Investment Rating - The report maintains a "Recommended" rating for the express delivery sector, indicating a positive outlook for the industry [7]. Core Insights - The express delivery industry experienced a robust growth in March 2025, with a business volume increase of 20.3% year-on-year, and a revenue growth of 10.4% [1]. - The first quarter of 2025 saw a cumulative business volume of 451.4 billion pieces, reflecting a year-on-year growth of 21.6%, while total revenue reached 345.64 billion yuan, up 10.9% year-on-year [1]. - The report highlights the resilience of demand in the express delivery sector, driven by trends such as the increasing demand for small parcels and the growth of reverse logistics [4]. - Price competition is intensifying in the industry, but the report suggests that the severity of this "price war" is manageable due to regulatory guidance aimed at promoting long-term high-quality development [4]. Summary by Sections Industry Data - In March 2025, the express delivery business volume reached 16.66 billion pieces, generating revenue of 124.6 billion yuan [1]. - The first quarter of 2025 saw major companies like SF Express, YTO Express, Yunda Express, and Shentong Express report revenues of 51.809 billion, 15.441 billion, 12.016 billion, and 11.824 billion yuan respectively, with year-on-year growth rates of 7.2%, 14.1%, 10.6%, and 18.7% [3]. Company Performance - In March 2025, the business volume for major companies was as follows: SF Express at 1.295 billion pieces (+25%), YTO Express at 2.665 billion pieces (+23%), Yunda Express at 2.253 billion pieces (+17%), and Shentong Express at 2.085 billion pieces (+20%) [2]. - The average revenue per piece for these companies showed a decline, with SF Express at 13.82 yuan (-11.8%) and YTO Express at 2.18 yuan (-7.4%) [2]. Investment Recommendations - The report suggests that the express delivery sector is currently undervalued, with continued growth in the e-commerce market and emerging demands from lower-tier markets [4]. - It recommends focusing on leading companies in the e-commerce express delivery space, such as ZTO Express, YTO Express, Yunda Express, Shentong Express, and Jitu Express, as well as the comprehensive logistics leader SF Express [4].

在申通快递威海环翠区凤林网点，无人车构建起精准的配送体系。其车顶的雷达与摄像头如同敏锐的"眼睛"，实时感知周边环境，自动规划最优路线，确保 安全精准地到达指定站点。与传统人工配送模式相比，无人车展现出了显著优势。以往，每辆配送车需配备一名司机，往返一趟耗时长达2小时；如今，无 人快递车往返仅需50分钟，配送效率实现了质的飞跃。 同时，无人车还突破了乡镇配送场景，从宽阔乡镇道路到老旧小区，都能高效行驶。自无人车投入使用以来，该网点日均运输量提升了15%，提升了网点整 体服务质量与配送效率。 在智慧物流的发展浪潮中，申通快递各区域积极引入无人车技术，开启了物流转型的新篇章。在威海海边、济宁校园、青州社区，无人车各展所长，精准配 送、智能服务，推动公司向绿色、科技、创新新模式发展。 此外，该网点还创新性地利用无人车的"闲时"揽收商户包裹，不仅提高了无人车的利用率，还降低了商家的发货成本。 无人车的应用为申通快递各网点的运营成本带来了大幅下降。威海凤林网点因无人车无需配备司机，人工成本缩减了40%，青州网点的无人车模式使单票成 本下降25%，同时，无人驿站实现了全天候自助取件，人力释放超过50%。 无人车的广泛应用， ...

Investment Rating - The industry investment rating is "Positive" [2] Core Viewpoints - The express delivery industry experienced a significant growth in business volume, with a year-on-year increase of 21.6% in Q1 2025, driven by a 5.7% growth in online retail sales [3][14] - SF Express led the growth in business volume with a 25.4% increase in March 2025, outperforming its competitors [4][32] - The average price per package in the industry faced downward pressure, with a year-on-year decline of 8.8% in Q1 2025 [5][22] - The report anticipates a continued growth potential in the express delivery sector, projecting a 10-15% increase in business volume for 2025 [6][46] Summary by Sections Industry Situation - In Q1 2025, the total express delivery volume reached 451.4 billion pieces, with March alone accounting for approximately 166.6 billion pieces, reflecting a 20.3% year-on-year growth [3][14] - The online retail sales for physical goods amounted to 2.99 trillion yuan, marking a 5.7% increase compared to the previous year [14][15] Company Performance - In March 2025, the express delivery volumes for major companies were as follows: YTO Express at 26.65 billion pieces, Yunda at 22.53 billion pieces, Shentong at 20.85 billion pieces, and SF Express at 12.95 billion pieces [4][32] - Cumulatively in Q1 2025, the business volumes were: YTO Express at 67.79 billion pieces, Yunda at 60.76 billion pieces, Shentong at 58.07 billion pieces, and SF Express at 35.41 billion pieces [4][32] Price Situation - The average price per package in the express delivery industry was 7.66 yuan in Q1 2025, down 8.8% year-on-year [5][22] - In March 2025, the average prices for major companies were: SF Express at 13.82 yuan, YTO at 2.18 yuan, Yunda at 1.96 yuan, and Shentong at 2.01 yuan [5][33] Investment Recommendations - The report recommends focusing on companies such as ZTO Express, Yunda, and YTO Express in the franchise model, while suggesting SF Express as a strong candidate in the direct operation model due to its potential for operational and cash flow improvements [8][47]

Investment Rating - The report maintains a "Recommended" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [30]. Core Insights - The express delivery industry experienced a business volume growth rate of 20.3% in March, with SF Express showing the highest growth rate at 25.4% [5][8]. - The total business volume for the first three months reached 451.4 billion pieces, reflecting a year-on-year increase of 21.6% [5]. - The industry revenue for March was 124.6 billion yuan, up 10.4% year-on-year, while the cumulative revenue for the first three months was 345.64 billion yuan, an increase of 10.9% [5][8]. - The average revenue per piece in March was 7.48 yuan, down 8.2% year-on-year, with a cumulative average of 7.66 yuan, down 8.8% [5][8]. Summary by Sections Industry Basic Data - The total market capitalization of the express delivery industry is 311.276 billion yuan, with a circulating market capitalization of 301.749 billion yuan [4]. - The industry has a concentration ratio (CR8) of 86.9%, indicating a high level of market concentration [8]. Company Performance - In March, the business volume growth rates for major companies were as follows: SF Express (25.4%), YTO Express (22.5%), Shentong Express (20.1%), and Yunda Express (17.3%) [5][8]. - For the first three months, Shentong Express led with a cumulative growth rate of 26.6%, followed by Yunda Express (22.9%) and YTO Express (21.7%) [5]. - Revenue growth rates in March were led by Shentong Express (14.7%), YTO Express (13.4%), and SF Express (10.6%) [5][8]. Future Outlook - The report anticipates a full-year business volume growth rate of 21% for 2024, supported by strong demand resilience [5]. - The report highlights the importance of monitoring the competitive pricing strategies of leading companies, as the industry trends towards "anti-involution," which is expected to benefit the performance elasticity of express delivery companies in the medium to long term [5].

Core Viewpoint - Shentong Express reported a year-on-year increase in express service revenue of 14.7% for March 2025, indicating strong growth in the logistics sector [1] Financial Performance - The company achieved express service revenue of 4.189 billion yuan in March 2025, reflecting a 14.7% increase compared to the same period last year [1] - The total business volume reached 2.085 billion parcels, which is a year-on-year growth of 20.05% [1] - The revenue per parcel for express services was 2.01 yuan, showing a decline of 4.29% year-on-year [1]

证券代码：002468 证券简称：申通快递 公告编号：2025-023 申通快递股份有限公司 特此公告。 申通快递股份有限公司董事会 2025年4月19日 2025 年 3 月经营简报 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3月份相关数据信息如下： | 项 目 | 2025年3月 | 同比增长 | | --- | --- | --- | | 快递服务业务收入（亿元） | 41.89 | 14.70% | | 完成业务量（亿票） | 20.85 | 20.05% | | 快递服务单票收入（元） | 2.01 | -4.29% | 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。 ...

Investment Rating - The report maintains an "Outperform" rating for the transportation industry [1][4][7]. Core Views - The report highlights the impact of US-China tariffs on shipping patterns, suggesting a focus on domestic demand and high-dividend sectors [1][3]. - The oil shipping market remains strong, but VLCC rates have declined due to tariff uncertainties, with potential recovery if US-China negotiations succeed [1][21]. - The air travel market is expected to stabilize in 2025, with domestic airlines showing signs of recovery in profitability [2][45]. - The express delivery sector shows resilience, with major players like SF Express and ZTO Express expected to maintain growth despite competitive pressures [3][55][59]. Summary by Sections Shipping Sector - Oil shipping rates have shown fluctuations, with VLCC rates impacted by tariff policies and global economic uncertainties [1][21]. - The report recommends companies like COSCO Shipping Energy and China Merchants Energy for their potential value amidst market volatility [1][25]. Aviation Sector - Domestic passenger flight volumes are stabilizing, with a year-on-year increase expected in 2025 [2][45]. - Major airlines like Air China and China Southern Airlines are projected to recover profitability as supply-demand gaps narrow [2][45]. Express Delivery Sector - The express delivery market is experiencing strong growth, particularly in Southeast Asia and China, with companies like SF Express and ZTO Express leading the way [3][55][59]. - The report emphasizes the importance of monitoring pricing trends in the express delivery sector due to competitive dynamics [3][59]. Investment Recommendations - The report suggests focusing on companies with stable operations and potential for steady returns, including SF Express, ZTO Express, and major airlines [3][2][45].

2025.04. 11 本文字数：1356，阅读时长大约3分钟 作者 | 第一财经 陆涵之 据中央气象局，4月11日至13日，西北地区东部、内蒙古、华北、黄淮东部、东北地区南部等地风力 大，南方多地有风雹天气。过程期间，北方地区有大范围强风沙尘、内蒙古和东北地区有强雨雪、南 方地区有暴雨和强对流天气，关注沙尘、雨雪天气导致的能见度降低、路面湿滑积雪结冰等对交通出 行的影响。 4月10日，北京发布近十年首个全市大风橙色预警，预计11日下午至13日将出现极端大风和强降温天 气。 对于即将带来的强风天气，外卖平台和物流平台也做了相关准备。美团数据显示，大风来临前，各类 餐饮、杂货等配送订单显著增长。 目前，美团已提前开启了极端天气保障专项。超时免责等举措目前正在陆续上线中。依据专项机制， 极端天气下为市民提供配送服务的骑手不用担心超时等问题，可根据实际情况合理安排配送，平台将 为骑手提供全部兜底保障。此外，美团将为参与配送的骑手发放现金补贴，在保障配送安全的同时， 确保的骑手现金收入。 在全市大风橙色预警下，饿了么已成立"安全生产"专项小组，启动特殊天气下的应急机制。同时也将 根据属地要求和实际情况，对外卖服务持续 ...

Investment Rating - The report assigns a "Buy" rating to 中远海能 and 吉祥航空, and an "Outperform" rating to 南方航空, 中国东航, and 中国国航 [5][6]. Core Insights - The shipping sector is expected to see improved fundamentals in the medium to long term, driven by a shift in oil production policies from reduction to gradual increase, with VLCC demand projected to rise by 4.4% in 2025 and 6.9% in 2026 [3]. - The small container ship market is on an upward trend, supported by economic growth in Southeast Asia and changes in shipping alliances, leading to increased demand [3]. - The air travel market is experiencing a volume increase but a price decrease, with domestic passenger traffic expected to grow by 3% year-on-year in Q1 2025, while international markets are recovering steadily [3]. - The express delivery sector is seeing a recovery in direct logistics, with a year-on-year growth of 22.4% in the express industry for January-February 2025, although price competition remains intense [3]. - The road and rail sectors are expected to maintain growth in traffic volume, with a projected year-on-year increase in highway traffic and railway passenger volume [3]. Summary by Sections Shipping - The long-term supply logic remains stable, with a gradual increase in VLCC demand and a limited supply of new ships expected to be delivered [3]. - The average age of the global fleet is increasing, indicating a strong demand for replacing old ships [3]. Shipbuilding - The shipbuilding cycle is on an upward trend, with a continued supply-demand imbalance favoring shipbuilders [3]. - Ship prices are expected to rise again after absorbing the negative impacts of new capacity [3]. Aviation - The domestic air travel market is projected to see a volume increase but a price decrease due to high base effects from the previous year [3]. - International markets are recovering, with a 20% year-on-year increase in passenger traffic and flight numbers [3]. Express Delivery - The express delivery sector is expected to continue its recovery, with significant growth in logistics demand anticipated [3]. - Price competition remains fierce, impacting profitability for leading companies [3]. Road and Rail - Traffic volume on highways and railways is expected to grow, with specific companies projected to perform well [3].

Core Viewpoint - The launch of Shentong Express's economical spring tea delivery solution addresses the logistics challenges faced by tea companies, balancing high-quality service with cost control [1][2] Group 1: Service Offering - Shentong Express has introduced the first economical spring tea delivery solution in the industry, providing a "first-class" service for tea producers [1] - The solution ensures priority collection, transfer, and delivery, achieving next-day delivery for core production areas and two-day delivery for other regions [1] - The pricing of this new solution is significantly optimized compared to similar offerings, reducing logistics costs for tea companies [1] Group 2: Customer Feedback - Customers, such as the chairman of a tea cooperative, have noted that the delivery solution meets their high demands for timeliness and cost-effectiveness, achieving a high cost-performance ratio [2] - A tea farmer reported a nearly 20% savings in shipping costs while maintaining a high logistics rating, indicating increased consumer satisfaction [2] Group 3: Strategic Implications - This spring tea delivery solution is part of Shentong Express's strategy for "economical express delivery specialization," which includes other customized products for various industries [2] - The company plans to replicate this model for other high-timeliness agricultural products, such as lychees and bayberries, to create a matrix of high-quality economical express delivery solutions [2] - The initiative aims to support rural revitalization and consumption upgrades simultaneously [2]