今年，全市邮政快递业深化与各行各业的协同融合，截至目前，全市快递助农业务量突破2000万 件，支撑农产品产值45亿元；快递服务制造业业务量超1亿件，支撑制造业产值突破600亿元。同时，通 过深化交邮融合，我市已打造"地铁+快递"联运运输线路3条，协调邮政、顺丰等企业积极参与高铁运输 快件的研究与规划。 在推动城乡寄递末端建设方面，我市全面推广"交邮社"融合服务模式，村级服务点覆盖率达 99.78%，完善智能信包箱运维管理机制，实现新建住宅小区全部配建智能信包箱、首个老旧小区改造 智能信包箱补建项目建成投用。 在数智赋能方面，我市无人车、无人机等智能装备应用规模全国领先，近千辆快递无人车实现常态 化运营。全市范围已开通11条无人机配送线路，建成超400个快递无人驿站，新建快递分拨中心全面使 用多层自动分拣机、智能安检机。 记者从苏州市邮政管理局了解到，近日的监测数据显示，苏州市快递年业务量首次突破40亿件、快 递年处理量首次突破70亿件，创历史新高。预计全市年人均使用快件量将超600件。 市邮管局相关负责人介绍，今年以来，全市邮政快递业继续保持良好发展态势，取得显著成效。 ...

Group 1 - The article emphasizes the importance of expanding domestic demand as a strategic initiative, advocating for a long-term mechanism to enhance consumer spending and confidence [1] - The China Securities Regulatory Commission (CSRC) is set to implement reforms to the ChiNext board and accelerate the rollout of the "1+6" reform measures for the Sci-Tech Innovation Board, aiming to enhance market stability and promote equity public funds [2] - The State Grid Corporation of China is focusing on building a new power system and energy framework to achieve carbon peak goals [3] Group 2 - The Ministry of Commerce and five other departments have issued an action plan to promote high-quality development in the service outsourcing sector, targeting the cultivation of internationally competitive leading enterprises by 2030 [4] - The State Administration of Foreign Exchange is emphasizing macro-prudential management of the foreign exchange market to maintain the stability of the RMB exchange rate and ensure a balanced international payment [5] - The first batch of L3 autonomous driving vehicles has received approval for road testing in designated areas of Beijing and Chongqing [6] Group 3 - There is a collective price increase trend among manufacturers of lithium iron phosphate cathode materials, expected to continue until the fourth quarter of next year [7] - The Henan Province Postal Regulations will take effect on March 1, 2026, imposing fines for unauthorized actions by express delivery companies [8] - Several companies, including Aerospace Electronics and TCL Technology, have announced significant capital investments and acquisitions, indicating active market movements [9] Group 4 - Nasdaq plans to submit a proposal to the SEC to extend trading hours for stocks and exchange-traded products from 16 to 23 hours per week [15] - STMicroelectronics has delivered over 5 billion RF antenna chips to SpaceX for its Starlink satellite network, with expectations to double deliveries by 2027 [17] - U.S. stock indices experienced collective declines, with the Dow Jones down 0.09%, Nasdaq down 0.59%, and S&P 500 down 0.16% [18]

New York Attorney General Letitia James speaks during a press conference at the office of the Attorney General on December 15, 2025 in New York City.New York Attorney General Letitia James accused delivery giant UPS of cheating seasonal holiday workers out of millions of dollars in legally owed wages, according to a new lawsuit filed Monday.James' office said that an investigation "found that for years, UPS has shortchanged seasonal workers who keep the company running during peak holiday demand by failing ...

Core Viewpoint - FedEx is expected to report quarterly earnings of $4.05 per share, unchanged from the previous year, with revenues projected at $22.88 billion, reflecting a 4.2% year-over-year increase [1]. Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised upward by 1.1%, indicating analysts' reassessment of their initial forecasts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical research shows a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Revenue- FedEx Express- Package- International economy' at $1.53 billion, a decrease of 3.6% year-over-year [5]. - The 'Revenue- FedEx Express- Package- Total international export package revenue' is projected to reach $3.79 billion, down 0.9% from the prior-year quarter [5]. - The 'Revenue- Federal Express segment' is forecasted to be $19.70 billion, reflecting a year-over-year increase of 4.6% [6]. - 'Revenue- FedEx Express- Freight- Total freight revenue' is expected to reach $1.57 billion, indicating a 1.3% increase from the previous year [6]. Package Volume and Revenue per Package - The consensus estimate for 'FedEx Express - Package - Average daily package volume - International economy' is 583.31 thousand, slightly down from 586.00 thousand reported last year [7]. - 'FedEx Express - Package - Average daily package volume - Total international export ADV' is projected at 1.14 million, down from 1.18 million in the same quarter last year [7]. - Analysts expect 'FedEx Express - Package - Revenue per package - International export composite' to be $52.10, up from $51.37 reported last year [8]. - The 'FedEx Express - Package - Revenue per package - International economy' is projected to be $40.98, down from $43.03 in the same quarter of the previous year [9]. Freight Metrics - 'FedEx Express - Freight - Average daily freight pounds - International economy' is expected to be 12.53 million, slightly up from 12.48 million reported last year [8]. - 'FedEx Express - Freight - Average daily freight pounds - International priority' is projected to reach 4.99 million, compared to 4.93 million reported last year [9]. Market Performance - FedEx shares have increased by 6.3% over the past month, outperforming the Zacks S&P 500 composite, which saw a -0.2% change [11].

Core Viewpoint - Yunda Holdings is undergoing a board reshuffle, with a significant number of candidates being family members of the actual controllers, raising concerns about governance and potential nepotism [2][4]. Group 1: Board Reshuffle - The board of Yunda Holdings will hold an election to nominate non-independent directors, including four candidates who are family members of the actual controllers [2]. - Notably, one of the candidates, Nie Yipeng, is only 24 years old and is the son of the actual controllers, Nie Tengyun and Chen Liying [2][4]. Group 2: Financial Performance - Yunda Holdings reported a revenue of 37.493 billion yuan for the first three quarters of the year, reflecting a year-on-year growth of 5.59%, while the net profit attributable to shareholders dropped significantly by 48.15% to 730 million yuan [5]. - The company's core profit, excluding non-recurring items, also saw a decline of 44.15%, amounting to 655 million yuan [5]. Group 3: Business Volume and Pricing Strategy - The growth in revenue is primarily attributed to an increase in business volume, with a total of 19.143 billion express deliveries in the first three quarters, marking a year-on-year increase of 12.98% [6]. - However, the average revenue per delivery has decreased by 2.13% to 1.95 yuan, indicating a potential issue of "gaining volume at the expense of profit" [6]. Group 4: Market Conditions and Challenges - The company's performance in the third quarter was impacted by intense price competition in July and adjustments in network planning and distribution operations, which affected profitability [7]. - Additionally, the company incurred an extraordinary expense of 139 million yuan, a significant increase of 84.8% year-on-year, primarily due to losses from the disposal of non-current assets [7].

| 提案编码 | 提案名称 | 备注 该列打勾的栏目 | | --- | --- | --- | | | | 可以投票 | | 100 | 总议案:除累积投票提案外的所有提案 | V | | | 累积投票提案 | | | 1.00 | 《关于董事会换届选举第九届董事会非独立董事的议案》 | 网选人数(5)人 | | 1.01 | 选举聂腾云先生为公司非独立董事 | J | | 1.02 | 选举陈立英女士为公司非独立董事 | √ | | 1.03 | 选举聂樟清先生为公司非独立董事 | J | | 1. 04 | 选举聂毅鹏先生为公司非独立董事 | √ | | 1.05 | 选举符勤先生为公司非独立董事 | イ | | 2. 00 | 《关于董事会换届选举第九届董事会独立董事的议案》 | 应选人数(3)人 | | 2. 01 | 选举胡铭心先生为公司独立董事 | √ | | 2. 02 | 选举黄晓荟女士为公司独立董事 | 1 | | 2. 03 | 选举谢孝平先生为公司独立董事 | ק | | | 非累积投票提案 | | 值得注意的是，5位候选人当中，聂毅鹏系韵达股份实际控制人聂腾云、陈立英夫妇之子，出生于 ...

Core Insights - Douyin has switched its return logistics to multiple courier companies, including JD Logistics, Zhongtong, YTO, and others, starting from December 16, indicating a significant shift in its return business strategy [1] - The average daily return volume for Douyin e-commerce reaches millions of orders, presenting a lucrative market opportunity for courier companies [1][4] - The competition among courier companies for return services is intensifying, as they recognize the higher profitability of return shipments compared to regular deliveries [2] Group 1: Market Dynamics - The average daily return business volume in China exceeds 20 million packages, highlighting the potential for courier companies to expand their market share amid slowing growth in traditional e-commerce channels [4] - Courier companies are increasingly focusing on return services due to their higher profit margins, with return shipments generating around 4 to 5 yuan per package, compared to minimal profits or losses on regular e-commerce deliveries [2] Group 2: Operational Challenges - Douyin e-commerce is tightening its assessment of collection rates, meaning courier companies that fail to meet standards risk losing their contracts or being switched out [5] - Courier companies are hiring dedicated personnel to improve collection rates and meet the high frequency of pickup demands, indicating a significant operational shift [5] - The complexity of return logistics, including quality checks, packaging, and scheduling, poses challenges for courier companies, particularly in maintaining efficiency and managing high complaint rates [6][8] Group 3: Financial Incentives - Courier companies are offering incentives to their networks, with a reported profit share of 2.72 yuan per package, which includes a base profit and a timely pickup bonus [6] - However, achieving these financial incentives is challenging due to strict performance assessments and the need for efficient operations [6] Group 4: Industry Sentiment - There is a growing sentiment among couriers that the return process is less attractive due to low pay and high complaint rates, leading to concerns about profitability and job satisfaction [8] - The current e-commerce environment, characterized by price wars and refund policies, is causing stress across the supply chain, affecting courier companies significantly [8]

Investment Rating - The report assigns a "Buy" rating to J&T Express with a target price of HKD 12.60, corresponding to a 27x P/E for 2026 [5][10][22]. Core Insights - J&T Express has achieved rapid expansion from Southeast Asia to a global logistics operator covering 13 countries, driven by a highly flexible regional agency model [2][10]. - The company is expected to see significant revenue growth, with projected revenues of USD 12.1 billion in 2025, USD 14.3 billion in 2026, and USD 17.4 billion in 2027, reflecting year-on-year growth rates of 18%, 18%, and 22% respectively [4][20]. - The net profit attributable to the parent company is forecasted to improve significantly, reaching USD 3.82 billion in 2025, USD 5.24 billion in 2026, and USD 8.64 billion in 2027, with year-on-year growth rates of 280%, 37%, and 65% respectively [4][20]. Financial Summary - Total revenue is projected to grow from USD 8.849 billion in 2023 to USD 17.405 billion in 2027, with a compound annual growth rate (CAGR) of approximately 22% [4][20]. - Gross profit is expected to increase from USD 473 million in 2023 to USD 1.923 billion in 2027, indicating a strong improvement in profitability [4]. - The company is anticipated to achieve a positive net profit margin by 2024, with a return on equity (ROE) projected to reach 18.75% by 2027 [4][21]. Business Overview - J&T Express was founded in 2015 and has rapidly become a leading logistics service provider in Southeast Asia, with a market share of 32.8% as of mid-2025 [24][25]. - The company has expanded its operations into China and several emerging markets, including the Middle East and Latin America, establishing a comprehensive logistics network [24][25]. - The strategic acquisitions of logistics companies in China have significantly enhanced J&T's market presence and operational capabilities [25][26]. Market Analysis - The Southeast Asian e-commerce market is experiencing robust growth, which is expected to drive an increase in parcel volumes for J&T Express [15][16]. - In China, the company is focusing on optimizing its revenue structure and improving profitability as the market stabilizes [16][20]. - New market expansions are projected to yield substantial growth, with expected parcel volumes increasing significantly in the coming years [17][20].

每经记者｜章光日 每经编辑｜吴永久 近期，顺丰控股发布了回购股份进展公告。最近三个月，顺丰控股回购总金额超过15亿元。在8月底首 次提出"共同成长"持股计划（A股）后，顺丰控股股价整体处于调整走势。不过，第三季度公司的股东 户数出现大幅增长，为2024年第二季度以来首次。 回顾公司今年的走势，在顺丰控股首次提出"共同成长"持股计划（A股）之后，公司股价就出现持续调 整。 从雪球等平台来看，投资者对"共同成长"持股计划（A股）也是褒贬不一。有投资者认为，该计划会对 公司短期的利润造成压力。也有投资者表示，这项计划其实是在为顺丰未来竞争力和护城河提供最长久 的保障。 今年第三季度，顺丰控股的股东户数出现大幅增长，看好公司后市的投资者开始明显增加。同花顺显 示，截至2025年9月30日，顺丰控股的股东户数为26.97万户，相较于2025年6月30日的14.14万户，增幅 高达90.75%。而从2024年第二季度开始，顺丰控股的股东户数一直处于减少状态。从股东户数变化来 看，对于顺丰控股推出的"共同成长"持股计划（A股），大部分中小投资者还是持看好态度。 相关公告显示，为实现顺丰控股的愿景及长期目标，公司控股股东无偿 ...

Core Viewpoint - FedEx is set to report its Q2 FY2026 earnings on December 18, with expectations of adjusted earnings per share (EPS) at $4.09 and revenue at $22.8 billion, following two previous quarters of exceeding market expectations [1] Group 1: Financial Performance Expectations - FedEx management anticipates a revenue growth of 4% to 6% year-over-year for FY2026, with unadjusted EPS expected between $14.20 and $16.00, and full-year adjusted EPS projected between $17.20 and $19.00 [1] - The company expects to incur a $1 billion loss this year due to trade disruptions caused by tariffs, including increased customs costs and a decline in shipping volumes, particularly between the U.S. and China [1] Group 2: Seasonal Demand Impact - Strong demand from the holiday shopping season is expected to boost FedEx's Q2 performance, with management indicating that seasonal results will remain moderately strong [2] - The upcoming quarterly EPS is anticipated to exceed last year's $4.05 [2] Group 3: Cost Reduction and Efficiency - Ongoing uncertainties related to tariffs and persistent high inflation have negatively impacted consumer confidence and growth expectations, leading to a decline in FedEx's performance [3] - The DRIVE program, launched in Q2 FY2023, aims to enhance long-term profitability through cost-cutting measures, which include reducing flight frequencies, grounding certain aircraft, and layoffs [3] - Cost reduction initiatives, particularly in line-haul transportation and production efficiency, are expected to support profit margins in Q2 [3] Group 4: Strategic Partnerships - The market is looking forward to updates on FedEx's multi-year partnership agreement with Amazon, which involves FedEx delivering certain large packages for Amazon [4] - Recently, FedEx's competitor UPS has decided to reduce its business volume with Amazon, potentially benefiting FedEx's position in the market [4]