Core Viewpoint - SF Holding (002352) experienced a decline in stock price, closing at 37.5 yuan on January 30, 2026, down 1.63% with a trading volume of 294,100 lots and a turnover of 1.108 billion yuan [1] Group 1: Stock Performance and Trading Data - On January 30, 2026, the net outflow of main funds was 74.6155 million yuan, accounting for 6.73% of the total turnover, while retail investors saw a net inflow of 99.3938 million yuan, representing 8.97% of the total turnover [1] - Over the past five days, the stock's closing prices and changes were as follows: January 30: 37.50 (-1.63%), January 29: 38.12 (+1.17%), January 28: 37.68 (-0.48%), January 27: 37.86 (-2.30%), January 26: 38.75 (-1.02%) [2] Group 2: Financial Metrics and Industry Comparison - SF Holding's total market capitalization is 188.979 billion yuan, with a net asset value of 108.975 billion yuan and a net profit of 8.308 billion yuan, ranking first in the logistics industry [3] - The company's revenue for the first three quarters of 2025 was 225.261 billion yuan, an increase of 8.89% year-on-year, while the net profit rose by 9.07% to 8.308 billion yuan [3] - The company's financial ratios include a price-to-earnings ratio of 17.06, a price-to-book ratio of 1.92, a gross margin of 12.96%, and a net margin of 3.87% [3] Group 3: Analyst Ratings - In the last 90 days, 13 institutions provided ratings for SF Holding, with 11 buy ratings and 2 hold ratings, and the average target price set at 51.03 yuan [4]

深圳顺丰供应链作为顺丰速运旗下重要的供应链服务主体，货源稳定、网络健全。此次包机合作不仅体 现了顺丰对山航全货机运力与运行品质的认可，也标志着双方从长期以来稳定的腹舱运输合作，正式迈 向全货机领域的深度协同。航线主要运输顺丰快件，进一步提升了华东与华南之间的物流时效与服务稳 定性。 山东航空持续拓展全货机业务，深化与行业头部企业的战略合作。此次与顺丰供应链的成功携手，是山 航贯彻落实市场化运营、拓展高价值货运客户的重要成果。未来，山航将继续优化货运航线网络，提升 综合物流保障能力，为推动区域间经贸往来与产业链供应链高效流通持续贡献航空力量。（编辑：贾昊 天 校对：李海燕 审核：韩磊） 《中国民航报》、 中国民航网 记者许晓泓 通讯员倪昭鑫、于福亮 报道：1月27日2时30分，山东航空一 架波音737-800BCF全货机从南京禄口国际机场起飞，顺利抵达深圳宝安国际机场，标志着山东航空与 深圳市顺丰供应链有限公司合作的首条包机航线——南京—深圳货运航线正式投入运营。首航航班双向 运输顺丰快件类货物共约19.82吨，其中南京至深圳运输货物14.97吨，深圳至南京运输货物4.85吨。 该航线为短期包机合作项目，自20 ...

2026年1月15日，极兔速递(1519.HK)与顺丰控股(002352.SZ，6936.HK)联合发布公告，宣布达成总额83亿港元的相互持股协议。根据协议，极兔向顺丰增发 8.22亿股B类股份，顺丰向极兔增发2.26亿股H股，交易完成后顺丰将持有极兔10%股份，极兔持有顺丰4.29%股份。 这是中国物流行业迄今规模最大的战略性交叉持股案例。双方在公告中明确，此次合作旨在构建覆盖更广、效率更高的全球一体化物流网络，共同把握中资 企业出海及跨境电商的增长机遇。 应对出海供应链痛点，构建端到端服务能力 随着跨境电商进入深耕阶段，物流需求已从单纯"可达"升级为"稳定、高效、成本优化"的综合体验。然而，单一企业试图在全球范围内自建"干仓配"一体网 络，往往面临高昂的资本投入、管理复杂度与文化融合挑战。通过战略合作实现资源共享与能力衔接，正成为头部物流企业应对国际竞争、提升全链路服务 效率的务实路径。 守稳基本盘，"双轮驱动"走得更稳 链条效率，从而增强综合竞争力。同时也为中国出海企业提供更具确定性和性价比的跨境物流解决方案，在服务体验层面构建差异化的护城河。 交易公布后，多家投行上调极兔目标价至13港元以上，反映出资 ...

Group 1 - The core viewpoint of the news is that SF Holding (002352) has shown a positive trend in its stock performance and financial results, with a notable increase in revenue and net profit for the first three quarters of 2025 [1][2] Group 2 - As of January 29, 2026, SF Holding's stock closed at 38.12 yuan, up 1.17%, with a turnover rate of 0.77% and a trading volume of 367,300 hands, resulting in a transaction amount of 1.388 billion yuan [1] - On January 29, the net inflow of main funds was 78.42 million yuan, accounting for 5.65% of the total transaction amount, while retail investors saw a net inflow of 16.21 million yuan, representing 1.17% of the total [1] - For the first three quarters of 2025, SF Holding reported a main revenue of 225.26 billion yuan, an increase of 8.89% year-on-year, and a net profit attributable to shareholders of 8.31 billion yuan, up 9.07% year-on-year [2] - The third quarter of 2025 saw a single-quarter main revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but a decline in net profit attributable to shareholders by 8.53% to 2.57 billion yuan [2] - The company has a debt ratio of 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while maintaining a gross profit margin of 12.96% [2] - SF Holding's main business includes express logistics, supply chain, and international business, covering various delivery services [2] - In the last 90 days, 14 institutions have rated the stock, with 12 buy ratings and 2 hold ratings, and the average target price set by institutions is 51.03 yuan [2]

Market Overview - The logistics sector increased by 0.68% on January 29, with Tian Shun Co. leading the gains [1] - The Shanghai Composite Index closed at 4157.98, up 0.16%, while the Shenzhen Component Index closed at 14300.08, down 0.3% [1] Top Gainers in Logistics Sector - Tian Shun Co. (002800) closed at 16.68, up 3.86% with a trading volume of 90,800 shares and a turnover of 150 million yuan [1] - Jianfa Co. (600153) closed at 9.65, up 3.21% with a trading volume of 482,500 shares [1] - Hengji Daxin (002492) closed at 9.13, up 2.82% with a trading volume of 263,100 shares and a turnover of 240 million yuan [1] - Milkway (603713) closed at 63.79, up 2.62% with a trading volume of 36,000 shares and a turnover of 230 million yuan [1] - Jia You International (603871) closed at 13.81, up 2.07% with a trading volume of 99,600 shares [1] Top Losers in Logistics Sector - Changjiang Investment (600119) closed at 7.25, down 9.94% with a trading volume of 37,800 shares and a turnover of 27.42 million yuan [2] - ST Yuanshang (603813) closed at 39.90, down 3.69% with a trading volume of 6,332 shares and a turnover of 25.57 million yuan [2] - Pu Lu Tong (002769) closed at 11.57, down 3.26% with a trading volume of 158,100 shares [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 27.94 million yuan from institutional investors and a net outflow of 199 million yuan from retail investors, while retail investors saw a net inflow of 227 million yuan [2] - Notable net inflows from retail investors were observed in several companies, including SF Holding (002352) with a net inflow of 16.21 million yuan [3] - China Foreign Transport (601598) had a significant net inflow of 39.42 million yuan from institutional investors, representing 20.76% of its trading volume [3]

Core Insights - The Chinese cold chain logistics industry is experiencing a significant increase in bidding activities, with the number of bids expected to exceed 11,000 by 2025, marking the highest level in recent years [1][10]. Group 1: Bidding Quantity - The overall number of bids in the Chinese cold chain logistics sector is on the rise, with a projected peak in 2025 [1][10]. - Projects with bid amounts under 200,000 yuan account for approximately 33% of the total, indicating a high volume of smaller projects [4][10]. Group 2: Bidding Amount - The distribution of bid amounts in the cold chain logistics sector is relatively uniform, with a notable concentration of projects valued at 200,000 yuan or less [4][10]. Group 3: Bidding Entities - State-owned enterprises dominate the bidding landscape, accounting for 47% of the total bids, followed by public institutions and government agencies at approximately 17% and 15%, respectively [6][10]. Group 4: Bidding Regions - Bidding activities are concentrated in coastal provinces such as Zhejiang, Guangdong, and Shandong, with significant activity also occurring in inland provinces like Sichuan, Jiangxi, and Xinjiang [8][10].

截至2026年1月28日收盘，顺丰控股(002352)报收于37.68元，下跌0.48%，换手率0.82%，成交量38.98万 手，成交额14.71亿元。 当日关注点 交易信息汇总资金流向 1月28日主力资金净流入3324.88万元；游资资金净流出1.55亿元；散户资金净流入1.22亿元。 公司公告汇总H股公告-翌日披露报表 顺丰控股股份有限公司于2026年1月27日在深圳证券交易所购回2,634,700股A股股份，占有关事件前已 发行A股股份的0.05%，每股购回价介乎人民币37.95元至38.7元，合计支付总金额人民币100,471,173 元。本次购回股份拟持作库存股份，未注销。购回后A股已发行股份总数为4,753,789,720股，库存股份 数目增至45,640,689股。H股股份无变动。 H股公告-翌日披露报表 顺丰控股股份有限公司于2026年1月28日在深圳证券交易所购回2,648,000股A股，每股购回价介乎人民 币37.61元至37.89元，合计支付总额约99,989,315元。本次购回股份拟持作库存股份，不注销。购回后A 股已发行股份总数为4,751,141,720股，库存股增至48,288 ...

Core Viewpoint - SF Holding (002352) reported a slight decline in stock price, with a closing price of 37.68 yuan on January 28, 2026, reflecting a decrease of 0.48% [1] Financial Performance - For the first three quarters of 2025, SF Holding achieved a total revenue of 225.26 billion yuan, representing a year-on-year increase of 8.89% [2] - The net profit attributable to shareholders was 8.31 billion yuan, up 9.07% year-on-year, while the net profit excluding non-recurring items was 6.78 billion yuan, showing a modest increase of 0.52% [2] - In Q3 2025, the company reported a single-quarter revenue of 78.40 billion yuan, an increase of 8.21% year-on-year, but the net profit attributable to shareholders decreased by 8.53% to 2.57 billion yuan [2] - The company's debt ratio stood at 49.99%, with investment income of 1.18 billion yuan and financial expenses of 1.33 billion yuan, while the gross profit margin was 12.96% [2] Market Activity - On January 28, 2026, the net inflow of main funds was 33.25 million yuan, accounting for 2.26% of the total transaction volume, while retail investors saw a net inflow of 122 million yuan, representing 8.3% of the total transaction volume [1] - Over the past 90 days, 18 institutions provided ratings for SF Holding, with 15 buy ratings and 3 hold ratings, and the average target price set by institutions was 51.03 yuan [2]

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) 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 | 普通股 | 股份類別 | A | 於香港聯交所上市 | 否 | | | 證券代號 (如上市) | 002352 | 說明 | A股（於深圳交易所上市） | | | | | 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 | | | | | 事件 | 已發行股份（不包括庫存股份）數 目 | 佔有關事件前的現有已發 行股份（不包括庫存股 份）數目百分比 (註3) | 庫存股份數目 | 每股發行/出售價 (註4) ...

Core Viewpoint - Multiple logistics companies are announcing service adjustments for the upcoming Spring Festival, including resource adjustment fees to manage peak demand and potential service delays due to resource allocation and extreme weather conditions [2][13]. Group 1: Service Announcements - SF Express will charge a resource adjustment fee of 0.1-1.5 yuan/kg for shipments over 20kg from January 19 to February 15, 2026, and will implement additional fees during the Spring Festival period [2][13]. - JD Logistics will impose a peak resource adjustment fee of 0.1-1.2 yuan/kg on express heavy cargo from January 19 to February 23, 2026, with varying fees for different customer agreements [4][14]. - Deppon 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, 2026, and will also implement additional fees during the Spring Festival [7][17]. Group 2: Customer Considerations - Long-term cooperative customers may receive discounts or exemptions on resource adjustment fees based on their agreements with the companies [2][8]. - Specific details regarding the resource adjustment fees for cooperative monthly billing customers will be available through sales managers or on the merchant workbench [4][14]. Group 3: Continuous Operations - Some express delivery companies, such as Shentong Express, have announced they will remain operational during the Spring Festival, with 76 transfer centers running normally and additional services like "half-day delivery" and "4-hour flash delivery" in key cities [11][21]. - Pinduoduo has confirmed that its logistics partners, including YTO Express and Jitu Express, will provide services during the Spring Festival, with China Post also continuing to accept packages [11][21].