Investment Rating - The report maintains a "Recommended" rating for the logistics industry [1] Core Insights - In July 2025, the express delivery industry experienced a year-on-year business volume growth of 15.1%, outpacing the growth of physical online retail sales at 8.3% and social consumer retail sales at 3.7% [6][14] - The trend of small parcel delivery continues, driving rapid growth in express package volume [14] - The average revenue per ticket in the express delivery industry was 7.36 yuan in July 2025, reflecting a year-on-year decline of 5.33% and a month-on-month decline of 1.76% [21] - The report anticipates a price recovery in August 2025 due to the "anti-involution" trend in the industry [6] Industry Volume and Price - In July 2025, the year-on-year growth rates for express delivery business volume in first, second, and third-tier regions were +14.2%, +16.8%, and +28.0%, respectively [34] - The average revenue per ticket in first, second, and third-tier regions showed year-on-year declines of -4.7%, -7.2%, and -12.1%, respectively [34] Company Performance - In July 2025, the express delivery business volume growth rates for YTO Express, Yunda, Shentong, and SF Express were +20.81%, +7.56%, +11.90%, and +33.69%, respectively, with the industry average at 15.1% [43] - The year-on-year decline in average revenue per ticket for YTO Express, Yunda, Shentong, and SF Express was -7.14%, -3.54%, -1.50%, and -14.02%, respectively [44]

智通财经APP获悉，民生证券发布研报称，快递板块当前仍处于低估区间，电商市场规模持续增长，叠 加下沉市场及电商逆向件等新需求落地，看好行业需求增长韧性，叠加物流无人车打开快递降本空间。 另外随着顺周期预期改善，中高端快递市场具备需求回暖机会价值。建议关注顺丰控股(06936)、中通 快递-W(02057)、圆通速递(600233.SH)、申通快递(002468.SZ)、极兔速递-W(01519)。 需求增长韧性强劲，价格竞争影响单票收入 民生证券主要观点如下： 快递行业保持高位运行，顺丰控股持续领跑 国家邮政局公布2025年7月快递行业运行情况，7月份快递业务收入与业务量分别完成1206.4亿元和164.0 亿件，分别同比增长8.9%和15.1%，2025年1-7月，快递业务收入累计完成8394.2亿元，同比增长9.9%， 快递业务量累计完成1120.5亿件，同比增长18.7%。 2025年7月，顺丰快递业务营收和件量增速领跑行业，快递业务收入186.57亿元，业务量13.77亿件。 2025年1-7月，顺丰市场份额同比+0.5pct，快递收入为1278.12亿元，业务量91.90亿件，单票收入13.91 元 ...

Core Viewpoint - The express delivery industry is experiencing a "volume increase and price decrease" situation, with companies shifting focus from price competition to quality and service improvement [1][2]. Group 1: Industry Performance - In July, major express delivery companies reported varying revenue growth, with Shentong Express seeing a 9.95% increase in revenue but a 1.50% decrease in revenue per package [1]. - YTO Express reported a 12.08% increase in revenue but a 7.20% decrease in revenue per package [1]. - Yunda Holdings experienced a 3.75% revenue growth with a 3.54% drop in revenue per package [1]. - SF Express's logistics and supply chain business saw a 9.95% revenue increase, while revenue per package fell by 14.02% [1]. Group 2: Strategic Shifts - Companies are moving away from the "price for volume" model to focus on quality and service upgrades, as stated by Shentong Express's management [2]. - The industry is expected to transition from "price wars" to "value wars," emphasizing service quality to gain market share [2]. - Experts predict that with ongoing anti-involution policies, leading companies will accelerate their shift towards service and efficiency competition, potentially improving industry profit margins within one to two years [2]. Group 3: Technological Advancements - The express delivery industry is increasingly adopting intelligent and digital applications to enhance operational efficiency, such as automated sorting and big data for route optimization [3]. - Digital management is improving supply chain transparency and customer experience [3]. - Long-term, technology-driven advancements are expected to accelerate industry consolidation, putting pressure on smaller logistics companies to transform, while leading firms with technological capabilities will dominate the market [3].

证券日报网讯 8月20日晚间，申通快递发布公告称，近日，申通有限与兴业银行上海分行重新签署了 《最高额保证合同》，申通有限为债务人（公司加盟商）向兴业银行上海分行或兴业银行其他分支行申 请的"兴速贷"借款提供连带责任保证担保，保证额度累计不超过人民币2，000万元。 （文章来源：证券日报） ...

证券代码：002468 证券简称：申通快递 公告编号：2025-060 申通快递股份有限公司 关于对外担保的进展公告 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。 一、担保情况概述 （一）担保事项审议情况 申通快递股份有限公司（以下简称"公司"）于 2025 年 1 月 22 日召开第六届董事会第七次 会议审议通过了《关于对外提供担保的议案》，同意公司（含控股子公司）为公司加盟商或其法 定代表人向银行等金融机构申请贷款时提供总额度不超过人民币 20,000 万元的担保，该担保额度 已经 2025 年第一次临时股东大会审议通过，有效期至下年度审议对外担保额度预计的股东大会召 开之日止，任一时点的担保余额不得超过股东大会审议通过的担保额度，具体内容详见公司分别 于 1 月 23 日、2 月 12 日在《中国证券报》《证券日报》《证券时报》《上海证券报》及巨潮资 讯网（www.cninfo.com.cn）上披露的《关于对外提供担保的公告》（公告编号：2025-007）、《2025 年第一次临时股东大会决议公告》（公告编号：2025-013）。 （二）担保进展情况 ...

Group 1 - Jinhe Biological plans to establish a wholly-owned subsidiary with an investment of 10 million yuan to expand into the pet business, focusing on pet food and supplies, food additives, and medical research [1] - CNOOC Development intends to sell its cold energy business and assets to a related party for a total of 371 million yuan [1] - Shentong Express reported a revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95% [2] Group 2 - Haosai received a warning letter from the Beijing Securities Regulatory Bureau due to suspected bribery involving its controlling shareholder [4] - Zhenyang Development is planning a major asset restructuring, leading to a temporary suspension of its stock [5] - Chitianhua's subsidiary will undergo a planned maintenance shutdown for 35 days, which will not affect the annual production targets [7] Group 3 - Aikang Pharmaceutical reported a net loss of 139 million yuan in the first half of the year, despite a revenue increase of 10.26% [8] - Zhaojin Gold achieved a net profit of 446.946 million yuan in the first half of the year, reversing a loss from the previous year [9] - CNOOC Development reported a net profit of 1.83 billion yuan in the first half of the year, a year-on-year increase of 13.15% [10] Group 4 - Hanchuan Intelligent reported a net profit of 22.935 million yuan in the first half of the year, compared to a loss in the same period last year [11] - Songyuan Safety's net profit increased by 30.85% year-on-year, with a revenue of 1.148 billion yuan [12] - Hengdian Film reported a net profit of 202 million yuan, a year-on-year increase of 128.61% [13] Group 5 - Ruoyu Chen's net profit increased by 85.6% year-on-year, with a revenue of 1.319 billion yuan [14] - Ruida Futures reported a net profit of 228 million yuan, a year-on-year increase of 66.49% [16] - Yangjie Technology's net profit increased by 41.55% year-on-year, with a revenue of 3.455 billion yuan [17] Group 6 - Yahua Group reported a net profit of 136 million yuan, a year-on-year increase of 32.87% [19] - Zhenyou Technology reported a net loss of 47.594 million yuan in the first half of the year [20] - Xinghui Co., Ltd. announced a share transfer agreement involving 6.99% of its shares [21] Group 7 - Shaanxi Natural Gas plans to transfer 13% of its shares through an agreement [23] - Zhenyou Technology received government subsidies totaling 6.0487 million yuan, accounting for 22.05% of its net profit [25] - Kema Technology plans to reduce its shareholding by up to 1.72% through a strategic employee placement plan [26]

证券之星消息，8月20日物流板块较上一交易日上涨2.51%，申通快递领涨。当日上证指数报收于 3766.21，上涨1.04%。深证成指报收于11926.74，上涨0.89%。物流板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 002468 | 申通快递 | 19.01 | 10.01% | 57.78万 | | 10.63亿 | | 600233 | 圆通速递 | 18.70 | 5.89% | 41.47万 | | 7.61亿 | | 605050 | 福然德 | 15.97 | 5.00% | - 13.63万 | | 2.16亿 | | 002120 | 韵达股份 | 8.98 | 3.58% | 104.55万 | | 9.29亿 | | 872351 | 华米源海 | 30.48 | 3.32% | 3.45万 | | 1.04亿 | | 600704 | 物产中大 | 5.65 | 3.10% | 117.49万 | | 6.57亿 | | 00 ...

Investment Rating - The report maintains an "Overweight" rating for the express delivery industry, expecting the industry index to outperform the market index by over 10% in the next six months [7]. Core Insights - The express delivery volume continues to grow rapidly, with a cumulative completion of 1120.5 billion pieces from January to July 2025, representing a year-on-year increase of 18.7%. In July alone, the volume reached 164 billion pieces, up 15.1% year-on-year [2]. - The industry's revenue growth lags behind volume growth, with a cumulative revenue of 8394.2 billion yuan from January to July 2025, reflecting a year-on-year increase of 9.9%. The average revenue per piece in July was 7.36 yuan, down 5.33% year-on-year [2]. - Market concentration has slightly decreased, with the CR8 index at 86.9, down 0.1 from June. Major players like SF Express, Yunda, Shentong, and YTO have seen varying growth rates in volume and revenue per piece, indicating a temporary easing of competitive pressure [3]. - Regulatory measures against "involution" have led to price increases in key production areas, with minimum prices raised to 1.4 yuan per piece in Guangdong province starting August 4, 2025. This is expected to improve profitability in the industry [4]. Summary by Sections Industry Performance - The express delivery sector has shown robust growth in volume, but revenue growth remains slower, indicating a reliance on price reductions to drive volume [2]. Market Dynamics - The competitive landscape is stabilizing, with major companies experiencing seasonal volume declines and slight decreases in average revenue per piece. The market concentration has decreased slightly, suggesting a reduction in competitive intensity [3]. Regulatory Environment - Recent regulatory actions have aimed to curb excessive competition, leading to price adjustments that could enhance profitability for express delivery companies [4][5]. Investment Strategy - The report suggests a positive outlook for the express delivery industry under the new regulatory framework, recommending attention to leading companies such as SF Express, YTO Express, Shentong Express, and Yunda [5].

Group 1 - The Science and Technology Innovation 50 Index rose over 3%, reaching a new high for the year, driven by a collective surge in chip stocks [1] - Companies such as Jimin Health, Hanzhong Precision Machinery, and Kesen Technology have seen consecutive trading gains, with Jimin Health achieving a five-day streak [1] - The AI server market is dominated by Inspur Information, which holds over 50% market share in China and has reported a 64.39% year-on-year increase in net profit for the first quarter [1] Group 2 - The domestic leading companies are making significant advancements, with Nvidia reportedly developing an AI chip specifically for the Chinese market [3] - Companies like Fullchai Power and Yuanlin Co. have also seen consecutive trading gains, indicating strong market performance [3] - The company Guangxin Technology is a leader in optical modules and has partnered with Cisco to launch a 1.6T silicon optical module [3] Group 3 - The domestic automotive sector is witnessing significant developments, with China FAW planning to acquire approximately 10% of Leap Motor [6] - Companies like Mould Technology and Shentong Express are also making strides, with Mould Technology providing components for new energy vehicles [6] - The automotive thermal management sector is led by companies like Hanzhong Precision Machinery, which specializes in compressors and refrigeration products [8] Group 4 - The pharmaceutical industry is seeing a surge in domestic innovative drugs going global, with Tianmu Pharmaceutical being the first listed company in traditional Chinese medicine [7] - Companies like Huahai Pharmaceutical are advancing in the development of innovative drugs, with over 20 projects currently in research [7] - The automotive passive safety system sector is represented by companies like Songyuan Safety, which reported a 30.85% year-on-year increase in net profit [7]

Core Insights - In July, major A-share express delivery companies reported a general year-on-year increase in express business revenue, while the revenue per ticket continued to decline [1] Group 1: Company Performance - Shentong Express reported a revenue of 4.287 billion yuan in July, a year-on-year increase of 9.95%, with a business volume of 2.181 billion tickets, up 11.92%, and a revenue per ticket of 1.97 yuan, down 1.50% [1] - YTO Express achieved a revenue of 5.371 billion yuan in July, a year-on-year increase of 12.08%, with a business volume of 2.583 billion tickets, up 20.79%, and a revenue per ticket of 2.08 yuan, down 7.20% [1] - Yunda Co., Ltd. reported a revenue of 4.120 billion yuan in July, a year-on-year increase of 3.75%, with a business volume of 2.162 billion tickets, up 7.56%, and a revenue per ticket of 1.91 yuan, down 3.54% [1] - SF Holding's total revenue from express logistics, supply chain, and international business was 24.847 billion yuan in July, a year-on-year increase of 9.95%, with express logistics revenue of 18.657 billion yuan, up 14.97%, and a business volume of 1.377 billion tickets, up 33.69%, with a revenue per ticket of 13.55 yuan, down 14.02% [1] Group 2: Industry Trends - The State Post Bureau reported that the postal industry revenue reached 144.98 billion yuan in July, a year-on-year increase of 8.6%, with express business revenue at 120.64 billion yuan, up 8.9% [2] - The postal industry has seen growth in revenue and volume from January to July, but the average ticket price has declined [2] - To prevent a "price war," the State Post Bureau has implemented measures to combat "below-cost" competition, prompting express companies to raise ticket prices and focus on technology development, service upgrades, process optimization, and brand building [2] - Various regions, including Beijing and Guangdong, have introduced "anti-involution" policies, with Guangdong raising the base price by 0.4 yuan per ticket, setting a minimum collection price of 1.4 yuan per ticket [3] - Shentong Express has committed to abandoning the "price for volume" model, focusing on quality upgrades and efficiency [3]