Core Insights - The company reported a revenue of 4.633 billion yuan from its express delivery services in September 2025, representing a year-on-year growth of 14.89% [1] - The total business volume reached 2.187 billion parcels, showing a year-on-year increase of 9.46% [1] - The revenue per parcel was 2.12 yuan, which is a year-on-year increase of 4.95% [1]

Core Viewpoint - Shentong Express announced that its express service revenue for September 2025 is projected to reach 4.633 billion yuan, representing a year-on-year growth of 14.89% [1] Financial Performance - The total business volume is expected to be 2.187 billion parcels, showing a year-on-year increase of 9.46% [1] - The revenue per parcel for express services is estimated at 2.12 yuan, which is a year-on-year growth of 4.95% [1]

Core Insights - The company reported a revenue of 4.633 billion yuan from its express delivery services in September 2025, marking a year-on-year increase of 14.89% [1] - The total business volume reached 2.187 billion parcels, reflecting a year-on-year growth of 9.46% [1] - The revenue per parcel was 2.12 yuan, which represents a year-on-year increase of 4.95% [1]

Core Insights - Shentong Express reported a revenue of 4.633 billion yuan from its express service business in September, marking a year-on-year increase of 14.89% [1] - The company completed a business volume of 2.187 billion parcels, reflecting a year-on-year growth of 9.46% [1] - The revenue per parcel for express services was 2.12 yuan, which represents a year-on-year increase of 4.95% [1]

证券代码：002468 证券简称：申通快递 公告编号：2025-073 申通快递股份有限公司 2025年10月18日 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9月份相关数据信息如下： | 项 | 目 | 2025年9月 | 同比增长 | | --- | --- | --- | --- | | 快递服务业务收入（亿元） | | 46.33 | 14.89% | | 完成业务量（亿票） | | 21.87 | 9.46% | | 快递服务单票收入（元） | | 2.12 | 4.95% | 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 9 月经营简报 ...

Core Viewpoint - The logistics sector experienced a decline of 1.6% on October 17, with major stocks like Huaguang Yuanhai leading the drop, while the Shanghai Composite Index fell by 1.95% and the Shenzhen Component Index decreased by 3.04% [1][2]. Group 1: Market Performance - The logistics sector's stocks showed mixed performance, with YD Holdings rising by 10.03% to close at 9.76, while Huami Yuanhai fell by 5.74% to 26.58 [1][2]. - The trading volume for YD Holdings was 542,900 shares, with a transaction value of 525 million yuan, indicating strong investor interest [1]. - The overall market saw significant declines, with the Shanghai Composite Index closing at 3839.76 and the Shenzhen Component Index at 12688.94 [1]. Group 2: Capital Flow - The logistics sector experienced a net outflow of 658 million yuan from institutional investors, while retail investors saw a net inflow of 471 million yuan [2][3]. - Notable stocks like Xiamen Guomao and Jianda Co. had varying net inflows and outflows, with Xiamen Guomao seeing a net inflow of 15.31 million yuan from institutional investors [3]. - The overall capital flow indicates a shift in investor sentiment, with retail investors showing more confidence compared to institutional investors [2][3].

Market Overview - The logistics sector experienced a decline of 1.07% on October 16, with Shentong Express leading the drop [1] - The Shanghai Composite Index closed at 3916.23, up 0.1%, while the Shenzhen Component Index closed at 13086.41, down 0.25% [1] Individual Stock Performance - Notable gainers included: - Yuanda Holdings (Code: 000626) with a closing price of 8.87, up 10.05% and a trading volume of 621,300 shares, totaling 537 million yuan [1] - Chuanhua Zhili (Code: 002010) closed at 6.65, up 4.72% with a trading volume of 1,390,000 shares, totaling 907 million yuan [1] - Major decliners included: - Shentong Express (Code: 002468) closed at 16.60, down 7.00% with a trading volume of 562,500 shares, totaling 952 million yuan [2] - YTO Express (Code: 600233) closed at 17.12, down 3.71% with a trading volume of 382,100 shares, totaling 660 million yuan [2] Capital Flow Analysis - The logistics sector saw a net outflow of 161 million yuan from institutional investors, while retail investors contributed a net inflow of 151 million yuan [2][3] - Key stocks with significant capital flow included: - Chuanhua Zhili with a net inflow of 12.4 million yuan from institutional investors [3] - Shentong Express experienced a net outflow of 33.91 million yuan from retail investors [3]

10月16日，申通快递跌5.27%，截至发稿，报16.91元/股，成交4.53亿元，换手率1.77%，总市值258.86 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%。 截至发稿，孟祥娟累计任职时间2年64天，现任基金资产总规模2.11亿元，任职期间最佳基金回报 3.38%， 任职期间最差基金回报2.94%。 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成个人投资建 议。 从基金十大重仓股角度 责任编辑：小浪快报 数据显示，万家基金旗下1只基金重仓申通快递。万家瑞益A（001635）二季度持有股数14.04万股，占 基金净值比例为0.71%，位居第四大重仓股。根据测算，今日浮亏损失约13.2万元。 万家瑞益A（001635）成立日期 ...

Investment Rating - The report gives a "Positive" rating for the express delivery industry, marking it as the first rating issued [1]. Core Insights - The express delivery industry is experiencing a significant growth in business volume, with a year-on-year increase of 12.3% in August 2025, outpacing the growth of physical online retail sales at 7.1% and social consumer retail sales at 3.4% [5][8]. - The trend of smaller packages in express delivery continues, contributing to rapid growth in business volume [5][8]. - The average revenue per package in the express delivery industry was 7.37 yuan in August 2025, showing a year-on-year decline of 7.16%, although there was a slight month-on-month increase of 0.13% [5][16]. - The report anticipates a price recovery in the express delivery sector due to the ongoing "anti-involution" efforts within the industry [5][25]. Summary by Sections Industry Volume and Price - The express delivery industry maintains high growth, with business volume growth outpacing both online retail and overall retail sales [5][8]. - The trend of smaller packages continues, with the average value of a single express package decreasing to 63.0 yuan, down 4.62% year-on-year [13][15]. - The competitive pricing environment has led to a decline in average revenue per package, but there are expectations for stabilization in pricing due to industry adjustments [5][16]. Company Volume and Price - In August 2025, the business volume growth rates for major companies were as follows: YTO Express at +11.06%, Yunda at +8.72%, Shentong at +10.0%, and SF Express at +34.80%, with SF Express outperforming the industry average [20]. - The average revenue per package for these companies showed significant declines, particularly for SF Express at -15.32% year-on-year, indicating a substantial impact from changes in business structure [24][28].

Group 1: Shipping Industry - The implementation of mutual port fees between China and the US is expected to impact over 40% of shipping capacity, with Chinese shipping companies being the most affected [1][20][21] - Different shipping segments will experience varying degrees of impact, with oil and dry bulk sectors facing greater challenges compared to container shipping [1][20] - Short-term price fluctuations may occur due to initial chaos from the new policies, but overall, the impact on freight rates is expected to be limited [1][20] Group 2: Aviation Industry - Domestic passenger flight volumes have decreased slightly post-National Day, but overall traffic remains above 2019 levels, indicating a recovery trend [2][33] - The average domestic ticket price is stable, with a slight year-on-year increase, suggesting a balanced supply-demand dynamic in the aviation market [2][34] - The aviation sector is expected to see continued recovery in profitability as the supply-demand gap narrows, with recommendations to invest in major airlines like China Eastern Airlines and Spring Airlines [2][34] Group 3: Express Delivery Industry - The "anti-involution" policy has led to price increases across approximately 90% of express delivery volumes in China, indicating a shift towards more sustainable competition [2][43][44] - The profitability of express delivery companies is anticipated to improve in the fourth quarter, driven by seasonal demand and the effects of the "anti-involution" measures [2][43][44] - Major express companies like SF Express and ZTO Express are expected to see significant growth in profitability in 2025, with projected earnings growth of 15-20% for SF Express [2][54] Group 4: Logistics Sector - The logistics company DeBang's revenue has shown double-digit growth, but profitability has been under pressure due to increased transportation costs [2][66][67] - The company is focusing on enhancing its service quality and optimizing its product structure to improve margins in the future [2][66][67]