板块市场回顾 本周（4/27-4/30）交运指数下跌 1.3%，沪深 300 指数下跌 0.4%，跑输大盘 0.8%，排名 21/29。交运子板块中公路涨 幅最大(+0.4%)，公交板块跌幅最大(-3.7%)。 行业观点 交运板块年报一季报总结：2024 年及 1Q2025 交运板块营收利润同比增长。2024 年交运板块实现营业收入 35549 亿 元，同比+2.0%，航运、航空、快递等板块收入增量大；实现归母净利润 1920 亿元，同比+13.8%，航运、航空业绩增 量大。1Q2025 交运板块实现营业收入 8369 亿元，同比+3.4%，航运、快递等板块收入增量大；实现归母净利润 472 亿 元，同比+2.3%，航运板块业绩增量大。1Q2025 公路、铁路、港口、航空等板块环比 4Q2024 业绩明显增长。 快递：3 月快递业务量同比增长 20.3%，单票收入同比下降 8.2%。上周（4 月 21 日-4 月 27 日）邮政快递累计揽收量 约 40.75 亿件，环比+3.2%，同比+19.9%；累计投递量约 40.58 亿件，环比+3.2%，同比+22.4%。2025 年 3 月，快递业 务收入完成 12 ...

Core Insights - The flower industry is evolving into a consumer product, with fresh flowers becoming more accessible to the general public [1] - The development of cold chain logistics has significantly reduced costs and losses in the flower supply chain, facilitating direct delivery from Kunming to Zhengzhou [2] - The establishment of a comprehensive logistics system and the integration of technology in flower trading are enhancing market efficiency and consumer potential [2][3] Group 1: Market Dynamics - Fresh cut flowers are now available directly at local markets, with prices being competitive; for example, a bouquet of 10 "Freedom Roses" costs 18 yuan [1] - The cold chain logistics system ensures that flowers are delivered fresh, with daily deliveries from Kunming International Flower Auction Trading Center to local markets [2] - The Chen Zhai Flower Double Bridge Base has over 1,000 vendors and an annual transaction volume exceeding 3 billion yuan, making it a major flower distribution center in Northern China [3] Group 2: Infrastructure and Future Development - The construction of the Zhengzhou International Flower Business Center aims to establish Zhengzhou as a global flower distribution hub, incorporating flower auction trading and attracting related enterprises [3][4] - A comprehensive complex including international flower enterprise headquarters and e-commerce centers is under construction to support the development of the international flower distribution center [4]

Core Viewpoint - The logistics efficiency has become a crucial component of corporate competitiveness, with companies like KuaYue Express leveraging technology and operational capabilities to offer next-day delivery services, enhancing logistics solutions for customers [1]. Group 1: Technology and Innovation - KuaYue Express's next-day delivery service is centered around meticulous management of the entire logistics process and technological innovation [3]. - The company utilizes big data and AI to create an intelligent scheduling system, which monitors cargo location and transport status in real-time, avoiding congested routes and time bottlenecks [3]. - This technological application significantly enhances transportation efficiency, providing solid technical support for the next-day delivery service [3]. Group 2: Transportation Network and Capacity - KuaYue Express has established a logistics network covering over 500 cities across the country, ensuring rapid delivery to both urban and remote areas [3]. - The company employs a dual transportation system of "air + land" with over 21 cargo planes and 28,000 transport vehicles, ensuring seamless connections for quick delivery [3]. Group 3: Professional Team - KuaYue Express has built a composite logistics team composed of industry elites and professionals, which is essential for the stable operation of the next-day delivery service [5]. - This team includes experts in logistics planning, transport scheduling, and last-mile delivery, all of whom undergo rigorous training and assessment [5]. - The team's rich industry experience and high execution efficiency ensure a high level of service standardization [5]. Group 4: Competitive Advantage - Every aspect of KuaYue Express's next-day delivery service, from technology systems to transportation networks and professional teams, has been meticulously refined [7]. - This comprehensive approach not only meets customer demands for timely and reliable logistics but also creates a differentiated advantage in a competitive market [7].

Core Insights - The company reported a revenue of 334 million yuan for 2024, reflecting a year-on-year growth of 25.26% after excluding the impact of the non-consolidation of Hongtu Chuangzhan [1] - The net profit attributable to shareholders was 17.14 million yuan, while the net profit excluding non-recurring items was a loss of 26.12 million yuan, a significant decrease of 18.82 million yuan compared to the previous period [1] - In Q1 2025, the company achieved a revenue of 78.73 million yuan, representing a year-on-year growth of 23.09%, with a narrowed loss of 54.55 million yuan excluding non-recurring items [1] Business Overview - The company has developed a logistics group with over 20 subsidiaries and nearly 70,000 square meters of logistics infrastructure, holding qualifications as a national high-tech enterprise and a national AAAA-level logistics enterprise [2] - The company focuses on a comprehensive logistics service ecosystem, leveraging big data and smart management technologies to enhance efficiency and safety in global logistics [2] - The company has strategically positioned itself in emerging manufacturing sectors such as new energy and high-end equipment, providing customized solutions across the entire logistics chain [2] Strategic Initiatives - The company is actively responding to global supply chain adjustments and geopolitical challenges by promoting international logistics, particularly along the Belt and Road Initiative [3] - The transition to an international road carrier status through TIR initiation will significantly reduce risks associated with traditional cross-border land transport [3] - The company aims to enhance operational efficiency and service quality through technological innovation and process optimization while expanding its partner network for better resource integration [3]

Core Viewpoint - Siyang County is developing a comprehensive logistics model focusing on "multimodal transport" to reduce logistics costs and enhance efficiency, aiming to lower the social logistics cost as a percentage of GDP to 13.5% by 2024, a decrease of 2.1 percentage points from 2020 [1] Group 1: Logistics Network Development - Siyang County has established a "1+13+237" logistics service system, investing 3.8 million yuan to build a county-level distribution center that integrates resources from six express companies, achieving an average of 150,000 packages sorted and delivered daily [2] - The county has transformed eight rural passenger stations into comprehensive transport service stations, equipped with smart sorting devices, enabling a combination of express delivery, supermarkets, and financial services [2] - Rural logistics services now cover 100% of administrative villages, improving the timeliness of agricultural products reaching urban areas by 40% and reducing the cost of industrial goods reaching rural areas by 18% [2] Group 2: Water Transport and Multimodal Logistics - Siyang County is leveraging its geographical advantages to enhance multimodal transport, with 279 road logistics companies and 6 container shipping companies operating at Siyang Port [3] - The county has opened 8 domestic and 1 international container shipping routes, achieving an annual throughput of 12,000 TEUs and reducing logistics costs by 15% [3] Group 3: Smart Logistics and Operational Innovation - The introduction of JD Logistics' intelligent distribution system has led to a 30% improvement in logistics efficiency through digital management of the entire process [4] - The county promotes a "blockchain + traceability" model in rural logistics and has developed the "Siyang Quality Products" e-commerce platform to streamline the supply chain [4] - Customized supply chain solutions have been provided to companies like Tongkun New Materials, resulting in an 18% reduction in overall logistics costs [4] Group 4: Policy Support and Future Plans - Siyang County supports cold chain logistics and smart warehousing projects, offering subsidies for new container shipping routes and tax rebates for purchasing new energy vehicles [5] - A "white list" system for logistics companies has been established to expedite approval processes, reducing processing time to 3 working days [5] - The county aims to achieve over 30 billion yuan in logistics industry revenue by 2027, fostering five provincial-level key logistics enterprises and enhancing its role in the Yangtze River Delta integration [5]

4月23日，中集车辆（301039）生态合作伙伴卡尔动力在上海国际车展举办未来运输机器人战略发布 会，推出全球首款全行业全场景通用的未来运输机器人KargoBot Space。该产品通过三大行业首发技 术，可实现单车运输毛利提升5倍，卡尔动力同步公布大宗货运及快递快运车型于2027年量产。2023 年，中集车辆通过深圳湾天使基金完成对新能源动力系统创新企业卡尔动力的天使轮投资。未来，中集 车辆与卡尔动力的合作将推动智慧物流从单一技术突破迈向生态化协同阶段。双方以KargoBot Space通 用平台为核心，拓展自动驾驶应用场景，构建全产业链体系。(人民财讯) ...

在申通快递威海环翠区凤林网点，无人车构建起精准的配送体系。其车顶的雷达与摄像头如同敏锐的"眼睛"，实时感知周边环境，自动规划最优路线，确保 安全精准地到达指定站点。与传统人工配送模式相比，无人车展现出了显著优势。以往，每辆配送车需配备一名司机，往返一趟耗时长达2小时；如今，无 人快递车往返仅需50分钟，配送效率实现了质的飞跃。 同时，无人车还突破了乡镇配送场景，从宽阔乡镇道路到老旧小区，都能高效行驶。自无人车投入使用以来，该网点日均运输量提升了15%，提升了网点整 体服务质量与配送效率。 在智慧物流的发展浪潮中，申通快递各区域积极引入无人车技术，开启了物流转型的新篇章。在威海海边、济宁校园、青州社区，无人车各展所长，精准配 送、智能服务，推动公司向绿色、科技、创新新模式发展。 此外，该网点还创新性地利用无人车的"闲时"揽收商户包裹，不仅提高了无人车的利用率，还降低了商家的发货成本。 无人车的应用为申通快递各网点的运营成本带来了大幅下降。威海凤林网点因无人车无需配备司机，人工成本缩减了40%，青州网点的无人车模式使单票成 本下降25%，同时，无人驿站实现了全天候自助取件，人力释放超过50%。 无人车的广泛应用， ...

前不久，华为在华为中国合作伙伴大会上透露，华为是AI时代的先行者，其已在约70个领域中的近700个项目中应用了AI技术，物流行业便是其中之一， 物流供应链更是深度应用AI的领域之一。 中国作为全球最大的物流市场，在向物流强国迈进的过程中，正处于效率跃迁的关键阶段。例如在行业基础设施方面，面临现代物流体系发展过程中 协 同效能提升的共性课题，特别在复杂的供应链体系下， 资源整合与协同效率有待优化，如多式联运模式在全球范围内的渗透率仍存在显著提升空间，部 分出海企业在跨境物流成本控制和海外节点布局方面面临一定挑战。行业结构特征同样影响着发展进程，在中国物流市场经营主体中，个体经营占比较 高， 呈现高度分散化特征，在不确定加强的当下，多数企业运营压力持续显现。 行业在集约化、标准化、数字化转型过程中正经历阶段性调整。 随着传统发展路径逐渐进入深化阶段，科技创新成为推动行业升级的重要力量。AI作为数字经济时代的代表性创新成果，正经历从量变到质变的演变过 程—— 从小规模单体场景扩展为规模系统性应用，为物流行业带来了新的契机。特别是随着以DeepSeek为代表的开源AI模型的出现，降低了技术的应用 门槛， 使AI在物流 ...

Investment Rating - The report recommends investment in several companies within the aviation and logistics sectors, including China National Aviation (601111.SH), Southern Airlines (600029.SH), and Huamao Logistics (603128.SH) [9]. Core Insights - The report highlights the recovery of air travel demand, with domestic ASK (Available Seat Kilometers) for major airlines exceeding 100% of 2019 levels, indicating a strong rebound in the aviation sector [19][22]. - The logistics sector is expected to benefit from the growth of cross-border e-commerce, driven by domestic demand and the expansion of local manufacturing brands [8]. - The report emphasizes the importance of smart logistics and digital transformation in enhancing operational efficiency and meeting consumer demands [63][66]. Summary by Sections Aviation and Airports - As of December 2024, domestic ASK recovery rates for major airlines reached 132.45% for China National Aviation and 153.98% for Spring Airlines compared to 2019 [19]. - International flight recovery rates vary, with the UK at 112% and Italy at 122% compared to 2019 [22]. - The report notes that the optimism surrounding airport duty-free agreements has been priced in, with future international passenger flow recovery being a key focus [7]. Shipping and Ports - The SCFI (Shanghai Containerized Freight Index) reported a value of 1436 points as of March 7, 2025, reflecting a week-on-week decrease of 5.21% and a year-on-year decrease of 23.83% [28]. - The BDTI (Baltic Dirty Tanker Index) was at 879 points, down 0.86% week-on-week and down 26.01% year-on-year [33]. - The report indicates a significant decline in shipping rates across various routes, with the CCFI (China Containerized Freight Index) showing a decrease of 7.70% year-on-year [28]. Road and Rail - In December 2024, railway freight volume increased by 8.46% year-on-year, reaching 4.59 million tons, while road freight volume grew by 9.94% to 37.74 million tons [39][46]. - The report highlights the expansion of rail capacity in the southwest region, enhancing operational efficiency [60]. Express Logistics - The express delivery sector achieved a revenue of 137.89 billion yuan in December 2024, marking a year-on-year increase of 13.60% [49]. - The average price per express delivery item decreased by 13.61% to 7.75 yuan [49]. - The report emphasizes the growth potential in the express logistics sector, driven by e-commerce and the development of differentiated competitive advantages among leading companies [8].

智慧物流·智能制造系统提供商 证券代码：300532 证券简称：今天国际 公告编号：2025-006 深圳市今天国际物流技术股份有限公司 关于募投项目变更后重新签订募集资金三方监管协议及 原募集资金专户注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 深圳市今天国际物流技术股份有限公司（以下简称"公司"）于 2024 年 12 月 31 日召 开第五届董事会第十四次会议，审议通过了《关于募投项目结项及变更募集资金用途的议 案》《关于新设募集资金专项账户并授权签订募集资金监管协议的议案》，同意将募投项 目"今天国际工业互联网平台建设项目"和"IGV 小车研发及产业化项目"予以结项，并 将本次结项的募投项目节余资金投入新项目"今天国际智能机器人研发及产业化项目"。 同时，为规范募集资金管理，针对本次变更后的新项目，公司将新开立募集资金专户，将 原募投项目节余募集资金转入新设募集资金专户中，并将与开户银行、保荐机构及时签订 募集资金监管协议。上述节余募集资金按上述计划结转完毕后，公司将对原募投项目募集 资金专户进行销户处理。 2025 年 1 月 24 ...