值得注意的是，5位候选人当中，聂毅鹏系韵达股份实际控制人聂腾云、陈立英夫妇之子，出生于2001 年，年仅24岁。 12月13日，韵达股份发布关于董事会换届选举的公告。公司第八届董事会同意提名聂腾云、陈立英、聂 樟清、聂毅鹏、符勤为公司第九届董事会非独立董事候选人。 在激烈的竞争之下，近期韵达股份业绩承压，今年前三季度，公司实现营业收入374.93亿元，同比增长 5.59%；归属母公司股东的净利润为7.3亿元，同比大幅下滑48.15%；扣非归母净利润6.55亿元，同比下 滑44.15%。 简历显示，聂毅鹏，2001年1月出生，中国国籍，硕士学位。2025年4月起于睹煜（上海）信息服务有限 公司任职，兼任上海盈颉实业有限公司总经理、上海源迈实业有限公司执行董事兼总经理。截至目前， 聂毅鹏未持有公司股份。 此外，候选人中的聂樟清系聂腾云之父，简历显示，聂樟清先生，1951年4月出生，中国国籍，初中学 历。 聂樟清是上海韵达货运有限公司的创始股东，目前担任公司董事。截至目前，聂樟清先生直接持有公司 股份16126652股。 候选人中的陈立英为聂腾云妻子，简历显示，陈立英，1975年10月出生，中国国籍，东华大学EMB ...

12月13日，韵达股份发布关于董事会换届选举的公告。公司第八届董事会同意提名聂腾云、陈立英、聂樟清、聂毅鹏、符勤为公司第九届董事会非独立董 事候选人。 | 提案编码 | 提案名称 | 备注 该列打勾的栏目 | | --- | --- | --- | | | | 可以投票 | | 100 | 总议案:除累积投票提案外的所有提案 | V | | | 累积投票提案 | | | 1. 00 | 《关于董事会换届选举第九届董事会非独立董事的议案》 | 应选人数(5)人 | | 1.01 | 选举聂腾云先生为公司非独立董事 | J | | 1.02 | 选举陈立英女士为公司非独立董事 | V | | 1.03 | 选举聂樟清先生为公司非独立董事 | √ | | 1. 04 | 选举聂毅鹏先生为公司非独立董事 | J | | 1.05 | 选举符勒先生为公司非独立董事 | イ | | 2. 00 | 《关于董事会换届选举第九届董事会独立董事的议案》 | 应选人数(3)人 | | 2. 01 | 选举胡铭心先生为公司独立董事 | V | | 2. 02 | 选举黄晓芸女士为公司独立董事 | 1 | | 2. 03 | 选举谢 ...

Group 1 - The company is undergoing a board restructuring, nominating five candidates for the ninth board of directors, including 24-year-old Nie Yipeng, the son of actual controllers Nie Tengyun and Chen Liying [2] - Among the nominees, Nie Zhangqing, the father of Nie Tengyun, is also a founding shareholder of Shanghai Yunda Freight Co., indicating a potential "three generations under one roof" scenario in the board [2] - The company's performance is under pressure, with a reported revenue of 37.493 billion yuan for the first three quarters, reflecting a year-on-year growth of 5.59%, while net profit attributable to shareholders dropped significantly by 48.15% to 730 million yuan [2] Group 2 - The company's net profit after deducting non-recurring items was 655 million yuan, showing a year-on-year decline of 44.15% [2]

#韵达实控人24岁儿子将出任董事#【24岁创二代将出任韵达股份董事】12月14日消息，韵达股份近日披 露，公司董事会将进行换届选举，经董事会提名委员会进行资格审查后，董事会同意提名聂腾云、陈立 英、聂樟清、聂毅鹏、符勤为公司第九届董事会非独立董事候选人。 记者注意到，上述候选人中，聂毅鹏出生于2001年，年仅24岁。聂毅鹏系韵达股份实际控制人聂腾云、 陈立英夫妇之子。（证券时报·e公司） ...

Core Insights - The article discusses the shift in the logistics market for Douyin's (TikTok's Chinese counterpart) return goods, where SF Express has relinquished its share, allowing JD Logistics and other companies to compete for this lucrative segment [1][6][16] - The return logistics market is experiencing explosive growth, driven by the rise of e-commerce, particularly live-streaming sales, which have significantly higher return rates compared to traditional e-commerce platforms [3][4][8] Market Dynamics - The volume of e-commerce return shipments in China has surged from 3.6 billion in 2019 to 8.2 billion in 2023, with projections indicating it could reach 20.9 billion by 2028, representing about 10% of the daily express delivery volume [2] - Live-streaming e-commerce has a return rate ranging from 30% to 60%, with some categories experiencing rates as high as 80% during peak sales events, creating a substantial demand for efficient reverse logistics [3][4] Service Requirements - Douyin's return logistics require high service standards, including a five-minute initial response and one-hour code verification, which poses challenges for companies like JD Logistics and the "Three Links and One Reach" (a group of logistics companies) to meet these expectations [4][11][16] - SF Express has been recognized for its ability to meet these stringent requirements, maintaining a collection timeliness rate of over 95% for return shipments [5][11] Strategic Shifts - SF Express's decision to step back from Douyin's return logistics is attributed to a strategic focus on improving overall profit margins, which conflicted with Douyin's need to reduce logistics costs [6][8][9] - The company's strategy involves a cyclical approach, focusing on volume expansion in the first half of the year and profit optimization in the latter half, leading to stricter customer selection and pricing strategies [6][9] Challenges for Competitors - JD Logistics faces challenges in leveraging its extensive warehouse network for return logistics, as the return process primarily involves transporting goods to designated addresses rather than utilizing its storage facilities [12][13] - The company also struggles with labor shortages, which can hinder its ability to meet the demands of Douyin's return logistics, especially during peak sales periods when resources are prioritized for its own platform [14][15] Future Outlook - The article suggests that despite the transition to JD Logistics and the "Three Links and One Reach," the high service standards required for Douyin's return logistics may lead to a reassessment of logistics partners, potentially resulting in a return to SF Express in the future [15][16]

【重点关注】 ·中央经济工作会议12月10日至11日在北京举行 ·前十一个月社会融资规模增量累计为33.39万亿元 ·2025年11月份CPI同比涨幅扩大核心CPI继续上涨 ·前11个月我国货物贸易进出口同比增长3.6% ·国家税务总局：1至11月新能源乘用车销售收入同比增长19.1% ·顶格重罚！证监会对私募机构优策投资开罚单 ·美联储将联邦基金利率目标区间降至3.5%至3.75% 为年内第三次降息 ·12月9日-10日，全国零售业创新发展大会在北京召开。会议要求，要准确把握守正与创新、"变"与"不 变"、盘活存量与做优增量、"线上"与"线下"、有为政府与有效市场之间的关系，统筹推进零售业创新 发展。要坚持诚信经营，以高品质商品和服务赢得消费者青睐，推动商业设施从空间租赁转向场景运 营、生态构建，提升可持续发展水平。要学习推广胖东来等企业好经验好做法，加快转型提升。要更加 注重下沉市场，发展新业态新模式新场景，激发消费潜力。 【国内要闻】 ·中央经济工作会议12月10日至11日在北京举行。会议指出，明年经济工作在政策取向上，要坚持稳中 求进、提质增效，发挥存量政策和增量政策集成效应，加大逆周期和跨周期调节力 ...

来源：深圳商报 公告显示，聂腾云，男，1976年1月出生，中专学历。聂腾云于1999年创立上海韵达货运有限公司，目 前担任公司董事长兼总裁（总经理）。截至目前，聂腾云直接持有公司股份80361697股，通过上海罗颉 思投资管理有限公司间接持有公司股份1067572918股，聂腾云、陈立英夫妇为公司实际控制人，上海罗 颉思为公司控股股东，系聂腾云、陈立英夫妇控制的企业。公司股东聂樟清、陈美香系聂腾云的父母。 聂毅鹏，2001年1月出生，硕士学位。2025年4月起于睹煜（上海）信息服务有限公司任职，兼任上海盈 颉实业有限公司总经理、上海源迈实业有限公司执行董事兼总经理。 截至目前，聂毅鹏未持有公司股份。聂毅鹏系聂腾云、陈立英夫妇之子，聂毅鹏与聂腾云、陈立英及其 一致行动人上海罗颉思、聂樟清、陈美香、玄元科新135号私募基金、玄元科新136号私募基金存在关联 关系。除此以外，聂毅鹏与其他持有公司5%以上股份的股东、董事、高级管理人员无关联关系。 在激烈的竞争之下，韵达股份业绩承压，今年前三季度，公司实现营业收入374.93亿元，同比增长 5.59%；归属母公司股东的净利润为7.3亿元，同比大幅下滑48.15%；扣非 ...

Investment Rating - The report recommends "Buy" for the express delivery sector, specifically highlighting SF Holding and Zhongtong Express as favorable investment opportunities [2][4]. Core Views - The express delivery sector shows a year-on-year growth of 6% in the development scale index for November, with major companies benefiting from price increases due to reduced competition [2]. - The logistics sector is advised to focus on smart logistics, with Hai Chen Co. recommended due to improved demand [3]. - The aviation sector is experiencing a slight increase in flight volumes, with recommendations for China National Aviation and Southern Airlines based on profit elasticity from supply-demand optimization [4]. - The shipping sector sees a stable demand for container transport, with COSCO Shipping announcing new ship orders valued at 7.88 billion yuan [5]. - The road and rail sector shows a mixed performance, with a slight decline in truck traffic but a stable outlook for coal transportation [6]. Summary by Sections 1. Transportation Market Review - The transportation index decreased by 1.5% during the week of December 6-12, underperforming the Shanghai Composite Index by 1.4% [13]. 2. Industry Fundamentals Tracking 2.1 Shipping and Ports - The container shipping index CCFI is at 1118.07 points, a 0.3% increase week-on-week but a 24.8% decrease year-on-year [22]. - The oil shipping index BDTI is at 1383.6 points, down 1.7% week-on-week but up 48.8% year-on-year [40]. 2.2 Aviation and Airports - The average daily flights increased by 2.9% year-on-year, with domestic flights up by 1.99% and international flights up by 7.78% [4]. - In October 2025, civil aviation passenger volume reached 67.84 million, a year-on-year increase of 8% [60]. 2.3 Rail and Road - National railway passenger volume in October 2025 was 410 million, a 10.14% increase year-on-year [81]. - National road freight volume was 3.706 billion tons, a slight increase of 0.08% year-on-year [86]. 2.4 Express Delivery and Logistics - The total express delivery volume for the week of December 1-7 was approximately 3.979 billion pieces, a 1.7% increase year-on-year [2].

证券研究报告 | 行业周报 gszqdatemark 2025 12 14 年 月 日 交通运输 快递、民航"反内卷"整治持续，VLCC 受制裁名单再扩大 周观点：中央经济工作会议 12 月 10 日至 11 日在北京举行，会议明确"制 定全国统一大市场建设条例，深入整治'内卷式'竞争"。继续看好快递、 航空在"反内卷"整治下的投资机会。快递反内卷线：快递行业份额逐步 向头部快递集中，反内卷政策下恶性价格战得到有效遏制，头部快递份额、 利润同步提升，有望迎来双击。快递出海线：快递出海，天地广阔，海外 电商 GMV 爆发式增长，带动快递业务量迅猛增长，相关标的为极兔速递。 看好"反内卷"整治下航空板块中长期景气度：运力供给维持低增速、需 求持续恢复，供需缺口缩小叠加油价中枢下移及"反内卷"政策继续推进， 静待票价持续修复、航司盈利不断改善。 行情回顾：本周交通运输板块行业指数下跌 1.55%，跑输上证指数 1.21 个百分点（上证指数下跌 0.34%）。从申万交通运输行业三级分类看，仅 公路货运板块上涨，涨幅为 4.76%；跌幅前三名分别为公交、高速公路、 铁路运输板块，对应跌幅分别为-4.97%、-2.49% ...

Market Overview - The global market has shown volatility this week, with the Federal Reserve announcing its third interest rate cut of the year. The Dow Jones increased by 1.05%, while the Nasdaq and S&P 500 fell by 1.62% and 0.63%, respectively [2] - European stock indices displayed mixed results, with the UK FTSE 100 down by 0.19%, the German DAX 30 up by 0.66%, and the French CAC 40 down by 0.57% [2] Federal Reserve Insights - The Federal Reserve's December meeting revealed significant internal disagreements, with a 25 basis point rate cut and an updated dot plot indicating only one expected rate cut in 2026 [3] - Market expectations suggest more frequent rate cuts than the Fed's projections, with the U.S. money market pricing in two additional cuts [3] Employment and Inflation Data - Key employment and inflation data, delayed due to government shutdown, will be released soon, including the November non-farm payroll report and the consumer price index (CPI) [3] - The ADP private sector employment report indicated a decrease of 32,000 jobs, suggesting potential downward risks for the upcoming non-farm payroll report [3] Treasury Auctions - The U.S. Treasury plans to auction $13 billion in 20-year bonds and $24 billion in 5-year Treasury Inflation-Protected Securities (TIPS), testing investor demand for long-term bonds [4] Oil and Gold Market Trends - International oil prices fell, with WTI crude down by 4.39% to $57.44 per barrel and Brent crude down by 4.13% to $61.12 per barrel, influenced by geopolitical factors and oversupply [5] - Gold prices rose by 2.07% to $4,300.10 per ounce, driven by the Fed's rate cut and a weaker dollar [6] Precious Metals Market - Analysts noted that the rise in silver prices is positively impacting gold, with strong momentum in the precious metals market [7] - The upcoming U.S. non-farm payroll report is anticipated to provide insights into the Fed's policy direction [7] European Central Bank Expectations - The European Central Bank (ECB) is expected to maintain interest rates at its upcoming meeting, with speculation about future rate hikes likely postponed until 2027 [8] - The ECB is anticipated to revise its short-term economic growth forecasts upward while slightly lowering medium-term inflation expectations [8] Upcoming Economic Data - Key economic indicators, including the December PMI for France, Germany, and the Eurozone, will be crucial for ECB decision-making [9] - The Bank of England is expected to cut rates by 25 basis points to 3.75% to support a weakening economy, despite high inflation levels [9][10]