Core Viewpoint - The State Post Bureau has issued a work plan for ensuring delivery services during the 2026 Spring Festival travel period, emphasizing the need to balance public delivery demands with the protection of courier rights [1] Group 1: Delivery Service Management - The Spring Festival travel period will last from February 2 to March 13, spanning 40 days, with three phases: peak delivery before the holiday, a decline during the holiday, and a rapid recovery post-holiday [1] - The work plan mandates that couriers' rights to rest and receive timely wages and holiday bonuses must be upheld, and companies cannot force couriers to remain on duty or return post-holiday through penalties or withheld payments [1] Group 2: Safety and Regulation - The work plan emphasizes the importance of enhancing safety management in delivery channels, conducting safety inspections, and ensuring the stability of the delivery network [1] - It outlines four key measures for industry regulation during the Spring Festival, including ongoing operational monitoring, user complaint management, and promoting care and guidance for couriers [1]

Group 1 - The core viewpoint of the article is that Jitu Express plans to issue HKD 4.65 billion convertible bonds with a maturity of 7 years, aiming to improve its debt structure and expand into new markets in the EU and the US [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debts, and market expansion [1] - The management indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1] Group 2 - The issuance is expected to enhance the company's profitability due to improved debt structure and declining interest rates [1] - Continuous share buybacks are anticipated to further increase earnings per share, benefiting all shareholders despite potential dilution effects [1] - The rating agency maintains an "outperform" rating with a target price of HKD 13.6 [1]

Group 1 - Citi maintains a "Buy" rating on J&T Express-W (01519), believing it has strong growth momentum in Southeast Asia and emerging markets [1] - The target price for J&T Express is set at HKD 15 [1] - J&T Express plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, which Citi considers reasonable due to the attractive conversion premium and high interest rates on existing debt [1]

Core Viewpoint - Daiwa released a report stating that J&T Express-W (01519) plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, with an initial conversion price of HKD 14.55 per B share, representing a premium of approximately 30.85% over the closing price on January 22 [1] Group 1 - J&T Express's East Asia and new market business shows steady mid-term growth, and any stock price pullback may provide a better buying opportunity [1] - The issuance of convertible bonds is expected to create value for shareholders due to lower financing costs, ongoing share buybacks, and business growth potential [1] - Some investors may cash out due to concerns over additional financing needs after a strong rebound in stock prices [1]

Industrial Sector - In January, daily average pig iron production and float glass operating rates remained stable, while asphalt and some chemical products saw a decline in operating rates[4] - The apparent demand for major steel products decreased, while cement clinker capacity utilization increased[4] - The operating rate for automotive semi-steel tires increased, while full-steel tire operating rates declined[20] Real Estate - New home sales in 30 major cities decreased by 38.5% year-on-year as of January 23, with a similar decline of 38.6% for the month of January[21] - The second-hand housing listing price index fell by 0.93% week-on-week, a decrease of 0.46 percentage points from the previous value[25] Domestic Demand - Retail sales of passenger cars from January 1 to 18 dropped by 28% year-on-year, with a slight expected increase of 0.3% for the entire month due to the Spring Festival timing[29] - Major home appliance retail sales fell by 34.5% year-on-year as of January 16, a decline of 3.3 percentage points from the previous value[33] - The volume of postal express deliveries decreased by 5.4% year-on-year as of January 18, a drop of 3.2 percentage points from the previous value[32] External Demand - Port cargo throughput increased by 3.4% year-on-year as of January 18, an improvement of 1.7 percentage points from the previous value[35] - Container throughput at ports rose by 7.6% year-on-year, also showing an increase from previous values[35] Price Trends - The Nanhua Industrial Index rose by 1.1%, while the Nanhua Black Raw Materials Index fell by 0.9% and the Nanhua Nonferrous Metals Index increased by 3.0%[36] - The agricultural product wholesale price index rose by 1.7% week-on-week[40]

Investment Rating - The report rates the transportation industry as "Overweight" indicating that it is expected to outperform the overall market [30]. Core Insights - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from the previous quarter, ranking 16th among 31 industries [5][6]. - The proportion of holdings in the aviation transportation, ports, cross-border logistics, and highways sectors has increased, with respective shares of 56.8%, 3.4%, 4.6%, and 4.8%, showing significant increases [12]. - The top ten holdings in the transportation industry funds include China Eastern Airlines, Southern Airlines, SF Express, and others, with notable growth rates for China Eastern Airlines and Southern Airlines at 448% and 244% respectively [20][23]. Summary by Sections 1. Changes in Fund Holdings - The total market value of transportation industry funds reached 21.5 billion, a 19% increase from Q3, with a 1 rank increase in the industry ranking [5][6]. - The transportation industry fund holdings accounted for 1.32% of all fund heavy holdings, up by 0.24 percentage points from Q3 [10]. 2. Sector Performance - The market value changes for various sectors within the transportation industry showed significant fluctuations, with aviation transportation increasing by 80% and express delivery decreasing by 39% [12]. - The holdings in the aviation transportation sector have increased significantly, while express delivery and shipping sectors have seen declines [12]. 3. Top Holdings - The top ten holdings in the transportation industry funds include: - China Eastern Airlines: 45 billion, up 448% - Southern Airlines: 31 billion, up 244% - SF Express: 11 billion, down 16% [20][23]. - Other notable stocks with over 3 billion in total market value and growth rates exceeding 10% include Spring Airlines and Jiayou International [20].

Core Viewpoint - J&T Express plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, with an initial conversion price of HKD 14.55 per B share, representing a premium of approximately 30.85% over the closing price on January 22 [1] Group 1 - The issuance of convertible bonds is expected to create value for shareholders due to lower financing costs [1] - The company is actively conducting share buybacks and has growth potential in its business [1] - The mid-term growth in J&T's East Asia and new market operations is considered stable, and any stock price corrections may present better buying opportunities [1]

Core Viewpoint - Several logistics companies, including SF Express, JD Logistics, and Deppon, have announced their service plans for the Spring Festival, indicating a commitment to meet delivery service demands during this period while implementing peak resource adjustment fees to manage resource allocation needs [1] Group 1 - SF Express has stated that due to limited resource allocation during the holiday period and extreme weather changes, the timeliness of deliveries may be affected to varying degrees [1] - The company plans to flexibly adjust the scheduling of packages and resources, dynamically modifying certain service fee standards [1]

文丨金融八卦女特约作者：身披铠甲的方方 · · · 2026年初的快递圈，还没盼来行业回暖的好消息，倒先爆了个创始人夫妻恩怨大瓜。 1月22日，申通快递突发公告，把很多人都快忘了的陈小英，又拎回公众视野。原因很简单——她那位 离婚13年的前夫奚春阳，突然现身，说要分她名下申通的股份。 两人2012年就各走各路了，陈小英2019年已经高位卖股、基本退出快递江湖。该翻篇的早翻了，偏偏现 在又翻出来。这一纸诉状背后，显然不只是旧情，还有一堆"老账"没说完。 ▲诉讼基 本情况 来源：申通快递官网 陈小英名下4056.85万股，一人一半，2028.4万股，按当天股价一算，差不多2.8个亿。网友当场破 防："原来有钱人的离婚，真的是可以晚十几年再结算的。" 更让人看不懂的是时机。两人2012年就各走各路了，陈小英2019年已经高位卖股、基本退出快递江湖。 该翻篇的早翻了，偏偏现在又翻出来。是当年没算清，还是现在这个点，终于等到了？这一纸诉状背 后，显然不只是旧情，还有一堆"老账"没说完。 如果只看表面，这是一桩并不新鲜的离婚后财产纠纷，但问题恰恰出在"时间点"上。 而奚春阳的诉求也相当明确——他认为，登记在陈小英名下的4 ...

Core Viewpoint - The development of China's logistics and express delivery industry is accelerating, with a focus on modernizing the logistics system, enhancing efficiency, and improving service quality to better connect production and consumption, thereby supporting the economy [2][4][8]. Group 1: Industry Development and Trends - The express delivery industry is set to achieve a business volume of nearly 200 billion packages by 2025, reflecting a significant growth trajectory [4]. - The industry is transitioning from labor-intensive to technology-intensive operations, with automation and new technologies playing a crucial role in improving efficiency and service quality [4][6]. - The integration of logistics networks is enhancing the delivery capabilities in underdeveloped regions, with notable improvements in areas like Xinjiang and Tibet, where delivery volumes have increased significantly [6][7]. Group 2: Technological Advancements - The implementation of smart technologies, such as automated sorting systems and unmanned delivery vehicles, is revolutionizing the logistics process, allowing for faster and more efficient deliveries [3][4]. - The use of electronic waybills and satellite navigation systems has reached high coverage rates, contributing to improved delivery efficiency and customer satisfaction [4][6]. Group 3: New Business Models - The introduction of centralized distribution models, such as the consolidation of packages in transit hubs, has led to reduced costs and improved delivery times, particularly in remote areas [5][6]. - The establishment of new logistics hubs, such as the Huahu International Airport, is facilitating faster international shipping and enhancing the overall logistics network [7]. Group 4: Policy and Strategic Goals - The government emphasizes the importance of developing a modern logistics system as a backbone of the real economy, with initiatives aimed at enhancing rural e-commerce and express delivery services [1][2]. - The postal and express delivery sector is expected to play a vital role in supporting the national strategy for a unified market and facilitating domestic and international circulation [6][7].