证券研究报告 证券分析师 交通运输 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 行业定期报告 hyzqdatemark 2025 年 08 月 25 日 板块表现： 快递提价范围扩大，航空低位重视布局 投资评级： 看好（维持） —交通运输行业周报（2025 年 8 月 18 日-2025 年 8 月 24 日） 投资要点： 一、行业动态跟踪 快递物流： 1）浙江邮政局召开全省寄递渠道安全工作会议，要求旗帜鲜明"反内卷"。8 月 19 日，浙江省邮政管理局召开全省寄递渠道安全管理工作会议，局党组书记、局长魏 遵红出席会议并讲话。会议要求坚决做好市场秩序治理。 ...

大家早上壕！ 先看海外要闻： 英伟达推出Spectrum-XGS以太网，助力分布式数据中心迈入十亿瓦级AI超级工厂；同时，英伟达8月25日将公布人形机器人"黑科技"。 黄仁勋：想对华销售新型特供芯片。 此前有消息人士披露，英伟达正为中国市场开发一款名为B30A的AI芯片，其性能将超过先前的H20芯片。 Meta料将在9月发布第一款面向消费者的智能眼镜，配置显示器。 苹果公司探索采用谷歌公司Gemini AI来支持其改版的Siri，为Siri使用一款定制AI模型的讨论还处于早期。 美国防部拟投最高5亿美元采购合金级钴。 加拿大宣布取消多项针对美国商品的报复性关税。 智利国家铜业公司下调全年铜产量预期，矿场事故干扰到恢复计划。 国内重大事件汇总： 鲍威尔放鸽，美股上周五集体大涨；道指收涨1.89%、纳指收涨1.88%、标普500收涨1.52%；特斯拉收涨6.22%、谷歌A涨3.17%、亚马逊涨 3.10%、Meta Platform涨2.12%、英伟达、苹果至多涨1.72%，微软涨0.59%。 鲍威尔强调就业风险，为降息敞开大门，预计关税一次性推升价格，但需时间体现影响。 特朗普：英特尔同意给予美国政府10%的股 ...

交通运输 | 证券研究报告 — 行业周报 2025 年 8 月 22 日 行业高频动态数据跟踪： ①航空物流：2025 年 8 月期间，中国至亚太航线整体趋势平稳。②航运 港口：内贸集运运价指数上升，干散货运价下降。③快递物流：2025 年 6 月快递业务量同比上升 15.78%，快递业务收入同比增加 9.00%。④航 空出行：2025 年 8 月第二周国际日均执飞航班 1895.57 次，环比 +0.20%，同比+12.00%。⑤公路铁路：7 月 28 日-8 月 3 日，全国高速公 路货车通行 5259.3 万辆，环比下降 0.94%。⑥交通新业态：2025 年 Q2，联想 PC 电脑出货量达 1697 万台，同比上升 15.22%，市场份额环 比上升 0.9pct。 投资建议： 强于大市 交通运输行业周报 "武鄂"首条低空货运航线开通，上海口岸暑 运出入境客流持续高位 航运方面，原油运价低位震荡，欧美线集运运价继续下行。航空方面， Joby Aviation 实现全球首次载人 eVTOL 跨机场飞行，上海口岸暑运出入境 客流持续高位。物流与交通新业态方面，"武鄂"首条低空货运航线开通， 上半年国家铁路发 ...

Group 1: Industry Development - The Beijing-Tianjin-Hebei region is expanding the depth and breadth of collaborative development, focusing on both "hard connectivity" and "soft collaboration" [1] - The region is forming distinctive and resilient industrial clusters through industrial chain restructuring, digital transformation, and brand upgrading [1] Group 2: Apparel Industry - The Gu'an International Trade City has become a significant project for Hebei to undertake the non-capital functions of Beijing, accommodating over 4,000 Beijing merchants [3] - The PRO brand area focuses on building "independent original brands" and provides a comprehensive service system to assist traditional merchants in transitioning to brand operators [3] - Merchants report a more than 30% increase in daily revenue through brand operations, reflecting a shift in consumer preferences towards quality [3] Group 3: Logistics Sector - YTO Express has established a northern headquarters base with a total investment of 3.5 billion yuan, significantly enhancing its operational efficiency [6] - The daily processing capacity of YTO's northern headquarters has increased from 6 million to 12 million packages, with a 20% annual growth in business volume [6][8] - The logistics industry in Langfang has attracted 31 express companies, with a projected 2024 express business volume of 1.72 billion packages, a 39% year-on-year increase [8] Group 4: Intelligent Manufacturing - Dazheng Huajia Technology Company in Langfang is engaged in the production of high-end equipment with complete independent intellectual property rights, ensuring efficient delivery to customers [9] - The company has an average annual sales of over 500 units, with plans for continued investment in technology research and business expansion [9] - Langfang is actively attracting advanced manufacturing enterprises to enhance its manufacturing capabilities and promote high-quality economic development [10]

Group 1 - The core viewpoint of the articles highlights YTO Express's strategic focus on internationalization despite facing short-term challenges, with a commitment to optimizing business structure and enhancing core capabilities [1][2]. - For the first half of 2025, YTO Express reported a business revenue of HKD 1.41 billion and a gross profit of approximately HKD 88.72 million, indicating a challenging macroeconomic environment [1]. - The company is actively restructuring its business by focusing on core areas such as international express, international freight, and supply chain, while strategically reducing lower-margin non-core businesses [1][2]. Group 2 - 2025 marks the beginning of YTO's comprehensive internationalization, with a "1+7" global express network centered around the Jiaxing "Oriental Tian Di Port" [2]. - YTO Express is leveraging advanced technologies, including artificial intelligence, to enhance operational efficiency and core competitiveness while expanding into emerging markets like Central Asia and the Middle East [2][3]. - Recent collaborations, such as the agreement with Xiaomi for cross-border supply chain services and the upgrade of overseas warehouse services in South Korea, demonstrate YTO's commitment to supporting Chinese enterprises in global trade [3].

格隆汇8月19日丨顺丰控股(002352.SZ)公布，公司2025年7月速运物流业务、供应链及国际业务合计收 入为人民币248.47亿元，同比增长9.95%。其中：速运物流业务收入同比增长14.97%，业务量同比增长 33.69%，保持良好增长态势，主要得益于公司深化落实激活经营策略，加大对前线业务的授权与激 励；同时提升运营保障的投入，强化标准产品及综合物流服务能力，持续渗透生产制造和生活消费各类 物流场景，有效满足客户多元化业务需求。 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容所產生或因 依賴該等內容而引致的任何損失承擔任何責任。 S.F. Holding Co., Ltd. 順豐控股股份有限公司 上述資料未經審計，與定期報告資料可能存在差異，僅供投資者參考。相關資 料以公司定期報告為準。 股東及潛在投資者於買賣本公司證券時應注意投資風險並審慎行事。 承董事會命 （於中華人民共和國註冊成立的股份有限公司） （股份代號：6936） 2 025 年 7 月快遞物流業務經營簡報 根據《深圳證券交易所上市公司自律監管指引第3號 — 行業信息披露》的規定， 順豐控股股份有限公司（以下簡稱「公司」或「本公司」）現披露2025年7月業務經 營簡報情況如下： | 項目 | | 2025年7月 | 2024年7月 | 同比變動 | | --- | --- | --- | --- | --- | | 1. | 速運物流業務 | | | | | | 營業收入 （人民幣億元） | 186.57 | 162.28 | 14.97% | | | （億票） －業 ...

Core Insights - SF Holding announced that the combined revenue from express logistics, supply chain, and international business for July was RMB 24.847 billion, representing a year-on-year growth of 9.95% [1] - The express logistics business revenue grew by 14.97% year-on-year, with a business volume increase of 33.69% [1] - The international freight market demand has softened due to fluctuations in international trade, and sea freight prices have significantly declined from last year's high levels [1]

Core Insights - SF Holding (002352.SZ) reported a total revenue of RMB 24.847 billion for its express logistics, supply chain, and international business in July 2025, representing a year-on-year growth of 9.95% [1] - The express logistics business generated revenue of RMB 18.657 billion, showing a year-on-year increase of 14.97%, with a total volume of 1.377 billion parcels, up by 33.69% year-on-year [1] Business Performance - The express logistics business maintained a strong growth momentum, attributed to the company's implementation of activation strategies and increased authorization and incentives for frontline operations [1] - The company enhanced its operational support investments, strengthened standard product offerings, and improved comprehensive logistics service capabilities [1] - SF Holding continued to penetrate various logistics scenarios in manufacturing and consumer sectors, effectively meeting diverse customer needs [1]

Group 1: Industry Overview - The express delivery industry in China saw a business volume of 16.4 billion pieces in July 2025, representing a year-on-year growth of 15.1%, with revenue reaching 120.64 billion yuan, up 8.9% year-on-year [4][25]. - The "anti-involution" trend in the express delivery sector is gaining traction, with associations in Beijing and Baoji advocating for fair competition and the cessation of irrational price wars [5]. - The logistics sector is experiencing a shift towards the central and western regions of China, with the proportion of express delivery business volume in these areas increasing [4]. Group 2: Company Performance - Milky Way reported a 17.4% increase in revenue to 7.035 billion yuan in H1 2025, with a net profit of 352 million yuan, up 13.12% year-on-year [6]. - Debon Express achieved a revenue of 20.555 billion yuan in H1 2025, an increase of 11.43%, but faced a significant drop in net profit by 84.34% [7][8]. - The new management at Debon Express is expected to focus on improving service quality and operational efficiency, which may enhance revenue quality [8]. Group 3: Aviation Sector - The aviation industry is expected to benefit from macroeconomic recovery, with long-term supply-demand trends indicating potential growth [15]. - The release of the "Self-Regulation Convention for Air Passenger Transport" aims to promote high-quality development and fair competition in the aviation market [9]. - The restoration of direct flights between China and India is anticipated, which could enhance passenger transport volumes [9]. Group 4: Shipping and Port Operations - The oil tanker market may be influenced by the potential end of the Russia-Ukraine conflict and the lifting of sanctions on Russian oil, which could lead to a reduction in old tanker capacity [10]. - Brazil's iron ore exports have significantly increased, supporting the bulk shipping market, with July shipments reaching nearly 38 million tons [11]. - China's port cargo throughput increased by 10.87% week-on-week to 26.894 million tons, while container throughput rose by 19.58% to 679,000 TEU [78]. Group 5: Road and Rail Transport - Zhongyuan Expressway reported a 5.77% increase in toll revenue in July 2025, with total revenue reaching 411 million yuan [14]. - National logistics operations remained stable, with rail freight increasing by 1.29% and highway freight traffic up by 1.34% during early August [14].