Investment Rating - The report maintains a "Recommended" rating for the express delivery sector, indicating a positive outlook for the industry [7]. Core Insights - The express delivery industry experienced a robust growth in March 2025, with a business volume increase of 20.3% year-on-year, and a revenue growth of 10.4% [1]. - The first quarter of 2025 saw a cumulative business volume of 451.4 billion pieces, reflecting a year-on-year growth of 21.6%, while total revenue reached 345.64 billion yuan, up 10.9% year-on-year [1]. - The report highlights the resilience of demand in the express delivery sector, driven by trends such as the increasing demand for small parcels and the growth of reverse logistics [4]. - Price competition is intensifying in the industry, but the report suggests that the severity of this "price war" is manageable due to regulatory guidance aimed at promoting long-term high-quality development [4]. Summary by Sections Industry Data - In March 2025, the express delivery business volume reached 16.66 billion pieces, generating revenue of 124.6 billion yuan [1]. - The first quarter of 2025 saw major companies like SF Express, YTO Express, Yunda Express, and Shentong Express report revenues of 51.809 billion, 15.441 billion, 12.016 billion, and 11.824 billion yuan respectively, with year-on-year growth rates of 7.2%, 14.1%, 10.6%, and 18.7% [3]. Company Performance - In March 2025, the business volume for major companies was as follows: SF Express at 1.295 billion pieces (+25%), YTO Express at 2.665 billion pieces (+23%), Yunda Express at 2.253 billion pieces (+17%), and Shentong Express at 2.085 billion pieces (+20%) [2]. - The average revenue per piece for these companies showed a decline, with SF Express at 13.82 yuan (-11.8%) and YTO Express at 2.18 yuan (-7.4%) [2]. Investment Recommendations - The report suggests that the express delivery sector is currently undervalued, with continued growth in the e-commerce market and emerging demands from lower-tier markets [4]. - It recommends focusing on leading companies in the e-commerce express delivery space, such as ZTO Express, YTO Express, Yunda Express, Shentong Express, and Jitu Express, as well as the comprehensive logistics leader SF Express [4].

证券代码：002120 证券简称：韵达股份 公告编号：2025-015 韵达控股集团股份有限公司 关于全资子公司开展资产证券化的进展的公告 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。 一、资产支持专项计划背景 韵达控股集团股份有限公司（以下简称"公司"）已于 2020 年 8 月 21 日召 开第七届董事会第六次会议和 2020 年 9 月 8 日召开的 2020 年第四次临时股东 大会，审议通过了《关于全资子公司开展资产证券化的议案》，同意公司以下属 全资子公司持有的仓储物流基础设施为标的资产设立多期资产支持专项计划，同 意公司为资产支持专项计划提供差额支付承诺并在专项计划开放程序中承担流 动性支持的义务，公司全资子公司上海韵毅实业有限公司对专项计划资产拥有优 先收购权,授权公司管理层办理与本次专项计划相关的其他事宜。 深圳证券交易所（以下简称"深交所"）已于 2020 年 11 月 27 日出具了《关 于中信证券"中信证券-韵达物流基础设施 1-X 号资产支持专项计划"符合深交 所挂牌条件的无异议函》（深证函[2020]1012 号）（以下简称"无异议 ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The express delivery industry experienced a significant growth in business volume, with a year-on-year increase of 21.6% in Q1 2025, driven by a 5.7% growth in online retail sales [3][14] - SF Express led the growth in business volume with a 25.4% increase in March 2025, outperforming its competitors [4][32] - The average price per package in the industry faced downward pressure, with a year-on-year decline of 8.8% in Q1 2025 [5][22] - The report anticipates a continued growth potential in the express delivery sector, projecting a 10-15% increase in business volume for 2025 [6][46] Summary by Sections Industry Situation - In Q1 2025, the total express delivery volume reached 451.4 billion pieces, with March alone accounting for approximately 166.6 billion pieces, reflecting a 20.3% year-on-year growth [3][14] - The online retail sales for physical goods amounted to 2.99 trillion yuan, marking a 5.7% increase compared to the previous year [14][15] Company Performance - In March 2025, the express delivery volumes for major companies were as follows: YTO Express at 26.65 billion pieces, Yunda at 22.53 billion pieces, Shentong at 20.85 billion pieces, and SF Express at 12.95 billion pieces [4][32] - Cumulatively in Q1 2025, the business volumes were: YTO Express at 67.79 billion pieces, Yunda at 60.76 billion pieces, Shentong at 58.07 billion pieces, and SF Express at 35.41 billion pieces [4][32] Price Situation - The average price per package in the express delivery industry was 7.66 yuan in Q1 2025, down 8.8% year-on-year [5][22] - In March 2025, the average prices for major companies were: SF Express at 13.82 yuan, YTO at 2.18 yuan, Yunda at 1.96 yuan, and Shentong at 2.01 yuan [5][33] Investment Recommendations - The report recommends focusing on companies such as ZTO Express, Yunda, and YTO Express in the franchise model, while suggesting SF Express as a strong candidate in the direct operation model due to its potential for operational and cash flow improvements [8][47]

Investment Rating - The report maintains a "Recommended" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [30]. Core Insights - The express delivery industry experienced a business volume growth rate of 20.3% in March, with SF Express showing the highest growth rate at 25.4% [5][8]. - The total business volume for the first three months reached 451.4 billion pieces, reflecting a year-on-year increase of 21.6% [5]. - The industry revenue for March was 124.6 billion yuan, up 10.4% year-on-year, while the cumulative revenue for the first three months was 345.64 billion yuan, an increase of 10.9% [5][8]. - The average revenue per piece in March was 7.48 yuan, down 8.2% year-on-year, with a cumulative average of 7.66 yuan, down 8.8% [5][8]. Summary by Sections Industry Basic Data - The total market capitalization of the express delivery industry is 311.276 billion yuan, with a circulating market capitalization of 301.749 billion yuan [4]. - The industry has a concentration ratio (CR8) of 86.9%, indicating a high level of market concentration [8]. Company Performance - In March, the business volume growth rates for major companies were as follows: SF Express (25.4%), YTO Express (22.5%), Shentong Express (20.1%), and Yunda Express (17.3%) [5][8]. - For the first three months, Shentong Express led with a cumulative growth rate of 26.6%, followed by Yunda Express (22.9%) and YTO Express (21.7%) [5]. - Revenue growth rates in March were led by Shentong Express (14.7%), YTO Express (13.4%), and SF Express (10.6%) [5][8]. Future Outlook - The report anticipates a full-year business volume growth rate of 21% for 2024, supported by strong demand resilience [5]. - The report highlights the importance of monitoring the competitive pricing strategies of leading companies, as the industry trends towards "anti-involution," which is expected to benefit the performance elasticity of express delivery companies in the medium to long term [5].

证券代码：002120 证券简称：韵达股份 公告编号：2025-014 韵达控股集团股份有限公司 二、数据说明 上述数据未经审计，可能会与定期报告数据存在差异，仅供投资者阶段性参 考，相关数据以公司定期报告为准，请投资者注意风险。 特此公告。 韵达控股集团股份有限公司董事会 2025年4月19日 2025年3月快递服务主要经营指标快报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露 （2025 年修订）》的规定，韵达控股集团股份有限公司（以下简称"公司"）2025 年 3 月快递服务主要经营指标情况如下： 一、公司 2025 年 3 月快递服务主要经营指标 | 项目 | 2025年3月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 44.10 | 10.55% | | 完成业务量（亿票） | 22.53 | 17.34% | | 快递服务单票收入（元） | 1.96 | -5.77% | ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

Key Points - The company, Yunda Holdings Group Co., Ltd., is issuing a convertible bond named "Yunda Convertible Bond" with a total of 24.5 million units [1] - The bond has a face value of 1,000 yuan and a coupon rate that increases over the years, starting at 0.20% in the first year and reaching 2.00% in the sixth year [1][4] - The interest payment for the second year, covering the period from April 11, 2024, to April 10, 2025, is set at 0.40%, amounting to 4.00 yuan per 10 bonds (including tax) [1][4][5] - The interest income tax for individual investors is withheld at a rate of 20%, resulting in a net payment of 3.20 yuan per 10 bonds for these holders [5][6] - The bond's credit rating is AA+ with a stable outlook, as confirmed by New Century Rating [3][4]

| 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2025-013 | | --- | --- | --- | | 债券代码：127085 | 债券简称：韵达转债 | | 1、"韵达转债"将于 2025 年 4 月 11 日按面值支付第二年利息，每 10 张债 券（面值 1,000 元）利息为 4.00 元（含税）； 韵达控股集团股份有限公司 关于可转换公司债券2025年付息的公告 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： 4、付息日：2025 年 4 月 11 日（星期五）； 5、"韵达转债"票面利率为：第一年 0.20%、第二年 0.40%、第三年 0.60%、 第四年 1.50%、第五年 1.80%、第六年 2.00%； 6、"韵达转债"本次付息的债权登记日为 2025 年 4 月 10 日，凡在 2025 年 4 月 10 日（含）前买入并持有本期债券的投资者享有本次派发的利息；2025 年 4 月 10 日卖出本期债券的投资者不享有本次派发的利息。在付息债权登记日前 （包括付息债权登记日）申请转换成公司股票的可转换公 ...

（一）可转债发行情况 | 证券代码：002120 | 证券简称：韵达股份 | 公告编号：2025-012 | | --- | --- | --- | | 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 年第一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 年第一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 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 ...

Investment Rating - The industry investment rating is "Outperform the Market" and is maintained [2] Core Viewpoints - The report highlights a significant increase in domestic supply and demand for air travel during peak seasons, with expectations for international travel demand to recover further due to improved international relations and favorable visa policies. The long-term investment logic for the aviation industry remains positive, driven by improved supply-demand dynamics and market-driven pricing [4][7] - In the express delivery sector, there has been a decline in single ticket revenue for major companies, indicating a challenging environment despite some month-on-month improvements [5] - The shipping sector is expected to benefit from a tight supply-demand balance, particularly in oil transportation, which shows potential for profit margin increases [5] - The highway sector is noted for its defensive attributes and investment value, especially in the context of a weak economic recovery and declining interest rates [5] Summary by Sections Air Transportation - The report anticipates a robust recovery in air travel demand, particularly during holidays, with a focus on airlines such as Spring Airlines, Hainan Airlines, and Juneyao Airlines for investment opportunities [4][7] Express Delivery - Major express companies reported declines in single ticket revenue, with specific figures showing a drop of 9.96% for SF Express and 11.40% for Yunda [5] Shipping - The report indicates a recovery in shipping rates due to increased demand influenced by geopolitical events, with a recommendation to focus on the oil shipping sector for investment opportunities [5] Highway Transportation - The highway sector is highlighted for its strong performance relative to the broader market, with a recommendation to consider investments in this area due to its defensive characteristics [5] Recent Developments - The report mentions the successful operation of China's first heavy-duty railway intelligent shunting system, which is expected to enhance operational efficiency significantly [30][31] - The completion of the Jialing River Lize shipping hub is noted as a significant infrastructure development, enhancing transportation capabilities in the region [32] - The successful tunneling of the Shantou Bay underwater tunnel is highlighted, marking a major achievement in high-speed rail infrastructure [34][35]