转自：大众网 递服务具体涵盖哪些业务环节? 答:1.快递服务,是指在承诺的时限内完成快件的收寄、分拣、运 输、投递服务的业务活动,不包括快递企业仅提供运输服务的业务活 动。 2.快递末端服务,是指上述收寄、投递服务。快件,是指快递企业 递送的信件、包裹、印刷品等物品。 3.收寄服务,是指快递企业接受寄件人委托,完成快件下单、验 视、包装、封装等服务的业务活动。 4.分拣服务,是指快递企业对快件进行归类、封发的业务活动。 0 3 问:快递服务的增值税税率是多少? 答:快递企业提供快递服务取得的收入,按照物流辅助服务中的"收 派服务"缴纳增值税. 一般纳税人适用6%税率,小规模纳税人适用3%征 收率。 104 向:"收派服务"是指什么? 答:根据《财政部 国家税务总局关于全面推开营业税改征增值税试 点的通知》(财税〔2016〕36号) 附件1《营业税改征增值税试点实施 办法》中的附件《销售服务、无形资产、不动产注释》,"收派服务"属 于现代服务业下的物流辅助业,具体是指接受寄件人委托,在承诺的时 限内完成函件和包裹的收件、分拣、派送服务的业务活动。具体分属: 一、销售服务—（六）现代服务—4.物流辅助服务——（7 ...

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [15] Core Insights - The logistics industry is expected to see two core trends in 2026: "Advantage Going Abroad" and "Ecosystem Restructuring," which will present significant investment opportunities. The restructuring of supply chains is anticipated to deepen, with the acceleration of Chinese industries going abroad, driving sustained demand in emerging markets. Concurrently, the domestic market's competitive order is being restructured, pushing the industry towards high-quality development [5][10][27]. Summary by Sections Cross-Border Logistics: Order Restructuring and New Opportunities - The transition from "goods going abroad" to "capital going abroad" is underway, with foreign investment becoming a core driver of logistics demand. The standardization and replicability of processes in bulk logistics and e-commerce express delivery present explosive demand potential [11][35]. E-commerce Express Delivery Going Abroad - Chinese e-commerce platforms are expanding overseas, particularly in Southeast Asia and Latin America, where the e-commerce penetration rates are significantly lower than in China. The report highlights that the average package volume in Southeast Asia is about 26 items per year, and in Latin America, it is approximately 11 items per year, indicating substantial growth potential [59][64]. Bulk Logistics Going Abroad - The report discusses the "infrastructure for resources" model, where bulk logistics follows Chinese mining companies into Africa. This approach is expected to drive high growth in local freight demand and rapid expansion of road assets [11][35]. Domestic E-commerce Express: Demand-Side Reform - The report notes that the previous low-price competition in the e-commerce ecosystem is being replaced by rational competition, which is expected to improve the industry landscape. Leading companies like Zhongtong Express and YTO Express are anticipated to see valuation recovery as the competitive order stabilizes [12][30]. Bulk Supply Chain: Bottoming Out and Price Recovery - The bulk supply chain industry is at a dual bottom in terms of "commodity prices" and "corporate profits," with signs of a cyclical turnaround. The report suggests that the easing of liquidity and the implementation of "anti-involution" policies will lead to improved profitability in the sector [13][30]. Investment Recommendations - The report prioritizes investment in: 1. Non-US cross-border logistics, benefiting from the expansion of Chinese industries into emerging markets, with key targets being Jitu Express and Jiayou International [10][30]. 2. Domestic e-commerce express delivery, with a focus on leading companies like Zhongtong Express and YTO Express, which are expected to see valuation adjustments [10][30]. 3. Bulk supply chains, with a recommendation to invest in companies like Xiamen Xiangyu and Xiamen Guomao, as the industry is poised for a cyclical recovery [10][30].

Group 1 - The article discusses the historical significance of American manufacturing as a backbone of national strength and social structure, highlighting the decline of stable job opportunities for the middle class due to the loss of manufacturing jobs [4][5]. - It raises critical questions about whether the U.S. can bring back some manufacturing capabilities and if the service sector can fill the gap left by manufacturing in providing stable, middle-class jobs [5][36]. Group 2 - The formation of American manufacturing civilization was characterized by the ability of companies to integrate resources across states and industries, supported by government initiatives that set clear demand through public works and military procurement [7][8]. - The post-war period saw significant contributions from education and population structure, with the GI Bill expanding access to higher education and vocational training, while infrastructure projects like the Interstate Highway Act fueled domestic demand [11][12]. Group 3 - The decline of American manufacturing is attributed to three main forces: rising institutional friction, globalization pushing manufacturing to low-cost regions, and the concentration of wealth among high-skilled workers due to technological and financial trends [22][24][25]. - Institutional friction has led to a preference for less risky projects, making it harder for manufacturing to thrive in the U.S. as the approval processes become longer and more complex [24][26]. Group 4 - The article emphasizes that while nominal GDP share of manufacturing has decreased, the actual output has remained stable, indicating that manufacturing has not disappeared but rather shifted in its role within the economy [30][34]. - Employment in manufacturing peaked in June 1979 at 19.6 million and has since declined to approximately 12.8 million by June 2019, reflecting a significant drop in its share of total employment [35][68]. Group 5 - The service sector's ability to absorb displaced manufacturing jobs is questioned, as it struggles to provide sufficient, well-paying jobs with clear career advancement paths, particularly in a high-cost living environment [36][39]. - The article outlines that the service sector is characterized by a "dumbbell structure," where high-end jobs require significant education and skills, while low-end jobs offer low wages and instability, making it difficult to support a middle-class lifestyle [39][40]. Group 6 - The discussion on re-industrialization in the U.S. highlights the need for a dual approach: ensuring national security in critical industries while also addressing the social structure to allow ordinary people to share in economic growth [44][46]. - The article suggests that a realistic path forward involves selective return of manufacturing capabilities, focusing on key industries while also investing in infrastructure, energy transition, and skill development to create stable job opportunities [49][51]. Group 7 - The challenges of re-establishing manufacturing in the U.S. are not solely financial; they also include regulatory hurdles, skill shortages, supply chain density, and overall cost structures that complicate the return of manufacturing jobs [53][54][55]. - The article argues that simple policies like tariffs and subsidies are insufficient to address the complex structural issues facing American manufacturing and that a more nuanced approach is necessary [56][58]. Group 8 - The article concludes that if manufacturing cannot recreate a robust middle class, the U.S. must explore a combination of industries to provide dignified work for ordinary people, including infrastructure, energy transition, and restructured service sectors [60][61]. - It emphasizes that the ultimate goal is to restore a social structure where ordinary people can achieve dignity through work, rather than merely focusing on the number of manufacturing jobs [62][63].

12月24日，圆通速递大宗交易成交1737万股，成交额2.73亿元，占当日总成交额的62.14%，成交价 15.74元，较市场收盘价16.74元折价5.97%。 ...

Core Viewpoint - ZTO Express (02057) announced the cancellation of 8.9403 million American Depositary Shares corresponding to Class A ordinary shares, effective December 24, 2025 [1] Company Summary - ZTO Express will cancel a total of 8.9403 million shares that have been repurchased [1]

格隆汇12月24日丨中通快递-W(02057.HK)公布，2025年12月24日，公司注销894.03万股。 ...

Core Viewpoint - The article emphasizes the importance of a multi-layered and diversified consumer dispute resolution system in China, highlighting various effective complaint channels beyond the official 12315 platform [1][9]. Group 1: Complaint Channels - **Industry Supervisory Departments and Associations**: These channels are specialized and have a strong understanding of industry regulations, allowing for precise problem resolution [10][14]. - **Large Internet Platforms and Media-Hosted Public Complaint Platforms**: These platforms, such as the Black Cat Complaint platform, serve as communication bridges and amplify consumer voices through social supervision [14][15]. - **Market Entities' Own Complaint Channels**: Businesses and platforms often have their own customer service systems that can provide direct and efficient resolutions [15][16]. - **Consumer Organizations**: Organizations like the China Consumers Association play a crucial role in social supervision and protecting consumer rights [16][19]. Group 2: Effective Utilization Strategies - **Initial Contact**: Consumers should first attempt to resolve issues through official channels like apps or customer service, as this is often the quickest method [18][20]. - **Evidence Collection**: Maintaining clear evidence such as order screenshots and communication records is essential for effective complaint resolution [20]. - **Reasonable Claims**: Claims should be based on factual and legal grounds to facilitate resolution, avoiding excessive demands [20]. - **Parallel Approaches**: For complex disputes, consumers can simultaneously engage multiple channels to increase pressure on the issue [20]. Group 3: Conclusion - The diversification of complaint channels reflects the maturity and progress of modern consumer society, with 12315 serving as a strong support but not the only option available [8][20].

Core Insights - The transportation sector in China is experiencing stable growth, with key indicators showing progress in 2023 [1][3] Group 1: Economic Performance - China's transportation fixed asset investment is expected to exceed 3.6 trillion yuan, with over 2,000 kilometers of new high-speed rail and approximately 8,000 kilometers of new expressways completed [3] - The completion rate of the national comprehensive transportation network has surpassed 90%, enabling two-hour access within key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area [3] Group 2: Future Projections - By 2025, cross-regional passenger flow is projected to exceed 66 billion trips, with freight volume expected to surpass 58 billion tons, both showing a year-on-year growth of around 3.5% [5] - Port foreign trade container throughput is anticipated to grow by approximately 9.6%, while international air freight is expected to increase by 20% and express delivery services by 13.5% [5] Group 3: Technological Advancements - The implementation of "Artificial Intelligence + Transportation" has been initiated, with the construction of a comprehensive transportation model underway [7] - Digital transformation has been completed for about 1,700 kilometers of expressways and over 2,200 road and waterway auxiliary facilities, along with the establishment of 60 automated container and bulk cargo terminals [7] Group 4: Strategic Initiatives - The focus will be on enhancing the national comprehensive transportation network, promoting integration, safety, digital upgrades, and green transformation [7] - Future efforts will emphasize stabilizing investment, reducing costs, promoting reforms, strengthening innovation, improving livelihoods, and ensuring safety to achieve qualitative and quantitative growth in transportation [7]

Core Insights - SF Express has officially launched its Southern Jiangsu headquarters in Wujiang Taihu New City, marking a significant step in enhancing its logistics capabilities in the region [1] - The new headquarters aims to integrate regional logistics resources and establish a comprehensive logistics service system in Southern Jiangsu, with a projected annual revenue of no less than 5 billion yuan [1] - The facility includes nine modern logistics transfer centers with a daily processing capacity of 4 million parcels, ensuring 100% coverage of the Suzhou, Wuxi, and Changzhou areas [1] Company Developments - The new office space is designed with a youthful atmosphere, featuring elements that appeal to younger employees, and will serve as a platform for over 400 young SF Express employees [2] - The headquarters is located in the Hengli Ring Enterprise Center, a major project by Hengli Group, which aims to attract various corporate headquarters and foster industrial collaboration [2] - The rapid establishment of the headquarters, completed in less than four months, highlights the effective collaboration between government and enterprises, contributing to a favorable business environment in the Taihu New City [2]

受"双11"电商节及海外"黑五"跨境寄递增长等因素影响，每年11月都是快递行业全年最大的业务旺季， 其当月成绩单也通常被视作来年快递市场格局最重要的风向标之一，一直备受关注。 近日，四家A股快递公司顺丰控股（SZ002352，股价38.27元，市值1929亿元，以下或简称顺丰）、圆 通速递（SH600233，股价16.83元，市值576.01亿元，以下或简称圆通）、申通快递（SZ002468，股价 14.33元，市值219.36亿元，以下或简 称 申 通）和 韵 达 股 份（SZ002120，股价6.86元，市值198.89亿 元，以下或简称韵达）披露11月月度经营情况。从具体数据看，顺丰业务量增速继续领跑，申通因并表 浙江丹鸟物流科技有限公司（以下或简称丹鸟物流）实现收入和业务量大幅增长，而韵达则成为"通达 系"中唯一业务量同比下滑的公司。 《每日经济新闻》记者了解到，这也就意味着，国内主要上市快递企业的业绩分化依然明显。一方 面，"反内卷"成为行业共识后，单票收入自低点修复，价格竞争趋缓；另一方面，由于企业之间战略选 择的差异，在业务量与收入增速上形成了鲜明对比。快递行业竞争正从单纯的价格与规模扩张，逐步 ...