历经9个月的漫长"恢复"，物流资本市场迎来久违的曙光。 每日经济新闻旗下每经未来商业智库自2021年5月起，定期推出"未来商业-物流产业市值榜"（点击专题 直达）。在我们最新统计的覆盖快递快运、物流科技、即时配送以及同城货运等多维度的25家快递物流 公司中，近八成企业市值收获巨大修复。特别是多家物流科技公司，年内（截至9月4日，下同）市值涨 幅较大。其中，东杰智能（300486）市值涨幅达289.04%，以121亿元市值一跃登上11家物流科技公司 之首。 去年股价持续受挫的极兔速递，年内市值涨幅达55.95%，市值总排名超越京东物流；满帮集团年内市 值涨幅达23.93%，挺进物流企业市值总榜第三，仅次于顺丰、中通。而7月以来，行业"反内卷"蔚然成 风，尽管快递企业披露的2025年半年报普遍"增量不增收"、利润下滑、单票收入下降，但快递公司今年 以来市值普遍增长。 另一方面，"通达系"之首中通快递年内市值下降4.23%；即时配送公司闪送市值跌去63.3%，仅剩15亿 元；百世集团和达达退市，市场出清、业务兼并的步子没有停下。充分竞争的快递物流、即时配送市 场，下半年形势依然严峻。 不过，电商"双11"大促日益临 ...

135只个股今日获机构买入型评级，17股机构首次关注。 | 002327 | 富安娜 | 1 | -0.14 | 29.02 | 纺织服饰 | | --- | --- | --- | --- | --- | --- | | 002422 | 科伦药业 | 1 | 3.41 | 32.22 | 医药生物 | | 002436 | 兴森科技 | 1 | 4.45 | 560.31 | 电子 | | 002461 | 珠江啤酒 | 1 | -0.47 | 19.32 | 食品饮料 | | 002484 | 江海股份 | 1 | 4.41 | 38.52 | 电子 | | 002487 | 大金重工 | 1 | 10.01 | 23.21 | 电力设备 | | 002517 | 恺英网络 | 1 | 4.1 1 | 25.64 | 传媒 | | 002555 | 三七互娱 | 1 | 3.32 | 16.00 | 传媒 | | 002594 | 比亚迪 | 1 | 3.13 | 31.52 | 汽车 | | 002609 | 捷顺科技 | 1 | 1.49 | 79.1 1 | 计算机 | | 002612 | 朗姿 ...

Investment Rating - The report maintains a "Buy" rating for the company [6]. Core Views - In Q2 2025, the company's revenue was 12.64 billion yuan, a year-on-year increase of 4.5%, while the net profit attributable to shareholders was 210 million yuan, a year-on-year decrease of 66.9% [2][4]. - The second quarter saw intensified industry competition, leading to a decline in the company's net profit per parcel, which fell by 0.07 yuan to 0.03 yuan year-on-year and decreased by 0.02 yuan quarter-on-quarter [2][10]. - The ongoing "anti-involution" trend in the express delivery industry is gradually restoring prices in regions such as Guangdong, Zhejiang, and Fujian, suggesting potential recovery in the company's performance in the second half of the year [10]. Summary by Sections Financial Performance - For the first half of 2025, the company reported total revenue of 24.83 billion yuan, up 6.8% year-on-year, and a net profit of 530 million yuan, down 49.2% year-on-year [4]. - In Q2 2025, the company handled 6.65 billion parcels, a year-on-year increase of 11.2%, but its market share decreased by 0.7 percentage points to 13.2% [10]. - The average revenue per parcel dropped by 0.11 yuan to 1.91 yuan, with the gross profit margin under pressure due to increased price competition [10]. Cost Management - The company has been optimizing its cost structure, with the per-parcel operating expenses decreasing by 0.01 yuan to 0.07 yuan [10]. - Despite the cost optimization, the net investment income fell by 260 million yuan year-on-year due to a high base from the previous year [10]. Future Outlook - The report anticipates that the company's net profit attributable to shareholders will be 1.51 billion yuan, 1.86 billion yuan, and 2.06 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 15.3, 12.5, and 11.3 times [10].

证券之星消息，9月4日物流板块较上一交易日上涨0.13%，普路通领涨。当日上证指数报收于3765.88， 下跌1.25%。深证成指报收于12118.7，下跌2.83%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 002769 | 普路通 | 9.34 | 4.01% | 42.97万 | 3.98亿 | | 002492 | 恒基达整 | 7.27 | 4.01% | 20.42万 | 1.49亿 | | 600753 | *ST海钦 | 7.06 | 3.22% | 7.57万 | 5350.10万 | | 603871 | 嘉友国际 | 12.07 | 2.99% | 22.61万 | 2.70亿 | | 600153 | 建发股份 | 10.53 | 2.33% | 28.91万 | 3.01亿 | | 002800 | 天顺股份 | 14.29 | 2.29% | 5.95万 | 8524.57万 | | 002120 | 韵达股份 | 7.77 | 1.9 ...

Core Viewpoint - Yunda Holdings has shown a mixed performance in stock price and financial results, with a notable increase in revenue but a significant decline in net profit for the first half of 2025 [2][3]. Group 1: Stock Performance - On September 4, Yunda's stock price increased by 2.10%, reaching 7.78 CNY per share, with a trading volume of 1.49 billion CNY and a turnover rate of 0.69%, resulting in a total market capitalization of 22.556 billion CNY [1]. - Year-to-date, Yunda's stock price has risen by 6.27%, but it has experienced a decline of 7.82% over the last five trading days and 11.79% over the last twenty days, while showing a 14.75% increase over the last sixty days [1]. Group 2: Financial Performance - For the first half of 2025, Yunda achieved a revenue of 24.833 billion CNY, reflecting a year-on-year growth of 6.80%. However, the net profit attributable to shareholders decreased by 49.19%, amounting to 529 million CNY [2]. - Since its A-share listing, Yunda has distributed a total of 3.385 billion CNY in dividends, with 1.221 billion CNY distributed over the past three years [3]. Group 3: Shareholder Information - As of June 30, 2025, Yunda had 85,900 shareholders, a slight increase of 0.19% from the previous period, with an average of 32,788 circulating shares per shareholder, down by 0.19% [2]. - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited is the second-largest, holding 83.9345 million shares, a decrease of 84,500 shares from the previous period [3].

Core Viewpoint - The express delivery industry continues to experience high growth in volume, with significant performance variations among leading companies, while profitability is under pressure due to intensified price competition [1][2][3] Group 1: Industry Performance - In Q2, the express delivery industry achieved a business volume of 505.1 billion pieces, representing a year-on-year increase of 17.3% [1][2] - Major companies' business volumes were as follows: Zhongtong 98.5 billion pieces, Yuantong 80.8 billion pieces, Yunda 66.5 billion pieces, Shentong 65.4 billion pieces, and Shunfeng 42.7 billion pieces [1][2] - Year-on-year growth rates for these companies were: Shunfeng 31.2%, Yuantong 21.8%, Zhongtong 16.6%, Shentong 16.0%, and Yunda 11.2% [1][2] Group 2: Market Share Changes - Market share changes showed Shunfeng increasing by 0.9 percentage points, Yuantong by 0.6 percentage points, Zhongtong decreasing by 0.1 percentage points, Shentong by 0.2 percentage points, and Yunda by 0.7 percentage points [2] Group 3: Pricing and Profitability - The average price per delivery in Q2 was 7.39 yuan, down 6.82% year-on-year and 3.52% quarter-on-quarter [2] - For Shunfeng, the net profit attributable to shareholders was 3.504 billion yuan, up 21.0%, with a net profit margin of 4.55% [2][3] - Zhongtong's adjusted net profit was 2.053 billion yuan, down 26.8%, while Yuantong's was 974 million yuan, down 6.8% [3] - Yunda reported a significant drop in net profit to 208 million yuan, down 66.9%, and Shentong's net profit was 217 million yuan, down 11.9% [3] Group 4: Investment Outlook - The company maintains a positive outlook on Shunfeng's performance stability and is monitoring the ongoing price competition in the e-commerce express delivery sector [3]

证券代码：002120 证券简称：韵达股份 公告编号： 上海罗颉思及其一致行动人所持公司股份不涉及被冻结、拍卖或设定信托的 情况。 二、相关风险提示 上海罗颉思及其一致行动人资信状况良好，目前未出现平仓风险或被强制过 户的风险，未对公司生产经营、公司治理等产生影响，未出现导致公司实际控制 权发生变更的实质性因素。后续若出现平仓风险，上海罗颉思及其一致行动人将 采取包括但不限于提前还款、补充质押股份等措施来应对上述风险，并按相关规 定及时通知公司履行信息披露义务。 三、备查文件 持股5%以上股东每日持股变化明细表。 特此公告。 | 韵达控股集团股份有限公司 | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 | | | | | | | | | | 假记载、误导性陈述或重大遗漏。 | | | | | | | | | | 韵达控股集团股份有限公司（以下简称"公司"）近日接到公司控股股东上 | | | | | | | | | | 海罗颉思投资管理有限公司 ...

（文章来源：证券日报） 证券日报网讯 9月3日晚间，韵达股份发布公告称，近日接到公司控股股东上海罗颉思投资管理有限公 司（简称"上海罗颉思"）通知，获悉上海罗颉思将持有的本公司部分股份办理了解除质押手续，本次解 除质押股份数量为83，200，000股。 ...

证券代码：002120 证券简称：韵达股份 公告编号：2025-059 2、股东股份累计质押情况 截至本次质押解除日，上述股东及其一致行动人所持质押股份情况如下： 股东名称 持股数量 （股） 持股比 例 累计质押股 份数（股） 占其所 持股份 比例 占公司 总股本 比例 已质押股份情况 未质押股份情况 已质押股 份限售和 冻结、标 记数量 (股) 占已质 押股份 比例 未质押股份 限售和冻结 数量(股) 占未质 押股份 比例 上海罗颉思投 资管理有限公 司 1,515,941,388 52.29% 213,660,000 14.09% 7.37% 0 0.00% 0 0.00% 聂腾云 80,361,697 2.77% 0 0.00% 0.00% 0 0.00% 60,271,273 75.00% | 陈立英 | 15,437,074 | 0.53% | 0 | 0.00% | 0.00% | 0 | 0.00% | 11,577,805 | 75.00% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 聂樟清 | 16,12 ...

Core Viewpoint - The express delivery industry in China is experiencing significant growth, with a notable increase in parcel volume and a trend towards "anti-involution" in pricing competition, which is expected to stabilize the market in the medium to long term [1][4]. Group 1: Industry Performance - In July 2025, the national express delivery volume reached 16.4 billion parcels, a year-on-year increase of 15.1%, while the volume for January to July 2025 totaled 112.05 billion parcels, up 18.7% year-on-year [1][2]. - The express delivery industry's revenue in July 2025 increased by 8.9% year-on-year, while the average revenue per parcel decreased by 5.3%. For the first seven months of 2025, revenue grew by 9.9%, with a 7.4% decline in average revenue per parcel [4]. Group 2: Company Performance - SF Express reported a remarkable business volume growth of 33.7% year-on-year in July 2025, leading the industry, with a 26.9% increase for the first seven months [2]. - Other major express companies such as YTO, Yunda, and Shentong also showed positive growth in July 2025, with year-on-year increases of 20.8%, 7.6%, and 11.9% respectively [2]. Group 3: Market Concentration - The market concentration in the express delivery sector is increasing, with the CR8 (concentration ratio of the top 8 companies) reaching 86.9% for January to July 2025, reflecting a 1.7% year-on-year increase [3]. - In Q2 2025, the market shares of leading companies such as Zhongtong, YTO, Yunda, Shentong, and Jitu increased compared to Q1, indicating a trend towards greater market concentration [3]. Group 4: Pricing and Competition - The decline in average revenue per parcel is narrowing, indicating a reduction in price competition due to the "anti-involution" measures being implemented. This trend is expected to ease competitive pressures in the short term while promoting healthy competition in the long term [4]. - The National Postal Administration has emphasized the need to combat "involution-style" competition, with recent meetings aimed at ensuring stable operations and pricing in the express delivery sector [4]. Group 5: Investment Recommendations - The "anti-involution" measures are anticipated to alleviate competitive pressures, with expectations for profitability recovery in the e-commerce express sector in the latter half of the year. The sustainability of price increases will be crucial for future profitability [5]. - Companies such as SF Express, YTO Express, Zhongtong Express, Jitu Express, and Yunda are highlighted as key investment opportunities due to their strong performance and potential for profit recovery [5].