（股份代號：6936） 董事會會議召開日期 順豐控股股份有限公司（「本公司」，及其附屬公司統稱「本集團」）董事會（「董 事會」）謹此宣佈，本公司董事會會議將於2025年10月30日（星期四）舉行，藉 以（其中包括）考慮及批准本集團截至2025年9月30日止第三季度的未經審核綜 合業績及其發佈。 董事會命 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 聯席公司秘書 甘玲 中國深圳，2025年10月17日 於本公告日期，本公司董事會成員包括董事長及執行董事王衞先生，執行董事何捷先生、王 欣女士及徐本松先生；及獨立非執行董事陳尚偉先生、李嘉士先生及丁益博士。 順豐控股股份有限公司 ...

顺丰控股公告，2025年9月速运物流业务收入为208.54亿元，同比增长14.21%；业务量为15.04亿票，同 比增长31.81%；单票收入为13.87元，同比下降13.31%。供应链及国际业务收入为61.53亿元，同比下降 6.30%。速运物流业务和供应链及国际业务合计收入为270.07亿元，同比增长8.78%。 ...

格隆汇10月17日丨顺丰控股(06936.HK)宣布，公司董事会会议将于2025年10月30日(星期四)举行，藉以 (其中包括)考虑及批准集团截至2025年9月30日止第三季度的未经审核综合业绩及其发布。 ...

格隆汇10月17日丨顺丰控股(06936.HK)宣布，公司董事会会议将于2025年10月30日(星期四)举行，藉以 (其中包括)考虑及批准集团截至2025年9月30日止第三季度的未经审核综合业绩及其发布。 ...

Core Points - SF Holding's stock price decreased by 0.39% on October 16, with a trading volume of 1.061 billion yuan [1] - The company achieved a financing buy of 119 million yuan and a net financing buy of 22.13 million yuan on the same day [1] - As of October 16, the total financing and securities lending balance for SF Holding was 3.325 billion yuan [1] Financing Summary - On October 16, SF Holding's financing buy amounted to 119 million yuan, with a financing balance of 3.322 billion yuan, representing 1.69% of its market capitalization [1] - The financing balance is above the 90th percentile of the past year, indicating a high level [1] - The securities lending data shows a repayment of 22,700 shares and a sell amount of 330,900 yuan, with a remaining securities lending balance of 3.1128 million yuan, which is below the 10th percentile of the past year [1] Financial Performance - For the first half of 2025, SF Holding reported a revenue of 146.858 billion yuan, reflecting a year-on-year growth of 9.26% [2] - The net profit attributable to shareholders for the same period was 5.738 billion yuan, showing a year-on-year increase of 19.37% [2] Shareholder Information - As of June 30, 2025, the number of shareholders for SF Holding was 141,400, a decrease of 15.74% from the previous period [2] - The average number of circulating shares per shareholder increased by 18.82% to 33,934 shares [2] - The company has distributed a total of 21.483 billion yuan in dividends since its A-share listing, with 15.351 billion yuan distributed in the last three years [3]

今天分享的是：2025低空经济驱动因素、主要产品、产业链条及相关上市公司分析报告 报告共计：51页 以下为报告节选内容 低空经济：从政策到产业的全面崛起，这些场景正改变我们的生活 随着技术革新与政策支持的双重推动，低空经济正从概念走向现实，成为激活经济新动能的重要赛道。这一以低空飞行为牵引 的综合性经济形态，不仅涵盖物流、农业、旅游等多元场景，更通过政企协同构建起全产业链生态，未来市场规模有望突破万 亿，深刻改变城市运转与民众生活方式。 低空经济的核心是利用1000米以下（部分区域可延伸至4000米）的低空空域，通过有人机与无人机开展各类经济活动，其中通 用航空为主体、无人机为核心驱动力。当前，商业化探索已在多个领域落地生根。在物流领域，低空运输正破解地面交通瓶 颈：城市端，无人机承担2.5千克以下小件包裹配送，沃尔玛通过无人机配送网络实现15分钟内送达，顺丰旗下丰翼科技更是完 成超80万架次运输，覆盖平原、高原、沿海等全场景；农村及山区场景中，中国邮政"常态化无人机邮路"将传统7小时投递压缩 至3小时，航天时代飞鹏研发的FP-98"狮子座"无人机，还开通了国内首条大型无人机城际物流航线，540公里航程耗时不 ...

近年来，顺丰航空围绕客户需求深耕北美市场，已陆续开通由国内飞往洛杉矶、纽约、迈阿密、哈 利法克斯等北美城市的国际航线。随着"鄂州—芝加哥"航线的开通，顺丰航空在北美地区的航线布局进 一步完善，一张"串点成线、连线成网"的航线版图逐步显现，这将有效提升顺丰在北美区域的服务品质 与竞争力，为中美经贸合作提供更全面、更稳定的物流助力。 目前，顺丰航空全货机机队规模已达90架，航线网络覆盖国内、辐射亚洲、畅达欧美。接下来，顺 丰航空将继续整合机队优势、网络优势，加快提升国际供应链服务能力，致力为全球客户提供更优质的 航空物流服务，并为国内国际双循环新发展格局注入更多物流动能。 国家邮政局网声明：此消息系转载，国家邮政局网登载此文出于传递更多信息之目的，并不意味着 赞同其观点或证实其描述。文章内容仅供参考。 10月11日，顺丰航空一架波音747-400型全货机满载货物从湖北鄂州花湖国际机场起飞，前往美国 芝加哥奥黑尔国际机场，标志着"鄂州—芝加哥"国际货运航线正式开通运行。至此，顺丰航空运营的北 美航线已覆盖美国前三大城市：纽约、洛杉矶、芝加哥，通达美国东部、西部、中部，可为国际供应链 的全球化广泛布局与区域化精细协同 ...

Investment Rating - The report gives a "Positive" rating for the express delivery industry, marking it as the first rating issued [1]. Core Insights - The express delivery industry is experiencing a significant growth in business volume, with a year-on-year increase of 12.3% in August 2025, outpacing the growth of physical online retail sales at 7.1% and social consumer retail sales at 3.4% [5][8]. - The trend of smaller packages in express delivery continues, contributing to rapid growth in business volume [5][8]. - The average revenue per package in the express delivery industry was 7.37 yuan in August 2025, showing a year-on-year decline of 7.16%, although there was a slight month-on-month increase of 0.13% [5][16]. - The report anticipates a price recovery in the express delivery sector due to the ongoing "anti-involution" efforts within the industry [5][25]. Summary by Sections Industry Volume and Price - The express delivery industry maintains high growth, with business volume growth outpacing both online retail and overall retail sales [5][8]. - The trend of smaller packages continues, with the average value of a single express package decreasing to 63.0 yuan, down 4.62% year-on-year [13][15]. - The competitive pricing environment has led to a decline in average revenue per package, but there are expectations for stabilization in pricing due to industry adjustments [5][16]. Company Volume and Price - In August 2025, the business volume growth rates for major companies were as follows: YTO Express at +11.06%, Yunda at +8.72%, Shentong at +10.0%, and SF Express at +34.80%, with SF Express outperforming the industry average [20]. - The average revenue per package for these companies showed significant declines, particularly for SF Express at -15.32% year-on-year, indicating a substantial impact from changes in business structure [24][28].

Group 1: Shipping Industry - The implementation of mutual port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [1][20][21] - Different shipping segments will experience varying degrees of impact, with oil and dry bulk sectors facing greater challenges compared to container shipping [1][20] - Short-term price fluctuations may occur due to initial chaos from the new policies, but overall, the impact on freight rates is expected to be limited [1][20] Group 2: Aviation Industry - Domestic passenger flight volumes have decreased slightly post-National Day, but overall traffic remains above 2019 levels, indicating a recovery trend [2][33] - The average domestic ticket price is stable, with a slight year-on-year increase, suggesting a balanced supply-demand dynamic in the aviation market [2][34] - The aviation sector is expected to see continued recovery in profitability as the supply-demand gap narrows, with recommendations to invest in major airlines like China Eastern Airlines and Spring Airlines [2][34] Group 3: Express Delivery Industry - The "anti-involution" policy has led to price increases across approximately 90% of express delivery volumes in China, indicating a shift towards more sustainable competition [2][43][44] - The profitability of express delivery companies is anticipated to improve in the fourth quarter, driven by seasonal demand and the effects of the "anti-involution" measures [2][43][44] - Major express companies like SF Express and ZTO Express are expected to see significant growth in profitability in 2025, with projected earnings growth of 15-20% for SF Express [2][54] Group 4: Logistics Sector - The logistics company DeBang's revenue has shown double-digit growth, but profitability has been under pressure due to increased transportation costs [2][66][67] - The company is focusing on enhancing its service quality and optimizing its product structure to improve margins in the future [2][66][67]

国信证券近日发布交通运输行业10月投资策略：由于国庆假期结束，上周整体和国内客 运航班量环比有所下降，整体/国内客运航班量环比分别为-0.6%/-0.6%，整体/国内客运航班 量分别相当于2019年同期的111.2%/116.3%，国际客运航班量环比下降0.4%，相当于2019年 同期的88.3%，近期国际油价略低于去年同期水平。 顺丰控股虽然短期业绩表现承压，但是公司强调"先有后优"的战略，我们预计公司四季 度的业绩有望实现改善且回归正规，明年公司的盈利能力将继续实现提升，明年公司业绩有 望实现15-20%的较快增长，2025年PE估值约18倍，维持推荐；2）在"反内卷"政策指导下， 通达系价格开始企稳回升，公司下半年盈利将确定性改善，建议紧密跟踪行业"反内卷"政策 的持续性及竞争格局变化，推荐中通快递、圆通速递、申通快递、韵达股份。 投资建议：建议配置具有长期价值的稳健标的，看好经营稳健、风险可控且有望带来稳 定收益的价值龙头。推荐顺丰控股、中通快递、圆通速递、申通快递、韵达股份、春秋航 空、南方航空、中远海能、招商轮船、德邦股份。 风险提示：宏观经济复苏不及预期，油价汇率剧烈波动。（国信证券 罗丹） 【 ...