Zhongtai Securities(SH:600918) Zheng Quan Shi Bao Wang·2025-09-24 00:47Core Insights - The logistics industry is experiencing a significant shift towards unmanned delivery solutions due to rising labor costs, with last-mile delivery costs exceeding 30% of total logistics costs [1] Industry Overview - As of September 2025, over 1,900 out of 3,600 districts in China have supported unmanned vehicles on the road, representing more than 50% of the total, with ongoing policy support for expansion [1] - The unmanned logistics sector is transitioning into a fully commercialized phase, following an exploratory period from 2010 to 2016 and a breakthrough phase from 2016 to 2023 [1] Company Developments - Major logistics companies, including SF Express and ZTO Express, are expected to introduce thousands of unmanned delivery vehicles this year, a significant increase from the hundreds introduced last year, indicating a trend towards large-scale deployment [1] - The first application of unmanned logistics vehicles is in the last mile of delivery, where they are replacing human drivers, thereby creating cost-saving opportunities for courier companies [1]