证券代码：600233 证券简称：圆通速递 公告编号：临 2025-060 圆通速递股份有限公司 第十一届董事局第十九次会议决议公告 本公司董事局及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 圆通速递股份有限公司（以下简称"公司"）第十一届董事局第十九次会议 以电子邮件等方式通知了全体董事，并于 2025 年 9 月 26 日以通讯方式召开。应 出席会议的董事 9 名，实际出席会议的董事 9 名，符合《中华人民共和国公司法》 （以下简称《公司法》）等有关法律法规及《圆通速递股份有限公司章程》（以下 简称《公司章程》）的规定。会议由董事局主席喻会蛟先生主持。 会议以记名和书面的表决方式形成如下决议： 一、审议通过《关于董事局换届选举非独立董事的议案》 鉴于公司第十一届董事局任期即将届满，根据《公司法》《公司章程》等有 关规定，经董事局推荐，董事局提名委员会对第十二届非独立董事候选人进行资 格审查并审核通过，董事局提名喻会蛟先生、张小娟女士、潘水苗先生、沈沉女 士、喻世伦先生、葛程捷先生为公司第十二届董事局非独立董事候选人（简历详 见附件 ...

Core Viewpoint - The Zhongzheng A500 Dividend Low Volatility Index and its corresponding ETF are showing positive performance, with significant liquidity and low tracking error, indicating potential investment opportunities in the underlying stocks. Group 1: Performance Metrics - As of September 26, 2025, the Zhongzheng A500 Dividend Low Volatility Index (932422) increased by 0.09%, with notable gains from Huayu Automotive (600741) at 3.70%, YTO Express (600233) at 2.46%, and Tebian Electric Apparatus (600089) at 2.22% [1] - The Zhongzheng A500 Dividend Low Volatility ETF (561680) rose by 0.21%, with the latest price at 0.98 yuan [1] - The ETF's average daily trading volume over the past year is 37.94 million yuan, ranking it first among comparable funds [1] Group 2: Liquidity and Fund Flows - The Zhongzheng A500 Dividend Low Volatility ETF experienced a net outflow of 4.86 million yuan recently, but has attracted a total of 28.76 million yuan over the last 10 trading days [1] - The ETF's maximum drawdown since inception is 3.42%, with a relative benchmark drawdown of 0.23% [1] Group 3: Fee Structure - The management fee for the Zhongzheng A500 Dividend Low Volatility ETF is 0.50%, while the custody fee is 0.10% [1] Group 4: Tracking Accuracy and Valuation - The ETF has the highest tracking accuracy among comparable funds, with a tracking error of 0.149% year-to-date [2] - The latest price-to-earnings ratio (PE-TTM) for the index is 9.76, indicating it is at a historical low, being below 88.71% of the time over the past year [2] Group 5: Index Composition - The Zhongzheng A500 Dividend Low Volatility Index is composed of 50 stocks selected for consistent dividends, high dividend yields, and low volatility, reflecting the overall performance of these securities [2] - As of August 29, 2025, the top ten weighted stocks in the index account for 31.13% of the total index, with Agricultural Bank of China (601288) and Yageo (600177) being the top two [2]

Summary of Xinjie Electric's Conference Call Company Overview - **Company**: Xinjie Electric - **Industry**: Industrial Automation and Robotics Key Points and Arguments - Xinjie Electric has a solid main business and good fundamentals, with relatively low valuation, making it an ideal investment target in the current liquid market [2][3] - The company is actively expanding into industrial control and motor businesses, which are applicable in the humanoid robot field, potentially leading to breakthroughs and substantial entry into core downstream enterprises [2][5] - Focus areas in the robotics sector include frameless torque motors, motors, and controllers, with ongoing R&D on products like frameless torque and hollow cup steering magnetic flux, indicating a vast potential market [2][9] - Starting in 2023, Xinjie Electric has entered the encoder market, with plans for productization in 2024, having already supplied thousands of encoder products to Changchun Rongde [2][13] - The launch of the DL6 series direct-drive servo for semiconductor packaging ensures rapid response and synchronization during high-speed operations, with ongoing new product development and market expansion [2][14] - The company is investing in the R&D of medium and large PLC systems to enhance safety, reliability, and stability, aiming to improve product quality and market competitiveness [2][15][16] Industry Insights - The humanoid robot industry is seeing a focus on companies with competitive advantages in technology and market presence, as well as those with stable fundamentals and low valuations, providing dual protection in investment [4] - The industrial automation sector consists of four layers: control, drive, execution, and sensing, with Xinjie Electric excelling in small PLCs compared to competitors [8] - The domestic industrial control companies are actively developing humanoid robot technologies, with various companies like Huichuan Technology and Leisai focusing on similar product lines [12] Market Position and Challenges - Xinjie Electric's market share in the small PLC sector ranks second among domestic brands, with a strong presence in multiple downstream industries including printing, food machinery, and new energy [6][7] - The Chinese PLC market is experiencing slow growth, with small PLC domestic market share increasing from 2-3% in 2019 to 7-9% in 2024, while large PLCs face challenges in safety and stability [15][16] - Despite current valuation gaps with peers like Leisai and Weichuang, Xinjie Electric's steady progress in new business areas is expected to narrow this gap over time [17][18] Investment Opportunities - Xinjie Electric's ongoing new business developments and solid main operations present good investment opportunities, with expectations of gradually closing the valuation gap with competitors [19]

Core Insights - The 2025 Shenzhen Logistics and Supply Chain Expo highlighted the emergence of unmanned logistics vehicles, with three leading companies—JiuShi, New Stone, and White Rhino—making their debut at the event [1] - Unmanned logistics vehicles are primarily being applied in the express delivery sector, with companies like ZTO Express, YTO Express, Shentong Express, and Yunda Express accelerating their adoption [1] - JiuShi has deployed over 2,000 unmanned vehicles across more than 200 cities and 700 outlets, while Shentong Express plans to utilize 2,000 vehicles by the end of the year [1] Company Developments - JiuShi's customer base has shifted, with express delivery clients now accounting for only 50% of its clientele, as the company diversifies into other sectors [2] - New Stone also reports a decrease in express delivery clients to 60%, aiming for at least 50% of its applications to be in non-express sectors to achieve diversified revenue [3] - White Rhino is expanding its applications beyond express delivery to include retail, fresh food delivery, on-demand medicine delivery, campus takeout, industrial logistics, cold chain transport, security patrols, and park distribution [1] Technological Advancements - Companies are focusing their R&D efforts on developing mapping solutions, with JiuShi implementing a new L4+ technology that utilizes light mapping to enhance delivery efficiency [5] - New Stone plans to continuously iterate its end-to-end autonomous driving model and aims to implement a no-map technology solution in the second half of the year [5] - White Rhino is adopting a light asset development approach, concentrating on the R&D of vehicle-grade unmanned vehicle products, AI technology iteration, and expanding commercial applications [5] Production Capacity - New Stone announced the delivery of its 10,000th unmanned vehicle, with plans to deploy 4,000 to 5,000 vehicles in non-express scenarios by the end of the year, primarily for real-time logistics scheduling [5] - JiuShi is expanding its production lines across various regions, including North China, East China, and Southwest China, focusing on delivery production costs and efficiency [5]

另一个决定无人车需求的重要前提是路权。截至2025年上半年，全国已有103个城市开放了无人配送车的路权。"国内也好，海外也好，管理部门也是看需求 的，要不要给无人驾驶开放路权，要看需求有多大，需求足够大，那么路权也会逐渐越来越开放。"余恩源表示。 现阶段，快递是无人车最重要的应用场景，也是极具商业化前景的领域。桐庐是国内有名的"快递之乡"，申通快递、圆通快递、中通快递、韵达快递（俗 称"三通一达"）都起源于此地，其每年的快递件数占全国约三分之二。新石器选择在这里设置工厂并举办万台车交付仪式，即是为了贴近客户需求。 9月23日，新石器在浙江桐庐举办第1万台车下线交付仪式。新石器成为无人配送行业第一家车队规模过万台的企业，也让这一长期处于技术验证阶段的行 业，撕开了走向大规模商业化的口子。 就在2024年，新石器的无人车交付量才刚刚过千台。短短不到一年时间里，其交付量即扩增了10倍，达到1万台。新石器无人车创始人兼CEO余恩源表 示："这是新石器的一小步，也是无人配送行业发展的新开始。"他认为，无人车未来将重构整个全球的物流基础设施。 新石器成立于2018年，过去七年里其在L4自动驾驶技术方面持续投入，在物流配送 ...

Core Insights - The autonomous vehicle industry is undergoing significant changes, with sales expected to increase by over 50% next year, driven by demand from various sectors beyond just logistics [1][6] - Major logistics companies are increasingly adopting autonomous vehicles, with a notable shift in sales distribution from 70%-80% in the express delivery sector to other industries [5][6] - The commercialization of autonomous vehicles is reaching a turning point, with monthly sales surging from 200-300 units to nearly 2000 units in a short period [2][6] Group 1: Market Dynamics - Autonomous vehicles were initially developed to meet the needs of the express delivery industry, but their applications are expanding into sectors like pharmaceuticals, spare parts, and textiles [1][6] - Companies like New Stone and NineSight are leading the market, with New Stone projecting a delivery volume of over 15,000 units this year [2][4] - The operational efficiency of autonomous vehicles is evident, with a reported 30% reduction in operational costs compared to traditional delivery methods [3][4] Group 2: Technological and Regulatory Challenges - The transition from closed environments to open roads presents localization challenges, as companies must navigate different regulations and data security requirements in new markets [1][7] - The demand for autonomous vehicles is driven by two main scenarios: instant logistics and urban delivery, which are growing faster than traditional express delivery [6][7] - Companies are developing various models of autonomous vehicles to cater to different operational needs, including temperature-controlled vehicles for specific industries [6][7] Group 3: Financial Landscape - Significant capital investment is flowing into the autonomous vehicle sector, with companies like New Stone and NineSight securing substantial funding to support growth [8][9] - Despite the influx of capital, many players in the market are still exploring profitable business models, focusing on providing operational services rather than just selling vehicles [9] - New Stone has achieved monthly profitability, indicating a shift towards sustainable business practices in the industry [9]

Investment Rating - The report rates the transportation industry as "Outperforming the Market" [2] Core Views - Crude oil freight rates have significantly increased, while container shipping rates on long-distance routes have decreased. The China Import Crude Oil Composite Index (CTFI) rose to 1975.94 points, up 34.5% from September 11. VLCC market activity remains high, with freight rates expected to maintain elevated levels if demand remains stable [3][13] - The aviation sector saw the successful completion of the world's first intercity unmanned cargo flight using a 2-ton eVTOL by Peak Aviation, and civil aviation's total turnover in August reached a historical high of over 150 billion ton-kilometers [3][15][17] - Several express delivery companies reported growth in revenue and business volume for August, with the postal industry achieving a revenue of 1429.9 billion yuan, a year-on-year increase of 4.4% [3][23][24] Summary by Sections Industry Hot Events - Crude oil freight rates surged, while container shipping rates on long-distance routes fell. The CTFI reached 1975.94 points, a 34.5% increase from September 11. VLCC market activity remains robust, with freight rates expected to stay high if demand holds steady [3][13] - Peak Aviation's eVTOL completed the first intercity unmanned cargo flight, marking a significant milestone in aviation logistics. Civil aviation's total turnover in August surpassed 150 billion ton-kilometers, reflecting strong growth [3][15][17] - Express delivery companies like YTO and Yunda reported revenue and volume growth in August, with the postal industry achieving a revenue of 1429.9 billion yuan, up 4.4% year-on-year [3][23][24] Industry High-Frequency Data Tracking - In September 2025, air cargo prices remained stable, while domestic cargo flight volumes decreased by 1.13% year-on-year, and international flights increased by 16.88% [26][33] - The shipping sector saw a decline in domestic container shipping rates, with the SCFI index at 1198.21 points, down 14.3% week-on-week and 49.36% year-on-year. Conversely, dry bulk freight rates increased, with the BDI index at 2126 points, up 7.43% week-on-week [40][44] - The express delivery sector experienced a 12.29% year-on-year increase in business volume for August, with total revenue reaching 1189.6 billion yuan, a 4.24% increase [51][55] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights opportunities in low-altitude economy investments and road-rail sectors [5]

在此之前，快递产粮区（业务量大、以发件为主的区域）浙江义乌、广东已打响涨价枪声，并由此蔓延 至多个省市。 快递业轰轰烈烈的反内卷变革，正逐步打破此前的低价竞争僵局。这一变化也开始反应在企业业绩端。 近日，四家上市快递企业披露的8月经营业绩显示，单票收入普遍实现环比上涨。 无论是一线的末端网点还是上游的电商客户，这条产业链上的每一环参与者都渐渐感知到，此次快递行 业的调价并非短期波动。 快递涨价的风愈吹愈猛。 9月22日，市场消息称上海地区快递收件价格迎来上调，多家加盟制快递公司发布告客户书，为执行国 家关于各行业"反内卷式"竞争，杜绝低价扰乱市场秩序的不当行为，于9月22日起上调上海地区快递价 格。 时代财经联系多家通达系公司人士，确认了上述消息。 01 快递企业单票收入普涨 9月18日，国家邮政局公布8月份快递行业运行情况，其中快递业务收入完成1189.6亿元，同比增长 4.2%；快递业务量完成161.5亿件，同比增长12.3%。 按此计算，8月行业平均单票收入为7.37元，同比下降7.16%，环比提高0.01元，扭转此前逐月环比持续 下跌趋势。 头部快递企业的单票收入同样释放出上涨信号。具体来看，8月顺丰 ...

Market Overview - On September 24, the logistics sector declined by 0.27%, with Huaguangyuanhai leading the drop. The Shanghai Composite Index closed at 3853.64, up 0.83%, while the Shenzhen Component Index closed at 13356.14, up 1.8% [1]. Individual Stock Performance - Notable gainers in the logistics sector included: - ST Haiqin (600753) with a closing price of 7.46, up 3.32% on a trading volume of 38,700 shares and a turnover of 28.87 million yuan - China Foreign Trade (601598) at 7.26, up 3.12% with a volume of 593,900 shares and a turnover of 42.6 million yuan - Jiayou International (603871) at 14.50, up 2.76% with a volume of 236,900 shares and a turnover of 339 million yuan [1]. Fund Flow Analysis - The logistics sector experienced a net outflow of 26.27 million yuan from institutional funds and 26.99 million yuan from speculative funds, while retail investors saw a net inflow of 53.26 million yuan [2]. - Key stocks in terms of fund flow included: - SF Holding (002352) with a net inflow of 12.2 million yuan from institutional investors, but a net outflow of 123 million yuan from speculative funds - Jiayou International (603871) with a net inflow of 51.78 million yuan from institutional investors, but a net outflow of 58.11 million yuan from retail investors [3].

Group 1 - Major express delivery companies in Shanghai, including Jitu Express, Zhongtong Express, YTO Express, and Shentong Express, announced a price increase for all customers starting from September 22, 2025 [2] - The price adjustment aims to implement national policies against "involution" competition, eliminate disruptive low pricing practices, and ensure stable service for customers [2] - Jitu Express and Zhongtong Express confirmed the authenticity of the notification, while YTO Express and Shentong Express have not yet responded [2] Group 2 - Recently, regions such as Hubei, Shandong, and Tianjin have also announced increases in express delivery fees [5] - Several express companies in Heilongjiang, including YTO Express, stated that they will adjust their pricing based on company costs starting from September 20, 2025, to promote rational and healthy competition [5]