Core Viewpoint - Yunda Holdings (002120.SZ) reported a decline in key operational metrics for its express delivery services for December 2025, indicating challenges in the business environment [1] Financial Performance - The company's express delivery service revenue for December 2025 was 4.626 billion yuan, a year-on-year decrease of 1.49% [1] - The total business volume reached 2.148 billion parcels, reflecting a year-on-year decline of 7.37% [1] - The revenue per parcel for express delivery services was 2.15 yuan [1]

格隆汇1月19日丨韵达股份(002120.SZ)公布12月快递服务主要经营指标快报，快递服务业务收入46.26亿 元，同比下降1.49%，完成业务量21.48亿票，同比下降7.37%。 ...

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 12 月快递服务主要经营指标情况如下： 证券代码：002120 证券简称：韵达股份 公告编号：2026-002 韵达控股集团股份有限公司 2025年12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。 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 2026年1月20日 一、公司 2025 年 12 月快递服务主要经营指标 | 项目 | 2025年12月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 46.26 | -1.49% | | 完成业务量（亿票） | 21.48 | -7.37% | | 快递服务单票收入（元） | 2.15 | 5.91% | 二、数据说明 ...

Group 1 - The 2026 Beijing Commercial Brand Conference and the announcement of the 2025 Top Ten Commercial Brands took place in Beijing, focusing on the theme "New Demand, New Supply" [1] - The event was guided by the Beijing Municipal Bureau of Commerce and co-hosted by Beijing Daily Media Group and Beijing Commercial Association, showcasing the highest level of commercial brands in Beijing [1] - Ten brands were recognized as the "2025 Beijing Commercial Quality Service Brands," including 58 Tongcheng, Chaoyang Joy City, Dingdong Maicai, Dongfang Zhenxuan, Haidilao, Juran Home, Jiuzhoutong, Lao Chuan Ban, Vipshop, and Yunda Express [1] Group 2 - The main list of the "2025 Top Ten Commercial Brands" reflects brands with significant market influence and leadership in industry development [4] - Four permanent sub-lists were introduced: "Beijing Commercial Quality Service Brands," "Beijing Commercial Model Innovation Brands," "Beijing Commercial Craftsmanship Brands," and "Beijing Commercial New Star Brands" [4] - Three new special annual lists were introduced for the first time, including "Outstanding Cases of Financial Product Innovation Empowering Consumption," "Outstanding Cases of Cultural, Business, Tourism, and Sports Integration in Beijing," and "Leading Brands in Beijing's Fashion Consumption Power" [4]

中泰证券（600918）发布研报称，"价格战"转向"价值战"背景下，快递业市场份额有望逐步向服务品质 更优、管理能力更强、网络健康度更好的快递企业集中，同时该等企业有望凭借自身资源优势实现更为 显著的降本增效;重点跟踪监管力度、量价表现及头部企业竞争策略变化情况。个股方面重点关注中通 快递-W(02057)、圆通速递（600233）(600233.SH)。建议关注申通快递（002468）(002468.SZ)、韵达股 份（002120）(002120.SZ)及顺丰控股（002352）(002352.SZ)。 中泰证券主要观点如下： 3)行业端：行业件量增速放缓下，价值竞争成关键。"反内卷"背景下，快递价格理性回归，快递轻小件 化趋势减弱，同时电商平台合规经营监管强化有望推动快递件量"去泡沫"，行业件量增速中枢下移预期 下(据2026年全国邮政工作会议，2025年快递业务量同比增长13.7%，预计2026年快递业务量同比增长 8%左右)，"降本、提质、增效"的价值竞争成为快递企业打造竞争优势、获取市场份额的关键。 深挖全链路成本下降潜力，末端决胜逐步成为共识 1)中转环节：随着件量规模不断扩大，规模效应带来的边 ...

Core Viewpoint - The express delivery industry is shifting from a "price war" to a "value war," with market share expected to concentrate among companies that offer better service quality, stronger management capabilities, and healthier networks [1] Policy Aspects - The "anti-involution" policy is expected to continue, effectively curbing vicious competition, with multiple provinces raising express delivery prices. From August to November, the single ticket revenue of A-share "Tongda" express companies has shown a continuous upward trend [2] - The "social insurance new regulations" are anticipated to enhance cost-price transmission paths, potentially leading to increased labor costs in the express delivery industry, which may be passed on to consumers through price hikes [2] Industry Aspects - With the growth rate of express delivery volume slowing, value competition is becoming crucial. The rational return of express prices and the reduction of small parcel trends are expected, with the industry volume growth rate forecasted to decrease [3] - The expected growth rates for express delivery volume are 13.7% year-on-year in 2025 and around 8% in 2026, emphasizing the importance of "cost reduction, quality improvement, and efficiency enhancement" for companies to gain market share [3] Cost Reduction Potential - In the transit segment, the marginal cost reduction effects from scale are diminishing, with major franchise express companies focusing on optimizing routes and improving sorting efficiency. As of H1 2025, the single ticket transit cost for "Tongda" express companies has dropped to approximately 0.60 yuan [4] - In the last-mile delivery segment, which significantly impacts user experience and logistics efficiency, there remains substantial potential for cost optimization through automation and innovation. The cost burden for new technologies is primarily borne by franchisees, making the performance of these networks critical [4]

Core Viewpoint - Yunda Holdings reported a total business volume of 23.453 billion parcels from January to November 2025, representing a year-on-year growth of 9.27% [1] Group 1: Business Performance - The company achieved a cumulative business volume of 23.453 billion parcels, reflecting a 9.27% increase compared to the previous year [1] Group 2: Strategic Initiatives - The company is enhancing its network infrastructure and strengthening automation capabilities to create a smarter and more flexible operational base, which will improve sorting and transportation efficiency [1] - Yunda is implementing high-quality services across its network to enhance safety, timeliness, and service experience, thereby increasing brand premium capability [1] - The company is empowering its service points by promoting customer segmentation and development, and strengthening the application of digital systems and management tools to improve customer service capabilities and expand differentiated service products [1]

Group 1 - The company, Yunda Holdings (002120), has conducted cash dividends for nine consecutive years [1] - Future profit distribution plans will be announced in relevant announcements [1]

Investment Rating - The report maintains a "Recommended" rating for the transportation industry [2] Core Insights - The shipping sector is experiencing a recovery in oil transportation due to improved demand post-holidays and geopolitical tensions [6][16] - The aviation industry aims to achieve a passenger volume of 810 million in 2026, reflecting a growth rate of 5.2% [23][24] - The express delivery sector is expected to see a gradual recovery in competition and profitability, with a focus on major players like SF Express [20] Shipping - The oil shipping sector is rebounding due to increased cargo availability from the Middle East and geopolitical sanctions affecting supply [6][16] - Container shipping rates are showing slight increases, with strong pricing power among shipowners before long-term contract negotiations [11][12] - Key stocks to watch include COSCO Shipping Energy, China Merchants Energy, and Pacific Shipping [16] Infrastructure - Weekly data indicates a decline in truck traffic and rail freight, with road truck traffic at 46.964 million vehicles, down 14.9% week-on-week [17][18] - Port throughput for the first week of 2026 was 25.4953 million tons, showing a slight decrease but a year-on-year increase of 7.7% in container throughput [18] - Recommended stock for infrastructure investment is Anhui Expressway [18] Express Delivery - In November 2025, express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5%, while revenue decreased by 3.7% [19][20] - The competitive landscape is expected to stabilize, with major companies like SF Express anticipated to see profit growth in 2026 [20] - Recommended stocks include SF Express, ZTO Express, YTO Express, and Yunda Express [20] Aviation - The aviation sector is entering a critical period with the Spring Festival approaching, and passenger volume is projected to grow by 5.2% in 2026 [23][24] - Recent data shows a year-on-year increase in domestic passenger volume of 1.5% and a decrease in ticket prices [21][24] - Recommended stocks include Air China, China Southern Airlines, and Spring Airlines [24] Logistics - The cross-border air freight price index has decreased by 19.9% week-on-week, indicating a significant drop in logistics costs [25]

Core Viewpoint - The article highlights the rise of the express delivery industry in China, particularly focusing on the "Three Links and One Reach" (Shentong, Yunda, Yuantong, and Zhongtong) and their roots in the small county of Tonglu, Zhejiang, which is recognized as the "Hometown of Private Express" in China [6][7][12]. Group 1: Industry Overview - The "Three Links and One Reach" companies dominate the Chinese express delivery market, holding over 60% market share as of 2024 [6]. - Tonglu County is set to become a significant logistics hub with the establishment of "Tongda Future City," which will house the second headquarters of the "Three Links and One Reach" companies [9][10]. - The logistics industry in Tonglu is expected to form a large industrial cluster, attracting numerous upstream and downstream enterprises [12][56]. Group 2: Historical Context - The founders of the "Three Links and One Reach" companies originated from Tonglu, with a notable figure being Nie Tengfei, the founder of Shentong, who is regarded as the pioneer of private express delivery in China [14][17][22]. - The express delivery business began in the early 1990s, with Shentong being one of the first private companies to break the monopoly of the postal service [22][23]. - The initial success of Shentong was driven by a small team that effectively utilized local resources and community trust to expand their operations [27][36]. Group 3: Recent Developments - The "Tongda Future City" project, with a total investment of 13 billion yuan, aims to integrate technology and logistics, featuring various headquarters and innovation centers [52][54]. - The city is expected to focus on technological innovation, with companies like Chenchen Technology and Zhejiang Inline Power establishing operations to enhance logistics efficiency [56][57]. - The development of "Tongda Future City" represents a significant shift from labor-intensive to technology-driven logistics solutions, showcasing the evolution of the industry in Tonglu [63].