2月5日，胡润研究院发布《2025胡润中国500强》榜单。榜单显示，中通快递(02057)价值1070亿元，排 名第137位。这是中通自2019年首次上榜《胡润中国500强》后，连续第7年在榜。 这是胡润研究院连续第七次发布"胡润中国500强"，该榜单列出了中国500强非国有企业，按照企业价值 进行排名，上市公司市值按照2025年11月14日的收盘价计算，非上市公司估值参考同行业上市公司或根 据最新一轮融资情况进行估算。榜单显示，今年企业上榜门槛比上一年上升75亿元，达到340亿元（增 长28%）。500强企业的总价值比上一年上涨21万亿元（增长38%），达到77万亿元。 这是胡润研究院连续第二十次发布中国品牌榜，旨在寻找面向中国消费者的最具价值品牌。 同时，胡润研究院还发布了《2025胡润中国品牌榜》，中通快递与中通快运双双上榜。榜单显示，中通 快递以155亿元的品牌价值位列第91位，中通快运以20亿元的品牌价值位列第443位，历史首次登上该榜 单。 ...

智通财经APP获悉，2月5日，胡润研究院发布《2025胡润中国500强》榜单。榜单显示，中通快递 (02057)价值1070亿元，排名第137位。这是中通自2019年首次上榜《胡润中国500强》后，连续第7年在 榜。 这是胡润研究院连续第二十次发布中国品牌榜，旨在寻找面向中国消费者的最具价值品牌。 这是胡润研究院连续第七次发布"胡润中国500强"，该榜单列出了中国500强非国有企业，按照企业价值 进行排名，上市公司市值按照2025年11月14日的收盘价计算，非上市公司估值参考同行业上市公司或根 据最新一轮融资情况进行估算。榜单显示，今年企业上榜门槛比上一年上升75亿元，达到340亿元（增 长28%）。500强企业的总价值比上一年上涨21万亿元（增长38%），达到77万亿元。 同时，胡润研究院还发布了《2025胡润中国品牌榜》，中通快递与中通快运双双上榜。榜单显示，中通 快递以155亿元的品牌价值位列第91位，中通快运以20亿元的品牌价值位列第443位，历史首次登上该榜 单。 ...

Investors interested in stocks from the Transportation - Services sector have probably already heard of ZTO Express (Cayman) Inc. (ZTO) and RXO (RXO) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look.We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revis ...

Core Viewpoint - The Nasdaq Golden Dragon China Index saw an initial increase of 1.21%, indicating positive market sentiment towards Chinese stocks listed in the U.S. [1] Company Performance - NIO experienced a significant rise of 7.4% - Miniso increased by 5.4% - Yum China rose by 3.4% - Li Auto gained 2.8% - ZTO Express, Zai Lab, Bilibili, Baidu, and Kingsoft Cloud all saw increases of over 2% - Alibaba had a modest increase of 0.7% - Pony.ai declined by 1.2% - New Oriental fell by 2.8% [1] ETF Performance - KWEB ETF rose by 1.14% - CQQQ ETF increased by 0.7% - ASHR ETF decreased by 0.1% - ASHS ETF fell by 1.3% [1]

Core Viewpoint - Moody's has assigned an "A3" issuer rating to ZTO Express (Cayman) Inc. and an "A3" senior unsecured rating to its proposed convertible bonds, with a stable outlook [2][12]. Group 1: Company Overview - ZTO Express is the largest express service provider in China, maintaining a market share of approximately 20% [4][14]. - The company operates a nationwide network with over 31,000 outlets and has a strong brand recognition [4][14]. - ZTO Express has established long-term stable relationships with over 6,000 franchise partners, which is crucial for its operational stability and market position [4][14]. Group 2: Financial Performance - For the nine months ending September 30, 2025, the company's total revenue grew by 10.3% year-on-year, driven by its national distribution network and ongoing automation investments [4][14]. - The compound annual growth rate (CAGR) of total revenue from 2014 to 2024 is projected to be 27%, reflecting strong market demand [4][14]. - The adjusted EBITDA margin for the twelve months ending September 2025 is 33%, down from over 35%, primarily due to increased costs from diversification into more consumer categories [5][15]. Group 3: Debt and Leverage - As of September 30, 2025, ZTO Express's total adjusted debt decreased from 17.3 billion RMB in 2024 to 12.4 billion RMB, mainly due to early repayment of previously issued convertible senior bonds [6][16]. - The debt/EBITDA ratio has remained around 1.0x over the past two years, supported by strong operating cash flow and controlled investment pace [6][16]. - The company has a strong liquidity position, with approximately 31.2 billion RMB in cash and cash equivalents, plus an estimated operating cash flow of about 13.7 billion RMB, sufficient to cover cash outflows for the next 12 months [6][16]. Group 4: Growth Strategy and Market Position - Moody's expects ZTO Express's revenue to continue growing over the next 2-3 years, driven by new demands from digital retail formats and expansion efforts in underdeveloped rural areas [5][15]. - The company's unit costs are among the lowest in the industry, attributed to its large scale and early investments in key assets [5][15]. - ZTO Express's growth strategy focuses on joint investments with business partners, effectively reducing its own investment needs while expanding its business scope [6][16]. Group 5: ESG Considerations - The company's credit impact score is 3, indicating that ESG factors have a limited impact on its current credit rating [17][18]. - Environmental risks are partially mitigated by the company's efforts to promote green logistics and reduce its carbon footprint [17][18]. - Social risks related to data privacy are addressed through compliance with regulations and ongoing updates to data security systems [17][18].

Report Summary 1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report On February 3, the overall capital market remained stable; the bond market was mainly fluctuating, with short - term bonds being weak and medium - and long - term bonds being slightly strong; the main indexes of the convertible bond market rose collectively, and most convertible bond issues increased; the yields of U.S. Treasury bonds of different maturities showed divergent trends, and the yields of 10 - year government bonds of major European economies generally increased [1][2]. 3. Summary by Directory 3.1 Bond Market News - **Domestic News**: On February 3, the 2026 Central No. 1 Document was released, proposing reforms in rural collective property rights, support for new rural collective economies, and measures to control village - level debt. The central bank will conduct an 800 billion yuan 3 - month term buy - out reverse repurchase operation on February 4, resulting in a net investment of 100 billion yuan. The central bank Shanghai Head Office emphasized continuous financial reform and opening - up, and promoted free - trade zone financial reform [4][5]. - **International News**: On February 3 (local time), the U.S. House of Representatives passed a government funding bill, and the partial government shutdown is expected to end. However, the U.S. Department of Homeland Security only has funds until February 13, and there is still a risk of a more limited funding shortage [7]. - **Commodities**: On February 3, international crude oil and natural gas futures prices rose. WTI March crude oil futures rose 1.72% to $63.21 per barrel, Brent April crude oil futures rose 1.56% to $67.33 per barrel, COMEX gold futures rose 6.94% to $4975.30 per ounce, and NYMEX natural gas prices rose 3.49% to $3.377 per ounce [8]. 3.2 Capital Market - **Open - Market Operations**: On February 3, the central bank conducted a 7 - day reverse repurchase operation of 105.5 billion yuan at a fixed interest rate of 1.40%. With 402 billion yuan of reverse repurchases maturing on the same day, the net withdrawal of funds was 296.5 billion yuan [10]. - **Funding Rates**: On February 3, the capital market was generally stable. DR001 decreased by 4.76bp to 1.371%, and DR007 increased by 0.66bp to 1.497%. Other funding rates also showed different degrees of change [11][12]. 3.3 Bond Market Dynamics - **Interest - Rate Bonds**: On February 3, the bond market fluctuated, with short - term interest - rate bonds being weak and medium - and long - term bonds being slightly strong. As of 20:00 Beijing time, the yield of the 10 - year Treasury bond active bond 250016 decreased by 0.40bp to 1.8110%, and the yield of the 10 - year China Development Bank bond active bond 250215 remained unchanged at 1.9580%. Multiple bonds were issued on the same day, with different issuance scales, winning bid yields, and multiples [14][15]. - **Credit Bonds**: On February 3, there were no credit bond transactions with a price deviation of more than 10%. Several companies had credit - related announcements, including debt repayment difficulties, litigation, debt restructuring, and issuance cancellations [16][18]. - **Convertible Bonds**: On February 3, the A - share market rose, with the Shanghai Composite Index, Shenzhen Component Index, and ChiNext Index rising 1.29%, 2.19%, and 1.86% respectively. The main indexes of the convertible bond market also rose collectively. The trading volume of the convertible bond market was 97.548 billion yuan, an increase of 12.465 billion yuan from the previous trading day. Most convertible bond issues increased. Tomorrow (February 5), Haitian Convertible Bonds will start online subscriptions, and Shangtai Convertible Bonds will be listed [18][19][23]. - **Overseas Bond Markets**: - **U.S. Bond Market**: On February 3, the yields of U.S. Treasury bonds of different maturities showed divergent trends. The 2 - year U.S. Treasury bond yield remained unchanged at 3.57%, and the 10 - year U.S. Treasury bond yield decreased by 1bp to 4.28%. The 10 - year inflation - protected Treasury bond (TIPS) break - even inflation rate increased by 1bp to 2.36% [22][24][25]. - **European Bond Market**: On February 3, the yields of 10 - year government bonds of major European economies generally increased. The 10 - year German government bond yield increased by 2bp to 2.89%, and the yields of 10 - year government bonds of France, Italy, Spain, and the UK increased by 1bp, 1bp, 2bp, and 1bp respectively [26]. - **Chinese - Issued U.S. Dollar Bonds**: As of the close on February 3, the prices of Chinese - issued U.S. dollar bonds showed different degrees of change, with some rising and some falling [28].

Core Viewpoint - Citigroup reports that ZTO Express (02057) plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, indicating a potential restart of the buyback plan during the upcoming earnings release [1] Group 1: Financial Actions - ZTO Express intends to issue $1.5 billion in convertible preferred notes [1] - The company has $700 million remaining in its share repurchase authorization until September 2025, suggesting a possible buyback plan restart [1] - Citigroup views the low interest rates and reasonable premiums as sufficient to offset potential dilution effects from the issuance of convertible notes [1] Group 2: Performance Metrics - ZTO Express reported a 13.3% growth in package volume, aligning with Citigroup's expectations [1] - The revenue forecast for ZTO Express is between 48.5 billion to 50 billion RMB, with gross profit estimated between 12.15 billion to 12.55 billion RMB, both of which are roughly in line with Citigroup's and market expectations [1]

Core Viewpoint - Citigroup reports that ZTO Express (02057) plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, indicating a potential restart of the buyback plan during the upcoming earnings release [1] Group 1: Share Repurchase and Convertible Notes - ZTO Express has a remaining share repurchase capacity of $700 million until September 2025, suggesting that the company may soon resume its buyback program [1] - The issuance of convertible notes is viewed slightly positively due to low interest rates and reasonable premiums that could offset potential dilution effects [1] Group 2: Financial Performance - ZTO Express reported a 13.3% growth in package volume, aligning with Citigroup's expectations [1] - The revenue range for ZTO Express is projected to be between 48.5 billion and 50 billion RMB, with gross profit estimated between 12.15 billion and 12.55 billion RMB, both of which are roughly in line with Citigroup's and market expectations [1]

Core Viewpoint - ZTO Express (02057) announced the issuance of $1.5 billion in notes, with a purchase price of 98.9% of the principal amount, scheduled for February 4, 2026 [1] Group 1: Notes Issuance Details - The company will sell $1.5 billion in notes to initial buyers, with the notes being offered to at least six independent allocators [1] - The notes will be priced at 100% of the principal amount plus any accrued interest from February 9, 2026 [1] - The initial conversion price is approximately $30.9473 per share, representing a 37.5% premium over the closing price of $22.51 per American Depositary Share on February 3, 2026 [1] Group 2: Estimated Proceeds and Share Conversion - The estimated net proceeds from the issuance are approximately $1.4041 billion, with the notes convertible into about 4.84695 million shares [1] - The net price per share for conversion is expected to be around $28.9692, based on the closing price of HKD 179.10 per A-class ordinary share [1] Group 3: Pricing and Share Buyback - The company has entered into capped call transactions with initial buyers, with the premium for these options being approximately $76.95 million, or about 5.1% of the total principal amount of the notes [2] - Concurrently, the company agreed to repurchase approximately 18.2544 million A-class ordinary shares, representing about 2.29% of the shares outstanding as of February 3, 2026, and about 37.66% of the convertible shares [2]

Group 1 - The core viewpoint of the article is that ZTO Express plans to issue $1.5 billion in convertible preferred notes while simultaneously repurchasing shares, which may lead to a resumption of its buyback program during the upcoming earnings release [1] - ZTO Express has a remaining buyback capacity of $700 million until September 2025, indicating potential for future share repurchases [1] - The report suggests that low interest rates and reasonable premiums can fully offset any potential dilution effects from the issuance of convertible notes, leading to a mildly positive outlook on the issuance [1] Group 2 - ZTO Express reported a preliminary performance for 2025, with package volume growth of 13.3%, aligning with expectations [1] - The company's revenue is projected to be between 48.5 billion and 50 billion yuan, with gross profit estimated between 12.15 billion and 12.55 billion yuan, both of which are roughly in line with expectations from the bank and the market [1] - The bank maintains a "Buy" rating for ZTO Express on the US stock market, with a target price set at $22.6 [1]