Group 1 - SF Holding and Jitu Express announced a mutual share issuance with a total investment amount of HKD 8.3 billion, enhancing their strategic partnership [1] - After the transaction, SF Holding will hold 10% of Jitu Express, while Jitu Express will hold 4.29% of SF Holding, with a five-year lock-up period for both parties [1] - The collaboration aims to leverage both companies' strengths to build a more efficient and resilient global logistics network, enhancing service for Chinese enterprises going global [1] Group 2 - SF Holding possesses strong cross-border logistics resources and overseas warehouse networks, while Jitu Express has established a delivery network across 13 countries in Southeast Asia, showcasing complementary strengths [2] - The partnership is seen as a response to the long-standing price wars in the express delivery industry, which have led to low profit margins, and is expected to shift the industry from price competition to value competition [2] - The express delivery industry in China is transitioning towards high-quality development, with projected revenue of CNY 1.5 trillion and a volume of 199 billion packages by 2025, reflecting a growth of 6.5% and 13.7% respectively [3]

Group 1 - The core point of the announcement is the strategic mutual shareholding agreement between SF Holding and Jitu Express, involving an investment transaction amounting to nearly HKD 8.3 billion [1] - SF Holding will issue 226 million H-shares at a price of HKD 36.74 per share to Jitu Express, while Jitu Express will issue 822 million Class B shares at a price of HKD 10.10 per share to SF Holding [1] - After the transaction, SF Holding will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Holding [1] Group 2 - The mutual shareholding is expected to leverage the complementary strategic synergies between the two companies, enhancing their end-to-end cross-border logistics solutions and domestic service capabilities [2] - SF Holding's strengths in high-quality logistics and international networks will complement Jitu Express's rapid expansion in the e-commerce delivery market [2] - The partnership aims to create a global smart logistics ecosystem by integrating SF Holding's air trunk lines with Jitu Express's end networks across 13 countries, improving efficiency in emerging markets [2]

同日，顺丰发布投资者关系活动记录表。顺丰管理层在接待229位投资者调研时表示，通过本次合作，双方将更好地利用顺丰跨境干线与极兔海外末端能力 的优势进行互补，这不仅有助于提升顺丰全球网络的覆盖深度与运营效率，还为双方未来探索关键基础设施的共同投资机会创造有利条件。 每经记者｜赵雯琪 每经编辑｜余婷婷 中国物流行业迎来一场标志性的深度合作。 1月15日，顺丰控股（002352.SZ，06936.HK）与极兔速递（01519.HK）联合发布公告，宣布达成一项战略性的相互持股协议，将互为对方增发新股，投资 交易金额达83亿港元。 此次合作远非偶然。从2023年极兔收购顺丰旗下丰网，到顺丰现身极兔IPO（首次公开募股）基石投资者名单，双方关系在过去三年里持续深化，最终从业 务合作升级为资本与战略的双重协同。 双方合作并非偶然 在多位业内人士看来，极兔和顺丰的深度合作并不是偶然事件。 图片来源：据港交所公告制图 快递专家赵小敏在接受《每日经济新闻》记者采访时表示，中国快递行业规模最大（顺丰）与发展速度最快（极兔）的企业联手，将加剧快递企业的竞争压 力，可能使价格战加速走向终结，倒逼其他企业调整策略。 顺丰董事候选人将加入 ...

Group 1 - Jitu Express and SF Holding announced a strategic mutual shareholding agreement with an investment amount of HKD 8.3 billion [1] - Jitu Express will issue 822 million Class B shares to SF Holding at HKD 10.10 per share, while SF Holding will issue 226 million H shares to Jitu Express at HKD 36.74 per share [1] - After the transaction, SF Holding will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Holding [1] Group 2 - The strategic cooperation aims to leverage the complementary strengths of both companies in the global supply chain context, focusing on efficient integration of scarce resources in end-to-end cross-border logistics [2] - SF Holding's core resources in cross-border logistics and Jitu's efficient last-mile delivery network will provide customers with a more reliable one-stop comprehensive logistics service [2] - The collaboration is expected to enhance both companies' logistics capabilities in overseas markets, promoting growth in overseas business, which is a key growth engine [2]

Core Viewpoint - The strategic partnership between SF Express and Jitu Express marks a significant move in the logistics industry, aiming to enhance their competitive edge through mutual shareholding and collaboration in both domestic and international markets [3][10]. Group 1: Strategic Partnership Details - On January 15, SF Express and Jitu Express announced a mutual shareholding agreement involving an investment of HKD 8.3 billion (approximately RMB 7.4 billion) [3]. - Jitu Express will issue 822 million Class B shares to SF Express at HKD 10.10 per share, while SF Express will issue 226 million H shares to Jitu Express at HKD 36.74 per share [3]. - Following the announcement, both companies saw their stock prices rise, with SF Express A and H shares increasing by 1.66% and 2.71%, respectively, and Jitu Express shares rising by 0.77% [3]. Group 2: Historical Context and Previous Collaborations - This is not the first collaboration between the two companies; in 2023, Jitu Express acquired SF Express's economy express business for RMB 1.183 billion, which helped Jitu enhance its delivery capabilities [6]. - SF Express has previously invested in Jitu Express during its D-round financing and IPO, holding approximately 1.67% of Jitu's shares before the recent agreement [6]. Group 3: Market Context and Industry Trends - The logistics industry is experiencing a slowdown, with national express delivery growth rates declining from 17.2% in Q3 2025 to 5.0% in November 2025 [10]. - SF Express reported a net profit decline of 8.5% year-on-year in Q3 2025, despite revenue growth, indicating the challenges faced by industry leaders [10]. - Jitu Express also reported a slight decline in its package volume in Q4 2025, reflecting the competitive pressures in the Chinese market [10]. Group 4: Future Collaboration and Strategic Goals - The partnership aims to leverage SF Express's strengths in cross-border logistics and Jitu's local delivery networks to enhance service offerings and operational efficiency [8][13]. - Both companies plan to focus on expanding their international market presence, with SF Express emphasizing its investment in overseas warehouses and Jitu targeting growth in Southeast Asia and emerging markets [12][13]. - The collaboration is expected to create a more resilient global logistics network, enhancing service capabilities for Chinese enterprises and adapting to the evolving e-commerce landscape [12][13].

2025年广东快递业务"成绩单"出炉！ 1月15日，广东省邮政管理局在惠州召开2026年全省邮政工作会议（以下简称：会议）。会议公布数据 显示，2025年，广东全省邮政行业寄递业务量和业务收入分别完成468亿件和3413亿元，全国占比22% 和19%。 除面向广东省内加密快递网点布局外，还有一组面向海外市场的数据值得关注：目前，广东已集聚150 家国际许可快递企业，海外仓总面积超240万平方米，国际/港澳台快递业务量年均增长12.7%。 在此基础上，广东陆续培育形成茂名荔枝、梅州金柚等11个年寄递量超千万件的邮政快递服务现代农业 项目，快递服务制造业项目库入库项目超200个，服务制造业年产值超千亿元，年支撑实物商品网上零 售额超1万亿元。 广东省邮政管理局结合全国行业发展趋势预判，2026年广东全省行业仍将保持稳步上升态势，预计邮政 行业寄递业务量完成496亿件，同比增长6%左右，其中快递业务量完成490亿件，同比增长7%左右。 为此，广东省邮政管理局党组书记、局长黄燊强调，广东要加快发展行业新质生产力，推广无人车、无 人机、AI技术等创新成果，探索地铁联运试点，支持企业升级智慧物流分拣设备。同时，优化完善寄 ...

Core Viewpoint - SF Holding and J&T Express have announced a strategic mutual shareholding agreement, with a total investment amount of HKD 8.3 billion (approximately RMB 7.4 billion), marking a significant collaboration between a traditional logistics leader and a rising e-commerce delivery player [3][6]. Group 1: Strategic Partnership Details - The agreement involves J&T Express issuing 822 million Class B shares to SF Holding at HKD 10.10 per share, while SF Holding will issue 226 million H shares to J&T Express at HKD 36.74 per share, with J&T's share price reflecting a 14% discount and SF's a 1.5% premium compared to the previous trading day [3]. - Following the announcement, both companies' stock prices rose, with SF Holding's A and H shares increasing by 1.66% and 2.71%, respectively, and J&T Express's stock rising by 0.77% [3][4]. Group 2: Historical Context and Previous Collaborations - This is not the first collaboration between the two companies; in 2023, J&T Express acquired SF Holding's economy express business, Fengwang Express, for RMB 1.183 billion, which allowed J&T to enhance its last-mile delivery capabilities [6]. - SF Holding has previously invested in J&T Express during its D-round financing and participated in its IPO, holding approximately 1.67% of J&T's shares before the new agreement [6]. Group 3: Strategic Synergies and Market Context - The mutual shareholding is seen as a deepening of their existing cooperation, leveraging SF's strengths in cross-border logistics and J&T's local operational advantages in 13 countries [7][8]. - Both companies aim to enhance their service offerings and market reach, especially in light of slowing growth in the domestic express delivery market, with SF's net profit declining by 8.5% year-on-year in Q3 2025 [8][9]. Group 4: International Expansion and Future Plans - Both companies are focusing on international markets for growth, with SF's international express and cross-border e-commerce logistics revenue growing by 27% year-on-year in Q3 2025 [9][10]. - J&T Express has also seen significant growth in Southeast Asia and is expanding into new markets, emphasizing the need for a robust global logistics network to support Chinese enterprises and adapt to the evolving e-commerce landscape [10][11].

证券研究报告 | 行业点评 gszqdatemark 2026 01 15 年 月 日 交通运输 极兔顺丰战略相互持股，星辰大海，共赴征程 合作要点：顺丰以每股 10.10 港元认购极兔 8.22 亿股 B 类股份，交易后 持股 10%（ 含交易前已持有的 1.67%）。极兔以每股 36.74 港元认购顺丰 2.26 亿股 H 股股份，交易后持股约 4.29%。双方所持股票均设五年锁定 期，且顺丰获得极兔董事会一个席位的提名权，可以确保双方合作长期稳 定。交易完成后，双方将实现资源互通、优势互补，在建设全球物流网络、 布局基础设施、业务协同等方面探索更多的业务合作可能性。 海外网络加强：强强联合，卡位出海机遇。 顺丰海外优势：拥有跨境头程 与干线段的核心资源优势和成熟运营体系。极兔海外优势：在东南亚、中 东、拉美等全球 13 个国家拥有末端网络与本地化运营优势。双方优势结 合，可以有效打通从中国出海的头程干线到海外目的地国家"最后一公里" 全链路，共同增强端到端跨境物流解决方案的网络覆盖和产品竞争力。有 助于把握中资企业出海及跨境电商带来的历史性机遇。我们推断，此次合 作使双方得以避免在干线或末端环节进行高投 ...

Core Viewpoint - J&T Express and SF Express have announced a strategic mutual shareholding agreement involving a total investment of HKD 8.3 billion, aimed at enhancing their cross-border logistics capabilities and market competitiveness [3]. Group 1: Strategic Partnership - J&T Express will issue 822 million Class B shares to SF Express at HKD 10.10 per share, while SF Express will issue 226 million H shares to J&T Express at HKD 36.74 per share [3]. - Post-transaction, SF Express will hold 10% of J&T Express, and J&T Express will hold 4.29% of SF Express [3]. Group 2: Market Growth Potential - The international express delivery market shows significant growth potential compared to the competitive domestic market, with SF Express reporting a 27% year-on-year increase in international express and cross-border e-commerce logistics revenue for Q3 2025 [3]. - J&T Express reported a 73.6% year-on-year increase in parcel volume in Southeast Asia, reaching 2.44 billion parcels in Q4 2025 [4]. Group 3: Operational Efficiency and Cost Reduction - J&T Express has successfully replicated operational management experiences from the Chinese market in Southeast Asia, resulting in a 16.7% year-on-year reduction in single parcel costs in the region [5]. - The collaboration between J&T Express and SF Express is expected to complement high-end and e-commerce parcel services, creating a comprehensive logistics service system [5]. Group 4: Industry Trends - The ongoing price war in the express delivery industry has led to lower profit margins, with a 7.7% year-on-year decline in average prices in the domestic market during the first half of 2025 [5]. - Recent price adjustments for e-commerce parcel collection in multiple regions aim to control disorderly competition within the industry [5].

岁末年初的物流江湖，正经历一场深刻的资本与产业重构。 顺丰控股与极兔速递83亿港元相互持股开启全球协同新篇章，京东物流推进德邦股份私有化退市 深化"京邦达跨合体 " 整合，叠加顺丰、圆通、京东等龙头企业在低空物流领域的密集布局，中 国快递业正从规模竞争加速迈向以资本协同、科技赋能为核心的价值竞争新阶段。 资本运作密集落地 行业整合迈入深水区 与顺丰的"向外结盟 " 不同，京东物流选择以"向内整合 " 的方式重塑产业格局。1月13日晚间，德 邦股份公告拟主动撤回A股上市申请，成为2026年首家提出主动退市的上市公司。此次退市背 后，是京东物流斥资37.97亿元推进的私有化计划。 从产业逻辑看，德邦退市是京东物流整合进程的关键一步，双方在资本整合基础上，正式迈向业 务与网络深度融合的新阶段。早在2022年京东物流收购德邦股份时，京东物流就提到，未来要打 造综合型寄递物流供应链集团。 德邦股份在公告中提到，此次主动退市的核心原因之一是京东物流此前收购德邦时解决同业竞争 的承诺的履行。京东物流下属境内子公司京东卓风于2022年9月6日出具承诺，自前次要约收购完 成之日起五年内，京东卓风拟通过具有可操作性的方式解决京东 ...