Core Viewpoint - The article highlights the participation of Meituan riders and employees in the 80th anniversary of the victory in the Chinese People's War of Resistance Against Japanese Aggression, showcasing their contributions to society and the pride they feel in serving the nation [2][5][6]. Group 1: Participation and Contributions - Sixteen Meituan riders from various regions attended the ceremony, including veterans and those recognized for their heroic actions [3][7]. - Riders like Lian Shuangpeng and Gao Feng expressed their pride and honor in participating in such a significant national event, emphasizing their commitment to work and community service [5][6]. - Meituan employees also participated, with individuals like Fan Na representing the company in the military parade, reflecting the dedication of the workforce [6]. Group 2: Recognition and Achievements - Gao Feng, a Meituan rider and veteran, has received multiple honors for his contributions, including "National Labor Model" and "Most Beautiful Retired Soldier" [5][6]. - The article mentions the involvement of other delivery personnel from various companies, indicating a broader recognition of the role of delivery workers in society [7].

Group 1 - The 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War was commemorated with a grand ceremony at Tiananmen Square in Beijing on September 3 [2] - Meituan CEO Wang Xing attended the event and shared his feelings with company partners, highlighting the significance of witnessing this historical moment [2] - Several Meituan delivery riders, including veterans and community service participants, were invited to observe the ceremony, showcasing their contributions to society [2][3] Group 2 - Delivery rider Lian Shuangpeng expressed his pride and honor in attending the ceremony as a Communist Party member, emphasizing his commitment to work and life after the event [2] - Another rider, Gao Feng, a veteran and recipient of multiple labor awards, actively participates in urban governance through community projects, reflecting the integration of delivery work with civic responsibility [3] - Meituan employees also participated in the ceremony, with staff member Fan Na representing the company in the military parade, symbolizing the dedication of Meituan employees to their roles [3] Group 3 - In addition to Meituan riders, several couriers from other delivery companies, including SF Express and Zhongtong Express, also attended the ceremony, indicating a broader representation of the delivery industry [4]

Core Viewpoint - The 80th anniversary of the victory in the Chinese People's Anti-Japanese War and the World Anti-Fascist War was commemorated with a grand ceremony at Tiananmen Square, where Meituan's CEO Wang Xing attended and shared his experiences with company partners [1] Group 1 - Sixteen Meituan delivery riders from across the country were invited to witness the ceremony, including veterans who participated in significant rescue operations [3] - Rider Lian Shuangpeng expressed his pride and honor in attending the event as a Communist Party member, stating it motivated him to work harder and appreciate life more [3] - Another rider, Gao Feng, a veteran and recipient of multiple labor awards, actively participates in urban governance projects, reflecting Meituan's commitment to community involvement [4] Group 2 - Sun Xihe, a Meituan delivery rider and former military personnel, highlighted the continuity of service to the people, whether in the military or as a delivery worker [5] - Meituan employees also participated in the ceremony, including Fan Na, who represented the company in the military parade, showcasing the pride and dedication of Meituan's workforce [5] - Other delivery personnel from various courier companies, including SF Express and JD, also attended the event, indicating a broader representation of the logistics and delivery industry at the ceremony [5]

Investment Rating - The report maintains an "Accumulate" rating for the transportation and warehousing industry [5] Core Insights - The transportation industry experienced a slight increase in net profit in H1 2025, with notable recovery in the airport sub-sector [1][13] - The express delivery sector is expected to see a reduction in price wars due to government initiatives aimed at curbing excessive competition [3][31] - Oil transportation demand is anticipated to rebound in the second half of 2025, driven by OPEC+ production increases and supply constraints [2][24] Summary by Sections 1. Transportation Industry Performance - In H1 2025, the transportation industry reported total revenue of 17,329 billion yuan, a year-on-year increase of 1.28%, and a net profit of 950 billion yuan, up 2.39% [1][13] - Among 121 listed companies, 110 were profitable, with 55 companies showing year-on-year profit growth [1][13] - The airport sub-sector saw a significant net profit increase of 26.5% year-on-year [13][19] 2. Shipping Sector Analysis - H1 2025 saw a slowdown in global oil demand growth, with the BDTI index averaging 971 points, down 21.2% year-on-year, and the BCTI index at 683 points, down 31.9% [2][21] - The SCFI index averaged 1,704 points, reflecting a 26.5% year-on-year decline, impacting shipping company performance [2][21] - Predictions indicate that oil transportation demand will grow faster than supply, with a 0.3 percentage point difference expected in 2025 [24][26] 3. Express Delivery Sector Insights - The express delivery sector maintained a high growth rate, with a total volume of 957 billion packages in H1 2025, a 19.3% increase year-on-year [3][28] - However, the average revenue per package fell by 5.3% in July 2025, with major companies experiencing varying degrees of profit decline [3][28] - Government initiatives to address "involution" in the industry are expected to improve profit margins and overall industry health [3][31] 4. Investment Recommendations - The report suggests focusing on state-owned enterprises in the transportation sector, particularly in highways, railways, and ports [4][33] - It highlights potential in oil and container shipping due to geopolitical tensions and slow capacity growth [4][33] - The recovery in express delivery volume and the easing of competition are also noted as positive indicators for investment [4][33]

下一步，南京市邮政管理局将进一步聚焦维护快递员群体合法权益，深入推进快递行业集体协商，更好 地协调劳动关系双方利益，助力行业高质量发展。 此次集体协商会议的一大亮点在于首次签订《南京市快递行业集体合同》，标志着我市快递行业劳动关 系协调机制实现重要突破。与以往仅围绕工资专项内容开展协商不同，本次协商范围显著扩大，全面覆 盖社会保险、休息休假、劳动安全、女职工特殊保护、福利保障等多个劳动关系关键领域，体现了 从"单一薪酬"向"全方位权益保障"的系统性升级。此举不仅是对中央和省、市关于新就业形态劳动者权 益保障政策的具体落实，更是行业集体协商从"有"到"优"的实质性迈进。通过将多项劳动标准纳入协商 范畴，合同内容更具含金量和实操性，切实增强了快递员的获得感、安全感与归属感，为构建规范有 序、公正合理、互利共赢的行业劳动环境奠定了坚实基础。 另一突出亮点是在薪酬激励机制方面的创新与细化，尤其是对"能级工资"制度的完善与升级。本次协商 将原先较为笼统的能级工资条款扩展为专章规定，并新增"荣誉津贴"、"技能竞赛奖励"、以及五小创新 成果奖三项内容及标准，明确了从国家级到市级不同层级技能竞赛的奖励金额，以及对见义勇为行为 ...

据了解，这些京东小哥来自北京不同片区，在一线岗位上深耕不辍，凭借出色表现斩获多项荣誉"。 2025.09. 03 本文字数：1064，阅读时长大约2分钟 作者 | 第一 财经 陆涵之 2025年9月3日上午，纪念中国人民抗日战争暨世界反法西斯战争胜利80周年大会在北京天安门广场 隆重举行。 据京东消息，来自京东物流的臧继全、魏团结、冯玉滨、宋学文、栾玉帅、李豪、闫贺等多位快递行 业优秀代表，满怀自豪和喜悦的心情登上阅兵观礼台，与社会各界楷模一道亲历这一承载历史厚重感 与民族自豪感的光荣时刻。 第 一 财 经 持 续 追 踪 财 经 热 点 。 若 您 掌 握 公 司 动 态 、 行 业 趋 势 、 金 融 事 件 等 有 价 值 的 线 索 ， 欢 迎 提 供 。 专 用 邮 箱 ： bianjibu@yicai.com 京东物流金融街站快递员魏团结，扎根北京7年，累计送出快递超30万件，创下0投诉的亮眼纪录， 与100多位北京社区老人处成了"忘年交"，还先后荣获2024年首都劳动奖章、当选2025年北京市劳 动模范。谈及现场观礼的感受，魏团结表示："外公生前总跟我念叨，他的弟弟牺牲后被评为了革命 烈士。今天 ...

Core Viewpoint - The express delivery industry in China is experiencing significant growth, with a notable increase in parcel volume and a trend towards "anti-involution" in pricing competition, which is expected to stabilize the market in the medium to long term [1][4]. Group 1: Industry Performance - In July 2025, the national express delivery volume reached 16.4 billion parcels, a year-on-year increase of 15.1%, while the volume for January to July 2025 totaled 112.05 billion parcels, up 18.7% year-on-year [1][2]. - The express delivery industry's revenue in July 2025 increased by 8.9% year-on-year, while the average revenue per parcel decreased by 5.3%. For the first seven months of 2025, revenue grew by 9.9%, with a 7.4% decline in average revenue per parcel [4]. Group 2: Company Performance - SF Express reported a remarkable business volume growth of 33.7% year-on-year in July 2025, leading the industry, with a 26.9% increase for the first seven months [2]. - Other major express companies such as YTO, Yunda, and Shentong also showed positive growth in July 2025, with year-on-year increases of 20.8%, 7.6%, and 11.9% respectively [2]. Group 3: Market Concentration - The market concentration in the express delivery sector is increasing, with the CR8 (concentration ratio of the top 8 companies) reaching 86.9% for January to July 2025, reflecting a 1.7% year-on-year increase [3]. - In Q2 2025, the market shares of leading companies such as Zhongtong, YTO, Yunda, Shentong, and Jitu increased compared to Q1, indicating a trend towards greater market concentration [3]. Group 4: Pricing and Competition - The decline in average revenue per parcel is narrowing, indicating a reduction in price competition due to the "anti-involution" measures being implemented. This trend is expected to ease competitive pressures in the short term while promoting healthy competition in the long term [4]. - The National Postal Administration has emphasized the need to combat "involution-style" competition, with recent meetings aimed at ensuring stable operations and pricing in the express delivery sector [4]. Group 5: Investment Recommendations - The "anti-involution" measures are anticipated to alleviate competitive pressures, with expectations for profitability recovery in the e-commerce express sector in the latter half of the year. The sustainability of price increases will be crucial for future profitability [5]. - Companies such as SF Express, YTO Express, Zhongtong Express, Jitu Express, and Yunda are highlighted as key investment opportunities due to their strong performance and potential for profit recovery [5].

Core Viewpoint - ZTO Express (02057) announced a comprehensive buyback of approximately 33.63 million shares, costing around $982 million, scheduled for September 2, 2025 [1] Summary by Categories Company Actions - ZTO Express plans to repurchase approximately 33.63 million shares [1] - The total expenditure for this buyback is estimated at $982 million [1] Financial Implications - The buyback represents a significant investment in the company's own shares, indicating confidence in its future performance [1]

Core Insights - J&T Express (1519.HK) reported a strong performance for the first half of 2025, with total revenue reaching $5.5 billion, a year-on-year increase of 13.1%, and adjusted net profit of $156 million, more than doubling from the previous year with a growth rate of 147.1% [1][2] Overseas Growth - The significant profit increase for J&T Express is largely attributed to its overseas operations, particularly in Southeast Asia, where package volume surged by 57.9% and revenue grew by 29.6% [3][7] - In Southeast Asia, J&T Express's market share rose from 27.4% to 32.8%, gaining 5.4 percentage points, while competitors lost market share [10][11] - The company achieved this growth without excessive spending, reducing its single-package cost by 16.7% from $0.60 to $0.50, allowing for competitive pricing and increased order volume [12][13] - J&T Express also reported its first adjusted EBITDA profit in new markets like the Middle East and Latin America, transitioning from a loss of $7.84 million to a profit of $1.57 million [14] Domestic Operations - In the highly competitive Chinese market, J&T Express handled 10.6 billion packages, a 20.0% increase, slightly above the industry average growth of 19.3% [23][24] - The company maintained its market share at 11.1% and improved its ranking from sixth to fifth, despite a 7.7% decline in average prices [24][25] - J&T Express's strategy focused on maintaining profitability by managing costs effectively, with single-package revenue decreasing from $0.34 to $0.30, while costs fell from $0.32 to $0.28, effectively offsetting the impact of price competition [26][27] - The company implemented operational efficiencies through scale effects, refined management, and technological investments, operating 270 automated sorting devices and 600 unmanned logistics vehicles by mid-2025 [27][28] Global Strategy - The Chinese market serves as a testing ground for J&T Express's operational methodologies, which can be replicated globally [29][30] - The cost per package in China is $0.28, compared to $0.50 in Southeast Asia and $1.92 in new markets, indicating significant optimization potential in other regions [30][31]

Market Performance - On September 2, the Shanghai Composite Index fell by 0.45%, the Shenzhen Component Index dropped by 2.14%, and the ChiNext Index decreased by 2.85%[3] - The total trading volume on September 2 was 2.91 trillion, an increase of approximately 130 billion compared to the previous trading day[1] Sector Analysis - Major sectors experienced declines, with communication, computing, electronics, and military industries leading the losses, while banking, utilities, and home appliances saw slight gains[1] - The net outflow of funds from the Shanghai market was 194.51 billion yuan, and from the Shenzhen market, it was 315.77 billion yuan on September 2[4] Market Sentiment - The market is facing significant resistance at its current position, with a more pronounced adjustment compared to the previous trading days[1] - There is a short-term pressure for profit-taking in the main sectors, leading to increased volatility in market sentiment[1] Industry Developments - The logistics industry in China showed a positive trend with a logistics prosperity index of 50.9% in August, indicating continuous demand growth[7] - The software industry reported a revenue of 83,246 billion yuan in the first seven months of the year, reflecting a year-on-year growth of 12.3%[8] Investment Trends - Overseas Chinese stock ETFs have seen significant growth, with the KraneShares China Internet ETF surpassing 8.5 billion USD in size[11] - Recent policies in Shanghai support the development of AI chips, indicating a focus on enhancing technological capabilities in the region[5][6]