Core Viewpoint - The Ministry of Human Resources and Social Security is expanding occupational injury protection for new employment forms, particularly for delivery riders and ride-hailing drivers, through innovative insurance models that focus on orders rather than traditional labor relationships [1] Group 1: Occupational Injury Protection - The Ministry has initiated pilot programs in seven provinces since 2022, covering industries such as ride-hailing, food delivery, instant delivery, and local freight [1] - The pilot includes seven major platform companies: Cao Cao Mobility, Meituan, Ele.me, Dada, Flash Delivery, Huo Lala, and Kuaigou Taxi, achieving positive results [1] - The innovative insurance model allows for daily coverage and order-based billing, ensuring better protection for these workers [1] Group 2: Expansion of Pilot Programs - In July, the Ministry announced plans to gradually expand the pilot program to 17 provinces, incorporating larger platform companies like Didi Chuxing, SF Express, Didi Freight, and Manbang [1] - Over 20 million new employment form workers have registered for insurance coverage in the pilot areas, ensuring comprehensive protection under the new system [1]

Summary of SF Express City Conference Call Company Overview - SF Express City is the largest independent third-party instant delivery service provider in China, achieving its first profit in 2023 with a net profit of approximately 50 million yuan, and is expected to double its profit in 2024, driven by rapid growth in merchant delivery and last-mile delivery services, both exceeding a compound growth rate of 30% [2][5] Core Business Insights - The instant retail model meets consumer demand through hourly delivery, relying on front warehouses and regional supply chains for high-frequency fulfillment. SF Express City excels in on-time delivery rates and low order rejection rates, enhancing customer loyalty through dedicated delivery personnel for major clients [2][3] - Instant retail is experiencing rapid growth due to changes in consumer behavior, smaller household needs, and fragmented work hours. Competitors like Meituan and JD have established supply chains and last-mile capabilities, driving market expansion [2][8] - Instant retail complements traditional e-commerce, primarily covering perishable goods, daily necessities, and healthcare products, which require high timeliness. E-commerce giants are accelerating their entry into the instant retail market, with ongoing subsidies expected, especially during major sales events like Double Eleven [2][9] Financial Performance and Projections - SF Express City's revenue structure includes 42% from merchant delivery services, 42% from last-mile delivery, and 15% from personal delivery services. The growth in merchant and last-mile services is driven by increasing demand from brand owners and e-commerce platforms [6] - The company’s cost structure is primarily based on labor outsourcing, allowing for a light asset operation model. Increasing rider density and order volume creates a positive cycle, improving fulfillment capabilities and reducing delivery costs, with the cost per delivery now below 5 yuan, approaching Meituan's level [12][16] Market Position and Competitive Advantage - SF Express City holds a leading position in the instant delivery market, with its top four clients accounting for 40% of revenue. It commands an 8% market share, significantly higher than competitors like Flash Delivery at 2% [16] - The company benefits from a neutral positioning, not charging commission fees but earning from delivery service fees, providing a cost advantage on high-value orders. It focuses on meeting brand clients' timeliness and fulfillment requirements, attracting partnerships with major brands like Sam's Club and Huawei [14][15] Future Growth Potential - The instant retail market is projected to reach nearly 2 trillion yuan by 2033, with a compound growth rate of 20% to 30%. The demand for instant retail is expected to grow rapidly, driven by the expansion of e-commerce platforms [11][18] - SF Express City is expected to see its net profit double in 2025 and 2026, potentially reaching around 900 million yuan by 2027, with a valuation of approximately 11 to 12 times earnings [18] Strategic Collaborations - Collaboration with SF Group helps reduce costs and improve efficiency, as the demand for instant retail and express delivery peak at different times, allowing for better resource allocation [17] - The company is expected to increase its share of group express collection from less than 30% to over 40% in the coming years, enhancing operational efficiency [17] Conclusion - The growth of the instant retail market and strategic collaborations position SF Express City for significant future growth, reinforcing its market leadership and operational efficiency in the competitive landscape of instant delivery services [19]

Core Insights - A "channel revolution" in high-end 3C product sales is extending from online platforms to offline instant delivery networks, particularly highlighted by the launch of the iPhone 17 series [1][2] - The competition among platforms for iPhone sales is intensifying, focusing on local life services, speed, and traffic [2][6] Group 1: Sales and Delivery Innovations - On September 19, the iPhone 17 series was officially launched, with Meituan Shangu providing a 30-minute delivery service for authorized Apple stores [1][3] - Douyin's official Apple Store launched on Douyin Mall, although it does not currently offer "hourly delivery" for the iPhone 17 [3][4] - Taobao Shangu reported a surge in search volume by over 1000 times within an hour of the iPhone 17's release, with significant order growth in cities like Guangzhou and Shenzhen [4][5] Group 2: Market Dynamics and Growth Projections - The instant retail market for consumer electronics is expected to exceed 100 billion yuan by 2026, with a compound annual growth rate of 68.5% from 2021 to 2026 [6][7] - The introduction of dedicated IPs like "Meituan Lightning New Products" aims to enhance the launch experience for new consumer electronics, indicating a shift in retail strategies [6][7] Group 3: Competitive Landscape - Apple has become the top non-food brand on Taobao Shangu, with record-breaking daily orders during promotional events [7] - The competition in instant delivery for 3C products is reshaping consumer shopping habits, allowing for faster delivery times that enhance user experience [7][8] - As the "Double 11" shopping festival approaches, competition in instant delivery is expected to intensify, promising consumers an even better shopping experience [8]

Core Viewpoint - The recent semi-annual adjustment of the FTSE Global Equity Index Series has included several Hong Kong stocks, indicating a shift in market dynamics and highlighting the performance of certain sectors, particularly gold and biopharmaceuticals [1][2][3]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopuhuang Gold (06181) have been included in the FTSE China Large Cap Index for the first time, while 11 Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The FTSE Global Equity Index Series categorizes stocks into four market capitalization tiers based on free float market capitalization, which excludes strategic holdings and locked shares [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, with Chifeng Jilong Gold rising over 120% and Laopuhuang Gold increasing by over 200%, reflecting strong sector performance [3]. - The biopharmaceutical sector has also seen substantial growth, with companies like Rongchang Bio (09995) and Sanofi (01530) experiencing stock price increases of nearly 670% and a market capitalization exceeding 77 billion HKD, respectively [3][5]. Group 3: Company Highlights - Chifeng Jilong Gold focuses on gold mining and resource recovery, reporting a net profit of 1.107 billion RMB in the first half of 2025, a year-on-year increase of 55.79% [4]. - Laopuhuang Gold, which went public on June 28, 2024, has seen its stock price surge by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, with a target price of 20 HKD set by Daiwa [4]. - Sanofi has gained attention due to a significant business development deal with Pfizer, leading to a market capitalization of 77 billion HKD [5]. - Fourth Paradigm (06682) has received positive outlooks from multiple brokerages, with target prices raised due to its strong position in the AI sector [6].

Core Viewpoint - FTSE Russell has updated its semi-annual adjustment list for the FTSE Global Equity Index Series, with several Hong Kong stocks being included in the FTSE China Large Cap and Small Cap indices, effective after the market close on September 19 [1][2]. Group 1: Index Adjustments - Chifeng Jilong Gold Mining (06693) and Laopu Gold (06181) are newly included in the FTSE China Large Cap Index, marking their first inclusion [1]. - Eleven Hong Kong stocks, including SF Express (09699) and SOTY Technology (02498), have been added to the FTSE China Small Cap Index [1][2]. - The adjustments reflect a focus on companies with large market capitalization and high liquidity, indicating a strategic selection of industry leaders [1]. Group 2: Market Performance - The newly included stocks have shown significant price increases this year, outperforming the broader market, with Chifeng Jilong Gold Mining rising over 120% and Laopu Gold increasing by over 200% [3]. - The biopharmaceutical sector has also seen strong performance, with companies like Rongchang Biopharmaceutical (09995) and 3SBio (01530) experiencing substantial stock price increases, with Rongchang Biopharmaceutical rising nearly 670% [3]. Group 3: Company Highlights - Chifeng Jilong Gold Mining reported a net profit of 1.107 billion RMB for the first half of 2025, a year-on-year increase of 55.79%, benefiting from a bullish gold market [4]. - Laopu Gold, which went public on June 28, 2024, has seen its stock price soar by 204.65% this year, making it the highest-priced stock in the Hong Kong market [4]. - SF Express has established itself as a leading third-party instant delivery platform, with a stable increase in market capitalization and liquidity since its listing in December 2021 [4]. Group 4: Future Outlook - The inclusion in international indices is expected to attract more capital and enhance liquidity for the newly added companies, potentially leading to further stock price support [3]. - Companies like 3SBio and Fourth Paradigm (06682) are anticipated to benefit from their strong market positions and growth potential in their respective sectors, with analysts raising target prices for these stocks [5][6].

Group 1 - FTSE Russell updated its FTSE Global Equity Index Series, including companies like SF Express and others into the FTSE China Small Cap Index, effective after market close on September 19 [1] - A total of 89 Chinese stocks were included in the small-cap index, with 14 being Hong Kong stocks, highlighting the recognition of their comprehensive strength and development potential in the international capital market [1] - SF Express, as the largest third-party instant delivery platform in China, has seen steady growth in market capitalization and liquidity since its listing in December 2021, solidifying its leading position in the industry [1] Group 2 - Inclusion in international indices typically leads to increased capital attention and liquidity premium, potentially attracting more incremental funds and enhancing trading activity for the company [2] - SF Express has also been included in multiple indices, such as MSCI China Small Cap Index and Hang Seng Composite Index, indicating ongoing recognition in mainstream international capital markets [2] - Financial performance has improved significantly, with revenue reaching 10.236 billion yuan, a 48.8% year-on-year increase, and net profit growing by 120.4% to 137 million yuan, marking a historical high [2] - The growth in performance is attributed to the rapid development of the food delivery and instant retail sectors, with a more than 50% year-on-year increase in same-city delivery order volume [2] - The company is expected to continue benefiting from deepening relationships with key accounts, expansion in mid-tier markets, and penetration into lower-tier markets [2]

Core Insights - The express delivery industry is entering a new phase of accelerated development, with delivery riders becoming an essential part of the urban commercial ecosystem, leading to increased demands for career development, life security, and social recognition [1][15] - SF Express aims to enhance the delivery experience and provide more professional recognition for riders through initiatives announced at the 7th Knight Festival [1][3] Group 1: Career Development and Support - SF Express has established a more comprehensive promotion system for riders, providing personalized career development support and creating broader opportunities for those with aspirations [6][7] - The company announced an investment of 30 million yuan in a Dream Fund to support projects like the "Dream Plan" and "Emotional Care," which includes skills training and educational subsidies for riders [7][9] - As of August 2025, over 1,700 riders have been promoted to team leaders, with a year-on-year increase of 60.1% in the number of team leaders [6][7] Group 2: Health and Well-being - The health risks faced by riders are significant, with data indicating that their risk of cardiovascular diseases is three times higher than that of regular office workers, and 58% suffer from lumbar issues [10] - SF Express has launched a health movement plan in collaboration with a health platform to provide scientific training courses and recovery guidance, aiming to improve riders' physical well-being [10][12] - The company has also partnered with medical services to provide health memberships for 7,000 riders, shifting health management from reactive to proactive support [10] Group 3: Financial and Emotional Support - Many riders bear the dual responsibilities of being family economic supporters and educators, with over 60% of local riders having children, which drives their work motivation [9][15] - SF Express has improved operational efficiency and order management, resulting in a 38% year-on-year increase in rider productivity and a 107% increase in the number of riders earning over 10,000 yuan monthly [9] - The company has established an emotional support mechanism, including a "Care Fund" that has processed 78,000 cases and provided 4.2 million yuan in assistance, addressing riders' emotional and financial needs [14]

Core Insights - The third-party instant delivery platform, SF Express's local subsidiary, has officially launched its "SoFast" brand in Macau, marking a significant expansion following its entry into Hong Kong last year [1] - SF Express has formed a strategic partnership with Macau's largest local service platform, "Aomi App," to enhance resource integration and provide efficient, convenient one-stop delivery services for local merchants and users [1] - The "SoFast" service will cover a wide range of categories, including food and non-food items, with delivery times as fast as one hour, utilizing multiple channels such as "Aomi App" and "SF-EXPRESS App" [1][2] Business Model and Market Potential - Merchants in Macau can place orders through the SF Express merchant version, while consumers can access the service via "Aomi App" or "SF-EXPRESS App," catering to the growing demand for instant delivery in the region [2] - The demand for rapid and timely delivery services in Macau has been increasing, indicating significant growth potential in the instant delivery market compared to mainland China [2] - SF Express aims to leverage its successful experience in mainland China to enhance its service offerings in Macau and the broader Hong Kong-Macau region, integrating more merchant brands and expanding its user services [2] Future Opportunities - The experience gained in the Greater Bay Area is expected to lay a solid foundation for the company's future expansion into other overseas markets [3]

Group 1 - The instant delivery industry is undergoing a significant transformation driven by technological advancements, including big data, artificial intelligence, and the Internet of Things [1] - DouSong is actively responding to industry challenges and seizing opportunities by aligning its development with technological trends [1] Group 2 - The integration of artificial intelligence and big data has made intelligent scheduling systems a core competitive advantage in the delivery industry [3] - DouSong's self-developed intelligent scheduling system utilizes advanced AI algorithms to optimize order allocation by analyzing real-time data such as order distribution, rider locations, and traffic conditions [3] Group 3 - DouSong has created a "super capacity pool" by integrating resources from major delivery platforms like Meituan, Hummingbird, Dada, and SF Express to enhance delivery efficiency [4] - This multi-platform capacity integration allows DouSong to quickly allocate orders to platforms with sufficient capacity, ensuring timely delivery [4] Group 4 - DouSong helps merchants reduce delivery costs and increase profit margins through aggregated pricing and an intelligent pricing comparison feature that recommends the most cost-effective delivery options [5] - This model enhances merchants' market competitiveness by lowering commission fees and optimizing delivery expenses [5] Group 5 - DouSong has developed a unified order management system that allows merchants to manage orders from multiple platforms seamlessly, improving operational efficiency [7] - This one-stop order management solution enables merchants to focus on core business activities like product optimization and customer service [7] Group 6 - DouSong is committed to continuous innovation and plans to increase investment in technology development, exploring new delivery methods such as drones and autonomous vehicles [8] - The company aims to diversify its services beyond existing sectors like food and grocery delivery to include pharmaceuticals and electronics, while also expanding into second and third-tier cities and international markets [8] Group 7 - DouSong has achieved significant success due to its market insight, strong technological capabilities, and innovative spirit, positioning itself as a leader in the instant delivery industry [12]

Core Viewpoint - SF Express City (顺丰同城) has successfully expanded its "SoFast" brand into Macau, marking a significant step in its overseas business development after launching in Hong Kong last year [1] Group 1: Business Expansion - The launch of "SoFast" in Macau is a strategic move to enhance its presence in the international market [1] - SF Express City has formed a strategic partnership with Macau's largest local service platform, "澳觅APP," to provide efficient and convenient same-city delivery services [1] - This collaboration aims to promote the digital upgrade of local life services in Macau [1] Group 2: Financial Outlook - Daiwa has maintained a target price of HKD 20 for SF Express City and reiterated a "Buy" rating [1] - Daiwa has raised its earnings per share forecast for SF Express City for the years 2025-2027 by 6-7%, indicating better-than-expected revenue prospects [1] - The management anticipates that revenue will more than double starting from 2025, reflecting a positive long-term growth outlook [1] Group 3: Market Demand - The demand for instant delivery services is on the rise, and the company is expected to continue releasing profit elasticity [1]