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]