Core Insights - The rapid adoption of unmanned delivery vehicles is driven by significant price reductions, making them increasingly attractive to logistics companies [1][2][3] Price Reductions and Market Dynamics - Prices for unmanned vehicles have dropped significantly, with costs for certain models falling from around 200,000 yuan to approximately 100,000 yuan within a year [2] - New pricing models, such as monthly subscriptions and zero down payment plans, have emerged, further lowering the entry barrier for small logistics companies [2][3] - The competitive landscape has intensified, with companies like New Stone and Nine Sight offering aggressive pricing strategies to capture market share [6] Industry Growth and Adoption Rates - The unmanned delivery vehicle market is experiencing rapid growth, with over 15,000 units expected to be delivered by mid-2025, largely due to price drops [3] - Major logistics companies like Zhongtong and Jitu have begun commercial operations with unmanned vehicles, deploying thousands across multiple cities [4][5] Financing and Cost Structure - Significant capital inflows into unmanned vehicle manufacturers have facilitated price reductions as companies seek to scale operations [6] - The cost structure of unmanned vehicles is evolving, with hardware and service fees being separated, allowing for more flexible pricing [3][6] Operational Efficiency and Cost Savings - Unmanned vehicles are providing substantial cost savings for logistics operations, with daily operational costs significantly lower than traditional delivery methods [8] - The technology is maturing, enabling efficient last-mile delivery, which is crucial for meeting the increasing demand in the logistics sector [8] Market Segmentation and Consumer Preferences - The market is becoming segmented, with price-sensitive customers gravitating towards lower-cost options, while mid to high-end customers prioritize efficiency and reliable service [9] - There is a growing concern regarding the quality of service and support following the purchase of lower-priced unmanned vehicles [9]

Investment Rating - The report maintains a "Buy" recommendation for the unmanned logistics vehicle sector, highlighting the commercialization phase and cost reduction opportunities [4]. Core Insights - The launch of the Jiushi E6 unmanned logistics vehicle at a price of 19,800 yuan marks a significant reduction below 20,000 yuan, stimulating market enthusiasm and introducing a new era of intelligent delivery [1][12]. - The unmanned logistics vehicle industry has transitioned from "technological feasibility" to "commercialization," with over 100 cities granted road rights for commercial applications [2][12]. - The report emphasizes the economic advantages of unmanned logistics vehicles, with significant cost reductions in delivery operations, potentially lowering per-package costs by 50% [3][19]. Summary by Sections Section 1: Focus on Unmanned Vehicles - Jiushi's E6 model is priced at 19,800 yuan, introducing a subscription service for fully autonomous driving at 1,800 yuan per month, significantly lowering user entry barriers [1][12]. - The industry is witnessing a surge in orders and production capabilities, with Jiushi and New Stone both reporting substantial order backlogs and delivery milestones [2][16]. Section 2: Cost Model and Economic Viability - The operational data from New Stone indicates that a single unmanned vehicle can deliver 2,000 packages daily, with a cost reduction of 2-3 jiao per package when utilizing multiple vehicles [3][19]. - A cost comparison shows that the monthly operational cost of the Jiushi E6 is estimated to be below 3,000 yuan, significantly lower than traditional delivery vehicles [19][20]. Section 3: Investment Recommendations - The report suggests that unmanned logistics vehicles are well-suited for last-mile delivery within a 10 km radius, enhancing efficiency and reducing costs for logistics companies [4][21]. - Continued recommendations for companies like SF Holding and attention to SF City, which is exploring collaborative delivery ecosystems with unmanned vehicles [4][21]. Section 4: Industry Data Tracking - Air passenger volume from May 30 to June 1 showed a year-on-year increase of 1.3%, while domestic ticket prices decreased by 4.6% [22][23]. - The shipping sector experienced a significant increase in the SCFI index by 31%, indicating a robust demand for shipping services [39][43].