21世纪经济报道记者杨坪 深圳报道 在行业增速放缓、竞争局势日益白热化等诸多因素影响下，快递产 业正在加速整合。 继京东、德邦"联姻"后，1月15 日，顺丰控股（002352）、极兔速递联合发布公告，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。 根据协议，极兔速递将向顺丰控股增发8.22亿股B类股份，发行价为每股10.10港元；顺丰控股将向极兔 速递增发2.26亿股H股股份，发行价为每股36.74港元。其中，极兔速递的发行价较前一交易日折价 14%，而顺丰控股的发行价则较前一交易日收盘价溢价1.5%。 值得一提的是，这并非两家企业首次"牵手"。 2023年，极兔速递曾以11.83亿元收购了顺丰旗下的经济型快递业务丰网速运。彼时，由于加盟模式的 经济型快递市场环境发生变化，丰网速运处于初期发展阶段且持续亏损，顺丰控股选择剥离经济型快递 业务，消除同业竞争与亏损拖累。 而接盘的极兔速递则认为，丰网速运和公司的网络契合度较高。这一交易使进入中国市场不久的极兔速 递补足了末端配送的短板，更将日均单量提升至5000万单级别，为其成功登陆资本市场奠定了基础。 此次交易后不久，市场便传 ...

Industry Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [1] Core Viewpoints - The report highlights the collaboration between SF Express and Jitu Express, which is expected to enhance their overseas logistics capabilities and improve service quality [5][6] - SF Express is the largest logistics service provider in Asia and has a strong international presence, while Jitu Express has shown rapid growth in Southeast Asia [5] - The report recommends investing in SF Express and keeping an eye on Jitu Express due to their potential for global value capture through their partnership [7] Summary by Relevant Sections Industry Basic Information - The closing index is at 2447.76, with a 52-week high of 3008.46 and a low of 2325.54 [1] Recent Developments - SF Express plans to issue 226 million H shares to Jitu Express at HKD 36.74 per share, while Jitu Express will issue 822 million B shares to SF Express at HKD 10.10 per share, leading to SF Express holding approximately 10% of Jitu Express post-transaction [4][5] Performance Forecast and Investment Rating - SF Express is rated "Buy" with a closing price of CNY 39.19 and a market cap of CNY 197.5 billion, with expected EPS of CNY 2.34 for 2025 and CNY 2.60 for 2026 [9]

1月15日盘前，顺丰控股（002352.SZ，6936.HK）发布公告称，公司与极兔速递宣布达成一项战略性的 相互持股协议，顺丰控股将向极兔速递增发2.26亿股H股股份，发行价为每股36.74港元；极兔速递将向 顺丰控股增发8.22亿股B类股份，发行价为每股10.10港元。 交易完成后，顺丰控股将持有极兔速递10%的股份，极兔速递将持有顺丰控股4.29%的股份。在满足特 定前提条件下，极兔李杰先生承诺将提名并支持顺丰的一名董事候选人加入极兔董事会。双方约定本次 交易的股份锁定期将为5年，充分体现了彼此长期战略合作的诚意与决心。未来双方将在全球物流网络 建设、基础设施布局、业务协同发展等方面探索更多的合作可能性。 顺丰控股创始人王卫和极兔速递创始人李杰共同表示，顺丰和极兔是多年合作的战略伙伴。此次相互持 股，是双方关系深化的重要里程碑，标志着彼此从业务协同走向更紧密的战略共赢。双方将携手打造一 个更高效的全球智慧物流网络，有力把握中资企业出海及跨境电商带来的历史性机遇，为客户创造更卓 越的全球供应链价值。 作为亚洲最大、全球第四大的综合物流服务提供商，顺丰控股近年来一直在深化国际化发展战略，获取 关键核心资源、 ...

全球物流行业的竞争格局刚刚迎来了一次实质性的重构。 1月15日，极兔速递（1519.HK）与顺丰控股（002352）（002352.SZ, 6936.HK）联合发布公告，宣布达 成一项总金额达83亿港元的战略性相互持股协议。 在公告中，双方明确了此次合作的核心意图，借助双方优势资源，共同构建一个覆盖更广、效率更高、 更具韧性的全球一体化物流网络。 这一动作的背景，是中国快递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，极兔 速递创始人李杰与顺丰控股创始人王卫在联合声明中表示，这是双方关系深化的重要里程碑，旨在有力 把握中资企业出海及跨境电商带来的历史性机遇。 核心资源的深度协同 此次战略互投的商业逻辑，建立在双方核心资产的高度互补性之上。 在当前全球供应链重构的背景下，构建一套完整的"端到端"跨境物流解决方案，需要同时具备强大的干 线运输能力和深度的末端派送网络。极兔速递与顺丰控股的结盟，本质上是这两类稀缺资源的对接。 极兔速递在合作中提供的核心价值，在于其全球化的末端网络与成熟的本地化运营体系，作为一家起家 于东南亚、快速扩张至全球的物流服务商，极兔已在全球13个国家建立了自营快递网络。截至2 ...

据介绍，顺丰控股将凭借在跨境头程与干线段的核心资源优势和成熟运营体系，结合极兔速递在全球13 个国家的末端网络与本地化运营优势，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。同 时，在国内业务方面，双方在网络资源、客户群体、产品结构和差异化上具备较大互补协同空间，有助 于共同拓展服务边界。 截至发稿，极兔速递H股报11.86港元/股，涨幅为1.02%；顺丰控股A股报39.38元/股，涨幅为2.15%，H 股报36.18港元/股，涨幅为2.32%。 战略性相互持股实现优势互补 1月15日上午，顺丰控股与极兔速递联合发布公告，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。交易完成后顺丰控股将持有极兔速递10%股份，极兔速递将持有 顺丰控股4.29%股份。 根据协议，顺丰控股将向极兔速递增发2.26亿股H股股份，发行价为每股36.74港元；极兔速递将向顺丰 控股增发8.22亿股B类股份，发行价为每股10.10港元。交易完成后，顺丰控股将持有极兔速递10%的股 份，极兔速递将持有顺丰控股4.29%的股份。 顺丰控股称，此次合作旨在借助双方优势资源，共同构建一个覆盖更广、效率 ...

Core Viewpoint - SF Holding and J&T Express have entered into a strategic mutual shareholding agreement, with a total investment amount of HKD 8.3 billion, aiming to enhance their logistics network and service capabilities for Chinese enterprises going global [1][2]. Group 1: Strategic Partnership - SF Holding will issue 226 million H-shares to J&T Express at a price of HKD 36.74 per share, while J&T Express will issue 822 million Class B shares to SF Holding at a price of HKD 10.10 per share [1]. - Post-transaction, SF Holding will hold 10% of J&T Express, and J&T Express will hold 4.29% of SF Holding [1]. Group 2: Market Implications - The partnership is expected to leverage SF Holding's high-end express network and J&T Express's strong performance in the e-commerce delivery market, particularly on platforms like Pinduoduo, to create a comprehensive logistics service system [1][2]. - This collaboration is anticipated to enhance the global competitiveness of Chinese express delivery services, challenging the dominance of three major international express companies in the Asia-Pacific market [2]. Group 3: Industry Trends - The Chinese express delivery industry has become the largest globally, but has faced challenges due to price wars leading to a decline in delivery prices among major players [2]. - Since Q3 2025, the industry has seen a collective price increase as part of an "anti-involution" initiative, indicating a shift towards competition based on service quality and efficiency rather than solely on price [2].

1月7日，2026年全国邮政工作会议在北京召开，国家要对差异化派费出手了。 会议明确提出，要持续综合整治"内卷式"竞争，实施"穿透式"监管，纠治差异化派费、"接诉即罚"等企业不合理管理行为，推动寄递企 业平衡好总部、加盟商、快递员的利益分配，切实保护从业者合法权益。 示端快速网点上面临严峻挑议 成本压力 剧增 派费持续下滑,人力、场地成本不断攀升 利润空间严重挤压! 在快递行业发展过程中，差异化派费带来的问题早已凸显。这种同件不同酬的模式，本质上是快递企业将"产粮区"低价抢市场的成本， 转嫁给了末端派送网点和快递员，不仅让业务量集中区域陷入以价换量却利润压缩的窘境，也让以派件为主、发货量少的区域网点持续 亏损，形成了增量不增利的恶性循环。 而此次国家层面出手整治，无疑将从根源上切断这种成本转嫁链条，让行业竞争从价格内卷转向服务提质的良性轨道。 对末端网点和快递员来说，这一政策更是直接的利好。 长期以来，派费无法足额下沉是网点经营困难、快递员收入缩水的重要原因，不少县城甚至出现过因网点资金链断裂导致快递停摆的情 况，既影响了消费者体验，也动摇了快递网络的根基。这次如果整改得当，能让网点成本核算更清晰、报价更精准 ...

Core Viewpoint - The logistics industry is facing challenges such as slowing revenue growth and intensified competition, prompting companies like SF Express and Jitu Express to seek strategic changes to adapt to potential crises and shifts in the market [2]. Group 1: Strategic Partnership - SF Express and Jitu Express announced a strategic mutual shareholding agreement, involving a total investment of HKD 8.3 billion [2]. - 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 [2]. - Post-transaction, SF Express will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Express [2]. Group 2: Complementary Strengths - The partnership aims to leverage both companies' strengths to build a more efficient and resilient global integrated logistics network, enhancing service for Chinese enterprises and the global e-commerce landscape [3]. - SF Express will utilize its core resources in cross-border logistics, while Jitu Express will contribute its localized operations across 13 countries, enhancing end-to-end logistics solutions [3]. - Both companies have significant complementary synergies in domestic operations, which will help expand their service boundaries [3]. Group 3: Historical Context - This is not the first collaboration between the two companies; in 2023, Jitu Express acquired SF Express's economy express business for CNY 1.183 billion, which improved Jitu's last-mile delivery capabilities and increased daily order volume to 50 million [3]. - The previous acquisition laid the groundwork for Jitu Express's successful entry into the capital market [3]. - SF Express has optimized its resources to focus on high-end express and comprehensive logistics business restructuring [4].

Core Viewpoint - Jitu Express and SF Holding have announced a strategic mutual shareholding agreement involving a total investment of HKD 8.3 billion, aimed at enhancing their logistics network and service capabilities for global e-commerce [1]. Group 1: Strategic Partnership - Jitu Express will issue 822 million Class B shares to SF Holding at a price of HKD 10.10 per share, while SF Holding will issue 226 million H shares to Jitu Express at a price of HKD 36.74 per share [1]. - Post-transaction, SF Holding will hold 10% of Jitu Express, and Jitu Express will hold 4.29% of SF Holding [1]. - The collaboration aims to leverage both companies' strengths to build a more extensive, efficient, and resilient global integrated logistics network [1]. Group 2: Complementary Strengths - Jitu Express plans to utilize its end network and localized operational advantages across 13 countries, combined with SF Holding's core resources in cross-border logistics and mature operational systems [1]. - The partnership is expected to enhance the competitiveness of end-to-end cross-border logistics solutions and expand service boundaries in the Chinese market [1]. Group 3: Historical Context - Prior to Jitu's IPO in Hong Kong in 2023, SF Holding already held a 1.54% stake in Jitu through investments [2]. - In May 2023, Jitu acquired 100% of SF Holding's Fengwang Express for HKD 1.183 billion, allowing SF Holding to divest from its economy express business and eliminate competition and losses [2].

Core Viewpoint - Debon Logistics has shown significant stock price appreciation, with a year-to-date increase of 24.21% and a recent surge of 21.37% over the past five trading days, indicating strong market interest and potential growth in the logistics sector [2]. Group 1: Stock Performance - As of January 15, Debon shares reached a price of 16.98 yuan per share, with a total market capitalization of 17.226 billion yuan [1]. - The stock has experienced a 24.21% increase since the beginning of the year, with notable gains of 21.37% over the last five trading days and 23.13% over the last 20 days [2]. - The trading volume on January 15 was 12.0388 million yuan, with a turnover rate of 0.07% [1]. Group 2: Financial Performance - For the period from January to September 2025, Debon reported a revenue of 30.27 billion yuan, reflecting a year-on-year growth of 6.97%. However, the net profit attributable to shareholders was a loss of 277 million yuan, a significant decrease of 153.54% compared to the previous year [2]. - The company has distributed a total of 784 million yuan in dividends since its A-share listing, with 227 million yuan distributed over the last three years [3]. Group 3: Shareholder Structure - As of September 30, 2025, the number of shareholders for Debon was 36,900, a decrease of 4.25% from the previous period, with an average of 27,623 shares held per shareholder, an increase of 4.43% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the third-largest, holding 6.0249 million shares, a decrease of 6.7108 million shares from the previous period [3].