Core Insights - Langfang City aims to become a global modern commerce and logistics center, with a projected increase in the value added of its modern commerce and logistics industry to 94.88 billion yuan in 2024, representing a 9.2% year-on-year growth and accounting for 24.3% of the regional GDP, an increase of 6.8 percentage points from 2023 [1] Group 1: Infrastructure Development - Langfang is enhancing its logistics infrastructure by constructing key railway logistics hubs, including the Langfang Land Port Logistics Park and the Langfang Railway Logistics Hub, which are part of the Hebei Province's comprehensive freight hub development plan [2] - The city has successfully launched 12 international freight trains, establishing an international intermodal transport model that combines rail, cross-border road, and water transport [2] Group 2: Aviation Logistics - Langfang is developing a global aviation logistics hub by leveraging its unique advantages and attracting central enterprises like China Post to establish regional logistics hubs in the Beijing Daxing International Airport Economic Zone [3] - The city has signed contracts with various foreign trade enterprises and established a cross-border e-commerce center, facilitating trade with 113 countries and regions [3] Group 3: Transportation Optimization - The city is implementing 10 road network optimization projects, with an investment of 3.205 billion yuan, achieving a road freight turnover of 7.988 billion ton-kilometers, a year-on-year increase of 11.58%, ranking first in the province [4] - Langfang is also enhancing urban delivery logistics infrastructure by constructing public freight logistics hubs and logistics parks [4] Group 4: Industry Collaboration - The city is promoting the "Logistics + Agriculture" strategy, with 94 Taobao villages and 43 Taobao towns, achieving a total of 57.8314 million express deliveries of agricultural products [5] - Langfang is also advancing the "Logistics + Manufacturing" strategy, with 34 logistics equipment and parts companies generating 610 million yuan in revenue, a 25.6% year-on-year increase [6] Group 5: Policy and Environment - Langfang is focused on creating a favorable business environment by streamlining approval processes and enhancing land use efficiency, with a planned allocation of 2,121 acres for logistics and warehousing in 2024 [8] - The city has developed a comprehensive policy framework to reduce logistics costs, aiming to lower the ratio of total social logistics costs to GDP to 13% by 2027 [9] Group 6: Upcoming Events - The 2025 Langfang Economic and Trade Fair, themed around modern commerce and logistics, is scheduled to open on June 16, showcasing the city's vibrant image and commitment to logistics development [10]

无人物流车行业正经历爆发式增长，预计 2025 年行业规模达 3 万台， 2026 年增至 10 万台，至 2030 年有望达到 60 万台，中国企业增速尤 为显著。渗透率短期内可达 30%，对应约 60 万辆市场空间，远期则可 能超过 100 万辆。 无人物流车企主要通过硬件销售和 FSD 服务盈利，硬件销售初期亏损， 但软件服务盈利模式良好。销量达 5,000 台可盈亏平衡，5 万台时单车 利润可达 4-5 万元，净利率近 50%。 技术路线向轻量化地图甚至无地图方向发展，降低成本和部署时间，但 对数据收集和算法要求更高。清图方式部署时间短，成本低，更具优势。 无人物流成本显著下降，单件快递成本降至 8 分钱，较传统方式降低 60%。硬件成本与传统物流车差距缩小至 2-3 万元左右，经济性提升。 政策支持力度加大，各地牌照发放加速，简化流程。全国已有 200 多个 城市放开道路使用权审批，为行业发展提供便利。 支线运输场景（城市内跨区或城乡间短途）更适合无人物流发展，易于 标准化。电商快递行业成熟度高，自动化程度高，最先采用无人物流替 代。 无人物流车企竞争壁垒体现在准入权、自动驾驶技术差异和商业模式创 ...

证券研究报告 无人物流专题：万事具备，爆发元年 ——无人驾驶深度之一 电新首席证券分析师 ：曾朵红 执业证书编号：S0600516080001 联系邮箱：zengdh@dwzq.com.cn 电动车首席证券分析师 ：阮巧燕 执业证书编号：S0600517120002 联系邮箱：ruanqy@dwzq.com.cn 联系电话：021-60199793 2025年6月10日 目录 | Part1 万事具备，爆发元年 | | --- | Part2 聚焦无人物流车企，运营服务利润空间大 Part3：主流车企卖车 + 运营双轮驱动，势头强劲 Part4 投资建议与风险提示 2 2 摘要 备注：全文的"预计"如果没有特别说明，均为东吴证券研究所电新组预测 3 ◆ 无人物流万事具备，爆发元年。无人物流多应用于支线运输，公里数为3-100km，多为城市内或城市到 乡镇，路线固定，可替代210万辆轻型商用车。当前政策+技术+经济性三大要素备齐，25年销量爆发。 政策端，全国200多个城市已开放路权审批，流程从申请到测试周期缩短至3-6个月。技术端，L4自动驾 驶在限定ODD和低速场景（≤40km/h）时趋于成熟，龙头事故率低 ...

Core Viewpoint - The article highlights the significant growth and operational achievements of the China-Europe Railway Express, emphasizing its role as a vital logistics channel and a catalyst for international trade cooperation. Group 1: Operational Achievements - The China-Europe Railway Express has successfully operated its 110,000th train, marking a milestone in its logistics service [1] - In the first five months of this year, the number of trains operated increased by 20.35% year-on-year, totaling 201 trains [3] - The railway has expanded its reach from initially serving five Central Asian countries to now connecting with 23 countries and 54 cities [3] Group 2: Cargo and Logistics - The latest train carried 55 containers filled with household appliances, valued at nearly 20 million yuan, showcasing the high-value products being transported [2] - The railway has improved its operational efficiency, increasing the average speed from 90 km/h to 120 km/h [3] - Currently, 128 cities in China are connected to the railway, which reaches 229 cities in Europe and over 100 cities in 11 Asian countries [3] Group 3: Future Plans - The company plans to deepen cooperation with leading enterprises in Shandong province to enhance the logistics service system and support foreign trade [4]

21世纪经济报道记者凌晨西安报道 随着电视剧《长安的荔枝》火爆荧屏，一股鲜甜的"荔枝风潮"正在古都西安掀起。屏幕上绘声绘色的历 史故事，正转变为现实世界里"长安"消费者对岭南佳果的热情追求。 大街小巷的水果店、生鲜超市的冷藏柜前到西安市民的餐桌上，来自广东茂名、惠州、东莞、增城等核 心产区的鲜荔，以其鲜艳欲滴的色泽、清甜爆汁的口感，正成为今夏西安消费市场的绝对主角。 与往年不同，今年广东荔枝在西安的亮相，无论是铺货广度还是消费热度都堪称"现象级"。多个经销门 店开辟"广东荔枝"主题陈列区，批发市场货源流转加速。 多位受访经销商对21世纪经济报道反馈道，需求呈现显著增量，优质产区品种如高州白糖罂、增城桂味 等供不应求，走货速度较往年同期大幅攀升。 这涌动的岭南鲜红，不仅仅是在填满西安市民的"果盘子"，更悄然勾勒出一条跨越南北的经济链条。它 的背后，连接着广东果农增收的希望和区域特色农业转型升级的步伐，荔枝的"好身价"和"大销量"正转 化为实实在在的乡村富民动能。 供需共振：岭南荔香漫长安 西安至广东逾千公里的地理距离，曾造就荔枝运输的难题。 如今，无人机技术、智能恒温冷链运输及全货机配送等现代物流方案已有效克服 ...

Core Insights - The e-commerce logistics index in China rose to 111.6 points in May, indicating a steady increase in both supply and demand [1][2] - The total business volume index for e-commerce logistics reached 130.2 points, marking a 0.8 point increase from the previous month [1] - The rural e-commerce logistics business volume index also increased to 129.6 points, reflecting a 0.6 point rise [1] Supply and Demand Dynamics - Both supply and demand sides showed steady growth, with the total business volume index and rural business volume index hitting new highs for the year [2] - The "old-for-new" consumption policy boosted demand for home appliances and communication equipment [2] - Companies are enhancing their supply capabilities in anticipation of mid-year promotional activities, as indicated by a 0.2 point increase in the personnel index [1] Logistics Efficiency - The logistics timeliness index rose to 101.2 points, surpassing 100 for the first time this year, indicating improved service efficiency among e-commerce logistics companies [1] - The inventory turnover rate index increased by 0.2 points, suggesting faster inventory turnover as demand rises [1] - The market feedback remains positive, with a 0.4 point increase in the satisfaction index [1] Future Outlook - The easing of monetary policy is expected to provide significant support for the implementation of consumption-promoting policies, enhancing the vitality of the e-commerce market [2] - With major e-commerce platforms preparing for mid-year shopping promotions, the logistics index in June is anticipated to rise further [2]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to benefit from the gradual establishment of key cold chain logistics bases, which will enhance the focus on its cold chain engineering business [5][7] - The company has a strong positioning advantage in the grain storage and cold chain sectors, with projected net profits for 2025-2027 being CNY 282 million, CNY 357 million, and CNY 440 million respectively [7][8] Financial Summary - Closing price as of June 9, 2025, is CNY 11.08 [4] - Total market capitalization is CNY 5,676 million [4] - Revenue projections for 2023 to 2027 are CNY 2,414 million, CNY 2,652 million, CNY 3,234 million, CNY 3,975 million, and CNY 4,916 million, with growth rates of -10.51%, 9.84%, 21.95%, 22.89%, and 23.69% respectively [6][8] - Net profit attributable to shareholders is projected to grow from CNY 218 million in 2023 to CNY 440 million in 2027, with growth rates of 29.03%, 7.34%, 20.67%, 26.65%, and 23.17% respectively [6][8] - The company’s return on equity (ROE) is expected to increase from 10.97% in 2023 to 15.94% in 2027 [6][8] - The price-to-earnings (P/E) ratio is projected to decrease from 26.07 in 2023 to 12.90 in 2027 [6][8]

从中国发往欧洲的货物，空运的运费与时效始终是跨境贸易中最受关注的焦点。实际运输成本与货物属性、运输方式及市场波动密切相关，而时效则受航线 安排、清关效率等多重因素影响。理解这些变量间的动态关系，能帮助发货方在成本与效率之间找到最优解。 欧洲空运的时效跨度较大，常规情况下普货运输通常需要5至15个工作日完成全流程。若选择直飞欧洲主要枢纽的快线服务，例如从北上广直飞法兰克福或 巴黎，货物在清关顺利的前提下最快可在5个工作日内送达德法等核心国家。部分物流商推出的「极速空运」渠道甚至宣称3-7天完成派送，但这类服务往往 对货物类型和体积有严格限制，且价格较标准渠道高出30%-50%。对于带电产品、化妆品等敏感货，因需特殊处理流程，时效通常延长至10-15天，且需额 外支付20%-40%的附加费用。 清关效率是决定整体时效的关键变量，拥有欧盟本地清关团队的服务商能实现95%的包裹「次日清关」，而自行清关可能因文件不全或申报问题导致3-5天 的滞留。旺季时航班资源紧张可能使时效延长2-3天，偏远地区派送还需额外预留5-7个工作日。 运费计算远非简单的重量乘以单价。航空运输采用「实际重量」与「体积重量」取大者的计费标准，体 ...

Core Advantages - The use of pallet services enhances cargo safety and transportation efficiency by protecting goods and reducing damage risks [1][3] - Pallets provide fixed and cushioning support, preventing movement and collisions during transport, especially for heavy items like machinery parts and appliances [3] - Pallets can simplify loading and unloading processes, allowing for mechanized operations that significantly reduce handling time [4] Cost Benefits - Utilizing pallets can lower labor and management costs, as they reduce the need for manual handling, especially for heavy items over 50 kilograms [5] - Palletized shipments can benefit from logistics discounts, with potential savings of 10%-20% when shipping over 500 kilograms [5] - The use of pallets can decrease damage-related compensation costs, with damage rates dropping by over 80% [5] Compliance and Standardization - Pallet services comply with international shipping standards and customs requirements, streamlining the clearance process [5] - Standardized pallet sizes, such as the commonly used 1200×800mm EPAL pallet, can improve space utilization in containers by approximately 30% [5] - Proper labeling and packing lists for palletized goods facilitate quicker customs checks and reduce the likelihood of inspections [5] Special Scenarios - Pallets are essential for transporting large items that cannot be packaged in standard boxes, ensuring stability during transit [7] - For hazardous materials, pallets must meet UN standards and include protective materials to comply with safety regulations [7] - High-value goods can be better protected against theft and damage when transported on pallets, with tracking capabilities enhancing logistics management [7] Recommendations and Considerations - Pallet services are recommended for industrial equipment, furniture, bulk electronics, hazardous materials, and cross-border B2B shipments [8] - Companies should assess the weight and volume of goods to determine the cost-effectiveness of pallet use, especially for items over 300 kilograms or 2 cubic meters [8] - It is crucial to confirm the logistics provider's pallet service capabilities, including rental and recovery options, particularly for shipments from Germany to China [8]

活动现场。中通快递新 都公司供图 中新网四川新闻6月9日电 （记者 何浠）近日，主题为"遇见科技智领未来"的科技课堂在成都市新都 区教科院附属小学举行。日常与孩子们生活息息相关的前沿科技设备走进校园，在孩子们心中点燃了对 科技的热爱与梦想。 除此之外，工作人员还展示了载重50公斤的无人机，介绍无人机在复杂地形、紧急配送等特殊场景下的 独特优势，以及其背后所运用的高精度飞行控制技术和多重安全保障机制。 活动在孩子们专注触摸科技设备、沉浸于科技魅力之中，以及随之而来的阵阵欢呼声中圆满收官。此次 由新都教科院附小与中通快递新都公司联合举办的科技盛宴，以直观且生动的方式，让智慧物流不再停 留于理论层面，而是变得可感可知。它宛如一座桥梁，搭建起少年们与科技之间的联系，在少年心中悄 然播下了好奇与创新的种子，为未来科技人才的培养奠定了坚实基础。（完） 现场，无人车引发了同学们的好奇，根据中通快递新都公司工作人员的揭秘，同学们了解到无人车能载 重500公斤，日处理快递近2000件。无人车依靠"智慧眼"（激光雷达+摄像头）智能避障。工作人员以通 俗易懂的语言和丰富多样的案例，为同学们详细讲解了无人车在快递领域的应用。从无人车 ...