件标准，避免后续产生纠纷。如果寄件过程中 遇到操作难题，可按照柜机机身上的指引拨打顺丰客服电话95333咨询，也能直接向现场的地铁工作人 员求助。 出门赶地铁，却因包里装了防晒喷雾、水果刀等禁限带物品被拦在安检口？丢了可惜、折返耽误行 程的窘境，如今在杭州地铁有了新解法！近日，杭州地铁试点上线"顺丰自助寄件柜"服务。当乘客因携 带禁限带物品无法进站时，符合快递寄件标准的物品，在安检区域即可就地寄出，再也不用纠结"带不 走、舍不得"的难题。 那么，哪些物品属于地铁"禁限带"范围呢？记者了解到，常见的主要是两类：一是易燃物品，比如 大瓶的防晒喷雾、酒精含量高的消毒液、过量白酒等；二是尖锐刀具、大型工具等可能伤人或损坏设施 的物品。 此次试点的自助寄件柜，特意选在了凤起路、武林门、钱江路等14个人流密集的核心车站，并全设 置在进站安检区域。也就是说，一旦被查出禁限带物品，转身就能办理寄件，省去来回折腾的麻烦。 更赞的是，这项服务全程自助操作，简单又高效。市民朋友只需把符合快递寄件 ...

Summary of Conference Call Records Industry Overview: Express Delivery Sector Key Points - The express delivery industry is undergoing significant changes due to upgraded anti-involution policies and the promotion of a unified national market, which has led to price increases in several provinces. This has resulted in a rise in per-package revenue for major express companies, supporting high-quality industry development [1][3]. - The Supreme People's Court has strengthened social security payment constraints, increasing compliance costs for express companies. This may lead companies to pass on costs through price increases, aligning with anti-involution policies to promote healthy industry growth [1][3]. - Despite a slowdown in business volume growth due to rising costs for low-priced e-commerce shipments, the value per package has increased, with an expected 8% year-on-year growth in express delivery volume by 2026 [1][4]. Company-Specific Insights Major Express Companies 1. **YTO Express (圆通速递)** - Capital expenditures in the first three quarters of 2025 focused on land acquisition in core areas, upgrading transfer center equipment, and renewing transportation equipment to enhance processing efficiency and market share [1][9]. - Investment in automation includes 761 sets of sorting equipment and nearly 3,000 unmanned delivery vehicles, the largest scale in the industry [8]. - The company has improved operational efficiency, with a 7% increase in per-vehicle package count and a 13% increase in per capita efficiency, leading to a reduction in per-package transfer costs by 0.07 yuan [11]. 2. **SF Express (顺丰控股)** - The company has implemented the "Activate Operations" strategy, achieving a 33.4% year-on-year growth in logistics business volume in Q3, significantly outperforming the industry [2][16]. - Despite short-term profit fluctuations, the company is shifting from scale-driven to value-driven strategies, with a strategic shareholding agreement with Jitu Express to expand international business [16][17]. 3. **Shentong Express (申通快递)** - The company has completed 179 capacity enhancement projects from 2022 to 2024, with daily throughput capacity expected to exceed 9 million packages by the end of 2025 [12]. - The acquisition of Daniao Logistics has strengthened its core competitiveness in reverse logistics, improving business volume and per-package revenue [13][14]. 4. **Yunda Express (韵达股份)** - The company is focusing on optimizing its core express business and has seen a recent increase in per-package revenue despite challenges from intense price competition [15]. Cost Control Trends - The express delivery industry continues to see opportunities for cost reduction across the entire logistics chain, including collection, transfer, and delivery [5]. - Major companies are optimizing routes, increasing vehicle loading rates, and improving sorting efficiency to lower transfer costs. For instance, the average daily package volume for major companies has reached over 65 million, with transfer costs dropping to approximately 0.6 yuan per package [5]. Regulatory and Market Dynamics - The regulatory environment is playing a crucial role in curbing vicious price competition, with new laws providing a solid legal basis for oversight. The anti-involution policies are expected to prevent a return to the severe price wars seen in early 2025 [3][4]. - The industry is moving towards value competition, focusing on cost reduction and quality improvement as key strategies for gaining market share [4]. Conclusion - The express delivery sector is poised for growth, driven by regulatory support and strategic initiatives from leading companies. The focus on automation, cost efficiency, and strategic partnerships will be critical for navigating the evolving market landscape.

人民财讯1月19日电，国家邮政局发布2025年12月中国快递发展指数报告，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，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。 ...

Group 1: Express Delivery Industry - The express delivery business volume is expected to grow by 13.7% year-on-year by 2025, with some companies benefiting from price increases amid reduced competition [2] - During the week of January 5-11, the total collection volume of postal express reached approximately 4.107 billion pieces, a week-on-week increase of 7.1% and a year-on-year increase of 4.1% [2] - The total delivery volume for the same week was about 4.16 billion pieces, with a week-on-week increase of 6.0% and a year-on-year increase of 9.0% [2] - By 2025, the express delivery industry in China is projected to achieve a revenue of 1.5 trillion yuan and a business volume of 199 billion pieces, representing year-on-year growth of 6.5% and 13.7% respectively [2] - The report recommends investing in SF Holding (002352) due to valuation, operational resilience, and improved shareholder returns, while also being optimistic about Zhongtong Express [2] Group 2: Logistics Industry - The chemical product price index (CCPI) in China is at 4024 points, showing a year-on-year decrease of 7.7% but a month-on-month increase of 1.1% [3] - The domestic sea freight price for liquid chemicals is 169 yuan/ton, reflecting a year-on-year decrease of 8.98% [3] - Shanghai has launched a plan to promote high-level autonomous driving, aiming to enhance the competitiveness of smart connected technologies and expand the application of L3 autonomous vehicles [3] - The report recommends Hai Chen Co., Ltd. (300873) due to improved demand in the logistics sector [3] Group 3: Aviation Industry - The average daily number of flights in China has decreased by 5.66% year-on-year, with domestic flights down by 6.18% and international flights down by 2.58% [4] - The Brent crude oil futures price is at $64.13 per barrel, showing a month-on-month increase of 1.25% and a year-on-year decrease of 19.76% [4] - The report recommends investing in the aviation sector, specifically China National Aviation (601111) and China Southern Airlines (600029), due to expected profit elasticity from supply-demand optimization [4] Group 4: Shipping Industry - The China Container Freight Index (CCFI) is at 1209.85 points, reflecting a month-on-month increase of 1.3% but a year-on-year decrease of 22.5% [5] - The Shanghai Container Freight Index (SCFI) is at 1574.12 points, showing a month-on-month decrease of 4.4% and a year-on-year decrease of 31.3% [5] - The report indicates that the dry bulk freight index (BDI) is at 1586.4 points, with a year-on-year increase of 51.2% [5] - The report highlights that the highway freight traffic has decreased year-on-year by 2.02%, with a total of 55.089 million trucks passing through highways during the week of January 5-11 [5]

Industry Overview - China's foreign trade imports and exports achieved a growth of 3.8% in 2025, marking the ninth consecutive year of growth, with total trade reaching 45.47 trillion yuan, a historical high [1] - Exports amounted to 26.99 trillion yuan, increasing by 6.1%, while imports were 18.48 trillion yuan, growing by 0.5% [1] Trade with Belt and Road Countries - Exports to countries involved in the Belt and Road Initiative grew by 11.2%, contributing 5.4 percentage points to overall export growth [2] - ASEAN has remained China's largest export market for three consecutive years, with emerging markets in Latin America, the Middle East, Central Asia, and Africa showing faster growth rates than the overall average [2] Automotive Industry - In 2025, China's automotive production and sales reached 34.53 million and 34.40 million units respectively, setting new historical records [3] - New energy vehicles accounted for over 16 million units sold, with domestic new car sales exceeding 50% of the market share [3] - Automotive exports surpassed 7 million units, marking a significant increase [3] E-commerce Developments - TikTok Shop launched a "local hosting" model in Europe, allowing merchants to stock goods in local warehouses, enhancing logistics efficiency [5] - Alibaba's international platform saw a 40% year-on-year increase in overseas orders for construction machinery [6] Logistics and Delivery - SF Express and Jitu Express announced a strategic shareholding agreement worth 8.3 billion HKD to enhance their global logistics network [7][8] - Temu introduced a local seller program in the UAE to improve delivery efficiency and expand product offerings [9] Technology and Innovation - WeChat mini-programs recorded over 5 billion uses for cross-border and overseas users in 2025, with significant growth in payment transactions in countries like Malaysia, New Zealand, and the UK [10] - Xiaopeng Motors plans to establish a localized supply chain team in Europe and Southeast Asia to enhance operational efficiency and support its global strategy [11] - WeRide announced that its global Robotaxi fleet has reached 1,023 vehicles, with commercial operations in cities like Guangzhou, Beijing, and Abu Dhabi [12] - Google introduced a Universal Commerce Protocol (UCP) aimed at streamlining the AI shopping experience across platforms [13]

Industrial Sector - Weekly average pig iron production decreased, while the apparent demand for major steel products increased[4] - Cement clinker capacity utilization rate showed a seasonal decline this week[11] - The operating rate of float glass remained stable, with inventory levels decreasing[13] Real Estate - New home sales in 30 major cities decreased by 29.0% year-on-year as of January 15, with a slight improvement in growth rate compared to the previous week[21] - The second-hand housing listing price index fell by 1.39%, with the decline expanding by 0.53 percentage points compared to the previous value[25] Domestic Demand - Retail sales of home appliances decreased by 28.5% year-on-year as of January 2, although this was an improvement of 8.4 percentage points from the previous value[31] - The number of domestic flights decreased by 4.9% year-on-year, with a significant drop in growth rate compared to the previous week[30] External Demand - Port container throughput remained high, with a year-on-year increase of 7.3% as of January 11, although this was a slight decline from the previous value[39] - Export container freight rates increased this week, indicating resilience in external demand[39] Price Trends - The Nanhua Industrial Price Index fell by 0.4%, while the Nanhua Non-ferrous Metal Index rose by 0.9%[43] - The agricultural product wholesale price index decreased slightly, indicating mixed price trends in the agricultural sector[43]

A股 Market Updates - On January 15, multiple A-share companies released their performance forecasts for 2025, with many expecting significant profit increases. SAIC Motor Corporation anticipates a net profit growth of up to 558%, while companies like Shengnuo Biological and Zhenghai Magnetic Materials expect increases exceeding 200% [2] - Jiamei Packaging announced that its stock has triggered redemption clauses due to its closing price being above 130% of the conversion price for 15 out of the last 30 trading days [2] - ST Chengchang and Zhizhi New Materials announced their resumption of trading after completing investigations into recent abnormal stock price fluctuations [2] - ST Aowei reported that its stock closed at 0.99 CNY per share, warning that if it remains below 1 CNY for 20 consecutive trading days, it may face delisting from the Shenzhen Stock Exchange [2] Logistics and E-commerce - SF Holding and Jitu Express announced a strategic mutual shareholding agreement, involving an investment transaction amounting to nearly 8.3 billion HKD [3] - Ctrip is under investigation by the State Administration for Market Regulation, leading to a significant drop in its stock price, with a 6.49% decline on the day of the announcement and a further 20% drop the following day, resulting in a market value loss exceeding 100 billion CNY [3] Financial Data - In 2025, the total number of new A-share accounts reached 27.44 million, a 10% increase year-on-year, marking a three-year high, with total A-share investors exceeding 250 million [4] - The People's Bank of China reported that by the end of 2025, the social financing scale reached 442.12 trillion CNY, growing by 8.3% year-on-year, while the RMB loan balance was 271.91 trillion CNY, up 6.4% [5] - The China Securities Regulatory Commission approved an adjustment to the margin ratio for financing, increasing the minimum margin requirement from 80% to 100%, effective January 19, 2026 [5] Gold Reserves - As of the end of November 2025, non-U.S. countries' official gold reserves exceeded 900 million troy ounces, valued at approximately 3.82 trillion USD [6] Infrastructure and Technology - The State Grid Corporation announced that its fixed asset investment is expected to reach 4 trillion CNY during the 14th Five-Year Plan, a 40% increase from the previous plan [7] - Alibaba's Qianwen App has integrated with various Alibaba ecosystem services, launching over 400 AI functionalities to enhance user experience in daily tasks [7] - Shanghai's new action plan aims to implement L4 autonomous driving technology in various scenarios by 2027, targeting over 6 million passenger trips and 800,000 TEU in freight transport [7] Housing Policy - A joint announcement from the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development extended personal income tax policies supporting housing purchases from January 1, 2026, to December 31, 2027 [8] Trade Performance - China's total foreign trade in 2025 reached 45.47 trillion CNY, a 3.8% increase, setting a historical record and maintaining its position as the world's largest goods trading nation [8]

快递业作为连接生产与消费的核心枢纽，"十四五"期间，我区牛肉干、奶制品等6个品类寄递业务量超 千万件，巴盟瓜子、敖汉小米等10个农村电商与快递协同示范项目业务量超百万件。仅2025年快递服务 现代农牧业业务量完成2.8亿件，服务制造业业务量完成2.3亿件。快递行业主动融入内蒙古建设国家重 要农畜产品生产基地建设，拉动地方产值超过500亿元。 此外，通过推进寄递服务网络体系建设、完善农村寄递物流体系、构建多元末端派送体系等举措，我区 全面为快递行业发展提质增效。截至目前，内蒙古建成盟市级园区21处，旗县级园区44处，各类分拨处 理中心541个，配备自动化分拣设备数量291套；80个旗县市中建有县级集散分拨中心51个、县级集散共 配中心85个，全区设置快递末端站点11703个，智能快件箱格口数35万个，上门投递、箱递、站递协调 有序发展，高效物流网络为经济循环提供了坚实支撑。 2026年，我区邮政行业寄递业务量预计完成11.1亿件，同比增长6%左右。内蒙古将继续加快发展行业 新质生产力、健全完善寄递网络布局、深化产业协同融合发展，进一步释放"快递+"乘数效应，为经济 社会高质量发展注入新动能。 转自：内蒙古日报 ...

Core Insights - The new employment model in the province is rapidly developing, with 3.8 million workers requiring urgent social security and labor compensation needs [1] - The provincial human resources department has implemented a series of policies to protect the rights of new employment model workers, focusing on labor compensation, rest, and labor safety [2][3] Group 1: Policy Implementation - The provincial government has clarified the responsibilities of platform companies to address issues such as irregular labor compensation calculations and ambiguous labor relationships [2] - A labor rights protection implementation plan has been established for delivery workers, couriers, and ride-hailing drivers, with a labor rights maintenance working group formed by eight provincial departments [2] - The signing rate of labor contracts and participation in work injury insurance among new employment model workers has significantly increased, with platform commission rates becoming more transparent [2] Group 2: Social Security Innovations - The province has prioritized work injury insurance for new employment model workers, allowing for flexible participation in social insurance regardless of household registration [3] - Local innovations include pilot programs for pension insurance subsidies for delivery riders and a comprehensive risk protection system combining social insurance, occupational injury protection, and medical mutual assistance [3] Group 3: Dispute Resolution - A one-stop dispute resolution platform has been established to efficiently handle labor disputes, exemplified by a case where a network anchor received compensation after intervention [4] - The province has created a diversified dispute resolution system, with 87 one-stop labor dispute resolution organizations established, handling over 1,200 cases [4] - A "green channel" for arbitration has been implemented to assist unemployed workers, providing employment guidance and skills training [4] Group 4: Collaborative Efforts - The provincial government, trade unions, and social organizations are collaborating to protect the rights of new employment model workers, launching a care service action plan [5] - Over 5,056 "union stations" and 93 comprehensive service "driver homes" have been established to address basic needs such as food, water, rest, and sanitation for workers [5] - A special protection plan for new employment model workers is set to be piloted in 2025, focusing on logistics, freight driving, and food delivery sectors [5]

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].