Group 1 - The core viewpoint of the announcement is that Shentong Express (002468) reported a revenue of 4.41 billion yuan for its express service business in May 2025, representing a year-on-year growth of 13.01% [1] - The total business volume reached 2.264 billion parcels, which is a year-on-year increase of 16.35% [1] - The revenue per parcel for express services was 1.95 yuan, showing a year-on-year decline of 2.99% [1]

Core Viewpoint - The article discusses the rapid development and commercialization of autonomous logistics vehicles, highlighting their transformative impact on the traditional logistics industry through advanced technologies and diverse applications in various delivery scenarios [1][4]. Group 1: Product Categories of Autonomous Logistics Vehicles - Autonomous logistics vehicles are categorized into several types based on their application scenarios, including indoor delivery, factory delivery, express delivery, and last-mile delivery [1]. - The average volume of autonomous logistics vehicles in China has exceeded 4 cubic meters, with an average load capacity of over 1 ton, indicating their capability to meet existing logistics transportation demands [3]. Group 2: Company Product Analysis - JD Logistics has introduced its sixth-generation intelligent delivery vehicle, which has a cargo volume of 4 cubic meters and a maximum load of 1000 kg, featuring modular design and a range of advanced technologies for L4 level autonomous driving [4]. - New Stone Technology focuses on developing and manufacturing cargo-type autonomous vehicles, targeting urban delivery markets with a transportation radius extending from 5 km to 50 km, and pricing between 40,000 to 50,000 yuan per unit [6]. - Xing Shen Intelligent's autonomous vehicles are designed for various end-use scenarios, with payload capacities ranging from 400 kg to 3 tons and volume options from 1 to 22 cubic meters, showcasing a diverse product lineup [9]. Group 3: Performance and Specifications - New Stone Technology's models include the X3 and X6, with cargo spaces of 3 m³ and 6 m³, maximum speeds of 50 km/h and 60 km/h, and prices ranging from 40,000 to 50,000 yuan per unit [7]. - Xing Shen Intelligent's vehicles have various models with cargo spaces from 1 m³ to 22 m³, maximum speeds of 25 km/h to 40 km/h, and payloads from 400 kg to 3 tons, catering to different logistics needs [10]. - Nine Sense Intelligent's vehicles, such as the Z2 and Z10, offer payloads up to 1,650 kg and cargo spaces up to 10 m³, suitable for industrial logistics and long-distance transportation [12].

六月凤凰花开毕业季，全国将近3000所高校的1222万毕业生行李寄递市场，成为快递玩家在淡季的必争之地。 为了抢客，去年顺丰京东们甚至在校园面对面搭台子互掐，宣传广告"你九毛一斤，我就八毛"，赚不赚钱无所谓，主打一个市占为王。 今年毕业寄的战火，比往年来的更早一些。 "行家"德邦在5月份就放出消息，临时收寄点、学生专属优惠、服务点直接布置到宿舍楼下、上门取件+送货上门这种常规操作继续，还延长了毕业学生特 权。 随后，顺丰、韵达相继官宣专项业务，安能、百世等也接连发布下场，接下来，老玩家们京东物流、通达系也会陆续发布官宣。 亿豹网发现，如今的高校毕业寄，越来越像是另一个618战场，也成为了快递营销日历上的一个重要节日，只是这块蛋糕，并没有想象中香甜。 快递企业悉数出牌 凭借多年的市场教育以及在消费者心智中的认知提升，快递培养了用户轻装出行的消费理念，而对于价格不敏感、常年被电商浸染的学生群体而言，毕业 用快递寄行李已经是一件十分自然的事情，这也催生了大量快递业务需求。 面对将近3000所高校的上千万毕业生行李寄递需求，直营、加盟快递都纷纷上花活。 其中，顺丰针对认证的学生会员，推出"首单0元起"，毕业后相关权益 ...

Core Viewpoint - The launch of Taobao's first self-operated local warehouse in Xinjiang marks a significant improvement in logistics efficiency for e-commerce in the region, enabling next-day delivery for consumers [1][2]. Group 1: Logistics Improvements - The establishment of the local warehouse aims to reduce logistics costs and enhance delivery speed for frequently purchased low-cost items, addressing long-standing issues faced by consumers in Xinjiang [2][3]. - The new model allows for direct shipping from local warehouses, eliminating long-distance transportation and optimizing cost structures, which is a notable shift from the previous collective shipping model [2][3]. Group 2: Market Expansion and Consumer Impact - The introduction of the local warehouse is expected to increase order volume in Xinjiang by over 150% during the "618" shopping festival, as it removes restrictions on previously unavailable products [2][3]. - The overall e-commerce market in Xinjiang is experiencing rapid growth, with a reported 9.77% increase in online transaction volume in 2024 [11]. Group 3: Competitive Landscape - Other e-commerce platforms, such as Pinduoduo and JD.com, are also enhancing their logistics capabilities in western regions through similar collective shipping models and local warehouse strategies [4][5][7]. - The logistics sector is seeing increased investment from courier companies, which are establishing transfer centers to streamline shipping processes and reduce costs significantly [7][8]. Group 4: Future Prospects - The "e-commerce westward expansion" initiative is expected to continue driving growth in western regions, with significant potential for market development and consumer demand activation [12][13]. - Despite challenges such as high delivery costs and infrastructure limitations, the potential for e-commerce growth in western China remains substantial, supported by government policies and innovative business models [12][13].

Investment Rating - The report maintains a "Positive" investment rating for the logistics unmanned vehicle industry [5] Core Insights - The logistics unmanned vehicle industry is entering a phase of large-scale commercialization driven by product price reductions, open road rights, and diverse application scenarios [5] - The main application scenario for logistics unmanned vehicles is last-mile delivery, which can significantly reduce costs and improve efficiency for express delivery companies [5][6] - The potential market size for logistics unmanned vehicles is estimated to reach 207.1 billion yuan, with the ability to replace up to 4.44 million traditional commercial vehicles annually [52] Summary by Sections 1. Logistics Unmanned Vehicles: Commercialization Milestone - Logistics unmanned vehicles are defined as autonomous cargo transport tools primarily used in express delivery and other logistics scenarios [10] - The current largest application scenario is the delivery from express service points to community stations, which can replace traditional delivery vehicles and reduce labor costs [25] 2. Manufacturing Segment: Clear Industry Trends and Growing Orders - The market for logistics unmanned vehicles is expected to exceed 100 billion yuan, with significant replacement potential for traditional vehicles [52] - Leading companies like New Stone and Nine Knowledge have reported rapid growth in orders, indicating strong demand in the market [53] 3. Application Segment: Last-Mile Delivery and Cost Reduction - Express delivery companies are increasingly adopting unmanned vehicles for last-mile delivery, which can enhance profitability for franchisees [6] - Companies like SF Express and Debon are actively integrating unmanned vehicles into their operations, leading to cost savings and operational efficiency [5][6] 4. Investment Analysis - The report suggests focusing on companies such as SF Holdings, SF Same City, and Debon, which are well-positioned to benefit from the adoption of unmanned vehicles [5][6]

从蓬勃发展的电商巨头到前沿探索的硬科技先锋，从逐步升温的文旅产业到更加传统的物流板块，在上 海开展业务的本土、跨国企业正以创新的招聘策略、深度的产教融合和具有竞争力的发展平台，积极破 解人才供需的结构性矛盾。 上海展现出强大的"人才磁场"效应。 从蓬勃发展的电商巨头到前沿探索的硬科技先锋，从逐步升温的文旅产业到更加传统的物流板块，在上 海开展业务的本土、跨国企业正以创新的招聘策略、深度的产教融合和具有竞争力的发展平台，积极破 解人才供需的结构性矛盾。 企业将"揽才"与"稳就业"紧密结合，为培育新质生产力提供坚实支撑。这一点在硬核科技领域尤其突 出，一家企业负责人对记者表示："企业现在确实是求贤若渴。" 电商对AI人才求贤若渴 这股人才争夺战的热潮，在电商领域表现得尤为突出。 海外市场的激烈角逐与人工智能技术的深度应用，正驱动着企业对特定领域人才的渴求急剧升温。记者 了解到，拼多多、饿了么等总部扎根上海的电商平台，纷纷将校招和实习计划作为人才储备的关键战 场，释放出对"出海"干将与AI人才的强烈信号。 进入夏天，拼多多的"招新"也如火如荼进行中。记者关注到，在拼多多官方招聘渠道，大量校招、实习 岗位正在释出，涉 ...

申通快递股份有限公司（以下简称"公司"）于 2025 年 6 月 10 日召开第六届董事会第十一 次会议，审议通过了《关于调整 2025 年限制性股票激励计划相关事项的议案》，现将有关事项公 告如下： 一、2025 年限制性股票激励计划已履行的相关审批程序 1、2025 年 5 月 8 日，公司召开第六届董事会第九次会议，审议通过了《关于公司<2025 年 限制性股票激励计划（草案）>及其摘要的议案》《关于公司<2025 年限制性股票激励计划实施考 核管理办法>的议案》《关于提请股东大会授权董事会办理公司 2025 年限制性股票激励计划有关 事项的议案》，同日，公司召开第六届监事会第八次会议审议通过相关议案，公司第六届董事会 薪酬与考核委员会对本次激励计划相关事项发表明确同意的核查意见。 证券代码：002468 证券简称：申通快递 公告编号：2025-052 申通快递股份有限公司 关于调整2025年限制性股票激励计划相关事项的公告 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。 2、2025 年 5 月 9 日，公司在内部 OA 系统对激励对象名单和职务进行了 ...

北京市金杜律师事务所上海分所 关于申通快递股份有限公司 2025 年限制性股票激励计划调整事项之 法律意见书 致：申通快递股份有限公司 北京市金杜律师事务所上海分所（以下简称"金杜"或"本所"）接受申通快递 股份有限公司（以下简称"公司"）委托，根据《中华人民共和国公司法》（以下简 称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、中国证 券监督管理委员会（以下简称"中国证监会"）《上市公司股权激励管理办法》（以 下简称"《管理办法》"）1、《深圳证券交易所股票上市规则》（以下简称"《上市 规则》"）、《深圳证券交易所上市公司自律监管指南第 1 号—业务办理》等法律、 行政法规、部门规章及其他规范性文件（以下简称"法律法规"）和《申通快递股 份有限公司章程》（以下简称"《公司章程》"）、《申通快递股份有限公司 2025 年 限制性股票激励计划（草案）》（以下简称"《激励计划（草案）》"）的有关规 定，就公司拟实施 2025 年限制性股票激励计划（以下简称"本计划"）调整（以下 简称"本次调整"）所涉及的相关事项，出具本法律意见书。 为出具本法律意见书，金杜依据《律师事务所从事证券法律业务 ...

证券简称：申通快递 证券代码：002468 上海荣正企业咨询服务（集团）股份有限公司 关于 申通快递股份有限公司 2025 年限制性股票激励计划调整事项 之 独立财务顾问报告 二〇二五年六月 | 一、释义 3 | | --- | | 二、声明 4 | | 三、基本假设 5 | | 四、本激励计划的审批程序 6 | | 五、本次调整事项具体内容 7 | | 六、结论性意见 8 | | 七、备查文件及咨询方式 9 | 一、释义 | 申通快递、本公司、 | 指 | 申通快递股份有限公司 | | --- | --- | --- | | 公司、上市公司 | | | | 本激励计划、本计划 | 指 | 公司 年限制性股票激励计划 2025 | | 《激励计划》 | 指 | 《公司 2025 年限制性股票激励计划（草案）》 | | 限制性股票 | 指 | 公司根据本激励计划规定的条件和价格，授予激励对象一定 数量的公司股票，该等股票设置一定期限的限售期，在达到 | | | | 本激励计划规定的解除限售条件后，方可解除限售流通 | | 激励对象 | 指 | 按照本激励计划规定，获得限制性股票的公司（含子公司） | | | | ...

证券代码：002468 证券简称：申通快递 公告编号：2025-051 审议通过了《关于调整 2025 年限制性股票激励计划相关事项的议案》 表决结果：同意票3票，反对票0票，弃权票0票，回避票0票。 经审核，监事会认为：本次调整符合《上市公司股权激励管理办法》、公司《2025年限制性 股票激励计划（草案）》（以下简称"《激励计划》"）及其摘要的相关规定，不存在损害股东 利益的情况，同意公司对本次激励计划限制性股票的授予价格进行的调整。 申通快递股份有限公司 第六届监事会第十次会议决议公告 本公司及监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。 一、监事会会议召开情况 申通快递股份有限公司（以下简称"公司"）于 2025 年 6 月 6 日以邮件、电话等方式发出召 开第六届监事会第十次会议的通知，会议于 2025 年 6 月 10 日在上海市青浦区重达路 58 号公司会 议室以现场结合通讯表决的方式召开，应出席会议的监事 3 名，实际出席会议的监事 3 名。会议 由监事会主席顾利娟女士主持，本次会议的召开符合《中华人民共和国公司法》等有关法律法规、 规范性文件及《公司 ...