"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 ...

Group 1 - The company, SF Holding (002352), emphasizes its commitment to transparency by adhering to legal regulations for disclosing significant matters to investors [1] - The company utilizes the designated information disclosure platform, Juchao Information Network, to ensure fair, just, and open communication with all investors [1]

Macro Environment Summary - The nominal GDP growth rate for the first three quarters of 2025 is 5.2%, higher than 2024 but lower than 2023, with a decline from 4.6% in Q1 to 3.7% in Q3 [8][9] - The GDP deflator index has decreased to -1.08%, indicating deflationary pressures [8] - Non-manufacturing business expectations are stronger than manufacturing, with manufacturing PMI remaining below 50% for most months in 2025 [12][14] - Employment stability in manufacturing is better than in non-manufacturing, with manufacturing PMI for employment remaining stable [17][19] - Consumer confidence regarding employment has shown fluctuations, with a general upward trend in 2025 [21][23] - Retail sales growth has declined significantly, with November 2025 showing a year-on-year increase of only 1.3% [27][29] - Real estate investment has seen a cumulative decline of 15.9% from January to November 2025, with expectations of negative growth for four consecutive years [33][34] - Net exports have contributed positively to GDP growth, with total exports of 2.44 trillion yuan and imports of 1.67 trillion yuan from January to November 2025 [39][40] Express Delivery Industry - The growth rate of express delivery volume has significantly decreased from 22.4% in January-February 2025 to 5% in November, attributed to declining consumer demand and competition from instant retail [47][53] - Price changes in express delivery have led to a clear differentiation in demand, with rising costs affecting low-margin products and order-filling activities [57][61] - Different express companies have shown varying trends in volume growth and revenue per package, with Yunda experiencing negative volume growth but higher revenue per package compared to YTO [61][65] Aviation and Airport Industry - The number of civil transport airports in China is expected to reach 270 by the end of 2025, with significant progress in airport construction projects [75][77] - The fleet of major airlines has seen growth, with wide-body and narrow-body aircraft increasing by 8.9% and 13.3% respectively since the end of 2019 [81][82] - Domestic flight capacity has been adjusted, with a 1.8% decrease in weekly domestic flights for the winter-spring season of 2025 compared to the previous year [86][90] - Airlines are focusing on international routes, with a 17.3% increase in international flights compared to the previous year [90] - The average ticket price for domestic economy class has decreased by 6% year-on-year, reflecting a strategy to maintain passenger load factors [102][110] - The low oil prices and the appreciation of the RMB are expected to enhance profits for major airlines, with estimated profit increases ranging from 20.4 billion to 50 billion yuan depending on the airline [128]

Investment Rating - The report maintains an "Outperform" rating for the company [7][8]. Core Insights - The company has experienced significant growth in Southeast Asia and new markets, leading to an upward revision of profit forecasts [7]. - The fourth quarter saw a total package volume of 8.461 billion pieces, a year-on-year increase of 14.5%, with Southeast Asia showing a remarkable growth of 73.6% [7]. - The company is expected to achieve adjusted net profits of $387 million, $602 million, and $888 million for the years 2025 to 2027, reflecting year-on-year growth rates of 93.01%, 55.69%, and 47.47% respectively [6][7]. Financial Data and Profit Forecast - Revenue projections are as follows: - 2023: $8.849 billion - 2024: $10.259 billion - 2025E: $12.406 billion - 2026E: $15.573 billion - 2027E: $19.911 billion - The corresponding year-on-year growth rates are 21.77%, 15.93%, 20.93%, 25.53%, and 27.86% [6][8]. - Adjusted net profit estimates for 2025E, 2026E, and 2027E are $387 million, $602 million, and $888 million, with respective growth rates of 93.01%, 55.69%, and 47.47% [6][7]. - The price-to-earnings (PE) ratios for 2025E, 2026E, and 2027E are projected to be 33x, 21x, and 15x [7].

Core Viewpoint - The article highlights the commendable actions of delivery personnel from Debon Express, showcasing their acts of bravery and kindness, which have been recognized through a special initiative by the China Express Association aimed at promoting positive values within the industry [1]. Group 1: Acts of Kindness - Xu Zhanbo, a Debon Express driver, successfully extinguished a fire from an electric delivery vehicle using a fire extinguisher, demonstrating quick thinking and professionalism [2]. - Zhang Yangyang, a former soldier, bravely entered a burning building to extinguish a fire, showcasing his commitment to helping others [4][5]. - Zhang Yueming, a driver, donated stem cells to a blood disease patient, reflecting his long-standing commitment to altruism through blood donation [7]. Group 2: Company Culture and Recognition - Debon Express has recorded over 20 acts of bravery this year, indicating a culture of responsibility and readiness to assist others among its employees [9]. - The company has established clear standards for recognizing acts of bravery, providing cash rewards, internal promotions, and honorific titles to encourage employees to act justly [9]. - The company emphasizes that acts of kindness are not just individual occurrences but are nurtured by a supportive corporate culture that values moral responsibility [10]. Group 3: Industry Position - Debon Express has been a significant player in the express delivery industry for nearly 30 years, particularly excelling in large-item delivery, as evidenced by its top ranking in market share according to a recent report [10]. - The company’s commitment to service and community support reflects a broader trend in the industry where delivery personnel are seen as vital contributors to societal well-being [10].

Investment Rating - The report maintains an "Outperform" rating for J&T Express (01519) [2][7] Core Insights - J&T Express continues to experience high growth in Southeast Asia, with a significant increase in package volume, particularly in new markets [7] - The company has adjusted its profit forecasts upward due to better-than-expected performance in package volumes for Southeast Asia and new markets [7] - The financial outlook shows a strong revenue growth trajectory, with projected revenues increasing from $8.85 billion in 2023 to $19.91 billion by 2027, reflecting a compound annual growth rate (CAGR) of approximately 27.86% [6][8] Financial Data and Profit Forecast - Revenue projections for J&T Express are as follows: - 2023: $8,849 million - 2024: $10,259 million - 2025E: $12,406 million - 2026E: $15,573 million - 2027E: $19,911 million - Adjusted net profit forecasts are: - 2025E: $387 million - 2026E: $602 million - 2027E: $888 million - The company is expected to achieve a net profit growth rate of 93.01% in 2025, 55.69% in 2026, and 47.47% in 2027 [6][8]

Investment Rating - The report maintains a positive outlook on the express delivery industry, indicating a recovery in valuation driven by orderly competition and performance growth opportunities. Core Insights - The express delivery industry is experiencing a gradual optimization of its competitive landscape, with performance improvements expected as the market stabilizes. The demand is anticipated to benefit from the growth of the e-commerce market, while cost efficiencies are expected to arise from technological advancements and scale effects. The report highlights the potential for profitability improvement as pricing pressures ease and the competitive intensity diminishes [4][5][6]. Industry Key Data Tracking - In November 2025, the national express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5.0%, although the growth rate has slowed by 2.9 percentage points compared to the previous month. The average revenue per package was 7.62 yuan, reflecting a year-on-year decline of 8.3%, with a month-on-month increase of 1.9%. The total express delivery revenue amounted to 137.65 billion yuan, showing a year-on-year growth of 3.7%, with a decrease in growth rate of 1.0 percentage points from the previous month [1][18][20]. Company Performance Data - In November 2025, major express delivery companies showed varied performance in terms of volume growth. SF Express led the industry with a volume of 1.53 billion pieces, marking a year-on-year increase of 20.1%. In contrast, Yunda experienced a decline of 4.2% in volume. Revenue figures for the same month were 20.7 billion yuan for SF Express, 6.0 billion yuan for Shentong, 6.5 billion yuan for YTO, and 4.7 billion yuan for Yunda, with year-on-year growth rates of 9.9%, 33.1%, 11.1%, and 2.2% respectively [3][62]. Market Share Insights - As of November 2025, the market share of express delivery volumes for SF Express, Shentong, YTO, and Yunda were 8.5%, 13.9%, 16.0%, and 12.0% respectively. The year-on-year changes in market share were +1.1, +1.2, +1.2, and -1.2 percentage points, indicating a slight shift in competitive positioning among these companies [3][62]. Investment Recommendations - The report recommends focusing on leading companies in the industry, such as ZTO Express, YTO Express, Shentong Express, Yunda, and SF Express, due to their strong operational certainty, stable cash flows, and low debt ratios, which provide a quasi-dividend characteristic. The overall industry valuation is considered low, with expectations for gradual improvement in profitability as competition stabilizes [4][5][6].

全年来看，2025年极兔总体包裹量首次突破300亿件大关，达301.3亿件，同比增长22.2%，日均包裹量 8250万件，同比增长22.6%。极兔能实现整体增长，主要得益于东南亚和新市场强劲的业务表现，以及 中国市场的稳定贡献。 北京商报讯（记者 何倩）1月7日，极兔发布2025年第四季度及全年主要经营数据。2025年第四季度， 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。 ...

1月6日，全国工商联、人社部、全国总工会联合举办全国就业与社会保障先进民营企业暨关爱员工 实现双赢表彰大会，自治区工商联设分场。会上，广西2家民营企业和2名个人分别获得"全国就业与社 会保障先进民营企业""全国双爱双评先进企业工会""全国关爱员工优秀民营企业家""全国热爱企业优秀 员工"四项荣誉。 获"全国就业与社会保障先进民营企业"称号的是广西桂柳牧业集团有限公司，该企业在12个省区布 局80余家全资及控股公司，年销售收入超200亿元，企业稳定吸纳1.8万余人就业，重点保障高校毕业 生、退役军人等群体就业；广西顺丰速运有限公司（顺丰速运）工会获"全国双爱双评先进企业工会"称 号，该工会以"职工之家"为载体深耕服务，职工入会率达95.3%、满意度超95%；吉利百矿集团有限公 司董事长徐志豪获"全国关爱员工优秀民营企业家"称号，他介绍，企业推行"师带徒"和双通道发展体系 助力员工成长，形成了企业与员工的"双向奔赴"；广西扬翔集团股份有限公司招聘经理龙伟坚获"全国 热爱企业优秀员工"称号，他将个人成长与企业命运深度融合，近5年来为企业引进多名骨干人才，年均 完成校招504人、社招1530人；通过帮带机制将应届生留 ...

在东南亚，极兔2025年第四季度实现包裹量24.4亿件，同比增长73.6%，全年实现包裹量76.6亿件，同 比增长67.8%。在新市场（包括沙特阿拉伯、阿联酋、墨西哥、巴西及埃及），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%；全年实现包裹量 4.0亿件，同比升43.6%。 消息面上，1月7日，极兔速递公布2025年第四季度及全年主要经营数据。2025年第四季度，公司总体实 现包裹量84.6亿件，同比增长14.5%，日均包裹量9,200万件。2025年全年，公司总体包裹量首次突破 300亿件大关，达301.3亿件，同比增长22.2%，日均包裹量8250万件，同比增长22.6%。期内，极兔整体 实现稳健增长，主要得益于东南亚和新市场强劲的业务表现，以及中国市场的稳定贡献。 智通财经APP获悉，极兔速递-W(01519)涨近3%，截至发稿，涨2.68%，报11.5港元，成交额1.48亿港 元。 ...