本文约 3 5 0 0 字，推荐阅读时长 1 0 分钟，欢迎关注新财富公众号。 成本扣到分的物流行业对无人化的需求最大 2025年上半年我国社会物流总费用与GDP的比率为14%，较2024年同期下降0.2个百分点，节约物流费用约1300亿元。根据政策目标2027年将比率降至 13.5%左右。尽管从2006年正式建立统计以来，目前已经是最低水平，但是与发达国家7%-9%的比率相比，我国物流费用还有比较大的优化空间。 卡车的L4级别自动驾驶与卡车最大的拥有者，卡车司机的利益相悖，国内70%卡车运力是个人，对个人来说，自身的体力劳动成本趋近于0，这也是个体 户比运营公司成本占优的主要原因。无人化无疑是革了卡车司机的命，而运营公司本身成本就比不过个体，自然也不愿意在无人化上投入更多成本冒 险。 万亿规模的物流快递行业，对于新技术带来的降本增效布局都会非常积极，每年在运输方面花费的成本高达千亿，面对激烈的竞争，单票快递的成本往 往要计算到分以下，而作为50%以上人力成本占比的行业，无人化的降本潜力巨大。 推动物流领域无人化、自动化是降本增效的关键手段，无人车和移动机器人技术是智慧物流领域战略的重要组成部分。无人车包括低 ...

Core Viewpoint - The express delivery industry is currently facing intense price competition, and companies must shift from price wars to value wars by enhancing service quality to achieve sustainable growth [1][2]. Financial Performance - In Q2 2025, ZTO Express reported a package volume of 9.85 billion, a year-on-year increase of 16.5%, and a revenue of 11.83 billion yuan, up 10.3% year-on-year [1]. - Adjusted net profit for the quarter was 2.05 billion yuan, a decrease of 26.8% compared to the previous year [1]. - The company has revised its annual package volume guidance to a range of 38.8 billion to 40.1 billion packages, corresponding to a growth rate of 14.0% to 18.0% [1]. Operational Insights - The average revenue per package in the core express business decreased by 0.06 yuan, influenced by increased incentives and a decline in average package weight, although prices for key accounts rose by 0.17 yuan [2]. - As of June 30, 2025, ZTO operates 94 sorting centers and over 31,000 pickup and delivery points, with approximately 6,000 direct network partners [2]. Strategic Focus - ZTO Express emphasizes a "quality first" strategy, aiming to create differentiated products and service experiences [2]. - The company is focusing on cost reduction and efficiency improvements in the last-mile delivery segment to enhance competitiveness and profitability [2]. Industry Challenges and Opportunities - The express delivery industry is experiencing challenges from aggressive pricing strategies and the rise of instant retail, which could impact traditional delivery volumes [4][5]. - Major internet companies are increasing investments in instant retail, with the market expected to exceed 2 trillion yuan by 2030 [4]. Technological Advancements - ZTO has begun commercializing the use of unmanned vehicles in over 700 locations, deploying more than 2,000 units across over 200 cities [6]. - The company is committed to deepening the application of artificial intelligence across all business segments to enhance efficiency and reduce costs [6][7].

在财报发布后的业绩会上，近期引发关注的快递行业"反内卷"和价格竞争，成为投资者关注的焦点。中通创始 人、董事长兼首席执行官赖梅松回应称，上半年行业价格竞争非常激烈，对公司的业务量产生影响，而监管层"反 内卷"相关政策对价格回升起到一定作用，有助于遏制非理性竞争、维护基层网点稳定，维持从业人员权益。部分 地区涨价对公司整体利润起到正向作用，对网点、业务员派费和网点的收入增加是利好。长期来看，行业发展趋 势一定是从价格战走向价值战。 北京时间8月20日早间，中通快递（纽交所代码：ZTO及香港联交所代号：2057）公布其截至2025年6月30日止第 二季度的未经审计财务业绩。财报显示，二季度包裹量为98.47亿件，同比增长16.5%，市场份额环比提升0.6%； 实现收入118.32亿元（人民币，下同），同比增长10.3%；净利润19.65亿元，同比减少24.8%。基于当前的经济、 竞争及政策环境，中通下调了全年包裹预期指引。 与此形成对比的是，中通二季度的散件业务量同比增幅超50%。"自去年起，中通聚焦差异化产品构建、服务效能 提升、时效保障、网络覆盖能力，二季度散件业务量占比峰值突破8%，产品结构的优化缓解了增量 ...

Group 1: Electricity Consumption and Economic Growth - Nanjing's total electricity consumption reached 37.238 billion kWh in the first half of the year, with a GDP of 917.918 billion yuan, reflecting a 5.3% year-on-year growth [1] - The peak electricity load in Nanjing hit a historical high of 16.43 million kW on July 7, indicating strong economic activity [1] Group 2: Consumer Activity and Power Demand - From January to July, the wholesale and retail sector's electricity consumption increased by 12.55% year-on-year, driven by events like music and beer festivals [2] - The core area of the Fuzimiao business district saw a 13% year-on-year increase in electricity consumption since July, attributed to the vibrant night market economy [2] - The "Rich Road" area, a popular tourist destination, experienced a 19% increase in electricity usage, necessitating upgrades to outdated power distribution equipment [2] Group 3: Digital Economy and Power Usage - Nanjing Tencent Digital Co., Ltd. reported a staggering 520.26% year-on-year increase in electricity consumption from January to July, highlighting the growth in the digital economy [4] - The average load of Tencent's data center is 70,000 kW, equivalent to the simultaneous operation of six manufacturing plants [4] Group 4: Green Transition and Electric Vehicle Growth - Nanjing's production of new energy vehicles surged by 45% in volume and 68.9% in retail value in the first half of the year, with over 4000 public charging stations and more than 220,000 private charging piles [5] - The electricity consumption of the charging and swapping service industry rose by 51.64% year-on-year, reflecting the growing market for electric vehicles [5] Group 5: Advanced Manufacturing and Power Support - The second industry in Nanjing saw a 4.1% year-on-year increase in added value, with significant projects in advanced manufacturing [6] - The Chip Technology AI advanced packaging base project in Jiangbei New Area requires high power reliability, with the power supply company completing necessary infrastructure ahead of schedule [6] Group 6: Efficient Power Services for Industry - The Nanjing power supply company has successfully completed 43 major project connections this year, enhancing the electricity service environment for businesses [7] - The rapid response to power supply requests, such as the 3000 kVA application for the Yika Intelligent Vehicle project, demonstrates the efficiency of the local power service [7]

"水陆空"立体展演是大会一大亮点，包括锐翔双座水上电动飞机、水上无人机等动态演示，无人车 等智能装备展演，eVTOL城市交通、无人机物流运输、直升机医疗应急转运等九大场景。同时，展示 通用航空、无人智能装备、新能源飞机等50款机型110架航空器。 8月16日，从沈阳市政府获悉，作为我省推动航空产业发展、扩大对外开放的重要举措，今年，辽 宁省航空产业发展大会和沈阳法库国际飞行大会合并，这场"会+展+演"三位一体的航空盛会将于9月29 日至10月1日在沈阳举办。 大会以"做强航空产业壮大发展动能"为主题，举办开幕式、飞行大会、辽宁航空产业协同发展促进 会年会等活动。邀请国内外专家、企业、科研院所、高校、飞行团队参会，围绕航空产业发展最新趋 势、最新装备技术等开展交流。 大会期间，还将首发全国首个低空经济数据要素流通平台；发布10吨级高商载无人货机等项目需 求；举办首届中国无人机竞速国家队挑战赛、中国"飞来者"大会、《洛神赋图》服饰"空中婚礼"等活 动。除专业观众日外，大会将面向广大市民和航空爱好者开放，预计可吸引观众50万人次。 辽宁是我国重要的航空装备研制基地，已建立研发设计、生产制造、维修服务等为一体的完整航 ...

Summary of Conference Call Company and Industry - The conference call focuses on the autonomous delivery vehicle industry, specifically highlighting the developments of a company referred to as "新世纪" (New Century) and its partnership with "新时期无人车" (New Era Unmanned Vehicles) [1][2]. Key Points and Arguments 1. **Market Growth and Development**: The autonomous delivery vehicle market has seen rapid growth, with New Century achieving significant milestones, including over 4,500 vehicles delivered and a target to become the first company globally to exceed 10,000 Level 4 autonomous vehicles by year-end [1][7]. 2. **Order Backlog**: The company currently has over 30,000 orders in hand, indicating strong demand for its autonomous delivery solutions [1]. 3. **Operational Footprint**: The company has deployed vehicles across 288 cities in China, with notable delivery numbers in cities like Qingdao (over 570 vehicles) and Hangzhou (over 400 vehicles) [3][7]. 4. **Regulatory Milestones**: New Century and its partners were among the first to receive national licenses for autonomous delivery, which has set a precedent for other cities to follow [4]. 5. **Technological Advancements**: The company has transitioned from a laser radar-based perception system to a more advanced technology architecture, enhancing its operational capabilities [5][21]. 6. **Market Share**: The company claims to hold over 95% market share among major clients like JD.com, SF Express, and the postal service, and over 70% among smaller delivery networks [8][9]. 7. **Cost Efficiency**: The company has achieved the lowest operational costs in the industry, with delivery costs reduced to approximately 0.5 yuan per kilometer, significantly lower than traditional delivery methods [16]. 8. **Business Model Evolution**: The company is shifting towards a more integrated logistics solution, offering not just vehicles but also a platform for clients to manage their delivery needs [17][19]. 9. **Safety and Algorithm Development**: The company emphasizes the importance of safety in its autonomous driving algorithms, aiming for a safety record significantly better than human drivers [18][19]. 10. **Future Plans**: The company plans to expand its operational model to include partnerships with various logistics providers and explore new markets, including overseas opportunities [27]. Other Important Content - **Client Insights**: The company has a deep understanding of the logistics processes of its clients, which allows it to tailor its solutions effectively [14]. - **Adaptation to Diverse Environments**: The vehicles are designed to operate in various conditions, including rural areas with challenging road conditions [20]. - **Production Strategy**: The company is cautious about scaling production, focusing on maintaining quality and adapting to industry standards before mass production [23]. This summary encapsulates the key developments and strategic insights shared during the conference call, reflecting the company's position in the rapidly evolving autonomous delivery vehicle market.

中国物流与采购联合会近日公布的数据显示，7月份，尽管有不利天气因素影响，全国物流需求仍保持 扩张，企业内生动力较强，物流供需保持适配增长。 一方面，支持新技术新装备开发应用，借助产学研协同推进重大物流技术、重要物流装备和智慧物流系 统研发创新，促进大数据、5G、北斗导航等新一代信息技术广泛应用。推动物流设施设备数字化升 级，利用好各类政策手段加快智慧港口、智慧公路、智慧物流枢纽、智慧物流园区等新型设施发展，推 广使用无人车、无人仓和无人装卸等技术装备。 另一方面，强化物流数据开放互联，建立健全公路、铁路、水路、航空等领域以及海关等政府部门物流 数据的动态互联机制，促进政企物流数据的共享、开发与利用，同时建立健全企业物流数据采集、提 取、应用、保护等机制，促进企业物流数据市场化。拓展智慧物流商业应用新场景，创新商流、物流、 信息流、资金流等数据要素配置方式，鼓励企业发展与平台经济、低空经济、无人驾驶相结合的物流新 模式，加强仓配运智能一体化技术、数字孪生技术的应用。 此外，还应该推动物流领域绿色化转型，包括加快绿色低碳、高效节能物流技术和设施设备应用，支持 集散枢纽、分拣中心、仓储设施、运输工具等绿色化改造升级 ...

从"包邮区"到"全域通"，政策发力激活内需潜力。随着"消费品以旧换新""快递进村"等政策不断推出，快递小哥把日用 品、家电等产品送到了田间地头、雪域高原。与此同时，近年来，政府出台多项针对助农直播电商的扶持政策，县乡市场消费 活力持续增强，城乡物流双向更趋畅通，电商物流农村业务量回升明显。数据显示，6月份电商物流农村业务量指数升至130.4 高点，比5月份回升0.8点。政策打开需求闸门，形成"促消费—畅物流—兴产业"的闭环。 快递车继续向前奔驰，以高效流通促进要素自由流动，以创新驱动培育新质生产力，以政策协同打通城乡、东西、内外循 环，加速区域协调发展，为中国经济行稳致远注入持久动力。 从"汗水物流"到"智慧物流"，技术迭代重塑产业效率。物流行业之所以保持快速增长，离不开技术革新。针对直播电商等 带来的小批量、多批次订单特点，企业广泛应用无人车、AI分拣系统等智能设备，提高效率降低成本，成功适应碎片化需求， 推动行业从粗放式向精细化、智能化服务模式转型。当前，快递业不再只是"搬箱子"，而是成为撬动制造业数字化转型的"新 杠杆"。 ■孟珂 从最新公布的"物流业"数据来看，快递业跑出"加速度"正是中国经济"稳"的 ...

Investment Rating - The report rates the transportation industry as "Outperform" [1] Core Insights - The report highlights a significant decline in crude oil shipping rates and a downward trend in shipping rates for the US routes. As of July 31, the China Import Crude Oil Comprehensive Index (CTFI) was reported at 880.79 points, down 6.8% from July 24. The VLCC market on the Middle East route continues to decline, with rates dropping to an annual low of WS45 due to a lack of concentrated shipments [2][14] - Ezhou Huahu International Airport has seen rapid growth in its cargo hub capabilities over three years, establishing 104 cargo routes and handling a cumulative throughput of 2 million tons. The Shenzhen low-altitude infrastructure plan aims to establish over 1,200 takeoff and landing points and 1,000 commercial routes by 2026, with a projected low-altitude economy output exceeding 130 billion yuan [2][16][17] - Shentong Express announced a cash acquisition of 100% of Daniao Logistics for 362 million yuan, enhancing its high-value delivery network. Baidu's autonomous vehicles are also expanding internationally through a partnership with Uber [2][25] Industry Dynamics - **Air Cargo**: The air cargo price index for outbound flights from Shanghai was reported at 4429.00 points as of July 28, down 3.7% year-on-year but up 0.2% month-on-month. Domestic cargo flights increased by 7.61% year-on-year in July 2025 [26][33] - **Shipping Ports**: The SCFI index was reported at 1550.74 points, down 2.63% week-on-week and down 53.47% year-on-year. The PDCI index for domestic shipping increased by 1.45% week-on-week [40][51] - **Express Logistics**: In June 2025, the express delivery volume increased by 15.78% year-on-year, with total revenue reaching 126.32 billion yuan, up 9.00% year-on-year [53][55] Investment Recommendations - The report suggests focusing on the equipment and manufacturing export chain, recommending companies such as COSCO Shipping, China Merchants Energy Shipping, and Huamao Logistics. It also highlights investment opportunities in low-altitude economy trends and road-rail sectors, recommending companies like Ganyue Expressway and China Eastern Airlines [4]

Group 1 - The core viewpoint is that the development of autonomous vehicles is gaining attention due to technological maturity and significant price reductions, with current prices dropping below 20,000 yuan [1] - The market for unmanned logistics vehicles is projected to reach 55 billion yuan by 2030, indicating strong growth potential in this sector [1] - Autonomous vehicles are defined as intelligent transportation tools that operate without human intervention, featuring autonomous decision-making and task-oriented capabilities [1] Group 2 - The top-level design for autonomous vehicles in China is evolving, with the introduction of regulations and the acceleration of commercial license issuance, allowing for broader testing and operational capabilities [2] - The commercial landscape for autonomous vehicles is expected to improve significantly with the removal of mandatory safety personnel in vehicles, facilitating more widespread adoption [2] Group 3 - The sales potential for new energy vehicles is high, but the application scenarios for autonomous vehicles are more critical, with progress seen in both ToG and ToB models [3] - The entry barriers for new energy vehicles are relatively uniform, while the application scenarios for autonomous vehicles vary significantly based on management requirements [3] Group 4 - Current end-users of autonomous vehicles primarily include government entities and large enterprises, focusing on cost reduction and replacing existing systems [4] - The interaction with end consumers is limited, with most applications driven by cost-saving motives rather than direct consumer engagement [4] Group 5 - The primary driver for cost reduction in autonomous vehicles is the rapid decline in component costs due to the scaling of the new energy vehicle supply chain [5] - The price of essential components, such as lidar and cameras, has significantly decreased, with lidar prices dropping from 100,000 yuan in 2021 to an expected 4,000 yuan by 2024 [5]