图片来源：摄图网_501610686_ 1月30日，南京市统计局、国家统计局南京调查队联合发布2025年南京市经济运行情况。根据地区生产 总值统一核算结果，2025年全市地区生产总值19428.78亿元，按不变价格计算，同比增长5.2%。分产业 看，第一产业增加值338.50亿元，同比增长3.4%；第二产业增加值5873.07亿元，增长3.7%；第三产业 增加值13217.21亿元，增长6.0%。 2025年，全市规模以上工业增加值同比增长5.8%。行业增长面良好。规模以上工业37个行业大类中有 28个行业增加值同比增长，增长面达75.7%。绿色、智能产品产量增势较好。新能源汽车、集成电路、 工业机器人产量分别增长99.0%、28.2%、35.4%。 解读：2020年，南京正式跻身内地GDP十强城市之列。近两年，杭州、武汉等城市在总量上领先南京的 幅度进一步扩大，宁波则反超天津，与南京的差距不断收窄。去年初南京市"两会"期间，当地政府官员 直言，"面临'标兵渐远、追兵渐近'的激烈竞争态势，南京争先进位的压力不断增大"。 不过随着两地经济数据的公布，南京"守擂"成功，与宁波的差距从2024年的350多亿元进一步 ...

尘埃落定，特朗普提名凯文·沃什为下一任美联储主席。 凯文·沃什 沃什为这一天已筹备十余年。他曾在2017年就被视为主席热门人选，但当年刚任总统的特朗普对其心存疑虑。沃什看起来太年轻，而且彼时持鹰派货币政策 立场的他，可能无法像特朗普希望的那样将利率维持在低位。最终，特朗普选择了杰罗姆·鲍威尔。 沃什开始坚持不懈地争取：他近年公开批评鲍威尔，与特朗普的圈子建立联系，并大力宣传关税、降息等特朗普的经济政策。如今，55岁的他终于如愿以 偿。 特朗普当地时间1月30日发文道："我认识凯文很久了，毫无疑问，他将成为美联储历史上伟大的主席之一，甚至可能就是最伟大的。除此之外，他简直就 是'完美人选'，绝对不会让你们失望。恭喜凯文！" 如果这一提名获得参议院批准，沃什将接替鲍威尔。鲍威尔因未能大幅降息而持续受到特朗普的抨击，其主席任期将于5月中旬结束。 沃什在纽约州北部长大，曾就读于斯坦福大学。大学期间，他练就一身"人脉本领"，善于结识能帮助他的人，并在融入这些人的圈子后给他们留下深刻印 象。2002年，当布什政府的一位顾问致电斯坦福大学的一位经济学家，想招一位年轻有为的人才时，这位经济学家立刻推荐沃什："他是我共事过的最 ...

目前，研究成果已在成都双流机场以及圆通、极兔等3家快递物流企业应用示范，累计检测货物超过1.5 亿件，发现违禁物品15万件，为筑牢民航物流与快递行业安全底线提供了关键技术支撑，设备成果被纳 入到《邮政业安全生产设备配置规范》强制性国家标准，将在快递物流全行业推广应用。(中国经济网 记者佟明彪) 为应对传统人工安检难以满足高速增长的物流需求，近期市场监管总局组织国内优势科技力量，开展了 高速智慧物流安检标准检测认证一体化技术研发。 研究团队成功研发了3m/s高速物流智能安检识别技术及装备，实现了安检效率提升150%，违禁品识别 率≥95%。研制完成《邮件快件智能安检操作规范》等5项行业标准，构建了覆盖20余类违禁品、数据量 ≥200万条的图谱库。 ...

Group 1 - The core viewpoint of the news is that SF Holding (002352) has shown a positive trend in its stock performance and financial results, with a notable increase in revenue and net profit for the first three quarters of 2025 [1][2] Group 2 - As of January 29, 2026, SF Holding's stock closed at 38.12 yuan, up 1.17%, with a turnover rate of 0.77% and a trading volume of 367,300 hands, resulting in a transaction amount of 1.388 billion yuan [1] - On January 29, the net inflow of main funds was 78.42 million yuan, accounting for 5.65% of the total transaction amount, while retail investors saw a net inflow of 16.21 million yuan, representing 1.17% of the total [1] - For the first three quarters of 2025, SF Holding reported a main revenue of 225.26 billion yuan, an increase of 8.89% year-on-year, and a net profit attributable to shareholders of 8.31 billion yuan, up 9.07% year-on-year [2] - The third quarter of 2025 saw a single-quarter main revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but a decline in net profit attributable to shareholders by 8.53% to 2.57 billion yuan [2] - The company has a debt ratio of 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while maintaining a gross profit margin of 12.96% [2] - SF Holding's main business includes express logistics, supply chain, and international business, covering various delivery services [2] - In the last 90 days, 14 institutions have rated the stock, with 12 buy ratings and 2 hold ratings, and the average target price set by institutions is 51.03 yuan [2]

Group 1 - U.S. employers announced a total of 1.2 million job cuts in 2025, a 58% increase year-over-year, marking the highest level since 2020 [1] - Major companies like UPS and Amazon are leading the layoffs, with UPS planning to cut about 30,000 jobs and Amazon announcing a reduction of 16,000 positions [1][3] - The federal government is responsible for the largest share of layoffs, cutting 300,000 jobs, while the tech and warehousing sectors are the hardest hit in the private sector, losing 154,000 and 95,000 jobs respectively [1] Group 2 - The current wave of layoffs is attributed to organizational adjustments following aggressive expansions during the pandemic, the impact of AI, and uncertainties related to high interest rates and tariffs [3] - Amazon's layoffs are primarily focused on operational and technical roles, aiming to reduce management layers and bureaucratic processes [3] - UPS's restructuring is linked to a decrease in business volume from Amazon, with plans to shift resources towards more profitable sectors like medical logistics [3] Group 3 - Companies like Nike and Starbucks are also planning layoffs, with Nike cutting 775 jobs to enhance profitability and accelerate automation [5] - Starbucks is focusing on reducing corporate support roles while increasing hiring in its coffee shop locations, emphasizing efficiency through technology [5] - Goldman Sachs estimates that the monthly net job losses in industries most affected by AI could rise to 20,000 this year [5] Group 4 - The overall U.S. labor market is experiencing slow growth, with a notable increase in the proportion of long-term unemployed individuals [6] - In December 2025, only 50,000 non-farm jobs were added, indicating weak employment growth, despite a drop in the unemployment rate to 4.4% [6] - High interest rates and tariff uncertainties are impacting hiring, leading many companies to pause recruitment [6]

截至2026年1月28日收盘，顺丰控股(002352)报收于37.68元，下跌0.48%，换手率0.82%，成交量38.98万 手，成交额14.71亿元。 当日关注点 交易信息汇总资金流向 1月28日主力资金净流入3324.88万元；游资资金净流出1.55亿元；散户资金净流入1.22亿元。 公司公告汇总H股公告-翌日披露报表 顺丰控股股份有限公司于2026年1月27日在深圳证券交易所购回2,634,700股A股股份，占有关事件前已 发行A股股份的0.05%，每股购回价介乎人民币37.95元至38.7元，合计支付总金额人民币100,471,173 元。本次购回股份拟持作库存股份，未注销。购回后A股已发行股份总数为4,753,789,720股，库存股份 数目增至45,640,689股。H股股份无变动。 H股公告-翌日披露报表 顺丰控股股份有限公司于2026年1月28日在深圳证券交易所购回2,648,000股A股，每股购回价介乎人民 币37.61元至37.89元，合计支付总额约99,989,315元。本次购回股份拟持作库存股份，不注销。购回后A 股已发行股份总数为4,751,141,720股，库存股增至48,288 ...

联合包裹服务公司（UPS）周三早盘下跌1.4%，此前该公司宣布将在2026年前削减至多3万个运营岗 位，主要通过自然减员和买断方案实现；该公司正缩减亚马逊业务量，关闭另外24处设施，并目标节约 约30亿美元成本。 联合包裹服务公司（UPS）周三早盘下跌1.4%，此前该公司宣布将在2026年前削减至多3万个运营岗 位，主要通过自然减员和买断方案实现；该公司正缩减亚马逊业务量，关闭另外24处设施，并目标节约 约30亿美元成本。 责任编辑：张俊 SF065 责任编辑：张俊 SF065 ...

Core Viewpoint - SF Holding (002352) reported a slight decline in stock price, with a closing price of 37.68 yuan on January 28, 2026, reflecting a decrease of 0.48% [1] Financial Performance - For the first three quarters of 2025, SF Holding achieved a total revenue of 225.26 billion yuan, representing a year-on-year increase of 8.89% [2] - The net profit attributable to shareholders was 8.31 billion yuan, up 9.07% year-on-year, while the net profit excluding non-recurring items was 6.78 billion yuan, showing a modest increase of 0.52% [2] - In Q3 2025, the company reported a single-quarter revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but the net profit attributable to shareholders decreased by 8.53% to 2.57 billion yuan [2] - The company's debt ratio stood at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while the gross profit margin was 12.96% [2] Market Activity - On January 28, 2026, the net inflow of main funds was 33.25 million yuan, accounting for 2.26% of the total transaction volume, while retail investors saw a net inflow of 122 million yuan, representing 8.3% of the total transaction volume [1] - Over the past 90 days, 18 institutions provided ratings for SF Holding, with 15 buy ratings and 3 hold ratings, and the average target price set by institutions was 51.03 yuan [2]

截至2026年1月27日收盘，顺丰控股(002352)报收于37.86元，下跌2.3%，换手率0.84%，成交量39.9万 手，成交额15.22亿元。 董秘最新回复 投资者： 您好，请问公司财务报表无形资产项目内的"客户关系"具体指什么（如何定义）？如何对其 进行初始计量和后续计量？谢谢。 董秘： 尊敬的投资者，您好！根据公司2024年度报告披露，客户关系是在非同一控制下企业合并中确 认的无形资产，按评估确定的公允价值入账，按其预计受益期间分期平均摊销。感谢您的关注！ 投资者： 董秘您好，作为一个顺丰股票坚定持有者， 顺丰作为行业龙头深入人心，随着胖东来的崛 起，公司有没有考虑与庞东来深入绑定合作，胖东来线上销售激增带来稳定的物流订单，提升顺丰业务 量，与胖东来这样的优质品牌合作，增强了顺丰在生鲜冷链领域的专业形象，未来，随着胖东来线上销 售平台的进一步拓展和顺丰物流网络的持续优化，这种＂产品+物流＂的强强联合将为更多消费者带来 便利，也为行业发展树立了新的标杆。 董秘： 尊敬的投资者，您好！公司致力于成为亚洲唯一、全球覆盖、提供全场景端到端的综合物流方 案提供商，力争成为中资出海的首选物流合作伙伴，满足跨境 ...

Financial Data and Key Metrics Changes - For Q4 2025, consolidated revenue was $24.5 billion, with an operating profit of $2.9 billion and an operating margin of 11.8% [7][21] - Full-year 2025 consolidated revenue reached $88.7 billion, with an operating profit of $8.7 billion and an operating margin of 9.8% [31] - The company incurred total charges of $238 million in Q4, including a $137 million non-cash after-tax charge for the write-off of the MD-11 aircraft fleet [4][22] Business Segment Data and Key Metrics Changes - U.S. Domestic segment generated $16.8 billion in revenue for Q4, a decrease of 3.2% year-over-year, with an operating profit of $1.7 billion and an operating margin of 10.2% [26][27] - International segment revenue was $5 billion in Q4, up 2.5% year-over-year, with an operating profit of $908 million and an operating margin of 18% [29][30] - Supply Chain Solutions revenue was $2.7 billion in Q4, down $388 million year-over-year, with an operating profit of $276 million and an operating margin of 10.3% [30][31] Market Data and Key Metrics Changes - U.S. average daily volume (ADV) decreased by 10.8% in Q4, with significant declines attributed to the glide down of Amazon volume [24] - International average daily volume declined by 4.7% in Q4, with U.S. imports down 24.4% year-over-year [28][29] - SMB penetration in the U.S. reached 31.2% of total volume, marking the highest fourth-quarter SMB penetration in history [25] Company Strategy and Development Direction - The company aims to reduce Amazon volume in its network by 50% over an 18-month period, with plans to glide down another million pieces per day in 2026 [11][34] - UPS is focusing on enhancing revenue quality and building a more efficient network, with a target of increasing automated processing to 68% of U.S. volume by the end of 2026 [14] - The company completed acquisitions to expand healthcare logistics capabilities, generating $11.2 billion in revenue from its global healthcare portfolio [10] Management's Comments on Operating Environment and Future Outlook - Management noted that 2025 was a year of considerable progress despite a dynamic macro environment, including changes in global trade policies [8] - For 2026, the company expects consolidated revenue of approximately $89.7 billion and an operating margin of about 9.6%, with a focus on growing SMB and enterprise revenue [17][35] - Management expressed confidence in completing network reconfiguration plans without hindering growth in targeted markets [12] Other Important Information - The company generated $8.5 billion in cash from operations in 2025 and returned $6.4 billion to shareholders through dividends and share repurchases [10][31] - UPS plans to further automate its network and expects to see cost per piece normalize to inflation levels as operational efficiencies improve [68] Q&A Session Summary Question: Guidance and exit rate for 2026 - Management indicated that the first half of 2026 will see margin pressure due to the transition costs related to the Amazon glide-down and the retirement of MD-11s, with expectations for recovery in the second half [43][47] Question: Domestic package growth post-glide-down - Management expects mid-single-digit growth in enterprise and SMB volumes in the second half of 2026, with revenue per piece growth normalizing [51][53] Question: Rate increases for domestic and international - Revenue per piece growth is expected to be around 4.5% for the year, with a normalization to about 3% in the second half [62][63] Question: Cost per piece trends - Management anticipates that cost per piece will trend down as the company finalizes its network reconfiguration and transitions Ground Saver back to USPS [68] Question: International segment pressures - Management noted that international segment EBIT is expected to decline year-over-year in the first quarter due to volume pressures and trade lane shifts, with recovery anticipated later in the year [75][78]