丨证券研究报告丨 行业研究丨行业周报丨运输 [Table_Title] 如何看待"反内卷"对交运的影响？ 报告要点 [Table_Summary] 周专题：如何看待"反内卷"对交运的影响？ 出行链：暑运启动缓慢，收益有所承压 海运：OPEC+继续增产，油运需求提振待兑现 物流：空运运价表现韧性，蒙煤运量持续走弱 分析师及联系人 [Table_Author] 韩轶超 赵超 鲁斯嘉 张银晗 胡俊文 SAC：S0490512020001 SAC：S0490520020001 SAC：S0490519060002 SAC：S0490520080027 SAC：S0490524120001 SFC：BQK468 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 7 月 4 日，本周暑运逐步启动，国内客运量七日移动平均同比增加 5%，增速有所提升；国际 客运量延续高增，七日移动平均同比增加 16%；客座率延续大幅提升的趋势，七日移动平均国 内客座率同比增加 1.9pcts，国际客座率同比增加 0.7pcts；受燃油附加费影响，国内含油票价 略有承压，七日移动平均同比下跌 9.7% ...

Core Insights - The company is leveraging AI tools to enhance employee skills and improve management and production efficiency, establishing a new norm of training within the organization [1] - The company emphasizes the importance of stepping out of comfort zones, fostering a culture where employees actively participate in reform and innovation [2] - Significant investments are made in employee skill development, with over 100 million yuan allocated annually, and a doubling of average learning hours per employee to 75 hours in 2024 [3] - The company is focused on digital transformation and innovation, aiming to elevate its status from a follower to a leader in the industry [4] - A comprehensive sharing mechanism is in place to ensure employees benefit from the company's success, alongside initiatives to support employee well-being [5][6] Group 1 - The company has implemented AI and digital tools to enhance productivity and employee skills, with a focus on creating a high-quality workforce [1][3] - Training programs have become a regular practice, with a strong emphasis on skill enhancement and employee engagement in the company's transformation [2][4] - The company has established a robust framework for employee development, including the creation of skill training institutes and annual competitions to foster talent [3] Group 2 - The company is committed to innovation and digitalization, increasing R&D investment by 50% annually and collaborating with top universities and research institutions [4] - Employee participation in management and mentorship programs is encouraged, with a focus on transforming managers into mentors [4] - The company has developed a supportive environment for employees, addressing their needs through various initiatives, including healthcare and educational support for their families [5][6]

Group 1: Company Developments - Luckin Coffee has opened its first two stores in the United States, with drink prices ranging from $3.45 (approximately ¥24.71) to $7.95 (approximately ¥56.94) [3] - BYD has suspended its plan to build a large factory in Mexico due to geopolitical tensions and uncertainties from U.S. trade policies, although it still aims to expand in the Americas [3] - Jin Jiang International Hotel has submitted its IPO application to the Hong Kong Stock Exchange, with plans to use the funds for capital expenditures to enhance its overseas hotel business [4] - TikTok has launched an in-app shopping feature in Japan, allowing users to buy products directly through shopping videos and live streams [4] - Genki Forest has entered the Indonesian market with its iced tea series, expanding its global footprint [7] Group 2: Industry Trends - The Ministry of Commerce of China will strengthen guidance on the export of used cars to promote healthy and orderly development in this sector [8] - Former U.S. President Trump announced that new tariffs will begin on August 1, with rates potentially ranging from 10% to 70% [9] - Hong Kong's IPO fundraising has ranked first globally this year, reflecting strong market dynamics [9] - Saudi Arabia's foreign direct investment inflow reached $6.4 billion in the first quarter, marking a 24% year-on-year increase [9] Group 3: Investment and Financing - Zhihui Technology has secured a strategic investment of 1 billion yuan from Pudong Venture Capital and Zhangjiang Group [10] - Shinke Industrial has completed a financing round exceeding 100 million yuan, aimed at technology upgrades and international expansion [10] - Lingchuan Technology has raised several hundred million yuan in its Series A financing round, focusing on next-generation chip development [10]

Group 1: Core Insights - Both NetEase and Tencent have announced detailed regulations for underage gaming restrictions for the summer of 2025, limiting playtime to 27 hours over the summer and specific hours on weekends [1][5] - Tencent's initiative includes a "temporary game switch" feature and a "parental self-service facial recognition" technology to enhance identity verification [1][5] - These actions reflect the companies' commitment to corporate social responsibility and aim to build a responsible brand image while addressing societal concerns [1][5] Group 2: Strategic Decisions - Meituan plans to invest in the construction of 1,200 "Raccoon Cafes" across the country over the next three years to enhance food safety infrastructure for takeout services [2] - The "Raccoon Cafes" initiative is part of Meituan's broader food safety industry co-construction plan, aiming to improve quality and safety standards for over 10,000 restaurant partners [2] Group 3: Major Releases - Baidu has announced its largest overhaul of the search platform in a decade, introducing an "intelligent box" for enhanced input capabilities and integrating AI tools for writing and image generation [3] - This transformation signifies Baidu's strategic shift from a search engine to an AI interaction platform, reinforcing its market position in Chinese search [3] Group 4: Operational Initiatives - Xiaomi has launched a series of youth apartments in Beijing and Nanjing, with a rental price of approximately 1,999 yuan per month, aimed at addressing housing challenges for young employees [4] - This initiative is designed to enhance talent attraction and reduce commuting times for employees, thereby improving research and development efficiency [4] Group 5: Industry Expansion - CATL has commenced a joint project in Indonesia for nickel resources and battery production, with a total investment of nearly $6 billion, aimed at supporting the production of batteries for 200,000 to 300,000 electric vehicles annually [6] - The project leverages Indonesia's rich nickel reserves, which account for over 22% of global supply, positioning CATL favorably in the renewable energy battery sector [6] Group 6: Personnel Changes - Baidu has appointed He Haijian as the new Chief Financial Officer (CFO), enhancing the company's strategic financial capabilities [7] - He Haijian brings nearly 20 years of experience in multinational financial management, aligning with Baidu's increased investments in the AI sector [7] Group 7: Important Collaborations - JD.com has signed a cooperation agreement with Abu Dhabi Airport Free Zone to develop and operate high-standard logistics infrastructure, marking its first self-built project in the Middle East [9][10] - The project, covering an area of approximately 70,000 square meters, aims to meet local cross-border e-commerce demands and strengthen logistics services in the GCC and broader MENA regions [10]

Group 1 - The conference focused on the restructuring of the National Automobile Industry Youth Work Guidance and Promotion Committee and the 40th Youth Work Research Council of the Chinese Automobile Industry in 2025, held at Changan Automobile's Global R&D Center [1] - Over 110 young representatives from various sectors including automotive, steel, logistics, and educational institutions attended the meeting, highlighting the collaborative effort across industries [1] - The meeting emphasized the importance of the automotive industry as a pillar of the national economy and a frontier for technological innovation, addressing the significant transformations the industry is undergoing [8] Group 2 - The new committee consists of 115 members, including 37 standing committee members, 2 directors, 13 deputy directors, and 1 secretary-general, reflecting a structured leadership for future initiatives [9] - New representatives from NIO and China Logistics Group shared insights on youth work, providing valuable perspectives on the characteristics and challenges of youth engagement in their respective sectors [11] - The conference included various activities such as the 2025 Youth May Fourth Medal theme presentation and a forum on youth work exploration, alongside a visit to Changan Automobile's smart factory to understand its digital transformation achievements [15]

Core Viewpoint - The Shanghai Free Trade Zone (FTZ) has achieved significant progress in trade facilitation and regulatory innovation, with a total import and export value exceeding 900 billion yuan in the first five months of the year, accounting for over 26% of the national FTZ total [1][5]. Group 1: Trade Facilitation Measures - The customs authority has simplified domestic quarantine measures for fruits already processed abroad, resulting in 10,500 fruit shipments utilizing this model for customs clearance [3]. - The "single window" platform has drastically reduced customs clearance time from nearly a day to just one or two hours, benefiting over 700,000 enterprises and saving over 2 billion yuan in trade costs annually [9][7]. - The Shanghai FTZ has implemented 80 pilot measures to align with international high-standard trade rules, leading to significant institutional innovations and advanced experiences [5][4]. Group 2: Data Cross-Border Flow - The Shanghai FTZ has enhanced the freedom of cross-border data flow, establishing data service centers and reducing compliance costs through a negative list for data movement in finance, trade, and shipping [15]. - A financial company in the FTZ has streamlined the encrypted transmission of monthly financial reports to its overseas headquarters, significantly improving efficiency [11]. - Shanghai aims to actively participate in the formulation of international rules and standards for cross-border data flow and data security [17]. Group 3: International Transit and Logistics - The international transit consolidation center in the Shanghai FTZ has rapidly improved its operational efficiency, achieving transit times comparable to international standards within two years [18][19]. - The implementation of a digital platform for the consolidation center has enabled full-process tracking of goods, enhancing operational efficiency [20]. - The Yangshan Port achieved a container throughput of 14.056 million TEUs in the first half of 2025, with international transit and consolidation volumes reaching 2.696 million TEUs, marking a 10.6% year-on-year increase [23].

Core Viewpoint - The logistics industry is experiencing a collective contraction, yet KuaYue Express has maintained an impressive growth rate of over 25% for four consecutive years, demonstrating its resilience against industry trends [1][2]. Group 1: Company Strategy and Innovation - KuaYue Express has consistently ranked among the top three in the logistics industry, as evidenced by its position in the "2025 China LTL Top 30" list [2]. - The company has undergone three significant strategic shifts under the leadership of Chairman Hu Haijian, focusing on long-termism, technological innovation, and global ecological layout [2][4]. - In 2015, Hu Haijian made a bold decision to invest billions in developing a proprietary logistics intelligence system, known as the "Sword System," which has since evolved into a "logistics brain" capable of real-time data analysis and intelligent scheduling [4][5]. Group 2: Market Position and Competitive Advantage - Despite a price war in the logistics industry, KuaYue Express has shifted its resources from competing on price to enhancing service quality, particularly in air transport and high-end services [6][9]. - The company has established strategic partnerships with major airlines, controlling 80% of the air cargo resources in key economic regions, and has developed an "aircraft smart scheduling system" for efficient cargo management [9][10]. - KuaYue Express has successfully increased its high-end customer base and profitability during industry downturns, showcasing its ability to "overtake in a bend" [9][10]. Group 3: Industry Impact and Leadership - KuaYue Express has set new service standards in the logistics industry, having introduced the "same-day delivery within 8 hours" service, which has since evolved to "6 hours," pushing competitors to enhance their service offerings [11][13]. - The company's management philosophy emphasizes customer-centricity, resulting in low employee turnover and high employee satisfaction, with a talent retention rate of less than 1% for key positions [14][16]. - Hu Haijian's approach to sharing success with employees has fostered a culture of loyalty and high performance, contributing to the company's sustained growth in a challenging market environment [16][17].

Core Viewpoint - In the digital economy era, data is transforming from an intangible resource into a measurable, tradable, and manageable asset, becoming a new member of corporate balance sheets [1] Group 1: Data Asset Integration - Over 90 listed companies have integrated data assets into their 2024 annual reports, with a total scale of 2.495 billion yuan, compared to only 0.079 billion yuan from 17 companies in the first quarter of 2024 [1] - The integration of data assets into financial statements is reshaping the balance sheets of listed companies, with significant representation from the industrial and information technology sectors [2] - The first companies to integrate data assets include major telecom operators like China Mobile, China Telecom, and China Unicom, along with industrial firms such as Xiaoshangpin City, YTO Express, and Yunda Holdings [3] Group 2: Steps for Data Asset Integration - The process for a company to integrate data assets into its financial statements typically involves four steps: inventory of data assets, governance of data for integration, confirmation of data ownership, and measurement for accounting [4][5] - Companies must meet specific conditions for data asset integration, including legal control, predictable economic benefits exceeding 50%, and measurable costs [5][6] Group 3: Challenges and Considerations - Not all companies can smoothly integrate data assets due to policy restrictions, corporate concerns, and the current lack of a valuation system [1][10] - Common challenges include legal risks in data ownership, unclear data management processes, and discrepancies between expected and actual valuations [10][11] - The integration of data assets is not the end point but a starting point for value reconstruction, requiring clear data ownership and valuation systems to gain recognition from financial institutions [14] Group 4: Financial Implications - Integrating data assets can enhance a company's financial statements by capitalizing expenses, which may lead to increased short-term profits but could result in profit fluctuations in the long term due to amortization [12][13] - The potential for data asset depreciation and the subjective nature of data valuation can introduce uncertainties in financial reporting [17][18]

文｜现代物流报 "招工难"的焦点在基层一线。高强度体力劳动（如搬运装卸）、艰苦的户外工作环境、不规律的排班制 度，使得众多求职者望而却步。与此同时，而一些基层的岗位正在被"无人化"所替代。 2025年高考志愿填报季，当考生贾铭准备填报"物流管理"专业，母亲的一句"你陈伯伯家的女儿物流专 业毕业后一直没找到工作"让其犹豫不决。 从多年前的"物流热"到部分物流专业停招，物流专业真的不香了么？ 物流岗位大洗牌 2024年我国社会物流总额首次超过360万亿元，全年物流业总收入达13.8万亿元，物流市场规模不断扩 大，连续9年位居世界第一。 （图源：新华社） 与之相对应的，人才需求也水涨船高。中国物流与采购联合会的数据显示，当前，我国物流从业人员超 过5500万人，每年会新增100多万人的就业需求。而专业院校供应链与现代物流专业的毕业生，每年仅 有17万人，远远满足不了行业发展需求。 一边是人才缺口，一边是毕业即失业。物流专业人才到底怎么了？ 物流行业正深陷人才供给的结构性矛盾之中。"基层岗位招工难与高端人才'无人可用'并存。"北京物资 学院物流学院副院长褚东亮指出，这一困局是行业特性、教育体系滞后、企业机制等多重因素 ...

Core Insights - The 2025 campus recruitment report from Qilu Talent Network indicates a significant shift in the job market dynamics in Shandong, with non-core cities like Linyi gaining traction in attracting talent, particularly in e-commerce and logistics sectors [1][5][19] Group 1: Job Market Trends - Linyi has emerged as the fourth largest city in terms of job demand for 2025 graduates, with a notable increase of 2.27 percentage points, surpassing Weifang and Jining [7][9] - The overall job demand in Shandong has shown a stabilization trend, with a slight decrease of 0.71 percentage points compared to previous years, indicating a structural optimization in the job market [5][30] - New industries such as artificial intelligence, renewable energy, and smart manufacturing are increasingly absorbing talent, while traditional sectors are experiencing job cuts [5][10] Group 2: Emerging Industries - In Linyi, the logistics and e-commerce sectors account for over 31.3% of the job market, highlighting the city's shift towards digitalization and modernization in its traditional industries [9][10] - The demand for roles in logistics has expanded to include positions like smart logistics planners and cross-border supply chain specialists, reflecting the industry's digital transformation [10][14] - Linyi has become a major hub for short video live-streaming e-commerce, ranking first in the number of registered merchants on platforms like Kuaishou [13][14] Group 3: City Attractiveness - The job preferences of graduates indicate a growing interest in cities with vibrant lifestyles, with cities like Weihai and Zibo gaining popularity due to their quality of life and emerging industries [15][18] - Weihai has entered the top six cities for graduate employment choices, driven by its strong medical device and marine food industries [17][18] - The attractiveness of cities is increasingly influenced by factors such as living quality, cost of living, and public services, reshaping the employment landscape in Shandong [18] Group 4: County-Level Dynamics - The report highlights the rising talent attraction of county-level economies, with Jiaozhou emerging as a top choice for graduates due to its robust industrial base and high-paying job opportunities [19][20] - Counties like Longkou and Jiaozhou are leveraging their geographical advantages and industrial capabilities to attract talent, with significant job offers in high-tech and manufacturing sectors [23][24] - The shift in talent dynamics reflects a broader trend of counties overcoming previous challenges in retaining skilled workers, with competitive salaries and incentives being offered [25] Group 5: Graduate Retention and Outflow - The retention rate of graduates in Shandong has reached 72.36%, indicating a strong preference for local employment opportunities [26][28] - There is a noticeable shift in the outflow of graduates towards emerging cities like Hangzhou, which is becoming increasingly attractive due to its digital economy [28][30] - The competition among cities for talent is intensifying, with Shandong's major cities like Jinan and Qingdao leading in recruitment but facing challenges in meeting salary expectations [30]