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The emergence of global macro risks, such as trade frictions and geopolitical tensions, has brought uncertainty to the economy. Against this backdrop, the Chinese stock market has shown a relative defensiveness, which means that in a turbulent economic environment, the Chinese market has a certain degree of stability and risk resistance. This has an important impact on investors' decisions and capital flows.

However, we need to think about how this economic situation affects other areas. Take the logistics industry as an example. The operation of international logistics is closely linked to the dynamics of the global economy. In times of economic instability, international logistics companies may face challenges such as fluctuations in transportation demand, rising costs, and supply chain disruptions. But on the other hand, this also prompts companies to strengthen risk management, optimize operational processes, and improve their ability to respond to crises.

Express delivery services in international logistics are particularly dependent on the activity of global trade and consumer demand. When the global macro-economy faces risks, consumer purchasing power and willingness to buy may be suppressed, leading to a decrease in express delivery business volume. At the same time, trade protectionist policies may increase the cost and complexity of cross-border express delivery, affecting the operational efficiency and profits of enterprises.

However, the relative defensiveness of the Chinese stock market may bring some opportunities to the international express delivery industry. A stable market environment may attract more investment, promote the development of the e-commerce industry, and in turn drive the growth of the express delivery business. Especially in China, as the e-commerce market continues to expand, the demand for express delivery services continues to rise, providing favorable conditions for international express delivery companies to expand in the Chinese market.

In the process of dealing with global macro risks, international express delivery companies need to continue to innovate and adapt to changes. For example, they should adopt advanced logistics technologies such as big data analysis, artificial intelligence and the Internet of Things to improve operational efficiency, optimize route planning and enhance customer service experience. At the same time, they should strengthen cooperation with upstream and downstream companies in the supply chain to form synergies and jointly deal with risks.

In short, UBS's views provide a valuable reference for us to understand the current situation and future direction of the global economy. As an important part of global economic activities, the international express delivery industry needs to pay close attention to changes in the economic situation and flexibly adjust its strategy to achieve sustainable development.