格隆汇12月19日｜申通快递公告，2025年11月快递服务业务收入为60.28亿元，同比增长33.10%；完成 业务量为25.02亿票，同比增长14.67%；快递服务单票收入为2.41元，同比增长15.87%。公司收购的浙 江丹鸟物流科技有限公司100%股权已纳入合并报表范围，预计公司整体的快递业务量及快递服务收入 规模将进一步增长。 ...

每经AI快讯，申通快递（002468）12月19日公告，2025年11月快递服务业务收入为60.28亿元，同比增 长33.10%；完成业务量为25.02亿票，同比增长14.67%；快递服务单票收入为2.41元，同比增长 15.87%。公司收购的浙江丹鸟物流科技有限公司100%股权已经完成工商变更登记手续，丹鸟物流及下 属控股子公司自2025年11月起纳入公司合并报表范围，预计公司整体的快递业务量及快递服务收入规模 将进一步增长。 ...

智通财经APP讯，申通快递(002468.SZ)披露2025年11月经营简报，公司2025年11月快递服务业务收入 60.28亿元，同比增长33.10%;完成业务量25.02亿票，同比增长14.67%;快递服务单票收入2.41元，同比增 长15.87%。 ...

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11月份相关数据信息如下： | 项 目 | 2025年11月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 60.28 | 33.10% | | 完成业务量（亿票） | 25.02 | 14.67% | | 快递服务单票收入（元） | 2.41 | 15.87% | 根据公司于2025年11月4日在巨潮资讯网（www.cninfo.com.cn）披露的《关于收购浙江丹鸟 物流科技有限公司100%股权的进展公告》（公告编号：2025-082），公司收购的浙江丹鸟物流科 技有限公司（以下简称"丹鸟物流"）100%股权已经完成工商变更登记手续，丹鸟物流及下属控 股子公司自2025年11月起纳入公司的合并报表范围。丹鸟物流作为国内品质快递及逆向物流服务 提供商，其并入公司合并报表后，公司整体的快递业务量及快递服务收入规模将进一步增长。其 中，11月份公司快递业务量同比增长14.67%，快递服务单票收入同比增长15.87%。 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 ...

申通快递（002468）(002468.SZ)披露2025年11月经营简报，公司2025年11月快递服务业务收入60.28亿 元，同比增长33.10%;完成业务量25.02亿票，同比增长14.67%;快递服务单票收入2.41元，同比增长 15.87%。 ...

Group 1 - The core viewpoint of the article highlights the positive performance of the transportation sector, particularly during the "Double Twelve" e-commerce promotion, which has driven strong demand in the logistics and airline sectors [1] - The Transportation ETF (159666) saw a 0.7% increase, with significant gains in stocks such as Shanghai Airport (over 6%) and Shentong Express (over 2%) [1] - The inflow of over 10 million yuan into the Transportation ETF over the past 20 days indicates strong investor interest in the sector [1] Group 2 - The domestic outbound cargo volume of China Southern Airlines Logistics in the East China region exceeded 1,000 tons from December 8 to 15, reflecting robust consumer demand [1] - Huayuan Securities believes that the e-commerce express delivery industry remains resilient, with rising express delivery prices due to "anti-involution," which enhances corporate profit elasticity [1] - The Transportation ETF (159666) and its linked funds are the only ETFs tracking the CSI All-Share Transportation Index, covering logistics, railways, highways, shipping ports, and airports, thus providing a comprehensive view of the A-share transportation sector [1]

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 300873 | 海晨股份 | 21.88 | 3.75% | 3.53万 | > 7600.46万 | | 601156 | 东航物流 | 17.58 | 2.87% | 13.24万 | 2.29亿 | | 002468 | 申通快递 | 14.37 | 2.20% | 11.55万 | 1.65亿 | | 603713 | 密尔克卫 | 54.88 | 2.18% | 1.93万 | 1.05亿 | | 603836 | 海程邦达 | 13.86 | 2.06% | 7.04万 | 9856.11万 | | 603117 | 万林物流 | 4.75 | 1.93% | 7.73万 | 3623.45万 | | 001202 | 炬申股份 | 15.06 | 1.76% | 2.04万 | 3020.09万 | | 600603 | 广汇物流 | 6.39 | 1.11% | 10.10万 | 6369.47万 | | 603056 | 德邦股 ...

Economic News - The Federal Reserve announced a 25 basis point reduction in the federal funds rate target range to 3.5%-3.75%, marking the third rate cut since 2025 [1] - Vietnam's National Assembly amended the mineral law to prohibit the export of rare earth ores starting January 1, 2026, emphasizing strict control over exploration and processing [1] - The Ministry of Human Resources and Social Security held a seminar in collaboration with the International Labour Organization [1] - The Ministry of Industry and Information Technology emphasized the importance of pilot innovation in manufacturing as a key link connecting innovation, technology, and industry [1] - The Ministry of Commerce plans to enhance policy support for the retail industry's innovation and transformation during the 15th Five-Year Plan period [1] - The Ministry of Commerce will work with local governments to implement policies to stabilize foreign trade and promote market diversification [1] - The China Textile Import and Export Chamber reported that yarn and fabric exports reached $69.18 billion from January to October 2025, a 2.1% year-on-year increase [1] - The Ministry of Finance plans to issue special government bonds due in 2025, with a total face value of CNY 400 billion for the first phase and CNY 350 billion for the second phase [1] - The National Internet Information Office is conducting a special campaign to rectify online chaos in the automotive industry [1] - The Ministry of Education reported an increase in the number of students returning from studying abroad, with 495,000 expected to return in 2024, a 19.1% increase from 2023 [1] Company News - Pop Mart announced changes in its board of directors, with new appointments effective December 10, 2025 [4] - Kweichow Moutai announced a cash dividend of CNY 23.957 per share, totaling CNY 30 billion, with the ex-dividend date on December 19 [4] - Nanjing Highway plans to invest up to CNY 9.033 billion in the construction of the Nanyang Yangtze River Bridge southern connection project [4] - ZTE Corporation is in communication with the U.S. Department of Justice regarding compliance investigations related to the Foreign Corrupt Practices Act [4] - Oracle reported Q2 FY2026 revenue of $16.1 billion, a 14% year-on-year increase, with cloud revenue of $8 billion, a 34% increase, but below market expectations [4] Transportation Industry - The transportation sector has shown signs of recovery, with the strong cycle sectors benefiting from anti-involution policies [5] - The focus for 2026 will remain on sectors benefiting from anti-involution and high certainty stocks, with a long-term impact expected from these policies [6] - The express delivery industry has seen a recovery in profitability, with rising prices and a reduction in low-price competition [7] - The airline sector has improved performance due to lower oil prices and better management of ticket pricing, with a cautious approach to aircraft procurement expected to continue [8] - The highway sector has experienced significant stock price adjustments, with a focus on high dividend yield and low debt ratio companies expected to gain more attention [9]

Core Insights - The report emphasizes that domestic demand is recovering ahead of external demand, with a focus on low base effects in 2026, making bottomed-out sectors worth attention [3] - It highlights that upstream sectors are recovering before downstream sectors, with significant demand elasticity expected in early 2026, particularly in bulk supply chains and dry bulk shipping [3] - The report notes that price increases are anticipated before volume growth, with a focus on dry bulk shipping, e-commerce logistics, and airlines benefiting from supply constraints and favorable oil exchange rates [3] Industry Overview - The transportation sector ranked 29th in the market as of December 10, 2025, reflecting significant pressure on fundamentals, with a -1% performance in the Shenwan primary transportation index [18][19] - The report identifies structural opportunities in logistics and shipping, despite the overall economic cycle affecting the sector [20] - It indicates that the transportation sector's performance is closely tied to economic fundamentals, with a notable correlation between ROE and economic cycles [23] Sub-industry Analysis - In logistics, domestic demand is stabilizing while external trade remains robust, with expectations of price increases due to anti-involution policies [11][20] - The airline sector is experiencing improvements in supply and demand, with a focus on capturing opportunities in private airlines and airport duty-free consumption recovery [11][20] - The shipping sector, particularly dry bulk shipping, is highlighted as a cost-effective opportunity for 2026, driven by supply and demand dynamics [11][20] Investment Strategy - The report suggests a strategy of seeking alpha within beta, focusing on sectors with low beta characteristics that are expected to turn around in 2026 [11][20] - It emphasizes the importance of identifying individual stocks within the transportation sector that can outperform the broader market, given the anticipated recovery in demand [11][20] - The report outlines a cautious but optimistic outlook for 2026, with a focus on sectors that have shown resilience and potential for recovery [11][20]

Investment Summary - The transportation industry has shown a significant underperformance compared to the broader market, ranking among the lowest in terms of growth within the Shenwan primary industry indices as of December 8, 2025 [15][16] - The implementation of anti-involution policies has positively impacted the fundamentals of certain segments within the transportation sector, particularly benefiting the aviation and express delivery sectors [26][30] 2026 Outlook - The focus for 2026 remains on sectors benefiting from anti-involution policies and high-certainty stocks, with a long-term impact expected from these policies on stock price movements [5][34] - Key sectors to watch include aviation, express delivery, and regional shipping, while high-dividend and low-debt companies are expected to attract more investor interest in weaker cyclical areas [5][34] Express Delivery Sector - The express delivery industry has seen a recovery in profitability driven by rising single-package prices, with major companies like YTO Express and Shentong Express showing significant improvements [6][35] - The trend of price competition has been curtailed, leading to a decrease in package volume growth as companies focus on maintaining service quality and profitability [6][38] - The competitive strategies among companies have diverged, with YTO and Shentong performing strongly, while Yunda has struggled with profitability and market share [42][53] Aviation Sector - The aviation sector has experienced a notable improvement in performance since Q2 2025, with major airlines reporting increased profitability compared to the previous year [63][64] - The focus for 2026 will be on the transition from high passenger load factors to higher ticket prices, supported by controlled supply and strong demand [69][87] - Major airlines are expected to maintain cautious procurement strategies, with a projected fleet growth of around 5% in 2026 [69][80] Highway Sector - The highway sector has faced significant adjustments in stock prices, leading to a more rational market approach towards high-dividend investments [8][4.1] - Following substantial adjustments, the attractiveness of highway stocks has improved, with a focus on companies with high dividend ratios and low debt levels [8][4.3]