Investment Rating - The report recommends investing in SF Holding, Hainan Airlines, and Southern Airlines due to their strong performance and market positioning [2][4]. Core Views - The express delivery sector is experiencing significant growth, with SF Express leading the way with a 34% increase in business volume in July. The overall express delivery market is expected to see price increases due to rising costs in grain-producing areas and the upcoming peak season [2]. - The logistics sector is focusing on smart logistics, with Hai Chen Co. launching AI and robotics research initiatives to enhance operational efficiency [3]. - The aviation sector shows a positive trend, with domestic flights increasing by 3.07% year-on-year. Airlines are expected to benefit from supply-demand optimization, leading to potential fare increases and profit elasticity [4]. - The shipping sector is witnessing a recovery in oil transportation indices, with expectations of increased demand due to OPEC+ production adjustments and sanctions on Iran and India [5]. - The road and rail sectors are showing stable growth, with highway truck traffic increasing by 3.06% week-on-week, indicating a robust logistics environment [6][78]. Summary by Sections Express Delivery - In July, SF Express achieved a business volume growth of 34%, leading the industry. The total express delivery volume for the week of August 11-17 was approximately 3.523 billion pieces, with a year-on-year increase of 11.81% [2]. - The market shares for major players in July 2025 are as follows: SF Express (8.4%), Yunda (13.2%), YTO (15.8%), and Shentong (13.3%) [2]. Logistics - The chemical product price index is at 4024 points, down 10.3% year-on-year. The domestic sea freight price for liquid chemicals is 158 RMB/ton, down 8.4% year-on-year [3]. - Hai Chen Co. is focusing on AI and robotics to enhance logistics efficiency, indicating a shift towards smart logistics solutions [3]. Aviation - The average daily flight operations increased to 17,321 flights, a year-on-year increase of 4.18%. Domestic flights saw a 3.07% increase, while international flights increased by 11.87% compared to 2019 [4]. - The Brent crude oil price is at $67.73/barrel, reflecting a 2.85% increase week-on-week, which may impact airline operational costs [4][65]. Shipping - The China Export Container Freight Index (CCFI) is at 1174.87 points, down 1.5% week-on-week and down 40.5% year-on-year. The Shanghai Export Container Freight Index (SCFI) is at 1415.36 points, down 3.1% week-on-week and down 52.2% year-on-year [5][21]. - The oil transportation index (BDTI) is at 1019 points, reflecting a 0.5% increase week-on-week and a 9.2% increase year-on-year [5][34]. Road and Rail - The national railway passenger volume in July was 455 million, a year-on-year increase of 6.6%. The railway freight volume was 452 million tons, up 4.5% year-on-year [78]. - The national highway freight traffic for the week of August 11-17 was 54.93 million vehicles, a week-on-week increase of 3.06% and a year-on-year increase of 4.65% [6][82].

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Group 1 - The core viewpoint of the article highlights the emergence of artificial intelligence and smart manufacturing as key areas of growth in China's technology sector, with Shenzhen being a significant contributor [6][9]. - Shenzhen is recognized as a leading city with the highest number of companies listed in the Fortune China Tech 50, including Huawei, Tencent, BYD, DJI, and others [9]. - The article emphasizes the shift of Chinese technology companies from consumer internet to new fields such as artificial intelligence and intelligent manufacturing, showcasing their strong execution capabilities [8][10]. Group 2 - The 2023 Fortune China Tech 50 list features both returning companies like Huawei and new entrants such as DeepSeek and Yushutech, indicating a diversification in the technology landscape [6][9]. - Shenzhen's economy is supported by a robust industrial system focused on high-tech manufacturing and equipment manufacturing, with significant contributions from leading companies [9][12]. - The production of high-tech products in Shenzhen, including civilian drones and industrial robots, has seen substantial growth, with increases of 59.0%, 38.0%, and 35.8% respectively, reflecting the city's ongoing industrial upgrades [12].

证券时报·e公司记者注意到，富临运业（002357）微信公众号8月22日晚间发文称，公司与丰翼科技 （深圳）有限公司（下称"丰翼科技"）签署合作协议，双方将围绕低空经济领域展开深度合作，共同推 动低空物流新业态的发展与创新。 丰翼科技为顺丰控股（002352）旗下专注于无人机物流与技术产品研发的企业，其自主研发的无人机具 备0.5kg到50kg，10km到110km的运输能力，涵盖多旋翼和垂直起降固定翼等多种机型。 丰翼科技官网显示，公司为国内首家获得民用无人驾驶航空器运营合格证的企业，在物流无人机的基本 盘内始终占据头部地位，着力于快递、医疗、应急和巡检等延展赛道。丰翼科技在物流无人机领域一直 占据头部地位，应用场景涵盖快递、医疗、应急和巡检等领域，可实现城市、平原、高原、山地、雪域 和海岛全地形覆盖。 按照合作协议，双方拟充分发挥各自在无人机技术、物流运营、场站基础设施、交通网络等方面优势， 抢抓低空经济发展机遇，共探低空物流的新模式、新场景，共建低空物流运营服务体系、管理平台以及 基础设施网络。 未来，双方将深化合作，积极参与四川省"干—支—末"多级联运的低空物流网络建设，通过打造高效、 智能、绿色的低 ...

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 金融界2025年8月22日消息，交银国企改革灵活配置混合A(519756) 最新净值1.9213元，增长0.84%。该 基金近1个月收益率2.05%，同类排名1800|2327；近6个月收益率12.46%，同类排名982|2295；今年来收 益率12.73%，同类排名1308|2284。 交银国企改革灵活配置混合A股票持仓前十占比合计44.29%，分别为：顺丰控股（9.31%）、航发动力 （8.63%）、XD中国化（5.50%）、航发科技（3.22%）、华电国际（3.11%）、云路股份（3.11%）、 伊利股份（3.07%）、龙源电力（2.85%）、XD东方电（2.77 ...

【深圳商报讯】（首席记者 袁静娴）8月21日，财富中文网发布了2025年《财富》中国科技50强（排名 不分先后）。记者根据天眼查企业注册地信息统计，华为、腾讯、比亚迪、大疆、大族激光、顺丰、神 州信息、欣旺达、华大集团等9家深圳企业上榜，深圳成为上榜企业最多的城市之一。 战略性新兴产业正在成为深圳产业升级的新支柱。今年上榜的企业中，既有新能源汽车领军者比亚迪和 全球动力电池制造商欣旺达，也有全球无人机巨头大疆，以及生命科学领域的代表华大集团。 今年是《财富》第二年发布中国科技50强榜单。与去年相比，今年榜单更加凸显人工智能企业的崛起。 例如，今年迅速走红的大模型公司DeepSeek首次入选；机器人赛道也迎来了更多新面孔，包括宇树科 技、云深处、珞石机器人等。榜单显示，中国科技力量正从消费互联网向人工智能、智能制造等新领域 加速延展。 根据深圳2025年经济半年报，深圳高技术产品产量持续快速增长，其中民用无人机、工业机器人、3D 打印设备的产量分别增长59.0%、38.0%、35.8%，为工业稳增长提供了有力支撑。这与榜单所呈现的产 业趋势高度契合，折射出深圳在全球科技竞争中的持续活力与领先优势。 《财富》编辑 ...

Core Viewpoint - The article highlights a narrowing decline in express delivery prices in July, indicating a stronger-than-expected effort to combat "involution" in the industry, leading to a temporary easing of competitive pressure. The outlook remains positive for leading express delivery companies with confirmed performance growth and potential valuation recovery opportunities in e-commerce logistics [1][3][4]. Group 1: Industry Performance - In July 2025, the total express delivery volume increased by 15.1% year-on-year, with SF Express leading the growth at 33.7% [1]. - For the first seven months of 2025, the total express delivery volume reached 1,120.5 billion pieces, reflecting an 18.7% year-on-year increase, surpassing the postal administration's forecast of over 8% for the entire year [1]. - The e-commerce express delivery sector saw significant growth, with YTO, Yunda, and Shentong reporting year-on-year increases of 20.8%, 7.6%, and 11.9% respectively in July 2025 [1]. Group 2: Market Concentration - The concentration of the express delivery industry continues to increase, with the CR8 (concentration ratio of the top 8 companies) reaching 86.9 in the first seven months of 2025, up by 1.7 compared to the previous year [2]. - In Q2 2025, the market shares of leading e-commerce express companies were as follows: Zhongtong at 19.5%, YTO at 16.0%, Yunda at 13.2%, Shentong at 12.9%, and Jitu at 11.1%, all showing an increase from Q1 [2]. Group 3: Pricing and Revenue Trends - The express delivery industry's revenue in July 2025 grew by 8.9% year-on-year, while the average revenue per ticket decreased by 5.3% [3]. - For the first seven months of 2025, the industry's revenue increased by 9.9%, with a 7.4% decline in average revenue per ticket [3]. - The decline in average revenue per ticket is seen as a sign of reduced price competition, supported by regulatory efforts to combat "involution" in the industry [3]. Group 4: Investment Recommendations - The article suggests that the ongoing "anti-involution" measures will effectively ease competitive pressures in the industry, leading to a recovery in e-commerce express delivery profitability in the second half of the year [4]. - Future profitability will depend on the sustainability of price increases, with a focus on regulatory strength from the postal administration [4].

国泰海通主要观点如下： 7月价格降幅收窄，快递"反内卷"力度超预期，短期竞争压力趋缓，中长期继续保障良性竞争 7月快递件量同比+15.1%;顺丰深化落实激活经营，业务量同比+33.7%，增速持续领跑 1)全行业：2025年7月全国快递企业件量164.0亿件，同比+15.1%;2025年1-7月件量1120.5亿件，同比 +18.7%。小件化趋势持续、电商促销且退换货便捷，共同驱动2025年前7个月件量增速超过邮管局对 2025年全年件量增速超8%的预测。2)电商快递：圆通/韵达/申通2025年7月业务量分别同比 +20.8%/+7.6%/+11.9%;1-7月业务量分别同比+21.6%/+15.1%/+19.3%。3)直营快递：顺丰2025年7月业务 量同比+33.7%;1-7月业务量同比+26.9%，得益于落实激活经营策略，加大对前线业务的授权与激励，顺 丰件量增速3-7月连续领跑行业。 行业集中度持续集中，头部公司Q2市场份额环比提高 2022年初到2024年末，由于政策监管下价格竞争相对温和，份额向头部集中较缓慢。1)全行业：2025年 1-7月快递行业CR8为86.9，同比提升1.7，反映出2025年 ...

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Investment Rating - The report maintains a "Recommended" rating for the logistics industry [1] Core Insights - In July 2025, the express delivery industry experienced a year-on-year business volume growth of 15.1%, outpacing the growth of physical online retail sales at 8.3% and social consumer retail sales at 3.7% [6][14] - The trend of small parcel delivery continues, driving rapid growth in express package volume [14] - The average revenue per ticket in the express delivery industry was 7.36 yuan in July 2025, reflecting a year-on-year decline of 5.33% and a month-on-month decline of 1.76% [21] - The report anticipates a price recovery in August 2025 due to the "anti-involution" trend in the industry [6] Industry Volume and Price - In July 2025, the year-on-year growth rates for express delivery business volume in first, second, and third-tier regions were +14.2%, +16.8%, and +28.0%, respectively [34] - The average revenue per ticket in first, second, and third-tier regions showed year-on-year declines of -4.7%, -7.2%, and -12.1%, respectively [34] Company Performance - In July 2025, the express delivery business volume growth rates for YTO Express, Yunda, Shentong, and SF Express were +20.81%, +7.56%, +11.90%, and +33.69%, respectively, with the industry average at 15.1% [43] - The year-on-year decline in average revenue per ticket for YTO Express, Yunda, Shentong, and SF Express was -7.14%, -3.54%, -1.50%, and -14.02%, respectively [44]