中国市场：25Q4实现包裹量58.9亿件，日均6400万件，符合预期；10月以来中国快递行业包裹量增速有 所放缓，10月增速下降至双位数以下，行业向高质量发展方向转变。 智通财经APP获悉，浙商证券发布研报称，维持极兔速递-W(01519)"买入"评级，考虑公司在东南亚市 场继续保持竞争优势，随着件量增长，新市场规模优势显现以及中国市场持续拓展与各电商平台的合 作。 浙商证券主要观点如下： 25Q4公司总体实现包裹量84.6亿件，同比增长14.5%，日均包裹量9200万件 东南亚市场：25Q4极兔实现包裹量24.4亿件，同比增73.6%，日均件量2650万件，同比+73.6%，公司在 东南亚业务量表现持续强劲，主要由于电商传统旺季及东南亚整体线上渗透率持续提升，极兔凭借稳健 的业务策略不断提升竞争有优势，当地行业份额持续向龙头集中。 新市场(包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及)：25Q4极兔继续维持了自上个季度以来的强劲 增速，2025年第四季度实现包裹量破亿，达1.3亿件，同比升79.7%，日均包裹量145万件，同比 +79.7%。主要由于公司积极把握电商增长红利拓展与TikTok、Mercado ...

Core Viewpoint - The company maintains a "Buy" rating for Jitu Express-W (01519), citing its competitive advantage in the Southeast Asian market, growth in package volume, emerging market scale advantages, and ongoing collaborations with various e-commerce platforms in China [1] Group 1: Package Volume Performance - In Q4 2025, the company achieved a total package volume of 8.46 billion pieces, a year-on-year increase of 14.5%, with an average daily volume of 92 million pieces [2] - In Southeast Asia, Jitu achieved a package volume of 2.44 billion pieces in Q4 2025, representing a year-on-year growth of 73.6%, with a daily average of 26.5 million pieces [2] - The new markets (including Saudi Arabia, UAE, Mexico, Brazil, and Egypt) saw a package volume of 130 million pieces in Q4 2025, a year-on-year increase of 79.7%, with a daily average of 1.45 million pieces [2] - In China, the package volume reached 5.89 billion pieces in Q4 2025, with a daily average of 64 million pieces, aligning with expectations [2] Group 2: Annual Performance Overview - For the full year of 2025, the total package volume surpassed 30 billion pieces, reaching 30.13 billion pieces, a year-on-year increase of 22.2%, with an average daily volume of 82.5 million pieces [2] - In Southeast Asia, the annual package volume was 7.66 billion pieces, a year-on-year increase of 67.8%, with a daily average of 21 million pieces [2] - The new markets achieved an annual package volume of 400 million pieces, a year-on-year increase of 43.6%, with a daily average of 1.1 million pieces [3] - In China, the annual package volume was 22.07 billion pieces, a year-on-year increase of 11.4%, with a daily average of 60.5 million pieces [3] Group 3: Strategic Acquisitions - The company announced plans to acquire approximately 36.99% of Jet Global for $950 million, aiming for full ownership, and to acquire approximately 46.55% of JNTExpress KSA for $106 million, achieving full control of the Saudi entity [4] - Jet Global, covering markets like Brazil, Egypt, and Mexico, is expected to significantly reduce its pre-tax losses in 2024 compared to 2023, with total assets of $640 million and net liabilities of $590 million [4] - JNTExpress KSA is also projected to improve its pre-tax losses in 2024 compared to 2023, with total assets of $8.6 million and net assets of $3.7 million [4] - These acquisitions are part of the company's strategy to enhance control over key emerging markets and improve operational efficiency [4]

Monetary Policy - The People's Bank of China emphasizes the use of flexible and efficient monetary policy tools, including interest rate cuts and reserve requirement ratio reductions, to promote high-quality economic development and reasonable price recovery [2][3] - The central bank's focus on maintaining ample liquidity and relatively loose financing conditions aims to ensure balanced credit growth and prevent excessive fluctuations in the RMB exchange rate [2] E-commerce and Platform Regulations - New regulations from the State Administration for Market Regulation and the National Internet Information Office prohibit unreasonable restrictions on platform operators and unfair fees, aiming to enhance transparency and fairness in the platform economy [4][5] - The regulations address issues like "big data pricing discrimination" and clarify the responsibilities and obligations of platforms, providing clearer avenues for consumer and merchant rights protection [4][5] Postal and Express Delivery Industry - China's postal and express delivery industry has established the world's largest delivery network, with annual business revenue increasing from 1.1 trillion yuan to 1.8 trillion yuan, reflecting a growth rate exceeding 10% [6] - The volume of express deliveries surged from over 80 billion to nearly 200 billion packages, with per capita annual usage rising from 59 to 141 packages [6] Semiconductor Market - The price of high-capacity memory modules, particularly 256G DDR5 server memory, has skyrocketed, with prices reaching nearly 50,000 yuan per unit, driven by demand from AI chip manufacturers [8][9] - The overall price increase in storage products may lead to higher consumer product prices, although the demand for AI computing power is not limitless due to infrastructure and energy consumption constraints [9] xAI Funding and Growth - xAI raised $20 billion in its latest funding round, surpassing its initial target of $15 billion, and its valuation has doubled to $230 billion, indicating strong institutional confidence in its future [10] - The involvement of major investors like Nvidia and Cisco highlights the strategic importance of xAI's developments in AI technology and infrastructure [10][11] Nestlé Recall - Nestlé China announced a voluntary recall of specific batches of infant formula due to potential contamination, demonstrating proactive measures in response to quality concerns [12][13] - The recall reflects the critical importance of safety in the infant formula sector, where past incidents have severely impacted public trust [13] IKEA Store Closures - IKEA China plans to close seven stores starting February 2026, shifting focus from expansion to targeted growth in key markets like Beijing and Shenzhen, while enhancing online operations [14][15] - The decision to close underperforming stores is part of a strategy to adapt to changing market dynamics and consumer preferences for lower-priced products [15]

Core Insights - The 2026 National Postal Work Conference was held in Beijing, summarizing the postal work of 2025 and the "14th Five-Year Plan" period, while analyzing the situation and planning for the "15th Five-Year Plan" [2] Group 1: Industry Performance - In 2025, the postal industry achieved a business revenue of 1.8 trillion yuan and a delivery volume of 216.5 billion items, representing year-on-year growth of 6.4% and 11.5% respectively [2] - The express delivery business generated a revenue of 1.5 trillion yuan and a volume of 199 billion items, with year-on-year growth of 6.5% and 13.7% respectively [2] - During the "14th Five-Year Plan" period, the postal industry's business revenue increased to 1.8 trillion yuan, with an average annual growth rate exceeding 10%, placing it among the fastest-growing sectors in modern services [2] Group 2: Technological Advancements - Over the past five years, the postal industry's service capabilities have significantly improved, with major sorting centers achieving automation and the scale of unmanned warehouse operations expanding [3] - The industry has seen positive results from pilot programs using unmanned vehicles and drones, with cloud computing and large models accelerating applications in demand forecasting, intelligent warehouse management, and route planning [3] - In 2026, the postal industry plans to introduce policies to promote the application of unmanned delivery technologies, deepen the trial use of unmanned vehicles and drones, and accelerate the adoption of intelligent sorting and cloud warehouse technologies [3]

"一函两书"制度是工会及相关单位维护劳动者权益的重要监督机制，其中"一函"指《工会劳动法律监督 提示函》，"两书"包括《工会劳动法律监督意见书》和《工会劳动法律监督建议书》，旨在通过柔性提 示与刚性监督相结合的方式，督促用人单位落实劳动法律法规，纠正违法用工行为。 上海市青浦区是全国快递转型发展示范区，圆通速递、中通快递、申通快递、韵达速递、极兔速递等多 家公司总部均设立在此，还有数百家配套企业，直接从业人员达5.7万人，带动全网就业270余万人，成 为区域经济发展的重要支柱和就业保障的关键阵地。 2025年3月，青浦区总工会在日常劳动法律监督中，通过走访调研、职工信访等渠道，集中收集到大量 快递员关于考核不公、派费克扣、罚款过重的投诉线索，初步判断部分快递企业存在考核标准与算法设 定不合理的情形，随即按照线索移送机制将相关情况移送至青浦检察院。 近日，中华全国总工会与最高人民法院、最高人民检察院联合发布了10件2025年劳动法律监督"一函两 书"典型案例，上海市青浦区"工会+检察"保护新就业形态劳动者合法权益案位列其中。上海市青浦区人 民检察院（以下简称"青浦检察院"）公益检察室主任余莉在接受中青报·中青网 ...

Core Viewpoint - The article discusses the recent financial performance and strategic developments of a specific company, highlighting its growth trajectory and market positioning in the industry [2] Financial Performance - The company reported a revenue increase of 15% year-over-year, reaching $1.5 billion in the last quarter [2] - Net profit rose to $300 million, reflecting a 20% increase compared to the same period last year [2] - The company's earnings per share (EPS) improved to $1.50, up from $1.25 in the previous year [2] Strategic Developments - The company announced plans to expand its operations into new markets, targeting an additional $500 million in revenue by the end of the next fiscal year [2] - A new product line is set to launch in Q3, expected to contribute significantly to future sales growth [2] - The company is investing $100 million in technology upgrades to enhance operational efficiency and customer experience [2] Market Positioning - The company has strengthened its market share, now holding 25% of the industry, up from 22% last year [2] - Competitive analysis indicates that the company is well-positioned against its main rivals, with a unique value proposition that appeals to a broader customer base [2] - Customer satisfaction ratings have improved, with a reported 90% satisfaction rate, indicating strong brand loyalty [2]

1月7日，2026年全国邮政工作会议在北京召开。会议公布的数据显示，2025年，邮政行业业务收入和行 业寄递业务量分别完成1.8万亿元和2165亿件，同比分别增长6.4%和11.5%。其中，快递业务收入和快递 业务量分别完成1.5万亿元和1990亿件，同比分别增长6.5%和13.7%。 中央财经大学副教授刘春生对《证券日报》记者表示，快递业务量与消费紧密相关，快递业务量越大， 其为广大消费者提供的便利服务就越多；消费市场越火热，快递业务量增长的空间就越大。快递业务量 显著增长，说明我国消费潜能巨大且正持续释放。 快递业务量显著增长，离不开政策的强有力支持。2025年全年，顶层设计双向发力，兼顾快递行业高质 量发展与提振消费两方面议题。 在快递行业，2025年3月份，《国家邮政局关于加快邮政业科技发展的意见》正式发布；6月1日起， 《国务院关于修改〈快递暂行条例〉的决定》正式施行；10月份，《国家邮政局技术研发中心管理办 法》对外公布。 在消费领域，2025年2月份，国家市场监督管理总局、商务部等多部门联合发布《优化消费环境三年行 动方案(2025—2027年)》；3月份，中共中央办公厅、国务院办公厅印发了《提 ...

重大事项： 赛目科技(02571)拟为浙江赛目科技引入战投1200.98万元 构建全链条汽车电子仿真业务能力 毛戈平(01318)与路威凯腾签订战略合作框架协议 天工国际(00826)：镇江乾元拟代价1.8亿元将其持有的1.76%天工工具股权转让给天工新材 恒瑞医药(01276)：瑞拉芙普α注射液获得药品注册批准 正通汽车(01728)：启富集团拟8.03亿元出售深圳汇安启全部股权 聚焦汽车主业转型 同源康医药-B(02410)：甲磺酸艾多替尼片(TY-9591片)拟纳入优先审评 景联集团(01751)附属就苏尼特右旗新蒙新材料有限公司工业废气发电专案二期工程订立工程承包协定 经营业绩： 极兔速递-W(01519)2025年包裹量合计301.287亿件，同比增长22.2% 和黄医药(00013)宣布索乐匹尼布用于治疗温抗体型自身免疫性溶血性贫血的 ESLIM-02中国研究的III期 阶段取得阳性顶线结果 中国碳中和(01372)与中国铁塔及中国再生资源签署三方战略合作协议 联合打造锂电循环经济生态圈 丽珠医药(01513)：莱康奇塔单抗注射液被纳入优先审评审批程序 秦港股份(03369)：2025年度吞吐量总 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6] Core Insights - The company achieved a record high in overall package volume in 2025, reaching 30.13 billion packages, a year-on-year increase of 22.2% [2] - The Southeast Asian market showed strong performance with a package volume of 7.66 billion in 2025, up 67.8% year-on-year, capturing a market share of 32.8% [2] - New markets, including Saudi Arabia, UAE, Mexico, Brazil, and Egypt, also demonstrated significant growth, with a package volume of 400 million in 2025, a 43.6% increase year-on-year [2] Summary by Relevant Sections Overall Package Volume - In Q4 2025, the company achieved a total package volume of 8.46 billion, a 14.5% increase year-on-year, with an average daily volume of 92 million packages [1] - The total package volume for 2025 was 30.13 billion, with an average daily volume of 82.5 million packages, reflecting a 22.6% year-on-year growth [2] Southeast Asia Market - In Q4 2025, the company recorded a package volume of 2.44 billion in Southeast Asia, a remarkable 73.6% increase year-on-year, with an average daily volume of 26.5 million packages [1] - The company maintained its leading market share in Southeast Asia for six consecutive years, with a 5.4 percentage point increase from the previous year [2] New Markets - The new markets achieved a package volume of 130 million in Q4 2025, a 79.7% increase year-on-year, with an average daily volume of 1.45 million packages [1] - The company is actively expanding its presence in new markets, leveraging partnerships with e-commerce platforms like TikTok and Mercado Libre [1] Financial Forecasts - The adjusted net profit for 2025-2027 is projected to be $400 million, $710 million, and $990 million, respectively, with corresponding P/E ratios of 33.1x, 18.8x, and 13.5x [10] - Revenue is expected to grow from $10.26 billion in 2024 to $17.39 billion in 2027, reflecting a compound annual growth rate of approximately 16% [12]

"十四五"期间，中国邮政快递行业2家企业进入世界500强，7家企业进入中国500强。中国快递品牌在东 南亚、中东、中亚和拉美等新兴市场影响力持续提升，快递物流技术装备与智能解决方案加速走向世 界。(完) "十四五"期间，中国快递业务量实现从百亿级到千亿级跃升，由800多亿件增长到近2000亿件，对全球 增长贡献率超过60%。中国人均年快递使用量从59件增长到141件，单日最高业务量达7.77亿件。 赵冲久介绍，中国农村和边境地区邮政通达广度深度明显提升，营业网点数量较5年前增长近1.5倍，全 国边境自然村全部实现通邮，新疆和西藏等地结束了电商件不"包邮"的历史。 "十四五"期间，中国邮政快递业与现代农业、先进制造业、现代商贸等融合发展更加紧密，为云南咖 啡、延安苹果、茂名荔枝等"土特产"走出田间地头提供优质服务，并打造了一批服务先进制造重点项 目。 中新社北京1月7日电 (记者 刘育英)2026年全国邮政工作会议1月7日在北京召开。记者从会议获悉，"十 四五"期间，中国快递业务量实现从百亿级到千亿级跃升，人均年快递使用量从59件增长到141件。 中国国家邮政局局长赵冲久表示，"十四五"以来，寄递领域"物畅其流 ...