截至12月22日收盘，超级品牌概念下跌0.48%，位居概念板块跌幅榜前列，板块内，澳柯玛、中公教 育、TCL科技等跌幅居前，股价上涨的有13只，涨幅居前的有安孚科技、顺丰控股、东阿阿胶等，分别 上涨2.40%、1.22%、1.11%。 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 600941 | 中国移动 | -0.98 | 2.28 | -35945.03 | | 000100 | TCL科技 | -2.18 | 2.06 | -21980.97 | | 600519 | 贵州茅台 | -0.12 | 0.16 | -15596.29 | | 002594 | 比亚迪 | 0.15 | 0.59 | -13140.46 | | 000858 | 五粮液 | -0.18 | 0.28 | -12911.36 | | 000568 | 泸州老窖 | -0.62 | 0.55 | -12253.24 | | 000333 | 美的集团 | -0.37 | 0.35 | -10703.91 | | ...

1)行业端：11月快递行业单价环比提升1.9%。11月快递行业单价7.62元，同比-8.3%，环比+1.9%，1-11 月累计单票价格7.50元，同比-6.8%。8月以来快递行业反内卷后涨价效果显著，截至11月行业单票价格 较7月提升0.27元。 2)公司端：业务量调优带动顺丰单价环比+0.29元，并表丹鸟带动申通单价环比+0.23元。a)当月值：11 月快递单票价格顺丰13.47元(环比+0.29元)、圆通2.24元(同比-0.05元，环比+0.01元)、申通2.41元(同比 +0.33元，环比+0.23元)、韵达2.16元(同比+0.13元，环比+0.05元);b)累计值：1-11月累计单票价格顺丰 13.73元、圆通2.19元(同比-4.50%)、申通2.07元(同比+0.89%)、韵达1.98元(同比-3.60%)。 智通财经APP获悉，信达证券发布研报称，直营制方面，推荐顺丰控股(002352.SZ)，看好公司经营拐点 及现金流拐点到来后迈入新发展阶段。加盟制方面，在快递行业"反内卷"推进下，上市公司单票价格环 比显著提升，叠加行业旺季件量增长，快递公司业绩有望显著修复;2025年以来行业格局加速分 ...

信达证券（601059）发布研报称，直营制方面，推荐顺丰控股（002352）(002352.SZ)，看好公司经营 拐点及现金流拐点到来后迈入新发展阶段。加盟制方面，在快递行业"反内卷"推进下，上市公司单票价 格环比显著提升，叠加行业旺季件量增长，快递公司业绩有望显著修复;2025年以来行业格局加速分 化，看好龙头公司份额持续提升，推荐中通快递-W(02057)、圆通速递（600233）(600233.SH)。 信达证券主要观点如下： 单价情况：业务量调优带动顺丰单价环比+0.29元，并表丹鸟带动申通单价环比+0.23元 1)行业端：11月快递行业单价环比提升1.9%。11月快递行业单价7.62元，同比-8.3%，环比+1.9%，1-11 月累计单票价格7.50元，同比-6.8%。8月以来快递行业反内卷后涨价效果显著，截至11月行业单票价格 较7月提升0.27元。 件量情况：11月快递业务量增速5.0%，顺丰业务调优增速环比回落，申通并表丹鸟带动规模提升 1)上游驱动及行业方面：11月快递行业业务量同比增长5.0%。1-11月累计实物商品网购零售额11.82万亿 元，同比增长5.7%，增速高出社零总额同比增速约 ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The global first 6-ton tilt-rotor aircraft has completed its maiden flight, and domestic express delivery volume has increased by 14.9% year-on-year for the first 11 months of 2025 [2][3] - Crude oil shipping rates have declined from high levels, with mixed changes in ocean freight rates. The Shanghai Shipping Exchange's China Import Crude Oil Composite Index (CTFI) reported 2280.86 points, down 1.9% from December 11 [3][14] - The Hainan Free Trade Port has officially launched its full island closure, marking it as a special customs supervision area, with express delivery volume reaching 1807.4 billion pieces, a 14.9% increase year-on-year [3][21] Summary by Sections Industry Hot Events - Crude oil shipping rates have decreased, with mixed changes in ocean freight rates. The VLCC market is experiencing a wait-and-see attitude as shipping owners maintain a strong sentiment despite a high number of bids [3][14] - The first 6-ton tilt-rotor aircraft, "Lan Ying R6000," developed by Shenzhen United Aircraft Technology Co., has completed its first test flight, enhancing the low-altitude economy and local industrial chain [3][16] - The Hainan Free Trade Port has started full island closure, with significant logistics policy benefits and a notable increase in express delivery volume [3][21] High-Frequency Data Tracking - The Baltic Air Freight Price Index has increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index reported 6369.00 points, up 11.3% year-on-year [26] - Domestic freight flight numbers have decreased year-on-year, while international flights have increased significantly [27] - The express delivery business volume in November 2025 increased by 5.00% year-on-year, while the total express delivery volume for the first 11 months reached 1807.41 billion pieces, a 14.90% increase [46] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping Specialized Carriers, China Merchants Energy Shipping, and Huamao Logistics [5] - Pay attention to the transportation demand increase driven by the construction of hydropower stations in the Yarlung Tsangpo River downstream [5] - Explore investment opportunities in the low-altitude economy sector, recommending CITIC Offshore Helicopter [5] - Consider investment opportunities in the highway and railway sectors, recommending companies like Gansu Expressway and Beijing-Shanghai High-Speed Railway [5] - Look into investment opportunities in the cruise and water ferry sectors, recommending Bohai Ferry and Straits Shares [5] - Monitor investment opportunities in the express delivery sector, recommending SF Express, Jitu Express, and Yunda Express [5] - Focus on investment opportunities in the aviation sector, recommending China National Aviation Holding, China Southern Airlines, and Spring Airlines [5]

【#宠物邮寄乱象调查#：#活体宠物顺丰邮寄与普通快递混运#】 "快递到的时候就死了。"邵琳（化 名）没想到，前两天还在镜头前活蹦乱跳的小猫，竟然会死在快递车上。邵琳说，如果早知道是这个结 果，自己就不会选择在直播间下单购买。而更让邵琳不解的是，卖家为何不使用宠物专车托运，而使用 顺丰邮寄小猫？@新京报 记者调查发现，通过顺丰邮寄猫狗的情况并非个案，一些宠物卖家甚至将"通 过顺丰邮寄"当作销售噱头。今年9月下旬，新京报记者在江苏徐州等地调查发现，作为全国重要的宠物 繁育基地，徐州聚集大量销售宠物的网络卖家，每天都有大量活体宠物通过顺丰的快递网络，与其他货 物一起发往全国各地。而在邮寄过程中，不仅可以不用填写真实的寄件人信息，也不需要寄件人提供相 关检疫证明。"采用普通快递寄递活物，违反了《中华人民共和国邮政法》和《快递暂行条例》等法律 法规。"物流行业专家、《现代物流报》社长杨达卿介绍说，根据《中华人民共和国动物防疫法》及其 他相关规定，猫和狗需要取得动物检疫证明方能运输。一些平台也有类似规定，如国内某短视频平台宠 物交易售后保障与服务指南中，也明确提到，宠物须通过航空有氧舱运输或陆运专车派送，不采用快递 形式 ...

新京报记者调查发现，通过顺丰邮寄猫狗的情况并非个案，一些宠物卖家甚至将"通过顺丰邮寄"当作销 售噱头。 "快递到的时候就死了。"邵琳（化名）没想到，前两天还在镜头前活蹦乱跳的小猫，竟然会死在快递车 上。 邵琳说，如果早知道是这个结果，自己就不会选择在直播间下单购买。而更让邵琳不解的是，卖家为何 不使用宠物专车托运，而使用顺丰邮寄小猫？ 采写 新京报调查组 实习生 申钰棋 校对 李立军 今年9月下旬，新京报记者在江苏徐州等地调查发现，作为全国重要的宠物繁育基地，徐州聚集大量销 售宠物的网络卖家，每天都有大量活体宠物通过顺丰的快递网络，与其他货物一起发往全国各地。而在 邮寄过程中，不仅可以不用填写真实的寄件人信息，也不需要寄件人提供相关检疫证明。 "采用普通快递寄递活物，违反了《中华人民共和国邮政法》和《快递暂行条例》等法律法规。"物流行 业专家、《现代物流报》社长杨达卿介绍说，根据《中华人民共和国动物防疫法》及其他相关规定，猫 和狗需要取得动物检疫证明方能运输。一些平台也有类似规定，如国内某短视频平台宠物交易售后保障 与服务指南中，也明确提到，宠物须通过航空有氧舱运输或陆运专车派送，不采用快递形式配送。 小猫死 ...

Investment Rating - The investment rating for the transportation industry is "Positive" and is maintained [15] Core Insights - The report provides a forward-looking analysis of the transportation industry for Q4 2025, highlighting improvements in passenger demand and operational efficiencies across various sub-sectors [2][6] Aviation - The aviation sector is expected to see marginal demand improvements, with significant reductions in losses anticipated for Q4 2025. Domestic business demand is stabilizing, and international flights continue to perform well despite short-term disruptions from flight cancellations [6][23] Airports - Domestic airport traffic is projected to increase, with international flights also climbing. Revenue is expected to improve as a result of rising passenger volumes and operational efficiencies [7][26] Express Delivery - The express delivery sector is experiencing a slowdown in growth but is improving profitability through price adjustments and a focus on high-value services. The net profit is expected to turn positive in Q4 2025 [8][29] Logistics - The logistics sector is stabilizing at the bottom of its performance cycle, with cross-border logistics showing signs of recovery. However, overall demand remains weak, leading to a slight decline in performance for major supply chain players [9][31] Maritime Transport - The maritime sector is witnessing a divergence in profitability among different vessel types. While container shipping faces pressure on earnings, oil and bulk shipping are expected to see improvements due to increased demand and operational efficiencies [10][32] Ports - Port operations are expected to benefit from improved handling of bulk goods and stable container throughput, supported by easing trade tensions and increased exports to ASEAN and EU regions [11][38] Highways - The highway sector is projected to see limited growth, with stable profitability expected as truck traffic shows slight improvements compared to the previous year [12][40] Railways - The railway sector is experiencing a split in performance, with passenger transport growth accelerating while freight transport growth is slowing down. The focus on expanding non-coal business is expected to impact profitability negatively [13][42]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry [9] Core Insights - The express delivery industry is experiencing a slowdown in price increases, leading to accelerated differentiation among leading companies. The average price of express delivery in November has shown signs of recovery, while the growth rate of delivery volume has significantly decreased, driving faster market share differentiation. The report is optimistic about leading companies such as Zhongtong Express and YTO Express. Additionally, SF Express has initiated a "post-advantage" policy to optimize its product structure, with expectations of a profit rebound in Q4 [2][6][16] Logistics Sector Summary - In the logistics sector, the express delivery industry saw a price recovery in November, with the average delivery price decreasing by 8.3% year-on-year. The delivery volume growth rate fell to 5.0%, down 2.9 percentage points month-on-month. Major players like YTO, Yunda, and Shentong reported varying performance, with YTO's volume increasing by 13.6% year-on-year, while Yunda's volume decreased by 4.2% [15][16] - The average daily traffic volume for coal transport in Ganci Maodu was 1,388 vehicles, a decrease of 93 vehicles from the previous week, while the average price for short-distance transport remained stable [19] Passenger Transport Sector Summary - In the passenger transport sector, domestic passenger volume showed a 4% year-on-year increase, while international passenger volume increased by 9%. The average seat occupancy rate for domestic flights improved by 0.8 percentage points year-on-year, and the same for international flights also increased by 0.8 percentage points [7][31] - The report anticipates a gradual recovery in travel demand, with expectations of marginal revenue improvement due to tightening supply and significant cost improvements [7][29] Maritime Sector Summary - In the maritime sector, oil transportation rates have decreased, with the average VLCC-TCE rate dropping by 11.2% to $102,000 per day. The market is currently experiencing limited new cargo availability, leading to a cautious outlook. The SCFI index for foreign trade container shipping rose by 3.1% to 1,553 points, while the domestic container shipping index also saw an increase [8][55] - The report highlights the impact of the reopening of the Red Sea on long-distance shipping routes and suggests monitoring regional small and medium-sized shipping companies like Haifeng International due to changes in regional shipping patterns following the closure of Hainan Island [8][55]

Investment Rating - The report recommends "Buy" for the logistics sector, specifically highlighting companies such as SF Holding and ZTO Express due to their valuation and operational resilience [2][4]. Core Insights - The express delivery sector saw a 5% year-on-year increase in business volume in November, with some companies benefiting from price increases amid reduced competition. The total express delivery volume reached 18.06 billion pieces, with revenue at 137.65 billion yuan, a 3.7% decline year-on-year [2]. - The logistics sector is focusing on smart logistics, with Hai Chen Co. recommended due to improved demand. The chemical product price index decreased by 11.5% year-on-year, indicating a challenging pricing environment [3]. - The aviation sector experienced a slight increase in flight operations, with an average of 14,421 flights per day, a 2.34% increase year-on-year. The report anticipates profit elasticity for airlines due to supply constraints and rising ticket prices [4]. - The shipping sector's container transport index increased by 0.6% week-on-week, while the shipping rates remain under pressure due to fluctuating demand. The report notes a significant year-on-year decline in shipping rates [5]. - The road and rail sector showed a decline in truck traffic on highways, with a 2% decrease week-on-week. However, the Daqin Railway reported a 1.75% increase in freight volume year-on-year [6]. Summary by Sections 1. Market Review - The transportation index rose by 2.0% from December 13 to December 19, outperforming the Shanghai Composite Index, which fell by 0.3% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The shipping sector is experiencing a slowdown in container shipping rates, with the CCFI index at 1124.73 points, down 24.6% year-on-year. The report highlights the need to monitor demand and pricing trends closely [22][23]. 2.2 Aviation and Airports - The aviation sector is seeing a positive trend in passenger traffic, with a year-on-year increase of 8% in October. The report expects significant profit growth in Q4 due to high load factors and rising ticket prices [58][80]. 2.3 Rail and Road - The rail sector reported a year-on-year increase in passenger traffic of 8.94% in November, while road freight volume increased by 3.57% year-on-year. The report indicates a stable outlook for both sectors [85][90].

在深圳，无人物流车已从前沿科技探索走向规模化实用落地，成为串联商业流通、医疗服务、产业运转 的智能纽带。从基层医疗的物资转运到社区生活的即时配送，从产业园区的精准流转到大型赛事的后勤 保障，这些智能设备正以高效、安全、可控的运营模式，织就覆盖全域的智慧运输网络，为城市高质量 发展注入强劲科技动能，更重塑着民生服务与产业升级的全新形态。 场景全域渗透：从医疗民生到产业赛事，智能运输打通服务堵点 无人物流车的"身影"已深度融入深圳城市运转的各类场景，精准破解不同领域的运输痛点，让智能服务 触达每一个需求末梢。 在医疗服务领域，深圳市龙岗区人民医院联合深圳市华程交通有限公司，推出"智慧物流+医疗后勤"无 人驾驶物流车项目，标志着医疗物资配送迈入智能化、网络化新阶段。 痛点催生变革：从"人等物资"到"物资等人" 长期以来，龙岗区人民医院主院区与下属众多社区健康服务中心（社康）之间的物资运输，主要依赖人 工车辆配送。由于社康点位分散、需求多样、时间不定，药品、检验样本、医用耗材乃至医护人员餐食 的配送常面临耗时长、效率低、易延误等难题，不仅影响诊疗效率与患者体验，也给医疗安全带来潜在 风险。 "传统模式下，是'人等物资 ...