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]

Key Points - The report highlights a selection of stocks for July, including companies such as Binjiang Group (002244.SZ) and SF Holding (002352.SZ) as part of the recommended investment portfolio [1] - The establishment of China Fusion Energy Co., Ltd. marks a significant step in the commercialization of fusion energy in China, with a capital increase of 11.5 billion yuan from seven state-owned enterprises [2][7][9] - The fusion company aims to develop fusion energy through a phased approach, focusing on magnetic confinement Tokamak technology, with the goal of achieving commercial application [8][10] - The report discusses the acquisition plan by GoerTek to purchase 100% equity of Mega Precision Technology Limited and Channel Well Industrial Limited for approximately 9.5 billion yuan, which is expected to enhance the company's performance [3][12][13] - The report emphasizes the strong competitive position of the target companies in the precision metal components sector, which is crucial for high-tech industries [14]

Core Viewpoint - The collaboration between express logistics companies and public transport groups is exploring new urban logistics delivery models, particularly the "bus + logistics" unmanned delivery integration model in cities like Shenzhen [1][2]. Group 1: Collaboration Initiatives - Shenzhen has initiated a "bus + logistics" unmanned delivery model, with local bus companies partnering with express firms to utilize bus stations and resources for urban automated delivery [1]. - Zhengzhou Public Transport Group and SF Express signed a strategic cooperation agreement to explore a "bus + logistics + ecology" integration model [2]. - JD Logistics and Chengdu Public Transport Group have also entered into a cooperation framework agreement to enhance logistics services [2]. Group 2: Operational Enhancements - The collaboration aims to transform bus stations into multifunctional logistics hubs, integrating bus transport with express delivery services [2]. - SF Express plans to utilize excess capacity of buses during off-peak hours for urgent local deliveries, while also investing in automated sorting and smart warehouse management systems [2]. Group 3: Technological Integration - Public transport companies are developing smart management systems and apps to track express deliveries in real-time, enhancing efficiency and service quality [3]. - The integration of data sharing between bus groups and express companies allows for real-time monitoring and intelligent scheduling of deliveries [3]. Group 4: Industry Outlook - The "bus + logistics" model is expected to play a significant role in promoting urban-rural logistics integration, reducing delivery costs, and improving service efficiency [3]. - The transportation sector is facing challenges due to declining public transport attractiveness, necessitating innovative solutions to improve operational conditions [3]. - Experts believe that the potential for large-scale promotion of the "bus + logistics" model is significant, although it requires balancing safety, costs, and profit distribution [4].

Key Takeaways from the Conference Call Industry Overview - The report focuses on the **China Express** industry, specifically analyzing the performance of major express delivery companies in the Asia Pacific region for **June 2025** [1] Core Insights - **Volume Growth**: - SF Express led the market with a **32% YoY volume growth**, followed by YTO at **19% YoY**. - Both STO and Yunda experienced lower growth rates at **11%** and **7% YoY**, respectively, resulting in a loss of market share of **0.5ppt** and **1.0ppt** [2] - **Revenue Performance**: - SF Express achieved a **14% YoY revenue growth**, outperforming YTO and STO, which recorded **11%** and **10% YoY growth**, respectively. - Yunda's revenue growth slowed significantly to **3% YoY**, down from **9% YoY** for the industry, marking a decline from **7% YoY** in May [3] - **Average Selling Price (ASP)**: - SF's ASP decreased by **13% YoY**, while YTO, Yunda, and STO saw decreases of **7%**, **4%**, and **1%**, respectively. - On a month-over-month basis, SF and STO's ASPs improved by **4%** and **2%**, while YTO and Yunda's ASPs fell to new lows in 2025 [4] Financial Metrics - **June 2025 Financials**: - SF Express: Revenue of **Rmb 19,962 million**, YoY growth of **14.2%**, volume of **1,460 million**, YoY growth of **31.8%**, ASP of **Rmb 13.67** [5] - Yunda: Revenue of **Rmb 4,149 million**, YoY growth of **2.8%**, volume of **2,173 million**, YoY growth of **7.4%**, ASP of **Rmb 1.91** [5] - STO: Revenue of **Rmb 4,341 million**, YoY growth of **10.1%**, volume of **2,184 million**, YoY growth of **11.1%**, ASP of **Rmb 1.99** [5] - YTO: Revenue of **Rmb 5,527 million**, YoY growth of **11.4%**, volume of **2,627 million**, YoY growth of **19.3%**, ASP of **Rmb 2.10** [5] Market Share Dynamics - SF Express's market share increased by **1.1ppt** to **8.7%**, while Yunda's market share decreased by **1.0ppt** to **12.9%**. - STO's market share remained stable at **12.9%**, and YTO's increased by **0.5ppt** to **15.6%** [5] Strategic Insights - SF Express's strong performance is attributed to robust intra-city delivery demand and the implementation of the "Activating Operations" strategy. - The company achieved **10% YoY revenue growth in 1H25**, aligning with its guidance [12] Additional Observations - The report indicates that ZTO and YTO gained a total of **0.7ppt** in market share in **2Q25**, compared to a **0.4ppt** drop in **1Q25**, suggesting a trend of accelerated segment consolidation [12] Conclusion - The express delivery industry in China is experiencing significant shifts, with SF Express maintaining a strong lead in both volume and revenue growth, while Yunda faces challenges in sustaining its market position. The overall market dynamics indicate a consolidation trend among the major players, which could present both opportunities and risks for investors in the sector.

富时中国A50指数连续 十几码代 长江电力 中国恢电 (发表) 1935.45亿市值 2526,38亿市值 7063.97亿市值 8.73亿成交额 31.31亿成交额 8.87亿成交额 28.87 16.31 9.41 +0.20(+1.24%) -0.31(-1.06%) -0.01(-0.11%) 证券 电池 中信证券 宁德时代 国泰海通 CATL 4453.57亿市值 3571.78亿市值 13074.73亿市值 35.22亿成交额 18.45亿成交额 34.85亿成交额 20.26 30.05 286.77 +0.27(+0.91%) +0.26(+1.30%) -0.25(-0.09%) 消费电子 互联网服务 工业富联 立讯精密 东方财富 Fil 5455.40亿市值 2719.51亿市值 3810.35亿市值 30.07亿成交额 22.61亿成交额 90.97亿成交额 37.50 27.47 24.11 +0.89(+3.35%) -0.46(-1.21%) +0.40(+1.69%) 家电行业 食品饮料 海天味业 格力电器 kk 海尔智家 2672.99亿市值 2310.30亿市值 2577.4 ...

全力守护，跨越千里终成功 承载着客户的希望，1400公里的路途成为责任与时间的赛道。赵洪栋与杨兆峰两人与司机师傅实时保持联系，确认快件位置与进展。并将关键信息动态实时 同步给杨先生。7月5日中午12点半，配件比预期更早抵达德州，成功交到了杨先生手中，工厂的生产线得以恢复运转。 那面鲜红的锦旗，是客户对顺丰"急客户所急，想客户所想"服务精神最真挚的褒奖；那冰凉的西瓜与饮料，是流淌在酷暑中最沁人心脾的认可。每一次风雨 兼程的使命必达，都凝结着顺丰对服务温度的坚守和对专业能力的极致追求。 生产线告急，果断决策 时针回拨至7月4日下午，杨先生的纺织厂生产设备核心主板控制器突发故障，整条生产线陷入停滞。唯一的希望在台州——该配件需从台州发出，次日需送 达德州。小哥赵洪栋听到电话那头杨先生焦灼万分："明天收不到，停产损失难以承受！"他深知，这不仅是一票快递，更是对顺丰服务能力和信誉的严峻考 验。 放下电话，赵洪栋立即上报主管杨兆峰。面对如此迫切的时效需求，两人迅速达成共识：常规产品时效无法解决当下的燃眉之急，必须"特事特办"。在地区 职能部门的支持下，网点即刻启用"大同城即时配"模式，响应客户临时性紧急需求，紧急协调车辆 ...

Key Insights - The report highlights a focus on the humanoid robot industry, which has seen a significant increase in market attention, with the National Securities Robot Industry Index rising by 7.6% from July 7 to July 18, 2025 [6][8] - Major factors driving this resurgence include substantial orders from leading companies, capital acquisitions, influential statements from industry leaders, and supportive government policies aimed at fostering innovation in humanoid robotics [7][8] - The report also notes that the active equity fund median position reached 90.63% in Q2 2025, indicating a historical high and a shift towards increased allocations in TMT, Hong Kong stocks, and machinery sectors [9][10] Humanoid Robot Industry - The humanoid robot market is experiencing a revival, with key players like China Mobile placing significant orders, which serve as a validation of product functionality and market readiness [6][7] - The report identifies a trend of increased capital activity, with companies pursuing mergers and acquisitions to enhance their market positions [7] - Government initiatives are also playing a crucial role, with policies aimed at promoting the development of humanoid robots and related technologies [8] Active Equity Fund Analysis - The report indicates that the highest allocation sectors for active equity funds in Q2 2025 were TMT (23.37%), Hong Kong stocks (20.41%), and machinery (19.68%), reflecting a strategic shift in investment focus [9][10] - The report emphasizes that the current allocation levels are above historical averages for several sectors, indicating a bullish sentiment among fund managers [9][10] AI Computing Industry - The AI computing supply chain is entering a phase of maturity, driven by advancements in generative AI and large language models, leading to a closure of the demand-supply loop [11][12] - The report highlights that the infrastructure for AI computing is expected to see continued investment, with significant growth in demand for high-end AI servers [12][13] - The competition in the PCB industry is intensifying due to the rising demand for AI servers, with a projected 150% increase in demand for high-density interconnect (HDI) boards [13]

Core Insights - The annual Fortune China 500 list reveals a shift in competition among top companies from scale to "value" amidst a macroeconomic backdrop seeking new balance, with total revenue slightly adjusted and total profit rising [2] Group 1: Company Performance - SF Express ranked 93rd, leading the Bao'an group, with a remarkable financial performance, achieving a net profit exceeding 10.17 billion yuan for the first time [3] - Luxshare Precision ranked 103rd, transitioning from consumer electronics to the smart automotive sector, with a 50% year-on-year growth in automotive interconnect products [3] - Aoxin Energy, ranked 299th, saw a 107% surge in energy storage system installations, establishing itself as a significant player in the energy storage sector [4] - Grinmei, ranked 411th, is a leader in the global supply of ternary precursor materials for power batteries, converting waste batteries into key materials for electric vehicles [4] - Pengding Holdings, maintaining its position as the largest PCB manufacturer globally, ranked 397th, showcasing steady growth and solidifying its role in high-end manufacturing [4] Group 2: Regional Development - Bao'an's industrial land preparation ranked first in the city over the past three years, supplying 31 plots totaling 934,000 square meters, supporting 35 key enterprises and potentially increasing output by over 200 billion yuan [6] - The "industrial building up" model has opened new avenues for industrial development, enhancing land utilization efficiency [6] - Bao'an has developed a highly collaborative industrial ecosystem in electronics, intelligent equipment, and new materials, enabling efficient manufacturing processes within a one-hour production circle [7] - The district has implemented a "three ones" enterprise service system, achieving a 98.4% completion rate for 2,563 collected enterprise requests and facilitating approximately 47.43 billion yuan in financing [7][8]

Group 1: Zhang Kun's Investment Strategy - Zhang Kun maintains a focus on core consumer stocks and is optimistic about the long-term resilience of the economy, with a total fund size of 55.047 billion yuan as of Q2 2025 [1] - The performance of Zhang Kun's funds in the first half of the year shows a return of 15.38% for the E Fund Asia Select fund, while the E Fund Blue Chip Select fund returned only 0.83% [1][3] - The top ten holdings include Tencent Holdings, Alibaba-W, and Wuliangye, with significant increases in positions for JD Health and SF Express, while Tencent Holdings saw a reduction [2][3] Group 2: Market Analysis and Outlook - Zhang Kun emphasizes that the current low valuations of holdings reflect expectations of future profit declines, making them attractive for long-term investors [4] - He believes that the economic growth will be driven by market forces, individual dynamism, and technological advancements, with a vision for GDP per capita to reach the level of moderately developed countries by 2035 [3][4] Group 3: Zhu Shaoxing's Investment Focus - Zhu Shaoxing's fund, the Fortune Tianhui Select Growth Mixed Fund, has a scale of 23.544 billion yuan and a stock position of 94.05%, with the top ten holdings accounting for 34.98% of net value [5][6] - The top ten holdings include Guizhou Moutai and Ningbo Bank, with new entries like Jerry Holdings and Guangdong Hongda, while companies like BYD and Luxshare Precision have exited the top ten [6][7] Group 4: Market Conditions and Future Expectations - Zhu Shaoxing notes that the market experienced volatility due to trade tensions but expects a resolution through negotiations, with monetary and fiscal policies actively supporting the market [7][8] - He highlights that the overall valuation of A-shares remains attractive, and the risk-reward ratio for equity assets is favorable, focusing on collecting high-potential companies for long-term value realization [8]

Market Performance - In Q2 2025, major A-share indices generally rose, with the North Star 50 increasing by 13.85% and the Shanghai Composite Index rising by 3.26%[13][17] - The top five performing sectors included Comprehensive Finance (32.16%), National Defense and Military Industry (16.03%), and Banking (12.62%) while the worst performers were Food and Beverage (-5.13%) and Home Appliances (-3.45%) [17][18] Fund Issuance and Positioning - A total of 66 equity-oriented active funds were established in Q2 2025, with a total share of 338.57 billion, marking an increase in issuance compared to the previous quarter[2][25] - The average stock positions of various types of equity-oriented active funds increased, with mixed equity funds reaching an average position of 88.46%[29] Sector and Stock Holdings - The top five sectors with increased holdings were Communication, Banking, National Defense and Military Industry, Non-Bank Financials, and Media, with Communication and Banking seeing increases of over 1%[4][42] - The top five stocks with the largest increases in holdings were Zhongji Xuchuang, Xinyi Sheng, Hudian Co., Shenghong Technology, and SF Express, while the largest reductions were seen in BYD, Kweichow Moutai, and Wuliangye[5][43] Billion Fund Holdings - The largest changes in holdings among billion-dollar funds were observed in SF Express, Xinlitai, and Ningde Times, with the National Defense and Military Industry sector seeing a significant increase from 0 to 10.76 billion[6] Southbound Capital Analysis - In Q2 2025, the top five stocks held by southbound funds included Tencent Holdings, Xiaomi Group, and Alibaba, with notable increases in holdings for Sinda Biopharmaceuticals and Pop Mart[7]