摩根士丹利将顺丰控股A股评级下调至平配，目标价49.50元。 ...

China Logistics, Express Parcel & Ecommerce July data highlight benefits of anti-involution efforts on pricing and market dynamics, JDL's index inclusion The logistics industry in China is witnessing a positive shift in average selling price (ASP) trends, driven by successful anti-involution efforts. The narrowing ASP decline reflects interventions by the State Post Bureau (SPB) and local governments, with express revenue rising 9% Y/Y in July. This decline in ASP narrowed further from previous months, indi ...

他介绍，从全国居民人均可支配收入来看，2020年为32189元，2024年为41314元，4年复合增长率为 6.4%。再看全国居民存款余额，2020年底是93万亿人民币，2024年底达到152万亿人民币，4年复合增 长率是13%，大幅超过了同期人均可支配收入的增长速度。此外，如果看居民存款与贷款的差额，2020 年底约30万亿，2024年底增长到约70万亿，居民的超额储蓄增加了约40万亿。 智通财经8月30日讯（记者 封其娟）公募2025年中报已渐次披露。面对市场层面围绕消费复苏的担忧情 绪，张坤依旧否定悲观预期。 从隐形重仓股的调整情况来看，张坤旗下4只基金均展现出较高的换股频率。其中，易方达优质企业三 年的调整幅度最为显著，较去年年末实现 "全换仓"，无一只隐形重仓股延续持仓；其余3只基金虽未完 全更换，但调整力度同样较大，易方达蓝筹精选、易方达优质精选（QDII）、易方达亚洲精选较去年 年末，分别有 8 只、7 只、6 只隐形重仓股发生更替。 从新进个股来看，今年上半年，美团－W 同时新进易方达优质企业三年、易方达蓝筹精选、易方达亚 洲精选的隐形重仓股名单；贝壳－W则同时进入易方达优质企业三年、易方达蓝 ...

Core Insights - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will take place from September 24 to 26 at the Shenzhen Convention Center, attracting global attention in the logistics industry [1] - The expo will feature two major themed sub-exhibitions: the "2025 World Unmanned Vehicle Economy Expo," which is the first of its kind globally, and the "2025 Enterprises Going Abroad Exhibition" [1] - A highlight of the expo will be the Smart Logistics and Digital Technology Zone, showcasing leading companies such as SF Express, Cainiao, Meituan, and others, focusing on cutting-edge applications of AI smart scheduling, autonomous driving, and unmanned delivery vehicles in the logistics sector [1]

Core Viewpoint - The article emphasizes that the long-term pessimism regarding domestic consumption in China is unfounded, supported by data showing increasing disposable income and savings among residents [8][11][15]. Group 1: Economic Indicators - The per capita disposable income in China is projected to grow from 32,189 RMB in 2020 to 41,314 RMB in 2024, reflecting a compound annual growth rate (CAGR) of 6.4% [9]. - The total savings balance of residents is expected to rise from 93 trillion RMB at the end of 2020 to 152 trillion RMB by the end of 2024, with a CAGR of 13%, significantly outpacing the growth of disposable income [9]. - The difference between residents' savings and loans is anticipated to increase from approximately 30 trillion RMB at the end of 2020 to about 70 trillion RMB by the end of 2024, indicating an increase in excess savings of around 40 trillion RMB [10]. Group 2: Consumer Confidence and Spending - The increase in precautionary savings is identified as a key factor affecting consumer spending, as consumer confidence has declined from around 120 in 2020 to approximately 87 in 2022, continuing to show a downward trend [13]. - The persistent decline in real estate prices and ongoing deflationary pressures have further dampened consumer spending willingness [13]. - Despite current pessimistic expectations, the article argues that consumer confidence will eventually recover as economic conditions improve and government policies support income growth [17]. Group 3: Investment Opportunities - The article suggests that the current market presents a rare opportunity for long-term investors to acquire high-quality stocks at undervalued prices, as the prevailing pessimism about consumption is not logically sustainable [20][19]. - Zhang Kun's latest report reveals significant changes in his investment portfolio, including a notable reduction in holdings of Meituan, indicating a shift in focus towards other sectors [25][21]. - The report highlights increased investments in logistics, particularly in SF Express, suggesting optimism about opportunities in the industrial and logistics sectors [30][28]. Group 4: Portfolio Adjustments - The portfolio adjustments include a significant reduction in holdings of Futu and an increase in positions in Interactive Brokers, indicating a strategic shift in response to regulatory changes affecting the cross-border brokerage business [36][38]. - New entries in the portfolio include companies like NetEase, Tencent Music, and Beike, reflecting a diversification strategy and a return to previously held positions [42][44].

据证券之星公开数据整理，近期顺丰控股(002352)发布2025年中报。截至本报告期末，公司营业总收入 1468.58亿元，同比上升9.26%，归母净利润57.38亿元，同比上升19.37%。按单季度数据看，第二季度 营业总收入770.08亿元，同比上升11.5%，第二季度归母净利润35.04亿元，同比上升21.02%。本报告期 顺丰控股公司应收账款体量较大，当期应收账款占最新年报归母净利润比达285.03%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率13.22%，同比减4.62%，净利率4.09%，同比增 15.58%，销售费用、管理费用、财务费用总计117.82亿元，三费占营收比8.02%，同比减4.84%，每股净 资产19.11元，同比增3.9%，每股经营性现金流2.59元，同比减9.06%，每股收益1.16元，同比增16.0% | 项目 | 2024年中报 | 2025年中报 | 同比增幅 | | --- | --- | --- | --- | | 营业总收入(元) | 1344.1亿 | 1468.58亿 | 9.26% | | 归母净利润(元) | 48.07亿 | 57.38亿 | 19 ...

关于 2025 年中期利润分配方案的公告 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。 重要提示： 比例为 40%。 日的总股本减去公司回购专户股数为基数，向全体股东每 10 股派发现金股利人民币 4.6 元（含税），本次不进行公积金转增股本、不送红股。以截至目前公司总股本减去公司 回购专户股数初步测算，预计本次中期现金分红金额为人民币 23.2 亿元，约占公司 2025 年上半年归母净利润 40%。具体分红金额以公司实际分派为准。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-061 顺丰控股股份有限公司 其中 A 股股息以人民币支付，H 股股息以港元支付，汇率以董事会决议派息方 案日前五个工作日中国人民银行公布的港元对人民币平均中间价折算。 二、审议程序 公司分别于 2025 年 3 月 28 日、2025 年 6 月 13 日召开第六届董事会第十九 次会议和 2024 年年度股东大会，审议通过了《关于提请股东大会授权董事会制 定 2025 年中期利润分配方案的议案》，为简化分红程序，董事会提请股东大会 授权董事会在现金分红总额不超过公 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-058 顺丰控股股份有限公司 第六届董事会第二十三次会议决议公告 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"）第六届董事会第二十三次会议 于 2025 年 8 月 13 日通过电子邮件发出会议通知，2025 年 8 月 28 日在公司会议 室以现场结合视频通讯方式召开。本次会议应参与董事 7 名，实际参与董事 7 名。会议由董事长王卫先生主持，董事会会议的召集和召开符合国家有关法律、 法规及《公司章程》的规定。经充分讨论和审议，会议形成决议如下： 一、会议以 7 票同意、0 票反对、0 票弃权，审议通过了《公司 2025 年半年度 报告》 董事会同意根据中国境内相关法律法规要求编制的公司 A 股 2025 年半年度 报告及摘要。具体内容详见公司同日在巨潮资讯网（www.cninfo.com.cn）披露 的《公司 2025 年半年度报告》、在《证券时报》《证券日报》《上海证券报》《中 国证券报》和巨潮资讯网（www.cninfo.com.cn）披露的《公司 ...

证券代码：002352 证券简称：顺丰控股 公告编号：2025-059 顺丰控股股份有限公司 第六届监事会第十七次会议决议公告 公司及监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"）第六届监事会第十七次会议， 于 2025 年 8 月 13 日通过电子邮件发出会议通知，2025 年 8 月 28 日在公司会议 室以通讯表决方式召开。本次会议应参与监事 4 名，实际参与监事 4 名。半数以 上监事推举李菊花女士主持本次会议，监事会会议的召集和召开符合国家有关法 律、法规及《公司章程》的规定。经充分讨论和审议，会议审议情况如下： 一、会议以 4 票同意、0 票反对、0 票弃权，审议通过了《公司 2025 年半年度 报告》 经核查，公司监事会认为公司董事会编制和审核《公司 2025 年半年度报告》 的程序符合法律法规、中国证监会、深圳证券交易所及香港联合交易所有限公司 等规定，报告的内容真实、准确、完整地反映公司的实际情况，不存在任何虚假 记载、误导性陈述或者重大遗漏。 监事会同意根据中国境内相关法律法规要求编制的公司 A 股 202 ...

Meeting Overview - The company will hold its first extraordinary general meeting of shareholders for 2025 on September 15, 2025, at 15:00 [1][2] - The meeting will combine on-site voting and online voting, with online voting available from 9:15 to 15:00 on the same day [2][4] - A-share shareholders must register by September 8, 2025, to attend the meeting [2][4] Agenda Items - The meeting will discuss several proposals, including the "Common Growth" shareholding plan (A shares) and its management measures, authorization for the board of directors, and amendments to the company's registered capital and articles of association [3][4] - These proposals require a special resolution, needing over 2/3 of the voting rights held by attending shareholders to pass [3][4] Registration and Voting Procedures - Individual shareholders must present identification and shareholder account cards for registration, while corporate shareholders must provide additional documentation [4][8] - Shareholders can participate in online voting through the Shenzhen Stock Exchange trading system and internet voting system [4][7] Additional Information - The company emphasizes that the meeting's procedures comply with relevant laws and regulations [1][3] - The company will disclose the results of the voting, especially for proposals affecting minority investors [3][4]