股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年1月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 極兔速遞環球有限公司 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期: 2026年2月3日 I. 法定/註冊股本變動 | 1. 股份分類 | 不同投票權架構公司普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 979,333,410 | USD | 0.000002 | USD | | 1,958.67 | | 增加 / 減少 (-) | | | 0 | | | USD | | 0 | | 本月底結存 | | | 979,333,410 | USD | 0.000002 | USD | | 1,958 ...

Group 1 - The core viewpoint of the report is that the Chinese industrial sector is experiencing three key driving forces due to the ongoing anti-involution policies, including rising demand for mining equipment, maturity of humanoid robot supply chains, and consolidation in the express delivery industry [1] - The report anticipates that the equipment replacement cycle will continue, along with record investments in power grids and renewable energy, which will drive excavator sales growth by approximately 10% [1] - The first-tier suppliers' overseas factories are ready to commence mass production of humanoid robots in the second half of the year; additionally, strong performance and price increases in the lithium-related sector are expected to lead to a year-on-year recovery in automation demand of about 5% [1] Group 2 - The company prefers firms with stable core businesses or those in recovery that can benefit from emerging driving forces; top stock picks include Hengli Hydraulic (601100), Sany Heavy Industry (600031), Sany International (00631), and Jitu Express-W (01519) [1] - Among these, Hengli Hydraulic is rated as "highly confident to outperform the market," while the other stocks are rated as "outperform the market" [1]

该行偏好核心业务稳定或正在复苏，同时能受惠于新兴推动力的企业，首选股份为恒立液压 (601100.SH)、三一重工(600031.SH)、三一国际(00631)及极兔速递-W(01519)，当中恒立液压获"高度确 信跑赢大市"评级，其余股份获"跑赢大市"评级。 就核心业务而言，该行预期设备更换周期将持续，加上电网及可再生能源投资创新高，将推动挖掘机销 售增长约10%。一线供应商的海外工厂已准备就绪，将于下半年启动人形机械人量产;而受锂相关领域 强劲及价格上升带动，自动化需求预计同比复苏约5%。 智通财经APP获悉，里昂发布研报称，在反内卷政策持续推进等背景下，中国工业板块正出现三大关键 推动力，包括矿业设备需求上升、人形机械人供应链成熟，以及快递行业整合。 ...

Investment Rating - The report maintains a rating of "Buy" for the transportation sector [5] Core Insights - The dry bulk freight rates have unexpectedly rebounded during the off-season, with significant increases noted in large vessels. The VLCC market saw a rise in freight rates due to geopolitical risks and strong demand for commodities like iron ore and grain [1][2] - The report highlights key companies to watch, including China Merchants Energy, COSCO Shipping Energy, Haitong Development, COSCO Shipping International, and CIMC Enric [1][2] Summary by Sections Weekly Insights and Market Review - The VLCC freight rates surged again, while dry bulk freight rates showed an unexpected off-season recovery, particularly for larger vessels. The BDI index reached 2148 points on January 30, with the BCI at 3507 points [1][2] - The transportation sector index fell by 1.40%, underperforming the Shanghai Composite Index by 0.96 percentage points. The top-performing segments were shipping, ports, and highways, with gains of 2.19%, 1.42%, and 0.10% respectively [21][22] Travel - Domestic flight ticket bookings for the upcoming Spring Festival exceeded 7.16 million, reflecting a 16% increase compared to the previous year. The report remains optimistic about the long-term outlook for the aviation sector due to recovering demand and supportive policies [3][13] Shipping and Ports - The VLCC market is experiencing a resurgence in freight rates, with the index for oil transport from the Persian Gulf to China rising to WS137.2 points, an increase of 42.6 points from the previous day. The dry bulk freight rates are also on the rise, supported by strong demand for iron ore and grain [14][15] - Key companies in the shipping sector include China Merchants Energy and COSCO Shipping International, which are expected to benefit from the current market dynamics [17] Logistics - The report identifies two main investment themes in the express delivery sector: the overseas expansion driven by the rapid growth of e-commerce and the internal competition dynamics that favor leading companies. Recommended stocks include ZTO Express, YTO Express, and Shunfeng Express [19][20]

Core Viewpoint - Jitu Express-W (01519) announced the cancellation of 79.6926 million Class B shares, which were repurchased and held as treasury shares, effective January 29, 2026 [1] Summary by Relevant Categories Company Actions - The company will cancel a total of 79.6926 million Class B shares that were repurchased between October 30, 2024, and November 25, 2025 [1]

FF305 翌日披露報表 (股份發行人 ── 已發行股份或庫存股份變動、股份購回及/或在場内出售庫存股份) 表格類別： 股票 狀態： 新提交 公司名稱： 極兔速遞環球有限公司 (於開曼群島註冊成立以不同投票權控制的有限公司) 呈交日期： 2026年1月29日 如上市發行人的已發行股份或庫存股份出現變動而須根據《香港聯合交易所有限公司（「香港聯交所」）證券上市規則》(「《主板上市規則》」)第13.25A條 / 《香港聯合交易所有限公司GEM證券 上市規則》(「《GEM上市規則》」)第17.27A條作出披露，必須填妥第一章節 。 | 第一章節 | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 1. 股份分類 不同投票權架構公司普通股 | 股份類別 | B | | 於香港聯交所上市 | 是 | | | | 證券代號 (如上市) 01519 | 說明 | | | | | | | | A. 已發行股份或庫存股份變動 | | | | | | | | | | | 已發行股份（不包括庫存股份）變動 | | 庫存股份變動 | | | | | ...

Core Viewpoint - The report from Credit Lyonnais indicates that improvements in debt structure and declining interest rates are expected to enhance the profitability of J&T Express-W (01519), while ongoing share buybacks are likely to further boost earnings per share, benefiting all shareholders despite potential dilution effects. The rating is maintained at "Outperform" with a target price of HKD 13.6 [1] Group 1 - J&T Express plans to issue HKD 46.5 billion in convertible bonds with a maturity of 7 years, offering a yield of 0.375% upon conversion [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debt, and expanding into new markets in the EU and the US [1] - Management has indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1]

Core Viewpoint - The report from Credit Lyonnais indicates that improvements in debt structure and declining interest rates are expected to enhance the profitability of J&T Express-W (01519), while ongoing share buybacks are likely to further boost earnings per share, benefiting all shareholders despite potential dilution effects [1] Group 1 - J&T Express plans to issue HKD 4.65 billion in convertible bonds with a maturity of 7 years, offering a yield of 0.375% upon conversion [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debt, and expanding into new markets in the EU and the US [1] - Management has indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1] Group 2 - Credit Lyonnais maintains a "Outperform" rating for J&T Express with a target price of HKD 13.6 [1]

Group 1 - The core viewpoint of the article is that Jitu Express plans to issue HKD 4.65 billion convertible bonds with a maturity of 7 years, aiming to improve its debt structure and expand into new markets in the EU and the US [1] - The primary purposes of the bond issuance include share buybacks, refinancing high-interest old debts, and market expansion [1] - The management indicated that due to sufficient cash reserves, there may not be further financing plans in 2026 [1] Group 2 - The issuance is expected to enhance the company's profitability due to improved debt structure and declining interest rates [1] - Continuous share buybacks are anticipated to further increase earnings per share, benefiting all shareholders despite potential dilution effects [1] - The rating agency maintains an "outperform" rating with a target price of HKD 13.6 [1]

Group 1 - Citi maintains a "Buy" rating on J&T Express-W (01519), believing it has strong growth momentum in Southeast Asia and emerging markets [1] - The target price for J&T Express is set at HKD 15 [1] - J&T Express plans to issue HKD 4.65 billion zero-coupon guaranteed convertible bonds, which Citi considers reasonable due to the attractive conversion premium and high interest rates on existing debt [1]