国泰海通主要观点如下： 7月价格降幅收窄，快递"反内卷"力度超预期，短期竞争压力趋缓，中长期继续保障良性竞争 7月快递件量同比+15.1%;顺丰深化落实激活经营，业务量同比+33.7%，增速持续领跑 1)全行业：2025年7月全国快递企业件量164.0亿件，同比+15.1%;2025年1-7月件量1120.5亿件，同比 +18.7%。小件化趋势持续、电商促销且退换货便捷，共同驱动2025年前7个月件量增速超过邮管局对 2025年全年件量增速超8%的预测。2)电商快递：圆通/韵达/申通2025年7月业务量分别同比 +20.8%/+7.6%/+11.9%;1-7月业务量分别同比+21.6%/+15.1%/+19.3%。3)直营快递：顺丰2025年7月业务 量同比+33.7%;1-7月业务量同比+26.9%，得益于落实激活经营策略，加大对前线业务的授权与激励，顺 丰件量增速3-7月连续领跑行业。 行业集中度持续集中，头部公司Q2市场份额环比提高 2022年初到2024年末，由于政策监管下价格竞争相对温和，份额向头部集中较缓慢。1)全行业：2025年 1-7月快递行业CR8为86.9，同比提升1.7，反映出2025年 ...

Core Viewpoint - The introduction of autonomous delivery vehicles in Shenmu City marks a significant step towards the intelligent transformation of the logistics industry, enhancing efficiency and service quality in package delivery. Group 1: Autonomous Delivery Vehicles - Autonomous delivery vehicles are now operating in Shenmu City, capable of navigating streets without human drivers and delivering packages to various points [1][3]. - These vehicles have a cargo capacity of 6 cubic meters, allowing them to carry 600 to 700 packages at once, equivalent to the load of three traditional delivery tricycles [3]. Group 2: Operational Efficiency - Zhongtong Express has implemented two autonomous delivery vehicles, which deliver over 2,000 packages daily to three locations, significantly reducing delivery time and costs compared to manual delivery [5][6]. - YTO Express has also deployed an autonomous delivery vehicle for specific cargo transfers, currently in trial operation, with a maximum daily transport capacity of 700 packages [8][10]. Group 3: Technology and Monitoring - The autonomous delivery vehicles are equipped with multiple high-definition cameras and millimeter-wave radar, enabling 360-degree environmental awareness and precise recognition of pedestrians, vehicles, and traffic signals [8]. - The vehicles can travel up to 150 kilometers on a single charge, sufficient for two days of operations, and are monitored in real-time by staff to ensure safety [8]. Group 4: Impact on Logistics - The arrival of autonomous delivery vehicles has streamlined operations at delivery stations, improving package transfer efficiency and enhancing the overall delivery experience for residents [10]. - The integration of these vehicles addresses challenges such as the difficulty in hiring truck drivers, while also providing a more efficient service to the community [10].

Investment Rating - The report maintains a "Recommended" rating for the logistics industry [1] Core Insights - In July 2025, the express delivery industry experienced a year-on-year business volume growth of 15.1%, outpacing the growth of physical online retail sales at 8.3% and social consumer retail sales at 3.7% [6][14] - The trend of small parcel delivery continues, driving rapid growth in express package volume [14] - The average revenue per ticket in the express delivery industry was 7.36 yuan in July 2025, reflecting a year-on-year decline of 5.33% and a month-on-month decline of 1.76% [21] - The report anticipates a price recovery in August 2025 due to the "anti-involution" trend in the industry [6] Industry Volume and Price - In July 2025, the year-on-year growth rates for express delivery business volume in first, second, and third-tier regions were +14.2%, +16.8%, and +28.0%, respectively [34] - The average revenue per ticket in first, second, and third-tier regions showed year-on-year declines of -4.7%, -7.2%, and -12.1%, respectively [34] Company Performance - In July 2025, the express delivery business volume growth rates for YTO Express, Yunda, Shentong, and SF Express were +20.81%, +7.56%, +11.90%, and +33.69%, respectively, with the industry average at 15.1% [43] - The year-on-year decline in average revenue per ticket for YTO Express, Yunda, Shentong, and SF Express was -7.14%, -3.54%, -1.50%, and -14.02%, respectively [44]

东兴证券近日发布快递7月数据点评：件量增速继续放缓，各企业增速分化：7月全国快 递服务企业业务完成量164.0亿件，同比增长15.0%。分类型看，同城件业务量同比增长 8.8%，异地件增长16.1%。行业件量增速3月以来缓慢下行，与去年同期基数较高有一定关 系，也与以价换量模式边际效益递减有关。 以下为研究报告摘要： 事件：7月全国快递服务企业业务完成量164.0亿件，同比增长15.0%。行业件量增速缓 慢下降。 价"行为，并将此纳入企业信用评价。7月29日，召开快递企业座谈会，就多项突出问题整 治，促进行业高质量发展进行座谈交流。 各地也相应出台反内卷政策，包括但不限于：义乌市邮政管理局召开会议，将快递价格 在1.1元/票底价基础上涨价0.1元/票至1.2元/票，自7月18日起生效；8月1日广东省邮政管理 局召开反对"内卷式"竞争工作座谈会，要求积极推动解决快递末端网络不稳定、从业人员权 益保障不到位等突出问题。且有消息称8月5日起，广东省快递底价整体上调0.4元/票，均价 涨至1.4元/票以上，基层网点派费增加0.1元/票；北京市快递协会于8月5日发布《倡议 书》，杜绝通过不合理低价争抢市场份额；摒弃"价 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600794 | 保税科技 | 4.83 | 5.46% | 133.59万 | | 6.37亿 | | 603713 | 密尔克卫 | 62.38 | 2.50% | 2.92万 | | = 1.82亿 | | 002468 | 申通快递 | 19.48 | 2.47% | 51.21万 | | 9.79亿 | | 002492 | 恒基达整 | 7.45 | 1.78% | 15.96万 | | 1.18亿 | | 600119 | 长江投资 | 9.54 | 1.49% | 8.59万 | | 8191.39万 | | 601598 | 中国外运 | 5.63 | 1.26% | 15.09万 | | 8470.72万 | | 603871 | 嘉友国际 | 11.51 | 1.23% | 21.09万 | | 2.42亿 | | 002800 | 天顺股份 | 15.58 | 1.17% | 10.24万 | | 1.59亿 ...

Core Viewpoint - The express delivery sector is currently undervalued, with continuous growth in the e-commerce market and new demands emerging from lower-tier markets and reverse logistics, indicating strong resilience in industry demand [1] Group 1: Industry Performance - The express delivery industry remains robust, with July 2025 revenues reaching 120.64 billion yuan and business volume at 16.40 billion pieces, reflecting year-on-year growth of 8.9% and 15.1% respectively [1] - From January to July 2025, the cumulative express delivery revenue was 839.42 billion yuan, up 9.9% year-on-year, while the cumulative business volume reached 112.05 billion pieces, increasing by 18.7% [1] - SF Express leads the industry with July 2025 revenue of 18.657 billion yuan and business volume of 1.377 billion pieces, and from January to July 2025, it achieved a market share increase of 0.5 percentage points [1] Group 2: Demand and Pricing Dynamics - The express delivery sector benefits from strong demand resilience, driven by trends such as smaller package sizes, increasing reverse logistics, and the advantages of lower-tier markets, with industry volume growth significantly outpacing retail sales growth [2] - The trend towards lighter and smaller packages, along with intensified price competition, has impacted the average revenue per package, leading to a more competitive pricing environment [2] Group 3: Regulatory Environment - The State Post Bureau's emphasis on "anti-involution" aims to foster healthy price competition within the express delivery industry, reducing the likelihood of a return to the severe price wars seen in 2020 [3] - As price increases are gradually implemented across various regions, the profitability per package for express delivery companies is expected to improve, enhancing the market position of leading firms [3]

Core Viewpoint - YTO Express announced its main operating data for the express delivery business in July 2025, emphasizing the importance of the accuracy and completeness of the information provided [1]. Group 1: Company Data - The announcement includes key operating data for YTO Express's express delivery business for July 2025 [1]. - The data presented is unaudited, and investors are advised to be cautious regarding investment risks [1]. Group 2: Legal Assurance - The board of directors of YTO Express guarantees that the announcement does not contain any false records, misleading statements, or significant omissions, and they bear legal responsibility for the content's authenticity, accuracy, and completeness [1].

Core Viewpoint - The express delivery industry is experiencing a "volume increase and price decrease" situation, with companies shifting focus from price competition to quality and service improvement [1][2]. Group 1: Industry Performance - In July, major express delivery companies reported varying revenue growth, with Shentong Express seeing a 9.95% increase in revenue but a 1.50% decrease in revenue per package [1]. - YTO Express reported a 12.08% increase in revenue but a 7.20% decrease in revenue per package [1]. - Yunda Holdings experienced a 3.75% revenue growth with a 3.54% drop in revenue per package [1]. - SF Express's logistics and supply chain business saw a 9.95% revenue increase, while revenue per package fell by 14.02% [1]. Group 2: Strategic Shifts - Companies are moving away from the "price for volume" model to focus on quality and service upgrades, as stated by Shentong Express's management [2]. - The industry is expected to transition from "price wars" to "value wars," emphasizing service quality to gain market share [2]. - Experts predict that with ongoing anti-involution policies, leading companies will accelerate their shift towards service and efficiency competition, potentially improving industry profit margins within one to two years [2]. Group 3: Technological Advancements - The express delivery industry is increasingly adopting intelligent and digital applications to enhance operational efficiency, such as automated sorting and big data for route optimization [3]. - Digital management is improving supply chain transparency and customer experience [3]. - Long-term, technology-driven advancements are expected to accelerate industry consolidation, putting pressure on smaller logistics companies to transform, while leading firms with technological capabilities will dominate the market [3].

Investment Rating - The report maintains an "Overweight" rating for the express delivery industry, expecting the industry index to outperform the market index by over 10% in the next six months [7]. Core Insights - The express delivery volume continues to grow rapidly, with a cumulative completion of 1120.5 billion pieces from January to July 2025, representing a year-on-year increase of 18.7%. In July alone, the volume reached 164 billion pieces, up 15.1% year-on-year [2]. - The industry's revenue growth lags behind volume growth, with a cumulative revenue of 8394.2 billion yuan from January to July 2025, reflecting a year-on-year increase of 9.9%. The average revenue per piece in July was 7.36 yuan, down 5.33% year-on-year [2]. - Market concentration has slightly decreased, with the CR8 index at 86.9, down 0.1 from June. Major players like SF Express, Yunda, Shentong, and YTO have seen varying growth rates in volume and revenue per piece, indicating a temporary easing of competitive pressure [3]. - Regulatory measures against "involution" have led to price increases in key production areas, with minimum prices raised to 1.4 yuan per piece in Guangdong province starting August 4, 2025. This is expected to improve profitability in the industry [4]. Summary by Sections Industry Performance - The express delivery sector has shown robust growth in volume, but revenue growth remains slower, indicating a reliance on price reductions to drive volume [2]. Market Dynamics - The competitive landscape is stabilizing, with major companies experiencing seasonal volume declines and slight decreases in average revenue per piece. The market concentration has decreased slightly, suggesting a reduction in competitive intensity [3]. Regulatory Environment - Recent regulatory actions have aimed to curb excessive competition, leading to price adjustments that could enhance profitability for express delivery companies [4][5]. Investment Strategy - The report suggests a positive outlook for the express delivery industry under the new regulatory framework, recommending attention to leading companies such as SF Express, YTO Express, Shentong Express, and Yunda [5].

近日，有网友在社交平台爆料，自己在BOSS直聘平台求职时，因询问"五险一金"相关问题，被南昌市 红谷滩区一圆通速递管理服务中心的一位谢姓HR言语挖苦，引发热议。 日博 管他多少钱 就是买不起 62 公众号 · 经视直播 BOSS直聘 小组书 15 G 谢 不感兴趣 57 江西创跃 · 经理 ( 1950) 就是买不起 设备几百万都买 就是买不起 五险 你精神还好嘛 已摸 是不是上班入魔了 日凌 挺好的呀,找不到工作好难受吗 真苦 聊天截图显示，求职者询问公司是否缴纳五险，圆通HR回复称"公司没钱交不了"，并在得知对方为大 专学历后强调"没办法买五险"，称"这年头到处是大专"。求职者追问工资能否正常发放，HR表示"不缺 钱，设备几百万都买，就是买不起五险"。 而据经视直播报道，相应单位为圆通速递城市服务中心（庐山南大道店），该中心工作人员向经视直播 确认，线上招聘人员谢某为公司员工，但其关于"五险一金"的回应"可能不够准确"。这名工作人员表 示，公司允许员工自主选择是否缴纳"五险一金"，若选择不交社保会有相应补贴。对于HR言语冒犯一 事，工作人员表示，需进一步核实，并称"若求职者对线上沟通不满意，可选择不来应聘 ...