（原标题：招商局在上海成立物流科技公司 ，注册资本10亿元） 企查查APP显示，中数联物流科技（上海）有限公司成立，法定代表人为张雄，注册资本为10亿元，经 营范围包含：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广。股权穿透显示，该公 司由中国数联物流信息有限公司直接投资，由招商局集团有限公司100%持股。 ...

证券代码：300440 证券简称：运达科技 成都运达科技股份有限公司投资者关系活动记录表 | 投资者关系活动 | □特定对象调研 分析师会议 □ | | --- | --- | | 类别 □ | 媒体采访 业绩说明会 √ | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 | 年 月 日 （周五） 下午 2025 9 12 14:00~17:00 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net）采 | | | 用网络远程的方式召开业绩说明会 | | 上市公司接待人 1. | 董事长 何鸿云 | | 员姓名 2. | 副总裁兼财务负责人 王爽 | | 3. | 副总裁兼董事会秘书 戢荔 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1. 二季度营业收入有增长，预计全年营业收入及净利润情 | | | 况会增长吗? | | | 答：您好，我们将积极利用上半 ...

人民网北京9月12日电 今日，中国物流集团正式发布2780亿参数"流云"大模型。该模型由中国物流与中 国电信、中国移动、科大讯飞、华为公司共同研发，以"架构领先、场景贯通、自主可控"三大突破为核 心，覆盖40余个细分场景，将有效提升物流运营效率，助力降低全社会物流成本。 会上，中国物流牵头编制的物流行业大模型评测标准发布。标准聚焦物流行业运输、仓储等四大核心场 景，选取9个典型任务，标准构建了16项关键评测指标的综合评估体系，全面评估大模型在文本分类、 信息抽取、任务分解等十多个能力上的表现，将更好促进大模型技术在物流行业应用，加速人工智能与 实体经济深度融合。(记者韩鑫) 据介绍，"流云"大模型目前已在中国物流网络货运、仓储调度、园区视觉识别、物流供应链等多个领域 实现应用，打造了智慧多式联运、园区视觉识别、智能仓储调度等多个应用场景，并支持研发了卸车机 器人等智能物流与交通装备。以智慧多式联运为例，与传统模型算法相比，依托"流云"大模型能力，多 式联运方案客户采纳率提高9%，运单匹配成交率提升10%，帮助客户平均降低运输成本5%。 ...

人民财讯9月11日电，企查查APP显示，中数联物流科技(上海)有限公司成立，法定代表人为张雄，注册 资本为10亿元，经营范围包含：技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广。企 查查股权穿透显示，该公司由招商局集团有限公司间接全资持股。 ...

证券日报网讯新宁物流9月10日在互动平台回答投资者提问时表示，公司子公司深圳市亿程物联科技有 限公司依托大数据、云计算、人工智能、导航与定位技术、物联网、车联网等核心技术，围绕智慧交 通、智慧物流核心领域，为多行业客户提供卫星定位运营服务、系统集成服务、软硬件研发等多元化服 务。2025年上半年，公司卫星导航定位服务及软件业务实现营收2，738，733.36元（未经审计）。 （文章来源：证券日报） ...

Core Insights - The logistics capital market has seen significant recovery after a prolonged period of decline, with nearly 80% of the 25 logistics companies analyzed experiencing substantial market value restoration [1][3] - Notably, logistics technology companies have shown remarkable growth, with the total market value of logistics technology stocks increasing by over 64% year-to-date [9][12] - Despite the overall market recovery, some companies, particularly in the "Tongda" system, have faced declines in market value, highlighting the competitive pressures within the industry [3][6] Market Performance - Shentong Express has the highest market value increase among express companies at 64.3%, reaching a total market value of 25.3 billion yuan [3][5] - Jitu Express follows with a 55.95% increase, achieving a market value of 77.2 billion yuan, surpassing JD Logistics, which saw a slight decline of 0.78% to 76.1 billion yuan [3][5] - YTO Express and Debon Logistics also reported market value increases of 27.55% and 10.53%, respectively, while Zhongtong Express experienced a decline of 4.23% [4][5][6] Financial Performance - Jitu Express reported a total revenue of $5.5 billion for the first half of 2025, a 13.1% year-on-year increase, with a net profit of $160 million, up 147.1% [3][6] - Shentong Express achieved a revenue of 25.02 billion yuan, a 16.02% increase, with a net profit of 453 million yuan, up 3.73% [3][4] - SF Express maintained its position as the market leader with a market value of 210.2 billion yuan, reporting a revenue of 146.86 billion yuan, a 9.26% increase, and a net profit of 5.738 billion yuan, up 19.37% [6][8] Industry Trends - The logistics industry is experiencing a "反内卷" (anti-involution) trend, with companies adjusting pricing strategies to combat the long-standing issue of "volume-price inversion" [7][8] - The average revenue per package has declined across major express companies, contributing to lower profit margins [7][8] - The logistics technology sector is gaining attention, with companies like Dongjie Intelligent and Zhongyou Technology leading in market value growth, indicating a shift towards technological innovation in logistics [9][10][12]

Core Insights - The company, Shanghai Xijing Technology Co., Ltd., is leveraging AI technology to transform the global logistics sector, moving from traditional logistics to intelligent upgrades and industry-specific model development [2][3] - The company's autonomous driving products have been applied in various domestic and international scenarios, enhancing the efficiency of global production factor circulation [2] - The latest generation of vertical models developed by the company features multi-dimensional capabilities, providing time-space predictive product scheduling services and vehicle management through path control models [3] Company Developments - The company initially started with layout products, offering an AI solution that integrates autonomous vehicle technology into logistics infrastructure for autonomous operations and process reengineering [2] - The capabilities have expanded to include various logistics nodes such as rail, land, ports, and airports, as well as production logistics nodes like automotive parking lots and steel mills [2] - The company aims to continuously utilize AI technology, combined with new energy ecosystems, to provide efficient, low-cost, green, low-carbon, and safe composite value, driving the digital transformation of the global logistics industry [3]

Summary of Key Points from Conference Call Industry Overview - The logistics industry is experiencing growth in the application of unmanned logistics vehicles and humanoid robots, indicating a rising market but not yet saturated [1][3][5] Core Insights and Arguments - As of the end of July, approximately 400 unmanned logistics vehicles have been integrated into the Zhongyou Technology Intelligent Transport Control Platform, with expectations to meet a demand of 3,500 vehicles by year-end, highlighting the increasing demand within the postal system, which is projected to require hundreds of thousands of units [1][3][5] - China Post Group has designated Zhongyou Technology to manage and operate unmanned logistics vehicles and related equipment, including procurement, maintenance, and labor outsourcing, indicating an enhanced role for Zhongyou Technology in the postal logistics system [1][6] - Humanoid robots are currently achieving 50% of human efficiency and can operate 24/7, suggesting significant potential for efficiency and cost reduction in logistics operations as technology matures [1][8] - Zhongyou Group employs approximately 160,000 logistics workers, with estimates suggesting that over 800,000 personnel may be involved across various logistics roles, indicating a substantial potential for robot replacement [9][10] Economic Viability and Market Dynamics - The economic tipping point for the use of unmanned logistics vehicles is not yet reached, but the gradual increase in deployment across provinces suggests a positive trend [3][5] - The postal system's projected need for tens of thousands of unmanned logistics vehicles indicates that the current deployment is far from saturation, with significant room for growth [3][5] - The integration of humanoid robots in logistics can enhance package standardization, reduce manual sorting, and improve overall production efficiency, thereby addressing existing bottlenecks [3][13] Support and Strategic Initiatives - China Post Group is supporting Zhongyou Technology through centralized maintenance of equipment, internal procurement, and integrated operations, with a total support budget of approximately 160 million yuan [14] - The strategy includes centralized monitoring and maintenance services for over 90 mail processing centers, which will enhance Zhongyou Technology's market share and operational capacity [14] Future Outlook - The deployment of unmanned logistics vehicles is expected to accelerate, particularly in the fourth quarter as provincial branches aim to meet project completion targets and prepare budgets for the upcoming year [15] - The potential for humanoid robots to facilitate door-to-door delivery services is promising, especially with advancements in smart community infrastructure [11][12] Additional Considerations - The current postal system does not universally offer door-to-door delivery, but private courier services may charge an additional fee of 0.3 to 0.5 yuan per item for this service [11][12] - The integration of humanoid robots is anticipated to further optimize user experience and reduce operational costs in logistics [12][13]

Group 1 - Guangzhou Yinnuo Pharmaceutical Group Co., Ltd. officially listed on the Hong Kong Stock Exchange on August 15, becoming the first company to utilize the new allocation mechanism under the recent IPO regulations [1] - On its first trading day, Yinnuo's stock price surged over 280%, with approximately 260,000 subscriptions leading to an oversubscription of 5,364 times, making it the second highest oversubscription this year [1] - The new IPO mechanism allows for a pre-locked public subscription ratio of 10% and an international placement ratio of 90%, with no mechanism for reallocation, ensuring institutional investors receive a stable allocation [1][3] Group 2 - The Hong Kong Stock Exchange's new IPO pricing mechanism, effective from August 4, is considered the most comprehensive adjustment in 27 years, aimed at balancing the interests of institutional and retail investors [3][4] - The minimum allocation for institutional investors has been reduced from 50% to 40%, and a dual-track allocation mechanism has been introduced, allowing issuers to choose between traditional reallocation or a pre-locked allocation [3][4] - Mechanism B, which is being increasingly favored by issuers, allows for a public subscription ratio between 10% and 60%, with no reallocation, enhancing flexibility for issuers [4] Group 3 - The reform aims to improve pricing efficiency by enhancing the role of professional institutional investors in the pricing process, which was previously dominated by retail investors [6][7] - The new rules are expected to reduce pricing bubbles caused by excessive retail subscriptions and mitigate the risk of post-listing price drops [6][7] - The market is witnessing a shift where high-quality projects are increasingly leaning towards institutional investors, as seen in recent IPOs like Ningde Times and Heng Rui Pharmaceutical [4][10] Group 4 - The Hong Kong IPO market has shown strong performance, with 53 new listings and a total fundraising amount of approximately HKD 127 billion in the first seven months of the year, a year-on-year increase of over six times [10] - Approximately two-thirds of the recent IPO investors are from foreign capital, indicating a growing interest from international long-term investors [10][12] - The previous allocation mechanism often left institutional investors struggling to secure adequate shares, leading to increased competition and the need to purchase shares in the secondary market [10][12] Group 5 - Retail investors are expressing concerns about their reduced chances of obtaining shares in IPOs due to the new allocation mechanisms, particularly with the public subscription ratio being locked at a low level [14][15] - The new rules may lead to a decrease in retail participation, as many retail investors feel that their chances of winning allocations are diminishing [15][17] - Despite the challenges for retail investors, the reforms aim to enhance overall market stability and reduce the risk of price drops post-listing, potentially benefiting all investors in the long run [16][17]

Core Viewpoint - The article highlights the rapid development and commercialization of unmanned delivery vehicles in China, particularly focusing on the recent operational testing in Shenzhen, which signifies a critical point for the industry towards large-scale application [1][2]. Group 1: Industry Development - Major companies like Meituan and SF Express are investing significantly in unmanned delivery technology, with recent cash contributions to Baixiniu Zhida (Beijing) Technology Co., amounting to RMB 9,954 million and RMB 5,688 million respectively [1]. - The unmanned delivery vehicle market is projected to see substantial growth, with over 103 cities expected to open road rights for unmanned vehicles by mid-2025, covering more than 80% of major logistics nodes [1]. - The number of unmanned delivery vehicles in China is anticipated to exceed 6,000 units by 2025, representing a growth of over 50% compared to 2024 [1]. Group 2: Technological Advancements - Current unmanned delivery vehicles primarily utilize Level 4 autonomous driving technology, enabling fully unmanned transportation on open roads [3]. - These vehicles are designed for short-distance transport, typically covering 5-20 kilometers, which allows for efficient multi-point connections and reduces labor costs [3]. Group 3: Market Dynamics - The logistics sector is seeing a shift as companies like JD and Meituan develop their own unmanned delivery vehicles, while startups such as Xinshiqi, Jiushi, and Baixiniu are also making significant advancements [3]. - Xinshiqi has secured road rights in over 250 cities, while Jiushi operates in more than 200 cities, indicating a broadening operational footprint for unmanned vehicles [4]. Group 4: Cost Efficiency - SF Express is projected to reduce operational costs by RMB 189 million in 2025 due to the integration of unmanned vehicles, with a per vehicle cost reduction of RMB 2,186 per month [4]. - The adoption of unmanned vehicles is expected to improve the profitability of express delivery franchises, indirectly impacting the financial performance of parent companies [4]. Group 5: Regulatory Environment - The article emphasizes the need for supportive policies and regulations to facilitate the large-scale operation of unmanned vehicles, with road rights being a critical factor [6]. - Shenzhen is leading the way in establishing a regulatory framework for unmanned logistics, integrating public transport resources to support the operational needs of unmanned delivery vehicles [7][8].