Group 1 - Zhongtong Airlines officially registered in Changsha Free Trade Airport Zone with a registered capital of 600 million yuan, marking the establishment of Hunan's first local cargo airline and filling a gap in the region's air cargo sector [1] - The project is part of Zhongtong's full industry chain layout, aiming to leverage the advantageous transportation conditions of the Free Trade Airport Zone to build a cargo airline operation base and a cargo distribution center [1] - The total investment for the Zhongtong cargo airline and related projects in Changsha is 11 billion yuan, which will create a comprehensive industrial ecosystem including headquarters, production, warehousing, logistics, cross-border e-commerce, and financial services [2] Group 2 - In 2024, Changsha Huanghua Airport achieved a cargo throughput of 199,800 tons, a year-on-year increase of 13.0%, but below the national growth rate of 19.2%, ranking 22nd nationally [2] - The cargo throughput of Ezhou Huahu Airport reached 865,200 tons in 2024, a significant increase of 252.7%, making it the fifth largest in the country and the first in Central China [3] - The entry of Zhongtong Airlines is expected to intensify competition for air cargo sources in Central China, with Ezhou and Zhengzhou airports also expanding their cargo capabilities [4]

Core Viewpoint - ZTO Express (Cayman) Inc. shares have increased by approximately 0.2% since the last earnings report, which is underperforming compared to the S&P 500 [1]. Group 1: Recent Performance - The stock has shown a slight positive trend in the past month, but it remains uncertain whether this will continue leading up to the next earnings release [1]. - There has been no significant movement in earnings estimates from analysts in the last two months, indicating a lack of new insights or changes in expectations [2].

Core Insights - The "618" e-commerce promotion, known as the longest in history, has concluded with a stable delivery experience due to thorough preparation and an extended duration [1] - The express delivery industry has seen a significant increase in business volume, with a daily average exceeding 550 million packages during the promotion period [1] - The rapid growth in express delivery volume is driven by consumer market vitality, which in turn enhances the logistics economy [1][2] Express Delivery Industry Performance - The express delivery business volume reached 173.2 billion packages in May, marking a year-on-year growth of 17.2% [1] - Major express companies have improved their operations across collection, transportation, and sorting, leading to a more stable consumer delivery experience [1] - The integration of cold chain technology has facilitated the transportation of seasonal fruits, such as cherries and lychees, ensuring freshness [1][2] Technological Advancements - The express delivery sector has experienced significant technological upgrades, particularly in the last-mile delivery segment, making this year's "618" the most technologically advanced in history [2] - The deployment of unmanned vehicles and AI has optimized resource allocation and route adjustments, allowing companies to handle increased business volumes efficiently [2] - Over 1,000 unmanned vehicles are now operational across more than 250 locations, covering over 180 cities nationwide [2] Economic Impact - The efficient operation of the express delivery system has integrated various flows, including logistics, finance, commerce, and information, becoming a crucial link between industries and regions [3] - The express delivery economy plays a significant role in optimizing industrial structures and facilitating economic operations [3] - Future developments should focus on enhancing rural logistics services and cold chain networks to improve agricultural supply chain integration [3]

Core Viewpoint - The 618 shopping festival in 2023 saw a significant increase in transaction volume, with 453 brands achieving over 100 million yuan in sales, marking a 24% year-on-year growth. The logistics industry experienced a more manageable workload due to a longer promotional period and increased automation [1][2]. Group 1: Changes in the Logistics Industry - The 618 promotional period was extended to one month, divided into three rounds, leading to a more stable order volume and less pressure on logistics workers compared to previous years [3][4]. - The first peak of express delivery occurred earlier than usual, with a 14% increase in daily express volume around May 18-19, indicating a shift in consumer behavior [3][4]. - The average daily package volume at logistics points increased by approximately 15% post-first round of promotions, with daily collection reaching around 70 million packages [4]. Group 2: Automation and Technology Integration - The logistics industry is increasingly adopting automation to handle growing volumes, with many logistics points implementing automated sorting equipment to enhance capacity [7][8]. - The integration of technology has improved operational efficiency, with automated systems handling tasks that previously required significant manual labor, thus reducing the need for additional workforce during peak periods [7][8]. - Companies like Zhongtong Express have reported substantial investments in automation, with capabilities increasing from processing 10,000 packages per hour to over 50,000, significantly improving operational efficiency [8]. Group 3: Seasonal Product Trends - The types of products shipped during the 618 festival reflected seasonal demand, with a notable increase in summer-related items such as sun protection clothing and cooling products [5].

Core Insights - The 618 shopping festival this year saw a longer promotional period, which helped reduce the pressure on the express delivery industry compared to previous years [3][4] - The overall volume of packages increased, but the distribution of orders was more spread out, leading to a more manageable workload for delivery personnel [2][4] - Automation and technology played a significant role in enhancing efficiency and capacity in the logistics process during this year's 618 festival [6][7][9] Delivery Volume and Trends - The express delivery industry experienced a growth in package volume during the 618 festival, with a notable 14% increase in daily express volume around May 18-19 compared to regular days [3][4] - The first round of promotions led to a 15% increase in daily package collection at certain delivery points, with daily collection reaching around 700,000 packages [3][4] - The peak delivery volume occurred 3 to 5 days after the collection peak, with a similar 15% increase in delivery volume [4] Automation and Technology - The integration of automated equipment in delivery points has increased, allowing for better handling of package sorting and processing [6][9] - Companies like Zhongtong have implemented advanced technologies such as AI for optimizing resource allocation and improving delivery efficiency [7][9] - The use of automated sorting equipment has significantly increased processing capacity, with some delivery points reporting an increase from 10,000 to over 50,000 packages per hour [9] Market Dynamics - The extended promotional period has alleviated operational and cost pressures on delivery companies, as concentrated spikes in order volume typically lead to increased costs and resource strain [4][6] - The express delivery industry is adapting to seasonal demands, with a notable increase in shipments of summer-related products during the 618 festival [5] - The overall market capacity continues to grow, prompting delivery companies to invest in automation to meet increasing demand without significantly raising labor costs [6][9]

Investment Rating - The report maintains a "Positive" investment rating for the logistics unmanned vehicle industry [5] Core Insights - The logistics unmanned vehicle industry is entering a phase of large-scale commercialization driven by product price reductions, open road rights, and diverse application scenarios [5] - The main application scenario for logistics unmanned vehicles is last-mile delivery, which can significantly reduce costs and improve efficiency for express delivery companies [5][6] - The potential market size for logistics unmanned vehicles is estimated to reach 207.1 billion yuan, with the ability to replace up to 4.44 million traditional commercial vehicles annually [52] Summary by Sections 1. Logistics Unmanned Vehicles: Commercialization Milestone - Logistics unmanned vehicles are defined as autonomous cargo transport tools primarily used in express delivery and other logistics scenarios [10] - The current largest application scenario is the delivery from express service points to community stations, which can replace traditional delivery vehicles and reduce labor costs [25] 2. Manufacturing Segment: Clear Industry Trends and Growing Orders - The market for logistics unmanned vehicles is expected to exceed 100 billion yuan, with significant replacement potential for traditional vehicles [52] - Leading companies like New Stone and Nine Knowledge have reported rapid growth in orders, indicating strong demand in the market [53] 3. Application Segment: Last-Mile Delivery and Cost Reduction - Express delivery companies are increasingly adopting unmanned vehicles for last-mile delivery, which can enhance profitability for franchisees [6] - Companies like SF Express and Debon are actively integrating unmanned vehicles into their operations, leading to cost savings and operational efficiency [5][6] 4. Investment Analysis - The report suggests focusing on companies such as SF Holdings, SF Same City, and Debon, which are well-positioned to benefit from the adoption of unmanned vehicles [5][6]

Group 1 - The integration of artificial intelligence (AI) in logistics has significantly improved resource allocation and operational efficiency, leading to a reduction in transportation and sorting costs by 12.8% and 10% respectively for Zhongtong Express in Q1 [1] - The average delivery time for express services has decreased to 54.34 hours, a reduction of 4.35 hours year-on-year, while customer satisfaction scores have increased to 84.8, up by 1.2 points [1] - The continuous enhancement of technology innovation, particularly in AI, is crucial for the rapid and efficient development of the Chinese express delivery industry [1] Group 2 - AI technology is widely applied across various logistics processes including collection, sorting, transportation, delivery, warehousing, customer service, and management, significantly enhancing operational efficiency at all levels of the logistics system [2] - The introduction of smart sorting, security, and warehousing technologies has improved processing efficiency at county-level distribution centers, with some centers achieving a processing capacity of 35,000 packages per hour [2] - The cold chain logistics sector is becoming more sophisticated, utilizing digital tools for temperature control throughout the delivery process, which is essential for maintaining the quality of perishable goods [2] Group 3 - Technologies such as drones and unmanned vehicles are being scaled for use in last-mile delivery, with significant deployments already in place, including over a thousand unmanned vehicles covering more than 180 cities [3] - The postal and express delivery industry is recognized as a key area for AI application due to its rich application scenarios and vast data resources, prompting the issuance of national standards to guide industry upgrades [3] - Future initiatives will focus on the integration of AI in postal services, including the promotion of drones, unmanned vehicles, and smart cloud warehouses for large-scale application [3]

Investment Rating - The industry investment rating is "In-Line" [5][10]. Core Insights - China's total absolute non-domestic Available Seat Kilometers (ASK) was 76% of 2019's level as of June 9, 2025, reflecting a 12% year-over-year increase but a slight decrease of 1% week-over-week [10]. - Excluding US routes, the recovery of China's absolute non-domestic ASK reached 86% of 2019's level [10]. - Capacity additions were noted on Hong Kong (+2%) and US (+1%) routes, while reductions occurred on Macau (-1%) and Korea (-1%) routes [10]. - Significant year-over-year increases in ASK were observed for Japan (+35%), Korea (+25%), Hong Kong (+17%), and US (+13%) routes, while Macau (-15%) and Thailand (-31%) saw decreases [10]. - Seat capacity for Japan, Thailand, and Korea routes reached 106%, 47%, and 94% of 2019 levels, respectively, while US routes were at 29% [10]. Summary by Relevant Sections International Air Capacity - Non-domestic ASK was 76% of 2019's level as of June 9, 2025, compared to 77% the previous week [2]. - Total seat capacity has recovered to approximately 80% of 2019's level [5]. Capacity Recovery - The report highlights that total absolute non-domestic ASK was -1% week-over-week and +12% year-over-year [10]. - Specific route recoveries include Japan at 106%, Korea at 94%, and US routes at 29% of 2019 levels [10]. Company Ratings - Air China Limited (601111.SS) rated Equal-weight, Air China Limited (0753.HK) rated Overweight [62]. - Cathay Pacific Airways (0293.HK) rated Equal-weight, China Eastern Airlines (600115.SS) rated Equal-weight [62]. - China Southern Airlines (600029.SS) rated Equal-weight, COSCO SHIPPING Energy Transportation (1138.HK) rated Overweight [62].

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The shipping rates on the Asia-Brazil route have surged by 100% due to a shortage of available vessels and containers, with rates reaching $3,300 per container [2][12] - The global new ship order volume has dropped to a four-year low, with only 439 vessels ordered in the first four months of 2025, a significant decrease from 980 vessels in the same period of 2024 [2][13] - During the Dragon Boat Festival in 2025, civil aviation passenger volume reached 5.63 million, with a total of 101 new international air cargo routes opened in the first five months [2][14] - The express delivery industry saw a 15.4% year-on-year increase in package volume during the Dragon Boat Festival, with a total of 1.511 billion packages collected nationwide [2][21] Summary by Sections 1. Industry Hot Events - The Asia-Brazil shipping rates increased by 100% due to a shortage of vessels and containers, influenced by trade policies and seasonal demand [12] - The civil aviation passenger volume during the Dragon Boat Festival reached 5.63 million, with 101 new international air cargo routes opened [14] - The express delivery industry experienced a 15.4% year-on-year growth in package volume during the Dragon Boat Festival [21] 2. High-Frequency Data Tracking - In May 2025, domestic cargo flight operations decreased by 6.76%, while international flights increased by 26.98% [33] - The shipping price index for domestic trade decreased, while dry bulk freight rates increased [41] - The express delivery business volume in April 2025 rose by 19.10% year-on-year, with revenue increasing by 10.80% [52] 3. Investment Recommendations - Focus on the equipment and manufacturing export chain, recommending companies like COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics [4] - Attention to low-altitude economy investment opportunities, recommending CITIC Offshore Helicopter [4] - Investment opportunities in the cruise and ferry sectors, recommending Bohai Ferry and Haixia Co [4] - E-commerce and express delivery investment opportunities, recommending SF Express, Jitu Express, and Yunda [4] - Investment opportunities in the aviation sector, recommending China National Aviation, China Southern Airlines, and Spring Airlines [4]

活动现场。中通快递新 都公司供图 中新网四川新闻6月9日电 （记者 何浠）近日，主题为"遇见科技智领未来"的科技课堂在成都市新都 区教科院附属小学举行。日常与孩子们生活息息相关的前沿科技设备走进校园，在孩子们心中点燃了对 科技的热爱与梦想。 除此之外，工作人员还展示了载重50公斤的无人机，介绍无人机在复杂地形、紧急配送等特殊场景下的 独特优势，以及其背后所运用的高精度飞行控制技术和多重安全保障机制。 活动在孩子们专注触摸科技设备、沉浸于科技魅力之中，以及随之而来的阵阵欢呼声中圆满收官。此次 由新都教科院附小与中通快递新都公司联合举办的科技盛宴，以直观且生动的方式，让智慧物流不再停 留于理论层面，而是变得可感可知。它宛如一座桥梁，搭建起少年们与科技之间的联系，在少年心中悄 然播下了好奇与创新的种子，为未来科技人才的培养奠定了坚实基础。（完） 现场，无人车引发了同学们的好奇，根据中通快递新都公司工作人员的揭秘，同学们了解到无人车能载 重500公斤，日处理快递近2000件。无人车依靠"智慧眼"（激光雷达+摄像头）智能避障。工作人员以通 俗易懂的语言和丰富多样的案例，为同学们详细讲解了无人车在快递领域的应用。从无人车 ...