Group 1 - The article highlights the significant increase in package deliveries during the upcoming Spring Festival, with a bustling scene at the delivery point near the Pang Donglai Times Square store [1] - The delivery volume has dramatically increased from about 40-50 packages per day a decade ago to over a thousand packages daily now, indicating a growth of several times in the logistics capacity in the area [1] - The presence of major courier companies such as SF Express, JD, and Shentong is noted, with their vehicles lined up and packaging materials in high demand, reflecting the peak season for logistics services [1]

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [34]. Core Insights - The express delivery industry is experiencing a divergence in growth rates among brands, with leading companies like Shentong and Yunda showing significant growth in January. Shentong's single ticket revenue increased by 14.1% year-on-year, while Yunda's grew by 6.4% [3][11]. - The report highlights the strong performance of YTO Express, which continues to lead in growth despite a general slowdown in the industry. The company is expected to maintain its competitive edge [4]. - The report emphasizes the potential of Jitu Express in Southeast Asia, projecting a 74% year-on-year increase in daily parcel volume by Q4 2025, indicating high growth potential in new markets [4]. Summary by Sections January Data Overview - In January, the parcel volume growth rates were as follows: YTO (29.8%), Shentong (25.6%), Yunda (10.8%), and SF Express (4.2%). Shentong's revenue growth was the highest at 43.3% year-on-year [8][11]. - Single ticket revenues for January were reported as follows: Shentong at 2.35 CNY, Yunda at 2.15 CNY, YTO at 2.25 CNY, and SF Express at 14.72 CNY [3][11]. Investment Recommendations - The report continues to recommend investment in Zhongtong and YTO due to their improved market positions and low valuations. It also sees potential in Shentong due to its significant earnings elasticity [4]. - SF Express is viewed positively, with a focus on its "Gain Plan" to optimize structure and enhance collaboration with Jitu Express, which is expected to yield future benefits [4].

Core Viewpoint - The upcoming Spring Festival is expected to drive a peak in express delivery services, with Shentong Express's Lanzhou Transit Center leveraging its advantages to ensure efficient delivery of goods during this period [1][2] Group 1: Company Operations - Shentong Express's Lanzhou Transit Center is positioned as a key logistics enterprise within the Gansu (Lanzhou) International Land Port [1] - The center will continue to optimize resource allocation to ensure smooth delivery services during the Spring Festival and Spring Transportation period [2] Group 2: Industry Impact - The operations of the Lanzhou Transit Center are aimed at contributing to the high-quality development of the logistics industry within the park [2]

Core Insights - The company reported significant growth in its express delivery business for January 2026, with a year-on-year revenue increase of 43.26% and a business volume increase of 25.57% [1] - The acquisition of Zhejiang Daniao Logistics Technology Co., Ltd. has been completed, and its financials are now included in the company's consolidated statements, contributing to the overall growth in express delivery services [1] Financial Performance - Express service revenue for January 2026 increased by 43.26% year-on-year [1] - The total express business volume grew by 25.57% compared to the same period last year [1] - The revenue per express service ticket rose by 14.08% year-on-year [1]

Core Insights - Shentong Express (002468.SZ) reported a revenue of 5.973 billion yuan from its express delivery services in January 2026, representing a year-on-year growth of 43.26% [1] - The company completed a business volume of 2.540 billion parcels in January 2026, which is a year-on-year increase of 25.57% [1] Financial Performance - Revenue from express delivery services reached 5.973 billion yuan in January 2026, showing significant growth compared to the previous year [1] - The business volume of 2.540 billion parcels indicates a strong operational performance, reflecting an increase in demand for delivery services [1]

Core Viewpoint - Shentong Express reported significant growth in its express service revenue and business volume for January 2026, indicating a strong performance in the logistics sector [1] Financial Performance - The express service revenue for January 2026 reached 5.973 billion yuan, representing a year-on-year increase of 43.26% [1] - The total business volume for the same period was 2.540 billion parcels, showing a year-on-year growth of 25.57% [1]

证券代码：002468 证券简称：申通快递 公告编号：2026-015 2026 年 1 月经营简报 上述快递服务单票收入计算如有差异为四舍五入原因所致。上述数据未经审计，与定期报告 披露的数据之间可能存在差异，请以公司定期报告为准。 特此公告。 申通快递股份有限公司董事会 2026年2月14日 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 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》的有关规定，公司现 披露2026年1月份相关数据信息如下： | 项 目 | 2026年1月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 59.73 | 43.26% | | 完成业务量（亿票） | 25.40 | 25.57% | | 快递服务单票收入（元） | 2.35 | 14.08% | 根据公司于2025年11月4日在巨潮资讯网（www.cninfo.com.cn）披露的《关于收购浙江丹鸟 物流科技有限公司100%股权的进展公告》（公告编号：2025-082），公司收购的浙江丹鸟物流科 技有限公司（以下简 ...

Financial Performance - Shentong Express reported Q3 2025 revenue of 13.546 billion yuan, a year-on-year increase of 13.62% [1] - Net profit for the same period was 302 million yuan, reflecting a year-on-year growth of 40.32% [1] - The growth was primarily driven by the industry's "anti-involution" policy, which improved single-ticket prices, and the consolidation of Daniao Logistics starting from November 2025 [1] Recent Events - On February 6, 2026, Shentong Express announced a change in general manager, with Wang Wenbin promoted to vice chairman and Han Yongyan taking over as general manager [2] - A legal dispute involving the company's actual controller, Chen Xiaoying, has arisen due to a divorce property settlement, potentially affecting 2.65% of shares (approximately 40.56 million shares) [2] - The company announced a tiered price increase for personal parcels during the Spring Festival period (February 14-20, 2026), with the first weight surcharge of 2-3 yuan per ticket and additional weight surcharges of 0.3-1.5 yuan per kilogram [2] Stock Performance - Over the past 7 days (as of February 12, 2026), Shentong Express's stock price has shown a slight decline of 0.15%, with a price of 12.98 yuan [3] - The stock has a technical resistance level at 13.91 yuan and a support level at 12.46 yuan, with recent MACD indicators showing a positive trend but overall moving averages indicating a bearish pattern [3] - On February 12, 2026, there was a net outflow of 10.69 million yuan from institutional investors, while retail investors showed slight inflows, indicating cautious market sentiment [3] Institutional Insights - Huachuang Securities noted that the express delivery industry is experiencing a continued differentiation, with Shentong's business volume growth reaching 11.09% in December due to the merger with Daniao Logistics, increasing its market share to 13.7% [4] - Analysts are optimistic about profit recovery for leading companies under the "anti-involution" policy, predicting a 31.25% year-on-year increase in Shentong's net profit for 2025, with a target price of 19 yuan, representing a potential upside of 45.9% from the current price [4]

Core Viewpoint - The express delivery industry is ensuring uninterrupted service during the Spring Festival, addressing consumer concerns about potential delivery halts, while also focusing on reducing internal competition and improving profitability [1][2][3]. Group 1: Service Operations During Spring Festival - Multiple express companies, including Zhongtong Express, Shentong Express, and Jitu Express, have confirmed that they will maintain normal operations during the Spring Festival, with specific arrangements for employee shifts to ensure service continuity [1][3]. - Zhongtong Express will operate from February 16 to February 21, while Jitu Express has planned resource allocation to ensure operational stability during the holiday period [3][5]. Group 2: Industry Trends and Financial Performance - The express delivery sector is experiencing a "reverse involution," leading to an increase in single-ticket revenue for companies like Shentong Express and Yunda Express, with expectations for continued growth in 2026 [2][6]. - From late 2025, the industry has shifted from price competition to profit recovery, with Yunda Express reporting a 5.9% year-on-year increase in single-ticket revenue in December 2025 [6]. Group 3: Fundraising and Financial Strategies - Zhongtong Express plans to issue $1.5 billion in convertible senior notes, with a net amount of approximately $1.404 billion allocated for refinancing and general corporate purposes [7]. - Shentong Express intends to issue medium-term notes not exceeding 2 billion yuan to enhance liquidity and support project development [7]. Group 4: Market Outlook - Analysts predict that the express delivery industry is in the early stages of an upward cycle, with improving profitability and a shift towards higher service quality, which is expected to foster sustainable development [7].

Core Viewpoint - The Nanjing Postal Administration has issued a consumer notice regarding the delivery services during the Spring Festival, highlighting the operational adjustments made by various postal and express companies to ensure smooth service during the peak season [1][3]. Group 1: Delivery Operations - The Spring Festival travel rush began on February 2 and will last until March 13, totaling 40 days, leading to a temporary surge in express delivery volume due to promotional activities by e-commerce platforms [1]. - Major express companies have coordinated resources to handle the peak demand, ensuring overall stability in the delivery industry [1]. Group 2: Company-Specific Adjustments - SF Express will maintain operations without interruption, with price increases for large items starting from January 19, and a gradual return to normal operations beginning February 24 [2]. - JD Logistics will operate in core cities and main routes without interruption, with special charges for heavy items from January 19 to February 23, and limited service during the first three days of the new year [2]. - China Post will not implement price increases throughout the year, but will limit service in remote areas from January 1 to 3, with a return to normal by February 8 [2]. - Debon will keep key routes operational, with price increases for certain items from January 19 to February 14, and a full return to normal by February 8 [2]. - YTO Express and Shentong Express will reduce service and suspend operations in remote areas starting January 10, with a gradual recovery expected by February 24 [2]. Group 3: Consumer Advisory - The Nanjing Postal Administration advises consumers to be aware of potential delays due to adverse weather conditions and operational challenges during the Spring Festival, urging understanding and patience [3]. - Consumers are encouraged to consult with postal and express companies before sending items and to stay updated on service arrangements published by these companies [3].