Core Insights - The article highlights the successful harvest of Huang peach in Yanling and the role of SF Express in enhancing the logistics and distribution of this product to consumers nationwide [1] Group 1: SF Express Initiatives - SF Express has set up 845 collection points for Huang peach in Yanling, allowing farmers to easily send their products [3] - The company has implemented a comprehensive price reduction for the transportation of Huang peach, with a decrease of 3 yuan per shipment for 6 kg to 22 key air routes, and a reduction of 1 yuan for intra-province and Guangdong routes, with prices starting as low as 10 yuan [3] - SF Express has improved the transit efficiency for Huang peach by establishing a nearly 10,000 square meter distribution center in Yanling and adding a sorting line that enhances sorting efficiency by 20%, enabling same-day local transit for all peaches [3] Group 2: Technological and Market Engagement - SF Express has introduced a mobile automatic sorting vehicle in the high-altitude production area, which can sort 6,000 pieces of peach per hour, tripling the previous sorting efficiency [3] - The company is actively participating in the value enhancement of the Huang peach industry by leveraging e-commerce platforms and partner networks to expand market access [6] - SF Express has organized live streaming events with over 20 influencers to promote Huang peach and has provided training for farmers on e-commerce skills to support agricultural product sales and rural revitalization [6]

Investment Rating - The transportation sector has shown a positive trend with a 3.2% increase in the transportation index, outperforming the Shanghai Composite Index by 1.5% during the week of July 19-25, 2025 [1][12]. Core Insights - The transportation sector's fund holdings increased to 32.5 billion yuan, a 17.0% rise compared to the previous quarter, with a market share of 1.95% [2]. - The express delivery segment saw a significant year-on-year growth of 15.8% in June, with SF Express leading the growth [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Hai Chen Co. being recommended [3]. - The aviation sector is experiencing a steady recovery, with a 3% increase in domestic passenger volume in June compared to the previous year [4]. - The shipping sector is stabilizing, with the Baltic Dry Index (BDI) increasing by 10.9% week-on-week, indicating a positive trend in dry bulk shipping [5][34]. Summary by Sections Transportation Market Review - The transportation index rose by 3.2%, with the airport sector showing the highest increase of 5.6% [1][12]. Industry Fundamentals Tracking Shipping and Ports - The export container freight index (CCFI) was 1261.35 points, down 3.2% week-on-week and down 40.9% year-on-year [20]. - The domestic container freight index (PDCI) increased by 1.1% week-on-week, indicating a slight recovery in domestic shipping [28]. Aviation and Airports - The average daily flights reached 16,945, a 3.68% increase year-on-year, with domestic flights up by 2.51% [4]. - The introduction of a new ticket purchasing feature on the airline service platform is expected to enhance customer experience [4]. Rail and Road - National highway freight traffic increased by 0.67% week-on-week, with a year-on-year increase of 2.01% [6][76]. - The railway passenger volume in June was 373 million, a 3.61% increase year-on-year [73]. Express Delivery - The express delivery business volume reached 16.87 billion pieces in June, with a notable increase in the market share of SF Express [2][44].

Core Viewpoint - The announcement details the release of part of the A-share pledge by the controlling shareholder, Shenzhen Mingde Holding Development Co., Ltd., indicating a positive development in the company's financial management and shareholder confidence [1]. Group 1: Shareholder Pledge Release - Shenzhen Mingde Holding has released 16,000,000 A-shares from pledge, which accounts for 0.60% of the company's total share capital and 0.32% of its holdings [1]. - The pledge release occurred on July 24, 2025, after being initiated on November 8, 2023 [1]. Group 2: Shareholder Pledge Situation - As of the announcement date, Mingde Holding holds a total of 2,661,927,139 A-shares, representing 52.58% of the company's total share capital [2]. - The pledged shares and unpledged shares do not involve any frozen shares, indicating a stable financial situation for the shareholder [2].

1. Report Industry Investment Rating There is no information provided regarding the report's industry investment rating. 2. Core Viewpoints of the Report - In Q2 2025, A - shares and Hong Kong stocks showed different performances, with the overall market - value style in A - shares being dominant, and the bond market slightly recovered in June after fluctuations from April to May. REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market [4]. - Most fund managers expect the economy to continue a weak recovery in Q3 2025, with monetary policy remaining loose but limited room for interest - rate decline. Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. 3. Summary by Directory 3.1 固收型公募基金2025Q2季报数据解读 Performance - In Q2 2025, in the context of weak economic recovery, gradually restored equity sentiment, and intensified long - short game and fluctuations in the bond market, REITs and convertible bond funds led the performance, and "fixed - income +" funds performed well driven by the equity market. Pure - bond fund net values generally recovered [4]. - The top - performing funds in terms of Q2 2025 compounded unit net - value growth rate (%) were REITs funds (8.07%), convertible bond funds (3.49%), and QDII bond - type funds (1.38) [5]. Scale - By the end of Q2 2025, passive index - type bond funds received significant capital inflows and had the fastest scale growth [8]. Leverage - As of June 30, 2025, compared with March 31, 2025, the overall fund leverage showed an upward trend [11]. Duration - As of June 30, 2025, compared with March 31, 2025, the fitted durations of pure - bond funds all showed an upward trend [14]. Weighted Position Changes of Fixed - Income + Funds - By the end of Q2 2025, the convertible - bond positions of different types of fixed - income + funds were basically the same as in the previous quarter, while the stock positions all showed a downward trend [17]. - The top five industries for stock increase were non - bank finance, banking, communications, electronics, and medicine; the top five industries for stock reduction were food and beverage, automobiles, coal, basic chemicals, and home appliances [28]. Individual Stock Positions of Fixed - Income + Funds - The top ten stocks with the highest market value of holdings in Q2 2025 were Zijin Mining, Tencent Holdings, Yangtze Power, Contemporary Amperex Technology, China Merchants Bank, Midea Group, Kweichow Moutai, Alibaba - W, SF Holdings, and Haier Smart Home [30]. - The top ten stocks with the largest increase in market value of holdings in Q2 2025 were New H3C Technologies, Inphi Corporation, AVIC Shenyang Aircraft, Bank of Hangzhou, China Minsheng Bank, Yunnan Aluminum Co., Ltd., Zhaojin Mining Industry, China Merchants Bank, Zhongjin Gold, and SF Holdings [32]. - The top ten stocks with the largest decrease in market value of holdings in Q2 2025 were Wuliangye, Midea Group, Kweichow Moutai, Wanhua Chemical, Zijin Mining, Honglu Steel Structure, Hunan Gold, BYD, Shunxin Agriculture, and Luzhou Laojiao [34]. 3.2 固收型重点基金2025Q2后市展望观点汇总 Key Short - Term Bond Fund Managers' Views - Most short - term bond fund managers expect the bond market to continue the volatile market with high winning probability but low odds, and the bond - market trend is mainly determined by the liability side and policy orientation [39]. - Strategies focus on coupon income from medium - short - duration, medium - high - grade urban investment bonds and financial bonds, and the overall tone is prudent and flexible [40]. Key Medium - and Long - Term Bond Fund Managers' Views - Most medium - and long - term bond fund managers expect the bond market to continue the volatile pattern, with loose monetary policy continuing to support the bond market, while domestic demand is weak and the real - estate market is weakening marginally [41]. - Some managers suggest actively participating in interest - rate bond band trading, while others believe that the space for credit - spread compression is limited. Most still focus on medium - high - grade credit bonds [41]. Equity - Linked Fixed - Income Fund Managers' Views - For stock assets, most managers are relatively optimistic about the medium - term market outlook. Low - equity - position fixed - income + fund managers are relatively conservative, while some medium - and high - equity - position managers will increase the exploration and allocation in industries with relatively guaranteed short - and medium - term supply - demand environments and reasonable valuations [42]. - For convertible - bond assets, the supply - demand balance in the convertible - bond market remains tight, with overall high valuations and potential increased volatility, but there are still structural opportunities. Some managers will maintain a neutral - to - low position and shift to equity - oriented and balanced varieties [42]. - For pure - bond assets, managers generally maintain a neutral view, expecting the central - bank policy to remain consistent, the capital market to remain loose, and limited upward space for interest rates [42]. Key High - Position Convertible - Bond Enhanced Fund Managers' Views - Managers will maintain a relatively positive position, seize structural opportunities, and pay attention to the layout opportunities in technology self - controllability and the allocation opportunities after the sentiment of new consumption and innovative drugs cools down [45]. - They believe that the convertible - bond market has a relatively high valuation, with short - term cost - effectiveness and fault - tolerance rate reduced, but there are still structural opportunities, especially in equity - oriented convertible bonds [45]. QDII Bond - Fund Managers' Views - The global market in Q2 2025 was still dominated by policy. The impact of Trump's tariff policy continued to push up inflation expectations, and there were differences in the market's pricing of the Fed's interest - rate cut [46]. - In the future, although the probability of a US recession is relatively low, attention should be paid to the recurrence of tariff policies, and the US bond market may fluctuate bidirectionally in the short term [46][47]. REITs Fund Managers' Views - In Q2 2025, the performance of different types of REITs varied. The performance of rental - protection REITs was stable, the industrial - park REITs were under pressure, the consumer - infrastructure REITs performed steadily, the transportation REITs showed growth driven by traffic flow, the warehousing - logistics REITs were under pressure in terms of revenue, and the energy and environmental - protection REITs showed different performances [50][51][52].

Core Insights - The collaboration between Shenzhen Bus Group, SF Express, and New Stone Technology aims to create an innovative model that integrates public transport, logistics, and autonomous systems, marking a significant step in enhancing urban resource utilization and service efficiency [1][3] Group 1: Collaboration and Innovation - The partnership focuses on utilizing Shenzhen Bus Group's extensive bus station network as efficient supply and transfer hubs for autonomous delivery vehicles, integrating logistics into the public transport framework [2][3] - New Stone Technology provides L4-level autonomous driving technology, which is currently being tested in various districts of Shenzhen to improve last-mile delivery efficiency for SF Express [2][3] Group 2: Operational Efficiency - Shenzhen Bus Group plans to leverage big data and road network knowledge to optimize delivery routes for autonomous vehicles, ensuring safety through integrated monitoring and support systems [3] - As of now, over 300 functional autonomous vehicles are operational in Shenzhen, with ongoing efforts to expand the delivery network and explore collaborative innovation between public transport and logistics [3] Group 3: Broader Applications - Other cities, such as Nanjing and Zhengzhou, are also exploring similar "bus delivery" models to enhance delivery efficiency and reduce costs, with Nanjing successfully implementing a same-day delivery service through public transport [4][5] - In Zhengzhou, SF Express plans to utilize excess bus capacity for urgent deliveries and transform bus stations into multifunctional logistics hubs, enhancing urban logistics efficiency [5]

证券代码：002352 证券简称：顺丰控股 公告编号：2025-053 顺丰控股股份有限公司 关于控股股东部分 A 股股份解除质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整, 没有虚假记载、误导 性陈述或重大遗漏。 顺丰控股股份有限公司（以下简称"公司"）于 2025 年 7 月 25 日收到控股 股东深圳明德控股发展有限公司（以下简称"明德控股"）的通知，获悉其所持 有的公司部分 A 股股份解除质押，具体事项如下： 二、股东股份累计质押情况 截至本公告披露日，明德控股所持股份质押情况如下： | | 持 A | | 本次解除 | 本次解除 | | | 已质押股份 | | 未质押股份 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股 | 占公司 | 质押前质 | 质押后质 | 占其所 | 占公司 | 情况 | | 情况 | | | 名称 | 数量 | 总股本 | 押 A 股 | 押 A 股股 | 持股份 | 总股本 | 已质押股 | 占已质 | 未质押股 | 占未质 | | | ...

Investment Rating - The transportation industry is rated as "stronger than the market," indicating an expected relative increase in the industry index of over 10% compared to the broader market within the next six months [30]. Core Insights - After three consecutive quarters of decline, the public fund holdings in the transportation industry saw a rebound in Q2 2025, although it remains underweight. The total market value of public fund holdings in the SW transportation industry reached 48.252 billion yuan, a 13.3% increase from Q1 2025, accounting for 1.57% of the total market value of public fund holdings in A-shares, which is still below the benchmark ratio by 1.86 percentage points [2][10]. - The performance of the SW transportation industry index increased by 2.71% in Q2 2025, achieving a relative return of 2.17% compared to the CSI 300 index [2][10]. - There is a divergence in the changes in holdings across sub-industries, with the aviation and logistics sectors seeing an increase in holdings, while the shipping ports and railway-highway sectors experienced a decline [3][23]. Summary by Sections Overall Industry - The public fund's heavy allocation ratio in the transportation industry has increased for the first time in nearly a year, with a total market value of 48.252 billion yuan as of Q2 2025, marking a 13.3% increase from the previous quarter [10][2]. - The industry remains underweight compared to the benchmark, with a slight recovery in the allocation ratio [10][2]. Sub-Industries and Individual Stocks - The logistics sector, particularly the express delivery industry, has seen significant increases in holdings, with major stocks like SF Holding experiencing a market value increase of 6.163 billion yuan [3][23]. - The aviation sector has benefited from domestic demand expansion policies, leading to a recovery in aviation demand and improved performance in the sector [23][26]. - Conversely, the shipping ports and railway-highway sectors have seen a reduction in holdings, with a general trend of decreased investment in these areas [3][23]. Investment Recommendations - High-dividend sectors such as highways are expected to benefit from long-term capital inflows and are recommended for continued attention [29].

Investment Rating - The report assigns an "Accumulate" rating for the express delivery industry [6]. Core Insights - The report highlights that the decline in express delivery prices has narrowed, indicating a potential for healthier competition in the industry. The focus is on leading e-commerce express companies, which are expected to see an increase in market share and valuation recovery opportunities [2][5]. Summary by Sections Industry Overview - In June 2025, the total express delivery volume reached 16.87 billion pieces, marking a year-on-year increase of 15.8%. The revenue for the same month was 126.32 billion yuan, up 9.0% year-on-year. The average revenue per piece was 7.49 yuan, down 5.9% [5][8]. Company Performance - In June 2025, the business volume growth rates for major listed companies were as follows: SF Express +31.8%, YTO Express +19.3%, Yunda Express +7.4%, and Shentong Express +11.1%. For Q2 2025, the growth rates were +31.2%, +21.8%, +11.2%, and +16.0% respectively [5][30][31]. Market Concentration - The market concentration index (CR8) for the express delivery industry was 87.0 in the first half of 2025, reflecting a year-on-year increase of 1.7. The market shares for major companies in June 2025 were: SF Express 8.7%, YTO Express 15.6%, Yunda Express 12.9%, and Shentong Express 12.9% [5][27][31]. Price Trends - The report notes that the decline in express delivery prices has slowed down, with the industry experiencing a 9.0% year-on-year revenue growth in June 2025, while the average revenue per piece decreased by 5.8% [5][8]. Long-term Outlook - The report suggests that the express delivery industry is moving towards healthier competition, with leading companies expected to gain market share. The regulatory environment is anticipated to support this trend, ensuring a controlled level of price competition [41][52]. Investment Recommendations - The report recommends focusing on leading e-commerce express companies for potential valuation recovery opportunities, particularly highlighting SF Express as a key investment target [55][56].

Market Overview - The FTSE China A50 Index showed a predominantly declining trend with more stocks falling than rising, particularly in the banking, oil, and coal sectors [1][6]. Banking Sector - Everbright Bank had a market capitalization of 241.07 billion with a trading volume of 716 million, closing at 4.08, down by 1.21% [3]. - Major banks like China Ping An, China Pacific Insurance, and China Life Insurance had market capitalizations of 374.58 billion, 360.67 billion, and 1,057.65 billion respectively, with trading volumes of 1.962 billion, 789 million, and 2.959 billion [3]. Oil Sector - China Petroleum and China Sinopec had market capitalizations of 1,586.79 billion and 722.62 billion respectively, with trading volumes of 1.598 billion and 996 million, both showing slight declines [3]. Coal Sector - China Shenhua and Shaanxi Coal had market capitalizations of 763.55 billion and 201.27 billion respectively, with trading volumes of 1.049 billion and 905 million, both experiencing declines [3]. Semiconductor Sector - Northern Huachuang, Cambrian, and Haiguang Information had market capitalizations of 246.76 billion, 281.68 billion, and 328.87 billion respectively, with trading volumes of 5 billion, 2.105 billion, and 8.133 billion, showing positive trends for Cambrian and Haiguang [3]. Alcohol Industry - Kweichow Moutai, Shanxi Fenjiu, and Wuliangye had market capitalizations of 1,827.77 billion, 226.40 billion, and 479.53 billion respectively, with trading volumes of 6.140 billion, 1.609 billion, and 2.285 billion, all showing declines [3]. Electric Power Sector - Changjiang Electric Power had a market capitalization of 191.69 billion with a trading volume of 2.910 billion, showing a slight increase [4]. Securities Sector - CITIC Securities, Ningde Times, and Guotai Junan had market capitalizations of 440.17 billion, 361.23 billion, and 1,289.37 billion respectively, with trading volumes of 3.625 billion, 2.769 billion, and 3.803 billion, with CITIC Securities showing a decline [4]. Consumer Electronics - Industrial Fulian, Luxshare Precision, and Dongfang Fortune had market capitalizations of 569.17 billion, 277.97 billion, and 379.14 billion respectively, with trading volumes of 11.391 billion, 3.082 billion, and 3.138 billion, with mixed performance [4]. Chemical and Pharmaceutical Sector - Heng Rui Pharmaceutical, Muyuan Foods, and SF Holding had market capitalizations of 265.38 billion, 242.76 billion, and 374.34 billion respectively, with trading volumes of 2.874 billion, 1.963 billion, and 1.074 billion, showing varied performance [4].

Core Insights - The report from Guotai Junan indicates that the express delivery industry is expected to maintain a rapid growth rate in 2025, despite a temporary slowdown in growth due to an earlier promotional cycle in June [1] - The industry is experiencing intensified price competition in the first half of 2025, but the State Post Bureau's call to "reduce internal competition" is likely to control the intensity of this competition, promoting long-term high-quality development [1] - The report highlights the importance of focusing on leading companies with more certain growth in performance, particularly in the e-commerce express delivery sector [1] Industry Performance - In June 2025, the total express delivery volume in China reached 16.87 billion pieces, a year-on-year increase of 15.8%, with a slight month-on-month decline due to the early 618 promotional cycle [1] - For Q2 2025, the total express delivery volume was 50.51 billion pieces, reflecting a year-on-year growth of 17.3% [1] - The trend towards smaller packages and the convenience of e-commerce promotions and returns are driving the growth in express delivery volume, surpassing the State Post Bureau's forecast of over 8% growth for the entire year [1] Company Market Share - The market share of major express delivery companies has increased in Q2 2025, with SF Express, YTO Express, Yunda Express, and Shentong Express achieving market shares of 8.7%, 15.6%, 12.9%, and 12.9% respectively in June 2025 [2] - The CR8 (concentration ratio of the top 8 companies) for the express delivery industry reached 87.0 in the first half of 2025, an increase of 1.7 compared to the previous year, indicating a notable rise in the focus on leading companies [2] Pricing Trends - In June 2025, the express delivery industry revenue grew by 9.0% year-on-year, while the average revenue per package decreased by 5.8% [3] - For Q2 2025, the industry revenue increased by 9.3%, with a 6.8% decline in average revenue per package [3] - The decline in average revenue per package has narrowed both year-on-year and month-on-month, suggesting a moderation in price competition [3] - The State Post Bureau's emphasis on opposing "internal competition" is expected to alleviate pressure on companies and franchisees, promoting a healthier competitive environment in the long term [3]