证券代码：002468 证券简称：申通快递 公告编号：2026-027 申通快递股份有限公司 近日，公司收到交易商协会下发的《接受注册通知书》（中市协注[2026]MTN231号），交易 商协会同意接受公司中期票据注册，并就有关事项明确如下： 一、公司中期票据注册金额为20亿元，注册额度自该通知书落款之日起2年内有效，由上海浦 东发展银行股份有限公司主承销。 二、公司在注册有效期内可分期发行中期票据。公司应按照有权机构决议及相关管理要求， 进行发行管理。发行完成后，应通过交易商协会认可的途径披露发行结果。 公司将根据资金需求和市场情况择机发行中期票据，并按照《非金融企业债务融资工具注册 发行规则》《非金融企业债务融资工具注册工作规程》《非金融企业债务融资工具信息披露规则》 及相关规则指引规定，履行信息披露义务。 特此公告。 申通快递股份有限公司董事会 2026年4月1日 关于中期票据获准注册的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 申通快递股份有限公司（以下简称"公司"）分别于2026年1月21日召开第六届董事会第十五 次会议，2026年2月6日 ...

行 业 及 产 业 交通运输 行 业 研 究 / 行 业 点 评 相关研究 证 券 研 究 报 告 证券分析师 闫海 A0230519010004 yanhai@swsresearch.com 罗石 A0230524080012 luoshi@swsresearch.com 严天鹏 A0230524090004 yantp@swsresearch.com 张慧 A0230524100001 zhanghui@swsresearch.com 王晨鉴 A0230525030001 wangcj@swsresearch.com 王易 A0230525050001 wangyi@swsresearch.com 王凯婕 A0230525110001 wangkj@swsresearch.com 郑逸欢 A0230526010001 zhengyh@swsresearch.com 范晨轩 A0230525070003 fancx@swsresearch.com 联系人 范晨轩 A0230525070003 fancx@swsresearch.com 2026 年 03 月 31 日 重视海外油轮股 Q1 对 Q2TCE ...

Investment Rating - The report maintains a "Recommendation" rating for the industry [3] Core Insights - The mid-term outlook for the oil shipping industry remains positive, with increased value in dividend assets for recent allocations [1] - High oil prices are raising stagflation expectations, highlighting the defensive value of dividend assets [1] - The report emphasizes the importance of monitoring the impact of oil prices on industry profitability across various sectors [1] Shipping Sector Summary - The shipping industry is experiencing rising freight rates due to escalating regional conflicts and increased fuel costs, with significant price increases noted in major shipping routes [11][29] - The demand for oil tankers is expected to surge if the geopolitical situation stabilizes, despite current challenges in the Strait of Hormuz affecting shipping volumes [7][13] - Recommended stocks in the shipping sector include COSCO Shipping Energy, COSCO Shipping Holdings, and others [7] Infrastructure Sector Summary - Recent data shows a slight increase in truck traffic and stable performance in major infrastructure assets, with a focus on dividend yield [20][19] - The report suggests that port assets are currently undervalued and could benefit from geopolitical tensions, making them attractive for investment [20] - Recommended stocks include Anhui Expressway, Datong Railway, and others [20] Express Delivery Sector Summary - The express delivery sector shows signs of recovery with stable demand growth, despite a slight decline in recent weekly volumes [21][22] - The report highlights the low valuation of the sector and the potential for profit growth due to rising fuel surcharges [22] - Recommended stocks include SF Express, Shentong Express, and others [22] Aviation Sector Summary - The aviation industry is witnessing a steady increase in passenger volume, but there are concerns regarding the impact of rising oil prices on profitability [23][24] - The report notes that domestic ticket prices have increased, which may help offset fuel costs [24] - The report advises monitoring the actual ticket price performance and its ability to cover fuel costs [24]

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][84]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 compared to the previous year [2][12]. Summary by Sections Price Adjustments - Multiple express delivery companies have raised prices in response to increased transportation costs due to rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported by major companies [2][11]. Volume Growth - The growth rate of express delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase compared to previous months [2][12]. - Major companies like YTO and ZTO have outperformed the market in terms of volume growth, indicating a strengthening competitive position [15][16]. Market Positioning - Leading companies in the express delivery sector are expected to gain market share as they benefit from improved volume structures and pricing strategies [3][13]. - ZTO is highlighted as a key player with a commitment to enhancing investor returns, while YTO continues to show strong performance metrics [18][19][86]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, emphasizing their potential for growth in the evolving market landscape [3][20][21]. - The report also highlights the importance of maintaining a focus on performance elasticity and dividend value in the transportation sector, particularly in shipping and express delivery [7][82].

Investment Rating - The report maintains an "Overweight" rating for the transportation industry [2] Core Views - The report highlights the ongoing price increases in the express delivery sector, with regions like Sichuan, Yiwu, Yunnan, and Jiangxi leading the way in implementing price hikes. This trend is expected to improve the profitability of leading companies in the industry [6] - The logistics and express delivery sectors are experiencing a shift towards high-quality development, driven by policies aimed at reducing internal competition and enhancing service quality. The report suggests that the "anti-involution" policies will boost industry profitability [6] - The aviation sector is anticipated to benefit from a recovery in demand, with expectations of improved performance for major airlines as they navigate high oil prices and operational challenges [4][6] Summary by Sections Investment Highlights - The report emphasizes the potential for significant returns in the aviation sector, particularly for major airlines like China Southern Airlines, China Eastern Airlines, and Hainan Airlines, which are expected to see improved profitability due to a recovery in travel demand and operational efficiencies [4][6] - The express delivery sector is highlighted for its resilience and growth potential, with companies like ZTO Express, YTO Express, and Shentong Express recommended for investment due to their strong market positions and expected benefits from rising prices [6] Operational Tracking - Data from March 16 to March 22 indicates a total of 54.58 million truck passages on highways, reflecting a week-on-week increase of 3.38% [6] - The report tracks the performance of major airlines, noting that Eastern Airlines and Southern Airlines have seen increases in their average daily flights and aircraft utilization rates, indicating a recovery in operational capacity [4][6] Logistics Data Tracking - The express delivery sector reported a total of approximately 3.845 billion packages collected and 3.891 billion delivered during the week of March 16 to March 22, with year-on-year increases of 4.43% and 5.53%, respectively [6] - The report notes that the logistics infrastructure, particularly highways, is expected to benefit from increased demand as the economy stabilizes and consumer spending rises [6] Market Comparison - The report compares the performance of the transportation sector against broader market trends, indicating that the sector is poised for growth as economic conditions improve and consumer confidence returns [2][6]

申通快递股份有限公司 关于境外子公司转让其参股公司股权、放弃优先购买权 暨关联交易的进展公告 证券代码：002468 证券简称：申通快递 公告编号：2026-026 本公司及董事会全体成员保证公告内容的真实、准确和完整，不存在虚假记载、误导性 陈述或者重大遗漏。 申通快递股份有限公司（以下简称"公司"）分别于 2024 年 4 月 24 日、2024 年 5 月 20 日 召开第六届董事会第三次会议、2023 年度股东大会，审议通过了《关于境外子公司转让其参股公 司股权、放弃优先购买权暨关联交易的议案》，同意公司间接持有 100%股权的境外子公司 STO Express Investment Holding Pte. Ltd.（以下简称"新加坡申通"）将其持有的 Cainiao Smart Logistics Network Limited（以下简称"菜鸟"）114,094,165 股普通股股份（持股比例 0.74%）以每股 0.62 美元的价格转让给 Ali CN Investment Holding Limited（以下简称"Ali CN"），转让价格为 70,738,382.30 美元，并与 Ali C ...

Investment Rating - The industry investment rating is "Positive" [8] Core Insights - The express delivery industry is experiencing a shift from quantity to quality due to the implementation of anti-involution policies, resulting in a lower growth rate in business volume [2][11] - In February 2026, the total business volume of express delivery services reached approximately 12.11 billion pieces, a year-on-year decrease of about 10.9%. However, when considering the cumulative data for January and February, there was a year-on-year growth of approximately 7.1% [1][9] - The average single ticket revenue in the industry increased significantly, with a year-on-year rise of 12.2% in February 2026. The single ticket price for the combined January and February period increased by about 0.8% compared to the same period in 2025 [2][27] - The performance of major companies in the industry varied, with SF Express showing a significant increase in volume growth, while Yunda's growth rate was lower [3][18] Summary by Sections 1. Industry Overview - The express delivery industry is transitioning from a focus on volume to a focus on quality, influenced by high base figures from the previous year and the ongoing anti-involution policies [2][11] - In February 2026, the business volume was approximately 12.11 billion pieces, down 10.9% year-on-year, but a cumulative growth of 7.1% was noted for January and February [1][9] 2. Business Volume - The business volume growth rate has declined to a low level, with the industry gradually shifting towards a focus on service quality rather than just volume [2][11] - SF Express outperformed the industry average in volume growth, while Yunda's growth was notably lower [3][18] 3. Revenue per Ticket - The average single ticket revenue in February 2026 increased by 12.2% year-on-year, with a cumulative increase of 0.8% for January and February compared to the previous year [2][27] - Among major companies, Shentong and Yunda saw year-on-year revenue growth of 19.6% and 15.4%, respectively, while Round Express had a lower growth rate of 3.4% due to a high base from the previous year [3][29] 4. Investment Recommendations - The report suggests focusing on leading companies with superior service quality, such as Zhongtong and Round Express, as well as Shentong, which has shown significant improvement in operational data [3][35] - The ongoing anti-involution policies are expected to support the industry's price stability and quality improvement, indicating a potential for sustainable growth [3][35]

Core Viewpoint - The issuance of convertible bonds has significantly accelerated this year, driven by new refinancing policies and increased corporate financing needs, indicating a positive shift in the market dynamics [1][4]. Group 1: Convertible Bond Issuance Trends - As of March 23, 2023, 20 A-share listed companies have announced plans to issue convertible bonds, with a total issuance scale exceeding 310 billion yuan, representing a 230% increase compared to the same period in 2025 [1][4]. - Notable companies leading in planned issuance include Zhongke Shuguang, Zhongchuang Zhiling, and Shentong Express, with Shentong Express planning to raise up to 30 billion yuan for logistics upgrades [3][4]. - The acceleration in convertible bond issuance is attributed to both policy relaxation and a resurgence in corporate financing demand, which may help alleviate long-standing supply-demand imbalances in the market [1][4]. Group 2: Policy Changes and Market Impact - The recent refinancing policy changes, effective from February 2026, aim to support high-quality listed companies and enhance the inclusivity and convenience of refinancing mechanisms, particularly for innovative SMEs [4][5]. - The new regulations favor "light asset, high R&D" companies and shorten the interval for rolling refinancing, encouraging firms to seek financing for growth and industrial upgrades [5]. Group 3: Approval Process and Future Expectations - The process for issuing convertible bonds has seen a reduction in time from board proposal to shareholder approval, dropping from an average of nearly 100 days in 2023 to approximately 175 days in 2026 [7]. - As of now, 12 convertible bonds have been issued this year, totaling 92.16 billion yuan, with expectations for 916.6 billion yuan in convertible bond issuance by the end of the year based on current approval rates [7]. Group 4: Market Conditions and Valuation - Despite the increase in issuance, the convertible bond market may still face supply constraints due to ongoing redemption pressures and the potential for strong redemption clauses to be triggered [8]. - The market anticipates that 70 convertible bonds, with a total outstanding scale of over 830 billion yuan, will mature in 2026, indicating a potential market contraction [8]. - The defensive attributes of convertible bonds are expected to remain crucial as the market navigates volatility, with a focus on low-risk investments amid broader market uncertainties [11].

Core Insights - The report maintains a "positive" rating for the logistics industry, indicating optimism about future performance [1] - In the past 12 months, the logistics sector has shown a market performance of -9%, while the Shanghai and Shenzhen 300 index has performed at -3% [2] Industry Volume and Price - In January-February 2026, the growth rate of physical online retail sales was 10.3%, surpassing the express delivery industry's business volume growth of 7.1%, which in turn exceeded the social consumer goods retail growth of 2.8% [7][11] - The average revenue per express delivery ticket in January-February 2026 was 7.82 yuan, reflecting a year-on-year increase of 0.8% and a month-on-month increase of 2.6% compared to December 2025 [16][18] - The ongoing "anti-involution" trend in the industry has led to a positive growth rate in average revenue per ticket [16] Regional Volume and Price - In January-February 2026, the express delivery business volume growth rates for first, second, and third-tier regions were 4.44%, 15.66%, and 25.24%, respectively, with second and third-tier regions significantly outperforming first-tier regions [23] - The average revenue per ticket in first-tier regions showed a year-on-year growth of 2.82%, while second and third-tier regions experienced declines of 5.57% and 11.33%, respectively [23] Company-Specific Volume and Price - In January-February 2026, the business volume growth rates for major companies were as follows: YTO Express +16.67%, Yunda +9.44%, Shentong +11.23%, and SF Express +9.44%, all exceeding the industry average growth of 7.1% [30] - The average revenue per ticket for YTO Express, Yunda, Shentong, and SF Express was 2.31, 2.19, 2.38, and 14.98 yuan, respectively, with year-on-year growth rates of -1.2%, +10.1%, +16.3%, and -0.8% [33]

Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The current demand in the e-commerce express delivery industry remains resilient, with a top-down "anti-involution" policy driving up express prices, thereby releasing profit elasticity for companies. The long-term outlook for e-commerce express delivery is favorable due to healthy competition opportunities [16] - The oil transportation sector is expected to benefit from sustained crude oil production and tight capacity, with the "Changjin factor" reshaping pricing logic. Geopolitical changes may continue to catalyze sentiment or fundamentals, leading to a significant improvement in the oil transportation market in 2026 [16] - The bulk shipping market is anticipated to recover, driven by environmental regulations limiting the operation of aging fleets and increased production of iron ore from Australia, Brazil, and West Africa. The market is expected to enter a "new cycle" [16] - The shipping industry is experiencing a green renewal cycle, with demand driven by shipping market recovery and progress in green updates. The new shipbuilding market is expected to improve as constraints ease [16] Summary by Sections Shipping and Ports - Iran may establish a "safe passage" in the Strait of Hormuz, with multiple countries negotiating with Tehran for ship passage. However, security experts warn of potential delays or seizures by Iranian forces [4] - MSC Group has acquired a 50% stake in Changjin Shipping, supporting aggressive expansion of its VLCC fleet, which is estimated to control 150 VLCCs, significantly impacting market concentration and pricing [5] - The SCFI composite freight index decreased by 0.2% to 1707 points, with varying changes in freight rates across different routes [6] - The BDTI index for VLCC freight rates increased by 0.26% to 2821 points, while TCE rates for VLCCs decreased by 5.9% [7] - The BDI index for bulk carriers increased by 3.2% to 2046 points, indicating a rise in bulk shipping rates [8] - China's port cargo throughput increased by 9.52% to 25.617 million tons, with container throughput rising by 9.27% to 6.6 million TEU [10] Express Logistics - In January-February 2026, the express delivery industry volume grew by 7.1% year-on-year, with significant differentiation in market share among major players [9] - Zhongtong Express reported a stable net profit per ticket and committed to a shareholder return rate of no less than 50% [10] - Shentong plans to issue 3 billion yuan in convertible bonds for logistics network upgrades, with a commitment to distribute at least 30% of profits in cash over the next three years [11] - Price adjustments have been made in Yunnan and Jiangxi provinces, reflecting rising operational costs [12] Aviation and Airports - China and Thailand have suspended aviation fuel exports, potentially leading to fuel shortages for airlines [14] - The Ministry of Commerce has announced measures to promote travel service exports and expand inbound consumption [14] Road and Rail - From March 9 to March 15, 2026, national freight logistics operated smoothly, with rail freight increasing by 6.7% and highway truck traffic rising by 14.75% [15]