Core Viewpoint - The article discusses the recent price increase in the express delivery industry in Guangdong, which is seen as a response to the ongoing price war and declining average prices in the sector. The price adjustment is expected to have significant implications for the market dynamics and competition among delivery companies [4][6]. Group 1: Price Increase and Market Dynamics - Guangdong's express delivery base price was raised to 1.4 yuan per ticket, marking a 40% increase, aimed at curbing low-price competition and ensuring market stability [4][6]. - The express delivery sector in Guangdong is crucial, accounting for approximately 25% of the national total, with 234.3 billion packages sent in the first half of the year [4][6]. - Despite the price increase, the underlying issues of fierce competition and price wars in the express delivery industry remain unresolved [4][6]. Group 2: Historical Price Trends - The average price per express delivery ticket in China dropped from 8.14 yuan to 7.52 yuan in the first half of the year, a year-on-year decline of 7.7% [6]. - Over the past five years, the express delivery industry has experienced a continuous decline in average ticket prices, with a total decrease of 32% [11][22]. - The express delivery market has seen a tenfold increase in volume over the past decade, with a projected 1.758 billion packages to be delivered in 2024, reflecting a year-on-year growth of 21.5% [22][29]. Group 3: Competitive Landscape - The express delivery industry is characterized by intense competition, with major players struggling to establish a stable market structure. The top eight companies hold 85.2% of the market share, a modest increase of 2.7% over five years [19][22]. - The market remains fragmented, with new entrants and investments continuing to flood in, exacerbating the price competition [26][29]. - The industry's growth is heavily tied to the e-commerce sector, which drives demand for delivery services, further intensifying competition among providers [26][29]. Group 4: Investment and Operational Challenges - Companies in the express delivery sector are investing heavily in fixed assets, such as sorting facilities and transportation vehicles, often outpacing revenue growth [27][29]. - The fixed asset growth for companies like YTO Express has been significantly higher than revenue growth, indicating a focus on capacity expansion despite ongoing price wars [27][29]. - The article suggests that as long as the express delivery volume continues to grow rapidly, the price wars are unlikely to cease, creating a challenging environment for profitability [29].

数据统计显示，中证沪港深500工业指数近一个月上涨3.27%，近三个月上涨5.53%，年至今上涨 2.32%。 据了解，中证沪港深行业指数系列将中证沪港深 500、中证沪港深互联互通中小综合以及中证沪港深互 联互通综合指数样本按行业分类标准分别分为 11 个行业，再以各行业全部证券作为样本编制指数，以 反映中证沪港深指数系列中不同行业公司证券的整体表现。该指数以2004年12月31日为基日，以1000.0 点为基点。 金融界8月13日消息，上证指数高开高走，中证沪港深500工业指数 (沪港深500工业，H30460)报1568.91 点。 从指数持仓来看，中证沪港深500工业指数十大权重分别为：宁德时代（9.95%）、京沪高铁 （3.5%）、阳光电源（2.8%）、三一重工（2.71%）、汇川技术（2.7%）、中国建筑（2.55%）、顺丰 控股（2.47%）、中远海控（2.16%）、隆基绿能（2.1%）、中国中车（2.01%）。 从中证沪港深500工业指数持仓的市场板块来看，上海证券交易所占比54.36%、深圳证券交易所占比 36.51%、香港证券交易所占比9.14%。 从中证沪港深500工业指数持仓样本的行业 ...

丝路电商班列从开行初期只有3家客户，到如今汇聚京东、顺丰、极兔等企业及统一、康师傅等10 家稳定合作方，品牌吸引力持续提升；运输品类从最初的650种增加至超2000种，覆盖汽车配件、日用 百货等领域。为拓宽服务企业渠道，班列试点95306网上订舱服务，采取"合约订舱+公开订舱"混合模 式，核心客户锁定合约舱位保障运力，剩余舱位向社会开放。"一车也能发"的灵活性与透明的价格，吸 引了更多零散货源集聚。 "依托丝路电商班列，我们已完成了超2000万件快递包裹的运输任务。尤其是在'6·18'大促等销售旺 季，货物'发得出、运得快'。以往发到乌鲁木齐的快递可能需要三四天才能送到用户手中，现在最快48 小时内用户就能签收。"京东物流西北运力铁路负责人屈晓红说。（记者 杨光） 作为陕西始发的西向快速城际班列，X387次丝路电商班列由中国铁路西安局集团有限公司（以下 简称"西安铁路局"）组织开行，实行每日一班客车化运行，9时09分从西安国际港站发车，直达乌鲁木 齐三坪、乌北站，时速达120公里，平均36.18小时到达。 "丝路电商班列运行时间较公路运输快5小时左右，物流成本降低10%，同时大幅降低货损率，让企 业满意度提升 ...

Core Viewpoint - The recent increase in express delivery base prices in Guangdong and Yiwu reflects concerns over the intense competition and low profitability in the express delivery industry, which has led to a downward trend in per-package revenue for major companies [1][2][3]. Group 1: Price Adjustments - Starting from August 4, the base price for express delivery in Guangdong has been raised by 0.4 yuan per package, bringing the average price to over 1.4 yuan [1]. - Yiwu also raised its express delivery base price by 0.1 yuan to 1.2 yuan starting July 18 [1]. - The overall express delivery costs have increased by approximately 0.4 yuan, although delivery personnel have not yet received news of a corresponding increase in their compensation [1]. Group 2: Revenue Trends - Major express companies, including Shentong, Yunda, Zhongtong, and Yunda, have seen a significant decline in per-package revenue, with figures for 2024 projected at 2.05 yuan, 2.3 yuan, 1.21 yuan, and 2.01 yuan respectively, representing a decrease of about 30% to 40% compared to 2019 [3]. - In June, Shentong and Yunda reported further declines in per-package revenue, dropping below the 2 yuan mark to 1.99 yuan and 1.91 yuan respectively, while Zhongtong decreased to 2.1 yuan [5]. - SF Express maintains a relatively stable per-package revenue of around 15 to 16 yuan, but has also experienced a decline of 11% to 14% compared to the previous year due to industry price wars [5][12]. Group 3: Delivery Challenges - The continuous decline in per-package revenue has led express companies to implement cost control measures, including reducing delivery fees for last-mile services [7]. - The delivery personnel face pressure to choose between home delivery and depositing packages at collection points, with a significant increase in the use of collection points, reaching a 72% entry rate in 2022 [11]. - Complaints regarding non-delivery to specified addresses have surged, with over 19,000 complaints related to this issue, highlighting the challenges in balancing delivery efficiency and service quality [11]. Group 4: Impact on Low-Cost Merchants - The recent price adjustments in express delivery services are expected to significantly impact low-cost merchants, as the low logistics cost is crucial for their survival [15]. - Merchants have indicated that a delivery cost exceeding 3 yuan is no longer sustainable for their profit margins, as the historical rate has been around 1 yuan for small packages [15].

无独有偶，上个月底，顺达同行及顺丰投资均同意以现金方式向自动驾驶公司白犀牛智达（北京）科技 有限公司分别出资人民币9954万元及5688万元。 大厂之间加速无人车应用和商业化探索，看中的是无人配送车技术路线走向成熟，其配送能力能够与现 有骑手网络结合，推动效率提升。 在近期一场"无人配送闭门研讨会"上，中国工程院院士李克强肯定了无人配送的战略意义，"无人配送 系统已经到了产业化、规模化应用的临界点。我们有一个共识——无人配送是智能交通系统、智能车辆 发展过程中，经过大家探索最具潜力实现规模化、产业化的场景。" 21世纪经济报道记者 林典驰 深圳报道 近日，美团无人配送车驶入深圳市福田区莲花山中心区，在深圳城市核心区域开启常态化的测试运营。 该区域位于深圳CBD中轴线，人口密集、商业高度活跃，其运行有着一定的示范意义。 除此之外，"通达系"快递企业在末端配送积极使用无人车，无人车降本或将改善快递加盟商盈利状况， 间接影响快递企业总部报表，各家企业的无人车替换节奏存在差异，或加速各企业的成本分化，加快格 局变化。 无人车在企业快速落地的同时，少不了相关政策法规的支持，面临着一些痛点和堵点。 首先是关于"路权"已成 ...

Group 1 - The merger of the Shenzhen Main Board and the SME Board has been completed for one year, resulting in 28 companies going public (IPO) and raising over 23 billion yuan [1] - Total financing and transactions involving over 660 companies reached more than 730 billion yuan, with nearly 1,500 main board companies having a total market value exceeding 22 trillion yuan [1][2] - The merger has enhanced market vitality and resilience, improving direct financing and resource allocation efficiency, thereby better serving the real economy and supporting national development strategies [1][2] Group 2 - In the past year, 166 refinancing transactions were completed by main board companies, raising a total of approximately 329.99 billion yuan, with manufacturing companies accounting for 66.62% of this amount [2] - A total of 43 major asset restructuring transactions were completed, with a transaction amount of approximately 230.53 billion yuan [2] - The merger has created a broader and deeper market segment, catering to the financing needs of companies at different development stages [2] Group 3 - As of the end of March, 547 main board companies reported an average revenue of 15.46 billion yuan, reflecting a year-on-year growth of 29.61%, and an average net profit of 1.11 billion yuan, with a year-on-year increase of 26.47% [3] - Notable companies such as BOE Technology Group, BYD, and SF Express reported revenues exceeding 100 billion yuan, while 32 companies achieved net profits over 5 billion yuan [3] - The manufacturing sector showed strong performance, with 279 companies in industries like chemicals, machinery, electronics, and pharmaceuticals reporting net profit growth exceeding 50% [3] Group 4 - The government has emphasized the need for capital market reforms, including the implementation of a stock issuance registration system to promote stable and healthy market development [4] - The merger has led to effective operation of various institutional rules, contributing to a stable market environment that aligns with market expectations [4] - The merger is seen as a necessary step in building a clear market system and strengthening the foundation for comprehensive registration system implementation [4]

Core Viewpoint - The article highlights the efficient cold chain logistics that enable the transportation of fresh lychees from Maoming, Guangdong to Urumqi, Xinjiang, ensuring the fruit remains fresh and appealing to consumers within a short time frame. Group 1: Cold Chain Logistics - The journey of lychees from Maoming to Urumqi covers over 4000 kilometers and involves a series of meticulous steps to maintain freshness, including cooling, packaging, and air transport [1][8]. - The entire process from picking to delivery takes less than 28 hours, showcasing the effectiveness of the cold chain logistics [10]. Group 2: Harvesting and Initial Processing - Fresh lychees are harvested early in the morning to avoid heat and are immediately cooled to reduce respiration rates, preventing spoilage [3]. - After harvesting, the lychees undergo a standardized pre-cooling process at a processing center, where they are sorted and prepared for transport [4][5]. Group 3: Packaging and Transportation - The packaging process includes the use of ice packs and special bags to maintain temperature during transit, ensuring the lychees remain fresh [5][6]. - The lychees are transported to the airport using cold chain vehicles, where they are prioritized for quick processing and loading onto flights [7][8]. Group 4: Delivery and Consumer Experience - Upon arrival in Urumqi, the lychees are quickly sorted and delivered to consumers, with measures in place to ensure they remain fresh until they reach the end customer [10]. - The logistics network prioritizes fresh fruit deliveries, ensuring that consumers receive high-quality products promptly [10].

Core Viewpoint - Despite ongoing price wars leading to a decline in service prices, major express delivery companies in China have maintained steady growth in revenue and net profit in the first half of the year, indicating overall market expansion [1][5]. Revenue Performance - In June, three companies reported year-on-year revenue growth: SF Express achieved 16.704 billion yuan, up 3.59%; Shentong Express reported 3.36 billion yuan, up 12.67%; and YTO Express reached 4.246 billion yuan, up 3.39% [2]. - Yunda Express lagged behind with a revenue of 3.665 billion yuan, down 11.47%, and a business volume of 1.581 billion parcels, down 2.04% [2]. - SF Express expects a net profit of 4.02 billion to 4.22 billion yuan for the first half of 2023, a year-on-year increase of 60%-68% [2]. Business Volume Trends - In June, SF Express experienced a slight decline in business volume, handling 1.017 billion parcels, down 0.29%; Shentong Express saw a significant increase of 28.26% to 1.523 billion parcels; YTO Express grew by 14.03% to 1.792 billion parcels [2]. - Yunda Express's business volume decreased, but it anticipates a net profit growth of 37.31%-75.12% for the first half of the year [2]. Single Ticket Revenue - SF Express reversed its declining trend with a single ticket revenue of 16.42 yuan, up 3.86%; however, Shentong, YTO, and Yunda reported declines in single ticket revenue [3]. - Shentong's single ticket revenue fell to 2.21 yuan, down 11.95%; YTO's to 2.37 yuan, down 9.33%; and Yunda's to 2.32 yuan, down 9.73% [3]. Industry Outlook - The overall performance of the express delivery sector shows signs of stabilization and recovery, with most companies adapting to market demand and improving operational efficiency [5]. - The second half of the year is expected to see continued growth in the express delivery industry, driven by economic recovery and e-commerce market expansion [6].

8月1日晚间，A股快递物流行业龙头顺丰控股发布公告称，为进一步推进公司国际化战略，提升公司国 际品牌形象，打造国际资本运作平台，提高公司综合竞争力，董事会同意公司在H股主板挂牌发行上 市，顺丰控股将在股东大会审议通过之日起18个月或同意延长的其他期限，选择适当的时机和发行窗口 完成本次发行并上市。 在市场分析人士看来，顺丰控股应该是考虑到资本市场波动以及整体宏观的不确定性，尤其是看到过往 很多先A后H案例，召开董事会与实际香港上市之间的时间间隔存在较长时间表。顺丰控股决定在这个 时间点获取董事会决议的主要目的，可能是为了最大程度保留时间灵活性以及未来可能性，便于捕捉资 本市场的机遇。 对于顺丰控股来说，公司登陆香港资本市场后，一方面可以接触到未覆盖A股的海外投资者，扩大投资 者交流面；另一方面将不时发布英文呈现的年报、通函、上市文件等资料，降低与海外投资者乃至海外 业务合作方的沟通成本，高效、精准地向国际社会展现公司的业务情况与品牌价值。 由于顺丰控股并未披露募集资金用途，外界预测，公司本次资本运作仅是作为战略性资金储备。充足的 海外资金可以使顺丰控股在未来的经营中，有更多的灵活性和应对能力，为未来可能的发展 ...

Core Insights - The H1 hangar of Hubei Shunke Aviation Maintenance Co., Ltd. has officially commenced operations, marking a significant milestone for SF Airlines and its partnership with ST Engineering in establishing a commercial aircraft maintenance base [1][2] - The maintenance base is strategically located at Ezhou Huahu International Airport, the first dedicated cargo hub in Asia, enhancing SF Airlines' capabilities in aircraft maintenance and supporting the growth of the aviation industry [2][4] Summary by Sections Establishment and Operations - The H1 hangar will be utilized by SF Airlines as the first global user, starting maintenance work on a B767-300F aircraft on August 12 [2] - A second hangar is under construction, expected to be completed by the second half of 2027, allowing simultaneous accommodation of four wide-body or eight narrow-body aircraft [2] Strategic Importance - The maintenance base is designed to meet the growing MRO (Maintenance, Repair, and Overhaul) demands of both cargo and passenger aircraft, reinforcing SF Airlines' position in the aviation supply chain [2][4] - The collaboration with ST Engineering leverages their global maintenance expertise, ensuring efficient fleet management and operational reliability for SF Airlines [2][4] Employment and Technological Advancements - The maintenance base has already recruited approximately 200 personnel, with plans to create around 700 high-value jobs once both hangars are operational [4][5] - The facility will incorporate advanced technologies such as robotics and digital systems to enhance operational efficiency and service quality [4][5] Historical Context and Future Outlook - SF Airlines has progressively enhanced its maintenance capabilities over the years, achieving significant milestones in independent aircraft inspections and repairs [5] - The new maintenance base signifies a new phase in SF Airlines' journey towards industrialized maintenance development, aiming to establish a competitive maintenance brand in the aviation sector [5]