"针对快递小哥、外卖骑士他们休息难、停车难、吃饭难等痛点，提供力所能及的关爱与服务。"松子岭 加能站站长吴宝香谈到。为关爱新就业劳动群体，广东石油联合地方工会在全省建成了745座"爱心驿 站"，为环卫工人、卡车司机、快递小哥等劳动者提供"7+X"免费服务，包括餐食存放、加热、热水、 书报、充电、药箱等多项服务。 除了暖心关爱外，广东石油为顺丰速运物流配送车队开通"单位电子加油卡"，可为1.3万名快递员提供 加油充电服务，不仅简化了加油、支付的流程提供绿色通道便捷加油，精准匹配配送时段预约加油等特 色服务，而定点的"特约驿站"还可以为早班快递员提供加热餐食服务，风雨台风时期开放临时避险区， 单站应急物资储备可满足30人使用。 顺丰速运有限公司粤东区副总经理郇庆印算了一笔暖心账："使用单位电子加油卡能更快加油，按每天 为车辆补能节省1小时计算，全年可增加有效配送时长超百万小时。更重要的是，当暴雨预警时，我们 的快递员知道哪里有爱心驿站，可以安心避雨；当电动车突遇故障时，最近的驿站就是最可靠的'救援 站'"。 "'易路'既取'一路顺风'的吉祥寓意，又承载着让道路更畅通、服务更便捷的承诺。"广东石油零售中心 负责人徐 ...

Core Viewpoint - The article discusses the latest developments and trends in the new energy commercial vehicle sector, highlighting market penetration rates, sales data, and significant policy initiatives aimed at promoting electric vehicles and infrastructure development. Industry Data - In February, the sales of new energy medium and heavy trucks significantly increased, reaching 19.4% of total new energy commercial vehicle sales, while the penetration rate for medium and heavy trucks rose to 17.52% and light buses to 56.58% [7]. - The 2025 plan for Guangdong Province includes the construction of 1,306 non-highway public charging stations and 66,045 public charging piles, along with 274 supercharging stations and 492 supercharging terminals [6][12]. Policy and Regulations - The National Development and Reform Commission announced the first batch of vehicle-grid interaction pilot projects to support the integration of new energy vehicles with the power grid [13][14]. - The Haikou Municipal Bureau of Commerce issued guidelines for a vehicle replacement subsidy program, allocating a total of 23 million yuan for the first quarter of 2025 [10]. Company Developments - Remote New Energy Commercial Vehicles successfully delivered 150 units of the Remote Star Intelligent H light truck to SF Express, marking a significant step in their green logistics partnership [15]. - Jiangling Motors delivered 111 units of the Jiangling Avenue EV to Eastern Airlines, aiming to reduce carbon emissions by approximately 1,200 tons annually [16]. - The launch of the 2025 Remote Super VAN aims to set a new benchmark in commercial vehicle value through technological innovation [18]. Sales and Market Trends - The article notes a significant increase in the sales of new energy vehicles, with a 126.5% rise in net profit and a 28% increase in sales for Yutong Bus in 2024 [22]. - The article highlights the strategic cooperation between XCMG Group and China Merchants Group to enhance collaboration in various sectors, including logistics and technology [19].

Investment Rating - The report recommends "Buy" for SF Holding and Xingtong Co., Ltd. due to their strong performance and market positioning [1][2]. Core Insights - The express delivery sector shows significant growth with a year-on-year increase of 19.6% in collection volume and 21.3% in delivery volume [1]. - The shipping industry faces challenges due to increased tariffs from the U.S., which may impact freight rates and demand in the long term [4]. - The aviation sector benefits from a drop in Brent crude oil prices, which enhances airline profitability, alongside a notable increase in passenger volume during the Qingming holiday [3]. Summary by Sections Express Delivery - The total collection volume for postal express reached approximately 3.824 billion pieces, with a month-on-month increase of 3.86% and a year-on-year increase of 19.6% [1]. - SF Holding reported a revenue of 284.4 billion yuan for 2024, a 10% increase year-on-year, with a net profit of 10.2 billion yuan, up 23.5% [1]. - The report recommends SF Holding based on valuation, operational resilience, and shareholder returns [1]. Logistics - The domestic shipping price for liquid chemicals decreased by 8.5% year-on-year, while the China Chemical Products Price Index (CCPI) fell by 7.8% [2]. - Xingtong Co., Ltd. is recommended due to its strong market position and benefits from the recovery in consumer electronics demand [2]. Aviation - The average daily flight volume increased by 4.53% year-on-year, with domestic flights up by 2.21% and international flights up by 20.71% [3]. - The passenger volume on April 4, 2025, was 1.789 million, an increase of 8.6% compared to the same day in 2024 [3]. - The report recommends China National Aviation and Southern Airlines due to expected profit growth from optimized supply and demand dynamics [3]. Shipping - The external trade container freight index (CCFI) was 1102.71 points, down 0.8% month-on-month and 7.4% year-on-year [4]. - The report highlights the potential long-term impact of U.S. tariffs on inflation and demand, leading to a downward adjustment in freight rates [4]. Road and Rail - The total truck traffic on national highways reached 54.681 million vehicles, with a month-on-month increase of 0.09% and a year-on-year increase of 1.62% [5]. - The report notes that the dividend yield of major road operators exceeds the yield of China's ten-year government bonds, indicating good investment value [5].

当日关注点 截至2025年4月3日收盘，顺丰控股(002352)报收于43.42元，上涨0.23%，换手率0.37%，成交量17.76万 手，成交额7.68亿元。 交易信息汇总 当日主力资金净流入1845.46万元，占总成交额2.4%；游资资金净流出5166.23万元，占总成交额 6.73%；散户资金净流入3320.77万元，占总成交额4.33%。 公司公告汇总H股公告-截至2025年3月31日止月份之股份发行人的证券变动月报表 交易信息汇总: 当日主力资金净流入1845.46万元，占总成交额2.4%。 公司公告汇总: 顺丰控股因行使2022年股票期权激励计划，新增A股617,506股，所得资金总额为人 民币24,823,124元。 公司公告汇总: 截至2025年3月31日，顺丰控股累计回购A股股份20,771,358股，回购总金额约为人 民币758,008,350.88元。 证券代码：002352 证券简称：顺丰控股 公告编号：2025-019顺丰控股股份有限公司关于回购公司A股 股份的进展公告。公司于2024年4月29日召开第六届董事会第十三次会议审议通过了《关于2024年第2期 回购股份方案的议案》，回 ...

Investment Rating - The report maintains an "Accumulate-A/Buy-H" rating for the company, with a current price of 43.32 RMB/38.40 HKD and a fair value of 48.04 RMB/46.46 HKD [4][44]. Core Views - The company achieved a revenue of 284.42 billion RMB in 2024, representing a year-on-year growth of 10.07%, and a net profit of 10.17 billion RMB, up 23.51% year-on-year [9][12]. - The report emphasizes the synergy between capacity and management cycles, indicating a continuous improvement in profitability [9][10]. - The company is expected to benefit from the recovery of the economic cycle, with projections for EPS of 2.40, 2.80, and 3.34 RMB per share for 2025-2027 [9][44]. Summary by Sections Financial Performance - In 2024, the company reported a total business volume of 13.26 billion parcels, a growth of 11.5% year-on-year, with an average revenue per parcel of 15.52 RMB, down 3.4% [9][12]. - The EBITDA for 2024 was 29.05 billion RMB, with a projected EBITDA of 32.45 billion RMB in 2025 [2]. Revenue Breakdown - The revenue from the express delivery segment was 122.21 billion RMB, growing by 5.85% year-on-year, while the economic express segment generated 27.25 billion RMB, up 8.78% [19][22]. - The freight segment achieved a revenue of 37.64 billion RMB, reflecting a growth of 13.8% [26]. - The same-city delivery segment saw a revenue increase of 24.29%, reaching 90.11 billion RMB [31]. - The supply chain and international segment reported a revenue of 740 billion RMB, up 23.38% [32]. Profitability and Efficiency - The gross margin for 2024 was 13.93%, an increase of 1.11 percentage points year-on-year, attributed to network optimization and cost reduction measures [9][10]. - The report highlights the company's focus on high-quality service and operational efficiency, which has led to improved profitability across various segments [16][19]. Future Outlook - The company is expected to continue its growth trajectory, with revenue projections of 315.85 billion RMB, 351.43 billion RMB, and 392.36 billion RMB for 2025-2027, reflecting growth rates of 11% [40]. - The report anticipates that the company will maintain a stable growth rate in its core segments, driven by economic recovery and strategic investments [40][44].

Core Viewpoint - SF Express has demonstrated strong financial performance amidst intense competition in the express logistics industry, with significant year-on-year growth in revenue and net profit [1] Financial Performance - SF Express achieved an annual revenue of 284.4 billion yuan, representing a year-on-year increase of 10.07% [1] - The net profit attributable to shareholders reached 10.17 billion yuan, up 23.51% year-on-year [1] - The total business volume was 13.26 billion parcels, reflecting an 11.5% increase compared to the previous year [1] Business Segments - The supply chain and international business segment is the only loss-making area for SF Express, with a revenue of 70.49 billion yuan in 2024, marking a nearly 17.5% year-on-year growth [1] - Despite the revenue growth, this segment incurred a loss of 132 million yuan, which is an increase from the previous year's losses, attributed to restructuring and business adjustments of its subsidiary KEX [1][2] Strategic Challenges - SF Express faces two main challenges in its international operations: switching operational models and maintaining a high-end positioning [3] - The acquisition of Kerry Logistics is seen as a strategic move to enhance SF's presence in the international market, allowing access to a vast logistics network across Europe and Southeast Asia [3] - The company traditionally operates under a direct management model, which may impact its ability to efficiently manage and coordinate its international business [3] Market Dynamics - In the Southeast Asian market, major global players like DHL, FedEx, and UPS have relatively low market shares, while local competitor J&T Express has seen significant growth, capturing 28.6% of the market share in 2024 [4] - The market is currently in a phase of moderate consolidation, with the top five companies holding a combined market share of 45.04% [4] - Intense competition has led to a decline in average revenue per parcel for J&T Express, dropping from $0.81 to $0.71, primarily due to increased promotional activities and investments in e-commerce platforms [4][5] Competitive Landscape - The competition in the Thai market has intensified, with local companies ramping up their operations in response to promotional activities from e-commerce platforms [5] - The "Double 11" shopping festival exemplified this competitive environment, with J&T Express reporting a 73% increase in daily parcel collection during the peak period [5]

Investment Rating - The report assigns a "Buy" rating to 中远海能 and 吉祥航空, and an "Outperform" rating to 南方航空, 中国东航, and 中国国航 [5][6]. Core Insights - The shipping sector is expected to see improved fundamentals in the medium to long term, driven by a shift in oil production policies from reduction to gradual increase, with VLCC demand projected to rise by 4.4% in 2025 and 6.9% in 2026 [3]. - The small container ship market is on an upward trend, supported by economic growth in Southeast Asia and changes in shipping alliances, leading to increased demand [3]. - The air travel market is experiencing a volume increase but a price decrease, with domestic passenger traffic expected to grow by 3% year-on-year in Q1 2025, while international markets are recovering steadily [3]. - The express delivery sector is seeing a recovery in direct logistics, with a year-on-year growth of 22.4% in the express industry for January-February 2025, although price competition remains intense [3]. - The road and rail sectors are expected to maintain growth in traffic volume, with a projected year-on-year increase in highway traffic and railway passenger volume [3]. Summary by Sections Shipping - The long-term supply logic remains stable, with a gradual increase in VLCC demand and a limited supply of new ships expected to be delivered [3]. - The average age of the global fleet is increasing, indicating a strong demand for replacing old ships [3]. Shipbuilding - The shipbuilding cycle is on an upward trend, with a continued supply-demand imbalance favoring shipbuilders [3]. - Ship prices are expected to rise again after absorbing the negative impacts of new capacity [3]. Aviation - The domestic air travel market is projected to see a volume increase but a price decrease due to high base effects from the previous year [3]. - International markets are recovering, with a 20% year-on-year increase in passenger traffic and flight numbers [3]. Express Delivery - The express delivery sector is expected to continue its recovery, with significant growth in logistics demand anticipated [3]. - Price competition remains fierce, impacting profitability for leading companies [3]. Road and Rail - Traffic volume on highways and railways is expected to grow, with specific companies projected to perform well [3].

Group 1 - The report details the changes in the registered capital and issued shares of SF Holding Co., Ltd. as of March 31, 2025, indicating no change in the registered capital for H shares and a slight increase in A shares [1] - The total registered capital at the end of the month is RMB 4,987,646,658, with H shares remaining at 170,000,000 and A shares increasing to 4,817,646,658 [1] - The report also notes that 20,771,358 A shares are held as treasury shares, which were repurchased under a buyback authorization approved by the board on April 29, 2024 [1] Group 2 - The number of issued shares for H shares remains unchanged at 170,000,000, while A shares increased by 617,506 to a total of 4,817,646,658 [1] - The report confirms that all securities issuance and treasury share transactions have been authorized by the board and comply with applicable listing rules and regulations [2] - The report emphasizes that all necessary conditions for listing and compliance with legal requirements have been fulfilled [3]

证券代码：002352 证券简称：顺丰控股 公告编号：2025-019 顺丰控股股份有限公司 关于回购公司 A 股股份的进展公告 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。 一、回购进展 继 2024 年 4 月 26 日完成 2024 年内第 1 期人民币 10 亿元的回购方案后， 基于对未来发展前景的信心和对自身价值的高度认同，顺丰控股股份有限公司 （以下简称"公司"）于 2024 年 4 月 29 日召开第六届董事会第十三次会议审议 通过了《关于 2024 年第 2 期回购股份方案的议案》，本次回购的资金总额不低 于人民币 5 亿元且不超过人民币 10 亿元，本次回购股份的种类为公司发行的 A 股社会公众股份，回购价格不超过人民币 51.02 元/股（实施权益分派除权除息调 整后价格），回购期限为自公司董事会审议通过回购方案之日起 12 个月内。 公司自 2024 年 4 月 30 日起开始实施回购。截至 2025 年 3 月 31 日，公司通 过股份回购专用证券账户以集中竞价方式累计回购公司 A 股股份 20,771,358 股， 回购总金额约为人民 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 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） 呈交日期: 2025年4月2日 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 | | 法定/註冊股本 | | | 上月底結存 | | | 170,000,000 | RMB | | 1 RMB | | 170,000,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 170,000,000 | RMB | | 1 RMB | | 170,000,000 | | 2. 股份分類 ...