交通运输 | 证券研究报告 — 行业点评 2025 年 5 月 26 日 交运行业 2024 年年报及 2025 年一季报综述 油散承压静待回暖，三大航与廉航表现分化，快 递量增价减趋势不变 交运行业 24 年年报和 25 年一季报公布完毕，航运港口方面，25 年一季度油运低迷开 局静待回暖，集散一季度表现疲软，24 年港口业绩表现相对稳健，建议关注港口估值 修复及油运行业周期向上的机会；航空机场方面，24 年航空业整体表现分化，机场非 航收入在新免税协议下利润弹性下降；快递物流方面，快递行业在 2024 年业务量仍 保持较快增长，包裹货值下降及小件化趋势下单票价格有所下降。公路铁路方面，24 年铁路客运量增速达到两位数，公路客货运量仍保持增长。 投资建议 航运港口行业推荐招商轮船、中远海特，建议关注中远海能、招商南油、招商港 口、青岛港、北部湾港等；航空机场建议关注春秋航空、吉祥航空、中国国航、 上海机场等；快递行业推荐顺丰控股、极兔速递、韵达股份，建议关注中通快递、 申通快递、圆通速递。物流行业推荐华贸物流。建议关注嘉友国际、海晨股份、 中国外运、东航物流。公路铁路建议关注皖通高速、中原高速、京沪高铁、宁 ...

IT之家 5 月 26 日消息，5 月 25 日，顺丰航空"鄂州-纽约-哈利法克斯-鄂州"国际货运航线正式开通运行，这是顺丰航空执行的首条通达加拿大的国际航线、 首条第五航权航线，也是鄂州花湖机场开放为国际机场以来开通的第 100 条货运航线，该线畅联中、美、加三国重要的航空枢纽。 第五航权即"一个国家的航空公司在经营某条国际航线的同时，获得在中途第三国经停并载运客货的权利"，"鄂州-纽约-哈利法克斯-鄂州"航线可先后在美国 纽约、加拿大哈利法克斯进行上下货操作，这意味着顺丰航空不仅能将全国经鄂州出口的货物一次性运往纽约、哈利法克斯，也能将纽约、哈利法克斯出口 至中国的货物一次性带回，中途还能为纽约出口至哈利法克斯的货物提供运输服务。 新航线开通后，每周可为哈利法克斯甚至加拿大全境鲜活海产（如波士顿龙虾、珍宝蟹）出口至中国提供超百吨的航空运力。据测算，从哈利法克斯起飞的 鲜活海产最快可在 48 小时内完成跨境飞行、枢纽中转及国内的联程运输，进入北上广深等一线城市的消费市场。 今年 3 月，顺丰航空累计投运的全货机已突破 90 架，运力规模领先亚洲。 IT之家从官方介绍获悉，"鄂州-纽约-哈利法克斯-鄂州"航线 ...

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [8] Core Insights - The domestic low-speed unmanned logistics vehicle market is entering a year of explosive growth, with leading logistics technology companies expected to see a multiple increase in order volume by 2025 [1][4] - Key factors driving the commercialization of unmanned logistics vehicles include significant cost reductions in core components and improved algorithm efficiency, making unmanned vehicles economically advantageous compared to human labor [4][24] - The loosening of road rights policies is accelerating the commercialization of unmanned vehicles, expanding their application from closed environments to open urban distribution scenarios [4][36] - The total sales volume of replaceable commercial vehicles is estimated at 2.85 million units, with a potential stock of 12 million units, indicating a substantial market opportunity [4][43] - By 2025, the total delivery volume of leading unmanned logistics vehicle companies may reach tens of thousands, with a market size potentially exceeding 100 billion yuan if the penetration rate in the last-mile delivery market exceeds 17% [4][47] Summary by Sections Cost Advantages and Policy Changes - The cost of unmanned logistics vehicles has significantly decreased, with the price of a single vehicle dropping from approximately 200,000 yuan in 2019 to 50,000 yuan in 2024, while monthly operational costs are around 3,167 yuan, significantly lower than the average monthly income of human drivers [24][25] - Road rights policies have been progressively relaxed, allowing unmanned vehicles to operate on public roads, with over 100 cities granting operational rights as of May 2025 [31][35] Application Areas - L4 level autonomous driving technology is being applied in various sectors, including urban distribution, traditional logistics, community group buying, and retail, showcasing its versatility and potential for efficiency improvements [36][41] Market Potential - The potential market for unmanned logistics vehicles is substantial, with estimates suggesting that if penetration rates reach 5%, 10%, 30%, or 50%, the corresponding market sizes could be 94 billion, 188 billion, 565 billion, and 941 billion yuan respectively [47] - The report emphasizes the importance of focusing on leading companies like SF Express and other direct delivery companies, as well as the core components of unmanned logistics vehicles from an overseas perspective [4][43]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery demand remains high, with significant growth in logistics performance. In April 2025, major express companies reported substantial business volume increases, with SF Express achieving a growth rate of 30.0% [4][29] - The logistics market is experiencing a shift towards consolidation, with leading companies like SF Express and JD Logistics benefiting from macroeconomic recovery and cost control measures [12] - The shipping sector is expected to see continued demand growth due to OPEC+ production increases and limited new oil tanker orders, which will tighten supply [12] Summary by Sections Express Logistics - In April 2025, the total business volume for express services reached 16.32 billion pieces, a year-on-year increase of 19.1%, with total revenue of 121.28 billion yuan, up 10.8% [23] - SF Express led the growth with a business volume of 1.335 billion pieces, up 29.99%, while YTO Express and Yunda Express also showed strong performance [4][29] Shipping - The Shanghai Export Container Freight Index (SCFI) rose by 7.2% to 1586 points, indicating an increase in shipping rates [9] - The oil tanker market is expected to benefit from OPEC+ production increases, while the dry bulk shipping market is anticipated to recover due to supply constraints and regulatory pressures [12] Aviation - In April 2025, civil aviation transported approximately 60.93 million passengers, a year-on-year increase of 8.9%, with cargo volume rising by 16.8% [51] - The industry is expected to benefit from a long-term supply-demand imbalance, with potential for significant growth as macroeconomic conditions improve [12] Supply Chain Logistics - Companies like Shenzhen International are expected to see performance improvements due to the transformation of logistics parks and high dividend yields [12] - The competitive landscape in the express delivery sector is stabilizing, providing opportunities for companies like Deppon Logistics and Aneng Logistics to enhance profitability [12]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The express delivery industry experienced a business volume growth of 19.1% year-on-year in April, with SF Express leading at 30.0% growth [3][4] - The cumulative express delivery volume from January to April reached 614.5 billion pieces, reflecting a year-on-year increase of 20.9% [15] - The average price per package in the express delivery sector continued to face pressure, with a year-on-year decline of 7.0% in April [4][5] - The report highlights the ongoing growth potential in the express delivery sector, driven by the expansion of e-commerce and the rise of live-streaming commerce [6][50] Summary by Sections Industry Situation - The cumulative retail sales of physical goods through online shopping reached 3.93 trillion yuan, growing by 5.8% year-on-year, with an online shopping penetration rate of approximately 24.3% [15][16] - The average value per package was about 63.9 yuan, down 13.1% year-on-year [15] Company Performance - In April, the express delivery volumes for major companies were as follows: YTO Express at 2.693 billion pieces, Yunda at 2.174 billion pieces, Shentong at 2.092 billion pieces, and SF Express at 1.335 billion pieces [4][35] - Cumulatively, from January to April, the express delivery volumes were: YTO Express at 9.472 billion pieces, Yunda at 8.250 billion pieces, Shentong at 7.899 billion pieces, and SF Express at 4.876 billion pieces [4][35] Pricing Situation - The average price per package in the express delivery industry was 7.43 yuan in April, down 7.0% year-on-year [4][5] - The average prices for major companies in April were: YTO Express at 2.14 yuan, Yunda at 1.91 yuan, Shentong at 1.97 yuan, and SF Express at 13.49 yuan [5][41] Core Summary and Outlook - The report emphasizes the continued growth potential in the express delivery sector, with e-commerce package volumes expanding and consumer behavior becoming more fragmented [6][50] - The competitive landscape is expected to evolve, with potential price competition re-emerging in 2025 as leading companies seek to increase their market shares [8][50] Investment Recommendations - For franchise-based companies, the report recommends focusing on Zhongtong Express, Yunda, and YTO Express, while keeping an eye on Shentong Express [51] - For direct-operated companies, SF Express is recommended due to its position as a leading comprehensive express logistics provider, with expectations of improved profitability and cash flow [51]

[Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com [Table_Industry] 物流 2025 年 5 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 物流 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 顺丰单量增长超预期，电商快递价格继续承压 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 快递行业月度专题：顺丰单量增长超预期， 电商快递价格继续承压 [Table_ReportDate] 2025 年 05 月 23 日 本期内容提要: [Table_S [事件：顺丰控股、圆通速递、韵达股份、申通快递发布 Table_Summa ...

4 月件量维持较高增速，各快递份额分化 [Table_Industry] 运输 ——快递行业 2025 年 4 月月报 本报告导读： 4 月快递件量同比+19.1%，维持较高增速。头部企业份额逐步分化。建议关注电商快 递龙头份额上升催化估值修复机会，与时效快递顺周期底部时机。 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 股票研究 /[Table_Date] 2025.05.21 [Table_Invest] [table_Authors] 2025-05-23 [Table_Summary] 2025 年 4 月快递件量同比+19.1%，仍保持较快的增速，超邮管局全 年增速预测。1）全行业：2025 年 4 月全国快递企业件量 163.2 亿 件，同比增长 19.1%；2025 年 1-4 月件量 614.5 亿件，同比增长 20.9%。 小件化趋势持续、电商促销且退换货便捷，共同驱动 2025 年前 4 月 件量增速超过邮管局对 2025 年全年件量增速超 8%的预测。此外， 4 月多电商平台取消"仅退款"，不仅短期可释放部分电商逆向件需 求 ...

4 月件量维持较高增速，各快递份额分化 [Table_Industry] 运输 ——快递行业 2025 年 4 月月报 本报告导读： 4 月快递件量同比+19.1%，维持较高增速。头部企业份额逐步分化。建议关注电商快 递龙头份额上升催化估值修复机会，与时效快递顺周期底部时机。 投资要点： 业 跟 踪 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 报 告 股票研究 /[Table_Date] 2025.05.21 [Table_Invest] [table_Authors] 2025-05-23 [Table_Summary] 2025 年 4 月快递件量同比+19.1%，仍保持较快的增速，超邮管局全 年增速预测。1）全行业：2025 年 4 月全国快递企业件量 163.2 亿 件，同比增长 19.1%；2025 年 1-4 月件量 614.5 亿件，同比增长 20.9%。 小件化趋势持续、电商促销且退换货便捷，共同驱动 2025 年前 4 月 件量增速超过邮管局对 2025 年全年件量增速超 8%的预测。此外， 4 月多电商平台取消"仅退款"，不仅短期可释放部分电商逆向件需 求 ...

简历显示：沈楠先生:基金经理。复旦大学硕士。2009年6月至2011年3月在长江证券担任高级分析 师,2011年加入交银施罗德基金管理有限公司,曾任行业分析师、基金经理助理。自2015年5月5日起担任 交银施罗德主题优选灵活配置混合型证券投资基金基金经理至今,自2015年6月10日起担任交银施罗德国 企改革灵活配置混合型证券投资基金基金经理至今。2020年2月21日起担任交银施罗德瑞思三年封闭运 作混合型证券投资基金的基金经理。 来源：金融界 公开资料显示，交银国企改革灵活配置混合A基金成立于2015年6月10日，截至2025年3月31日，交银国 企改革灵活配置混合A规模18.02亿元，基金经理为沈楠。 金融界2025年5月22日消息，交银国企改革灵活配置混合A(519756) 最新净值1.7633元，下跌0.57%。该 基金近1个月收益率0.79%，同类排名89|119；近6个月收益率3.61%，同类排名29|117；今年来收益率 3.46%，同类排名24|117。 交银国企改革灵活配置混合A股票持仓前十占比合计50.78%，分别为：顺丰控股（9.90%）、中国化学 （6.04%）、首旅酒店（5.44%）、 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-034 1、 股东大会届次：公司 2024 年年度股东大会。 2、 股东大会召集人：公司董事会。 3、 会议召开的合法、合规性： 本次会议的召集程序符合有关法律、行政法规、部门规章、其他规范性文件 及《公司章程》的规定。 4、 会议召开日期、时间 顺丰控股股份有限公司 关于召开 2024 年年度股东大会的通知 本公司及董事会全体成员保证信息披露内容的真实、准确、完整, 没有虚假记载、误导 性陈述或重大遗漏。 特别提示：本通知按照《深圳证券交易所股票上市规则》要求为 A 股股东编制，H 股 股东如参加本次年度股东大会，请详阅本公司于 2025 年 5 月 22 日在香港披露易网站 （www.hkexnews.hk）发布的 2024 年年度股东大会通告等文件。 根据顺丰控股股份有限公司(以下简称"公司")第六届董事会第十九次会 议决议的授权，公司决定于 2025 年 6 月 13 日（周五）召开公司 2024 年年度股 东大会，现将本次股东大会的有关事项通知如下： 一、召开会议基本情况 （1）现场会议召开时间：2025 年 6 月 13 日（周五）下 ...