文丨金融八卦女特约作者：身披铠甲的方方 · · · 2026年初的快递圈，还没盼来行业回暖的好消息，倒先爆了个创始人夫妻恩怨大瓜。 1月22日，申通快递突发公告，把很多人都快忘了的陈小英，又拎回公众视野。原因很简单——她那位 离婚13年的前夫奚春阳，突然现身，说要分她名下申通的股份。 两人2012年就各走各路了，陈小英2019年已经高位卖股、基本退出快递江湖。该翻篇的早翻了，偏偏现 在又翻出来。这一纸诉状背后，显然不只是旧情，还有一堆"老账"没说完。 ▲诉讼基 本情况 来源：申通快递官网 陈小英名下4056.85万股，一人一半，2028.4万股，按当天股价一算，差不多2.8个亿。网友当场破 防："原来有钱人的离婚，真的是可以晚十几年再结算的。" 更让人看不懂的是时机。两人2012年就各走各路了，陈小英2019年已经高位卖股、基本退出快递江湖。 该翻篇的早翻了，偏偏现在又翻出来。是当年没算清，还是现在这个点，终于等到了？这一纸诉状背 后，显然不只是旧情，还有一堆"老账"没说完。 如果只看表面，这是一桩并不新鲜的离婚后财产纠纷，但问题恰恰出在"时间点"上。 而奚春阳的诉求也相当明确——他认为，登记在陈小英名下的4 ...

Core Viewpoint - The performance landscape of China's major express delivery companies is becoming clearer as they report their 2025 operational data, indicating a shift towards high-quality development in the industry, with significant growth in business volume and revenue [1][6]. Group 1: Performance of Major Companies - SF Holding achieved a milestone in 2025 with annual revenue surpassing 300 billion yuan, driven by logistics and international business growth, despite a slight decline in per-package revenue [2][6]. - YTO Express maintained its leading position within the Tongda system, reporting 683.18 billion yuan in revenue and 311.44 billion packages delivered, with a focus on cost control and international expansion [3][6]. - Shentong Express emerged as a significant player in 2025, with a 28.23% year-on-year increase in revenue to 58.36 billion yuan, benefiting from the consolidation of Daniao Logistics [3][6]. - Yunda Express experienced a decline in package volume but managed to increase per-package revenue, indicating a strategic shift towards rational development and profitability [4][6]. Group 2: Industry Trends and Developments - The express delivery industry is transitioning from low-price competition to high-quality development, with companies prioritizing profitability over volume [6][8]. - Technological advancements and green transformation are becoming key drivers of industry growth, with increased investment in smart logistics and sustainable practices [7][8]. - Internationalization and collaborative development are emerging as strategic priorities for leading companies, enhancing their global service networks and competitiveness [7][8]. Group 3: Future Outlook - The ongoing optimization of industry structure is expected to enhance the resource integration capabilities and brand advantages of leading companies, while compressing the survival space for smaller firms [8]. - Competition surrounding service upgrades, technological innovation, and international expansion is anticipated to intensify, positioning the Chinese express delivery industry for robust resilience and growth potential in the global logistics market [8].

每次上市公司实控人的"离婚账本"一摊开，总能牵动投资者的神经。 从统计结果来看，在上述12家公司里，10家股价从公告日到2025年最后一个交易日实现上涨，占比 83.33%。其中，悦安新材股价涨幅最多，累计涨幅达到37.21%；金圆股份（000546）、威士顿 （301315）等公司的股价涨幅也超过20%，实控人的前任们属于"躺赚"，只有善水科技（301190）、金 丹科技（300829）两家公司股价出现下跌，最大跌幅为13%。 全文请见：2025年A股上市公司实控人离婚"分手费"全景，近60亿元财富被分割！ 近日，申通快递（002468）实控人之一陈小英在离婚14年后，被前夫起诉索要公司2028.4万股。按公告 当日(1月21日)公司的收盘价13.78元/股计算，这部分股权对应的市值约为2.8亿元。 事实上，这样的"离婚分割股权大戏"并不少见。《每日经济新闻》记者统计发现，2025年全年共有12家 上市公司因实控人离婚卷入股权分割，股权分割的总市值从公告当日的57.83亿元涨到年底的63.21亿 元，并且没有实控人及前任实施减持。 投资者普遍关心的焦点是，上市公司实控人在离婚分割股权后，公司股价会否因配偶减 ...

Investment Rating - The report maintains an "Overweight" rating for the aviation and oil shipping sectors [4]. Core Insights - The aviation sector is expected to see record passenger flow during the Spring Festival, with a projected increase of approximately 5.3% year-on-year, reaching 9.5 billion trips in 2026. The report anticipates strong demand during the Spring Festival, with limited additional flights due to strict management by airlines [4]. - In the oil shipping sector, high oil freight rates are expected to persist, with a significant year-on-year increase in tanker profits anticipated for Q1 2026. The report highlights a bullish long-term outlook for oil shipping driven by global oil production growth and an aging fleet [4]. - The express delivery sector is projected to experience a growth rate of 14% in 2025, with a notable recovery in profitability driven by effective measures against excessive competition [4]. Summary by Relevant Sections Aviation - The report forecasts a record high in passenger flow during the Spring Festival, with a year-on-year growth of 5.3% in civil aviation passenger transport [4][5]. - The pre-sale trends for airline tickets are positive, and the overall flight capacity increase during the Spring Festival is expected to be limited, benefiting airline revenue management [4]. - The report suggests a strategic investment in the aviation sector, highlighting companies such as Air China, China Eastern Airlines, and Spring Airlines as potential beneficiaries [4]. Oil Shipping - Oil freight rates are expected to remain high, with a significant increase in tanker profits projected for Q1 2026 due to rising oil production from the Middle East and South America [4]. - The report emphasizes the long-term bullish logic for oil shipping, driven by increased demand and a tightening supply due to an aging fleet [4]. - Recommended companies in the oil shipping sector include COSCO Shipping Energy Transportation and China Merchants Energy Shipping [4]. Express Delivery - The express delivery sector is expected to see a growth rate of 14% in 2025, with a decline in growth rate towards the end of the year [4]. - The report notes that measures against excessive competition have led to a recovery in profitability for leading companies in the sector [4]. - Companies such as SF Express and ZTO Express are highlighted as key players to watch in this sector [4].

中国经营报 . 《中国经营报》由《中国经营报》社有限公司出版，与中国企业同步成长，对话商业领袖，传播商业理想，服务商业人群，掌控中国商界绝对话语权。 来源|中国经营报 作者|杨让晨 张家振 1月22日，申通快递（002468.SZ）公告称，公司于近日收到玉环市人民法院送达的《民事起诉状》《应诉通知书》【（2026）浙1083民初243 号】等有关诉讼材料，自然人奚春阳以股东资格确认纠纷为由对申通快递、实际控制人之一陈小英提起民事诉讼。 以下文章来源于中国经营报 ，作者杨让晨 张家振 申通快递公告 《中国经营报》记者注意到，奚春阳认为，根据双方离婚时对财产分割的约定，申通快递与陈小英均应就4056.85万股股份的50%，即约2028.42万 股归属于自己，并向中国证券登记结算有限责任公司申请办理非交易过户至其名下的手续。 据了解，奚春阳与陈小英已于2012年解除婚姻关系，本次诉讼事项是奚春阳与陈小英之间的离婚财产分割涉及的股东资格确权纠纷。 申通快递方面在公告中表示，此诉讼不会对正常生产经营造成重大不利影响，不会对内部治理和规范运作产生重大不利影响，也不会对实际控制权产 生影响。就此，记者1月23日联系申通快递 ...

Investment Rating - The report maintains a "Buy" rating for major airlines including China Southern Airlines, China Eastern Airlines, Spring Airlines, and others, while recommending "Hold" for YTO Express and Shentong Express [2]. Core Insights - The report highlights a positive outlook for the aviation sector driven by multiple factors, including the upcoming Spring Festival travel peak, the appreciation of the RMB easing cost pressures, and the increase in visa-free countries for Chinese citizens, which is expected to boost international travel demand [4][7]. - The anticipated passenger transport volume during the 2026 Spring Festival is projected to reach a historical high of 95 million, with a daily average of 2.38 million passengers, reflecting a year-on-year growth of approximately 5.3% [4]. - The report emphasizes the cyclical recovery of the civil aviation market, with expectations of rising passenger load factors and ticket prices, driven by a gradual recovery in demand and limited capacity growth [4][7]. Summary by Sections Aviation and Airports - Daily flight operations from January 19 to January 23 showed slight fluctuations, with Eastern Airlines and Southern Airlines operating 2,245.80 and 2,221.80 flights respectively, while year-on-year comparisons indicate a decrease in operations [4]. - The average aircraft utilization rates during the same period were reported, with Spring Airlines achieving the highest at 9.20 hours per day, although all airlines showed a decline compared to the previous year [4]. - The report suggests that the upcoming Spring Festival will significantly enhance market demand, particularly from student travelers, as the holiday season approaches [4][7]. Logistics and Express Delivery - The report notes a divergence in the growth rates of express delivery companies, with a total of approximately 4.073 billion packages collected from January 12 to January 18, reflecting a year-on-year decline of 11.82% [7]. - It highlights the ongoing high-quality development of the express delivery industry, with policies aimed at reducing competition ("anti-involution") expected to improve profitability [7]. - The report recommends focusing on express companies with significant profit elasticity, such as Shentong Express and YTO Express, as well as those with strong growth potential in overseas markets like Jitu Express [7]. Infrastructure - The report tracks various transportation metrics, including highway and railway freight volumes, indicating a mixed performance across sectors [7]. - It suggests that the low-interest-rate environment will continue to support investment in infrastructure, with a focus on high-quality assets [7]. - Specific recommendations include investing in highway companies like Shandong Highway and Anhui Expressway, as well as railway companies like Daqin Railway and Beijing-Shanghai High-Speed Railway [7]. Shipping and Trade - The report indicates a mixed performance in shipping rates, with the SCFI index showing a decline of 7.39% week-on-week and a year-on-year drop of 28.73% [7]. - It emphasizes the potential for investment opportunities in oil and bulk shipping due to geopolitical factors and structural demand growth [7]. - Recommendations include focusing on companies like COSCO Shipping Energy and COSCO Shipping Holdings for oil shipping investments, as well as Hai Tong Development for bulk shipping [7].

Investment Rating - The report maintains a positive outlook on the shipping industry, recommending companies such as China Merchants Energy and COSCO Shipping Energy [3]. Core Insights - The report highlights a significant increase in charter rates for VLCCs, which rose by 4.62% to $62,250 per day, and Cape rates increased by 5.37% to $26,475 per day, indicating a strong correlation between commodity prices and shipping rates [3]. - New ship prices are rising alongside second-hand ship prices, with the new ship composite index increasing by 0.07 to 184.76 points, suggesting a favorable market for shipbuilders [3]. - The report emphasizes the resilience of the shipping market, particularly in oil and bulk shipping, with expectations of continued demand driven by geopolitical factors and commodity price fluctuations [3]. Summary by Sections Shipping Market Performance - The shipping index increased by 1.76%, outperforming the CSI 300 index by 2.38 percentage points [4]. - The coastal dry bulk freight index in China rose by 0.84%, while the Shanghai export container freight index fell by 7.39% [4]. Oil Shipping - VLCC rates are currently around $100,000 per day, with a recent decline of 11% in average rates to $105,090 per day, indicating potential volatility in the market [3]. - The report notes that while VLCC rates may adjust, smaller oil tanker rates remain supported due to high demand [3]. Dry Bulk Shipping - The report indicates a rebound in dry bulk rates, particularly driven by increased grain exports from South America, with the BDI index recording a 12.4% increase [3]. - Capesize rates increased by 16.1%, reflecting strong demand in the Pacific market [3]. Container Shipping - The report observes a seasonal decline in container shipping rates as the peak season ends, with the SCFI index dropping by 7.4% [3]. - The resumption of services in the Red Sea has been noted, but the market remains cautious due to geopolitical uncertainties [3]. Air Transportation - The report highlights a significant supply constraint in aircraft manufacturing, with an aging fleet and increasing passenger demand expected to enhance airline profitability [3]. - Airlines are recommended for investment due to their strong demand elasticity and potential for significant earnings growth [3]. Logistics and Express Delivery - The report anticipates a concentration of market share and profits among leading express delivery companies, with a focus on ZTO Express and YTO Express [3]. - The logistics sector shows resilience, with steady growth in freight volumes reported [3].

1月22日，DeepWay深向与申通快递在上海举行车辆交付仪式，100台深向星辰新能源重卡顺利交付申通快递。此举标志着在快递干线 运输场景中，双方合作已正式迈入规模化运营新里程。 DeepWay深向售后服务中心负责人吴凌 随后，DeepWay深向售后服务中心负责人吴凌也表示，"申通快递是DeepWay深向重要的战略伙伴，从首批车辆的运营，到如今第二 批大规模交付，每一次携手都基于真实的运营成效。我们期待继续与申通并肩，共同打造更绿色、更高效、更智慧的干线运输体系，为 行业可持续发展贡献力量。" 2025年初，申通快递已率先在行业内引入36台深向星辰智能新能源重卡，投入到江浙沪区域23条核心运输线路中。历经长时间、高强 度的实际运营考验，这批车辆在稳定性与能耗控制等方面表现卓越。基于首批车辆的可靠运行数据和出色TCO表现，申通快递再次选择 与DeepWay深向携手，进一步扩大合作规模。 作为快递行业头部企业，申通快递敢为人先，在干线运输中率先规模化引入电动重卡，具有显著的行业示范意义。这不仅验证了电动重 卡在快递快运场景中的商业可行性，也推动全行业从"观望"走向"规模化复制"。 申通快递车辆研究专家王章涛 "智 ...

中证报中证网讯(记者罗京)2026年年货节消费热潮来临，快递行业迎来新一轮业务量峰值。近日，记者 从申通快递（002468）获悉，公司发布年货节保障方案，围绕强化网络运营、升级客服支持、优化产品 矩阵、落实一线关怀四大核心举措，通过数智化赋能与全链路协同，构建常态化、高质量的节日寄递保 障体系。 在网络运营层面，申通快递全国76个转运中心维持常态化运营状态。公司依托自研数智系统，对运力实 施实时监控，根据单量预测数据灵活调整分拣节奏，以此保障极端天气及业务高峰双重压力下，快递全 链路时效的稳定性。 针对多元化寄递需求，申通快递基于大数据预测为商家提供定制化保障方案，通过驻场服务、预留产能 等方式，助力商家应对订单高峰，保障大促期间物流履约评分稳定。与此同时，旗下丹鸟"半日达"服务 在年货节期间照常运行，并且在12个重点城市新增上线"闪购4小时达"服务，满足消费者对高时效商品 的配送需求。 客服与网点支撑体系也同步升级。申通快递采用"数智客服+人工专项"的服务策略，三大智能客服中心 实现对全量网点的24小时即时响应，确保客户咨询高效流转处理。在网点运营帮扶上，总部与省区建立 联动帮扶机制，提前派驻人员驻场维护设 ...

Core Insights - The core focus of the article is on Shentong Express's preparations for the upcoming "New Year Festival," emphasizing enhanced customer experience and operational efficiency through a comprehensive support plan [1][3]. Group 1: Operational Enhancements - Shentong Express has implemented a "New Year Festival" guarantee plan that includes four core initiatives: enhancing network operations, upgrading customer support, optimizing product offerings, and ensuring frontline care [1]. - During the festival, 76 national transfer centers will maintain regular operations, utilizing a self-developed intelligent system for real-time capacity monitoring and resource allocation [1]. - The company plans to adjust sorting rhythms flexibly based on volume forecasts to ensure stability in delivery times, even during extreme weather and peak business periods [1]. Group 2: Customized Solutions for Merchants - Shentong Express is providing customized support plans for merchants, including on-site services and reserved capacity, to help them manage order surges and maintain logistics performance ratings during promotional periods [3]. - The company's Daniao "same-day delivery" service will continue to operate, with a new "flash purchase 4-hour delivery" service launched in 12 key cities to meet consumer demand for timely deliveries [3]. Group 3: Customer Service and Support Mechanisms - The company employs a "technology-assisted + resource sinking" support mechanism to ensure stable customer service quality [5]. - Utilizing a "smart customer service + specialized human support" strategy, Shentong Express has established three intelligent customer service centers that provide 24-hour immediate response across all outlets [5]. - A "support mechanism" has been established between headquarters and provincial regions to assist in equipment maintenance, route planning, and capacity allocation, effectively reducing burdens and costs for local outlets [5].