Investment Rating - The investment rating for the transportation industry is "Positive" (maintained) [4] Core Views - The express delivery demand remains high, with significant growth in logistics performance. In April 2025, major express companies reported substantial business volume increases, with SF Express achieving a growth rate of 30.0% [4][29] - The logistics market is experiencing a shift towards consolidation, with leading companies like SF Express and JD Logistics benefiting from macroeconomic recovery and cost control measures [12] - The shipping sector is expected to see continued demand growth due to OPEC+ production increases and limited new oil tanker orders, which will tighten supply [12] Summary by Sections Express Logistics - In April 2025, the total business volume for express services reached 16.32 billion pieces, a year-on-year increase of 19.1%, with total revenue of 121.28 billion yuan, up 10.8% [23] - SF Express led the growth with a business volume of 1.335 billion pieces, up 29.99%, while YTO Express and Yunda Express also showed strong performance [4][29] Shipping - The Shanghai Export Container Freight Index (SCFI) rose by 7.2% to 1586 points, indicating an increase in shipping rates [9] - The oil tanker market is expected to benefit from OPEC+ production increases, while the dry bulk shipping market is anticipated to recover due to supply constraints and regulatory pressures [12] Aviation - In April 2025, civil aviation transported approximately 60.93 million passengers, a year-on-year increase of 8.9%, with cargo volume rising by 16.8% [51] - The industry is expected to benefit from a long-term supply-demand imbalance, with potential for significant growth as macroeconomic conditions improve [12] Supply Chain Logistics - Companies like Shenzhen International are expected to see performance improvements due to the transformation of logistics parks and high dividend yields [12] - The competitive landscape in the express delivery sector is stabilizing, providing opportunities for companies like Deppon Logistics and Aneng Logistics to enhance profitability [12]

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The express delivery industry experienced a business volume growth of 19.1% year-on-year in April, with SF Express leading at 30.0% growth [3][4] - The cumulative express delivery volume from January to April reached 614.5 billion pieces, reflecting a year-on-year increase of 20.9% [15] - The average price per package in the express delivery sector continued to face pressure, with a year-on-year decline of 7.0% in April [4][5] - The report highlights the ongoing growth potential in the express delivery sector, driven by the expansion of e-commerce and the rise of live-streaming commerce [6][50] Summary by Sections Industry Situation - The cumulative retail sales of physical goods through online shopping reached 3.93 trillion yuan, growing by 5.8% year-on-year, with an online shopping penetration rate of approximately 24.3% [15][16] - The average value per package was about 63.9 yuan, down 13.1% year-on-year [15] Company Performance - In April, the express delivery volumes for major companies were as follows: YTO Express at 2.693 billion pieces, Yunda at 2.174 billion pieces, Shentong at 2.092 billion pieces, and SF Express at 1.335 billion pieces [4][35] - Cumulatively, from January to April, the express delivery volumes were: YTO Express at 9.472 billion pieces, Yunda at 8.250 billion pieces, Shentong at 7.899 billion pieces, and SF Express at 4.876 billion pieces [4][35] Pricing Situation - The average price per package in the express delivery industry was 7.43 yuan in April, down 7.0% year-on-year [4][5] - The average prices for major companies in April were: YTO Express at 2.14 yuan, Yunda at 1.91 yuan, Shentong at 1.97 yuan, and SF Express at 13.49 yuan [5][41] Core Summary and Outlook - The report emphasizes the continued growth potential in the express delivery sector, with e-commerce package volumes expanding and consumer behavior becoming more fragmented [6][50] - The competitive landscape is expected to evolve, with potential price competition re-emerging in 2025 as leading companies seek to increase their market shares [8][50] Investment Recommendations - For franchise-based companies, the report recommends focusing on Zhongtong Express, Yunda, and YTO Express, while keeping an eye on Shentong Express [51] - For direct-operated companies, SF Express is recommended due to its position as a leading comprehensive express logistics provider, with expectations of improved profitability and cash flow [51]

[Table_Author] 匡培钦 交运行业首席分析师 执业编号：S1500524070004 邮 箱：kuangpeiqin@cindasc.com [Table_Industry] 物流 2025 年 5 月 23 日 证券研究报告 行业研究 [Table_ReportType] 行业专题研究（普通） | [Table_StockAndRank] 物流 | | | --- | --- | | 投资评级 | 看好 | | 上次评级 | 看好 | 顺丰单量增长超预期，电商快递价格继续承压 秦梦鸽 交运行业分析师 执业编号：S1500524110002 邮 箱：qinmengge@cindasc.com 信达证券股份有限公司 CINDA SECURITIES CO.,LTD 北京市西城区宣武门西大街甲127号金隅大厦 B座 邮编：100031 [Table_Title] 快递行业月度专题：顺丰单量增长超预期， 电商快递价格继续承压 [Table_ReportDate] 2025 年 05 月 23 日 本期内容提要: [Table_S [事件：顺丰控股、圆通速递、韵达股份、申通快递发布 Table_Summa ...

4 月件量维持较高增速，各快递份额分化 [Table_Industry] 运输 ——快递行业 2025 年 4 月月报 本报告导读： 4 月快递件量同比+19.1%，维持较高增速。头部企业份额逐步分化。建议关注电商快 递龙头份额上升催化估值修复机会，与时效快递顺周期底部时机。 投资要点： 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 业 跟 踪 报 告 股票研究 /[Table_Date] 2025.05.21 [Table_Invest] [table_Authors] 2025-05-23 [Table_Summary] 2025 年 4 月快递件量同比+19.1%，仍保持较快的增速，超邮管局全 年增速预测。1）全行业：2025 年 4 月全国快递企业件量 163.2 亿 件，同比增长 19.1%；2025 年 1-4 月件量 614.5 亿件，同比增长 20.9%。 小件化趋势持续、电商促销且退换货便捷，共同驱动 2025 年前 4 月 件量增速超过邮管局对 2025 年全年件量增速超 8%的预测。此外， 4 月多电商平台取消"仅退款"，不仅短期可释放部分电商逆向件需 求 ...

4 月件量维持较高增速，各快递份额分化 [Table_Industry] 运输 ——快递行业 2025 年 4 月月报 本报告导读： 4 月快递件量同比+19.1%，维持较高增速。头部企业份额逐步分化。建议关注电商快 递龙头份额上升催化估值修复机会，与时效快递顺周期底部时机。 投资要点： 业 跟 踪 证 券 研 究 报 告 请务必阅读正文之后的免责条款部分 股 票 研 究 行 报 告 股票研究 /[Table_Date] 2025.05.21 [Table_Invest] [table_Authors] 2025-05-23 [Table_Summary] 2025 年 4 月快递件量同比+19.1%，仍保持较快的增速，超邮管局全 年增速预测。1）全行业：2025 年 4 月全国快递企业件量 163.2 亿 件，同比增长 19.1%；2025 年 1-4 月件量 614.5 亿件，同比增长 20.9%。 小件化趋势持续、电商促销且退换货便捷，共同驱动 2025 年前 4 月 件量增速超过邮管局对 2025 年全年件量增速超 8%的预测。此外， 4 月多电商平台取消"仅退款"，不仅短期可释放部分电商逆向件需 求 ...

Group 1: Gold Market Analysis - The report highlights that central bank gold purchases are a significant driver of gold price increases, with an estimated 1,044 tons purchased in 2024 [2] - Investment demand for gold is expected to dominate in the short term, with a projected investment demand of 1,179 tons in 2024, while gold jewelry consumption is anticipated to decline by 11% year-on-year to approximately 1,877 tons [2][3] - The report notes a significant increase in gold ETF sizes, with domestic gold ETFs rising by over 50 billion in April, indicating heightened investor interest in gold [3] Group 2: Coal Industry Insights - The coal sector is expected to see an upward turning point by the end of May, coinciding with the summer peak demand, suggesting that the current price drop is the last before the peak season [2] - The report recommends key coal companies such as China Shenhua, Shaanxi Coal, and China Coal Energy, indicating a strong dividend logic for these leading firms [4][30] - The report anticipates that the coal industry has fully released risks, with a potential upward trend expected as demand recovers, particularly with the summer peak approaching [33] Group 3: Beauty and Biotech Sector Developments - The report discusses Jinbo Biological's new collagen technology, which eliminates reliance on chemical cross-linking agents, marking a significant innovation in the field of biocompatible materials [12] - Jinbo Biological's new product, a recombinant type III humanized collagen gel, is expected to enhance safety and efficacy in clinical applications, with a target price set at 565.54 yuan [12][13] - The company is projected to achieve significant earnings growth, with EPS estimates of 12.57, 17.20, and 22.14 yuan for 2025-2027 [12] Group 4: AI and Technology Sector Updates - The report emphasizes that ByteDance has emerged as a leading force in AI development, with new models and applications being introduced [25] - The launch of the MCP Servers by ByteDance is expected to facilitate AI application development, streamlining the process for developers [26] - The introduction of new AI technologies, such as the DiskANN and RaBitQ algorithms, is anticipated to significantly enhance performance in vector retrieval applications [27]

5月19日晚间，A股四家快递公司顺丰控股（SZ002352）、圆通速递（SH600233）、韵达股份（SZ002120）、申通快递 （SZ002468）发布了2025年4月经营业绩快报。 | 快递公司 | 快递产品收入(亿元) | 同比增长(*) | 业务量(亿票) | 同比增长(*) | | --- | --- | --- | --- | --- | | 顺丰 | 180. 03 | 11. 85 | 13. 35 | 29. 99 | | 園通 | 57. 55 | 16. 32 | 26. 93 | 25. 27 | | 韵达 | 41. 51 | 5.84 | 21. 74 | 13. 41 | | 申通 | 41. 18 | 16. 39 | 20. 92 | 20. 98 | 快递公司4月基础业务数据每经记者制表 从快递业务看，顺丰业务量增速最高，同比增长29.99%，圆通业务量领跑四家快递公司，其与韵达、申通的业务量也进 一步拉开差距。 除去今年春节与去年春节错期，1月、2月业务量数据不能与去年完全同比影响外，在四家公司中，顺丰3月、4月业务量 增速均领跑。对此，顺丰在公告中解释称，主要得益于公 ...

关于2025年限制性股票激励计划首次授予部分激励对象名单的 公示情况说明及核查意见 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。 一、公示情况及核查方式 证券代码：002468 证券简称：申通快递 公告编号：2025-042 申通快递股份有限公司董事会薪酬与考核委员会 3、激励对象均为公司实施本计划时在公司任职的公司董事、高级管理人员、核心管理人员及 核心技术（业务）人员。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）的相关规定，申通快递 股份有限公司（以下简称"公司"）对激励对象的姓名和职务在公司内部进行了公示。根据《管 理办法》和《申通快递股份有限公司章程》（以下简称"《公司章程》"）的规定，公司董事会 薪酬与考核委员会结合公示情况对公司《2025 年限制性股票激励计划（草案）》（以下简称"《激 励计划（草案）》"）首次授予部分的激励对象人员名单进行了审核，相关公示情况及核查方式 如下： 公司董事会薪酬与考核委员会核查了本次拟激励对象的名单、身份证件、拟激励对象与公司 及下属公司签订的劳动合同、拟激励对象在公司担任的职务。 二、公司董事会 ...

行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 快递 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 证券研究报告：快递|点评报告 发布时间：2025-05-20 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2463.41 | | --- | --- | --- | | 52 | 周最高 | 2768.46 | | 52 周最低 | | 2098.61 | 快递单量保持高增，顺丰增速领跑 l 邮政局披露 2025 年 4 月运营数据 邮政局披露 2025 年 4 月邮政行业运行情况。4 月快递业务量 163.2 亿件，同比增长 16.7%，快递业务收入 1212.8 亿元，同比增长 10.8%，快递业务单价 7.43 元，同比下降 7.0%。 细分市场方面，2025 年 4 月同城快递业务量 13.4 亿件， ...

光线传媒：控股股东拟减持不超过1%公司股份 5月20日，光线传媒（300251）发布公告称，公司控股股东光线控股有限公司及其一致行动人王牮、王 洪田计划自2025年6月11日至9月10日，通过集中竞价和/或大宗交易方式减持公司股份不超过2923.73万 股，占剔除回购专用账户股份后公司总股本的比例不超过1%。本次减持主要是出于降低负债率、改善 财务结构及自身资金需求。 资料显示，光线传媒成立于2000年4月，主营业务是影视项目的投资、制作、发行。 所属行业：传媒–影视院线–影视动漫制作 新疆浩源：拟变更公司证券简称为"万憬能源" 康平科技：拟1.98亿元收购搜鹿电子100%股权 5月20日，康平科技（300907）发布公告称，公司计划以自有及自筹资金收购海南香橼创业投资合伙企 业（有限合伙）和江苏康平控股集团有限公司持有的上海搜鹿电子有限公司100%股权，交易价格为 1.98亿元。此次交易旨在增强公司核心竞争力，发挥协同效应。 资料显示，康平科技成立于2004年4月，主营业务是电机、电动工具整机及相关产品的研发、设计、生 产和销售。 所属行业：电力设备–电机Ⅱ–电机Ⅲ 5月20日，新疆浩源（002700）发布 ...