Core Viewpoint - SF Express City (09699) has seen a nearly 4% increase in stock price, attributed to significant growth in delivery volumes during the "Eleventh" holiday period, indicating strong demand for its services [1] Group 1: Delivery Volume Growth - During the "Eleventh" holiday, SF Express City reported a 63% year-on-year increase in average daily city delivery orders, with beverage orders surging by 168% [1] - Fast food, supermarket, and jewelry delivery orders also experienced high double-digit growth in average daily volumes [1] - The "Cultural Tourism + Instant Delivery" model has led to multiple-fold increases in daily order volumes in popular tourist destinations such as Harbin, Shanwei, Jingdezhen, and Hohhot [1] Group 2: Service Demand and Performance - The "1-to-1 urgent delivery" service saw a more than fivefold increase in order volume on the day of the Mid-Autumn Festival compared to last year, reflecting high demand for timely delivery services [1] - Longjiang Securities noted that SF Express City leverages the SF brand advantage to provide customized solutions for vertical industries, outperforming other third-party logistics platforms in service quality and order scale [1] Group 3: Strategic Collaboration and Profitability - The company collaborates with SF Group to reduce costs in the last-mile delivery segment, enhancing order accumulation and improving rider efficiency [1] - The ongoing rapid growth of instant retail and the trend of diversified traffic are expected to accelerate the company's profitability release [1]

Core Insights - The combination of the National Day and Mid-Autumn Festival resulted in an 8-day "Golden Week," significantly boosting consumer activity across the country [1][2] - During this holiday period, domestic travel reached 888 million trips, an increase of 123 million trips compared to the 7-day National Day holiday in 2024 [2] - Total domestic travel expenditure amounted to 809 billion yuan, up by 108.19 billion yuan from the previous year [2] Travel and Tourism - The Ministry of Culture and Tourism reported a stable overall performance in the cultural and tourism market, with diverse cultural and tourism products and services being offered [2] - Popular tourist destinations saw a surge in visitors, with innovative exhibitions and activities enhancing the experience [2] - The "cultural tourism + instant delivery" model has revitalized travel experiences, with significant increases in delivery volumes in popular cities [6] Instant Delivery Services - The average daily delivery volume for beverages increased by 168% during the holiday, reflecting heightened demand for shopping and dining [3][5] - Instant delivery services, particularly through platforms like SF Express, have become essential for meeting consumer needs during the holiday, with significant growth in delivery volumes for various categories [5][6] - The "1-to-1 urgent delivery" service saw a more than fivefold increase in volume, catering to the demand for holiday gifts and food items [7][8] Market Trends - The integration of instant delivery with cultural tourism is expected to enhance consumer experiences and drive further growth in the sector [10] - The holiday period demonstrated the diverse value of instant delivery services, from popular attractions to niche destinations, contributing to the holiday economy [10]

Core Insights - During the "Eleventh" holiday period, the average daily delivery volume for SF Express's same-city service increased by 63% year-on-year, indicating strong demand in the logistics sector [1] - The beverage segment saw a remarkable growth of 168% in average daily delivery volume compared to last year, highlighting a significant shift in consumer preferences [1] - High-value items such as fast food, supermarket goods, and jewelry also experienced double-digit growth in average daily delivery volume, reflecting a robust market for premium products [1] Delivery Trends - The "Cultural Tourism + Instant Delivery" model has provided new experiences for tourists, with popular destinations like Harbin, Shanwei, Jingdezhen, and Hohhot showing several-fold increases in average daily delivery volume [1] - The demand for high-efficiency services, such as "1-to-1 urgent delivery," surged during the holiday, with the "exclusive delivery" volume on the Mid-Autumn Festival day increasing by over five times compared to last year [1]

Core Insights - During the Qixi Festival, the demand for high-quality and personalized delivery services surged, leading to a more than sixfold year-on-year increase in the volume of exclusive delivery services by SF Express [1] - The delivery volume for various categories such as cakes, flowers, electronics, and clothing saw multiple times growth compared to the previous year [1] - On the day of the Qixi Festival, the platform's same-city delivery volume increased by 73% year-on-year, while last-mile delivery volume rose by 80% [1] Company Performance - SF Express, as the largest independent third-party on-demand delivery platform in China, effectively supported the efficient operation of the holiday economy through its comprehensive and customized delivery solutions [1] - The company provided robust support for merchants to achieve rapid fulfillment during peak periods, enhancing the consumer experience with high-quality delivery services [1] - SF Express's all-scenario coverage and meticulous service standards contributed significantly to the vitality of holiday consumption [1]

Group 1 - The consumption market during the Dragon Boat Festival is thriving, with 119 million domestic trips made, a year-on-year increase of 5.7%, and total spending reaching 42.73 billion RMB, up 5.9% [1] - Instant delivery services have effectively met the demand for personalized gifting during the festival, with significant growth in orders for cakes and flowers, particularly through the "one-to-one" delivery model [2][5] - The competition among food delivery platforms continues to intensify, with companies like Taobao, JD, and Meituan offering promotions to expand instant retail consumption scenarios, benefiting third-party delivery services [7] Group 2 - The demand for beverages, fast food, and supermarket goods has surged, with instant delivery services playing a crucial role in supporting holiday consumption [7][8] - Collaboration with major retail brands like Sam's Club and Yonghui Supermarket has led to significant growth in order volumes across various categories, ensuring that essential items are readily available for consumers [8] - The integration of diverse instant delivery services has revitalized traditional holiday experiences, allowing consumers to enjoy both at-home celebrations and immersive cultural activities [8]

Group 1 - The core activity of Shunfeng Tongcheng is the "Duanwu Limited Knight" event, where riders distribute random gifts to pedestrians in 13 cities, enhancing brand visibility and consumer engagement [1] - The offline consumption market is experiencing a resurgence, with traditional and trendy stores seeing long queues, indicating strong consumer interest in festive products like zongzi [1] - Shunfeng Tongcheng offers personalized services such as "buying and sending" for business gifts and personal presents, ensuring reliable delivery during the festive season [1] Group 2 - The overall sales of zongzi and other seasonal products like mugwort and sachets are performing well, driven by the rise of instant retail [2] - Shunfeng Tongcheng collaborates with platforms like Douyin, WeChat, and Alibaba to provide comprehensive order fulfillment support, leading to record-high order volumes during festive periods [2] - For instance, during the 520 event, Shunfeng Tongcheng saw a more than 9-fold increase in flower orders compared to the previous day, with Douyin ecosystem orders growing by 237% year-on-year [2]