Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The shipping industry is experiencing a surge in demand due to a recent temporary reduction in tariffs between China and the US, leading to a significant increase in shipping volumes on the US route. The average booking volume surged by 277% compared to the previous week [5] - The Shanghai Export Container Freight Index (SCFI) rose by 10.0% week-on-week, indicating a strong recovery in shipping rates, particularly for routes to the US [6] - The logistics sector is showing resilience, with express delivery volumes in April increasing by 19.1% year-on-year, reflecting robust demand across various sectors [9] - The airline industry is expected to benefit from macroeconomic recovery, with a long-term supply-demand imbalance favoring growth in the sector [12] Summary by Sections Shipping Vessels - The recent tariff reductions have led to a surge in demand for shipping services, particularly on the US route, with a projected increase in freight rates over the next 2-3 months due to supply constraints [5] - The average weekly capacity for the US route is expected to be 500,000 TEU, down 6% from last year [5] - The oil tanker market is facing supply tightness due to limited new orders and an aging fleet, which is expected to sustain high demand in the coming years [12] Express Logistics - In April, the express delivery industry in China saw a business volume of 16.32 billion pieces, a year-on-year increase of 19.1%, with revenue reaching 121.28 billion yuan, up 10.8% [9] - The concentration index for express delivery brands (CR8) was 86.7, indicating a stable competitive landscape [9] Aviation and Airports - The airline industry is poised for growth due to low supply growth and recovering demand, with key companies to watch including China Southern Airlines and Air China [12] - The passenger transport volume in March was approximately 59 million, reflecting a year-on-year increase of 3.5% [50] Overall Market Performance - From May 12 to May 16, the transportation index rose by 2.12%, outperforming the Shanghai Composite Index [17] - The shipping sector saw the highest increase at 7.42%, indicating strong market performance [17]

Investment Rating - The report maintains an "Overweight" rating for the transportation sector [2]. Core Insights - The aviation sector is expected to see improvements in both volume and pricing, with optimistic expectations continuing to develop. High passenger load factors are anticipated to drive ticket prices upward, supported by regulatory measures from the Civil Aviation Administration [4][5]. - The shipping industry is poised for a dual increase in volume and pricing due to multiple catalysts, including replenishment demand and seasonal peaks. The report highlights the potential for significant price increases in the shipping sector [5][6]. Summary by Sections Investment Highlights - Key companies recommended for investment include Spring Airlines, China Eastern Airlines, and China Southern Airlines, which are expected to show strong performance due to their operational resilience and market positioning [11]. - The report emphasizes the importance of infrastructure improvements and policy changes that could benefit the transportation sector, particularly in aviation and shipping [4][5]. Operational Tracking - Data from major airlines shows a positive trend in passenger traffic and load factors, with Southern Airlines reporting a 4.91% increase in available seat kilometers (ASK) in Q1 2025 compared to the previous year [14]. - The report tracks significant increases in cargo volumes across various transportation modes, indicating a robust recovery in logistics and freight services [5][6]. Aviation Data Tracking - The report provides detailed metrics on airline performance, including ASK and revenue passenger kilometers (RPK), showing growth across major carriers. For instance, China Eastern Airlines reported a 10.89% increase in RPK in Q1 2025 [14]. - The average ticket price for economy class during the Dragon Boat Festival is projected to rise, reflecting a strong demand environment [4]. Shipping Data Tracking - The report notes a 9.98% week-on-week increase in the SCFI index, indicating a positive trend in shipping rates, despite a year-on-year decline of 41.31% [5]. - The report highlights the impact of tariff changes on shipping demand, particularly in the US-China trade context, which is expected to stimulate replenishment and seasonal demand [5]. Logistics Data Tracking - The report tracks significant growth in express delivery volumes, with a 15.83% year-on-year increase in the number of packages collected during early May 2025 [5]. - The logistics sector is benefiting from improved cross-border trade conditions, which are expected to enhance the performance of logistics companies [5].

Investment Rating - The report rates the transportation industry as "Outperform" [2] Core Insights - Maersk reported a 70.4% year-on-year increase in EBITDA for Q1 2025, with total revenue reaching $13.32 billion, a 7.8% increase [3][14] - Hainan Airlines transported over 617,000 passengers during the "May Day" holiday, setting a record for Beijing Daxing Airport [3][16] - SF Express saw an 87% year-on-year increase in business volume during the "May Day" holiday, with the e-commerce logistics index rising to 111.1 points in April [3][23] Summary by Sections 1. Industry Hot Events - Maersk's Q1 2025 report shows EBITDA growth of 70.4%, with net profit increasing by 480.3% to $1.21 billion [3][14] - Hainan Airlines executed approximately 3,883 flights and transported over 617,000 passengers during the "May Day" holiday, marking a 9% increase year-on-year [3][16] - SF Express reported an 87% increase in business volume during the holiday, with significant growth in various categories [3][23] 2. High-Frequency Data Tracking - Air freight prices remained stable from early to mid-April 2025, with a slight decline in some indices [4][27] - Domestic cargo flight volumes decreased by 1.67% year-on-year in April 2025, while international flights increased by 25.08% [4][36] - The SCFI index for container shipping reported a 0.32% week-on-week increase, but a 41.66% year-on-year decrease [4][40] 3. Investment Recommendations - The report suggests focusing on the industrial goods export chain, recommending companies like COSCO Shipping, China Merchants Energy, and Huamao Logistics [5] - It highlights investment opportunities in low-altitude economy trends and the cruise and ferry sectors [5] - Recommendations for the express delivery sector include SF Holdings, Jitu Express, and Yunda Express, with a focus on the aviation industry as well [5]

Investment Rating - The overall investment rating for the transportation industry is "Positive" [2][17]. Core Viewpoints - The logistics sector is expected to continue its robust growth, driven by the rise of e-commerce and changing consumer behaviors [28]. - The express delivery industry maintained a relatively high growth rate in volume, with a year-on-year increase of 21.5% in 2024, reaching 175.08 billion packages, and a 21.6% increase in Q1 2025, totaling 45.14 billion packages [26][30]. - The price competition in the express delivery sector has intensified, leading to pressure on single-package profitability, with the average price per package dropping by 8.8% year-on-year in Q1 2025 [3][32]. Summary by Sections Express Delivery - **Volume Growth**: The express delivery industry experienced a strong growth in volume, with major companies like Shunfeng, YTO, Yunda, and Shentong reporting package volumes of 3.541 billion, 6.779 billion, 6.076 billion, and 5.807 billion respectively in Q1 2025, with growth rates of 19.7%, 21.7%, 22.9%, and 26.6% [26][30]. - **Price and Profitability**: The average price per package in the industry was 7.66 yuan, down 8.8% year-on-year. Shunfeng's net profit increased by 16.9% year-on-year, while YTO, Yunda, and Shentong saw net profit changes of -9.2%, -22.1%, and +24.0% respectively [3][32]. - **Investment Recommendation**: The report recommends focusing on Shunfeng Holdings due to its strong cash flow and potential for growth in the express delivery sector [3][32]. Aviation - **Operational Status**: The aviation industry saw a recovery in passenger load factors, reaching 83.3% in 2024, slightly above 2019 levels. Domestic and international flight turnover volumes increased by 12.0% and 85.2% respectively [4][6]. - **Financial Performance**: Major airlines reduced losses significantly in 2024, with revenue growth for Air China, China Southern Airlines, and China Eastern Airlines at 18.1%, 8.9%, and 16.2% respectively [5][6]. - **Investment Recommendation**: The report suggests focusing on airlines like Air China and China Southern Airlines, anticipating improved performance as supply constraints and ticket prices recover [6]. Ports - **Operational Data**: The total cargo throughput for national ports reached 1.7595 billion tons in 2024, a year-on-year increase of 3.66%. In Q1 2025, throughput was 422.2 million tons, up 3.23% [7][8]. - **Financial Data**: Qingdao Port showed a net profit growth of 6.33% in 2024, while China Merchants Port's net profit increased by 26.44% [8]. - **Investment Recommendation**: The report recommends focusing on Qingdao Port due to its superior return on equity (ROE) and dividend capabilities [8]. Highways - **Performance Overview**: The highway sector showed stable growth in Q1 2025, with passenger and freight volumes increasing by 0.5% and 5.4% respectively [9][10]. - **Investment Recommendation**: The report highlights the importance of focusing on leading highway operators like China Merchants Highway and Shandong Highway for their strong cash flow and growth potential [10]. Railways - **Operational Status**: Railway freight and passenger turnover volumes declined in 2024, with significant drops in the Daqin Line's freight volume [11][12]. - **Financial Performance**: Daqin Railway's net profit fell by 24.23% in 2024, while Beijing-Shanghai High-Speed Railway's net profit increased by 10.6% [12]. - **Investment Recommendation**: The report suggests a positive outlook for Daqin Railway and Beijing-Shanghai High-Speed Railway as freight volumes are expected to recover [12]. Shipping - **Operational Data**: Oil shipping rates remained around $50,000 per day, while container shipping rates showed slight declines [13][14]. - **Financial Performance**: COSCO Shipping Holdings reported a net profit increase of 105.78% in 2024 [14]. - **Investment Recommendation**: The report recommends focusing on stable companies like China Merchants Energy and Zhonggu Logistics amid fluctuating shipping rates [14]. Bulk Supply Chain - **Operational Status**: The bulk supply chain sector faced weak downstream demand, leading to a slight decrease in cargo volume for leading companies [15][16]. - **Financial Performance**: Major companies like Xiamen Xiangyu and Xiamen Guomao reported significant declines in net profit [16]. - **Investment Recommendation**: The report suggests that the sector may see a recovery in profits as demand improves and recommends focusing on companies with high dividend yields [16].

Group 1: Capital Expenditure and Capacity Planning - In 2025, the company aims to enhance its network capacity to an average daily throughput of over 90 million parcels through self-owned land development and partnerships with logistics real estate companies [1] - The total capital expenditure for 2025 is expected to maintain the same level as in 2024, although specific amounts may vary due to payment schedules [1] Group 2: Technological Innovations - The company is exploring the use of low-altitude cargo drones for efficient transportation between transfer centers and outlets, which could significantly improve delivery speed and prioritize urgent shipments [1] - Investments in autonomous delivery vehicles are already in place at some outlets to enhance last-mile delivery efficiency and reduce costs [2] Group 3: Cost Reduction Measures - In 2024, the cost per parcel for express delivery was reduced to 1.94 yuan, achieving a year-on-year decrease of 10% [2] - The company has implemented various operational improvements, including the introduction of automated sorting machines and the expansion of its own transportation capacity, which have collectively enhanced efficiency and reduced costs [3] Group 4: Service Efficiency Improvements - The fastest monthly signing time has been reduced to approximately 43 hours, with ongoing efforts to optimize routing and improve delivery times across over 900 outlets [3] - The company has opened more than 110 strategic routes and upgraded its delivery systems to better align with central operations [3] Group 5: Network and Asset Development - The company acquired the Yiwu transfer business assets for 110 million yuan, which is expected to enhance local market competitiveness and operational vitality [4] - In 2024, the company invested approximately 460 million yuan in automation equipment for its outlets, significantly increasing automation rates [4] Group 6: AI and Digital Transformation - The company is integrating AI technologies into its operations, including smart logistics solutions and data analysis, to optimize management processes and improve service quality [5] - Future plans include further investments in technology to enhance intelligent operations and customer service experiences [5]

Investment Rating - The report maintains a positive outlook on the express delivery sector, suggesting that it is currently undervalued and highlighting the growth potential driven by the e-commerce market and new demands in lower-tier markets [61]. Core Insights - The express delivery industry shows strong growth resilience, with a year-on-year increase of 21.6% in business volume for Q1 2025 and a 13.8% increase in total revenue for 2024, reaching 1.4 trillion yuan [1][21]. - Major companies in the sector, including Zhongtong and Shentong, have demonstrated solid revenue growth, with Shentong achieving a remarkable 205% increase in net profit for 2024 [2][34]. - The market share of Zhongtong remains dominant at 19.6% in 2024, leading the sector by a margin of 4.2 percentage points over its closest competitor [2][31]. Summary by Sections Industry Overview - The express delivery business volume in 2024 reached 1.758 billion pieces, a 21.5% increase year-on-year, while Q1 2025 saw 451.4 million pieces, marking a 21.6% increase [11][1]. - The average price per ticket in the express delivery industry faced slight pressure, decreasing by 14.2% in 2024 and 7.7% in Q1 2025 [25][21]. Performance Overview - All major express delivery companies reported steady growth in both business volume and revenue, with Shentong leading in growth rates at 29.8% for 2024 [2][28]. - In terms of revenue, major players like Shunfeng, Shentong, and Yunda achieved revenues of 2.844 billion, 471.7 million, and 485.4 million yuan respectively in 2024, with year-on-year growth rates of 10.1%, 15.3%, and 7.9% [34][36]. Asset Layout - Zhongtong possesses the largest fleet of self-owned vehicles and sorting equipment, with over 10,000 self-owned trucks and 95 sorting centers as of 2024 [3][56]. - Capital expenditures for 2024 show an increase for Shentong and Yunda, while Zhongtong, Yunda, and Shunfeng have slowed their capital spending [3][58]. Investment Recommendations - The report recommends focusing on leading e-commerce express delivery companies such as Zhongtong, Yunda, Shentong, and Jitu Express, as well as logistics leader Shunfeng, due to the expected recovery in demand in the mid-to-high-end express market [61][62].

证券简称：申通快递 证券代码：002468 申通快递股份有限公司 2025 年限制性股票激励计划 （草案） 声 明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 申通快递股份有限公司 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 二〇二五年五月 一、本激励计划系依据《中华人民共和国公司法》《中华人民共和国证券法》 《上市公司股权激励管理办法》和其他有关法律、法规、规范性文件，以及《申 通快递股份有限公司章程》制订。 2025 年限制性股票激励计划（草案） 二、公司不存在《上市公司股权激励管理办法》第七条规定的不得实行股权 激励的下列情形： （三）上市后最近 36 个月内出现过未按法律法规、公司章程、公开承诺进 行利润分配的情形； （四）法律法规规定不得实行股权激励的； （五）中国证监会认定的其他情形。 三、参与本激励计划的激励对 ...

申通快递股份有限公司 2025年限制性股票激励计划首次授予部分激励对象名单 注：1、上述任何一名激励对象通过全部有效的股权激励计划获授的本公司股票均未超过本激励计划草案公 告时公司股本总额的 1.00%。公司全部有效的激励计划所涉及的标的股票总数累计不超过本激励计划草案公告 时公司股本总额的 10.00%。 二、 核心管理人员、核心技术（业务）人员名单 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 陈*冬 | 核心管理人员/核心技术（业务）人员 | | 2 | 刘*亮 | 核心管理人员/核心技术（业务）人员 | | 3 | 胡*辉 | 核心管理人员/核心技术（业务）人员 | | 4 | 邱* | 核心管理人员/核心技术（业务）人员 | 姓名 职务 获授的限制性股 票数量（万股） 占本激励计划授 予限制性股票总 数的比例 占本激励计划公 告日公司股本总 额的比例 王文彬 董事、总经理 285.7146 10.0612% 0.1866% 韩永彦 董事、副总经理 178.5714 6.2882% 0.1167% 梁波 副总经理、财务负责人 87.5000 3.0812% 0. ...

公司简称：申通快递 股票代码：002468.SZ 上市公司股权激励计划自查表 独立财务顾问：上海荣正企业咨询服务（集团）股份有限公司 | | 时实行多期股权激励计划的，后期激励计划公司业绩指标如 | | | --- | --- | --- | | | 低于前期激励计划，应当充分说明原因及合理性 | | | | （8）公司授予权益及激励对象行使权益的程序；当中，应 | | | | 明确上市公司不得授出限制性股票以及激励对象不得行使权 | 是 | | | 益的期间 | | | | （9）股权激励计划所涉及的权益数量、行权价格的调整方 | | | | 法和程序（例如实施利润分配、配股等方案时的调整方法） | 是 | | | （10）股权激励会计处理方法，限制性股票或股票期权公允 | | | | 价值的确定方法，估值模型重要参数取值及其合理性，实施 | 是 | | | 股权激励应当计提费用及对上市公司经营业绩的影响 | | | | （11）股权激励计划的变更、终止 | 是 | | | （12）公司发生控制权变更、合并、分立、激励对象发生职 | | | | 务变更、离职、死亡等事项时如何实施股权激励计划 | 是 | | ...

证券简称：申通快递 证券代码：002468 申通快递股份有限公司 2025 年限制性股票激励计划 （草案）摘要 申通快递股份有限公司 二〇二五年五月 2025 年限制性股票激励计划（草案）摘要 声 明 本公司及全体董事、监事保证本激励计划及其摘要不存在虚假记载、误导性 陈述或重大遗漏，并对其真实性、准确性、完整性承担法律责任。 本公司所有激励对象承诺，公司因信息披露文件中有虚假记载、误导性陈述 或者重大遗漏，导致不符合授予权益或行使权益安排的，激励对象应当自相关信 息披露文件被确认存在虚假记载、误导性陈述或者重大遗漏后，将由本激励计划 所获得的全部利益返还公司。 特别提示 一、本激励计划系依据《中华人民共和国公司法》、《中华人民共和国证券 法》、《上市公司股权激励管理办法》和其他有关法律、法规、规范性文件，以 及《申通快递股份有限公司章程》制订。 二、公司不存在《上市公司股权激励管理办法》第七条规定的不得实行股权 激励的下列情形： （一）最近一个会计年度财务会计报告被注册会计师出具否定意见或者无法 表示意见的审计报告； （二）最近一个会计年度财务报告内部控制被注册会计师出具否定意见或者 无法表示意见的审计报告 ...