Summary of Conference Call Records Industry Overview: Express Delivery Sector Key Points - The express delivery industry is undergoing significant changes due to upgraded anti-involution policies and the promotion of a unified national market, which has led to price increases in several provinces. This has resulted in a rise in per-package revenue for major express companies, supporting high-quality industry development [1][3]. - The Supreme People's Court has strengthened social security payment constraints, increasing compliance costs for express companies. This may lead companies to pass on costs through price increases, aligning with anti-involution policies to promote healthy industry growth [1][3]. - Despite a slowdown in business volume growth due to rising costs for low-priced e-commerce shipments, the value per package has increased, with an expected 8% year-on-year growth in express delivery volume by 2026 [1][4]. Company-Specific Insights Major Express Companies 1. **YTO Express (圆通速递)** - Capital expenditures in the first three quarters of 2025 focused on land acquisition in core areas, upgrading transfer center equipment, and renewing transportation equipment to enhance processing efficiency and market share [1][9]. - Investment in automation includes 761 sets of sorting equipment and nearly 3,000 unmanned delivery vehicles, the largest scale in the industry [8]. - The company has improved operational efficiency, with a 7% increase in per-vehicle package count and a 13% increase in per capita efficiency, leading to a reduction in per-package transfer costs by 0.07 yuan [11]. 2. **SF Express (顺丰控股)** - The company has implemented the "Activate Operations" strategy, achieving a 33.4% year-on-year growth in logistics business volume in Q3, significantly outperforming the industry [2][16]. - Despite short-term profit fluctuations, the company is shifting from scale-driven to value-driven strategies, with a strategic shareholding agreement with Jitu Express to expand international business [16][17]. 3. **Shentong Express (申通快递)** - The company has completed 179 capacity enhancement projects from 2022 to 2024, with daily throughput capacity expected to exceed 9 million packages by the end of 2025 [12]. - The acquisition of Daniao Logistics has strengthened its core competitiveness in reverse logistics, improving business volume and per-package revenue [13][14]. 4. **Yunda Express (韵达股份)** - The company is focusing on optimizing its core express business and has seen a recent increase in per-package revenue despite challenges from intense price competition [15]. Cost Control Trends - The express delivery industry continues to see opportunities for cost reduction across the entire logistics chain, including collection, transfer, and delivery [5]. - Major companies are optimizing routes, increasing vehicle loading rates, and improving sorting efficiency to lower transfer costs. For instance, the average daily package volume for major companies has reached over 65 million, with transfer costs dropping to approximately 0.6 yuan per package [5]. Regulatory and Market Dynamics - The regulatory environment is playing a crucial role in curbing vicious price competition, with new laws providing a solid legal basis for oversight. The anti-involution policies are expected to prevent a return to the severe price wars seen in early 2025 [3][4]. - The industry is moving towards value competition, focusing on cost reduction and quality improvement as key strategies for gaining market share [4]. Conclusion - The express delivery sector is poised for growth, driven by regulatory support and strategic initiatives from leading companies. The focus on automation, cost efficiency, and strategic partnerships will be critical for navigating the evolving market landscape.

Industry Overview - China's foreign trade imports and exports achieved a growth of 3.8% in 2025, marking the ninth consecutive year of growth, with total trade reaching 45.47 trillion yuan, a historical high [1] - Exports amounted to 26.99 trillion yuan, increasing by 6.1%, while imports were 18.48 trillion yuan, growing by 0.5% [1] Trade with Belt and Road Countries - Exports to countries involved in the Belt and Road Initiative grew by 11.2%, contributing 5.4 percentage points to overall export growth [2] - ASEAN has remained China's largest export market for three consecutive years, with emerging markets in Latin America, the Middle East, Central Asia, and Africa showing faster growth rates than the overall average [2] Automotive Industry - In 2025, China's automotive production and sales reached 34.53 million and 34.40 million units respectively, setting new historical records [3] - New energy vehicles accounted for over 16 million units sold, with domestic new car sales exceeding 50% of the market share [3] - Automotive exports surpassed 7 million units, marking a significant increase [3] E-commerce Developments - TikTok Shop launched a "local hosting" model in Europe, allowing merchants to stock goods in local warehouses, enhancing logistics efficiency [5] - Alibaba's international platform saw a 40% year-on-year increase in overseas orders for construction machinery [6] Logistics and Delivery - SF Express and Jitu Express announced a strategic shareholding agreement worth 8.3 billion HKD to enhance their global logistics network [7][8] - Temu introduced a local seller program in the UAE to improve delivery efficiency and expand product offerings [9] Technology and Innovation - WeChat mini-programs recorded over 5 billion uses for cross-border and overseas users in 2025, with significant growth in payment transactions in countries like Malaysia, New Zealand, and the UK [10] - Xiaopeng Motors plans to establish a localized supply chain team in Europe and Southeast Asia to enhance operational efficiency and support its global strategy [11] - WeRide announced that its global Robotaxi fleet has reached 1,023 vehicles, with commercial operations in cities like Guangzhou, Beijing, and Abu Dhabi [12] - Google introduced a Universal Commerce Protocol (UCP) aimed at streamlining the AI shopping experience across platforms [13]

A股 Market Updates - On January 15, multiple A-share companies released their performance forecasts for 2025, with many expecting significant profit increases. SAIC Motor Corporation anticipates a net profit growth of up to 558%, while companies like Shengnuo Biological and Zhenghai Magnetic Materials expect increases exceeding 200% [2] - Jiamei Packaging announced that its stock has triggered redemption clauses due to its closing price being above 130% of the conversion price for 15 out of the last 30 trading days [2] - ST Chengchang and Zhizhi New Materials announced their resumption of trading after completing investigations into recent abnormal stock price fluctuations [2] - ST Aowei reported that its stock closed at 0.99 CNY per share, warning that if it remains below 1 CNY for 20 consecutive trading days, it may face delisting from the Shenzhen Stock Exchange [2] Logistics and E-commerce - SF Holding and Jitu Express announced a strategic mutual shareholding agreement, involving an investment transaction amounting to nearly 8.3 billion HKD [3] - Ctrip is under investigation by the State Administration for Market Regulation, leading to a significant drop in its stock price, with a 6.49% decline on the day of the announcement and a further 20% drop the following day, resulting in a market value loss exceeding 100 billion CNY [3] Financial Data - In 2025, the total number of new A-share accounts reached 27.44 million, a 10% increase year-on-year, marking a three-year high, with total A-share investors exceeding 250 million [4] - The People's Bank of China reported that by the end of 2025, the social financing scale reached 442.12 trillion CNY, growing by 8.3% year-on-year, while the RMB loan balance was 271.91 trillion CNY, up 6.4% [5] - The China Securities Regulatory Commission approved an adjustment to the margin ratio for financing, increasing the minimum margin requirement from 80% to 100%, effective January 19, 2026 [5] Gold Reserves - As of the end of November 2025, non-U.S. countries' official gold reserves exceeded 900 million troy ounces, valued at approximately 3.82 trillion USD [6] Infrastructure and Technology - The State Grid Corporation announced that its fixed asset investment is expected to reach 4 trillion CNY during the 14th Five-Year Plan, a 40% increase from the previous plan [7] - Alibaba's Qianwen App has integrated with various Alibaba ecosystem services, launching over 400 AI functionalities to enhance user experience in daily tasks [7] - Shanghai's new action plan aims to implement L4 autonomous driving technology in various scenarios by 2027, targeting over 6 million passenger trips and 800,000 TEU in freight transport [7] Housing Policy - A joint announcement from the Ministry of Finance, State Taxation Administration, and Ministry of Housing and Urban-Rural Development extended personal income tax policies supporting housing purchases from January 1, 2026, to December 31, 2027 [8] Trade Performance - China's total foreign trade in 2025 reached 45.47 trillion CNY, a 3.8% increase, setting a historical record and maintaining its position as the world's largest goods trading nation [8]

长江商报消息 ●长江商报记者 黄聪 顺丰控股（002352.SZ、06936.HK）和极兔速递（01519.HK）这两家物流行业龙头，今后的合作将更加 紧密。 1月15日，顺丰控股与极兔速递联合发布公告称，双方宣布达成一项战略性的相互持股协议，将互为对 方增发新股，投资交易金额近83亿港元（按当前汇率计算约合人民币74亿元）。 长江商报记者统计发现，2025年前11个月，顺丰控股供应链及国际业务营业收入达734.2亿元，较上年 同期713.63亿元增长约3%，与整体业务相比，公司国际业务增速相对较慢。 武汉一家物流企业相关负责人向长江商报记者表示，从顺丰控股角度看，通过投资极兔可以分享其在全 球市场的增长收益，同时借助极兔速递的资源和优势提升自身国际业务和国内业务的竞争力。 9个月总件量增33.4% 值得关注的是，这并非两家企业首次牵手。早在2023年，极兔速递赴港上市前，顺丰控股就通过投资持 有极兔1.54%股份。 同年，顺丰控股还将旗下丰网速运100%股权，以11.83亿元价格出售给极兔速递，为其注入关键资源。 与极兔速递拟互认股份 1月15日，顺丰控股与极兔速递联合发布公告称，双方宣布达成一项战略性的相 ...

Group 1: Institutional Research Activity - A total of 316 listed companies have disclosed institutional investor research records this year [1][2] - Xiangyu Medical received the highest number of institutional inquiries, totaling 208 [2][3] - Multiple prominent institutions have intensively researched SF Holding, with 35 institutions focusing on it this year [4][6] Group 2: Key Companies and Their Focus Areas - The top ten A-share companies by the number of institutional inquiries include Xiangyu Medical, Haitan Ruisheng, and Aipeng Medical, with inquiries ranging from 132 to 208 [3] - SF Holding has been a focal point for several well-known fund companies, including Huaxia Fund and E Fund, indicating strong interest in its strategic partnership with Jitu Express [4][6] Group 3: Strategic Developments - SF Holding and Jitu Express announced a strategic mutual shareholding agreement with an investment amount of HKD 8.3 billion [8] - The collaboration between SF Holding and Jitu Express has expanded across various levels, enhancing service stability and customer satisfaction in both domestic and international markets [7] Group 4: Brain-Computer Interface Focus - The brain-computer interface sector has gained significant market attention, with companies like Xiangyu Medical and Aipeng Medical actively developing products in this area [10][11] - Xiangyu Medical plans to upgrade 27 core products by mid-2026 and launch nearly 100 brain-computer interface products by the end of 2026 [10] - Aipeng Medical is exploring investments in brain-computer interface technologies, focusing on clinical applications for various mental health conditions [11]

Core Insights - Institutional enthusiasm for researching listed companies remains high, with 316 companies disclosing investor research records this year [1][2] - The brain-computer interface sector has seen increased attention from institutional investors, with companies like Xiangyu Medical and Aipeng Medical leading in research inquiries [11][12] Group 1: Institutional Research Activity - A total of 316 listed companies have disclosed institutional investor research records this year, with Xiangyu Medical receiving the highest number of inquiries at 208 [2][3] - Other companies with significant institutional interest include Haitan Ruisheng (207 inquiries), Aipeng Medical (142 inquiries), and Shiji Technology (132 inquiries) [3] - Notably, multiple prominent funds have shown concentrated interest in SF Holding, with 35 institutions conducting research on the company [5][6] Group 2: SF Holding and Strategic Partnerships - SF Holding and Jitu Express announced a strategic mutual shareholding agreement on January 15, with an investment transaction amounting to HKD 8.3 billion [9] - The partnership aims to enhance operational synergies, utilizing SF's delivery network in domestic markets and Jitu's established networks in international markets like the Philippines and Saudi Arabia [8] - SF Holding's stock price was reported at CNY 38.81 per share, with a market capitalization of CNY 194.1 billion as of January 16 [10] Group 3: Brain-Computer Interface Developments - Xiangyu Medical plans to upgrade 27 core products by June 2026, integrating brain-computer interface technology to transform passive rehabilitation devices into active ones [11] - Aipeng Medical is focusing on exploring brain-computer interface investments aligned with its strategic direction, emphasizing research in sensors, electrodes, and clinical applications for mental health disorders [12]

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - SF Express and Jitu Express announced a strategic mutual shareholding agreement worth HKD 8.3 billion, focusing on building a global integrated logistics network to meet the needs of Chinese enterprises going abroad and the new landscape of cross-border e-commerce logistics [3][14] - COSCO Shipping and Peru Post signed a memorandum of cooperation to enhance cross-border e-commerce logistics channels between China and Peru, improving logistics service capabilities and operational efficiency [3][16] - Zhihang released a lightweight eVTOL aircraft named "Bullet," targeting the personal flying vehicle market, while Eastern Airlines Jiangsu will open and restore multiple international and domestic routes during the 2026 Spring Festival [3][17][19] - The tense situation in Iran has led to a rapid increase in risk premiums in the Strait of Hormuz, with VLCC daily earnings doubling to USD 68,000, while sanctions on Venezuela may lead to a redistribution of heavy crude oil shipping capacity [3][24][25] Industry Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year [4][30] - Domestic express delivery volume increased by 5.00% year-on-year in November 2025, while revenue decreased by 3.70% [4][51] - The average daily number of international flights in the second week of January 2026 was 1,802.29, down 1.15% month-on-month and 1.34% year-on-year [4] - From January 5 to January 11, 2026, the number of freight trucks on national highways reached 55.09 million, a month-on-month increase of 17.3% [4] Investment Recommendations - Recommended investment opportunities in international market expansion for express logistics, specifically in SF Express and Jitu Express [5] - Suggested investment in the airline industry due to increased demand during the Spring Festival, recommending China National Aviation Holding, Southern Airlines, and Eastern Airlines [5] - Suggested attention to the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Recommended investment opportunities in oil shipping due to geopolitical conflicts, suggesting China Merchants Energy Shipping [5][28] - Recommended focusing on the equipment and manufacturing export chain, suggesting COSCO Shipping Heavy Industry [5] - Recommended investment opportunities in the highway and railway sector, suggesting Beijing-Shanghai High-Speed Railway [5]

New Consumption Highlights - San Yuan launched "Beijing Yogurt" with four flavors, emphasizing natural ingredients and high protein content [5][3] - "Happy Monkey" supermarket introduced a new pomegranate jasmine green tea drink, highlighting its quality ingredients and natural flavors [8] - Haidilao and Coca-Cola collaborated to create the "Charming Hot Pot" meal set, featuring popular dishes paired with Coca-Cola [6][12] - Oreo released a new "Double Layer Cheesecake" at Sam's Club, designed for social gatherings and celebrations [11][8] - "Mango Snow Ice City" launched a new banana series, including banana milk and banana latte, with promotional offers [11][30] - Lemon Republic and Tmall Supermarket introduced "Cloud Top Lemon," featuring high juice content and natural flavors [11][30] Industry Events - Deckers Brands announced the closure of two niche outdoor footwear brands, Ahnu and Koolaburra, by Q3 of the 2026 fiscal year [13] - a2 became the first official dairy partner of the Australian Open, launching limited edition gift boxes [14] - SF Express and Jitu announced a strategic mutual shareholding agreement, with an investment amount of HKD 8.3 billion [15] - JD Health and Heliang deepened their cooperation to innovate health management models [15] Investment and Financing Movements - Danish biotech company Bactolife secured over €30 million (approximately RMB 244 million) in Series B financing [21] - McCormick & Company acquired a 25% stake in its Mexican subsidiary for $750 million (approximately RMB 5.238 billion) [22] - L Catterton acquired a majority stake in American cheese brand Good Culture, with the deal valued at over $500 million [24] - Lemon tea brand Linli completed a multi-million A round financing, with a valuation close to RMB 1 billion [24] New Product Launches - Tea Xiaokai launched a new light sparkling osmanthus pear fermented yogurt drink, targeting health-conscious consumers [28] - Starbucks China introduced a new truffle chocolate flavor series, including truffle chocolate lattes [34] - Kudi Coffee established a new company in Suzhou with a registered capital of $160 million, expanding its operational scope [32]

Investment Rating - The report maintains a recommendation for the transportation industry, indicating a positive outlook for specific sectors such as shipping and logistics [2]. Core Insights - The shipping sector is experiencing a significant increase in oil transportation rates due to heightened sanctions from the US and EU against Iran and Venezuela, leading to strong market sentiment among shipowners [6][17]. - The infrastructure sector is advised to focus on individual stock selections, particularly in stable cash flow assets like ports, which are currently undervalued [19]. - The aviation industry is expected to benefit from improved supply-demand dynamics and lower fuel prices in 2026, marking a potential recovery year for profitability [25]. - The express delivery sector is projected to see a gradual improvement in competition and profitability, with a focus on major players like SF Express and Zhongtong Express [21]. Shipping Sector Summary - Oil transportation rates have surged significantly due to geopolitical tensions, with VLCC TD3C-TCE reaching $116,000 per day, a notable increase of 10.8% from the previous week [12][49]. - The dry bulk market is showing signs of seasonal decline, with the BDI index reporting a drop of 7.2% [16][48]. - Recommendations include focusing on oil tanker and dry bulk stocks such as COSCO Shipping Energy and China Merchants Energy [17]. Infrastructure Sector Summary - Weekly data indicates a 17.3% increase in truck traffic volume, while rail freight has seen a 10.3% increase week-on-week [19][18]. - The report suggests investing in highway assets like Anhui Expressway, which are expected to provide stable returns [19]. Express Delivery Sector Summary - The express delivery industry saw a 13.7% year-on-year growth in business volume for 2025, with December showing a slowdown to 2.6% [20][21]. - Major companies are expected to benefit from operational adjustments, with SF Express projected to achieve faster profit growth in 2026 [21]. Aviation Sector Summary - The aviation sector is currently in a transitional phase, with passenger volumes showing a 3.6% year-on-year decline, but a potential recovery is anticipated in 2026 due to improved market conditions [25][22]. - The report emphasizes monitoring the impact of the Spring Festival travel season and geopolitical factors on oil prices [25]. Logistics Sector Summary - The logistics sector is experiencing stable air freight prices, with the TAC Shanghai outbound air freight price index remaining flat week-on-week [26]. - The report highlights the importance of monitoring cross-border transport volumes and short-haul freight rates [26].

Investment Rating - The report maintains a "Buy" rating for key companies in the logistics and transportation sector, including SF Holding and Jitu Express [6]. Core Insights - The strategic alliance between Jitu Express and SF Holding aims to enhance cross-border logistics and network expansion, leveraging each company's strengths for better collaboration and market reach [1][3]. - The oil shipping market is experiencing a rise in freight rates due to geopolitical risks and optimistic sentiment among shipowners, with a focus on companies like China Merchants Energy and COSCO Shipping Energy [2][12]. - The express delivery sector is expected to see significant growth, with a projected 8% increase in business volume in 2026, driven by overseas e-commerce growth and the strategic partnership between Jitu and SF [3][17]. Summary by Sections Weekly Insights and Market Review - The transportation sector index fell by 0.94% in the week of January 12-16, 2026, underperforming the Shanghai Composite Index by 0.49 percentage points [1][18]. - The top-performing segments included shipping, public transport, and express delivery, with respective gains of 1.51%, 1.42%, and 0.93% [18]. Aviation - The aviation sector is expected to benefit from low supply growth and recovering demand, with a focus on business travel and international flight recovery [11][26]. Shipping and Ports - VLCC freight rates have significantly increased due to concentrated shipments from the Middle East and West Africa, with rates reaching $99,627 per day [2][12]. - The dry bulk shipping market is facing a decline in rates, particularly for Cape-sized vessels, due to slow recovery in demand [13][14]. Logistics - The express delivery sector is highlighted with two main investment themes: international expansion through the Jitu and SF partnership and the internal competition dynamics among leading express companies [3][17]. - The express delivery business volume is projected to grow by approximately 8% in 2026, despite a slowdown in growth rates due to market saturation and price increases [17].