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]

东兴证券近日发布快递7月数据点评：件量增速继续放缓，各企业增速分化：7月全国快 递服务企业业务完成量164.0亿件，同比增长15.0%。分类型看，同城件业务量同比增长 8.8%，异地件增长16.1%。行业件量增速3月以来缓慢下行，与去年同期基数较高有一定关 系，也与以价换量模式边际效益递减有关。 以下为研究报告摘要： 事件：7月全国快递服务企业业务完成量164.0亿件，同比增长15.0%。行业件量增速缓 慢下降。 价"行为，并将此纳入企业信用评价。7月29日，召开快递企业座谈会，就多项突出问题整 治，促进行业高质量发展进行座谈交流。 各地也相应出台反内卷政策，包括但不限于：义乌市邮政管理局召开会议，将快递价格 在1.1元/票底价基础上涨价0.1元/票至1.2元/票，自7月18日起生效；8月1日广东省邮政管理 局召开反对"内卷式"竞争工作座谈会，要求积极推动解决快递末端网络不稳定、从业人员权 益保障不到位等突出问题。且有消息称8月5日起，广东省快递底价整体上调0.4元/票，均价 涨至1.4元/票以上，基层网点派费增加0.1元/票；北京市快递协会于8月5日发布《倡议 书》，杜绝通过不合理低价争抢市场份额；摒弃"价 ...

| 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 600794 | 保税科技 | 4.83 | 5.46% | 133.59万 | | 6.37亿 | | 603713 | 密尔克卫 | 62.38 | 2.50% | 2.92万 | | = 1.82亿 | | 002468 | 申通快递 | 19.48 | 2.47% | 51.21万 | | 9.79亿 | | 002492 | 恒基达整 | 7.45 | 1.78% | 15.96万 | | 1.18亿 | | 600119 | 长江投资 | 9.54 | 1.49% | 8.59万 | | 8191.39万 | | 601598 | 中国外运 | 5.63 | 1.26% | 15.09万 | | 8470.72万 | | 603871 | 嘉友国际 | 11.51 | 1.23% | 21.09万 | | 2.42亿 | | 002800 | 天顺股份 | 15.58 | 1.17% | 10.24万 | | 1.59亿 ...

东兴证券发布研报称，7月全国快递服务企业业务完成量164.0亿件，同比增长15.0%。分类型看，同城 件业务量同比增长8.8%，异地件增长16.1%。价格方面，7月行业单票价格环比6月略降，同比降幅缩窄 至5.3%。申通、韵达与圆通7月单票收入同比降幅分别为1.5%、3.5%和7.1%。7月以来国家邮政局加强 了反内卷的力度并强调行业自律，或有助于后续价格竞争的缓和，预计后续各地还会继续跟进反内卷的 相关政策，建议重点关注服务品质领先的行业龙头中通快递-W(02057)和圆通速递（600233） (600233.SH)。 东兴证券主要观点如下： 件量增速继续放缓，各企业增速分化 7月全国快递服务企业业务完成量164.0亿件，同比增长15.0%。分类型看，同城件业务量同比增长 8.8%，异地件增长16.1%。行业件量增速3月以来缓慢下行，与去年同期基数较高有一定关系，也与以 价换量模式边际效益递减有关。与6月类似，7月上市快递公司件量增速分化依旧明显。其中顺丰增速显 著领先行业均值，4月以来维持了30%以上的高增长。通达系快递中，圆通增速高于行业均值，申通及 韵达则低于行业均值。 圆通单票收入继续下压，申通韵达 ...

Core Viewpoint - The express delivery sector is currently undervalued, with continuous growth in the e-commerce market and new demands emerging from lower-tier markets and reverse logistics, indicating strong resilience in industry demand [1] Group 1: Industry Performance - The express delivery industry remains robust, with July 2025 revenues reaching 120.64 billion yuan and business volume at 16.40 billion pieces, reflecting year-on-year growth of 8.9% and 15.1% respectively [1] - From January to July 2025, the cumulative express delivery revenue was 839.42 billion yuan, up 9.9% year-on-year, while the cumulative business volume reached 112.05 billion pieces, increasing by 18.7% [1] - SF Express leads the industry with July 2025 revenue of 18.657 billion yuan and business volume of 1.377 billion pieces, and from January to July 2025, it achieved a market share increase of 0.5 percentage points [1] Group 2: Demand and Pricing Dynamics - The express delivery sector benefits from strong demand resilience, driven by trends such as smaller package sizes, increasing reverse logistics, and the advantages of lower-tier markets, with industry volume growth significantly outpacing retail sales growth [2] - The trend towards lighter and smaller packages, along with intensified price competition, has impacted the average revenue per package, leading to a more competitive pricing environment [2] Group 3: Regulatory Environment - The State Post Bureau's emphasis on "anti-involution" aims to foster healthy price competition within the express delivery industry, reducing the likelihood of a return to the severe price wars seen in 2020 [3] - As price increases are gradually implemented across various regions, the profitability per package for express delivery companies is expected to improve, enhancing the market position of leading firms [3]

Investment Rating - The report maintains a "Positive" investment rating for the transportation industry, indicating an expectation of performance that exceeds the market benchmark by over 5% [2]. Core Insights - The report highlights that the national express delivery service volume reached 16.4 billion pieces in July, reflecting a year-on-year growth of 15.0%. However, the growth rate is gradually declining, influenced by high base effects from the previous year and diminishing returns from the price-for-volume strategy [3][11]. - There is a notable divergence in growth rates among companies, with SF Express leading the industry with over 30% growth since April. In contrast, YTO Express shows growth above the industry average, while Shentong and Yunda are below it [4][11]. - The report discusses the impact of recent anti-involution policies aimed at curbing excessive competition and price wars, which may lead to a stabilization of prices in the industry [5][12]. Summary by Sections 1. Industry Overview - In July, the express delivery service volume was 16.4 billion pieces, with a year-on-year increase of 15.0%. The growth in same-city deliveries was 8.8%, while intercity deliveries grew by 16.1%. The overall growth rate has been slowly declining since March due to high previous year comparisons and diminishing returns from aggressive pricing strategies [3][14]. 2. Company Performance - SF Express has maintained a significant growth rate of over 30% since April, while YTO Express has outperformed the industry average. Shentong and Yunda have shown lower growth rates compared to the industry average [4][21]. - The average revenue per piece for the industry has slightly decreased, with YTO, Shentong, and Yunda experiencing year-on-year declines of 7.1%, 1.5%, and 3.5% respectively. Yunda's revenue decline has slowed, indicating limited room for further price reductions, while YTO's decline continues to widen [5][35]. 3. Pricing Dynamics - The report notes a slight decrease in the average price per piece in July, with a year-on-year decline of 5.3%. The pricing pressure from YTO on Shentong and Yunda has contributed to their slower growth rates [33][37]. - Recent anti-involution measures have been implemented to stabilize pricing, including regulatory actions against below-cost pricing and promoting industry self-discipline [12][49]. 4. Market Structure - The report indicates that the industry concentration ratio (CR8) was 86.9 in July, showing a year-on-year increase of 1.7, while remaining stable compared to the previous month. The market share of the four listed companies reached 50.6%, slightly up from 50.0% year-on-year [42][43]. 5. Investment Recommendations - The report suggests that the ongoing price competition is forcing companies to focus on service quality and transition towards higher-value offerings. The emphasis on service quality is expected to become a key trend in the industry as companies adapt to changing market dynamics [48].

Core Insights - The express delivery industry in China showed strong growth in July 2025, with revenue reaching 120.64 billion yuan and volume at 16.4 billion pieces, marking year-on-year increases of 8.9% and 15.1% respectively [1][2] - Cumulatively, from January to July 2025, the industry generated 839.42 billion yuan in revenue, a 9.9% increase year-on-year, and handled 112.05 billion pieces, reflecting an 18.7% growth [1][2] Industry Data - In July 2025, major express companies reported the following revenue and volume figures: SF Express at 18.657 billion yuan (+15.0%), Shentong at 4.287 billion yuan (+10.0%), Yunda at 4.120 billion yuan (+3.8%), and YTO at 5.371 billion yuan (+12.1%) [3] - The volume for these companies was 1.377 billion, 2.181 billion, 2.162 billion, and 2.583 billion pieces respectively, with year-on-year growth rates of 33.7%, 11.9%, 7.6%, and 20.8% [3] - For the first seven months of 2025, the revenue figures were: SF Express at 127.812 billion yuan (+10.9%), Shentong at 28.980 billion yuan (+14.8%), Yunda at 28.851 billion yuan (+7.1%), and YTO at 37.943 billion yuan (+13.9%) [4] - The volume for the same period was 9.190 billion, 14.528 billion, 14.888 billion, and 17.446 billion pieces, with growth rates of 26.9%, 19.3%, 15.1%, and 21.6% respectively [4] Market Trends - The express delivery industry is benefiting from changes in demand, such as the trend towards lighter and smaller packages, an increase in reverse logistics, and the advantages of lower-tier markets [5] - The growth in volume is significantly outpacing the retail sales growth (+4.8%) and the growth in online retail sales (+6.3%), indicating strong demand resilience [5] - The industry is experiencing a price war, which is impacting per-package revenue, but there are signs of a shift towards more orderly competition as major players adjust their strategies [5] Investment Recommendations - The express delivery sector is currently viewed as undervalued, with expectations of continued growth driven by the expanding e-commerce market and new demands from lower-tier markets [6] - Companies to watch include leading e-commerce express firms such as ZTO Express, YTO Express, Yunda, Shentong, and Jitu Express, as well as SF Express, which is expected to benefit from cyclical improvements in the mid-to-high-end market [6]

Core Viewpoint - YTO Express announced its main operating data for the express delivery business in July 2025, emphasizing the importance of the accuracy and completeness of the information provided [1]. Group 1: Company Data - The announcement includes key operating data for YTO Express's express delivery business for July 2025 [1]. - The data presented is unaudited, and investors are advised to be cautious regarding investment risks [1]. Group 2: Legal Assurance - The board of directors of YTO Express guarantees that the announcement does not contain any false records, misleading statements, or significant omissions, and they bear legal responsibility for the content's authenticity, accuracy, and completeness [1].

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].

Core Insights - The 2025 China International Service Trade Fair (CIFTIS) will feature a transportation service exhibition from September 10 to 14, focusing on advanced technologies and solutions in the transportation sector [1][2] Group 1: Exhibition Overview - The exhibition will showcase over 100 leading global companies, with 60% being Fortune 500 and industry leaders, and an international participation rate of 24% [3] - Key participants include COSCO Shipping Group and Beijing Investment Group, which will present cutting-edge innovations in digital transportation, smart manufacturing, and green low-carbon technologies [3][4] Group 2: Smart Public Transportation - The Smart Public Transportation area will highlight solutions from major companies like Beijing Subway and Capital Highway Development, focusing on urban traffic management [3][4] - Innovations such as smart stations, maintenance robots, and facial recognition entry systems will be displayed [4] Group 3: Smart Logistics Services - The Smart Logistics Services area will present global supply chain innovations, including blockchain delivery systems and automated port technologies from COSCO Shipping [4] - Other companies like China Post and Meituan will showcase their advancements in cross-border logistics and drone delivery systems [4] Group 4: Shared Parking Platform - The Beijing Static Traffic Shared Parking Platform will be introduced, integrating government, enterprise, and citizen resources to create a smart parking ecosystem [6][7] - The platform has dynamically connected 5,076 parking lots and 1.257 million parking spaces, facilitating over 1.23 million parking demand matches [6][7]