韵达6月快递服务业务收入为41.49亿元，同比增长2.77%；完成业务量为21.73亿票，同比增长 7.41%；快递服务单票收入为1.91元，同比减少4.50%。 "二通一达"中，圆通速递6月快递产品收入55.27亿元，同比增长11.35%；快递业务量26.27亿票，同 比增长19.34%；快递产品单票收入2.10元，同比减少6.69%。 申通6月快递服务业务收入43.41亿元，同比增长10.15%；完成业务量21.84亿票，同比增长 11.14%；快递服务单票收入1.99元，同比减少1.00%。 近日，A股四家快递上市公司均已发布6月快递物流业务经营简报，从数据来看，单票收入普遍持 续下滑的情况依旧存在。 具体来看，顺丰6月速运物流业务营业收入199.62亿元，同比增长14.24%；业务量14.60亿票，同比 增长31.77%；单票收入13.67元，同比减少13.32%。顺丰另外有供应链及国际业务，该板块6月收入 62.92亿元，同比增长10.93%。 随着6月经营简报披露，今年上半年各家的经营情况基本出炉。"二通一达"中，圆通上半年营收342 亿元，业务量148.6亿票；申通和韵达的差距进一步缩小，韵达上 ...

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 07 月 21 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 快递 6 月数据明显分化，关注行业反内卷进程 投资评级： 看好（维持） —交通运输行业周报（2025 年 7 月 14 日-2025 年 7 月 20 日） 投资要点： 一、行业动态跟踪 快递物流： 1）各家快递公司发布 6 月经营业绩，顺丰业务量增速维持 30%+，"通达系"中圆 通增速保持领先。2025 年 6 月圆通/韵达/申通/顺丰完成业务量 26.27 / 21.73 /21 ...

丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 以史为鉴看快递"反内卷"：竞争和监管复盘 报告要点 [Table_Summary] 中央财经委和国家邮政局先后召开会议，反对"内卷式"竞争，本文对 2021 年快递行业非理 性竞争下的监管政策背景和效果进行复盘，试图前瞻本轮"反内卷"对快递行业的潜在影响。 1）复盘 2021 年，在"共同富裕"背景下，监管以"保障快递员合法权益"为抓手，电商快递 企业宣布上调全网派费，行业盈利和股价均实现明显修复。2）展望 2025 年，行业单票利润跌 至低位，产粮区价格指导、遏制"以罚代管"、纠治差异化派费等，或是有效的"反内卷"措施， 有助于推动企业从价格战转向价值竞争转型。关注板块盈利改善和估值修复机会。 分析师及联系人 [Table_Author] SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com ...

交通运输行业 2025 年 6 月快递数据点评 顺丰控股件量维持高增，件量和份额同比分别+31.8%和 0.1pct 2025 年 07 月 20 日 ➢ 事件：2025 年 7 月 18 日，各快递公司公告 2025 年 6 月快递服务主要经营指标。 ➢ 行业数据：国家邮政局公布 2025 年 6 月快递行业运行情况，6 月份快递业务量与 业务收入分别完成 168.7 亿件和 1263.2 亿元，分别同比增长 15.8%和 9.0%，2025 年 1-6 月，快递业务收入累计完成 7187.8 亿元，同比增长 10.1%，快递业务量累计完成 956.4 亿件，同比增长 19.3%。 ➢ 公司 2025 年 6 月月度数据：顺丰/申通/韵达/圆通，1）快递业务收入分别为 199.62、 43.41、41.49、55.27 亿元，收入同比增速分别为+14.2%、+10.1%、+2.8%、+11.4%。 2）业务量分别为 14.60、21.84、21.73、26.27 亿件，件量同比增速分别+31.8%、+11.1%、 +7.4%、+19.3%，份额分别为 8.7%、12.9%、12.9%、15.6%，份额环比分 ...

申通快递股份有限公司 2025 年 6 月经营简报 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。 根据《深圳证券交易所上市公司自律监管指引第3号—行业信息披露》的有关规定，公司现 披露2025年6月份相关数据信息如下： | 项 目 | 2025年6月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 43.41 | 10.15% | | 完成业务量（亿票） | 21.84 | 11.14% | | 快递服务单票收入（元） | 1.99 | -1.00% | 证券代码：002468 证券简称：申通快递 公告编号：2025-054 上述快递服务单票收入计算如有差异为四舍五入原因所致。上述数据未经审计，与定期报告 披露的数据之间可能存在差异，请以公司定期报告为准。 特此公告。 申通快递股份有限公司董事会 2025年7月19日 ...

央视网消息：据国家邮政局，为加强快递服务质量监测，客观反映企业服务水平，促进快递业提升发展 质效，国家邮政局组织第三方机构对2025年第二季度快递服务满意度、全国重点地区时限妥投率进行了 调查和测试。现将有关情况通告如下： 一、基本情况 2025年监测对象包括9家快递服务品牌，具体为：邮政速递、顺丰速运、中通快递、圆通速递、韵达速 递、申通快递、京东快递、德邦快递和极兔速递。 调查范围覆盖50个城市，包括各直辖市、省会城市和19个快递业务量较大的城市。 分品牌来看，72小时妥投率较高的品牌为邮政速递、顺丰速运。 测试发现，2025年第二季度快递服务全程时限为51.08小时，同比缩短1.99小时。其中，从分环节来看， 寄出地处理环节平均时限为8.44小时，同比延长0.34小时；运输环节平均时限为30.98小时，同比缩短 1.44小时；寄达地处理环节平均时限为8.89小时，同比缩短0.77小时；投递环节平均时限为2.77小时，同 比缩短0.11小时。 72小时妥投率为86.85%，同比提高2.13个百分点。 在区域公众满意度得分方面，上海、北京、内蒙古、山西、河北、山东、江苏得分高于86分，满意度较 高。 调查显 ...

Group 1: Shipping Industry - The shipping industry is expected to see a divergence in freight rates, with crude oil rates softening while refined oil rates are recovering, indicating a potential bottoming out of oil shipping rates during the summer [1] - The current supply-demand dynamics suggest that marginal changes in demand could have a multiplier effect on freight rates, leading to a recommendation for companies like COSCO Shipping Energy and China Merchants Energy [1] - The container shipping sector is facing pressure on profitability due to ongoing tariff policies and a subdued economic outlook in Europe and the US, with a recommendation to monitor COSCO Shipping Holdings for potential alpha opportunities [1][2] Group 2: Aviation Industry - The aviation sector has entered the peak summer travel season, with domestic flight volumes increasing by 3.1% compared to the previous week, and overall flight volumes reaching 112.3% of 2019 levels [2] - The average ticket price for domestic routes has decreased by 6.6% year-on-year, while the passenger load factor has improved by 1.4 percentage points to 84.1% [2] - Investment recommendations include closely tracking ticket price performance during the summer peak and considering opportunities in airlines such as Air China, China Eastern Airlines, and Spring Airlines [2][5] Group 3: Express Delivery Industry - The "anti-involution" policy released on July 1 aims to curb excessive competition in the express delivery sector, which is currently characterized by severe price competition [3] - The introduction of unmanned logistics vehicles is expected to significantly reduce costs for leading companies like SF Express and ZTO Express, with potential cost savings of approximately 2000 yuan per vehicle per month for SF Express [3][4] - Investment recommendations focus on SF Express due to its strong recovery in revenue growth and cost-saving measures, while also monitoring ZTO Express and Yunda Holdings for potential opportunities [3][5][6] Group 4: Overall Investment Recommendations - The report suggests focusing on domestic demand and high-dividend sectors, recommending companies with stable operations and controllable risks, including SF Express, ZTO Express, and China Southern Airlines [5] - The express delivery sector is projected to maintain a growth rate of 21.5% for the year, driven by strong demand from e-commerce platforms [6] - The report emphasizes the importance of monitoring price changes and the stability of franchisees in the express delivery industry to capitalize on the effects of the "anti-involution" policy [6]

Investment Rating - The report maintains a "Positive" investment rating for the logistics industry [12] Core Insights - The logistics industry is experiencing a "DeepSeek moment" with significant technological breakthroughs across various segments, including branch, trunk, terminal, and management [4][7] - The report emphasizes the importance of adopting new technologies to enhance operational efficiency and reduce costs, particularly in the express delivery sector [11][28] Summary by Sections Introduction: The Arrival of the "DeepSeek Moment" in the Logistics Industry - The logistics industry is witnessing substantial advancements due to improved algorithm efficiency and rapid technological iterations, leading to significant breakthroughs in various operational segments [7][18] - Key drivers for these advancements include the massive scale of the Chinese express delivery market, intense competition, and high labor cost ratios [28] Branch Segment: The Growth Year for Unmanned Logistics Vehicles - Leading express companies are initiating a surge in unmanned logistics vehicle orders, driven by reduced core component costs and improved algorithm efficiency [8][33] - The monthly operational cost of unmanned logistics vehicles can be as low as 2000 yuan, significantly lower than the average monthly salary of drivers [33][40] Trunk Segment: Smart Assisted Driving Initiates Mass Production - Smart assisted driving trucks are being deployed on a large scale by leading express companies, addressing safety and cost issues in traditional trunk transportation [9][32] - The potential market space for smart trucks is substantial, with projected sales of 1.03 million heavy trucks in 2024 [9] Terminal Segment: Mode Transformation Drives Cost Reduction - Express companies are innovating their terminal operations to reduce costs significantly, with models like direct linking from transfer centers to terminal stations [10][32] - The report highlights that if the direct link ratio reaches 40%, terminal costs could be reduced by 0.12 yuan per package [10] Management Segment: Digital Decision-Making Promotes Cost Reduction - Leading companies are developing industry-specific AI models to enhance management efficiency and reduce operational costs [10][32] - The integration of big data and AI technologies is driving improvements in decision-making and resource utilization [10] Investment Recommendations: Technological Waves Reshape Logistics Costs - The report recommends prioritizing investments in direct logistics companies and leading express firms, as well as components and operators related to unmanned commercial vehicles [11][32] - Companies like SF Express and Aneng Logistics are highlighted as key players benefiting from these technological advancements [11]

China express delivery Equities Policy tailwind should drive re-rating China What happened? On 10 July, China's State Post Bureau (SPB) convened a conference, vowing to further tighten domestic regulation and prevent aggressive price competition. The policy guidance comes after renewed domestic price competition year-to-date, which sent average revenue per parcel (ARPP) down by 8%, despite a robust 20% growth in volume. In response to the policy, the share prices of express delivery players rose by 5-10%. S ...

近期A股快递板块中，圆通速递（600233.SH）、申通快递（002468.SZ）、韵达股份（002120.SZ）股价上涨，背后原因或许和"反内卷"有关。 上周，国家邮政局党组召开会议，会议强调要按照"五统一、一开放"基本要求，进一步加强行业监管，完善邮政快递领域市场制度规则，旗帜鲜明反对"内 卷式"竞争，依法依规整治末端服务质量问题，为建设全国统一大市场贡献行业力量。 这或许是撬动市场资金涌入快递板块最具说服力的解释。智通财经发现，快递行业有企业已靠自身提前走出了困境。 数字不会说谎 智通财经记者从各家快递公司月度经营公告中整理了最近三年单票平均收入和单票平均利润数据，这些数据能直观反映企业经营状况的变化。截至2025年5 月，圆通速递、申通快递、韵达股份三家公司单票收入在最近三年均呈下降趋势，原因来自快递行业价格竞争加剧、电商包裹小件化及成本优化策略影响。 单票利润方面，各家企业波动幅度较大，圆通速递相对稳健，韵达股份和申通快递承压明显。 造成近三年单票收入下滑的原因，是头部企业通过"以价换量"策略争夺市场份额。加上电商包裹轻小化趋势，进一步降低了单票价值。 年度对比看，2024年同比降幅最大的是韵达股份 ...