Core Viewpoint - Chinese companies are entering a new phase of globalization, moving beyond cost advantages and single-product strategies to a more complex and integrated approach to international expansion [2][3]. Group 1: Current State of Chinese Companies Going Global - As of the end of 2024, 34,000 domestic investors have established 52,000 overseas investment entities across 190 countries, with total foreign direct investment reaching $192.2 billion [2]. - The era of relying solely on price and courage for international expansion is coming to an end, as companies face more significant challenges in the "deep sea" of global markets [3]. Group 2: Support Systems for Global Expansion - The Chinese government is enhancing support for companies venturing abroad by establishing comprehensive service stations in key countries to assist in market expansion [3][4]. - This support system is likened to a "escort fleet" that provides necessary resources and guidance for companies navigating international markets [4]. Group 3: Comparison with Other Countries - Historical examples from Japan, Germany, and the U.S. illustrate the importance of a robust support ecosystem for companies going global, where professional service firms play a crucial role in facilitating international operations [6][7]. - The concept of "accompanying overseas" or "ecological overseas" emphasizes that successful internationalization involves not just products but also a complete service and regulatory framework [7]. Group 4: Current Challenges for Chinese Service Providers - Chinese service institutions lag significantly behind manufacturing companies in terms of international expansion, with leading domestic consulting firms generating less than 1% of the revenue of global giants like McKinsey [9]. - Many Chinese companies face difficulties in navigating local regulations and finding reliable partners abroad, leading to unexpected costs and operational challenges [11][12]. Group 5: Demand for Support Services - A survey by the China Business Overseas Alliance in 2024 revealed that nearly 90% of overseas companies are seeking professional partners for support, with 63.6% specifically needing supply chain services [13][14]. - The trend of "industrial chain group overseas" is emerging, where companies prefer to take their entire supply chain abroad to reduce costs and improve responsiveness [15][16]. Group 6: Future Directions and Opportunities - The next decade will be critical for Chinese companies to establish a mature service ecosystem that supports their global ambitions, requiring collaboration among all stakeholders [17]. - The upcoming third Global Overseas Summit aims to gather service providers and decision-makers to strengthen this support network and facilitate connections [20][29].

Core Viewpoint - The article discusses the recent trends in industrial production, construction, and demand in China, highlighting the recovery in certain sectors while noting weaknesses in others. Group 1: Industrial Production - The blast furnace operating rate remains stable, with a week-on-week increase of 1.2% and a year-on-year stability at 1.5% [2] - Steel apparent consumption increased by 2.2% week-on-week but saw a year-on-year decline of 0.9 percentage points to 4.1% [2] - Steel social inventory decreased by 1.7% week-on-week [2] Group 2: Construction Industry - Cement production and demand have shown signs of recovery, with a week-on-week increase in grinding operating rate of 2.1% and a year-on-year increase of 2.6 percentage points to 14.1% [24] - Cement shipment rate increased by 7.3% week-on-week and a year-on-year increase of 0.2 percentage points to 0.8% [24] - Cement inventory ratio increased by 0.9% week-on-week and a year-on-year increase of 3 percentage points to 7.3% [24] Group 3: Demand Trends - National commodity housing transactions have improved, with a week-on-week increase of 14.8% in average daily transaction area for 30 major cities, and a year-on-year increase to 25.5% [48] - The transaction area for first, second, and third-tier cities increased by 9.1%, 15.5%, and 20.7% respectively week-on-week, with year-on-year increases of 25.3%, 63%, and 33% [48] - Freight volume remains resilient, with railway freight volume and highway truck traffic down by 3.2% and 1.2% year-on-year to 4.3% and 7.6% respectively [60] Group 4: Price Trends - Agricultural product prices are generally weak, with pork, vegetables, and fruit prices decreasing by 1.3%, 0.9%, and 0.7% respectively week-on-week, while egg prices increased by 1.6% [102] - The overall industrial product price index decreased by 0.2% week-on-week, with energy and chemical prices increasing by 1.2% and metal prices decreasing by 0.6% [114]

Investment Rating - The report maintains a "Buy" rating for the company [1][10]. Core Views - The company demonstrates resilient performance with stable dividends, and there is optimism regarding steady growth in air freight [2][8]. - Despite challenges in cross-border e-commerce logistics, the company has seen significant growth in direct-to-source and customized logistics services [6][8]. - The company's fundamentals remain robust, with a consistent dividend payout ratio of 40% for 2024-2025, indicating a commitment to shareholder returns [8]. Financial Performance Summary - In 2025, the company achieved a revenue of 24.26 billion, a year-on-year increase of 0.9%, and a net profit attributable to shareholders of 2.688 billion, up 0.02% year-on-year [4][7]. - Quarterly revenue for 2025 was reported as follows: Q1: 5.49 billion, Q2: 5.77 billion, Q3: 5.99 billion, Q4: 7.02 billion, with respective year-on-year changes of +5.0%, -4.8%, -6.2%, and +9.9% [7]. - The air express business showed strong growth, with revenues of 10.9 billion, a year-on-year increase of 20.8% [7]. Business Segment Analysis - Cross-border e-commerce logistics faced a decline, with a volume of 94,000 tons in 2025, down 42.2% year-on-year, leading to a revenue drop of 3.78 billion, down 36.2% [6]. - Direct-to-source and customized logistics services saw significant growth, with volumes of 46,000 tons and 20,000 tons, respectively, increasing by 44.9% and 38.4% year-on-year, contributing revenues of 3.971 billion and 542 million, up 20.1% and 51.8% [6]. Future Projections - Revenue projections for 2026-2028 are estimated at 27.165 billion, 29.022 billion, and 30.696 billion, reflecting growth rates of 12%, 7%, and 6% respectively [10]. - Net profit forecasts for the same period are 3.028 billion, 3.467 billion, and 3.880 billion, with growth rates of 13%, 14%, and 12% [10]. - The company's price-to-earnings (P/E) ratio is projected to be 9.04 for 2026, indicating a relatively low valuation compared to peers [10].

Investment Rating - The report does not explicitly provide an investment rating for the transportation sector Core Insights - The express delivery sector is benefiting from price increases due to regulatory measures against excessive competition, with major companies like Zhongtong Express expected to lead in market share and profit recovery [2] - The logistics sector is anticipated to improve as chemical prices rise, with a focus on companies like Milkyway and Hongchuan Wisdom [3] - The aviation sector is seeing a recovery in international flight volumes, with a projected 3.34% year-on-year increase for the summer season, indicating a positive trend for airlines [4] - The shipping sector is experiencing a decrease in geopolitical risk premiums, although overall market liquidity remains tight [5] - The road and rail sectors are showing mixed performance, with rail passenger volumes increasing while road freight volumes decline [6][82] Summary by Sections Transportation Market Review - The transportation index fell by 0.2% during the week of March 23-27, 2026, underperforming the Shanghai Composite Index by 1.2% [1][13] Express Delivery - The express delivery sector saw a collection volume of approximately 3.845 billion packages, a 1.8% decrease week-on-week but a 4.4% increase year-on-year [2] - Regulatory measures in Guangdong are expected to stabilize prices and improve profitability for leading companies [2] Logistics - The China Chemical Product Price Index (CCPI) increased by 20.8% year-on-year, indicating potential improvements in chemical logistics [3] - The operating rates for paraxylene and methanol are also showing positive trends, suggesting a recovery in the logistics sector [3] Aviation and Airports - The average daily flight volume reached 15,280, recovering to 112.2% of 2019 levels, with domestic flights at 118.1% and international flights at 88.9% [4] - Brent crude oil prices increased by 0.34% week-on-week, impacting airline operating costs [4][70] Shipping - The China Export Container Freight Index (CCFI) rose by 1.6% week-on-week, while the Shanghai Export Container Freight Index (SCFI) increased by 7.0% [5][23] - The oil transportation index (BDTI) rose significantly, indicating a strong demand for oil shipping despite geopolitical tensions [5][38] Road and Rail - National railway passenger volume increased by 10.53% year-on-year, while road freight volume decreased by 13.42% [84][86] - The performance of highway toll revenues has been mixed, with some companies experiencing declines [82][86]

Investment Rating - The investment rating for the company is "Buy" with a current price of 17.25 CNY and a fair value of 18.36 CNY [3]. Core Insights - The company demonstrated resilience in its business operations despite external pressures such as increased tariffs, achieving a revenue of 24.26 billion CNY in 2025, a year-on-year increase of 0.87%. The net profit attributable to shareholders was 2.688 billion CNY, showing a slight increase of 0.02% year-on-year [8]. - The air freight business was a significant driver of revenue growth, with a total income of 10.914 billion CNY, reflecting a year-on-year increase of 20.79% and an improvement in gross margin [8]. - Cost control measures were effective, with operating costs rising only 0.62% to 19.502 billion CNY, which was lower than revenue growth. This was attributed to a significant reduction in air freight costs and decreased financial expenses [8]. Financial Projections - Revenue is projected to grow from 24.06 billion CNY in 2024 to 36.94 billion CNY in 2028, with growth rates of 16.7%, 0.9%, 15.3%, 14.4%, and 15.4% respectively [2]. - The EBITDA is expected to increase from 5.654 billion CNY in 2024 to 8.496 billion CNY in 2028 [2]. - The net profit attributable to shareholders is forecasted to decline to 2.242 billion CNY in 2026 but is expected to recover to 3.990 billion CNY by 2028 [2]. Valuation Metrics - The company is valued at a P/E ratio of 10.0 for 2024, increasing to 12.2 in 2026, before decreasing to 6.9 by 2028 [2]. - The ROE is projected to decline from 15.3% in 2024 to 10.6% in 2026, then recover to 15.6% by 2028 [2]. - The EV/EBITDA ratio is expected to decrease from 3.5 in 2024 to 1.4 by 2028, indicating improving operational efficiency [2].

Group 1: Oil and Commodity Prices - The price of Brent crude oil increased by 8.8% as of March 20, driven by disruptions in the Strait of Hormuz due to escalating US-Iran conflicts [1] - Chemical product prices showed divergence, with the domestic chemical price index rising by 0.5%, while PX and PTA prices fell by 0.5% and 8.0% respectively [1] - Base metal prices faced downward pressure, with COMEX gold, LME copper, and LME aluminum prices decreasing by 9.6%, 6.7%, and 6.5% respectively [1] Group 2: Emerging Technology and Construction Demand - PCB exports from China in January-February 2026 increased by 28.3% year-on-year, indicating sustained high growth in emerging technology [2] - The revenue of Taiwan's electronic industry rose by 29.4% year-on-year in the same period, with IC manufacturing and testing contributing significantly to growth [2] - Construction demand remains weak, with steel prices showing fluctuations and building material prices slightly increasing due to rising costs [2] Group 3: Consumer Trends and Tourism - Real estate transactions in 30 major cities decreased by 5.7% year-on-year, while second-hand home sales in 10 key cities fell by 7.9% [2] - The demand for traditional consumer goods is weakening, with pork prices down by 1.1% and agricultural product prices continuing to rise [2] - Tourism remains strong, with Shanghai Disneyland experiencing a 90.3% increase in crowd density year-on-year, indicating robust travel activity [2] Group 4: Transportation and Logistics - Passenger transport volume in 10 major cities increased by 3.0% year-on-year, with Baidu's migration index up by 14.8% [3] - National freight volumes showed mixed results, with road freight down by 0.1% and railway freight up by 1.0% [3] - Express delivery volumes increased by 4.4% for collection and 5.5% for delivery, suggesting a positive trend in logistics [3]

Core Viewpoint - Debon Holdings (603056) announced its decision to voluntarily delist from the Shanghai Stock Exchange, effective March 31, 2026, transitioning to the National Equities Exchange and Quotations system for trading [2][3] Group 1: Company Actions - Debon Holdings will terminate its listing on the Shanghai Stock Exchange and will not enter a delisting transition period, as per the exchange's regulations [2] - The company aims to better align with logistics industry trends and enhance coordination within the JD Logistics ecosystem [3] Group 2: Business Performance - Debon started as a freight business and shifted to express delivery in 2013, focusing on large parcel delivery in 2018, but has faced challenges with low operational efficiency and profitability [2] - JD Logistics announced the acquisition of Debon in 2022, leading to significant management changes with JD executives taking over [2] - In 2025, JD Logistics reported a revenue of 100.9 billion yuan from its express and freight services, marking a 5.7% year-on-year increase [3]

Group 1: Beverage Industry Performance - Nongfu Spring reported a revenue increase of 22.5% to 52.553 billion yuan in 2025, with a net profit growth of 30.9% to 15.868 billion yuan [2] - In contrast, Master Kong's beverage revenue declined by 2.9% to 50.1 billion yuan in 2025, with significant drops in ready-to-drink tea and juice segments [3] - Uni-President China also experienced a similar trend, with a 5.8% revenue decline in the second half of 2025, although the annual revenue showed a slight increase of 1.2% [5] Group 2: Market Dynamics and Competitive Landscape - The decline in Master Kong's beverage sales is attributed to multiple factors, including the impact of aggressive competition in the takeaway market [6] - Master Kong's adjustments, such as reducing the number of marketing distributors and increasing prices, have also negatively affected sales [8] - Despite the challenges faced by competitors, Nongfu Spring has managed to withstand the pressures of the takeaway market, indicating a need for Master Kong's management to reassess their strategies [6][8] Group 3: Other Industry Developments - China Shengmu appointed a new CFO, Li Li, following an internal position rotation [9] - Mengniu reported a revenue decline of 7.3% to 82.2449 billion yuan in 2025, with a net profit of 1.545 billion yuan [11] - The average price of pork in China's wholesale markets decreased to 15.80 yuan per kilogram, reflecting broader agricultural market trends [10]

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，概不對因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。 JD Logistics, Inc. 京東物流股份有限公司 （於開曼群島註冊成立的有限公司） （股份代號：2618） 須予披露的交易的最新進展 擬主動撤回德邦股份於上海證券交易所的上市交易 茲提述本公司日期為2026年1月13日、2026年1月29日及2026年2月25日的公告（「該等公 告」），內容有關撤回德邦股份上市事項及擬現金選擇權。除文義另有所指外，本公告所 用詞彙與該等公告所界定者具有相同涵義。 本公司欣然宣佈，撤回上市事項已獲上海證券交易所批准。於2026年3月24日，德邦宣 佈，其已收到上海證券交易所終止德邦股份上市的決定。根據適用法律法規，德邦股份 將於2026年3月31日於上海證券交易所終止上市。 根據相關規則及規定，德邦已於上海證券交易所網站(www.sse.com.cn )刊發（其中包括） 《股票終止上市暨摘牌的公告》。 承董事會命 京东物流股份有限公司 王振輝先生 執行董事 香港 ...

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [11] Core Insights - The supply-demand dynamics in the transportation sector are continuously improving, with oil price impacts yet to be fully realized. Profitability is on an upward trend across various sub-sectors [2][4] Summary by Sub-Sector Aviation - The aviation sector is experiencing significant profitability improvements due to a combination of rising demand during the Spring Festival and a notable decrease in oil prices. The overall profitability is expected to turn positive in Q1 2026 [4][16] Airports - Domestic airport traffic is recovering, with a projected increase in both domestic and international flights. However, profitability may vary significantly among airports due to differing operational costs [5][21] Express Delivery - The express delivery sector shows resilience in demand, with package volumes expected to grow modestly. The sector is transitioning towards quality competition, leading to improved average order values and profitability [5][23] Logistics - The logistics sector is facing volatility in bulk supply chain profitability, while cross-border logistics is expected to see an upward trend due to strong export demand [6][25] Maritime Transport - Maritime transport profitability is mixed, with container shipping facing pressure while oil transportation sees significant gains due to geopolitical tensions. Dry bulk shipping is also expected to improve profitability [7][27] Ports - Port operations are expected to show high growth rates in cargo throughput, driven by increased imports of various goods. The port sector is highlighted for its stable performance and high dividend yields [8][30] Highways - The highway sector is projected to maintain stable traffic flow, with slight improvements in profitability expected compared to Q1 2025 [9][33] Railways - The railway sector is benefiting from rising oil prices, with both passenger and freight volumes expected to grow. The profitability outlook is positive, particularly for coal transport [10][35]