Group 1 - The topic of "express delivery suspension" has become a trending topic on Weibo, prompting inquiries about the actual situation [2] - Zhongtong Express has not received any notice of suspension, and typically does not charge resource adjustment fees during the Spring Festival [2] - YTO Express, Shentong Express, and Yunda Express have confirmed that they will continue operations during the Spring Festival without any price increase notifications [2] Group 2 - China Post Express Logistics stated that delivery services operate year-round, but there may be additional charges for pick-up services, subject to further notice [2] - JD Logistics indicated that some stations may experience scheduling changes during the Spring Festival based on delivery volume, which may incur resource adjustment fees [2] - SF Express and Debon Express confirmed they will not suspend operations during the Spring Festival, but transportation costs will be adjusted [2] Group 3 - SF Express announced that from January 19 to February 15, a resource adjustment fee of 0.1-1.5 yuan/kg will be charged for packages weighing 20kg or more, with additional fees during the Spring Festival [2] - Debon Express will charge a resource adjustment fee of 0.2-0.5 yuan/kg for certain customers and products from January 19 to February 14, and additional fees during the Spring Festival [2]

Core Viewpoint - The article discusses the current situation regarding the operation of express delivery services during the Chinese New Year, addressing rumors of service suspensions and potential price adjustments. Group 1: Service Operations - Zhongtong Express confirmed that there has been no notification of service suspension during the Chinese New Year [4] - YTO Express, Shentong Express, and Yunda Express also stated that they will continue operations during the holiday and have not received any price increase notifications [5] - China Post Express Logistics indicated that while services operate year-round, there may be additional charges for pick-up services, subject to further notice [6] Group 2: Pricing Adjustments - JD Logistics mentioned that depending on the volume of deliveries during the holiday, some locations may implement scheduling changes and resource adjustment fees, which will vary by site [8] - SF Express announced that from January 19 to February 15, they will charge a resource adjustment fee of 0.1-1.5 yuan per kg for packages over 20 kg, with additional fees during the holiday period [9] - Debon Express stated that from January 19 to February 14, they will impose a resource adjustment fee of 0.2-0.5 yuan per kg for certain customers and products, with similar fees during the holiday [9]

Group 1 - The topic of "express delivery suspension" has become a trending topic on Weibo, prompting inquiries to various express delivery companies [1] - Zhongtong Express has not received any notice of suspension and typically does not charge resource adjustment fees during the Spring Festival [1] - YTO Express, Shentong Express, and Yunda Express confirmed that they will continue operations during the Spring Festival without any price increase notifications [1] Group 2 - China Post Express Logistics stated that it operates year-round but may implement additional charges for pickup services, subject to further notice [1] - JD Logistics indicated that some stations may experience scheduling changes and resource adjustment fees based on delivery volume during the Spring Festival [1] - SF Express and Debon Express confirmed they will not suspend operations during the Spring Festival, but transportation costs will be adjusted [2] Group 3 - SF Express announced a resource adjustment fee of 0.1-1.5 yuan/kg for packages weighing 20kg or more from January 19 to February 15, with additional fees during the Spring Festival [2] - Debon Express will charge a resource adjustment fee of 0.2-0.5 yuan/kg for certain customers and products from January 19 to February 14, with further fees during the Spring Festival [2]

【#多家快递回应春节停运时间#】 6日，#快递停运#冲上微博热搜。中通快递客服称，目前暂未接到停 运通知。正常情况下，春节期间不会收取资源调节费。圆通速递、申通快递、韵达快递客服均表示，春 节期间快递不停，未收到加价通知。中国邮政速递物流客服表示，快递运送全年无休，但有可能会出现 上门取件加价情况，具体规定需看后续通知。京东物流则回应，根据春节期间快递流量情况，部分站点 可能会出现排班情况，且会产生资源调度费，以站点为准。此外，顺丰速运、德邦快递客服均回复春节 期间不停运，但运输费用会有调整。顺丰1月19日—2月15日，将对部分20kg（含）以上快递收取0.1-1.5 元/kg资源调节费。#多家快递公司回应春节停运#（中新经纬） ...

证券日报网讯 2月4日，韵达股份在互动平台回答投资者提问时表示，快递包裹量和单票价格受消费环 境、经营策略差异和客户结构等多种因素影响。公司一直以来将"服务品质提升"作为核心工作之一，始 终坚持"以客户为中心"的发展理念，通过对快件中转、干线运输等核心环节的有效管控、标准化管理以 及数字化工具的应用，提升中转环节服务品质和全程时效水平；通过持续布局网格仓、集包仓建设，提 高末端分拣效率和揽派件操作能力，保障末端服务品质和稳定性，增强服务的主动性、前置性，为商 家、客户和消费者提供一流的服务。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article emphasizes the shift in the express delivery industry from price competition to service and value competition, driven by high-quality development [1] - The company is focusing on improving network efficiency and service quality, optimizing package structure, and adhering to lean management principles [1] - The company aims to create a long-term stable and leading service system, guiding balanced network development and establishing a high-quality express service network [1]

证券代码：002120 证券简称：韵达股份 公告编号：2026-003 韵达控股集团股份有限公司 关于向专业投资者公开发行公司债券 获得中国证监会注册批复的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 二、本次发行公司债券应严格按照报送深圳证券交易所的募集说明书进行。 三、本批复自同意注册之日起 24 个月内有效，公司在注册有效期内可以分 期发行公司债券。 四、自同意注册之日起至本次公司债券发行结束前，公司如发生重大事项， 应及时报告并按有关规定处理。 公司将按照有关法律法规和上述批复文件的要求，依据公司股东会的授权， 择机办理本次公司债券发行的相关事宜，并及时履行信息披露义务。 特此公告。 韵达控股集团股份有限公司董事会 2026年1月31日 韵达控股集团股份有限公司（以下简称"公司"）近日收到中国证券监督管理 委员会出具的《关于同意韵达控股集团股份有限公司向专业投资者公开发行公司 债券注册的批复》（证监许可〔2026〕169 号），批复内容如下： 一、同意公司向专业投资者公开发行面值总额不超过 20 亿元公司债券的注 册申请。 ...

Core Insights - The upcoming Spring Festival has led to a surge in demand for logistics services, with e-commerce platforms launching promotional events that test the capabilities of courier companies [1] - The National Postal Administration has issued a plan to ensure delivery services meet consumer needs during the holiday season, prompting courier companies to enhance their operational strategies [1] Group 1: Industry Response - Yunda Holdings has initiated its 2026 work deployment, focusing on network efficiency and service quality improvements to ensure effective delivery during the Spring Festival [2] - Shentong Express has implemented operational measures, including real-time monitoring of capacity and flexible sorting adjustments, to maintain delivery stability during peak periods [2] - SF Express has adopted customized packaging solutions to ensure the safe delivery of diverse products, including perishables and fragile items [3] Group 2: Service Optimization - Yunda has introduced a "scheduled pickup" service to enhance efficiency, ensuring timely collection and processing of packages [3] - The logistics industry is focusing on precision, differentiation, and intelligence in service offerings, catering to both general and specialized delivery needs [4] - The overall logistics capability during the Spring Festival is seen as a reflection of the resilience and competitiveness of courier companies [4]

Core Viewpoint - The performance landscape of China's major express delivery companies is becoming clearer as they report their 2025 operational data, indicating a shift towards high-quality development in the industry, with significant growth in business volume and revenue [1][6]. Group 1: Performance of Major Companies - SF Holding achieved a milestone in 2025 with annual revenue surpassing 300 billion yuan, driven by logistics and international business growth, despite a slight decline in per-package revenue [2][6]. - YTO Express maintained its leading position within the Tongda system, reporting 683.18 billion yuan in revenue and 311.44 billion packages delivered, with a focus on cost control and international expansion [3][6]. - Shentong Express emerged as a significant player in 2025, with a 28.23% year-on-year increase in revenue to 58.36 billion yuan, benefiting from the consolidation of Daniao Logistics [3][6]. - Yunda Express experienced a decline in package volume but managed to increase per-package revenue, indicating a strategic shift towards rational development and profitability [4][6]. Group 2: Industry Trends and Developments - The express delivery industry is transitioning from low-price competition to high-quality development, with companies prioritizing profitability over volume [6][8]. - Technological advancements and green transformation are becoming key drivers of industry growth, with increased investment in smart logistics and sustainable practices [7][8]. - Internationalization and collaborative development are emerging as strategic priorities for leading companies, enhancing their global service networks and competitiveness [7][8]. Group 3: Future Outlook - The ongoing optimization of industry structure is expected to enhance the resource integration capabilities and brand advantages of leading companies, while compressing the survival space for smaller firms [8]. - Competition surrounding service upgrades, technological innovation, and international expansion is anticipated to intensify, positioning the Chinese express delivery industry for robust resilience and growth potential in the global logistics market [8].

Investment Rating - The report maintains an "Overweight" rating for the aviation and oil shipping sectors [4]. Core Insights - The aviation sector is expected to see record passenger flow during the Spring Festival, with a projected increase of approximately 5.3% year-on-year, reaching 9.5 billion trips in 2026. The report anticipates strong demand during the Spring Festival, with limited additional flights due to strict management by airlines [4]. - In the oil shipping sector, high oil freight rates are expected to persist, with a significant year-on-year increase in tanker profits anticipated for Q1 2026. The report highlights a bullish long-term outlook for oil shipping driven by global oil production growth and an aging fleet [4]. - The express delivery sector is projected to experience a growth rate of 14% in 2025, with a notable recovery in profitability driven by effective measures against excessive competition [4]. Summary by Relevant Sections Aviation - The report forecasts a record high in passenger flow during the Spring Festival, with a year-on-year growth of 5.3% in civil aviation passenger transport [4][5]. - The pre-sale trends for airline tickets are positive, and the overall flight capacity increase during the Spring Festival is expected to be limited, benefiting airline revenue management [4]. - The report suggests a strategic investment in the aviation sector, highlighting companies such as Air China, China Eastern Airlines, and Spring Airlines as potential beneficiaries [4]. Oil Shipping - Oil freight rates are expected to remain high, with a significant increase in tanker profits projected for Q1 2026 due to rising oil production from the Middle East and South America [4]. - The report emphasizes the long-term bullish logic for oil shipping, driven by increased demand and a tightening supply due to an aging fleet [4]. - Recommended companies in the oil shipping sector include COSCO Shipping Energy Transportation and China Merchants Energy Shipping [4]. Express Delivery - The express delivery sector is expected to see a growth rate of 14% in 2025, with a decline in growth rate towards the end of the year [4]. - The report notes that measures against excessive competition have led to a recovery in profitability for leading companies in the sector [4]. - Companies such as SF Express and ZTO Express are highlighted as key players to watch in this sector [4].