Core Insights - White Rhino Technology, an L4 autonomous driving company, has completed a 200 million yuan Series B financing round led by SF Express, with participation from Xinyuan Automotive and existing shareholder Linear Capital [1][2] - The funding will be used for the development of new low-speed unmanned vehicle products, market promotion of existing products, and optimization of the supply chain [1] - White Rhino's unmanned delivery vehicles are currently operating hundreds of units daily within the SF Express system, significantly enhancing logistics efficiency [1] Company Overview - Founded in April 2019 by former Baidu autonomous driving team members, White Rhino focuses on autonomous driving products and services on urban public roads, starting with unmanned delivery [2] - The main product line is the R5 series unmanned vehicle, which has a cargo volume of 5.5 cubic meters, can carry over 500 packages, and has a range of over 120 kilometers on a full charge [2] - The unmanned vehicles are utilized in various scenarios, including traditional logistics, industrial logistics, retail, fresh food, takeaway, cold chain, supermarkets, and security patrols, with commercial operations in over 50 cities [2] Strategic Partnerships - White Rhino has established deep collaborations with companies such as Yonghui Supermarket, Dada Group, Hema Fresh, and Ele.me to further expand the application range of its unmanned vehicles [3] - SF Express's investment in White Rhino represents a significant strategic move in the unmanned delivery sector, aligning with its long-term commitment to technological innovation in logistics [3] - SF Express has been investing in drone logistics for over a decade, having established companies like Fengniao Technology and Fengyi Technology to explore drone logistics solutions [3]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [7]. Core Views - The report recommends focusing on the improving supply-demand dynamics in the aviation, oil shipping, and highway sectors while advising caution in container shipping, cross-border logistics, express delivery, and railways [1]. Aviation - The aviation sector is expected to benefit from a slowdown in supply growth, with demand for domestic and international flights increasing by 1.7% and 26.9% respectively in March [2][14]. - The report highlights that the overall passenger load factor remains high at 83.3%, with a notable reduction in the year-on-year decline of ticket prices [14][17]. - Recommended stocks include China National Aviation, China Eastern Airlines, and Huaxia Airlines, which are expected to benefit from the improving market conditions [29]. Airports - Airports have seen a steady increase in passenger traffic, with Shanghai's two airports experiencing a 7.5% year-on-year increase in passenger throughput in Q1 2025 [30]. - The report emphasizes the need for airports to enhance their non-aeronautical revenue streams to improve profitability [30][34]. Shipping and Ports - The report notes that the international freight market has been volatile due to tariff policies, with expectations of a decline in container volumes in April and May [3][37]. - Oil shipping rates are projected to improve in May due to OPEC+ production increases, while refined oil shipping rates may remain stable [39]. Highways - The highway sector demonstrated strong performance in Q1 2025, with a notable increase in net profits, making it a favorable sector for dividend plays [4]. - The report suggests that the current low interest rates and risk-averse sentiment support the valuation of dividend-paying stocks in this sector [4]. Logistics and Express Delivery - The express delivery sector is facing intensified price competition, with a significant year-on-year increase in parcel volume but a corresponding decline in average prices [5][61]. - The report advises caution regarding franchise-based express delivery companies while maintaining a positive long-term outlook for well-capitalized and service-oriented leaders in the sector [5][61].

Group 1 - The core idea emphasizes the importance of ideological output and brand belief in the Southeast Asian market, where Chinese companies must not only export products but also a widely recognized business philosophy [1] - Major Chinese companies like Alibaba, Tencent, and TikTok have successfully integrated local cultures into their business models, creating a unique ecosystem that resonates with consumers [1] - Successful ideological output requires blending Chinese commercial wisdom with local cultural elements, as seen in marketing strategies tailored to specific countries like Indonesia, Vietnam, and Thailand [1] Group 2 - The concept of a "New Five Absolutes Alliance" is proposed for businesses in Southeast Asia, focusing on building relationships with governments, local conglomerates, Chinese partners, consumer communities, and competitors [2] - Xiaomi's approach in overseas markets serves as a model for localization, establishing a manufacturing ecosystem and local decision-making structures while maintaining control over core technologies [2] Group 3 - The competition in modern business is likened to a martial arts contest, where control over supply chains, data flows, and payment systems is crucial for success [3] - Companies like CATL and SHEIN exemplify this by establishing significant barriers in the electric vehicle battery market and utilizing flexible supply chains to meet fragmented market demands [3] Group 4 - The long-term strategy for businesses in Southeast Asia involves creating "three fortresses": talent development, compliance systems, and innovation tailored to local markets [4] - The ultimate goal for Chinese enterprises is to establish a new business paradigm rather than merely competing for market share [5] Group 5 - Malaysia is positioned as a strategic hub for Chinese companies aiming for global expansion, benefiting from its unique cultural diversity and strategic location [8] - The "Business Chain Global · Malaysia" initiative aims to connect Chinese enterprises with local resources and opportunities, facilitating deeper engagement with the ASEAN market [8][11]

Core Insights - Zhang Kun's managed funds have reported a total scale of 60.822 billion yuan as of March 31, 2025, benefiting from significant outperformance against the benchmark [1] - Despite the strong performance, the funds are facing ongoing net redemptions [1] - Zhang Kun has significantly reduced holdings in Alibaba and Tencent, as well as in Yanghe Brewery and Meituan [1] - Conversely, there has been a slight increase in positions for Shanxi Fenjiu and Luzhou Laojiao across three funds [1] - SF Express has emerged as a new favorite for Zhang Kun, with a 226% increase in holdings in the E Fund Quality Selection fund during the first quarter [1] Fund Performance - As of the end of Q1 2025, the total scale of Zhang Kun's managed funds reached 60.822 billion yuan [1] - The funds have outperformed their respective benchmarks significantly [1] - The funds are experiencing continuous net redemptions despite strong performance [1] Portfolio Adjustments - Major reductions in holdings for Alibaba, Tencent, Yanghe Brewery, and Meituan [1] - Increased positions in Shanxi Fenjiu and Luzhou Laojiao across three funds [1] - SF Express has been newly added to the top ten holdings of the E Fund Quality Selection fund with a 226% increase [1]

跨越和德邦对利润的贡献：该行预计，25Q1，跨越的收入增速可达双位数，对公司利润贡献较为稳 定。公司和德邦的业务融合仍在有序推进。 国际业务：公司预计至2025年底海外仓面积将实现超100%的增长，并持续布局国内保税仓、直邮仓， 提升高效的全球供应链服务能力，推动国内和海外商品高效互通。 快递业务：25Q1，该行预计公司的快递业务量增速高于行业水平。快递业务方面，公司将持续加强时 效能力建设，预计2025年将投入更多的一线快递人员，保障高效物流水平。高端时效件利润水平相对较 高，公司也将着重发展该业务板块。 智通财经APP获悉，海通国际发布研报称，预计2025年京东物流(02618)总收入将达到2033亿 元/+11.2%，Non-IFRS净利润率达到4.0%.公司进入稳定盈利阶段后，该行对公司的估值方法由PS法转向 PE法。公司预计将在2025年加大投入，用以拓展客户和提升服务质量，该行认为其合理估值为15X，对 应目标价为19.79港币，维持"优于大市"评级。 报告指，2024年，京东物流总收入为1828亿元，同比增长9.7%。其中，来自外部客户的收入为1278亿 元，同比增长9.6%，占总收入的比例近7 ...

私募、基础设施基金上涨，黑石三季度业绩超预期。 今年第三季度黑石集团（BX.N）可分配给股东的收入同比增长 6% 至 13 亿美元。旗下私募股权基 金和基础设施基金表现强劲，分别上涨 6.3% 和 5.5%，推动基金价值上涨、幅度为三年来最高。盈 利指标超预期外，黑石资管规模创纪录、为 1.1 万亿美元。本季度，黑石还以 160 亿美元的企业价 值收购澳大利亚数据运营商 AirTrunk，是今年规模最大的一笔杠杆收购。 雀巢销量不及预期，正在精简组织架构。 雀巢（NESN.S）今年前三个季度销售额同比降 2.4% 至 671 亿瑞士法郎（约为 5521 亿元），各地 区销售额均同比降低。业绩不及预期的原因除了俄乌冲突后谷物、能源等成本变高之外，CEO 傅 乐宏还提到消费需求减弱，预期持续疲软，第四季度将进一步去库存。雀巢还在经历组织架构和执 行董事会的变动，为了 "提升集团绩效和加速转型"。 中国市场疲软，保乐力加季度表现低于预期。 烈酒公司保乐力加（PERP.PA）旗下有马爹利干邑和绝对伏特加等品牌。在截至 9 月底的财季里， 保乐力加销售额同比下降 5.9% 至 27.83 亿欧元。和 LVMH 集团一样 ...