Core Insights - The third-party delivery platform SF Express City reported over a 50% increase in average daily orders during this year's "Double Eleven" compared to the same period last year [1] Delivery Performance - Food delivery orders have shown strong growth, with beverage orders increasing by over 160% year-on-year and fast food orders growing by 110% [1] - Non-food categories such as supermarket goods and beauty products also experienced high double-digit growth in order volume [1] Platform Efficiency - As a neutral third-party platform, SF Express City saw significant growth in orders from various channels including Douyin, Meituan, Taobao Flash Purchase, JD Instant Delivery, and merchants' own platforms during the promotional period [1] - The platform also contributed to speeding up traditional express delivery with a notable increase in "last mile" delivery orders, surpassing last year's peak daily volume in all aspects of delivery [1] Technological Advancements - SF Express City deployed over 800 unmanned vehicles across more than 100 cities, averaging about 20,000 trips per month, focusing on short-distance connections and distribution [1] - During the "Double Eleven" period, these unmanned vehicles efficiently handled peak orders, significantly reducing labor needs and ensuring overall fulfillment efficiency [1]

Core Insights - The 17th "Double 11" event concluded with a total sales volume of 1.619 trillion yuan, marking a year-on-year growth of 12.3% [1] - Instant retail emerged as the biggest surprise this year, with a total sales volume of 67 billion yuan, experiencing a staggering year-on-year increase of 138.4% [1] - The promotional period was strategically extended this year, showcasing new characteristics such as slowing growth, simplified gameplay, and deeper value cultivation [1] E-commerce Performance - The overall sales performance of e-commerce platforms during "Double 11" was robust, with instant retail becoming a core growth driver amid peak traffic [1][4] - Major platforms like Taobao, JD, and Meituan actively expanded their instant retail offerings, with Taobao linking over 37,000 brands and 400,000 stores [4] - The trend of consumers opting for high-priced items through instant delivery services is on the rise, indicating a shift in consumer behavior [4] Delivery and Logistics - SF Express's data indicated that daily order volume for same-city delivery increased by over 50% compared to last year during "Double 11" [3] - The demand for instant delivery services surged, with significant growth in food and beverage categories, particularly drinks and fast food, which saw increases of over 160% and 110% respectively [4][6] - The logistics sector faced immense pressure, with a total of 13.938 billion express deliveries recorded during the event, leading to innovative solutions like the deployment of over 800 unmanned vehicles for last-mile delivery [7][9] Technological Innovations - The use of unmanned vehicles in logistics has become a focal point for enhancing delivery efficiency, with SF Express deploying these vehicles in over 100 cities [7] - Collaboration with public transport systems, such as converting idle bus stations into delivery hubs, has improved sorting efficiency by over 30% [9] - The integration of advanced logistics infrastructure is crucial for meeting the evolving demands of instant retail and ensuring stable delivery performance [9]

Core Viewpoint - SF Express City (顺丰同城) shares rose over 8% during trading, currently up 6.09% at HKD 14.29, with a trading volume of HKD 135 million, driven by significant developments in the logistics sector [1] Group 1: Company Developments - In early September, China Post Express Logistics Co., Ltd. announced a tender for the centralized procurement of 7,000 unmanned vehicles, setting a record in the industry [1] - On June 3, SF Express City reported an increase in its unmanned vehicle fleet to 200 units, covering 38 major cities nationwide, with over 10,000 active routes in May, achieving profitability in cross-city public and private logistics [1] Group 2: Financial Performance - According to a report from CMB International, SF Express City achieved revenue of RMB 10.2 billion in the first half of the year, a year-on-year increase of 49%, exceeding the firm's expectations by 16% [1] - The growth in revenue was driven by a 43% increase in city and last-mile delivery services and a 57% increase in demand, particularly from the food delivery and instant retail sectors [1] Group 3: Market Outlook - CMB International believes that SF Express City is a beneficiary of the food delivery subsidy war, with significant business potential as subsidies return to rational levels [1] - The firm maintains a "Buy" rating for the company and has raised the target price to HKD 15.4, citing ongoing business synergies with SF Express and the continued scaling of unmanned vehicle delivery to reduce costs [1]

Group 1 - The "2025 Sino-German Intelligent Connected Vehicle Industry Collaborative Development Forum" was held in Nanjing, highlighting the city's role as a national pilot for "vehicle-road-cloud integration" and "dual intelligence" [1] - Nanjing has completed 15 intelligent connected application scenarios, covering areas such as smart public transport, sanitation, and travel, with plans to create an integrated smart hub in the Nanjing South Station area [1] - Daily operations of autonomous shuttle buses and smart parking services at Nanjing South Station have been reported, with over 20,000 daily active users on the "Ning Changxing" app for parking services [1] Group 2 - In the first half of the year, Nanjing's intelligent connected new energy vehicle industry chain achieved revenue of 136.7 billion yuan, a year-on-year increase of 7.4% [2] - Nearly 100 high-growth companies in areas such as autonomous driving, intelligent perception, and smart communication devices have been established in Nanjing [2] - The city plans to implement 14 application scenarios in the Nanjing South Station area, focusing on smart city governance and logistics, with a significant emphasis on air-ground collaborative transport [2]

Core Viewpoint - The competition in the food delivery industry is evolving from a price war to a more sustainable model that emphasizes technology, supply chain capabilities, and user experience rather than solely relying on subsidies and discounts [1][2][4]. Group 1: Regulatory Environment - Following discussions with the State Administration for Market Regulation, local market regulators are urging food delivery platforms to rectify their practices, particularly targeting chaotic price wars, such as the complete removal of "0 yuan purchase" promotions in Shanghai [1]. - The shift in focus from aggressive subsidies to more reasonable pricing strategies is necessary for the industry's long-term health [2]. Group 2: Competitive Strategies - The competition is expected to transition towards a systematic approach that integrates technology, supply chain efficiency, delivery effectiveness, and enhanced user experience [2]. - Platforms are encouraged to utilize data and AI to create differentiated subsidy strategies that consider the operational costs and capabilities of various merchants [2]. Group 3: Innovations and New Models - New initiatives like Meituan's "Raccoon Canteen" and JD's "Seven Fresh Kitchen" are emerging, leveraging their supply chain resources to connect high-quality dining brands with consumers, thus ensuring quality in food delivery [3]. - The industry is witnessing a resurgence in competition, with a focus on innovative solutions rather than just price reductions, as the market for instant retail in China expands [4].

Group 1 - SF Express City provides last-mile services to enhance delivery efficiency in logistics networks [1] - The company addresses capacity issues during peak periods by offering multi-stage support for collection, delivery, and transit [1] - SF Express City utilizes big data and AI scheduling to create differentiated capacity plans across various regions [1] Group 2 - The company has deployed 200 unmanned delivery vehicles across 38 cities, with over 10,000 active routes monthly [1] - SF Express City serves as a key infrastructure for brands and platforms to build instant retail ecosystems [2] - The combination of unmanned vehicles and riders optimizes end delivery efficiency for instant retail [2]