10月20日，申通快递盘中上涨2.76%，截至09:35，报16.39元/股，成交1.11亿元，换手率0.45%，总市值 250.90亿元。 申通快递所属申万行业为：交通运输-物流-快递。所属概念板块包括：大数据、智慧物流、快递概念、 中盘、阿里概念等。 截至6月30日，申通快递股东户数4.25万，较上期增加11.27%；人均流通股35095股，较上期减少 10.13%。2025年1月-6月，申通快递实现营业收入250.25亿元，同比增长16.02%；归母净利润4.53亿元， 同比增长3.73%。 分红方面，申通快递A股上市后累计派现16.14亿元。近三年，累计派现1.31亿元。 机构持仓方面，截止2025年6月30日，申通快递十大流通股东中，香港中央结算有限公司位居第五大流 通股东，持股4321.18万股，相比上期减少1972.21万股。天弘永利债券A（420002）位居第十大流通股 东，持股1026.46万股，相比上期减少215.48万股。 责任编辑：小浪快报 资金流向方面，主力资金净流出217.31万元，特大单买入0.00元，占比0.00%，卖出617.00万元，占比 5.56%；大单买入1307.98 ...

Flash | 19 Oct 2025 17:16:49 ET │ 11 pages See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations In Sep'25, Tongda players' ASP further recovered as reflected in the 3 A- share players' monthly operational data. YTO/STO/YUNDA increased their ASP by Rmb 6/6/10 cents MoM, +1.1/+4.95/+0.5% yoy. YTO and STO outperformed on balance between volume and price, while Yunda continued to underperform with market share loss likely. YTO achieved 14.9% yoy revenue growth, wit ...

丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 航空四要素同改善，海运迎来超季节性攻势 ——交运周专题 2025W42 报告要点 [Table_Summary] 出行链：票价持续转正，收益拐点明显 海运：旺季叠加地缘，海运运价普涨 物流：通达系单价同比转正，快递二次涨价开启 分析师及联系人 [Table_Author] 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 SFC：BWN875 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title 航空四要素同改善，海运迎来超季节性攻势 2] ——交运周专题 2025W42 [Table_Summary2] 航空：需求复苏，波澜再起 展望四季度及明年，获益于商务回暖，9 月开始出行需求逐步爬坡，有望回归稳态增速，收益 持续边际改善；叠加中长期供给刚性收紧，航油成本改善明显，行业 ...

顺丰（31.8%）>圆通（13.6%）>申通（9.5%）>韵达（3.6%）。 顺丰（28.3%）>圆通（19.4%）>申通（17.1%）>韵达（13.0%）。 继续重点推荐我们近期先后上调评级至"强推"的 核心指标追近龙头，A股电商快递中质地最优，看好反内卷下业绩强弹性。 申通（14.9%）=圆通（14.9%）>顺丰（14.2%）>韵达（4.1%）。 申通（14.8%）>圆通（13.5%）>顺丰（11.7%）>韵达（6.6%）。 申通2.12元，同比+5.0%（+0.10元），环比+2.9%（+0.06元），环比7月+7.6%（+0.15元）； 韵达2.02元，同比+0.5%（+0.01元），环比+5.2%（+0.10元），环比7月+5.8%（+0.11元）； 圆通2.21元，同比+1.1%（+0.03元），环比+2.8%（+0.06元），环比7月+6.3%（+0.13元）； 顺丰13.87元，同比-13.3%（-2.13元），环比+4.5%（+0.60元），环比7月+2.4%（+0.32元）。 申通2.02元，同比-2.0%（-0.04元）；韵达1.94元，同比-5.7%（-0.12元）；圆通2.18元，同 ...

Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [2][33]. Core Insights - The report highlights that the Tongda system's single ticket revenue has continued to increase month-on-month, with an increase of over 0.1 yuan compared to July, suggesting potential performance elasticity in the future [2]. - The report emphasizes the investment opportunities in the express delivery sector under the "anti-involution" theme, particularly focusing on companies like YTO Express and Shentong Express, which have shown strong performance indicators [7][9]. - The report notes that the express delivery companies have experienced varying growth rates in business volume and revenue, with SF Express leading in business volume growth at 31.8% year-on-year for September [9]. Summary by Sections Industry Basic Data - The express delivery industry consists of 5 listed companies with a total market value of 341.66 billion yuan and a circulating market value of 328.83 billion yuan [5]. - The absolute performance of the industry over the past 1 month, 6 months, and 12 months has been -5.8%, 5.2%, and 2.9% respectively, while the relative performance has been -5.0%, -14.5%, and -16.3% [5]. Company Performance - In September, the business volume year-on-year growth rates were as follows: SF Express (31.8%), YTO Express (13.6%), Shentong Express (9.5%), and Yunda Express (3.6%) [7][9]. - Revenue growth rates for September were led by Shentong and YTO, both at 14.9%, followed by SF Express at 14.2% and Yunda at 4.1% [9]. - The single ticket revenue for September showed an increase for the Tongda system, with Shentong at 2.12 yuan (up 5.0% year-on-year), Yunda at 2.02 yuan (up 0.5%), and YTO at 2.21 yuan (up 1.1%) [9]. Investment Recommendations - The report recommends focusing on e-commerce express delivery opportunities, particularly highlighting YTO and Shentong as key investment targets due to their strong performance indicators and potential for revenue and earnings elasticity [7]. - It also suggests continued investment in SF Express, noting its leading business volume growth and potential for sustainable free cash flow optimization [7].

Core Points - The announcement is made by Shentong Express Co., Ltd. regarding the disclosure of data for September 2025 [1][2] - The company assures the authenticity, accuracy, and completeness of the announcement, stating there are no false records or misleading statements [1] Summary by Categories Company Information - Shentong Express has disclosed relevant data for September 2025 in accordance with the Shenzhen Stock Exchange's self-regulatory guidelines [1] - The company emphasizes that the data provided is unaudited and may differ from the figures in regular reports due to rounding [1] Industry Context - The announcement aligns with industry regulations for information disclosure, ensuring transparency in the logistics and express delivery sector [1]

Core Insights - The express delivery industry is experiencing a simultaneous increase in both volume and price due to growing market demand and price hikes by several companies in 2023 [1][4]. Company Summaries - SF Express reported a total revenue of 27.007 billion yuan for its express logistics, supply chain, and international business in September 2025, marking an 8.78% year-on-year increase. The express logistics revenue grew by 14.21%, with a business volume increase of 31.81% [1]. - YTO Express announced a revenue of 5.799 billion yuan for September 2025, reflecting a 14.89% year-on-year increase, with a business volume of 2.627 billion parcels, up 13.64% [2]. - Yunda Express reported a revenue of 4.252 billion yuan for September 2025, a 4.14% increase year-on-year, with a business volume of 2.11 billion parcels, up 3.63% [2]. - Shentong Express disclosed a revenue of 4.633 billion yuan for September 2025, a 14.89% year-on-year increase, with a business volume of 2.187 billion parcels, up 9.46% [2]. Industry Overview - The China Express Development Index for September 2025 was reported at 459.6, a 3.9% increase year-on-year. The development scale index and development capability index were 589.3 and 228.8, reflecting increases of 9.3% and 1.9% respectively [3]. - The express delivery market is steadily growing, with improvements in automation and intelligence levels, as well as enhancements in the comprehensive transportation network and supply chain service capabilities [3]. Price Increase Context - The rise in single ticket revenue across the industry is closely linked to multiple price hikes announced by express delivery companies throughout the year. Various provinces and cities have raised express delivery prices, particularly for e-commerce parcels [4]. - The price increase trend was initiated by policy measures aimed at curbing vicious competition within the industry and enhancing service quality [5].

申通快递（002468）(002468.SZ)披露2025年9月经营简报，公司9月快递服务业务收入46.33亿元，同比 增长14.89%;完成业务量21.87亿票，同比增长9.46%;快递服务单票收入2.12元，同比增长4.95%。 ...

申通快递公告，2025年9月快递服务业务收入为46.33亿元，同比增长14.89%。完成业务量为21.87亿 票，同比增长9.46%。快递服务单票收入为2.12元，同比增长4.95%。 ...

智通财经APP讯，申通快递(002468.SZ)披露2025年9月经营简报，公司9月快递服务业务收入46.33亿 元，同比增长14.89%;完成业务量21.87亿票，同比增长9.46%;快递服务单票收入2.12元，同比增长 4.95%。 ...