2月8日，记者从四川顺丰速运获悉，顺丰投资10亿元在成都打造的西部航空货运枢纽项目，将于今年6 月前全面投运。该项目是继北京、杭州、深圳之后，顺丰在国内建设的第四个区域性国际航空货运转运 中心。 截至目前，顺丰在成都投资建设有四川分拨中心产业园项目、西部航空货运枢纽项目、东部新区顺丰物 流园项目三个项目，总投资超过20亿元。其中，四川分拨中心产业园项目、东部新区顺丰物流园项目均 已投用。西部航空货运枢纽项目全面投运后，顺丰三个物流项目同时运行，将更好地服务成都现代物流 产业体系建设，赋能行业降本增效发展。 记者 杨富 供图 受访者 编辑 史童 据了解，顺丰西部航空货运枢纽项目位于成都双流国际机场第二跑道东侧，是顺丰在成都启动建设的第 二个物流项目。该项目建筑面积17.2万平方米，是顺丰在西部地区打造的具有全球影响力的标志性航空 货运转运中心。 据介绍，顺丰西部航空货运枢纽项目全面投运后，将为四川乃至西部地区航运货物承担集散功能，陆路 运输与航空运输无缝衔接，不再经过中转衔接，实现天地协同、陆空联运一体化，出港货物运输更加顺 畅和高效，进港货物分拨出去也更快，提升全网货运时效、降低货运成本。 ...

Industry Overview - The China Chemical Products Price Index (CCPI) is reported at 4120 points this week, showing a year-on-year decrease of 5.0% and a month-on-month increase of 1.1% [1] - The CCPI for the previous week was 4066 points, reflecting a year-on-year decline of 6.6% and a month-on-month decrease of 1.0% [1] - The domestic maritime shipping price for liquid chemicals was 168 RMB/ton, down 8.51% year-on-year and 0.62% month-on-month [1] Express Delivery - In December, the express delivery business volume increased by 2.3% year-on-year, with some companies benefiting from price increases due to reduced competition [2] - The total collection volume for postal express from January 26 to February 1 was approximately 4.541 billion pieces, up 60.8% year-on-year and 5.5% month-on-month [2] - The total delivery volume during the same period was about 4.477 billion pieces, reflecting a year-on-year increase of 18.7% and a month-on-month increase of 5.8% [2] - The State Post Bureau forecasts that by 2025, express delivery revenue will reach 1.5 trillion RMB, growing by 6.5% year-on-year [2] Logistics - DSV's integration of DB Schenker is progressing ahead of expectations, with completion anticipated by the end of 2026 [3] - The company is focusing on smart logistics, benefiting from improved demand [3] Aviation and Airports - The average daily flights nationwide decreased by 1.08% year-on-year, with domestic flights down 1.28% [4] - Brent crude oil futures settled at 67.55 USD/barrel, down 4.47% month-on-month and 11.07% year-on-year [4] - The domestic aviation kerosene ex-factory price (including tax) is 5334 RMB/ton, down 4.3% month-on-month and 12.7% year-on-year [4] - The airline sector is expected to see profit elasticity due to supply constraints from aircraft manufacturers and upstream component suppliers [4] Shipping - The container shipping price index (CCFI) is at 1122.15 points, down 4.5% month-on-month and 20.7% year-on-year [5] - The Shanghai Export Container Freight Index (SCFI) is at 1266.56 points, down 3.8% month-on-month and 33.2% year-on-year [5] - The crude oil transportation index (BDTI) increased by 2.1% month-on-month and 88.5% year-on-year, indicating a growing demand for oil transportation [5] - A recent agreement between the U.S. and India to halt Russian oil purchases is expected to boost oil transportation demand [5] Road and Rail Ports - Anhui Expressway completed the acquisition of Shandong Expressway, acquiring 7% of its total share capital at a price of 8.92 RMB/share, totaling 3.019 billion RMB [5] - The total number of freight vehicles on national highways reached 56.83 million, up 4.75% month-on-month and 506.12% year-on-year [5]

Core Viewpoint - The news highlights concerns regarding the potential suspension of express delivery services during the Spring Festival, which has led to increased consumer anxiety and purchasing behavior. Group 1: Consumer Behavior - Many consumers are reacting to the news of potential delivery suspension by making last-minute purchases, with one individual stating they placed 20 orders overnight due to the announcement [2] - The fear of not receiving goods in time for the holiday has prompted consumers to buy items they were previously hesitant about [5] Group 2: Delivery Service Responses - Multiple express delivery companies have announced their service arrangements for the Spring Festival, confirming that they will continue to provide delivery services to meet holiday demand [9] - Major companies such as YTO Express, Shentong Express, and Yunda Express have stated that they will not suspend operations during the holiday and have not received any notifications regarding price increases [11] - China Post Express Logistics confirmed that they operate year-round but may implement additional charges for pickup services, while JD Logistics indicated that some stations might experience scheduling changes and potential resource adjustment fees [12] - Other companies like SF Express and Debon Express also confirmed they will not suspend operations, although transportation costs may be adjusted due to various factors [12][14]

Core Viewpoint - The Guangzhou Intellectual Property Court ruled in favor of SF Express, recognizing "SF Express" as a well-known trademark and determining that the "SF Pregnancy" car stickers sold by the defendant constituted trademark infringement due to their similarity and derogatory impact on the brand's reputation [1][5][7]. Group 1: Trademark Infringement Case - SF Express filed a lawsuit against the defendant, Shop Xiao Er, for trademark infringement after discovering the sale of "SF Pregnancy" car stickers that closely resembled its trademark [1][4]. - The defendant argued that "SF Pregnancy" was a humorous expression and that consumers purchased it for aesthetic reasons, not intending to infringe [4]. - The court found that the "SF Express" trademark had been recognized as a well-known trademark since 2010, meeting the legal criteria for such recognition [5]. Group 2: Court's Ruling and Implications - The court ruled that the "SF Pregnancy" stickers not only infringed on the trademark but also violated public morals by trivializing women's reproductive experiences and damaging the professional reputation of SF Express [7]. - The court ordered the defendant to compensate SF Express for economic losses and other expenses totaling 200,000 yuan, and to publish a statement in the media to mitigate the negative impact [7]. Group 3: Market Response and Cultural Context - Prior to the ruling, there were reports of multiple sellers on e-commerce platforms offering "SF Pregnancy" stickers, priced between 5 to 20 yuan, with some sellers claiming high sales volumes [8]. - Public sentiment reflected discomfort with the stickers, with some netizens supporting SF Express's legal action against the perceived vulgarity of the product [9]. - SF Express emphasized the promotion of positive cultural expressions and stated its commitment to protecting its brand against unauthorized sales of related materials [11].

Investment Rating - The report maintains an "Accumulate" rating for the transportation industry [6] Core Views - The transportation sector is expected to benefit from the high demand during the Spring Festival travel season, with a notable increase in passenger volume and airline ticket prices [3][11] - The logistics sector shows promising growth, particularly for companies like ZTO Express, which has reported an increase in market share and profitability [4][17] - The shipping market is experiencing high VLCC rates due to tight capacity and geopolitical premiums, while dry bulk rates have seen a decline [2][14] Summary by Sections Weekly Insights and Market Review - On February 2, 2026, the Spring Festival travel season commenced, with a total of 184.986 million people traveling, an increase of 11.3% compared to the same period in 2025. The civil aviation passenger volume reached 2.234 million, up 7.4% year-on-year [3][11] - The transportation sector index rose by 1.90% during the week, outperforming the Shanghai Composite Index by 3.17 percentage points [21] - The top-performing segments included air transportation, express delivery, and logistics, with respective increases of 8.15%, 3.76%, and 1.24% [21] Air Travel - The average ticket price for civil aviation during the Spring Festival was 840 yuan, a 3.0% increase from 2025, with an average seat occupancy rate of 83.3%, up 1.2 percentage points year-on-year [3][11] - The report anticipates continued growth in the aviation sector driven by demand recovery and supportive policies, with a focus on business travel and international flight recovery [12] Shipping and Ports - The VLCC market is experiencing high rates, with the Middle East route commanding $119,447 per day and the West Africa route at $130,293 per day as of February 6 [2][13] - The Baltic Dry Index (BDI) fell to 1,923 points, indicating a decrease in dry bulk shipping rates [14] - The report highlights the importance of monitoring the shipping market dynamics, particularly in relation to geopolitical factors and supply chain developments [15] Logistics - ZTO Express reported a 9.3% year-on-year increase in parcel volume for Q4 2025, with a slight increase in single-ticket revenue and gross profit [4][17] - The company is issuing $1.5 billion in convertible bonds to finance share buybacks, aiming to enhance shareholder returns [18] - The logistics sector is expected to see growth driven by overseas e-commerce and competitive dynamics among leading express companies [19][20]

转自：武汉发布 近日 "快递停运"冲上微博热搜 引发网友热议 不少人表示有点"焦虑" 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，且未收到加价通知。 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。 中通快递客服称，目前暂未接到停运通知。另外，正常情况下，春节期间不会收取资源调节费。 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，具体需以站点为准。 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。 同时，快递企业提醒：因节日期间资源调配受限、极端天气变化等多重因素，快件时效或将受到不同程度影响。 对此，多家快递企业 相继发布春节期间服务安排 宣布将继续提供收派服务 全力满足节日期间的寄递需求 ...

Group 1 - In January 2026, the number and scale of share buyback plans from A-share companies decreased, with 26 companies disclosing new buyback plans compared to 35 in December 2025, indicating a decline in both quantity and scale [1] - The total proposed buyback amount from these 26 companies is approximately 5.682 billion yuan, a decrease of 46.13% from December's 10.548 billion yuan, showing a significant drop in both the number of plans and the total amount [1] - Despite the overall decline, large buybacks remain dominant, with 18 companies planning to repurchase over 100 million yuan, accounting for 69.23% of the total, reflecting strong confidence in their own value [1] Group 2 - Leading companies in the buyback amount for January include Midea Group, Kweichow Moutai, SF Express, Century Huatong, and Yanjinpuzi, with buybacks of 488 million yuan, 451 million yuan, 357 million yuan, 301 million yuan, and 218 million yuan respectively [2] - Both Midea Group and SF Express have exceeded their proposed buyback lower limits, although their buyback paces differ significantly [2]

Core Viewpoint - The article discusses the operational status of various express delivery companies during the upcoming Spring Festival, highlighting that most companies will continue to provide services but may implement additional charges due to increased demand and resource allocation challenges [2][4][5][6]. Group 1: Company Responses - China Post Express Logistics confirmed that it will operate year-round but may introduce additional charges for pick-up services, with specific details to be announced later [4]. - JD Logistics indicated that during the peak period from January 19 to February 23, 2026, it will impose a resource adjustment fee of 0.1 to 1.2 yuan/kg on express heavy cargo, depending on the station [4]. - SF Express announced that it will charge a resource adjustment fee during the Spring Festival from February 16 to February 23, with reports of price increases in certain areas [5]. - YTO Express stated that it will maintain normal operations except for certain regions affected by third-party logistics or weather, with potential delays of 2-3 days for intra-provincial and 4-5 days for inter-provincial deliveries [5]. - Yunda Express confirmed normal operations during the Spring Festival, with some areas experiencing delays and potential price increases [6]. Group 2: Operational Challenges - Companies are preparing for potential delays in delivery times due to limited resource allocation and extreme weather conditions during the holiday period [6]. - Different express delivery companies may have varying operational statuses based on local conditions, with some branches still awaiting specific instructions [6].

Core Viewpoint - The recent "express delivery suspension" trending on social media has caused public anxiety, prompting multiple express delivery companies to announce their service arrangements during the Spring Festival, ensuring continued delivery services to meet holiday demand [1]. Group 1: Company Responses - China Post Express Logistics confirmed that delivery services will operate year-round, but there may be additional charges for pick-up services, with specific regulations to be announced later [1]. - JD Logistics indicated that due to peak delivery volumes, some stations may implement scheduling changes and resource adjustment fees, with a peak resource adjustment fee of 0.1 to 1.2 yuan/kg applicable from January 19 to February 23, 2026 [1]. - SF Express and Debon Express both stated that they will not suspend operations during the Spring Festival, but transportation costs will be adjusted, with SF Express planning to charge resource adjustment fees during the holiday period [1]. - YTO Express announced that from February 15 to February 23, they will ensure service continuity and network stability, with normal operations in most regions except for certain areas affected by third-party logistics or weather [2]. - Yunda Express confirmed normal operations during the Spring Festival, with potential delays of 2-3 days for intra-provincial and 4-5 days for inter-provincial deliveries [2]. - Zhongtong Express stated they will ensure customer delivery needs are met, with staffing adjustments based on local conditions, although some locations may not guarantee timely delivery [2]. - Shentong Express also confirmed normal service during the holiday, with possible adjustments to delivery fees based on local conditions [2]. Group 2: Operational Challenges - Express delivery companies warned that delivery efficiency may be impacted by limited resource allocation and extreme weather conditions during the holiday period [3].

Core Viewpoint - The discussion around whether express delivery services will be suspended during the Spring Festival has garnered attention, with major companies confirming they will continue to provide services during this period [1][2][3]. Group 1: Company Responses - China Post will continue to provide services from February 15 to 23, allowing users to submit collection requests through various online channels and providing customer service via a dedicated hotline [1]. - SF Express will ensure the operation of express delivery services during the Spring Festival, adjusting service fees for certain shipments, with additional resource adjustment fees applied during the holiday [1]. - YTO Express will maintain service availability during the Spring Festival, with normal operations in most regions, except for areas affected by third-party logistics disruptions or weather conditions [2]. - Shentong Express will adjust operations based on local conditions, with most areas expected to have normal collection and delivery services, advising users to confirm specific times with local outlets [2]. - Zhongtong Express will also ensure stable logistics support during the Spring Festival, while JD Logistics commits to providing comprehensive logistics safety and service coverage, including same-day and next-day delivery options [3]. Group 2: Service Adjustments and Fees - SF Express will charge a resource adjustment fee of 0.1 to 1.5 yuan/kg for shipments over 20kg from January 19 to February 15, with additional fees during the holiday period [1]. - JD Logistics will implement a resource adjustment fee of 0.1 to 1.2 yuan/kg for express heavy goods during the Spring Festival [3].