FF301 本月底法定/註冊股本總額： RMB 4,988,091,951 | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 002352 | 說明 | | A股 (於深圳證券交易所上市) | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 4,817,646,658 | RMB | | 1 RMB | | 4,817,646,658 | | 增加 / 減少 (-) | | | 445,293 | | | RMB | | 445,293 | | 本月底結存 | | | 4,818,091,951 | RMB | | 1 RMB | | 4,818,091,951 | I. 法定/註冊股本變動 1. 股份分類 普通股 股份類別 H 於香港聯交所上市 (註1) 是 證券代號 (如上市) 06936 說明 H股 法定/註冊股份數目 面值 法 ...

Investment Rating - The report rates the transportation industry as "Outperform the Market" [1] Core Insights - COSCO Shipping Specialised Carriers reported a revenue of 5.196 billion yuan in Q1 2025, a year-on-year increase of 51.47%, with a net profit of 345 million yuan, up 1.56% [2][12] - HNA Holding achieved a revenue of 65.236 billion yuan in 2024, reflecting an 11.25% increase, while Guangzhou Baiyun Airport's net profit doubled [2][14] - YTO Express reported a business volume growth of 25.32% in 2024, with a total logistics value of 91 trillion yuan in Q1 2025, marking a 5.7% year-on-year increase [2][18] Summary by Sections 1. Industry Hot Events - COSCO Shipping Specialised Carriers maintained steady growth despite global shipping market volatility, with a Q1 revenue of 5.196 billion yuan, a 51.47% increase year-on-year [12] - HNA Holding's 2024 revenue reached 65.236 billion yuan, an 11.25% increase, while Guangzhou Baiyun Airport's net profit surged by 109.51% [14][16] - YTO Express's business volume grew by 25.32% in 2024, with a logistics total of 91 trillion yuan in Q1 2025, up 5.7% year-on-year [18][19] 2. Industry High-Frequency Data Tracking - In April 2025, domestic air cargo flights decreased by 1.67% year-on-year, while international flights increased by 25.08% [33] - The SCFI index for container shipping reported a decrease of 1.66% week-on-week, while the PDCI index for domestic shipping increased by 0.67% [40] - In March 2025, express delivery volume rose by 20.30% year-on-year, with total revenue reaching 124.6 billion yuan [51] 3. Company Performance - COSCO Shipping Specialised Carriers added 13 new vessels in Q1 2025, increasing total capacity to 691.5 thousand deadweight tons, a 12.53% increase from the end of 2024 [13] - HNA Holding's passenger transport volume exceeded 68 million in 2024, a 14.36% increase, with international passenger transport volume growing by 132.68% [15] - YTO Express's capital expenditure exceeded 6.7 billion yuan in 2024, focusing on automation upgrades and expanding its logistics network [19]

Core Insights - The report highlights a focus on various sectors including logistics, healthcare, technology, and machinery, with specific companies recommended for investment based on their recent performance and future potential [1][2][3] Macroeconomic Overview - The April PMI data indicates a decline in manufacturing sentiment, with the manufacturing PMI at 49.0%, down 1.5 percentage points from March, signaling a contraction in the sector [6][7] - High-tech manufacturing and equipment manufacturing have seen a notable drop in overseas demand, while the construction industry remains active [6][7] - The new orders index fell to 49.2%, a decrease of 2.6 percentage points, with export orders dropping significantly to 44.7%, the lowest since January 2023 [6][7] Healthcare Sector - JianKai Technology reported a revenue of 227 million yuan for 2024, a decline of 22.26%, with a net profit of 30 million yuan, down 74.22% [9][10] - In Q1 2025, the company achieved a revenue of 69 million yuan, a year-on-year increase of 6.66%, but the net profit decreased by 17.79% [9][10] - The company is advancing its innovative drug PEG-irinotecan into Phase III clinical trials, with other indications in Phase II, indicating potential future growth [11][12] Technology Sector - Boshi Software reported a revenue of 2.14 billion yuan for 2024, a growth of 4.79%, but a net profit decline of 7.44% [14][15] - The company is focusing on AI and electronic voucher businesses, expanding application scenarios to enhance revenue streams [16][17] - In Q1 2025, the company faced a revenue decline of 1.17%, with a net loss of 63 million yuan, indicating challenges in profitability [15][18] Machinery Sector - Bozhong Precision reported a revenue of 4.95 billion yuan for 2024, a growth of 2.36%, with a net profit of 398 million yuan, up 2.05% [19][20] - The company is expanding into new fields such as renewable energy, semiconductors, and robotics, which are expected to drive future growth [22][23] - In Q1 2025, the company experienced a revenue decline of 0.80%, with a net loss of 31 million yuan, attributed to upfront costs and equipment not yet accepted [21][23]

Group 1 - A new wave of stock buybacks is occurring among A-share listed companies, coinciding with the latest portfolio adjustments of several billion-yuan fund managers [1][12] - Zhang Kun, deputy general manager of E Fund, sold 3 million shares of China Merchants Bank on April 29 due to exceeding the 10% limit of the fund's net asset value, amounting to approximately 127 million yuan [1][4] - Zhang Kun significantly increased his holdings in SF Express by 31.7 million shares during the first quarter of 2025 [1][5] Group 2 - Chen Hao, manager of E Fund's Quality Momentum Fund, increased his stake in Jianyou Co., a pharmaceutical stock, during April [1][7] - Fund managers Hu Xinwei and Gao Nan both increased their positions in durable consumer goods company Jiayi Co. [1][8] - Zhao Xiaodong, director of equity investment at Guohai Franklin Fund, increased his holdings in Huangjiu stock Guyue Longshan [1][10] Group 3 - The electronic and pharmaceutical industries topped the list of public fund research in April, with Luxshare Precision being the most favored stock, receiving over 100 research visits [1][12] - A total of 169 stocks received significant attention from public funds in April, with 22 stocks having research frequencies exceeding 50 times [1][12] - The electronic industry dominated the research focus, with Luxshare Precision receiving 182 visits, followed by other electronic stocks like Huidian Co. and Lanke Technology [1][13]

越来越多的上市公司选择赴港上市，成为A+H公司，这是历史发展的必然趋势。A股公司进一步发展势 必要面对国际市场，赴港上市成为最便捷也最高效的方式，未来赴港上市的公司也会越来越多，投资者 可以把握相关机会。 近年来，A股上市公司赴港上市形成浪潮。截至2025年一季度，已有超百家上市公司实现A+H两地上 市。美的集团、顺丰控股等龙头企业通过港股平台完成全球资本布局。这一趋势不仅是企业战略升级的 必然选择，更折射出中国资本市场深度开放与全球化竞争格局的深刻变革。 中国企业赴港上市的核心驱动力源于全球化战略需求。以美的集团为例，其港股募资主要用于全球研发 投入、智能制造体系升级及海外分销网络建设，通过港股平台实现研发、生产、销售全链条的国际化。 同时也让全球投资者了解美的，投资美的。 香港资本市场在制度设计、投资者结构、资金流动性方面具备显著优势。A+H公司中，虽然多数公司 的A股、H股股价存在溢价，但是国际投资者更认可ESG报告、国际化财报等披露标准。A股公司赴港 上市之后将进一步获得国际投资者的认可。 同时，香港股市提供增发、可转债、牛熊证等20余种融资工具，这对于上市公司降低融资成本、增加融 资灵活度来说更有好 ...

2025 年 05 月 06 日 顺丰控股 (002352) ——业绩延续较高增速，重视股东回报 上 市 公 司 交通运输 报告原因：有业绩公布需要点评 增持（维持） | 市场数据： | 2025 年 04 月 30 日 | | --- | --- | | 收盘价（元） | 43.52 | | 一年内最高/最低（元） | 49.38/32.96 | | 市净率 | 2.3 | | 息率（分红/股价） | 4.60 | | 流通 A 股市值（百万元） | 208,490 | | 上证指数/深证成指 | 3,279.03/9,899.82 | | 注："息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 18.87 | | 资产负债率% | 50.00 | | 总股本/流通 A 股（百万） | 4,988/4,791 | | 流通 B 股/H 股（百万） | -/170 | 一年内股价与大盘对比走势： 04-30 05-31 06-30 07-31 08-31 09-30 10-31 11-30 12-31 01- ...

Core Insights - The Chinese cold chain logistics industry is projected to reach a market size of approximately 540 billion yuan in 2024, with a compound annual growth rate (CAGR) of 9.59% over the past five years [1][2]. Industry Overview - Cold chain logistics refers to a specialized supply chain system that maintains low-temperature environments for perishable goods such as meat, poultry, seafood, vegetables, and fruits, ensuring product quality and safety while minimizing losses and preventing contamination [1]. - The cold chain logistics sector also encompasses the low-temperature transportation and sales processes for refrigerated pharmaceuticals and chemical reagents [1]. Market Segmentation - In 2023, the vegetable cold chain transportation market and the fruit cold chain transportation market were the largest segments within the Chinese cold chain logistics industry, accounting for 34% and 24% of the market share, respectively [2]. Competitive Landscape - Leading companies in the Chinese cold chain logistics sector include SF Express, JD Logistics, and China Foreign Trade Transportation Group [4]. - SF Express launched its cold chain logistics service in September 2014, leveraging its extensive transportation network and advanced temperature control technology to provide comprehensive cold chain services across various industries [5]. - JD Logistics began developing its cold chain logistics system in 2014 and officially launched JD Cold Chain in 2018, focusing on fresh food and pharmaceutical logistics through a technology-driven approach [5]. - China Foreign Trade Transportation Group, established in June 2018, offers a unified platform for cold chain logistics investment, management, and operations, providing a range of logistics services [5]. - CIMC (China International Marine Containers) has over 20 years of experience in the cold chain equipment sector, focusing on manufacturing and logistics services for refrigerated containers and vehicles [5]. - Zhongnongmin's subsidiary, Nonglian Xianbang, utilizes advanced technology to enhance the efficiency of agricultural product logistics and cold chain preservation [5].

Investment Rating - The industry investment rating is optimistic [1] Core Views - The report highlights a continuous recovery in domestic demand, with a focus on increased dividends [1] - The shipping sector shows strong performance in container shipping, while oil and dry bulk shipping face pressure [3][4] - The highway sector experienced a rebound in traffic in Q1 2025, while port container business remains robust [4] - The railway passenger transport is stable, but freight transport is under pressure [4] - The airline industry sees steady growth in passenger traffic, although ticket prices are under slight pressure [6] - The express delivery sector exceeded expectations in 2024, maintaining double-digit growth into Q1 2025, despite intense price competition [7] - Cross-border logistics face challenges due to coal market pressures and tariff policies affecting air freight demand [8] Summary by Sections Shipping - Container shipping shows impressive performance, with significant profit growth and stable dividends [15] - Oil shipping and dry bulk shipping face challenges, with fluctuating rates and cautious dividend policies [18][21] - The report notes a strong increase in container shipping rates due to geopolitical tensions and trade dynamics [14][15] Highways - In 2024, highway traffic saw a slight decline, but Q1 2025 traffic improved, leading to increased profits for highway companies [35][38] - The report indicates that highway companies are maintaining high dividend payouts despite previous revenue declines [41][43] Ports - Port container throughput growth outpaced other sectors, benefiting from a favorable international trade environment [44][46] - The report emphasizes the strong performance of container port companies, with significant profit increases [47][48] Railways - Railway passenger volumes remained stable, while freight volumes faced challenges, impacting overall profitability [49] Airlines - The airline sector is experiencing steady passenger growth, but ticket prices are slightly under pressure, affecting profitability [6] Express Delivery - The express delivery industry saw a significant increase in volume in 2024, continuing strong growth into Q1 2025, although competition remains fierce [7] Cross-Border Logistics - Cross-border logistics companies are facing challenges due to market pressures and tariff impacts on air freight demand [8]

港股物流股震荡上升，中通快递(02057.HK)涨超3%，顺丰控股(01519.HK)涨2%，京东物流(02618.HK) 涨1%，顺丰同城(09699.HK)、极兔速递(01519.HK)涨近1%。 ...

Core Insights - The express delivery industry in China has achieved comprehensive profitability for the first time, driven by the growth in e-commerce returns, automation technologies, and improved management practices [2][6][8] Business Growth - In 2024, the average daily business volume in the express delivery industry reached nearly 500 million packages, with major players like YTO, Yunda, Shentong, and Jitu exceeding the industry average growth rate of 21% [3][4] - The market share of Zhongtong remains the highest, but the gap with YTO is narrowing, while only Shentong saw an increase in market share compared to 2023 [3] - Reverse logistics and scattered orders have become significant growth sources for express companies, with Jitu reporting an 80% year-on-year increase in reverse and scattered orders [3][4] - Shentong's large customer business grew by 260% in 2024, driven by customized solutions for over 20 industries [4][5] Profit Growth - All eight major listed express companies achieved profitability in 2024, with SF Express reporting a net profit of 10.17 billion yuan, the highest since its A-share listing [6][7] - JD Logistics and Shentong experienced significant profit growth, with JD Logistics' net profit increasing by 507.2% year-on-year to 7.088 billion yuan [6][7] - Jitu achieved a net profit of 1.1 million USD, marking its first overall profitability, attributed to refined management and technology applications [7] Industry Transformation - The express delivery sector is undergoing a transformation from labor-intensive to technology-driven operations, with companies like Shentong and Debang reducing employee numbers while increasing efficiency through automation [8][9][10] - SF Express reduced its workforce from 153,125 to 147,189, while increasing average annual salary by 7.4% to 217,000 yuan [8] - Yunda and Debang also reported reductions in employee numbers, with Yunda's workforce decreasing to below 10,000 for the first time [9][10]