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 ...

证券之星消息，10月17日物流板块较上一交易日下跌1.6%，华光源海领跌。当日上证指数报收于 3839.76，下跌1.95%。深证成指报收于12688.94，下跌3.04%。物流板块个股涨跌见下表： 从资金流向上来看，当日物流板块主力资金净流出6.58亿元，游资资金净流入1.87亿元，散户资金净流入 4.71亿元。物流板块个股资金流向见下表： | 代码 | 名称 | 主力净流入(元) | | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 600755 厦门国贸 | | | 1531.42万 | 10.21% | -282.90万 | -1.89% | -1248.52万 | -8.33% | | 600153 建发股份 | | | 896.58万 | 4.92% | 603.63万 | 3.31% | -1500.21万 | -8.23% | | 600119 | 长江投资 | | 833.80万 | 9.61% | -250.41万 | -2. ...

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]

国信证券近日发布交通运输行业10月投资策略：由于国庆假期结束，上周整体和国内客 运航班量环比有所下降，整体/国内客运航班量环比分别为-0.6%/-0.6%，整体/国内客运航班 量分别相当于2019年同期的111.2%/116.3%，国际客运航班量环比下降0.4%，相当于2019年 同期的88.3%，近期国际油价略低于去年同期水平。 顺丰控股虽然短期业绩表现承压，但是公司强调"先有后优"的战略，我们预计公司四季 度的业绩有望实现改善且回归正规，明年公司的盈利能力将继续实现提升，明年公司业绩有 望实现15-20%的较快增长，2025年PE估值约18倍，维持推荐；2）在"反内卷"政策指导下， 通达系价格开始企稳回升，公司下半年盈利将确定性改善，建议紧密跟踪行业"反内卷"政策 的持续性及竞争格局变化，推荐中通快递、圆通速递、申通快递、韵达股份。 投资建议：建议配置具有长期价值的稳健标的，看好经营稳健、风险可控且有望带来稳 定收益的价值龙头。推荐顺丰控股、中通快递、圆通速递、申通快递、韵达股份、春秋航 空、南方航空、中远海能、招商轮船、德邦股份。 风险提示：宏观经济复苏不及预期，油价汇率剧烈波动。（国信证券 罗丹） 【 ...

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Views - The report highlights a slowdown in holiday shipments and a decline in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded [3][14] - Shenzhen has introduced detailed policies to support low-altitude economic development, and international flight routes have resumed during the 2025 National Day and Mid-Autumn Festival holidays [3][16] - China's express delivery volume reached 150 billion packages ahead of schedule, with strategic cooperation agreements signed between YTO Express and Huizhou [3][23] Summary by Sections Industry Hotspot Events - Holiday shipments have slowed, leading to a drop in crude oil shipping rates, while container shipping rates for long-distance routes have rebounded. The China Import Crude Oil Comprehensive Index (CTFI) was reported at 1407.48 points, down 26.2% from September 25 [3][14] - Shenzhen's transportation bureau released measures to support low-altitude economic development, effective from October 9, 2025, to December 31, 2026. During the holiday, civil aviation transported 19.138 million passengers, with an average of 2.392 million passengers per day, a year-on-year increase of 3.2% [3][16][18] - As of October 11, 2025, China's express delivery volume surpassed 150 billion packages, achieving this goal 37 days ahead of schedule compared to 2024. A strategic cooperation agreement was signed between the Huizhou government and YTO Express [3][23][24] Industry High-Frequency Data Tracking - The Baltic Air Freight Price Index increased month-on-month but decreased year-on-year. The Shanghai outbound air freight price index was reported at 4621.00 points, down 5.3% year-on-year but up 1.3% month-on-month [28] - In September 2025, domestic cargo flights increased by 3.05% year-on-year, while international flights rose by 15.86% year-on-year [33] - The SCFI index for container shipping was reported at 1160.42 points, up 4.12% week-on-week but down 43.74% year-on-year [40] Investment Recommendations - The report suggests focusing on the equipment and manufacturing industrial product export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - It also highlights investment opportunities in the low-altitude economy, recommending CITIC Offshore Helicopter [4] - The report advises attention to the road and rail sector, recommending companies like Gansu Expressway, Beijing-Shanghai High-Speed Railway, and Anhui Expressway [4][5]

Core Viewpoint - Shentong Express has shown significant stock performance with a year-to-date increase of 76.47%, despite a slight decline of 0.84% in the last five trading days [1] Company Overview - Shentong Express Co., Ltd. is located in Qingpu District, Shanghai, and was established on November 1, 2001. It was listed on September 8, 2010. The company primarily engages in domestic express delivery, general freight, cargo transportation agency, warehousing services, and unloading services [1] - The main business revenue composition is 98.67% from express services and 1.33% from other services [1] Financial Performance - For the first half of 2025, Shentong Express achieved operating revenue of 25.025 billion yuan, representing a year-on-year growth of 16.02%. The net profit attributable to the parent company was 453 million yuan, with a year-on-year increase of 3.73% [2] - Since its A-share listing, the company has distributed a total of 1.614 billion yuan in dividends, with 131 million yuan distributed over the past three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Shentong Express was 42,500, an increase of 11.27% from the previous period. The average circulating shares per person decreased by 10.13% to 35,095 shares [2] - Among the top ten circulating shareholders, Hong Kong Central Clearing Limited holds 43.2118 million shares, a decrease of 19.7221 million shares from the previous period [3]