在电商平台发布"双11"购物节规则后，韵达控股集团股份有限公司（以下简称"韵达股份"）召开会议部 署公司2025年旺季服务保障工作。会议强调，旺季期间包裹集中且量大，商家和客户对快递服务的安 全、时效和服务质量要求更高，韵达股份全网要根据旺季期间各阶段包裹流向、流量的预测，提前将人 员、场地、车辆、设备、仓储及后勤保障等工作准备到位，统筹好网络资源与社会资源。 快递企业加紧部署工作 每年的"双11"大促都是对快递行业的年度压力测试。当前，快递行业已经提前进入"备战模式"，充分做 好线上消费市场的物流保障工作。 韵达股份董事长兼总裁聂腾云在会议上表示，韵达全网要坚持"安全为基"，抓住旺季业务契机，打造更 优的服务网络，更强的服务能力，更高的协同水平，与社会各界合作伙伴携手同行，为助力乡村农特产 品上行和工业品下行，满足城市供应链需求，助力推动行业高质量发展作出应有的贡献。 9月30日，申通快递股份有限公司（以下简称"申通快递"）召开了以"聚焦客户体验，助力网点经营"为 主题的"双11"启动会，全面部署大促保障工作。申通快递常务副总裁韩永彦在会上提出了"态度上要重 视，心态上要平常，行动上要前置"三大核心原则，公 ...

据了解，在人力与运力储备上，北京顺丰此次投入1.9万名快递员，并组建600人机动支援队伍，随时响 应片区突发需求；车辆调度方面，在日常5000余车次基础上，将高峰日均车次提升至近8000次，全力应 对件量峰值冲击。 北京商报讯（记者 何倩）10月21日，北京商报记者获悉，随着"双11"物流高峰临近，北京顺丰正式成 立"双11"高峰应对工作组，针对北京各片区差异化需求，工作组深入一线摸排痛点，拉通职能部门资 源。 ...

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [3] Core Views - The express logistics sector is experiencing resilient demand, with a "de-involution" trend driving up express prices, enhancing corporate profitability. The long-term outlook for e-commerce express logistics is positive due to healthy competition [3][13] - The shipping sector is expected to benefit from the OPEC+ production increase and the Federal Reserve's interest rate cuts, with a notable improvement in VLCC freight rates anticipated in Q4 2025 [13] - The aviation industry is seeing stable demand growth, with supply chain issues leading to increased costs for airlines. The overall passenger demand is projected to grow by 10.4% in 2024, outpacing capacity growth [9][14] Summary by Sections Express Logistics - In September 2025, major express companies reported improved performance, with YTO, Shentong, and Yunda achieving business volumes of 2.627 billion, 2.187 billion, and 2.110 billion pieces, respectively, representing year-on-year growth of 13.64%, 9.46%, and 3.63% [3][27] - The average revenue per piece for these companies also saw increases, indicating a trend of rising prices in the express delivery sector [3][27] Shipping and Ports - The implementation of new port fees between China and the US is expected to create a dual market structure, granting strategic pricing power to compliant shipping capacities [5] - China has secured pricing power for iron ore, marking a significant shift in global commodity trade dynamics [6] - The Shanghai Container Freight Index (SCFI) rose by 12.9% week-on-week, indicating a positive trend in shipping rates [7] Aviation - The International Air Transport Association (IATA) reported that supply chain bottlenecks are delaying aircraft production, leading to increased costs for airlines, estimated to exceed $11 billion in 2025 [9] - Chinese airlines collectively oppose the US Department of Transportation's proposed flight restrictions, highlighting concerns over operational impacts [10] Road and Rail - National logistics operations were reported to be running smoothly, with significant increases in highway freight traffic [12] - The National Development and Reform Commission plans to enhance electric vehicle charging infrastructure along highways by 2027 [12] Overall Market Performance - From October 13 to October 17, 2025, the transportation sector index increased by 0.73%, outperforming the Shanghai Composite Index, which fell by 1.47% [18]

四家A股上市快递披露的9月业绩显示，圆通、韵达、申通三大快递单票收入集体增长，顺丰降幅环比收窄。 | A 股上市快递 9 月业绩 | | --- | | 企业 | 业务量 | 増速 | 收入 | 増速 | 単票收入 | 増速 | | --- | --- | --- | --- | --- | --- | --- | | 顺丰 | 15.04 亿票 | 31.81% | 208.54亿 | 14.21% | 13.87 元 | -13.31% | | 園通 | 26.27 亿票 | 13.64% | 57.99 亿 | 14.89% | 2.21 元 | 1.09% | | 韵达 | 21.10 亿票 | 3.63% | 42.52亿 | 4.14% | 2.02 元 | 0.50% | | 申通 | 21.87 亿票 | 9.46% | 46.33 亿 | 14.89% | 2.12 元 | 4.95% | 亿豹网发现，行业反内卷的成效正在进一步释放，通达系快递实现量价齐升。两通一达9月收入增速均明显高于业务量增速，单票收入环比上涨明显。 其中，圆通9月单票收入环比上涨0.06元，韵达环比上涨0.1元，申通环 ...

为提升游客体验，顺丰将服务无缝嵌入游玩全流程。联合日照文旅局制作动态"顺丰旅游路线图"，清晰标注各景区顺丰服务点位，文旅局同步在景区宣传 推广；联动热门景区推出"一卡游日照"明信片，游客凭卡寄递或购买特色商品可享专属优惠；携手商务局打造 "日照好物"销售场景，依托快递中心门店 热度销售本地特产，售后由顺丰直发，打通"游-购-寄"闭环。 日照坐拥得天独厚的海洋旅游资源与丰富特色物产，每年吸引海量游客纷至沓来。为精准承接游客的服务需求，顺丰自10月以来在日照启动文旅专项服 务，以"便民、省心、高效"为核心深化"物流 + 文旅"服务体系，仅国庆假期内累计服务游客超10万人次，处理寄递订单超1.2万单，存包服务量突破2万 次，不仅让游客的山海之旅更轻盈，更以扎实服务成效为地方文旅注入民生温度。 深耕"行"场景：让旅途少点负担，多点轻松 "拖着行李箱赶高铁、转公交，总怕耽误行程。"这是不少游客的出行困扰。针对这样的困扰，顺丰在日照高铁站设立快递中心，成为文旅业务布局的核心 枢纽，围绕"物流运营、客户体验、业务拓展、资源整合"四大维度提供全链条服务。站2台丰巢存包柜在假期单日最高服务800余名游客，让携带行李的家 庭游客 ...

交通运输 | 证券研究报告 — 行业周报 2025 年 10 月 20 日 强于大市 交通运输行业周报 中美互征港口费推升航运市场避险情绪， 9 月多 家快递公司"量价齐升" 航运方面，中美互征港口费推升航运市场避险情绪，集运远洋航线运价上 涨。航空方面沃兰特 VE25-100 eVTOL 成功完成首轮试飞，三大航 9 月运 营数据释放积极信号。物流与交通新业态方面，京东物流与宁德时代达成战 略合作，9 月多家快递公司"量价齐升"。 核心观点 ①中美互征港口费推升航运市场避险情绪，集运远洋航线运价上涨。10 月 16 日，上海航运交易所发布的 CTFI 指数报 1791.28 点，较 10 月 9 日上 涨 27.3%。本周 VLCC 市场中东航线 11 月初货盘陆续进场，国际政治 与贸易消息对市场情绪影响明显，美国宣布对中国原油码头实施制裁， 中国宣布反制措施对美资船舶征收对等港口费，短期内加剧中美航运关 系紧张的担忧，推升了市场的避险情绪。随着中国交通运输部发布的关 于对美船舶征收特别港务费的实施细则落地，中国建造船舶可豁免缴纳 该费用的条款，成交运价也在大幅上涨后高位企稳。欧线方面，本周运 输需求总体稳 ...

截至最新收盘，顺丰控股股价报收40.09元/股，总市值为2020亿元。 据统计，最近两个月顺丰控股的股价"跌跌不休"，8月27日至今其股价跌幅超过17%，市值缩水近400亿 元。 为何顺丰控股的股价会逆势下跌？ 有分析指出，主要原因是其8月末披露的《"共同成长"持股计划（A股）（草案）》。在这份"共同成 长"持股计划中，顺丰控股提到了公司控股股东深圳明德控股发展有限公司将无偿赠予不超过2亿股A股 股票作为员工激励，股份分9年授予。媒体分析，虽然"共同成长"持股计划中的股票由控股股东明德控 股无偿赠予，没有直接消耗顺丰控股的资金，但依据会计准则，该计划最终将转化为上市公司的"账面 成本"，直接影响各年度净利润。 不过，像这种类似的股权激励计划并不在少数，比如此前海光信息也曾抛出一份数十亿的股权激励计 划，并且授予的股票还不是股东无偿赠予的，但股权激励计划披露后海光信息的股价却仍在上行，进入 9月以来其股价涨幅超过了37%。 对于上市公司来说，股权激励计划十分常见，并且顺丰控股的股权激励还会分9年授予，短期内并不会 对股价造成实质上的影响。那么，为何最近一段时间顺丰控股的股价会持续下跌？资金到底在担心些什 么？ ...

Flash | 19 Oct 2025 17:16:49 ET │ 11 pages See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations In Sep'25, Tongda players' ASP further recovered as reflected in the 3 A- share players' monthly operational data. YTO/STO/YUNDA increased their ASP by Rmb 6/6/10 cents MoM, +1.1/+4.95/+0.5% yoy. YTO and STO outperformed on balance between volume and price, while Yunda continued to underperform with market share loss likely. YTO achieved 14.9% yoy revenue growth, wit ...

顺丰（31.8%）>圆通（13.6%）>申通（9.5%）>韵达（3.6%）。 顺丰（28.3%）>圆通（19.4%）>申通（17.1%）>韵达（13.0%）。 继续重点推荐我们近期先后上调评级至"强推"的 核心指标追近龙头，A股电商快递中质地最优，看好反内卷下业绩强弹性。 申通（14.9%）=圆通（14.9%）>顺丰（14.2%）>韵达（4.1%）。 申通（14.8%）>圆通（13.5%）>顺丰（11.7%）>韵达（6.6%）。 申通2.12元，同比+5.0%（+0.10元），环比+2.9%（+0.06元），环比7月+7.6%（+0.15元）； 韵达2.02元，同比+0.5%（+0.01元），环比+5.2%（+0.10元），环比7月+5.8%（+0.11元）； 圆通2.21元，同比+1.1%（+0.03元），环比+2.8%（+0.06元），环比7月+6.3%（+0.13元）； 顺丰13.87元，同比-13.3%（-2.13元），环比+4.5%（+0.60元），环比7月+2.4%（+0.32元）。 申通2.02元，同比-2.0%（-0.04元）；韵达1.94元，同比-5.7%（-0.12元）；圆通2.18元，同 ...

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][33]. Core Insights - The report highlights that the Tongda system's single ticket revenue has continued to increase month-on-month, with an increase of over 0.1 yuan compared to July, suggesting potential performance elasticity in the future [2]. - The report emphasizes the investment opportunities in the express delivery sector under the "anti-involution" theme, particularly focusing on companies like YTO Express and Shentong Express, which have shown strong performance indicators [7][9]. - The report notes that the express delivery companies have experienced varying growth rates in business volume and revenue, with SF Express leading in business volume growth at 31.8% year-on-year for September [9]. Summary by Sections Industry Basic Data - The express delivery industry consists of 5 listed companies with a total market value of 341.66 billion yuan and a circulating market value of 328.83 billion yuan [5]. - The absolute performance of the industry over the past 1 month, 6 months, and 12 months has been -5.8%, 5.2%, and 2.9% respectively, while the relative performance has been -5.0%, -14.5%, and -16.3% [5]. Company Performance - In September, the business volume year-on-year growth rates were as follows: SF Express (31.8%), YTO Express (13.6%), Shentong Express (9.5%), and Yunda Express (3.6%) [7][9]. - Revenue growth rates for September were led by Shentong and YTO, both at 14.9%, followed by SF Express at 14.2% and Yunda at 4.1% [9]. - The single ticket revenue for September showed an increase for the Tongda system, with Shentong at 2.12 yuan (up 5.0% year-on-year), Yunda at 2.02 yuan (up 0.5%), and YTO at 2.21 yuan (up 1.1%) [9]. Investment Recommendations - The report recommends focusing on e-commerce express delivery opportunities, particularly highlighting YTO and Shentong as key investment targets due to their strong performance indicators and potential for revenue and earnings elasticity [7]. - It also suggests continued investment in SF Express, noting its leading business volume growth and potential for sustainable free cash flow optimization [7].