Group 1 - The Chinese government has decided to engage in talks with the U.S. based on a thorough assessment of global expectations and domestic interests, with Vice Premier He Lifeng leading the discussions [2] - The Chinese economy has shown a strong start in 2025, with a GDP growth of 5.4% year-on-year in the first quarter, and the government aims for a growth target of around 5% for the year [6] - The State Administration for Market Regulation has released a model rental contract to enhance clarity and risk prevention in urban housing leases, aiming to optimize the utilization of existing housing resources [8] Group 2 - The first quarter of 2025 saw a significant increase in engineering project investments, with 18,000 projects reported in March alone, accounting for 46.5% of the total for the quarter [10] - The People's Bank of China conducted a total of 9.05 billion yuan in standing lending facility operations in April, with interest rates set to maintain stability in the money market [11] - The tourism market experienced a notable rebound during the "May Day" holiday, with 314 million domestic trips taken, reflecting a 6.4% increase year-on-year, and total spending reaching 180.27 billion yuan, up 8% [13][14]

Core Insights - The express delivery industry in China experienced significant growth during the "May Day" holiday, with over 4.8 billion packages delivered, marking a year-on-year increase of over 20%, setting a historical record for the same period [1] - The overall satisfaction score for express delivery services reached 84.6 points in 2024, an increase of 0.3 points compared to the previous year, reflecting a steady improvement over 18 years of surveys [1] Group 1: Delivery Speed Improvement - The average delivery time for express services in key regions was reduced to 53.88 hours in 2024, a decrease of 2.54 hours year-on-year, indicating enhanced operational efficiency [2] - The efficiency across the entire delivery chain improved, with the transportation segment seeing a reduction of 1.56 hours and the processing segment at the destination reducing by 0.81 hours [2] Group 2: Customer Service Enhancement - Satisfaction regarding problem resolution in express delivery services improved by 1.3 points in 2024, showcasing the effectiveness of measures like rapid claims processing and AI customer service [3] - The introduction of AI for quick responses to common issues and a "human-machine" service model contributed to higher satisfaction in handling complaints and compensation [3] Group 3: Environmental Sustainability - The score for the use of environmentally friendly packaging increased by 1.2 points, reflecting a growing awareness of green consumption and improvements in packaging management [3] - The revised "Interim Regulations on Express Delivery" aims to enhance the governance of packaging throughout the delivery process, promoting sustainable practices in the rapidly growing express delivery sector [3]

新华社南京5月6日电 题：起底新型保健品电话销售诈骗 新华社记者朱国亮 警惕一种新型保健品电话销售诈骗——诈骗犯罪嫌疑人冒充正规保健品公司客服、医疗专家，通过电话 为购买过保健品的中老年人诊疗，一番忽悠后高价推销药品。 江苏省无锡市滨湖区人民检察院正在办理的一起案件，揭开了该类诈骗黑色链条。 众多中老年人被骗 "您好！是徐大爷吗？"2022年5月，无锡市滨湖区85岁的徐大爷接到一家保健品销售企业"健康指导老 师"的电话。因为买过该企业的药酒，效果还不错，加之对方能报出自己的姓名、住址，徐大爷便放松 了警惕。 对方主动询问徐大爷使用药酒效果如何、满意与否，继而通知徐大爷一个"好消息"：知名专家"李老 师"当天将抽时间给全国20名患者电话会诊，若徐大爷同意，她可替徐大爷报名。徐大爷同意后，对方 便告知他，稍后"李老师"会给徐大爷打电话。 过了一会儿，"李老师"打来电话，很热情地关心徐大爷的病情。一阵"电话会诊"之后，"李老师"向徐大 爷推销三种药，称可治疗高血压和关节问题，保证药到病除。 "我常收看电视台这位中医专家的节目，一听'老师'声音很熟悉也就没有怀疑，最后还价到2500元成 交。药是用货到付款寄递过来的。 ...

上 市 公 司 交通运输 ——24Q4 旺季提价业绩兑现，25Q1 激烈竞争中利润延 续较高增速 报告原因：有业绩公布需要点评 | 投资要点： | | --- | 财务数据及盈利预测 | | 2024 | 2025Q1 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 47,169 | 11,999 | 57,483 | 68,023 | 79,101 | | 同比增长率（%） | 15.3 | 18.4 | 21.9 | 18.3 | 16.3 | | 归母净利润（百万元） | 1,040 | 236 | 1,383 | 1,685 | 2,003 | | 同比增长率（%） | 205.2 | 24.0 | 33.0 | 21.8 | 18.9 | | 每股收益（元/股） | 0.69 | 0.16 | 0.90 | 1.10 | 1.31 | | 毛利率（%） | 6.0 | 5.7 | 5.6 | 6.1 | 6.0 | | ROE（%） | 10.6 | 2.4 | 12.6 | 13.7 | ...

Core Viewpoint - The newly revised "Interim Regulations on Express Delivery" will take effect on June 1, focusing on improving the governance of express packaging, aiming for a comprehensive governance approach involving various stakeholders [1][2]. Group 1: Strengthening Corporate Responsibility - The express delivery industry is a crucial part of modern services, with a projected business volume of 1.75 trillion pieces by 2024, maintaining its position as the world's largest for 11 consecutive years [2]. - The revised regulations emphasize the responsibility of express delivery companies in packaging governance, mandating optimization of packaging methods and structures while ensuring safety [2]. - Companies are required to establish and implement recycling management systems for packaging materials, enhancing the recycling rate [2]. Group 2: Promoting Collaborative Governance - The regulations clarify the responsibilities of various stakeholders, including government departments, express companies, industry organizations, and consumers, in the entire lifecycle of packaging [3]. - The establishment of a new governance model is anticipated, characterized by government guidance, corporate accountability, industry self-regulation, and public participation [3]. - Industry organizations are expected to play a significant role in creating green packaging innovation alliances and developing standards for sustainable packaging [3]. Group 3: Enhancing Public Participation - The regulations encourage government and media to conduct educational campaigns to raise public awareness about eco-friendly packaging [4]. - Express companies are incentivized to promote the reuse of packaging through rewards and discounts, highlighting the importance of public involvement in achieving green transformation [4]. Group 4: Improving Governance Standards - The regulations are expected to foster a positive interaction between legal frameworks and standard systems, enhancing the effectiveness of packaging governance [5][6]. - Two mandatory national standards have been established to limit excessive packaging and regulate hazardous substances in packaging materials, contributing to initial successes in packaging governance [6]. - The regulations stipulate penalties for companies that fail to comply with mandatory standards, ensuring accountability and effective implementation [6][7].

Core Insights - The express delivery industry in China showed remarkable performance in 2024, with eight major listed companies achieving a total revenue of approximately 791.14 billion yuan, a year-on-year increase of 12.06%, and a net profit of 35.58 billion yuan, a significant increase of 93.67% [1][2] - The industry is benefiting from digital transformation and the introduction of intelligent systems, which enhance logistics efficiency and reduce costs [1][4] Financial Performance - Shentong Express reported the highest net profit growth rate, achieving a revenue of 47.17 billion yuan, up 15.26%, and a net profit of 1.04 billion yuan, up 205.24% [2] - JD Logistics followed with an adjusted net profit growth of 186.8% to 7.9 billion yuan, driven by revenue expansion and refined management [2] - SF Holding's net profit reached 10.17 billion yuan, marking a new high since its listing, supported by supply chain and international business growth [2] - Jitu Express turned around with a net profit of 1.1 billion USD (approximately 7.99 billion yuan) in 2024, recovering from a loss of 11.6 billion USD in 2023 [2] Industry Drivers - The "Express into Villages" initiative has significantly improved logistics networks, with 346,000 village-level logistics service stations established [3] - The rise of live e-commerce contributed to the express delivery sector, with retail sales reaching 4.3 trillion yuan from January to November 2024, accounting for 80% of e-commerce growth [3] Technological Advancements - The express delivery industry is undergoing a technological transformation, with over 90% of large-scale processing centers achieving automation [4] - SF Holding invested 4 billion yuan in automation and logistics infrastructure, increasing its automated sorting rate to 92% and reducing transit costs by 23% compared to three years ago [5] - Yunda Express is enhancing its management efficiency and service quality through continuous digital and intelligent transformation [5] International Expansion - SF Holding has deepened its global presence, winning over 100 overseas supply chain projects, with international revenue growing by 24.81% to 32.16 billion yuan [6] - Yunda Express has expanded its international network, covering over 150 countries, with overseas revenue increasing by 43.13% to 1.03 billion yuan [6] - Other companies like Yunda, Jitu, Zhongtong, and Debang are also accelerating their international strategies through various means [6]

Core Viewpoint - The launch of the "Intelligent New Journey to the Future" express delivery unmanned vehicle in Hai'an marks a significant step towards the intelligent, automated, and green transformation of the local logistics industry [1][3]. Group 1: Unmanned Vehicle Operations - New Stone Technology has successfully obtained the operational registration code for functional unmanned vehicles in Hai'an, indicating official approval for their operations in the region [3]. - The first batch of 11 unmanned vehicles covers 22 delivery routes, serving 10 districts and towns, with each vehicle capable of carrying 800 to 1,000 packages [5]. - The X6 model has a loading capacity of 6 cubic meters and a range of 200 kilometers on a full charge [10]. Group 2: Efficiency and Cost Reduction - The delivery efficiency of unmanned vehicles is reported to be 2 to 3 times higher than that of manual delivery, with a 30% reduction in the cost per package [6]. - The introduction of unmanned vehicles addresses the inefficiencies and high costs associated with traditional manual delivery methods, providing a new solution for logistics companies to reduce costs and improve efficiency [8]. Group 3: Technological Advancements - The X6 unmanned vehicle features a 360-degree environmental perception capability, allowing it to navigate various challenging conditions, including nighttime and adverse weather [10]. - New Stone Technology's combination of advanced technology, operational service capabilities, and legal road rights has enabled it to rapidly penetrate the market, with more logistics companies joining the unmanned delivery sector [10].

证券研究报告 | 2025年04月30日 圆通速递（600233.SH） 优于大市 利润表现有所承压，竞争力持续增强 小 幅 调 整 盈 利 预 测 ， 预 计 2025-2027 年 归 母 净 利 润 分 别 为 43.0/49.0/55.1 亿元，分别同比变化+7%/+14%/+12%（25-26 年调整幅 度分别为-17%/-18%）。快递行业需求维持景气，且圆通具有显著竞争 优势，看好公司的长期投资价值，维持公司"优于大市"评级。 | 盈利预测和财务指标 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 57,684 | 69,033 | 76,490 | 83,083 | 89,813 | | (+/-%) | 7.7% | 19.7% | 10.8% | 8.6% | 8.1% | | 净利润(百万元) | 3723 | 4012 | 4295 | 4904 | 5512 | | (+/-%) | -5.0% | 7.8% | 7.0% | 14.2% | 12. ...

证券研究报告 | 2025年04月30日 韵达股份（002120.SZ） 优于大市 2024 年利润实现较快增长，一季度业绩表现承压 2025 年一季度公司业绩表现承压。2024 年全年营收 485.43 亿元（+7.9%）， 扣非归母净利润 16.4 亿元（+18.3%）；24 年四季度单季营收 130.3 亿元 （+7.3%），扣非归母净利润 4.71 亿元（+12.2%）；2025 年一季度单季营收 121.9 亿元（+9.3%），扣非归母净利润 3.08 亿元（-19.9%）。 公司业务量增速修复，市占率趋稳，行业价格竞争导致单票价格同比降幅明 显。在行业竞争较为激烈的背景下，韵达采取相对积极的价格策略，2024 年全年单票快递价格同比下降 12.3%，其中，四季度和一季度的单票快递价 格分别约为 2.02 元和 1.98 元，同比降幅分别为 12.1%和 10.0%。2024 年初 以来，公司网络经营情况逐步稳定（2024 年四季度和 2025 年一季度信用减 值损失表现明显好转），业务量增速持续高于行业增速，2024 年全年业务量 增速为 26.1%，其中，四季度和一季度的业务量同比增幅分别为 2 ...

能力。 Q3：公司有无收并购计划或者相关战略布局？ A3：公司聚焦功能聚酯薄膜研发、生产和销售的同时，向聚酯产 业链上下游延伸发展，布局上游功能聚酯、下游离线涂布加工业 务。公司建有功能母料生产线，目前可以自行开发生产不同功能 的聚酯母料。公司定增项目投建功能聚酯生产线，其中部分功能 聚酯产能将用于公司特种功能性聚酯材料的研发、试制，增强公 司技术研发能力。公司控股子公司常州福洛力新能源材料科技有 限公司开展离线精密涂布加工业务，通过在聚酯基膜表面涂覆不 同功能性涂层材料赋予聚酯薄膜不同的应用功能，拓展聚酯薄膜 更多的功能性。 Q4：客户群体的变化情况 A4：由于下游光伏等行业供需关系的变化，公司调整产品结构， 重点布局电子光学类产品。在维持原有客户的合作关系外，拓展 电子光学行业的新客户，通过加强与行业品牌客户的合作关系， 加大产品在终端品牌企业的推广力度，逐步导入一线显示屏幕厂 商供应链体系。 Q5：公司动力电池用聚酯薄膜的应用场景以及客户情况 A5：公司动力电池用聚酯薄膜主要应用在动力电池单体、电池组、 电池包的绝缘保护领域，具备优异的耐酸碱性能、抗电压穿刺性 能、机械加工性能等。目前公司产品经过下游加 ...