At the opening of October 27, SF holdings once fell sharply, with the largest intraday decline of 4%, and then rebounded. As of the closing, SF holdings closed at 87.03 yuan, down 0.25%, with a total market value of 396.6 billion yuan, in contrast to the “floating red” logistics sector on that day. < p > < p > on the evening of October 26, SF holdings released the third quarter report, which showed that the net profit attributable to shareholders of Listed Companies in the first three quarters of this year was 5.598 billion yuan, up 29.84% year-on-year; the total business volume reached 5.672 billion votes, an increase of 75.06% compared with the same period last year, exceeding the whole year of last year. < p > < p > investors are puzzled and say: “why is the stock price falling due to such a good performance?” However, the reporter noted that Feng Liu’s Gao yilinshan No.1 has greatly reduced its holdings and has withdrawn from the list of the top 10 common shareholders with unlimited sales conditions. Since this year, the business volume of SF Holdings has maintained a high growth trend, which has driven the high growth of performance. The revenue of SF holdings in the first three quarters has approached the total revenue level of 2019 (112.193 billion yuan). SF has repeatedly said that its revenue has maintained a high growth thanks to time effective products, special products and other new business. < p > < p > CITIC Securities believes that a complete hierarchical system of e-commerce products will be basically formed after SF launched special products in May 2019. Preferential distribution is the symbol of SF’s third distribution of e-commerce parts market, and as the most affordable product in the current SF product system, it effectively fills the gap of SF in the middle end e-commerce parts market. < p > < p > this year, in addition to the trend of high performance growth, the stock price has also made great progress. However, while the performance continued to rise sharply, the share price did not rise but fell. At the beginning of the trading on October 27, SF holdings once fell sharply, with the largest intraday decline of 4%, and then rebounded. As of the closing, SF holdings closed at 87.03 yuan, down 0.25%, with a total market value of 396.6 billion yuan. On the same day, the logistics sector was “floating red”, with an overall increase of more than 1.7%. Huapengfei raised the seal board by 20%, and feilida, Xinning logistics and Haichen shares went up one after another. According to the analysis, the sharp drop of SF holdings on that day may be due to the change of top ten shareholders. As a leading express stock, SF Holdings has always been favored by institutions. Combined with the top ten tradable shares, with the rising stock price, shareholders’ positions are also differentiated. Among them, Ningbo Shunda Fengrun investment management partnership, the company’s third largest circulating shareholder, reduced its position again after reducing its holding of SF holdings in the first half of the year. At present, the shareholding ratio has dropped to 3.49%, and Yuanhe Shunfeng equity investment enterprise in Suzhou Industrial Park has also reduced its position to 1.64%. < / P > < p > it is worth noting that, at the time of the performance boom, the data of the top ten circulating stocks in the third quarter showed that gaoyilinshan No.1 Yuanwang fund managed by Feng Liu, a “private placement tycoon” in the third quarter, has withdrawn from the list of top ten circulating shareholders. As of the end of the second quarter of this year, Gao yilinshan No.1 Yuanwang fund also held 23 million shares of SF holdings. Just the day before (26), due to the news of Feng Liu’s massive increase in positions, Hikvision and Dahua shares also rose sharply. < / P > < p > “as for the reduction of private equity tycoons, we should consider the timing and cost of purchase at that time. If it makes enough money, I think it is entirely understandable that it will reduce its holdings. After all, it is safe to drop bags. ” Express expert Zhao Xiaomin told reporters. In an interview with all media reporters, Yang Daqing, an expert in logistics industry, said that the stock price change of SF was greatly affected by the market decline. Under the resonance of the global capital market, the general market pessimism caused by the sharp fall of European and American stock markets under the impact of the second wave of epidemic has also affected China’s capital market. Judging from the closing results of SF, the decline correction should be the reasonable shock of SF in the high price range, and the reduction of private placement does not constitute a key impact. People in the industry say that it is normal for shareholders to increase or reduce their holdings, and the star effect of the market has always existed. The core should pay more attention to the company’s fundamentals and intrinsic investment value. < / P > < p > at present, the express industry as a whole presents a comprehensive recovery trend. According to the latest data of the state post administration, from January to September, the total business volume of express delivery service enterprises in China completed 56.14 billion pieces, with a year-on-year increase of 27.9%; and the business income reached 609.88 billion yuan, with a year-on-year growth of 15.7%. Among them, in September, the overall business volume of express delivery industry increased by 44.6% year-on-year, 8.09 billion pieces were completed, the growth rate reached a new high in three years; the business income of the industry reached 82.43 billion yuan, with a year-on-year growth of 27%. < / P > < p > on October 18, the real-time monitoring data of the state post administration showed that the 60 billion express in China was officially born in 2020, which is only 38 days from the 50th billion. The express industry has 63 billion pieces in 2019, and it will easily surpass in 10 months in 2020. < / P > < p > with the advent of “double 11”, the express industry will enter the busiest season. Anxin Securities said that the express peak season has officially opened. Under the promotion efforts this year, the demand for express delivery in peak season is expected to exceed expectations, and at the same time, it pays attention to the easing of price competition in the industry in peak season. Western Securities said that the price war is expected to be further eased in the fourth quarter of the e-commerce peak season, greatly stimulating C-end consumption, driving a high increase in express delivery volume, and the performance of express enterprises is expected to improve month on month. < / P > < p > Disclaimer: the purpose of this article reprinted by china.com finance and economics is to convey more information and does not represent the views and positions of the website. The content of this paper is for reference only and does not constitute investment advice. Investors operate accordingly and bear their own risks. < p > < p > Chinanet is a national key news website under the leadership of the Information Office of the State Council and managed by China foreign language publishing and Distribution Bureau. Through 11 versions in 10 languages, the website releases information 24 hours a day, which is an important window for China to carry out international communication and information exchange.