Group 1 - The core viewpoint of the announcement is that SF Holding Company reported a total revenue of RMB 27.339 billion for December 2025, reflecting a year-on-year growth of 3.41% [2] - The express logistics business revenue increased by 3.78% year-on-year, with a business volume growth of 9.33%, indicating a focus on sustainable and high-quality service delivery to meet diverse customer logistics needs [2] - The international freight forwarding business faced challenges due to fluctuations in international trade and a decline in shipping prices compared to the previous year, but the company maintained stable cargo volumes through its global network and product offerings [2] Group 2 - The company is actively optimizing its market strategy to pursue high-quality business growth while adapting to market changes and seizing new opportunities for enterprises going global [2] - The revenue from international express and cross-border e-commerce logistics maintained a rapid growth year-on-year, showcasing the company's resilience in the face of market fluctuations [2] - The data provided is unaudited and may differ from periodic report data, serving as a reference for investors [1]

当日关注点 交易信息汇总 资金流向 1月19日主力资金净流出5199.48万元；游资资金净流入5591.93万元；散户资金净流出392.45万元。 公司公告汇总 H股公告-翌日披露报表 截至2026年1月19日收盘，顺丰控股(002352)报收于38.88元，上涨0.18%，换手率0.64%，成交量30.76万 手，成交额11.88亿元。 业绩披露要点 2025年12月快递物流业务经营简报 顺丰控股披露2025年12月快递物流业务经营简报。速运物流业务实现营业收入203.78亿元，同比增长 3.78%；业务量14.76亿票，同比增长9.33%；单票收入13.81元，同比下降5.09%。供应链及国际业务收 入69.61亿元，同比增长2.35%。合计收入273.39亿元，同比增长3.41%。国际货运代理受海运价格回落 影响收入下降，但货量保持稳定，国际快递及跨境电商物流收入同比快速增长。上述数据未经审计，可 能存在与定期报告差异。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 来自交易信息汇总：1月19日主力资金净流出5199.48万 ...

Core Viewpoint - The Hong Kong capital market has seen a significant increase in refinancing activities at the beginning of 2026, with over HKD 27 billion raised, marking a more than 20-fold increase compared to the same period in 2025, setting a vibrant tone for the year ahead [1][3]. Group 1: Active Refinancing at the Start of 2026 - As of January 18, 2026, Hong Kong-listed companies have raised over HKD 27 billion through various methods such as placements and rights issues, compared to HKD 1.1 billion in the same period of 2025 [1][3]. - The robust refinancing activity is built on the historical high of HKD 325.32 billion in 2025, which surpassed the IPO fundraising scale for the first time [3]. - Major companies like BYD and Xiaomi have completed significant fundraising projects, contributing to a trend of continuous capital replenishment [3]. Group 2: Structural Characteristics of Refinancing - The refinancing activities in early 2026 are characterized by a diverse industry distribution, including sectors like oil and gas, construction, software services, and healthcare [7]. - Notable companies such as SF Express and Jitu Express have raised over HKD 1 billion, indicating a clear differentiation in fundraising scales [7]. - The use of raised funds is closely aligned with core business strategies, including international expansion, technology R&D, and financial structure optimization [7]. Group 3: Advantages of Hong Kong's Refinancing Market - The efficiency of Hong Kong's refinancing system allows companies to quickly seize market opportunities without prior regulatory approval for placements [4]. - The flexible and diverse financing tools available in the Hong Kong market cater to various corporate needs, enhancing the ability to raise funds [5]. - The market's recovery and valuation improvements since Q3 2024 have created a favorable environment for refinancing activities [5]. Group 4: Emerging Trends in Refinancing - The refinancing landscape is evolving, with a notable increase in strategic mutual holdings among companies, exemplified by the collaboration between SF Express and Jitu Express [8]. - The current refinancing structure shows a higher proportion of traditional and consumer industries compared to emerging sectors, highlighting the complementary nature of Hong Kong and A-share markets [8]. - Future trends indicate that refinancing will remain high but with a more stable growth rate, and the focus will shift towards optimizing capital structures and enhancing R&D capabilities [10].

Investment Rating - The report maintains a "Buy" rating for key companies in the transportation sector, including SF Holding, Spring Airlines, and China Eastern Airlines, among others [2][3]. Core Insights - The report highlights the recovery of the aviation industry as flight volumes increase, with domestic flights reaching 89,086 flights from January 10 to January 16, 2026, a 2.7% increase from the previous week [29]. - SF Holding is noted for its high safety margin and low valuation, with a current PE ratio of 18X, indicating potential for valuation recovery as market conditions improve [6][24]. - The logistics company Shimon Holdings is preparing for its IPO, showcasing strong resource integration capabilities and a stable revenue growth trajectory [46][48]. Summary by Sections SF Holding - SF Holding has a substantial cash reserve, with cash accounting for 14.2% to 20.5% of its market value from 2022 to 2024, providing a strong support for its stock price [9]. - The company is expected to achieve a shareholder return rate of 3.8% in 2025 and 2026, with dividend yields projected at 2.57% and 2.88% respectively [12][15]. - The current valuation is at a ten-year low, suggesting a potential for recovery as demand in the mid-to-high-end express market improves [21][24]. Aviation Sector - The aviation industry is emerging from a low season, with flight utilization rates improving to 7.89 hours per day, which is 92.6% of the levels seen in 2019 [30]. - The upcoming Spring Festival travel season is anticipated to boost passenger numbers, with a projected 5.39 billion travelers expected on railways, marking a 5% year-on-year increase [6][29]. - The average ticket price for domestic economy class has increased by 3.5% year-on-year, indicating a recovery in pricing power [39]. Logistics Sector - Shimon Holdings is recognized for its strong resource integration and stable revenue growth, with expected revenues of 9.2 billion yuan in 2025, despite a projected decline due to client revenue drops [48][51]. - The company has established long-term partnerships with major clients, ensuring a stable business model and low replacement risk [46][47]. - Revenue from the supply chain logistics service segment is expected to contribute significantly to overall earnings, with a projected revenue of 3.4 billion yuan in the first half of 2025 [48]. Express Delivery Industry - The express delivery sector is experiencing a gradual improvement in pricing, with single ticket revenue for major companies like SF Holding and Yunda showing positive trends [59][62]. - The overall express delivery business volume has increased by 5% year-on-year, indicating robust demand despite a slight decline in revenue [59]. - The report emphasizes the importance of monitoring the performance of express delivery companies as they adapt to market conditions and pricing strategies [80].

Core Insights - SF Holding reported a total revenue of 27.339 billion yuan for December 2025, with express logistics revenue at 20.378 billion yuan, marking a year-on-year growth of 3.78% and a business volume of 1.476 billion parcels, up 9.33% year-on-year [1][2] - The company has been optimizing its domestic business structure and enhancing its global supply chain, benefiting from lean management and technological innovations [1][2] Group 1: Business Performance - In December, SF's express logistics business volume grew by 9.33%, with an annual growth rate expected to exceed 25%, showcasing strong business resilience and growth potential [2] - The average revenue per parcel reached 13.81 yuan, with a narrowing year-on-year decline, indicating a recovery trend in profitability [2] - The overall growth of SF outpaced the industry average, with China's express delivery volume and revenue growing by 13.7% and 6.5% respectively in 2025 [2] Group 2: International Strategy - SF's international strategy is evolving from "single-point breakthroughs" to "network collaboration," focusing on deepening its presence in the Asia-Pacific region and expanding into Europe and emerging markets [3] - In December, SF signed a memorandum of cooperation with CWT in Singapore, targeting core areas such as warehousing and cold chain logistics, enhancing regional logistics efficiency [3] - A strategic partnership with Evri in the UK aims to strengthen SF's last-mile delivery capabilities in Europe, facilitating better access for Chinese enterprises to the European market [3] Group 3: Technological Innovation - SF is leveraging technology to support its global expansion and domestic growth, collaborating with Starry Era to develop intelligent robotic solutions for logistics [5] - The company is enhancing its logistics capabilities through the integration of traditional and low-altitude logistics, exemplified by the launch of the Fengyibao An low-altitude smart logistics center [5][6] - This technological innovation is expected to create a new growth engine and enhance SF's competitive advantage in the global market [6]

Core Viewpoint - In December 2025, SF Express reported a total revenue of 27.339 billion yuan from its express logistics, supply chain, and international businesses, reflecting a year-on-year growth of 3.41% [1] Group 1: Revenue Breakdown - The express logistics business generated revenue of 20.378 billion yuan, with a year-on-year increase of 3.78% [1] - The total business volume reached 1.476 billion shipments, marking a year-on-year growth of 9.33% [1] - The average revenue per shipment was 13.81 yuan, which represents a year-on-year decline of 5.09% [1]

Core Viewpoint - SF Holding (002352.SZ) reported a total revenue of 27.339 billion yuan for its express logistics, supply chain, and international business in December 2025, reflecting a year-on-year growth of 3.41% [1] Group 1: Revenue Breakdown - The express logistics business generated revenue of 20.378 billion yuan, marking a year-on-year increase of 3.78% [1] - The total business volume reached 1.476 billion parcels, which is a year-on-year growth of 9.33% [1] Group 2: Business Strategy - The company maintains a sustainable and healthy development approach, focusing on high-quality service and stable operational delivery to meet diverse customer logistics needs [1] - SF Holding is gradually optimizing its market strategy, aiming for high-quality business growth [1]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery industry shows resilient demand, with a "reverse involution" trend driving up express prices, enhancing corporate profit elasticity. The e-commerce express delivery sector is expected to see healthy competition opportunities in the medium to long term. Companies like SF Express and JD Logistics are likely to benefit from cyclical recovery and ongoing cost reductions, with both performance and valuation having room for growth. J&T Express is expected to benefit from high growth and market share expansion in overseas markets [16] - In the shipping sector, the outlook for crude oil transportation is positive due to the OPEC+ production increase cycle and the Federal Reserve's interest rate cut cycle. The geopolitical uncertainties in the Middle East may enhance VLCC freight rate elasticity. The shipping market is expected to improve further in 2026, with recommendations to focus on companies like China Merchants Energy Shipping and COSCO Shipping Energy [16] - The shipping market is anticipated to recover, driven by environmental regulations limiting the operation of older fleets and the expected demand boost from the production of iron ore in Western Australia and the Federal Reserve's interest rate cuts. Companies like China Merchants Energy Shipping and Hainan Airlines are recommended for attention [16] - The aviation sector is expected to see Q3 performance as a potential signal for a long-term market upturn, with stable demand growth and a tightening supply situation. Companies such as China Eastern Airlines and Hainan Airlines are suggested for early positioning [16] Summary by Sections Express Delivery - The express delivery industry is experiencing a robust demand with a year-on-year growth of 5.0% in business volume, reaching 180.6 billion pieces in November 2025. However, the business revenue decreased by 3.7% to 137.65 billion yuan [25][30] - Companies like YTO Express and Shentong Express are showing significant growth in business volume, with YTO achieving a 13.55% increase and Shentong a 14.67% increase in November 2025 [30] Shipping and Vessels - The BDTI index for crude oil transportation increased by 15.61% to 1388 points, while the BCTI index for refined oil transportation rose by 11.00% to 795 points [47] - The overall shipping market is expected to improve, with the BDI index showing a decrease of 10.23% to 1591 points, indicating a potential recovery phase ahead [47] Aviation - In November 2025, civil aviation completed a passenger transport volume of approximately 60 million people, reflecting a year-on-year increase of 6.6%. The cargo and mail transport volume reached 930,000 tons, up by 10.8% [56] - The overall passenger load factor for major airlines was 85.57%, indicating a stable demand environment [62] Ports - From January 5 to January 11, 2026, China's port cargo throughput reached 26.275 million tons, a week-on-week increase of 3.06%, while container throughput increased by 5.50% to 685,000 TEU [80]

Core Viewpoint - SF Holding announced that by December 2025, the combined revenue from express logistics, supply chain, and international business reached 27.339 billion yuan, representing a year-on-year growth of 3.41% [1] Group 1: Revenue Breakdown - The express logistics business generated revenue of 20.378 billion yuan, with a year-on-year increase of 3.78% [1] - The business volume for express logistics was 1.476 billion packages, showing a year-on-year growth of 9.33% [1] - The average revenue per package was 13.81 yuan, reflecting a year-on-year decrease of 5.09% [1] Group 2: Supply Chain and International Business - Revenue from supply chain and international business amounted to 6.961 billion yuan, marking a year-on-year growth of 2.35% [1] - International freight forwarding revenue was impacted by fluctuations in international trade and a decline in shipping prices, while international express and cross-border e-commerce logistics maintained rapid growth [1]

3、以上收入不含公司其他非物流业务收入。 公司2025年12月速运物流业务、供应链及国际业务合计收入为人民币273.39 亿元，同比增长3.41%。其中：（1）速运物流业务收入同比增长3.78%，业务量 同比增长9.33%。公司坚持可持续健康发展的经营基调，推进激活经营进阶机制， 以高品质服务和稳定运营交付，满足客户多元化物流需求。同时公司逐步优化市 场策略，追求业务高质量增长。（2）由于国际贸易波动及货运市场需求趋缓， 海运价格较去年同期明显回落，影响公司国际货运代理业务的收入。但依托全球 证券代码：002352 证券简称：顺丰控股 公告编号：2026-005 顺丰控股股份有限公司 2025年12月快递物流业务经营简报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2025 年 12 月业务经 营简报情况如下： | 项目 | 2025 年 | 12 月 | 2024 年 | 12 月 | 同比变动 | | --- | --- | - ...