Investment Rating - The report maintains a "Positive" outlook on the transportation industry, particularly highlighting opportunities in shipping and logistics sectors [4]. Core Insights - The report emphasizes the recovery and growth potential in the shipping market, with specific attention to the rise in VLCC (Very Large Crude Carrier) charter rates and the overall shipping market dynamics [6]. - It identifies key investment opportunities in companies such as China Merchants Energy, COSCO Shipping Energy, and others, while also suggesting a focus on high-dividend stocks in the transportation sector [6][22]. Summary by Sections Shipping Market - VLCC one-year charter rates have increased to $58,000 per day, indicating a strong market demand [6]. - The report notes a 6% week-on-week decline in VLCC rates, averaging $115,290 per day, but anticipates potential increases in the coming weeks due to expected cargo volume growth [6]. - The Baltic Dry Index (BDI) rose by 6.5% to 2,727 points, with Capesize rates reaching a two-year high [6]. Air Transportation - The report highlights a significant opportunity for airlines due to the aging aircraft fleet and increasing passenger demand, predicting a "golden era" for the airline industry [6]. - Recommended stocks include China Eastern Airlines, China Southern Airlines, and others, with a focus on companies that can leverage operational efficiencies and rising demand [6]. Logistics and Express Delivery - The express delivery sector is entering a new phase of competition, with potential for profit recovery and industry consolidation [6]. - Companies like Shentong Express and YTO Express are highlighted as having strong growth potential, particularly in Southeast Asia [6]. Road and Rail Transportation - The report indicates resilience in railway freight volumes and highway truck traffic, with a slight increase in railway cargo to 82.12 million tons, up 0.74% week-on-week [6]. - The highway sector is expected to benefit from high dividend yields and potential market value management catalysts [6].

Core Insights - The express delivery industry in China has seen a significant increase in volume, surpassing 180 billion packages in 2023, indicating rapid growth and a shift in operational focus from quantity to quality and service differentiation [1][2][3] Group 1: Industry Growth and Changes - The express delivery volume in China has reached over 180 billion packages in 2023, marking a substantial increase from previous years [1] - The industry is transitioning from a price competition model to a value competition model, focusing on healthier profit margins and differentiated services [2][4] - Companies are no longer just competing on the number of packages delivered but are emphasizing smarter operations and enhanced service quality [1][3] Group 2: Financial Performance and Pricing Strategies - The first half of 2023 saw a decline in single-package revenue for major companies due to intense price competition, with significant drops in cash flow for companies like Shentong Express and Yunda [2] - A policy shift initiated in July 2023 led to price increases across various regions, with companies like YTO Express and Shentong Express reporting a rise in single-package revenue in October [2][4] - The industry is witnessing a recovery in pricing, with companies focusing on improving service quality and operational efficiency to enhance profitability [3][5] Group 3: Service Differentiation and Quality Focus - The competition is evolving towards service quality, with companies like Zhongtong Express and Shunfeng Express emphasizing personalized services and comprehensive logistics solutions [4][5] - Shunfeng Express is focusing on high-end e-commerce markets and enhancing its service capabilities to drive revenue growth [5][6] - Companies are investing in technology and operational improvements to boost service quality and customer experience [7][8] Group 4: Technological Advancements - Technology is playing a crucial role in enhancing operational efficiency, with the adoption of AI and robotics across the logistics chain [7][8] - Innovations such as automated sorting systems and delivery drones are being integrated into the logistics process, significantly reducing operational costs [7] - Companies are also implementing digital solutions to improve management and decision-making processes within their networks [8]

Core Insights - The intelligent warehouse and distribution solution by Cainiao has entered a new phase of nationwide scale application after trial operations in Hefei [1] - The solution has rapidly expanded to over 30 key cities across China, including Chengdu, Chongqing, Wuhan, Ganzhou, Xiangtan, and Zhuzhou [1] - Multiple brands across various sectors, such as Laiyoupin, Zhongying Pharmaceutical, Shentong Express, and Dingdong Maicai, have partnered with Cainiao [1]

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。 资料显示，申通快递股份有限公司位于上海市青浦区重固镇北青公路6598弄25号，成立日期2001年11月 1日，上市日期2010年9月8日，公司主营业务涉及国内快递、普通货运、货物运输代理、仓储服务、装 卸服务在内的快递物流综合服务。主营业务收入构成为：快递服务收入98.67%，其他业务1.33%。 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：智慧物流、长三角一体化、 MSCI中国、融资融券、大数据等。 截至9月30日，申通快递股东户数4.07万，较上期减少4.36%；人均流通股36082股，较上期增加2.81%。 2025年1月-9月，申通快递实现营业收入385.70亿元，同比增长15.17%；归母净利润7.56亿元，同比增长 15.81%。 12月2日，申通快递盘中下跌2.03%，截至14:13，报14.03元/股，成交1.08亿元，换手率0.52%，总市值 214.77亿元。 资金流向方面，主力资金净流出1548.50万元，特大单买入163.29万元，占比1.52%，卖出1372.54万元， 占比12. ...

Core Insights - The Chinese express delivery industry has achieved a historic milestone, with annual business volume surpassing 180 billion packages as of November 30, 2023, reflecting the robust vitality of the Chinese consumer market and the resilience of the logistics industry [1][4] Industry Growth - The express delivery business volume has grown from 9.2 billion packages in 2013 to over 1.8 billion packages in 2023, marking a significant transformation in industry development quality [1][2] - The industry experienced a brief slowdown in 2022 but rebounded strongly in 2023, completing 1,320.7 million packages [1][2] Technological Innovation - The process of delivering the 1.8 billionth package showcased the high level of automation in the industry, with significant advancements in technology integration across various stages of delivery [2] - Innovations include the use of robots in warehousing, AI models in sorting, and drones and autonomous vehicles in last-mile delivery, all contributing to enhanced efficiency and reduced costs [2] Economic Support - The growth of the express delivery industry is supported by favorable macroeconomic policies and the ongoing development of a unified national market, which has stimulated demand and production [4] - The industry has become a crucial driver for consumption, domestic demand expansion, and economic stability [4] Profit Recovery - The express delivery industry is transitioning from a "price war" phase to a "value competition" phase, with profit margins recovering as companies focus on service quality [4][5] - In the first three quarters of 2023, six out of seven listed express delivery companies reported year-on-year revenue growth, with notable increases in net profit for major players like SF Express and Shentong Express [4] Market Dynamics - Research indicates that the industry is effectively curbing harmful competition, with improvements in per-package revenue across various companies [5] - The focus is shifting towards enhancing service quality rather than solely competing on price, indicating a more sustainable competitive landscape [5]

Investment Overview - The company approved a proposal for joint investment with professional institutions, where its wholly-owned subsidiary, Shanghai Shenche Supply Chain Management Co., Ltd., will invest 300 million yuan as a limited partner in the establishment of the Jicang Phase III Equity Investment Fund [1] Investment Progress - The Jicang Phase III has completed its business registration and obtained a business license from the Beijing Daxing District Market Supervision Administration [2] - The fund has also completed the filing procedures with the Asset Management Association of China and obtained the Private Investment Fund Filing Certificate [2] Investment Details - On November 27, 2025, the company was notified that Jicang Phase III, along with Hangzhou Youpeng and Guoshou Real Estate, established Hangzhou Shenji Logistics Partnership, with Jicang Phase III contributing 1 billion yuan and holding a 99.998% stake [3] - Hangzhou Shenji signed equity transfer agreements to acquire 100% stakes in three companies: Nanchang Chuanchang Network Technology Co., Ltd. for 143,921,380 yuan, Nanjing Yuntai IoT Technology Co., Ltd. for 212,228,601 yuan, and Hefei Chuantai IoT Technology Co., Ltd. for 184,602,338 yuan [4][20][21] Related Parties - Hangzhou Youpeng Enterprise Management Co., Ltd. is a limited liability company with a registered capital of 10 million yuan, primarily owned by Zhejiang Cainiao Supply Chain Management Co., Ltd., which holds 99.9% of its shares [6][7] - The three companies involved in the equity transfer (WLCC Changsha, WLCC Argus, and WLCC Hefei) are all wholly owned by Alibaba Group [8][10][12] Target Companies - Nanchang Chuanchang reported revenues of 34.24 million yuan and a net profit of 7.73 million yuan as of December 31, 2024 [14] - Nanjing Yuntai reported revenues of 50.04 million yuan and a net profit of 13.53 million yuan as of December 31, 2024 [17] - Hefei Chuantai reported revenues of 42.13 million yuan and a net profit of 11.84 million yuan as of December 31, 2024 [19]

关于与专业机构共同投资暨关联交易的进展公告 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。 证券代码：002468 证券简称：申通快递 公告编号：2025-089 申通快递股份有限公司 一、对外投资概述 申通快递股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第六届董事会第十三 次会议、第六届监事会第十二次会议审议通过了《关于与专业机构共同投资暨关联交易的议案》， 同意公司全资子公司上海申彻供应链管理有限公司作为有限合伙人出资 30,000 万元（如无特殊说 明，指人民币元）与国寿置业投资管理有限公司（以下简称"国寿置业"）、国寿投资保险资产 管理有限公司控制的主体（穿透口径）、中宏人寿保险有限公司、友邦人寿保险有限公司、长沙 聚财壹号股权投资基金合伙企业（有限合伙）及公司关联方杭州游鹏企业管理有限公司（以下简 称"杭州游鹏"）合作设立吉仓三期股权投资基金（北京）合伙企业（有限合伙）（以下简称"吉 仓三期"）。具体内容详见公司于 2025 年 8 月 29 日在《中国证券报》《证券日报》《证券时报》 《上海证券报》及巨潮资讯网（www.c ...

Investment Rating - The transportation industry is rated as "Outperform" [2] Core Insights - The report highlights an upward trend in crude oil freight rates, with the China Import Crude Oil Index (CTFI) reaching 2520.07 points, an increase of 8.4% from November 20 [3][13] - The postal industry revenue surpassed the telecommunications industry for the first time in history, reaching 1.47 trillion yuan, compared to 1.467 trillion yuan for telecommunications [3][24] - The civil aviation sector showed growth in both passenger and cargo transport volumes in October, with international routes performing particularly well [3][17] Summary by Sections Industry Hot Events - Crude oil freight rates are rising, with the Middle East route seeing a 10.76% increase in rates [13] - Qifly Aviation signed a procurement agreement for 105 eVTOL aircraft with three companies in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on low-altitude logistics [15][16] - The postal industry revenue for January to October 2025 reached 1.47 trillion yuan, marking a significant milestone [24][25] High-Frequency Data Tracking - The Baltic Air Freight Price Index decreased month-on-month but increased year-on-year [26] - Domestic freight flights in October 2025 increased by 0.32% year-on-year, while international flights rose by 11.12% [32] - The express delivery business volume in October 2025 increased by 7.90% year-on-year, with total revenue reaching 131.67 billion yuan [50] Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping and China Merchants Energy [5] - Attention to low-altitude economy investment opportunities, particularly in companies like CITIC Offshore Helicopter [5] - Consider investment opportunities in the express delivery sector, recommending SF Express and Jitu Express [5]

Group 1: Investment Recommendations - Monthly stock recommendations include: XJ Electric (000400.SZ) in power equipment, Zai Jian Pharmaceutical (688266.SH) in pharmaceuticals, Chip Source Microelectronics (688037.SH) in electronics, Hehe Information (688615.SH) in computers, Changying Precision (300115.SZ) in robotics & electronics, China Life (601628.SH) in non-banking, Shentong Express (002468.SZ) in transportation, Yahua Group (002497.SZ) in new metal materials, Global New Material International (06616.HK) in building materials, and Haidar (920699.BJ) on the Beijing Stock Exchange [3] Group 2: Power Equipment - XJ Electric (000400.SZ) is recommended due to: (1) Price reductions in secondary equipment, electric meters, and distribution network equipment may have bottomed out, indicating a potential rebound in the core business; (2) Severe challenges in renewable energy consumption with expectations for significant growth in ultra-high voltage direct current projects; (3) The offshore wind sector is expected to experience high prosperity during the 14th Five-Year Plan, which may open up opportunities in the direct current equipment industry [4] Group 3: Pharmaceuticals - Zai Jian Pharmaceutical (688266.SH) is recommended because: The existing core business has four products on the market, with future products expected to accelerate growth; the III phase pipeline DLL3 is expected to solidify the core business and has high overseas potential; the II phase pipeline PD1/TIGIT may provide significant growth flexibility; future dual-antibody/multi-antibody platform products are anticipated to open up growth space [6] Group 4: Electronics - Chip Source Microelectronics (688037.SH) is recommended due to: Rapid growth in demand driven by AI for advanced processes and storage, leading to accelerated expansion of wafer fabs; as a leading domestic supplier of large wet processing equipment, it continues to make breakthroughs in coating and developing equipment, with successful industrialization of chemical cleaning equipment; the market for domestic substitutes in coating and cleaning equipment is expected to grow significantly [8] Group 5: Computers - Hehe Information (688615.SH) is recommended because: In Q3 2025, revenue grew by 27.5% year-on-year, and profit increased by 34.9% year-on-year; AI products are continuously iterated, and the TextIn xParse platform provides general document parsing services for LLM downstream tasks, which may open up B-end market space; as a global leader in OCR, the company has 189 million monthly active users for its main C-end products, and the upcoming listing in Hong Kong is expected to further expand overseas markets and release growth potential [10] Group 6: Robotics & Electronics - Changying Precision (300115.SZ) is recommended due to: The robotics business supplies leading domestic and international robot manufacturers, with significant valuation elasticity; the consumer electronics business is deeply tied to Apple, and new projects like AI glasses are expected to bring revenue growth [12] Group 7: Non-Banking - China Life (601628.SH) is recommended because: The asset-liability matching is excellent, with a focus on annuities with an actual duration of about 10 years, leading to a narrowing duration gap; the early transformation to dividend insurance sales has resulted in a 51.72% share of new single premium in Q1 2025, outperforming most peers; future dividend payment capabilities have room for growth due to the reclassification of assets [13] Group 8: Transportation - Shentong Express (002468.SZ) is recommended due to: The "anti-involution" trend in the express delivery industry is expected to strengthen, with a potential recovery in prices by 2026; as one of the leading companies in the express delivery sector, it has significant profit elasticity and may have entered a period of sustained validation [16] Group 9: New Metal Materials - Yahua Group (002497.SZ) is recommended because: The dual main businesses of lithium hydroxide and civil explosives are running concurrently, with stable contributions from the explosives business and potential rebound in lithium business; the lithium segment is expanding production in partnership with Tesla, and the African K mine is expected to contribute to performance during the lithium price bottoming period [18] Group 10: Building Materials - Global New Material International (06616.HK) is recommended due to: The pearlescent pigment industry has strong consumer attributes, with a history of double-digit growth and annual price increases; upstream high-quality natural materials are depleting, leading to a concentration of core resources in leading companies; the acquisition of Germany's Merck SUSONITY has positioned the company as an industry leader and opened up high-end market opportunities [20] Group 11: Beijing Stock Exchange - Haidar (920699.BJ) is recommended because: It is a leading domestic supplier of server slide rails, breaking industry monopolies and leading self-replacement; the company has successfully entered the higher technical barrier server market and is a qualified supplier for major server manufacturers; the focus on high-value new products in AI server liquid cooling is expected to enhance profitability [22]

Core Insights - The express delivery industry in Zhejiang is undergoing a profound transformation driven by technological innovation, integrating digital and physical economies [1] - Zhejiang serves as a model for high-quality development in the postal industry, showcasing practices that can be replicated nationwide [1] Group 1: Unmanned Delivery Vehicles - Unmanned delivery vehicles have significantly reduced operational costs, with daily electricity expenses dropping from 50 yuan to 15 yuan, leading to a 70% increase in efficiency at the Tonglu sorting center [2] - The introduction of unmanned vehicles allows for earlier dispatch of deliveries, improving overall delivery efficiency and increasing the proportion of home deliveries by over 30% [2] - In Jinhua, 34 unmanned vehicles have been deployed, covering over 100,000 kilometers and transporting more than 1 million items, with plans to expand the fleet to over 200 vehicles by 2026 [3] Group 2: Integrated Logistics Solutions - The "Rail + Low Air" logistics model in Jinhua combines drone and rail transport, enhancing delivery speed by over 50% and reducing costs by approximately 35% [4] - This innovative logistics network allows for same-day delivery of fresh produce, with a total transit time of under one hour for certain routes [4][5] - The integration of rail and drone services is set to expand, with plans for additional routes and improved service coverage [5] Group 3: Drone Delivery Innovations - Drones are being utilized to solve last-mile delivery challenges in mountainous areas, significantly reducing delivery times from 90 minutes to just 15 minutes [7] - The establishment of a drone delivery network includes a command center and multiple takeoff and landing sites, covering key areas and enhancing service efficiency [8] - Drones are also being used for emergency services, such as delivering firefighting supplies, showcasing their versatility beyond traditional logistics [8] Group 4: Industry Growth and Statistics - The express delivery market in China is projected to handle approximately 1.75 trillion packages in 2024, with a year-on-year growth of 21.5% [10] - Zhejiang province accounts for 18.5% of the national express delivery volume, with a robust network of over 30,000 service points and 930 logistics routes [10] - The province has seen significant advancements in smart logistics and regulatory frameworks, positioning itself as a leader in the express delivery sector [11] Group 5: Cultural and Historical Context - Tonglu is recognized as the birthplace of China's private express delivery industry, with a rich history of entrepreneurial spirit and innovation [9] - The local government and industry leaders are fostering a collaborative environment to enhance logistics capabilities and workforce development [12][13] - The integration of logistics with urban development aims to create a sustainable ecosystem that benefits both the industry and local communities [13]