顺丰控股（002352）公告，公司计划以自有资金通过二级市场以集中竞价方式回购部分A股社会公众股 份，回购资金总额不低于5亿元且不超过10亿元，回购价格不超过60元/股。按回购金额上限10亿元、回 购价格上限60元/股测算，预计可回购A股股数不低于1666.66万股，约占公司目前总股本的0.33%；按回 购金额下限5亿元、回购价格上限60元/股测算，预计可回购A股股数不低于833.33万股，约占公司目前 总股本的0.17%。本次回购的股份将用于未来拟推出的A股员工持股计划或股权激励计划，回购期限为 自公司董事会审议通过回购方案之日起12个月内。 ...

Financial Performance - The company achieved a total revenue of RMB 69.85 billion in Q1 2025, representing a year-on-year increase of 6.9%[6] - Net profit attributable to shareholders reached RMB 2.23 billion, up 16.87% compared to the same period last year[6] - The total parcel volume for the quarter was 13.56 billion, reflecting a growth of 19.7% year-on-year[10] - The gross profit amounted to RMB 9.29 billion, with a gross margin of 13.3%, an increase of 0.1 percentage points year-on-year[11] - Total operating revenue for the period reached CNY 69,849,924 thousand, an increase of 6.3% compared to CNY 65,341,051 thousand in the previous period[27] - Net profit for the period was CNY 2,360,933 thousand, representing a 29.1% increase from CNY 1,829,344 thousand in the prior period[27] - Basic earnings per share rose to CNY 0.45 from CNY 0.39, reflecting a growth of 15.4%[28] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of RMB 4.06 billion, a decrease of 14.21% from the previous year[13] - The company's cash and cash equivalents decreased to CNY 27,053,937 thousand from CNY 33,936,101 thousand, a decline of 20.2%[25] - Operating cash inflow for the current period reached ¥99,722,049 thousand, an increase of 5.4% from ¥94,567,798 thousand in the previous period[29] - Net cash flow from operating activities was ¥4,061,813 thousand, down 14.2% from ¥4,734,437 thousand in the previous period[29] - Cash outflow from investment activities totaled ¥32,264,838 thousand, significantly higher than ¥15,771,061 thousand in the previous period, resulting in a net cash flow from investment activities of -¥7,380,110 thousand[29] - Cash inflow from financing activities was ¥9,862,594 thousand, a decrease of 32.5% compared to ¥14,698,711 thousand in the previous period[29] - The total cash and cash equivalents decreased by ¥6,702,134 thousand, compared to an increase of ¥473,729 thousand in the previous period[29] Shareholder Information - The total number of common shareholders at the end of the reporting period is 167,808, including 167,725 A-share shareholders and 83 H-share shareholders[16] - The largest shareholder, Shenzhen Mingde Holdings Development Co., Ltd., holds 51.37% of shares, totaling 2,561,927,139 shares, with 948,600,000 shares pledged[16] - The company plans to repurchase A-shares with a total amount not less than RMB 500 million and not exceeding RMB 1 billion, at a price not exceeding RMB 53 per share, within 12 months from the board's approval[18] - As of April 28, 2025, the company has repurchased a total of 23,270,358 A-shares, amounting to approximately RMB 859 million, accounting for 0.47% of the total share capital[19] - The repurchase of shares will be used for cancellation and reduction of registered capital, pending approval at the 2024 annual general meeting[19] Asset and Liability Management - The company’s total assets decreased by 2.07% to RMB 209.40 billion compared to the end of the previous year[6] - Total assets decreased to CNY 209,402,181 thousand from CNY 213,824,213 thousand, a reduction of 2.1%[26] - Total liabilities decreased to CNY 104,707,773 thousand from CNY 111,488,992 thousand, a decline of 6.1%[26] - The company's equity attributable to shareholders increased to CNY 94,117,084 thousand from CNY 91,993,286 thousand, an increase of 2.3%[26] Investment and Development - The company issued a super short-term financing bond of RMB 500 million through its wholly-owned subsidiary, Tyson Holdings, on January 3, 2025[20] - The company has initiated the application for public REITs issuance, with logistics parks in Shenzhen, Wuhan, and Hefei as underlying assets[21] - The Southern SF Logistics REIT completed fundraising on March 24, 2025, with a total fundraising scale of RMB 3.29 billion, issuing 1 billion fund shares at a price of RMB 3.290 per share[22] - The company’s subsidiaries subscribed for 340 million shares, accounting for 34% of the total issuance[22] - The company aims to enhance its sustainable operating capacity through the establishment of a light asset capital operation platform for logistics parks[22] Research and Development - Research and development expenses were CNY 584,358 thousand, down from CNY 633,224 thousand, a decrease of 7.7%[27] Comprehensive Income - The company reported a total comprehensive income of CNY 2,287,374 thousand, compared to CNY 990,588 thousand in the previous period, indicating significant growth[28]

快递 3 月数据点评：顺丰件量增速超预 期，通达系价格竞争依旧激烈 事件：快递行业 3 月件量同比增长 20.3%，行业增速维持较高水平， 价格竞争依旧激烈。 点评： 3 月快递件量增速维持高位，顺丰增速超预期：3 月全国快递服务企业 业务完成量 166.56 亿件，同比增长 20.3%，增速较 1-2 月累计的增长 22.4%略有放缓，但依旧维持在较高水平。分类型看，3 月同城件业务 量同比增长 4.3%，异地件业务量增长 21.9%。 3 月顺丰业务量增速提升至 25.4%，高于其他通达系上市公司；公司市 场份额同比提升 0.3pct。公司公告称其高增长主要得益于公司凭借丰 富的产品矩阵及综合物流解决方案能力，持续渗透生产制造和生活消 费各类物流场景，有效满足客户多元化业务需求。 通达系中，圆通、申通及韵达的增速与行业均值都较为接近，其中圆 通增速略高，结合其单票收入的变化看，圆通近期对于市场份额的诉 求较为强烈。3 月圆通市场份额同比提升 0.3pct；申通市场份额同比基 本持平，韵达份额下降 0.3pct。 圆通单票收入降幅较大，价格竞争依旧激烈：价格方面，行业的价格 竞争依旧激烈。通达系方面，申通、 ...

来源：中工网 为庆祝"五一"国际劳动节，深入贯彻关爱新就业形态劳动者"暖蜂行动"部署，近日，由福建省福州市总 工会、福州市邮政管理局联合主办，福州市总工会直属工会、福州市快递行业工会联合会共同承办的 2025年快递行业体育竞赛活动在榕城火热举行。来自顺丰、邮政、京东等7家头部快递企业及福州国有 资本投资运营集团有限公司（以下简称"市国资集团"）代表队的200余名职工，通过篮球、拔河两大竞 技项目，生动展现了新时代快递从业者团结奋进的风采。 球场上， 参赛职工你争我夺，毫不相让。福州市总工会直属工会供图 行业精英齐聚 赛场激扬风采 作为福州市快递行业全年规模最大的体育盛事，本次赛事特别邀请市国资集团作为快递末端企业代表参 赛。开幕式上，身着各色工装的方阵整齐列队，印有企业标识的旗帜迎风招展，展现出行业蓬勃发展的 生机活力。 篮球赛场战况激烈，快递健儿们突破分球、精准投射的英姿引发阵阵喝彩；拔河竞技区号子震天，参赛 队伍寸土必争的韧劲将赛事推向高潮。经过两天16场鏖战，申通代表队斩获篮球项目冠军，顺丰代表队 赢得拔河项目金牌。 随着颁奖礼炮的绽放，这场属于快递人的体育盛会落幕，但"暖蜂行动"的温暖仍在延续。从赛场 ...

丨证券研究报告丨 请阅读最后评级说明和重要声明 行业研究丨专题报告丨运输 [Table_Title] 持仓比例回落，顺丰更受青睐 ——交运行业 2025Q1 基金持仓分析 报告要点 [Table_Summary] 2025Q1，交运行业在所选口径公募基金重仓占比环比下降，一季度基金明显增持科技板块，交 运各细分板块普遍减配。个股来看，顺丰控股重仓基金数持续回升，更受机构青睐。Q1 末北向 资金持股环比下降，受市场热点影响，港口板块换仓积极。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 %% %% %% %% research.95579.com 1 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 [Table_Title 持仓比例回落，顺丰更受青睐 2] ——交运行业 2025Q1 基金持仓分析 [Table_Summary2] 【公募基金】交运细分板块普遍减配 2025Q1 交运行业在所选口径（包含普通股票 ...

基金密集调研跨境电商 今年以来，国内政策持续支持跨境电商行业的繁荣发展，鼓励出海公司在外贸业务扩展多元化路径，着 力在跨境电子商务B2B（企业对企业）方式相关环节的技术标准、业务流程、监管模式和信息化建设等 方面探索创新，这无疑成为公募基金布局跨境电商赛道的重大政策支持。 基金经理在跨境电商赛道看中了"卖铲子"的海外仓业务。 海外仓是指跨境电商企业建立在海外的仓储设施，在跨境贸易电子商务中，一个国家可将该国企业商品 通过大宗运输的形式运往目标市场国家，并在当地建立仓库、储存商品，然后再根据当地的销售订单， 直接从当地仓库进行商品的分拣、发货等操作，既具有减少单件包裹在运输、清关等方面的风险，同时 还具有低成本的物流和税收优势。 随着美国加征所谓"对等关税"以及小额包裹豁免取消等因素对商品出海的影响，具有成本优势的海外仓 因低风险、低成本的本地发货优势，成为基金经理布局跨境电商的核心对象。 长城基金、国联基金、汇添富基金重仓的焦点科技（002315）也在美国布局了海外仓业务。公司此前表 示，在美国洛杉矶搭建了一个近两万平方米的海外仓，并计划以此为支点在北美形成海外仓网络，满足 跨境卖家的多点配货需求。焦点科技海 ...

Group 1: Metal Sector - Zijin Mining's copper production is expected to increase by 6% to 1.07 million tons in 2024 and by 7% to 1.15 million tons in 2025, with gold production rising by 7% to 73 tons in 2024 and by 16% to 85 tons in 2025[14] - The company's net profit forecast for 2025 is 42.06 billion CNY, with a PE ratio of 11.17[11] - The overall metal sector is benefiting from a strong price increase expectation due to supply constraints and demand from the new energy sector[14] Group 2: Building Materials Sector - Keda Manufacturing's total revenue is projected to grow from 57 billion CNY in 2017 to 126 billion CNY in 2024, with overseas revenue increasing from 20 billion CNY to 80 billion CNY, raising its overseas revenue share from 36% to 64%[19] - The net profit forecast for Keda Manufacturing in 2025 is 1.45 billion CNY, with a net profit margin of 6.8%[21] - Sankeshu's revenue is expected to compound at 26% from 2014 to 2024, with a projected net profit growth despite a downturn in the real estate market[36] Group 3: Logistics Sector - SF Holding's operating cash flow is expected to grow by 21% to 32.2 billion CNY in 2024, with a capital expenditure decrease of 27% to 9.9 billion CNY[44] - The company plans to increase its dividend payout ratio to 40% in 2024, enhancing shareholder returns significantly[44] Group 4: Chemical Sector - Yara International is focusing on overseas potassium mining, with a current production capacity of 1 million tons and a target annual output of 180-200 thousand tons[46] - The company is expanding its production capacity with plans for additional million-ton facilities in the future[48]

行 业 研 究 首单权益型资产支持证券成功发行，发行市场持续活 2025 年 04 月 27 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -19% -10% 0% 10% 19% 2024-04 2024-08 2024-12 沪深300 中证REITs全收益 相关研究报告 《支持符合条件的燃煤发电项目发 行，保障房 REIT 表现持续优异—行 业周报》-2025.4.20 《华泰紫金苏州恒泰REIT披露询价 公告，保障房 REIT 表现持续优异— 行业周报》-2025.4.13 《汇添富上海地产租赁住房REIT正 式上市，保障房 REIT 表现持续优异 —行业周报》-2025.4.6 ——行业周报 qidong@kysec.cn 证书编号：S0790522010002 齐东（分析师） 胡耀文（分析师） 杜致远（联系人） huyaowen@kysec.cn 证书编号：S0790524070001 duzhiyuan@kysec.cn 证书编号：S0790124070064 首单权益型资产支持证券成功发行，发行市场持续活跃 风险提示：（1）公募 REITs 价格变动及运营风险；（2）调控政策超预期变 ...