Core Insights - SF Express has launched an integrated blood transportation service in collaboration with Wuhan Children's Hospital, utilizing both drone and ground delivery methods to enhance the efficiency and flexibility of medical logistics [1][4][6] Group 1: Service Overview - The new service combines SF Express's drone resources with flexible last-mile delivery capabilities, achieving full-scenario coverage through a "sky + ground" model [1][6] - The first operational route covers 11 kilometers, significantly reducing blood transportation time from over 1 hour to approximately 10 minutes [4][6] Group 2: Operational Efficiency - The drone, Fengyi Ark 40, can transport up to 40 units (8000cc) of blood in a single flight, meeting the daily blood supply needs of a medium to large hospital [4] - The integrated delivery model allows for flexible adjustments based on weather conditions and delivery demands, ensuring stable and timely delivery of medical supplies [6][8] Group 3: Cost and Resource Optimization - Hospitals benefit from reduced operational costs by eliminating the need for dedicated blood retrieval teams, thus lowering fixed expenses related to manpower and vehicles [8] - The "sky + ground" delivery system enhances the emergency blood supply capability, allowing hospitals to respond effectively to sudden demands or adverse weather conditions [8] Group 4: Future Expansion - Following the successful operation of the initial route, the integrated delivery model is expected to expand to other logistics routes, improving the efficiency of emergency medical supply transport [8] - This "sky + ground" service model may also extend to other high-efficiency delivery sectors, showcasing its value in low-altitude logistics applications [8]

证券研究报告 晨会 hyzqdatemark 2025 年 09 月 30 日 投资要点： 资料来源：聚源，华源证券研究所，截至2025年09月29日 华源晨会精粹 20250929 固定收益 10 月债市怎么看？——10 月债市投资策略：9 月债市调整较明显，与股 市强势及债基等机构行为等有关。9 月债市走势偏离资金面及经济基本面，主要是由 于 1）三季度股市显著上涨，特别是科技股涨幅大，使得部分投资者预期经济可能复 苏；2）年金等机构资金大幅加仓股票，使得部分机构资金从债市流向股市；3）公 募基金监管规则的冲击，惩罚性赎回费规则可能使得理财等机构大幅赎回债基，阶 段性冲击债市；4）部分银行 9 月卖老券释放浮盈以调节三季报业绩，且 9 月份政府 债券发行量较大。今年债市主要靠银行自营加大配置。当前，政策利率进一步下调 的条件或已初步具备。当前，债市配置价值突出，有望自发地企稳，债券收益率或 震荡下行。债市走势可能阶段性与基本面脱钩，但无法长期脱钩。我们认为，年内 10Y 国债（8 月 8 日之前发行的活跃券）收益率仍可能重回 1.65%左右。股市后续 走势也可能影响债市行情节奏。 风险提示：出口可能超预期 ...

Group 1 - The company, SF Holding, announced a share buyback plan, investing 22.2968 million RMB to repurchase 650,000 A-shares [1] - The buyback price per share ranges from 39.71 to 39.96 RMB [1]

证券研究报告 交通运输 行业定期报告 hyzqdatemark 2025 年 09 月 29 日 证券分析师 孙延 SAC：S1350524050003 sunyan01@huayuanstock.com 刘晓宁 SAC：S1350523120003 liuxiaoning@huayuanstock.com 王惠武 SAC：S1350524060001 wanghuiwu@huayuanstock.com 曾智星 SAC：S1350524120008 zengzhixing@huayuanstock.com 张付哲 SAC：S1350525070001 zhangfuzhe@huayuanstock.com 联系人 板块表现： 国庆中秋假期出行有望迎来景气 投资评级： 看好（维持） —交通运输行业周报（2025 年 9 月 22 日-2025 年 9 月 28 日） 投资要点： 一、行业动态跟踪 快递物流： 1）"通达兔"快递企业宣布上调上海市电商快递价格，全国快递涨价区域已达 93%。 根据东方网， 9 月 22 日极兔、中通、圆通、申通、韵达宣布上调上海地区快递收 件价格，电商件单票价格上涨 0.2-0. ...

Core Viewpoint - The transportation sector in China has shown stable economic performance in 2023, with significant growth in various indicators, supporting the national economy and facilitating regional circulation [2]. Group 1: Transportation Economic Performance - The overall transportation economic operation is stable, with major indicators maintaining growth, providing essential support for production and consumption connections [2]. - From January to August, the total freight volume reached 380.6 billion tons, a year-on-year increase of 3.8%. By mode, railway, road, waterway, and civil aviation freight volumes grew by 2.6%, 3.9%, 3.8%, and 14.5%, respectively [2]. - The port cargo throughput increased significantly, totaling 120.3 billion tons from January to August, up 4.4% year-on-year, with container throughput reaching 23 million TEUs, a 6.3% increase [2]. Group 2: Holiday Travel Expectations - During the upcoming Mid-Autumn and National Day holidays, the expected cross-regional passenger flow will reach 2.95 billion people per day, with a total of 23.6 billion people expected to travel, marking a 3.2% increase from the previous year [4]. - Self-driving will be the primary mode of travel, with an estimated 1.87 billion self-driving trips, accounting for nearly 80% of total travel [4]. - The railway sector anticipates sending 219 million passengers during the holiday, with an average of 13,000 trains operating daily, and civil aviation is expected to reach a record 19.2 million passengers [4]. Group 3: Rural Logistics Development - The integration of rural logistics has shown significant progress, with over 1,500 county-level administrative regions participating in rural passenger and freight integration, establishing over 14,500 service stations [7]. - The annual volume of mail and express delivery through rural logistics exceeds 1 billion items, enhancing delivery efficiency and reducing costs [7]. - Future efforts will focus on improving service station construction and expanding integration with e-commerce and rural tourism to achieve sustainable development [7].

Group 1: Travel Demand Forecast - The upcoming 8-day holiday is expected to see a significant increase in travel demand, with an estimated 2.36 billion trips, averaging about 295 million trips per day, representing a 3.2% increase compared to the same period last year [1] - Domestic tourism is projected to be strong, with popular cities like Shanghai, Chengdu, Beijing, Guangzhou, Xi'an, Hangzhou, Nanjing, and Chongqing expected to exceed last year's tourism levels [1] - Outbound travel is also anticipated to rise significantly, particularly to Japan, South Korea, and Southeast Asian countries [1] Group 2: Transportation Modes - Self-driving is expected to be the primary mode of travel, with an estimated 1.87 billion trips, accounting for about 80% of total travel [1] - The peak travel day is predicted to be October 1, with a potential single-day passenger flow exceeding 340 million, marking a historical peak [1] - The railway sector anticipates over 219 million passengers during the holiday, with an average of 13,000 trains operating daily, sending approximately 18.25 million passengers each day [2] Group 3: Aviation Sector Insights - The civil aviation market is expected to reach 19.2 million passengers during the holiday, a 3.6% increase from last year, setting a record for the same period [3] - The last two days of the holiday are expected to see the highest passenger flow, potentially reaching or exceeding the historical peak of 2.56 million passengers in a single day [3] - Major air travel routes between key urban areas like Beijing, Shanghai, Guangzhou, Chengdu, and others are expected to see significant passenger volume, with total throughput exceeding 17 million passengers [3] Group 4: Express Delivery Trends - As of September 27, the total number of express packages collected this year reached 143.27 billion, with an average of over 530 million packages per day [4] - The collection volume has notably increased in September, averaging 557 million packages daily, with peak days exceeding 600 million packages [4]

Group 1 - Xiaomi's 17 series smartphones officially launched on September 27, with high demand for the Pro Max model exceeding initial expectations [1] - Elon Musk denied any connection to Jeffrey Epstein after documents revealed associations between the two [2] - Leap Motor's founder, Zhu Jiangming, has been restricted from spending due to a court ruling related to a debt of 3.6181 million yuan owed to a service company [3] Group 2 - SF Express's chairman Wang Wei distributed 120 million yuan in long-service bonuses to employees with over ten years of service, benefiting around 100,000 employees [4] - Gree Electric has established over 970 "Dong Mingzhu Health Homes" since March, with plans to reach 3,000 locations nationwide [5] - Neta Auto's restructuring process has seen only one investor meet the requirements for participation, despite a large number of initial inquiries [6] Group 3 - BMW is recalling over 331,000 vehicles globally due to a defect in the starter motor that could lead to fire hazards, affecting models produced from 2015 to 2021 [7] - Concerns have arisen regarding inflated pre-sale orders in the automotive industry, with industry leaders like NIO's Li Bin highlighting the issue of "order inflation" [8] Group 4 - The domestic tourism market is expected to reach new highs during the upcoming National Day and Mid-Autumn Festival, with a 58% increase in bookings for inter-provincial border cities [10] - Predictions indicate that the likelihood of significant drops in air ticket prices for the holiday period is low, with a 9.1% increase in pre-sale ticket prices compared to the previous year [10]

Core Viewpoint - The collaboration between Dongfeng Commercial Vehicle and ZTO Express is deepening, focusing on enhancing transportation efficiency and operational reliability through the delivery of 300 units of the Dragon Power 3.0 integrated intelligent and efficient power chain express traction vehicles [3][5]. Group 1: Strategic Cooperation - Dongfeng Commercial Vehicle and ZTO Express have reached a strategic consensus to address core needs such as transportation efficiency, operational reliability, and energy conservation [3]. - Following the previous purchase of 400 intelligent traction vehicles, ZTO Express has again opted for a large-scale acquisition of 300 units of the Dragon Power 3.0, which includes both fuel and gas power types [3][5]. Group 2: Product Performance and Market Validation - The Dragon Power 3.0 has demonstrated reliability in efficient transportation and energy-saving operations, with over 50,000 units deployed and a cumulative operational mileage exceeding 10 billion kilometers [5]. - The product has received high recognition from customers, supported by Dongfeng's comprehensive service system that alleviates customer concerns [5]. Group 3: Technical Advancements - The Dragon Power 3.0 integrates eight core technologies, achieving an industry-leading thermal efficiency of 51.08%, showcasing adaptability and stability under various transportation routes and complex working conditions [9]. - The integrated design allows for coordinated control between the engine and transmission, enhancing reliability, durability, and overall vehicle efficiency compared to traditional models [9]. Group 4: Future Outlook - With the delivery of 300 Dragon Power traction vehicles, ZTO Express aims to further enhance efficiency and profitability in express trunk transportation, contributing to the high-quality and green development of the logistics industry [12]. - Dongfeng Commercial Vehicle will continue to adhere to a customer-centric strategy, leveraging the advantages of the Dragon Power 3.0 and comprehensive service offerings to support the sustainable development of the express delivery sector [12].

Core Viewpoint - During the "14th Five-Year Plan" period, SF Holding has become the fourth largest comprehensive logistics provider globally and has entered the Fortune Global 500 list, driven by innovation in technology development, service upgrades, and global expansion [1][2]. Group 1: International Expansion - SF Holding began its internationalization journey in 2010, and during the "14th Five-Year Plan," the company has deepened its international strategy, achieving a revenue of 284.4 billion yuan in 2024 [2]. - By mid-2025, over 60% of the Fortune China 500 companies utilized SF's international services, supporting more Chinese manufacturing to go global [2]. - In 2024, SF Holding won over 100 overseas supply chain projects, with more than 50 successfully implemented, generating overseas revenue of 32.16 billion yuan, a year-on-year increase of 24.81% [2]. Group 2: Smart Logistics and Technological Innovation - SF Holding is committed to technological innovation in smart logistics, investing in AI, big data, and IoT to enhance operational efficiency [3]. - The company has developed customized solutions for consumer goods companies, improving inventory management and delivery efficiency, with an average delivery efficiency increase of 46% during promotional seasons [3]. - The "One Inventory" smart logistics solution integrates inventory management across channels, breaking down information barriers and enabling efficient inventory allocation [3]. Group 3: Supply Chain Services and Industry Upgrades - SF Holding provides comprehensive supply chain services from raw material procurement to finished product distribution, addressing the needs of manufacturing industry upgrades [4]. - The company has implemented an IoT-based smart warehousing system for an automotive parts manufacturer, improving inventory turnover by 20% and reducing order response time by 30% [4]. - SF Holding continues to expand its customer base across various industries, enhancing its market share in key sectors and aiming for further contributions to high-quality development in the logistics industry during the "15th Five-Year Plan" [4].

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]