行业相对指数表现（相对值） 2024-05 2024-07 2024-10 2024-12 2025-03 2025-05 -15% -12% -9% -6% -3% 0% 3% 6% 9% 12% 15% 快递 沪深300 资料来源：聚源，中邮证券研究所 研究所 分析师:曾凡喆 SAC 登记编号:S1340523100002 Email:zengfanzhe@cnpsec.com 证券研究报告：快递|点评报告 发布时间：2025-05-20 行业投资评级 强于大市|维持 行业基本情况 | 收盘点位 | | 2463.41 | | --- | --- | --- | | 52 | 周最高 | 2768.46 | | 52 周最低 | | 2098.61 | 快递单量保持高增，顺丰增速领跑 l 邮政局披露 2025 年 4 月运营数据 邮政局披露 2025 年 4 月邮政行业运行情况。4 月快递业务量 163.2 亿件，同比增长 16.7%，快递业务收入 1212.8 亿元，同比增长 10.8%，快递业务单价 7.43 元，同比下降 7.0%。 细分市场方面，2025 年 4 月同城快递业务量 13.4 亿件， ...

香港恒生指数收涨1.49% 恒生科技指数涨1.15% 智通财经5月20日电，香港恒生指数收涨1.49%，恒生科技指数涨1.15%。宁德时代香港上市首日涨超 16%，毛戈平涨超12%，小米集团、蜜雪集团涨超4%；阿里健康跌超5%，中通快递跌超3%。 ...

Group 1 - CICC expects companies like Mixue Group (02097) and Bruker (00325) to be included in the Hong Kong Stock Connect list following the recent adjustments to the Hang Seng Index [1] - Horizon Robotics, listed in October last year, has met the requirements for inclusion in the Hong Kong Stock Connect after being added to the Hang Seng Index in February [1] - CICC estimates that passive fund inflows for companies like ZTO Express and NetEase will be significant, with expected inflows of $128 million and $218 million respectively [1] Group 2 - The Nasdaq Golden Dragon China Index fell by 0.17%, while major US indices showed slight gains, with the Dow Jones up 0.32% [2] - Notable gains were seen in the pharmaceutical and precious metals sectors, with Novavax rising over 15% [2] - The Hang Seng Index ADR increased by 0.52%, indicating a positive sentiment in the Hong Kong market [2] Group 3 - The World Health Organization's Director-General emphasized the need for global cooperation to address unprecedented public health challenges during the 78th World Health Assembly [3] - The WHO faces a budget shortfall of $1.7 billion over the next two years, which poses a significant challenge to its global health mission [3] Group 4 - Huawei's HarmonyOS-powered personal computers were officially launched, marking a significant breakthrough for domestic operating systems in the PC sector [4] - The HarmonyOS computers support over 1,100 external device connections and have adapted over 1,000 applications [4] Group 5 - Shandong Xinhua Pharmaceutical received approval for the listing of Eicosapentaenoic Acid Ethyl Ester, marking a significant milestone in its product development [5] - The approval was granted by the National Medical Products Administration after the company submitted its application in June 2023 [5] Group 6 - Huaxing Capital announced the successful listing of its portfolio company, Weigao Blood Purification Products, on the Shanghai Stock Exchange [6] - Tian Cai Holdings is negotiating to provide instant delivery systems for major online supermarkets, enhancing its service offerings [6] Group 7 - BYD established its European headquarters in Hungary, reinforcing its commitment to long-term development in Europe [7] - The establishment of the headquarters signifies deep integration with the local automotive industry [7] Group 8 - New China Life Insurance was approved to participate in the third batch of long-term investment reform trials, aiming to enhance capital market development [8] - The company plans to establish the third phase of the Honghu Fund to facilitate long-term investments [8] Group 9 - Jianbei Miao Miao expects a significant increase of at least 50% in its annual net profit attributable to shareholders for the fiscal year ending March 31, 2025 [9] Group 10 - Leap Motor reported a revenue of 10.02 billion yuan for Q1 2025, representing a year-on-year growth of 187.1% [10] - The growth was driven by a 162.1% increase in sales volume and a 4.9% increase in revenue per vehicle [10] Group 11 - Alibaba Health reported a 13.2% increase in revenue to 30.598 billion yuan for the fiscal year ending March 31, 2025, with adjusted net profit rising by 35.6% [11] - The company achieved a profit attributable to shareholders of 1.432 billion yuan, marking a 62.14% increase [11] Group 12 - Alibaba Pictures reported a 33% increase in revenue to 6.702 billion yuan for the fiscal year ending March 31, 2025, with a net profit attributable to shareholders of 364 million yuan [12] Group 13 - Trip.com Group reported a net operating revenue of 13.8 billion yuan for Q1 2025, reflecting a 16% year-on-year increase [13] - The net profit attributable to shareholders remained stable at 4.3 billion yuan compared to the previous year [13] Group 14 - CSPC Pharmaceutical received FDA fast track designation for its CPO301 drug, aimed at treating advanced non-small cell lung cancer [14] - The drug has also been approved for clinical trials in China [14]

汇报年报一季报后港股红利股票池更新汇报 20250519 摘要 • 嘉里太古股份等公司财务稳健，负债率低，持续分红。基泰建设在新项目 运营后提升股息支付率。乡林建设受益于金林华庭项目销售超预期，现金 流改善，增强派息确定性。太古地产虽受写字楼市场影响，但盈利能力和 现金流仍有保障，低杠杆支持派息。 • 国企央企物管公司如华润万象、优胜服务等财务状况良好，多为净现金状 态，派息率高。华润万象去年常规加特别派息达 100%，优胜服务派息率 约 50%。保利物业、中海物业资质优良，具有性价比，成本管控优化提升 利润率。 • 粤海投资剥离地产开发业务转型为纯公共事业公司，保持 65%派息率，股 息收益率约 6.5%。香港供水业务贡献稳定现金流和利润，公司稳定性与 持续性得到认可，但需关注 2030 年供水业务续约。 • 深圳国际通过物流园土地置换获得住宅项目，土地增值收益可观，采取派 息策略回馈股东。2024 年实现首个地块土地增值并如期派息，全年收益 超 10%，未来 3-4 年持续收益可期。 Q&A 香港本地股在红利股票市场的表现如何？ 香港本地股在红利股票市场表现良好，特别是嘉里建设和泰富地产。尽管宏观 经济环 ...

Market Overview - The US credit rating was downgraded by Moody's from Aaa to Aa1, marking the loss of the last AAA rating among major agencies, due to significant fiscal deficits and rising interest costs [1] - China's holdings of US Treasury bonds decreased by $18.9 billion to $765.4 billion as of March, making it the third-largest holder after Japan and the UK [1] - The US faces a substantial amount of debt maturing in June, raising concerns about its ability to manage these obligations [1] US Treasury Market Reaction - Following the downgrade, the US Treasury market experienced a large sell-off, with the 30-year Treasury yield rising approximately 10 basis points to over 5%, the highest level since mid-2007 [2] - The 10-year Treasury yield also increased to over 4.5%, reflecting investor concerns about the long-term fiscal health of the US [2] - Gold prices rebounded after a significant drop, with spot gold rising 1.3% to around $3,245 per ounce, driven by increased demand for safe-haven assets [2] Apple and AI Collaboration Concerns - Apple faces challenges as Trump urges the company to relocate its supply chain to the US, complicating its operations [2] - US officials are scrutinizing Apple's AI collaboration with Alibaba, fearing it may enhance China's AI capabilities and increase legal risks for Apple in terms of data sharing [2] - Alibaba's stock fell over 3% amid these concerns, indicating potential impacts on Apple's supply chain and related stocks [2] Xiaomi's New Product Launch - Xiaomi announced a strategic product launch event on May 22, featuring multiple new products, including the Xiaomi玄戒O1 chip, which is a significant milestone in its chip development journey [3] - The Xiaomi玄戒O1 chip is based on 3nm technology, making Xiaomi the fourth company globally to release a self-developed 3nm mobile processor [3] - Despite negative rumors regarding its automotive direction, Xiaomi's stock rose 2.65%, reflecting market enthusiasm for its diversified product strategy [3] Regulatory Changes in M&A - The China Securities Regulatory Commission (CSRC) announced significant changes to the management of major asset restructurings, encouraging private equity participation [4] - The approval process for restructurings has been expedited, reducing the average review period from three months to as little as 12 days [4] - Financial requirements have been relaxed, and the lock-up period for private equity investments has been halved, which has positively impacted the A-share market [4] Pharmaceutical Sector Activity - The Hong Kong market is seeing increased activity in the pharmaceutical sector, driven by rising COVID-19 cases [5] - Xiansheng Pharmaceutical's oral COVID-19 treatment received regular approval, leading to an 8% increase in its stock [5] - Other pharmaceutical companies, such as Sanofi and Four环医药, also saw significant stock price increases due to positive clinical results and new drug approvals [5] Airline Industry Insights - Domestic ticket prices in China have increased, with a year-on-year rise of 8.7% for the week of May 12-18, indicating strong demand for leisure travel [7] - The price of domestic aviation fuel has decreased by 19% year-on-year, which is expected to lower operational costs for airlines [7] - The appreciation of the RMB against the USD is projected to enhance airline profits, with a 1% increase in the RMB potentially adding 2-3 billion yuan to profits for major airlines [7] Individual Airline Performance - China National Aviation reported a 5.3% increase in passenger capacity in April, with an 8.6% rise in passenger turnover, suggesting improved performance in the upcoming summer travel season [9] - The company benefits from a strong international route network and plans to expand its operations significantly in the coming years [9] - China National Aviation's stake in Cathay Pacific is expected to contribute substantial investment returns, further bolstering its financial position [10]

Market Overview - The Hang Seng Index is expected to rise to 24,300 points due to the easing of trade tensions between China and the US, with tariffs on Chinese imports reduced from 145% to 30% and on US imports from 125% to 10% for a period of 90 days [2] - The Chinese government is set to introduce a series of financial policies in May to stabilize the market and bolster investor confidence, including potential interest rate cuts and reserve requirement ratio reductions [2] Macro Focus - Hong Kong's GDP grew by 3.1% in Q1 2025, maintaining the annual forecast [4][9] - The US consumer confidence index hit a historical low, with inflation expectations rising significantly [4][9] - Japan's economy contracted by 0.2% in Q1, missing expectations [4][9] Corporate News - Contemporary Amperex Technology Co., Ltd. (CATL) priced its H-shares at 263 HKD, with plans to raise funds through a private equity investment in carbon neutrality [10] - Haitian Flavor Industry Co., Ltd. is reportedly preparing for an IPO to raise approximately 1 billion USD [10] - The biotechnology company, Paige Biopharma, is seeking to raise 300 million HKD through its IPO [10] - The advertising firm, Jihong, plans to raise up to 730 million HKD in its IPO [10] Industry Insights - The shipping and export sectors are expected to benefit from the reduction in tariffs, leading to increased shipments [7] - The financial sector is adapting to new public fund regulations, which will guide asset allocation closer to the CSI 300 index [7] - The domestic demand sector is anticipated to improve as trade tensions ease, potentially boosting economic growth in mainland China [7] Investment Climate - The Hong Kong IPO market has raised over 60 billion HKD this year, making it the largest globally [9] - The real estate market in mainland China is showing signs of stabilization, which could benefit large banks [8] - The consumer market is experiencing shifts, with a notable increase in the acceptance of new energy vehicles, reaching a penetration rate of 8.7% [9]

港股开盘，恒生指数低开0.81%，恒生科技指数低开1.02%。美的集团（000333）涨超2%，阅文集团跌 超4%。消息面上，香港恒生指数将加入美的集团和中通快递。比亚迪（002594）将加入香港恒生科技 指数，剔除阅文集团。 无需港股通，A股账户就能T+0买港股>> ...

重要新闻 1. 恒指季检结果公布，恒指纳入美的集团(00300.HK)、中通快递-W(02057.HK)；科指纳入比亚迪股份 (01211.HK)。 个股新闻 1. 宁德时代(03750.HK)：每股H股发售价定为263.00港元。 2. 阳光保险(06963.HK)附属阳光人寿拟出资200亿元投资试点基金份额。 3. 富力地产(02777.HK)4月总销售收入共约，13.6 亿元 同比增长76.62%。 金十数据整理：每日港股市场要闻速递（5月19日 周一） 4. 新华保险增持上海医药(02607.HK)24.8万股，每股作价约10.98港元。 5. 复星医药(02196.HK)：HLX1一线治疗不可切除的晚期肝细胞癌(HCC)患者于中国境内启动 I/III 期临 床试验。 6. 汇丰控股(00005.HK)：5月15日耗资2.91亿港元回购321.88万股。 7. 越秀交通基建(01052.HK)：前2月广州北二环高速路费收入累计1.53亿元，同比下降1.5%；2月路费收 入7074.6万元，环比下降14.4%，同比增长26.6%。 8. 山高新能源(01250.HK)：3月营运发电量约66.92万兆瓦时 ...

机构指出，A股仍将处于震荡中稳步向上的趋势中，稳定和活跃资本市场的政策助力指数中枢不断上移。 【财经日历】 09:30 国家统计局公布70个大中城市住宅销售价格月度报告 10:00 中国4月社会消费品零售总额、中国4月规模以上工业增加值、中国1至4月全国房地产开发投资 10:00 国新办就国民经济运行情况举行新闻发布会 14:30 华为nova 14系列及鸿蒙电脑新品发布会 待定 国内成品油将开启新一轮调价窗口、中国4月全社会用电量 | 全部美股 涨 1936 | | 跌 3309 道琼斯期货小型 | | --- | --- | --- | | 序号 代码 | | 现价 涨跌 涨跌幅 | | 1 | DJI | 道琼斯工业指数 42654.74c 331.99 0.78% | | 2 | IXIC | 纳斯达克指数 19211.10c 98.78 0.52% | | 3 | SPX | 5958.38c 41.45 0.70% 标普500 | 当地时间上周五，美股三大指数集体收涨，道指涨0.78%，标普500指数涨0.70%，纳指涨0.52%。 大型科技股多数上涨，特斯拉涨超2%，奈飞、谷歌涨超1%，微软、英 ...

男生普通话版 下载mp3 女声普通话版 下载mp3 粤语版 下载mp3 西南方言版 下载mp3 东北话版 下载mp3 上海话版 下载mp3 今日优选 穆迪下调美国主权信用评级，白宫怒批 特朗普：将在未来两到三周内对许多国家征收新的关税 美国5月一年期通胀预期创1981年以来最高；消费者信心微跌至历史第二低 美联储博斯蒂克：预计今年降息一次，美国不会陷入衰退 俄乌谈判仅持续两小时，俄方要求乌方撤军作为停火条件，乌方认为俄方要求"不可接受，谈判毫无成果" 两油有所回升，WTI原油收涨1.1%，报61.87美元/桶；布伦特原油收涨1.03%，报64.90美元/桶。 美股道指收涨0.78%，标普500指数收涨0.70%，纳斯达克综合指数收涨0.52%。维珍银河(SPCE.N)大涨43.24%，特斯拉(TSLA.O)涨2.09%，英伟达(NVDA.O) 涨0.42%。纳斯达克中国金龙指数收涨0.52%，哔哩哔哩(BILI.O)涨6.71%，阿里巴巴(BABA.N)跌0.34%。 欧股主要股指全线上涨，德国DAX30指数收涨0.3%；英国富时100指数涨0.59%；欧洲斯托克50指数收涨0.29%。 特朗普：将与普京通话 ...