行业研究丨深度报告丨航空货运与物流Ⅲ [Table_Title] 物流行业迎来无人技术的"DeepSeek 时刻" %% %% %% %% research.95579.com 1 丨证券研究报告丨 报告要点 [Table_Summary] 随着算法效率大幅提升与新技术迭代加速，物流行业各环节均实现重大技术突破，迎来 "DeepSeek 时刻"：1）支线环节：低速无人物流车迈入爆发式增长元年；2）干线环节：智能 卡车开启规模化商用进程；3）末端环节：头部快递企业率先推动运营模式变革；4）管理环节： 头部快递公司积极开发 AI 物流大模型。每一轮新技术变革中，前瞻性布局的快递企业率先享受 技术红利。投资策略上，优先推荐直营快递公司及头部快运公司，通达系快递企业亦有望受益 于全网运营成本优化。此外，建议关注商用车无人驾驶相关的零部件供应商及运营商环节。 分析师及联系人 [Table_Author] 韩轶超 鲁斯嘉 胡俊文 SAC：S0490512020001 SAC：S0490519060002 SAC：S0490524120001 SFC：BQK468 请阅读最后评级说明和重要声明 2 / 33 %% %% % ...

Summary of Logistics Industry Conference Call Industry Overview - The logistics sector can be categorized into three types of companies: stable profit companies (e.g., SF Express), high-growth companies (e.g., Jitu), and operational improvement companies (e.g., Aneng Logistics) based on their self-owned cash flow ratio and capital expenditure growth rate [1][2][3]. Key Insights and Arguments - **SF Express** has shifted its strategy from diversification to focusing on the mid-to-high-end market, optimizing its cost structure and undergoing organizational changes, which has significantly improved its free cash flow and profitability. The company is expected to benefit from growth in the mid-to-high-end market and overseas resource integration [1][5][6]. - The **e-commerce express delivery industry** is experiencing intensified competition, leading to a reshuffling of market shares among leading companies. Despite short-term performance pressures, companies like ZTO and YTO are seen as having bottom-fishing value, while Jitu shows strong growth potential in emerging markets [1][7]. - **Aneng Logistics** has achieved counter-cyclical growth in the road freight market by focusing on high-profit small parcel business and internal management improvements. It is expected to achieve around 20% growth in Q2 2025 and for the full year, with mid-term dividend expectations acting as a catalyst for stock price [1][8][9]. - **Jitu** is rapidly expanding in Southeast Asia and South America, leveraging its cost-reduction experiences from the Chinese market. It is projected to capture over 30% market share in Southeast Asia by 2025 [1][7]. Important but Overlooked Content - The logistics sector is seeing a rise in new technology applications, including low-speed unmanned logistics vehicles, L2 level intelligent auxiliary driving trucks, unmanned stations, and delivery lockers, which are expected to enhance efficiency and reduce costs [3][11]. - The concentration of logistics in China and the decline in capital expenditure are providing strong cash flow support for the industry, while new technology applications are expected to drive growth [3][11]. - The investment strategy for 2025 focuses on companies with strong free cash flow and those leveraging new technologies for growth opportunities [2][10]. Conclusion - The logistics industry is poised for growth with a clear differentiation among companies based on their operational strategies and market positioning. Investors are encouraged to focus on stable profit companies, high-growth companies in emerging markets, and those showing operational improvements to capitalize on the evolving landscape [1][10].