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].

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].

快递提速，不仅让沧州群众收取快递更加及时，也让沧州企业发货更快。为了带动枣制品、杂粮制品、 鱼竿渔具、汽车用品、化妆毛刷、服装服饰等特色产业发展，各快递企业积极与沧州特色产业园区、电 商平台开展战略合作，推动"快递进村""快递进厂"，为沧州特色产品走出去搭建起高效物流通道。"快 递企业到一线装车发货，不仅为企业节约了时间和物流成本，有时候还可以使发货总时长减少一天。这 看似不起眼的一天，放到市场上可是不小的优势。"沧州市邮政管理局市场科相关负责人说。 （来源：沧州发布） 转自：沧州发布 近几年，沧州快递业务量平均每年增长1亿余件。日益增多的快递包裹，对快递处理能力提出了更高要 求。在河间、肃宁、沧县、献县等地，一个个大型快递转运中心的投用，有效缓解了沧州及保定、衡水 等地区的快递分拣压力，进一步提升了快递配送效率。 为了提升分拣效率，各个转运中心引入全自动交叉带分拣机、智能扫码称重设备、可视化监控系统等现 代化设施，实现快递分拣、中转、调度等全流程工作的标准化、智能化运行。目前，我市已经引入了69 条自动分拣线，相较于人工分拣，时间缩短了一半多。 昨天，在刚刚投用的韵达河间转运中心，随着自动化分拣设备高速运转 ...

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].

长江商报消息 ●长江商报记者 沈右荣 离婚14年后，申通快递（002468.SZ）实控人陈小英卷入股权纠纷。 1月21日晚，申通快递公告，公司收到有关诉讼材料。奚春阳以股东身份资格确认纠纷为由对公司、公司实际控制 人之一陈小英提起民事诉讼。奚春阳请求法院确认登记在陈小英名下的申通快递股份一半归其所有。这部分股权 市值约2.8亿元。 这桩诉讼牵出25年前中国快递江湖"桐庐帮"往事。 根据公开信息，1993年，浙江桐庐人聂腾飞、陈小英创办申通快递。聂腾飞因车祸去世，申通快递当时高管纷纷 出走，创办了"三通一达"，从而形成了目前的"四通一达"快递格局。 以申通快递公告披露当日（2026年1月21日）的收盘价13.78元/股计算，上述股权纠纷对应市值约为2.8亿元。 申通快递称，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，对公司损益无直接影 响。 这是一桩历史纠纷。1993年，聂腾飞、陈小英创办申通快递的前身上海盛彤实业有限公司，奚春阳是聂腾飞的司 机。在快递业初期之时，司机的重要性不言而喻。 奚春阳曾是聂腾飞司机，后走上申通快递管理岗位，并于2012年与陈小英结婚，但在当年又离婚。 曾经的申通 ...

Investment Rating - The industry investment rating is "Positive" [3][30] Core Insights - The express delivery industry in China experienced a total delivery volume of 216.5 billion pieces in 2025, with a year-on-year growth of 11.5%. The express delivery volume reached 199 billion pieces, growing by 13.7% year-on-year. The total revenue for the postal industry was 1.8 trillion yuan, with express delivery revenue at 1.5 trillion yuan, reflecting year-on-year growth of 6.4% and 6.5% respectively [1][6] - In December 2025, the national express service companies completed a business volume of 18.21 billion pieces, a year-on-year increase of approximately 2.3%. The express business revenue was about 138.87 billion yuan, showing a slight increase compared to the same period last year. The average revenue per piece was approximately 7.63 yuan, a year-on-year decrease of about 1.6% [1][6][8] Summary by Sections 1. December Industry Overview - The industry volume growth rate fell below 3%, with stable performance in average revenue per piece. The December express delivery volume growth rate decreased further compared to November, attributed to high base effects from last year's price wars and weak demand since Double Eleven [2][6][8] - Major companies saw a decline in year-on-year volume growth rates, with YTO dropping from 13.6% in November to 9.0%, Yunda from -4.2% to -7.4%, and Shentong from 14.7% to 11.1%. SF Express's growth rate fell to 9.3% [2][6][12] 2. Express Business Volume - The express delivery business volume in December 2025 was approximately 18.21 billion pieces, with a year-on-year growth of about 2.3%. The growth rate continued to decline due to the ongoing internal competition and weak demand since Double Eleven [8][10] 3. Average Revenue per Piece - The average revenue per piece in December 2025 saw a year-on-year decline of 1.6%, with a narrowing decrease in the price drop trend. The overall price indicators remained positive, indicating a supportive effect from the internal competition [7][22][28] - The revenue per piece for major companies showed mixed results, with YTO's revenue per piece increasing by 0.4%, while Yunda and Shentong saw decreases of 0.5% and 3.3% respectively. SF Express's revenue per piece increased by 2.5% month-on-month, with a narrowing year-on-year decline [23][25][27] 4. Investment Recommendations - Despite the pressure from lower-than-expected demand since Double Eleven, the stability in average revenue per piece for major companies reflects the supportive role of internal competition on pricing. The ongoing internal competition is expected to exceed expectations, indicating the industry is in the early stages of an upward cycle, with profitability likely to continue recovering [3][30] - The shift from high-growth to a focus on existing market importance suggests a change in competitive logic, emphasizing service quality for sustainable development. Key companies to watch include Zhongtong and YTO, which lead in service quality, and Shentong, which has shown significant operational improvements [3][30]

来源：@国际金融报微博 伴随着顺丰、圆通、申通、韵达披露2025年12月经营数据，A股四大快递公司的2025年全年数据均已出炉。 1月20日，A股上市的四家主流快递企业均收涨，顺丰控股涨2.37%，圆通速递涨2.75%，申通快递和韵达股份分别收涨1.02%、1.01%。 根据最新披露的月度经营数据，2025年12月，顺丰控股总营收273.39亿元，其中，速运物流业务营收203.78亿元，同比增长3.78%；业务量14.76亿票，同 比增长9.33%；单票收入13.81元/票，同比下跌5.09%；供应链及国际业务营收达到69.61亿元，同比增长2.35%。 从2025年1—12月的全年数据来看，顺丰速运物流业务收入达到2284.52亿元，全年完成业务量166.34亿票。另外，顺丰2025年供应链及国际业务实现营收 727.46亿元。这也意味着，仅这两项业务2025年营收就已经达到3011.98亿元，这也是顺丰首次实现营收超过3000亿元。 | 月份 | 速运物流业务收 | 完成业务量(亿 | 快递服务单票收 | | --- | --- | --- | --- | | | 入(亿元) | 票) | 入(元) | ...

Core Viewpoint - The rapid development of Gongzhuling City is attributed to the deep understanding and efficient integration of development factors, focusing on high-quality development strategies and systematic reforms to optimize resource allocation and enhance competitiveness [1] Group 1: Innovation and Technology - Gongzhuling City has established a tiered cultivation system for technology-based small and medium-sized enterprises, high-tech enterprises, and "Eagle" and "Gazelle" enterprises, with 79 technology-based SMEs, 27 high-tech enterprises, 2 Eagle enterprises, and 6 Gazelle enterprises recognized by 2025 [2] - The city promotes collaboration between enterprises and research institutions, exemplified by the partnership between Jilin Baitefu Technology Co., Ltd. and the Chinese Academy of Sciences, leading to advancements in core technologies [2][3] - The city aims to transform laboratory results into production through precise matching of supply and demand, with a focus on "order-based R&D" [3] Group 2: Investment and Project Attraction - Gongzhuling City targets high-quality investment by aligning with leading industries, employing a "lock in the chain master, attract businesses through businesses" model to enhance overall industry competitiveness [4][5] - The city has successfully attracted major logistics companies to establish a modern logistics cluster, with a planned area of 2 million square meters [6] - In 2025, Gongzhuling City plans to negotiate 152 projects, with a total investment of 9.588 billion yuan, achieving a project signing rate of 44.6% [7] Group 3: Business Environment and Efficiency - The city is committed to optimizing the business environment, with significant reductions in administrative approval times and an increase in online processing rates for high-frequency matters [8] - Gongzhuling City has implemented mechanisms like "one project, one specialist" and "tolerant processing" to accelerate project construction, with a focus on ensuring timely completion of key projects [9][11] - The city has seen a substantial increase in new business entities, with 13,985 new entities established in a year, reflecting a thriving entrepreneurial ecosystem [8] Group 4: Overall Development Strategy - Gongzhuling City is transforming its geographical advantages and industrial foundations into competitive strengths through systematic factor aggregation, contributing to the revitalization of Northeast China and the collaborative development of the Changchun metropolitan area [12]

Core Viewpoint - The financial performance of major express delivery companies in A-shares for the year 2025 has been disclosed, showing varied growth rates and strategic developments among the companies [1][6]. Group 1: Company Performance - SF Express reported total revenue of 273.39 billion yuan in December 2025, with express logistics revenue of 203.78 billion yuan, a year-on-year increase of 3.78%, and a total business volume of 1.476 billion packages, up 9.33% year-on-year [1][2]. - YTO Express achieved a revenue of 64.96 billion yuan in December 2025, marking a year-on-year growth of 7.48%, with a business volume of 28.84 billion packages, up 9.04% year-on-year [6]. - Shentong Express reported a revenue of 58.36 billion yuan in December 2025, a significant year-on-year increase of 28.23%, with a business volume of 25.01 billion packages, up 11.09% year-on-year [6]. - Yunda Express had a revenue of 46.26 billion yuan in December 2025, a year-on-year decrease of 1.49%, with a business volume of 21.48 billion packages, down 7.37% year-on-year [6]. Group 2: Strategic Developments - SF Express announced a strategic partnership with Jitu Express, involving mutual share purchases, which will enhance resource sharing and collaboration in logistics network development [4]. - SF Express is increasing its share buyback efforts, having repurchased shares worth approximately 10.45 million yuan in mid-January 2025 [4]. - The overall market capitalization reflects the performance differences, with YTO Express leading at 602 billion yuan, followed by Shentong at 212 billion yuan and Yunda at 202 billion yuan [7]. Group 3: Industry Challenges - The express delivery industry faces challenges such as rising operational costs, including labor, transportation, and facility expenses, alongside the need for differentiation in a highly competitive market [7]. - Regulatory pressures and the need for green transformation, including packaging reduction and carbon emission management, are increasing operational complexity and require ongoing investment [7].