Core Viewpoint - The promotional "4% recharge benefit" of SF Express's new speed transport card is becoming a "digital chicken rib" for many consumers, as the "gift money" remains unused due to complex rules and restrictions [2][4][10]. Group 1: Consumer Experience - Many users report that their "gift money" is difficult to consume, with some having significant amounts stuck in their accounts due to stringent usage rules [4][6]. - The rules for using the gift money are not easily noticeable, requiring users to navigate through multiple conditions to utilize it effectively [6][9]. - A consumer example illustrates that even with a small balance of gift money, users face challenges in making payments due to system restrictions [9][10]. Group 2: Financial Performance - SF Express's gross profit margin has declined from 20% in 2017 to 13% in the third quarter of 2024, indicating increasing pressure on profitability [2][12]. - The company's total business volume reached 12.15 billion packages in the first three quarters of 2025, a year-on-year increase of 28.3%, but revenue growth does not translate into profit growth [12]. - The average revenue per package has dropped significantly, with a reported decline of 8.49% in November 2024 compared to the previous year [12][13]. Group 3: Market Dynamics - The express delivery industry is experiencing intense price wars, leading to a consolidation of smaller companies and increased competition among major players [12][14]. - SF Express has a large user base, with over 240,000 active monthly customers and more than 780 million individual members, which contributes to the accumulation of unused gift money [11][12]. - The company is adjusting its strategies in response to market pressures, including a shift in e-commerce return logistics to other service providers [14]. Group 4: Stock Market Performance - Despite stable operational performance, SF Express's stock price has declined significantly, losing two-thirds of its value since its peak in February 2021 [3][15]. - The introduction of an employee incentive plan has added pressure to the stock price, as it requires accounting for stock-based compensation [15]. - The company's recent IPO in Hong Kong and subsequent stock dilution have also negatively impacted its stock performance [17].

Core Viewpoint - The article highlights the challenges faced by consumers using SF Express's new prepaid card, which offers a 4% recharge benefit but has complex rules that make it difficult to utilize the bonus funds effectively. This situation reflects the ongoing price war in the express delivery industry, which has pressured the profitability of SF Holding [3][5][12]. Group 1: Consumer Experience with Bonus Funds - Many consumers report that the bonus funds from the SF Express prepaid card remain unused due to complicated rules that restrict their usage [5][6]. - Users must adhere to a 9:1 ratio when using bonus funds alongside principal funds, and specific conditions must be met for bonus funds to be used independently [8][9]. - The complexity of these rules has led to the emergence of a gray market where intermediaries buy back unused bonus funds at a significant discount [11][12]. Group 2: Financial Performance and Market Position - SF Holding's gross profit margin has declined from 20% in 2017 to 13% in Q3 2025, indicating increasing pressure on profitability [12][15]. - In Q3 2025, the company reported a total business volume of 12.15 billion packages, a year-on-year increase of 28.3%, but revenue growth did not translate into profit growth, highlighting a "revenue without profit" dilemma [15][16]. - The average revenue per package has dropped significantly, with a reported 8.49% decrease in November 2025 compared to the previous year [17][18]. Group 3: Market Dynamics and Competitive Landscape - The express delivery industry is experiencing intense competition, with price wars that began in 2019 leading to the consolidation of smaller companies and leaving only a few major players [16]. - SF Holding's stock price has fallen significantly, losing two-thirds of its value since its peak in 2021, reflecting market skepticism despite stable operational performance [20][21]. - The company is also facing challenges from changes in e-commerce logistics, as it loses some business to competitors like JD Logistics and Zhongtong Express [19].

Group 1 - The core viewpoint is that SF Express's new prepaid card, which claims a "4% benefit on recharge," is becoming a "digital burden" for many consumers due to the difficulty in utilizing the bonus funds [1] - Users have reported that their bonus funds remain idle and difficult to spend, with one user stating that after recharging 1,000 yuan, only 100 yuan of the principal remains, while over 50 yuan in bonus funds is stuck due to usage restrictions [1] - The underlying issue is attributed to ongoing price wars in the express delivery industry, which have pressured company profits, as evidenced by SF Holding's gross profit margin dropping from 20% in 2017 to 13% in Q3 of this year [1] Group 2 - The average revenue per order for SF Express has fallen to 13.47 yuan in November, nearly halving compared to the same period in 2017 [1] - The capital market has responded cautiously, with SF Holding's A-share price having decreased by two-thirds from its peak in 2021 [1]

Core Viewpoint - The express delivery industry is experiencing a price war, leading to pressure on company profitability, particularly for SF Holding, which has seen a significant decline in its gross profit margin and single-ticket revenue [2][10][12]. Group 1: Financial Performance - SF Holding's gross profit margin has decreased from 20% in 2017 to 13% in Q3 2024, with a net profit margin of 3.7% remaining stable year-on-year [11]. - In November 2024, the single-ticket revenue dropped to 13.47 yuan, nearly halving compared to 22.17 yuan in 2017 [12]. - For the first three quarters of 2025, SF Holding reported a total business volume of 12.15 billion tickets, a year-on-year increase of 28.3%, and revenue of 225.3 billion yuan, up 8.9% [11]. Group 2: Customer Experience and Issues - Users of SF Holding's "New Express Card" have reported difficulties in utilizing the promotional "gift money," which is often left unused due to complex rules [4][6]. - The rules for using the gift money require a 9:1 ratio with the principal amount, and specific conditions must be met for its use, leading to frustration among customers [7][8]. - A secondary market has emerged where intermediaries buy back unused gift money at a significant discount, indicating dissatisfaction with the redemption process [9]. Group 3: Market Position and Competition - The express delivery market is undergoing consolidation, with smaller companies exiting, leaving a few major players, including SF Holding, to compete [11]. - SF Holding's stock price has declined significantly, losing two-thirds of its value since its peak in 2021, reflecting market skepticism despite stable operational performance [3][15]. - The company faces ongoing pressure from competitors and changing market dynamics, particularly in the e-commerce return logistics sector [14].

Investment Rating - The report does not explicitly state an overall investment rating for the industry, but it recommends specific companies such as SF Express and China Southern Airlines based on their performance and market conditions [2][4]. Core Views - The express delivery sector shows a year-on-year growth of 5% in November, with some companies benefiting from price increases due to reduced competition. The total express delivery volume reached approximately 180.6 billion pieces, while revenue decreased by 3.7% to 137.65 billion yuan [2]. - In logistics, the chemical transportation prices remained stable, and the report recommends Haichen Co. for its focus on smart logistics and improved demand [3]. - The aviation sector experienced a slight increase in flight operations, with an average of 14,612 flights per day, reflecting a 1.79% year-on-year growth. The report anticipates profit elasticity for airlines due to supply constraints and rising ticket prices [4]. - The shipping sector indicates a mixed performance, with container shipping rates showing a slight increase, while dry bulk shipping rates have decreased. The report highlights the impact of geopolitical events on oil tanker operations [5]. - The road and rail sector shows stable performance, with highway freight traffic increasing by 2.02% week-on-week, and the Daqin Railway reported a 1.75% increase in freight volume [6][89]. Summary by Sections 1. Market Review - The transportation index rose by 1.3% during the week of December 20-26, underperforming the Shanghai Composite Index, which increased by 1.9%. The logistics sector had the highest gain at 5.5%, while the aviation sector saw a decline of 0.7% [1][13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The report notes a slowdown in container shipping declines, with support from seasonal demand and long-term contracts. However, it warns of potential downward pressure on rates in January due to increased capacity [24]. - The export container shipping index (CCFI) was reported at 1,146.67 points, up 2.0% week-on-week but down 24.3% year-on-year [25]. 2.2 Aviation and Airports - The civil aviation sector saw a total passenger volume of 60.17 million in November, a 6% increase year-on-year, with domestic routes growing by 5% and international routes by 19% [58]. - The report highlights that airlines are expected to see significant profit increases in Q4 due to high load factors and rising ticket prices [58]. 2.3 Rail and Road - The report indicates that national railway passenger volume reached 331 million in November, a year-on-year increase of 8.94%, while freight volume was 460 million tons, up 1.16% [83]. - The highway freight traffic showed a slight increase, with a total of 55.44 million trucks passing through highways during the week of December 16-21 [89].

Core Viewpoint - The development of the low-altitude economy hinges on identifying real scene demands, with a focus on high-frequency, low-risk scenarios to drive regulatory and management improvements [1][2]. Low-altitude Logistics - Major tech companies like JD.com, Meituan, and SF Express are competing in the low-altitude logistics sector, showcasing their unmanned aerial vehicles (UAVs) [4]. - JD.com plans to achieve normalized operations for its drones and unmanned vehicles by 2025, with significant logistics improvements in the Greater Bay Area, including a 70% increase in transportation efficiency for medical supplies across the Pearl River [4][5]. - Meituan has launched 65 flight routes and completed 740,000 commercial orders by December, with a focus on instant delivery services [7]. - SF Express has established 1,400 flight routes and operates over 1,000 drones, with Shenzhen as its core logistics hub, achieving an annual flight volume of 250,000 [9]. Low-altitude Tourism - The low-altitude tourism market is transitioning from niche high-end experiences to mass consumption, with projections indicating a market size of 200 billion yuan by 2030 [11][14]. - The Ministry of Culture and Tourism and the Civil Aviation Administration of China have issued a plan to support the development of low-altitude tourism, encouraging the creation of unique routes and products [14]. - Guangzhou is leading in low-altitude tourism infrastructure, planning to establish 10 low-altitude takeoff and landing bases and 1,000 takeoff points by 2030 [14]. - EHang's EH216-S eVTOL has received full certification for commercial operations and has completed 80,000 safe flights across 16 cities, demonstrating the potential for profitability in low-altitude tourism [16].

文 | 递运指南 新鲜的松茸，乘着无人机飞出大山；奉节脐橙，借由空中航路甜蜜的飞出果园；一架FC30运载无人机 化身"水上外卖员"，载着物资向锚泊船舶飞去…… 从山川湖海到都市建筑，无人机翱翔天际，深入多元场景，正改写着物流脉络。 近期，无人机的航迹仍在不断延伸，不同的城市接连宣布开通无人机物流航线，让这张物流网络越织越 密。 2025年12月11日，一架装载着20公斤特色海鲜的无人机从启东吕四仙渔小镇启程飞向上海。这标志着南 通地区首条跨区域、跨江无人机生鲜速配物流航线正式开通，一条连接长三角的"低空物流走廊"进入实 体化运行阶段。 2025年12月12日，北京市延庆区，一架物流无人机在张山营镇邮政所起飞，搭载着快递与报刊沿云控 3D航线向几公里外的冬奥村飞去，14分钟后精准降落，标志着北京邮政首条无人机物流航线正式开 通。 航线的快速拓展，是市场爆发的直观缩影。 据《2024中国低空物流发展报告》显示，低空物流市场规模呈现出高速增长态势，2025年预计达到1200 亿至1500亿元，到2035年有望攀升至4500亿至6050亿元。 面对这一广阔蓝海，各大物流企业纷纷布局，一场围绕效率与网络的"空中争夺战" ...

Core Viewpoint - The logistics industry is undergoing significant transformation driven by technological advancements and diverse consumer demands, impacting operational efficiency and overall economic vitality [1][6]. Group 1: Industry Overview - The logistics sector is described as a vital component of the economy, influencing both business operations and consumer experiences [1][6]. - Key elements of competition in the logistics industry include supply chain optimization, network layout improvement, service quality enhancement, and data technology application [1][6]. Group 2: Company Highlights - Yunda Holdings, led by Chairman Nie Tengyun, emphasizes technology-driven logistics, advancing digital supply chain construction and optimizing network structure to enhance sorting efficiency and delivery speed [3][10]. - ZTO Express, under Chairman Lai Meisong, reported a package volume of 9.57 billion in Q3 2025, a year-on-year increase of 9.8%, with adjusted net profit rising by 5.0% to RMB 2.51 billion and revenue reaching RMB 11.86 billion, up 11.1% [3][10]. - JD Group, led by Liu Qiangdong, achieved logistics revenue of RMB 55.1 billion in Q3 2025, a 24.1% year-on-year growth, with adjusted net profit of RMB 2.02 billion, driven by overseas business expansion [4][11]. - SF Holding, under Wang Wei, strengthened its position in the high-end logistics market, achieving revenue of RMB 225.26 billion in the first three quarters of 2025, a growth of 8.89%, and a net profit of RMB 8.31 billion, up 9.07% [4][11]. - Cainiao Group, led by CEO Wan Lin, made significant progress in building a global smart logistics network, achieving rapid cross-border transportation and precise delivery, with daily package volume in Latin America showing triple-digit growth [5][12].

2025年，"反内卷"成为快递行业关键词，快递单票价格出现上涨。从数据上来看，电商快递行业需求仍然保持韧性增长。此外，无人机、无人车等智能技术 在快递行业的推广应用不断加快。随着盈利水平改善，A股快递板块的投资机会值得重视。快递业务量维持韧性增长 得益于我国完备的互联网基础设施建设、物流网络及多样化电商平台，我国拥有世界最大电商市场。近年来，短视频和直播带货等新兴电商模式迅速发展。 电商与快递是"火借风势，风助火威"的共生关系，电商为快递提供了海量需求，快递则为电商的用户体验提供了核心保障，两者在相互成就中实现了共赢发 展。 国泰海通证券指出，我国快递行业已经进入中低速增长阶段，核心驱动力从"渗透率提升"转向"结构性增长"，具体表现为以下三个特征： 1.包裹小型化：平价商品复购频次增加，推动包裹数量增长； 2.逆向物流：电商退货率攀升，带动逆向物流需求； 3.新模式拓展：直播电商、社区团购等新兴场景，持续创造快递需求。 2024年，在全面推进"消费品以旧换新"政策、电商平台创新性调整促销周期策略等因素的影响下，消费市场潜能加速释放，带动相关商品销售保持增长，电 商平台销售额表现亮眼。根据国家统计局公布的数据， ...

作为顺丰速运在全国的重要区域运营主体，苏南区总部全面统筹苏州、无锡、常州三地的物流网络建设 与客户服务。目前，该区域在职员工约2万人，服务网络实现苏锡常三市100％全境覆盖。区域内共设有 9个智能化现代物流转运中心，日均快件处理能力高达400万件，高效支撑苏锡常区域物流需求。 从项目签约到正式运营，顺丰速运苏南区总部仅用时不到4个月。这让顺丰速运苏南区经营中心负责人 胡军强很是感慨："顺丰能在苏南这片热土扎根成长，离不开各级政府与主管部门的高瞻指导和务实支 持。"立足新起点，顺丰苏南区将持续贯彻集团"科技驱动、数据赋能、绿色低碳、客户至上"的战略方 针，深化数字化供应链能力建设，强化本地化服务能力，助力长三角一体化高质量发展，矢志成为区域 智慧物流与供应链创新的引领者。 （来源：新华日报） 本报讯 （记者 张珺） 无人机载着快递包裹腾空而起，无人车整齐列队，智能化取件系统高效运转…… 这是记者12月22日在最新启用的顺丰速运苏南区总部看到的数智物流场景。该总部位于苏州市吴江太湖 新城环企中心，致力构建苏南地区全方位立体化物流服务体系，为地方经济增长与区域产业协同注入新 动能。 ...