Investment Rating - The report recommends investing in SF Holding due to its valuation, operational resilience, and shareholder returns [2] - The report also recommends the aviation sector, specifically Air China and China Southern Airlines, due to expected profit elasticity from supply-demand optimization [4] Core Views - The express delivery industry saw a year-on-year growth of 15.8% in business volume in June, with SF Holding 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 robust growth, with Spring Airlines and China Eastern Airlines leading in RPK growth [4] - The shipping sector is facing challenges, with the CCFI index showing a significant year-on-year decline of 40.2% [5] Summary by Sections Transportation Market Review - The transportation index increased by 0.2% from July 12 to July 18, underperforming the Shanghai and Shenzhen 300 index by 0.8% [1][13] Express Delivery - In June, the national express delivery business volume reached 168.7 billion pieces, with a revenue of 126.32 billion yuan, marking a 9.0% year-on-year increase [2] - The average revenue per delivery decreased by 5.9% to 7.49 yuan [2] Logistics - The chemical products price index (CCPI) is at 4021 points, down 14.3% year-on-year [3] - Hai Chen Co. is recommended due to its strategic partnerships and improved demand in consumer electronics [3] Aviation - The average daily flights in China increased by 3.29% year-on-year, with domestic flights up by 1.89% [4] - RPK growth for major airlines shows significant increases, with Spring Airlines at +12% compared to 2024 [4] Shipping - The CCFI index is at 1303.54 points, down 0.8% week-on-week and down 40.2% year-on-year [5] - The BDI index increased by 29.9% week-on-week, indicating a recovery in dry bulk shipping [5][38] Road and Rail - The national highway freight traffic increased by 0.19% week-on-week, with a year-on-year increase of 0.82% [6][81] - The railway passenger turnover increased by 3.61% year-on-year, while freight turnover showed a slight decline [79]

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][30]. Core Insights - The express delivery industry experienced a business volume growth of 15.8% in June, with a total of 16.87 billion packages delivered, and a cumulative growth of 19.3% for the first half of the year [5][8]. - The industry's revenue in June reached 126.32 billion yuan, reflecting a year-on-year increase of 9.0%, with a cumulative revenue of 718.78 billion yuan for the first half, up 10.1% year-on-year [5][8]. - The average revenue per package in June was 7.49 yuan, down 5.9% year-on-year, with a cumulative average of 7.52 yuan for the first half, down 7.7% [5][8]. Summary by Sections Industry Overview - The express delivery industry is showing signs of recovery with significant growth in business volume and revenue, driven by major players like SF Express, which led the growth with a 31.8% increase in June [5][6]. - The report highlights the ongoing "anti-involution" trend in the industry, which is expected to enhance the performance elasticity of express delivery companies in the medium to long term [5][8]. Company Performance - SF Express continues to lead the market with a year-to-date growth rate of 31.8%, outperforming the industry average [5][6]. - In terms of revenue growth for June, SF Express reported a 14.2% increase, while other companies like YTO Express and Shentong Express also showed positive growth rates [5][8]. Investment Opportunities - The report suggests focusing on investment opportunities within the express delivery sector, particularly in companies like Shentong and YTO, which are expected to benefit from the ongoing market adjustments [5][8]. - SF Express's "activation operation" strategy is highlighted as a key driver for its sustained growth, with expectations for continued performance improvement [5][8].

·七部门部署鼓励外商投资企业境内再投资从优化土地要素配置等方面更大力度吸引和利用外资 ·18日，市场监管总局约谈饿了么、美团、京东三家平台企业，要求相关平台企业严格遵守《中华人民 共和国电子商务法》等法律法规规定，严格落实主体责任，进一步规范促销行为，理性参与竞争，共同 构建消费者、商家、外卖骑手和平台企业等多方共赢的良好生态，促进餐饮服务行业规范健康持续发 展。同日，市场监管总局召开2025年直播带货食品安全行政指导会，会议要求直播电商平台和带货主播 企业等食品新业态新模式要高度重视食品安全。（新华财经） ·工业和信息化部等部门召开新能源汽车行业座谈会部署进一步规范新能源汽车产业竞争秩序工作 ·国家发展改革委党组成员、副主任李春临主持召开专题会议，研究更好统筹发展和安全，因地制宜健 康有序推动低空经济高质量发展。会议明确，要深刻领会因地制宜发展新质生产力的原则要求，从当地 客观实际出发推动低空新产业、新模式、新场景、新动能发展，不能盲目跟风。（新华财经） ·市场监管总局要求外卖平台企业理性竞争要求食品新业态新模式高度重视食品安全 ·中央第四指导组聚焦"综合整治新能源汽车行业非理性竞争问题"专项工作赴中国汽车 ...

Core Insights - The cold chain logistics industry in Shanghai is experiencing significant growth driven by consumption upgrades and the explosion of fresh e-commerce [1] - Shanghai serves as an international hub, gathering leading cold chain companies that are reshaping industry standards through intelligent management and customized solutions [1] Company Summaries - **Yingmai Logistics**: A national 4A logistics enterprise, Yingmai utilizes ±0.5℃ precise temperature control technology to establish industry barriers. Its blockchain traceability system achieves a 98% judicial evidence acceptance rate, covering 18 high-end sectors and providing emergency services for over 300 multinational companies [3] - **SF Cold Chain**: With the largest cold storage cluster in the country and over 10,000 refrigerated vehicles, SF Cold Chain maintains a leading position in ultra-low temperature vaccine transportation, achieving a 99.2% next-day delivery rate for fresh products across provinces [4] - **JD Cold Chain**: Innovating e-commerce cold chain logistics, JD Cold Chain integrates storage, transportation, and distribution networks, reducing sorting error rates to 0.01% with AI dynamic routing [5] - **Rongqing Logistics**: A multi-business service giant with a million square meters of high-end storage, Rongqing leads in chemical and pharmaceutical cold chain market share, improving customs clearance efficiency by 40% [6] - **Zhengming Modern Logistics**: Operates over 80 intelligent cold storage facilities nationwide, with a temperature-controlled warehouse network of 1.3 million square meters, and has contributed to the formulation of five national standards [7] - **Sinotrans Cold Chain**: A key player in cross-border cold chain logistics, utilizing deep cold storage to streamline import cold chain customs clearance to 6 hours, with over 30% of its business in high-end products [8] - **Wanwake Cold Chain**: A leader in green and low-carbon logistics, operating 20 photovoltaic cold storage parks, achieving a carbon reduction equivalent to 12,000 trees [9] - **Xinxiahui**: A joint venture focusing on restaurant supply chains, employing advanced dynamic temperature control technology to minimize delivery loss rates to below 0.3% [9] - **ZTO Cold Chain**: A pioneer in penetrating lower-tier markets, with a network of 5,000 nodes and a blockchain traceability system ensuring freshness delivery within 48 hours [9] - **Shuanghui Logistics**: A model of industrial synergy, leveraging its parent company's advantages to build a 200,000-ton automated cold storage facility, achieving a meat cold chain loss rate of only 0.03% [10] Industry Trends - The cold chain logistics sector is being redefined by technological advancements, with companies focusing on smart energy management and ultra-low temperature transportation for biopharmaceuticals [12] - As ESG standards are implemented and global supply chains upgrade, leading companies are expected to drive cold chain logistics from a cost center to an industry value engine [12]

Group 1: Company Announcements - Dongwu Securities plans to raise no more than 6 billion yuan through a private placement of A-shares, with the funds primarily allocated for subsidiary capital increase, technology investment, and debt repayment [2] - Nanjing High-Tech reported a significant increase in contract sales, achieving 820 million yuan in equity contract sales, a year-on-year growth of 824.68% [4] - Changhong High-Tech intends to acquire 100% equity of Guangxi Changke New Materials, with stock trading resuming on July 21 [5] - Shunfeng Holdings recorded a revenue of 19.962 billion yuan in June for its express logistics business, reflecting a year-on-year growth of 14.24% [11] - Double Forest Co. plans to issue H-shares and list on the Hong Kong Stock Exchange [9] Group 2: Financial Performance - Nanjing High-Tech's real estate business achieved a contract sales area of 68,500 square meters, a year-on-year increase of 2437.04% [4] - YTO Express reported a revenue of 5.527 billion yuan in June, with a year-on-year growth of 11.35% [7] - Shunfeng Holdings' total revenue from express logistics, supply chain, and international business reached 26.254 billion yuan in June, up 13.43% year-on-year [11] Group 3: Other Significant Developments - The full subsidiary of Shangshi Development plans to sell part of its products from the Quanzhou project for 2.053 billion yuan, expecting a net profit of approximately 163 million yuan [3] - Yuyou Green Energy is set to invest up to 800 million yuan in a smart manufacturing base for new energy vehicle charging and discharging equipment [14] - Weifu High-Tech intends to convert its B-shares for listing on the Hong Kong Stock Exchange, without issuing new shares [12]

Core Viewpoint - The company reported a significant increase in revenue and business volume for June 2025, indicating strong growth in its logistics and supply chain operations [1][2]. Group 1: Financial Performance - The total revenue for June 2025 reached RMB 262.54 billion, representing a year-on-year growth of 13.43% compared to RMB 231.45 billion in June 2024 [1]. - The express logistics business revenue grew by 14.24% year-on-year, with business volume increasing by 31.77% [1]. - The supply chain and international business revenue increased by 10.93% year-on-year, contributing to the overall growth [1]. Group 2: Business Strategy - The growth in express logistics is attributed to the company's implementation of activation strategies, increased authorization and incentives for frontline operations, and high-quality service during peak e-commerce promotional seasons [1][2]. - The company leveraged its global network advantages and diversified business layout to adapt to market changes and explore new demands, which supported the growth of supply chain and international operations [2].

证券代码：002352 证券简称：顺丰控股 公告编号：2025-052 顺丰控股股份有限公司 1 主要得益于公司依托全球网络优势与多元业务布局，灵活应对市场变化，积极挖 掘新需求，助力供应链及国际业务实现较好增长。 2025年6月快递物流业务经营简报 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。 根据《深圳证券交易所上市公司自律监管指引第 3 号——行业信息披露》的 规定，顺丰控股股份有限公司（以下简称"公司"）现披露 2025 年 6 月业务经 营简报情况如下： | 项目 | 2025 | 年 | 6 月 | 2024 | 年 6 月 | 同比变动 | | --- | --- | --- | --- | --- | --- | --- | | 1、速运物流业务 | | | | | | | | 营业收入（人民币亿元） | | | 199.62 | | 174.73 | 14.24% | | 业务量（亿票） | | | 14.60 | | 11.08 | 31.77% | | 单票收入（人民币元） | | | 13.67 | | 15.77 | -13.32% ...

Core Viewpoint - SF Holding (002352.SZ) reported significant growth in its express logistics and supply chain businesses, driven by strategic adjustments and global network advantages [1] Group 1: Express Logistics Business - The express logistics business generated revenue of 19.962 billion yuan in June 2025, representing a year-on-year increase of 14.24% [1] - The business volume reached 1.460 billion tickets, showing a year-on-year growth of 31.77% [1] - The average revenue per ticket was 13.67 yuan, which is a decrease of 13.32% compared to the previous year [1] Group 2: Supply Chain and International Business - The supply chain and international business achieved revenue of 6.292 billion yuan, reflecting a year-on-year increase of 10.93% [1] - Growth in this segment is attributed to the company's global network advantages and diversified business layout [1]

Core Insights - The National Postal Administration conducted a survey to monitor express delivery service quality and promote industry improvement, focusing on customer satisfaction and timely delivery rates for the second quarter of 2025 [1] Group 1: Survey Overview - The survey included nine express delivery brands: Postal Express, SF Express, Zhongtong Express, YTO Express, Yunda Express, Shentong Express, JD Express, Debon Express, and Jitu Express [1] - The survey covered 50 cities, including municipalities, provincial capitals, and 19 cities with high express delivery volumes [1] - A total of 9,211 valid samples were collected for customer satisfaction evaluation across five service aspects, while 2.4 million samples were collected for timely delivery testing [1] Group 2: Customer Satisfaction Results - The overall customer satisfaction score for express delivery services in Q2 2025 was 85.1, an increase of 1.3 points year-on-year [2] - SF Express and JD Express received the highest satisfaction scores among brands [3] - Regions with high satisfaction scores included Shanghai, Beijing, Inner Mongolia, Shanxi, Hebei, Shandong, and Jiangsu, all scoring above 86 [3] - Satisfaction scores for order services via unified customer service hotline reached 90.8, up by 2.0 points year-on-year [3] - User satisfaction scores for delivery service timeliness and quality were 86.9 and 86.4, reflecting increases of 4.7 and 1.7 points respectively [3] Group 3: Timeliness and Delivery Rates - The average total time for express delivery services in Q2 2025 was 51.08 hours, a reduction of 1.99 hours year-on-year [4] - Breakdown of average times showed: - Processing at the shipping location: 8.44 hours (up 0.34 hours) - Transportation: 30.98 hours (down 1.44 hours) - Processing at the destination: 8.89 hours (down 0.77 hours) - Delivery: 2.77 hours (down 0.11 hours) [4] - The 72-hour delivery success rate was 86.85%, an increase of 2.13 percentage points year-on-year [5] - Postal Express and SF Express had the highest 72-hour delivery success rates among brands [6]

Core Viewpoint - The China Securities Index Transportation Industry Index has shown a slight decline over the past month but has increased over the last three months and year-to-date, indicating a mixed performance in the transportation sector [2]. Group 1: Index Performance - The China Securities Index Transportation Industry Index reported a decrease of 0.91% over the past month, an increase of 3.46% over the last three months, and a year-to-date increase of 0.05% [2]. - The index is designed to reflect the overall performance of different industry companies within the China Securities Index sample, categorized into various industry levels [2]. Group 2: Index Composition - The top ten weighted companies in the China Securities Index Transportation Industry Index are: SF Express (9.92%), Beijing-Shanghai High-Speed Railway (9.56%), COSCO Shipping Holdings (9.55%), Datong Railway (9.49%), Spring Airlines (4.07%), YTO Express (3.58%), China Merchants Energy Shipping (3.05%), Jianfa Holdings (2.8%), Wuzhou International (2.71%), and Blue Lithium (2.49%) [2]. - The index's holdings are primarily listed on the Shanghai Stock Exchange (73.43%) and the Shenzhen Stock Exchange (26.57%) [2]. Group 3: Industry Breakdown - The industry composition of the index includes: logistics (23.54%), shipping (23.29%), railway transportation (22.73%), express delivery (16.98%), air transportation (10.96%), road transportation (2.16%), and public transport (0.33%) [3]. - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [3].