Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Insights - The easing of the Israel-Iran conflict has led to a decline in oil tanker rates, with the VLCC market shifting from geopolitical influences to supply-demand fundamentals [3][14] - The establishment of the General Aviation and Low Altitude Economy Working Group by the Civil Aviation Administration of China (CAAC) aims to enhance the development of low-altitude economy and general aviation [3][16] - The price of unmanned logistics vehicles has dropped to around 20,000 yuan, contributing to a 5.3% year-on-year growth in national social logistics total in the first five months of 2025 [3][22] Industry Highlights - The VLCC market sentiment has transitioned to supply-demand fundamentals, with tanker rates under pressure due to increased competition among shipowners and no significant rise in cargo volumes [3][14] - As of July 4, 2025, the shipping rates from Shanghai to Europe increased by 3.5% to 2,101 USD/TEU, while rates to the US West and East coasts decreased by 19.0% and 12.6%, respectively [3][15] - In the first half of 2025, 117 new international air cargo routes were opened in China, with over 233 round-trip flights added weekly [3][16][18] - The logistics sector has seen a total of 138.7 trillion yuan in social logistics, reflecting a 5.3% year-on-year increase, with a slight deceleration in growth compared to previous months [3][24] High-Frequency Data Tracking - In June 2025, domestic cargo flights increased by 9.42% year-on-year, while international flights rose by 32.87% [26][33] - The express delivery sector experienced a 17.20% year-on-year increase in business volume in May 2025, with total express business volume reaching 173.2 billion pieces [56][58] - The national port cargo throughput reached 7.345 billion tons in the first five months of 2025, marking a 3.8% year-on-year growth [52]

Core Viewpoint - Yunda Express has faced significant challenges in franchise management, leading to regulatory penalties and a decline in market position, as it lost its second-place ranking in the industry to YTO Express in 2023 [1][4]. Group 1: Franchise Management Issues - The National Postal Administration penalized Yunda Express for allowing fraudulent promotional materials to enter the delivery channel, resulting in fines for 58 franchise stores and the parent company [2][3]. - Yunda Express has acknowledged its shortcomings in managing franchisees and has initiated internal investigations and corrective measures to enhance compliance and training [2][3]. - The company operates a franchise model that has expanded rapidly but has also increased the complexity of compliance management across its extensive network of over 95,000 facilities [3]. Group 2: Revenue and Volume Decline - Yunda Express's revenue and business volume growth have lagged behind competitors, with its market position slipping to third place in 2023, losing significant volume to YTO Express and Shentong Express [4][5]. - The gap in business volume between Yunda Express and Shentong Express has narrowed significantly, from 4.66 billion pieces in 2022 to just 390 million pieces by May 2023 [4][5]. - In May 2025, Yunda Express reported a revenue of 4.415 billion yuan, a year-on-year increase of 6.75%, but its single-piece revenue fell by 5.42% to 1.92 yuan [5]. Group 3: Profitability Challenges - Yunda Express's first-quarter net profit for 2025 dropped by over 22% year-on-year, marking the first decline in five quarters, attributed to competitive pricing pressures in a seasonal downturn [6][7]. - Despite a revenue increase of 9.26% in Q1 2025, the company's cost control measures have not been effective, leading to a decrease in gross margin and overall profitability [7]. - The company has attempted various strategies to improve its competitive position, including optimizing franchisee profit-sharing and launching premium products, but these efforts have yet to yield significant advantages [7].

Core Viewpoint - Several courier companies allow recipients to set delivery points to fire hydrants, which violates the Fire Protection Law and poses public safety risks [1][6][8] Group 1: Courier Company Practices - Multiple courier companies, including Shentong and Yunda, have options in their WeChat mini-programs that allow users to select fire hydrants as delivery points [4][6] - The practice of placing packages in fire hydrant boxes has been reported, raising concerns about the accessibility of firefighting equipment during emergencies [3][7] - Some companies have also allowed recipients to choose other potentially hazardous locations, such as electrical meter boxes and distribution rooms, increasing fire safety risks [6] Group 2: Legal and Safety Implications - According to the Fire Protection Law, any individual or organization must maintain fire safety and protect firefighting facilities, making the courier companies' actions illegal [5][8] - Legal experts emphasize that courier companies must amend their mini-program settings to comply with the law, or they may face penalties from relevant authorities [8] - The actions of courier companies not only compromise public safety but also hinder firefighting efforts, which could have severe consequences in emergencies [7][8]

Core Viewpoint - In the digital economy era, data is transforming from an intangible resource into a measurable, tradable, and manageable asset, becoming a new member of corporate balance sheets [1] Group 1: Data Asset Integration - Over 90 listed companies have integrated data assets into their 2024 annual reports, with a total scale of 2.495 billion yuan, compared to only 0.079 billion yuan from 17 companies in the first quarter of 2024 [1] - The integration of data assets into financial statements is reshaping the balance sheets of listed companies, with significant representation from the industrial and information technology sectors [2] - The first companies to integrate data assets include major telecom operators like China Mobile, China Telecom, and China Unicom, along with industrial firms such as Xiaoshangpin City, YTO Express, and Yunda Holdings [3] Group 2: Steps for Data Asset Integration - The process for a company to integrate data assets into its financial statements typically involves four steps: inventory of data assets, governance of data for integration, confirmation of data ownership, and measurement for accounting [4][5] - Companies must meet specific conditions for data asset integration, including legal control, predictable economic benefits exceeding 50%, and measurable costs [5][6] Group 3: Challenges and Considerations - Not all companies can smoothly integrate data assets due to policy restrictions, corporate concerns, and the current lack of a valuation system [1][10] - Common challenges include legal risks in data ownership, unclear data management processes, and discrepancies between expected and actual valuations [10][11] - The integration of data assets is not the end point but a starting point for value reconstruction, requiring clear data ownership and valuation systems to gain recognition from financial institutions [14] Group 4: Financial Implications - Integrating data assets can enhance a company's financial statements by capitalizing expenses, which may lead to increased short-term profits but could result in profit fluctuations in the long term due to amortization [12][13] - The potential for data asset depreciation and the subjective nature of data valuation can introduce uncertainties in financial reporting [17][18]

Group 1 - The wind power equipment sector continues to decline, with Jixin Technology (601218) dropping nearly 10% [1] - Taisheng Wind Power (300129) has seen a decline of over 4% [1] - Other companies such as Dajin Heavy Industry (002487), Yunda Holdings (002120), and Jinlei Co., Ltd. (300443) also experienced declines [1]

Core Viewpoint - The recent regulations from the Civil Aviation Administration of China (CAAC) prohibit passengers from carrying power banks without 3C certification, unclear 3C markings, or recalled models on domestic flights, leading to varied responses from airports and courier companies [5][9]. Group 1: Airport Policies - Major airports have implemented a "temporary storage for 7 days" policy for power banks [3]. - Beijing Capital International Airport offers free storage for up to 7 days, with specific storage locations in the terminal [4]. - Other airports, including Shanghai Hongqiao, Shanghai Pudong, and Shenzhen Bao'an, also provide similar temporary storage services for 7 days [4]. Group 2: Courier Company Policies - Many courier companies have suspended the delivery of power banks due to their classification as high-risk battery items [7]. - SF Express has stated that power banks do not meet their acceptance standards, while JD Express allows limited ground transportation under strict conditions [8]. - Other companies like EMS, Zhongtong, Yunda, and Shentong have outright banned the delivery of power banks [8]. Group 3: Handling of Abandoned Power Banks - The CAAC has indicated that airports will set up areas for passengers to abandon or temporarily store power banks, with plans for proper disposal or recycling of unclaimed items [6]. - There will be tracking of power banks during storage and disposal to prevent unauthorized market re-entry [6]. Group 4: International Standards and Recommendations - A notable aviation blogger has suggested that the CAAC should consider including international standards such as CE and FCC in their regulations to facilitate compliance for international travelers [10].

2025 年 07 月 03 日 晨会纪要 研究所： 证券分析师： 余春生 S0350513090001 yucs@ghzq.com.cn [Table_Title] 晨会纪要 ——2025 年第 111 期 观点精粹: 最新报告摘要 快递行业深度报告：末端降本三阶段，无人车打开新空间--行业 PPT 报告 一级市场项目进展顺利，二级市场收益承压--资产配置报告 草甘膦价格上涨，关注农药市场修复机会--行业动态研究 光伏设备行业深度报告：叠层钙钛矿：从 0 到 1，超越β——基于技术、设备及投资视角--行业 PPT 报告 证券研究报告 1、最新报告摘要 1.1、快递行业深度报告：末端降本三阶段，无人车打开新空间--行业 PPT 报 告 分析师：祝玉波 S0350523120005 联系人：史亚州 S0350124060026 一、末端降本背景：转运规模效应递减，末端降本空间大 1、快递价值链拆分：在行业价格下行背景下，成本控制直接决定盈利能力，且在转运成本降幅逐渐收窄的背 景下，末端成本管控成为网络竞争力关键。 2、降本看末端：以加盟制快递圆通速递为例，2024 年相比 2013 年，运输/操作/网点中转/面 ...

| 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2025-050 | | --- | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | | 韵达控股集团股份有限公司 关于 2025 年第二季度可转换公司债券 转股情况的公告 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。 特别提示： 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管 指引第 15 号——可转换公司债券》的有关规定，韵达控股集团股份有限公司（以 下简称"公司"）现将 2025 年第二季度可转换公司债券（以下简称"可转债"） 转股及公司股份变动的情况公告如下： 一、可转换公司债券基本情况 （一）可转债发行情况 经中国证券监督管理委员会《关于核准韵达控股股份有限公司公开发行可转 换公司债券的批复》（证监许可[2022]2408 号）核准，公司于 2023 年 4 月 11 日 向不特定对象发行 2,450 万张可转换公司债券，期限 6 年，发行价格为每张 100 元，发行总额为人民币 245,000.00 万元。 （二）可转债上市情况 ...

Core Viewpoint - Yunda Holdings (002120.SZ) faces significant challenges in franchise management, leading to regulatory penalties and a decline in market position, as it has been surpassed by competitors in revenue and business volume [1][4][7]. Franchise Management Issues - The National Postal Administration has penalized Yunda Holdings for allowing fraudulent promotional materials to enter its delivery channels, resulting in fines for 58 franchise stores and the parent company [2][5]. - The company has acknowledged its shortcomings in managing franchisees and has initiated internal investigations and corrective measures to enhance compliance and operational oversight [4][6]. Market Position and Competition - Yunda Holdings has lost its position as the second-largest express delivery company in China, falling behind YTO Express in 2023, and is now engaged in a fierce competition with Shentong Express for the third position [1][7]. - The gap in business volume between Yunda and Shentong has narrowed significantly, with only 39 million parcels separating them as of May 2024 [1][7]. Revenue and Business Volume Trends - In May 2025, Yunda reported a revenue of 4.415 billion yuan, a year-on-year increase of 6.75%, while its business volume reached 2.303 billion parcels, up 12.78% [8]. - Despite aggressive pricing strategies, Yunda's single parcel revenue has declined by 5.42%, indicating that price competition alone is insufficient for maintaining market share [8]. Profitability Challenges - In Q1 2025, Yunda's net profit fell by over 22%, marking the first decline in five quarters, attributed to competitive pressures and declining parcel prices [10]. - The company's cost control measures have not yielded the expected results, as revenue growth has not translated into profit growth, highlighting the need for improved operational efficiency and service quality [9][10].

在乡村振兴方面，韵达通过创新"共同配送+资源整合"模式，构建"县乡村"三级物流服务网络，畅通农 产品上行"最初一公里"和工业品下乡"最后一公里"，带动农户增收超30%，新增就业岗位1.2万个，促进 了本地化就业与消费升级。 近日，公布2024年环境、社会及治理（ESG）评级结果，韵达股份（002120）ESG评级从2023年的BBB 级、2024年的A级跃升至AA级，实现大幅提升，在5000多家A股上市公司中处于领先水平。此次评级 中，韵达股份环境（E）、社会（S）、公司治理（G）三大维度得分均超行业平均水平。 ESG评级在国内具有重要地位，是国内领先且具有广泛影响力的ESG评级体系之一。截至2024年10月， 它凭借26.59%的响应率位列全市场第一，已覆盖大中华地区超过10000家公司主体，有近1000家头部上 市公司与其建立了常态化评级沟通机制。其评级结果受到监管与市场的广泛关注与认可，是全球各大资 产管理机构投资决策的重要参考。 根据《 ESG评级方法论》，获得AA评级的公司定义为"企业管理水平高，ESG风险低，可持续发展能力 强"。公开数据显示，国内A股上市公司达到AA级及以上评级的仅占2.9%，此 ...