又好又便宜的11.11只在京东(09618)！10月30日晚8点，京东11.11开启"百亿补贴日"，众多优质商品直接 降价销售，迅速点燃消费者热情。10月30日晚8点至10月31日19:59，京东11.11下单用户数同比增长超 117%、订单量同比增长超125%，由自营秒送仓发出的商品，最快5分钟已为客户送达。 近24小时，3C数码整体C2M产品成交额同比增长超50%、家电家居送装一体订单同比增长6倍、京东超 市打造的不同品牌组套的"洗护小美盒"销量破万单，京东生鲜源头直发商品成交单量同比增长超 180%，线上下单-货到门店-享受专业服务的京东养车门店订单量同比增长超200%，这个京东11.11，跨 境进口海鲜产品送达消费者时间平均缩短30%。 今年京东11.11重磅新品中，京东专供新品成交额是去年的5倍。休闲食品、酒类、电脑办公等品类重磅 新品成交额同比大幅增长，分别为832%、732%、115%。京东打造新品全链路营销模式，依托JDIC （京东新品创新中心）提前介入品牌的研发流程，帮助其优化新品方向，打造出更符合用户需求的京东 专供新品，并通过站内外全渠道推广，帮助品牌提升新品打爆效率，在大促期间加速推爆 ...

丨证券研究报告丨 行业研究丨专题报告丨运输 [Table_Title] 持仓比例创四年新低，物流航空减配明显 ——交运行业 2025Q3 基金持仓分析 报告要点 [Table_Summary] 2025Q3，交运行业在所选口径公募基金重仓占比环比下跌 0.94pct 至 1.06%，主要由于物流及 供应链和航空板块减持明显，海运板块配置环比提升。个股来看，持仓随行业景气波动，招商 轮船关注度提升，顺丰控股重仓基金数明显回落。Q3 末北向资金持股环比下降，其中持股市值 最大板块为快递。 分析师及联系人 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Author] SFC：BQK468 SFC：BWN875 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 [Table_Title 持仓比例创四年新低，物流航空减配明显 2] ——交运行业 2025Q3 基金持仓分析 [Tab ...

Core Viewpoint - SF Holding (06936) announced a share buyback plan, intending to repurchase 12.4026 million A-shares for a total amount of approximately RMB 500 million, excluding transaction fees [1] Group 1: Buyback Details - The buyback will be conducted through a dedicated securities account via centralized bidding [1] - The total number of shares to be repurchased represents 0.25% of the company's current total share capital [1] - The average transaction price for the buyback is RMB 40.32 per share, with a maximum price of RMB 42.23 and a minimum price of RMB 39.66 [1]

投入增加业绩承压，积极回购稳定信心 物流 顺丰控股（002352.SZ） 证券研究报告/公司点评报告 2025 年 10 月 31 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：杜冲 | | 营业收入（百万元） | | 258,409 | 284,420 | 314,078 | 345,710 | 383,328 | | | | 增长率 yoy% | | -3% | 10% | 10% | 10% | 11% | | 执业证书编号：S0740522040001 | | 归母净利润（百万元） | | 8,234 | 10,170 | 11,163 | 12,743 | 14,795 | | Email：duchong@zts.com.cn | | 增长率 yoy% | | 33% | 24% | 10% | 14% | 16% | | | | 每 ...

MACD金叉信号形成，这些股涨势不错！ 格隆汇10月31日丨顺丰控股(002352.SZ)公布，截至2025年10月31日，公司通过股份回购专用证券账户 以集中竞价方式回购公司A股股份12,402,648股，回购总金额约为人民币500,046,453.35元（不含交易费 用），回购股数占公司目前总股本0.25%，平均成交价为人民币40.32元/股（最高成交价为人民币42.23 元/股，最低成交价为人民币39.66元/股）。 ...

格隆汇10月31日丨德邦股份(603056.SH)公布，2025年10月31日，公司通过上海证券交易所交易系统以 集中竞价交易方式首次回购公司股份26.84万股，已回购股份占公司总股本的比例为0.03%，回购成交的 最高价为15.04元/股、最低价为14.90元/股，已支付的资金总额为人民币4,010,369.00元（不含交易佣金 等交易费用）。 ...

南财智讯10月31日电，德邦股份公告，2025年10月31日，公司通过上海证券交易所交易系统以集中竞价 交易方式首次回购公司股份26.84万股，占公司总股本的比例为0.03%，回购成交的最高价为15.04元/ 股、最低价为14.90元/股，已支付的资金总额为401.04万元（不含交易佣金等交易费用）。截至2025年 10月底，公司累计回购股份26.84万股，占公司总股本的0.03%，支付金额为401.04万元。上述回购进展 符合相关法律法规及公司回购方案的要求。 ...

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The completion of the sale of 25% equity in Lukai International is expected to bring approximately 1.65 billion RMB in investment income, benefiting from the phase of easing Sino-U.S. relations, which may improve the company's Q4 operations [2][4]. - The company achieved a revenue of 75 billion RMB in the first three quarters of 2025, a year-on-year decrease of 13%, primarily due to declining freight rates. However, gross profit increased by 2.4% year-on-year to 4.29 billion RMB, with a gross margin of 5.7%, up 0.8 percentage points year-on-year [3]. Revenue and Profit Analysis - For Q1-Q3 2025: - Revenue: 75 billion RMB, down 13% year-on-year - Gross profit: 4.29 billion RMB, up 2.4% year-on-year - Net profit attributable to shareholders: 2.68 billion RMB, down 5% year-on-year - Investment income: 1.63 billion RMB, up 11.2% year-on-year [3][6]. - For Q3 2025: - Revenue: 24.5 billion RMB, down 17% year-on-year - Gross profit: 1.18 billion RMB, down 7.7% year-on-year - Net profit attributable to shareholders: 730 million RMB, down 17% year-on-year [3]. Business Segment Performance - Freight forwarding: - Q1-Q3 2025 volumes: - Sea freight: 11.79 million TEUs, up 7.56% - Air freight: 66.4 thousand tons, down 11.82% - Rail freight: 39.2 million TEUs, down 12.5% - Vessel agency: 5.59 million trips, up 16.74% - Warehouse services: 21.54 million tons, up 6.9% [5]. - E-commerce logistics: - Q1-Q3 2025 volumes: - Logistics e-commerce platform: 2.917 million TEUs, up 55.41% - Cross-border e-commerce logistics: 0.46 million shipments, down 72.66% [6]. Financial Forecast - Projected revenues for 2025-2027 are 110.3 billion RMB, 114.5 billion RMB, and 119.5 billion RMB, respectively, with net profits of 4.2 billion RMB, 4.46 billion RMB, and 4.68 billion RMB [6][7]. - The current stock price corresponds to a PE ratio of 12 for 2025, decreasing to 10 by 2027 [6][7].

Core Points - The logistics sector experienced a slight decline of 0.04% on October 31, with Pulutong leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Summary of Individual Stocks - Hengji Daxin (002492) saw a significant increase of 5.99%, closing at 8.50 with a trading volume of 175,600 shares and a transaction value of 146 million [1] - ST Xuefa (002485) rose by 4.90%, closing at 4.07 with a trading volume of 61,600 shares and a transaction value of 24.57 million [1] - Milkway (603713) increased by 3.26%, closing at 59.47 with a trading volume of less than 35,100 shares and a transaction value of 209 million [1] - Pulutong (002769) led the decline with a drop of 3.49%, closing at 69.6 with a trading volume of 342,600 shares and a transaction value of 334 million [2] - SF Holding (002352) decreased by 1.47%, closing at 40.33 with a trading volume of 564,800 shares and a transaction value of 2.262 billion [2] Capital Flow Analysis - The logistics sector experienced a net outflow of 326 million from institutional investors, while retail investors saw a net inflow of 340 million [2] - Major stocks like Wuchan Zhongda (600704) and Jianfa Co. (600153) had mixed capital flows, with Wuchan Zhongda seeing a net inflow of 19.38 million from institutional investors [3] - ST Xuefa (002485) had a notable net inflow of 391.24 million from retail investors, indicating strong interest despite the overall sector decline [3]

证券研究报告 | 2025年10月31日 韵达股份（002120.SZ） 优于大市 三季度单票盈利企稳，反内卷有望继续助力业绩修复 2025 年三季度公司业绩表现承压。2025 年前三季度营收 374.93 亿元 （+5.6%），归母净利润 7.3 亿元（-48.2%），扣非归母净利润 6.6 亿元 （-44.2%）；2025 年三季度单季营收 126.6 亿元（+3.3%），归母净利润 2.0 亿元（-45.2%），扣非归母净利润 2.0 亿元（-40.6%）。 公司业务量稳步增长，市占率有所下滑，行业反内卷带动单票价格环比回升。 2025 年第三季度，公司业务量实现了 64.2 亿件（同比+6.6%），公司市占率 为 13.0%，同比减少 0.8 个百分点。今年 1-7 月份快递行业价格竞争逐步白 热化，但是监管层于 8 月开始实行"反内卷"措施，行业提价从产粮区逐步 扩散至大部分非产粮区，从而带动公司的单票快递收入 8 月和 9 月环比分别 提升了 0.01 元和 0.10 元，最终使得公司单票快递收入同比降幅从二季度的 5.4%收窄至三季度的 2.1%，三季度的单票快递收入环比提升了 0.03 元至 ...