Group 1 - The 19th China (Shenzhen) International Logistics and Supply Chain Expo has commenced, attracting over 2,200 exhibitors from more than 60 countries and regions, highlighting the global interest in China's logistics market [1][2] - The expo covers an area of nearly 130,000 square meters, with over 20% of exhibitors being international, indicating a strong global engagement in logistics and supply chain opportunities [2] - The participation of companies from countries like Uzbekistan, Georgia, Romania, and Azerbaijan marks a new trend, driven by the continuous upgrade of the China-Europe transport routes, enhancing supply chain resilience for Chinese enterprises [2] Group 2 - In the first half of the year, Shenzhen's transportation, warehousing, and postal industries saw a value-added growth of 9.0% and a revenue increase of 12.3%, contributing significantly to economic growth [3] - Shenzhen Port achieved a container throughput of 17.23 million TEUs, a year-on-year increase of 10.8%, while Shenzhen Airport handled 983,000 tons of cargo, growing by 14.0% [3] - The China-Europe Railway Express (Shenzhen) operated 87 trains with a cargo value of $348 million and a weight exceeding 40,000 tons, showcasing the robust logistics capabilities of the region [3] Group 3 - The expo serves as a platform for showcasing new technologies and models in logistics, with a focus on digitalization and sustainability [4] - SF Express presented its "SF Super Brain," an AI-driven decision-making platform that optimizes logistics operations, potentially generating over $1 billion in economic benefits and reducing carbon emissions by hundreds of thousands of tons [4] - Lingniu Technology showcased a hydrogen-powered heavy truck, which offers a range of 450-500 kilometers and a competitive operating cost, indicating a promising future for hydrogen energy in commercial vehicles [4]

2025服贸会供应链交通运输服 美团展示的无人机。中国经济 在2025服贸会供应链交通运输服务专题展上，"中国快递"的展位格外惹眼，来自多家物流企业的无人 机、无人车集体亮相。据介绍，智慧物流展区展示了包括无人配送车、智能分拣机器人、区块链溯源平 台在内的全流程智能化解决方案，通过无人机与AGV协同作业实现了"仓储-配送"全链路自动化。在呈 现智慧交通与物流领域的最新技术突破和应用实践的同时也探索着行业未来的无限可能。（中国经济网 记者 佟明彪） 务专题展上的"中国快递"展位。中国经济网记者 佟明彪/摄 浙江菜鸟供应链管理有限公司 展示的L4级公开道路无人车-菜鸟物流无人车。中国经济网记者 佟明彪/摄 中国邮政速递物流股份有限公 司展示的E6A纯电动垂直起降固定翼无人机。中国经济网记者 佟明彪/摄 网记者 佟明彪/摄 国经济网记者 佟明彪/摄 美团展示的小黄蜂机器人。中 顺丰集团展示的冷链无人车。 中国经济网记者 佟明彪/摄 司展示的M10六旋翼多用途网联无人机。中国经济网记者 佟明彪/摄 上海韵达货运有限公司展示的 中国邮政速递物流股份有限公 韵达无人车。中国经济网记者 佟明彪/摄 中通快递股份有限公司展示 ...

Summary of Key Points from the Conference Call Records Industry Overview - The express delivery industry has maintained nearly 20% growth from January to July 2025, driven primarily by live e-commerce, interest e-commerce, and instant retail, indicating significant internal growth potential [1][2] - The revenue distribution in the franchise express network is complex, involving collection commissions, transfer fees, and waybill fees, which directly affects operational efficiency and market competitiveness [1][2][5] Core Insights and Arguments - ZTO Express has implemented a shoulder-sharing mechanism and end-point delivery chain to protect the rights of couriers, enhancing its soft power and culture while leading in automation and vehicle ratios, thus maintaining cost advantages [1][7] - Logistics unmanned vehicles are seen as key to transforming the express delivery business model and operational costs, with 2025 being regarded as the year of application, although the distribution of benefits remains a critical challenge [1][10] - Price increases in the express delivery industry aim to address arbitrage issues, promote high-quality development, and achieve high profitability for express companies [1][11] Company Performance - In the first half of the year, SF Express experienced the fastest business volume growth at 32%, followed by YTO Express at 22%. However, excluding non-recurring net profits, all companies except SF Express saw declines, with YTO experiencing the smallest drop [1][16][17] - SF Express reported a 3.5% growth in non-recurring net profit in Q2, with international business losses narrowing and free cash flow improving, indicating medium to long-term investment value [1][18][20][22] Strategic Developments - YTO Express began building its airline in 2015 to enhance product timeliness and promote product upgrades and international business development, but this early investment has affected its scale efficiency [1][6] - The express delivery industry is transitioning towards a layered service model, where leading companies will shift from a focus on volume and profit to promoting high-end product structures [1][14] Future Trends and Considerations - The express delivery industry is expected to see a shift towards differentiated service layers, with leading companies targeting high-value customers while less competitive firms handle lower-value business [1][13][14] - Attention should be paid to Shentong and YTO in the short term, with Shentong expected to double its profit after price increases, while YTO is narrowing the gap with ZTO in terms of market share growth and net profit [1][15] Additional Important Insights - The price war in the express delivery industry has a policy bottom line, with significant price increases implemented in 2021 leading to improved profitability across companies [1][9][12] - SF Express's free cash flow increased by 6.1% year-on-year, and the company has initiated a mid-term dividend policy with a payout ratio of 40%, reflecting a commitment to returning value to shareholders [1][21]

Core Insights - The 19th China (Shenzhen) International Logistics and Supply Chain Expo will take place from September 24-26, featuring over 2200 exhibitors from more than 60 countries and regions, and is expected to attract over 300,000 professional visitors [1][4] - This year's expo marks the 20th anniversary of the event, which has been instrumental in facilitating international cooperation and is referred to as the "Olympics of the global logistics and supply chain sector" [4] - The expo will cover a total exhibition area of over 130,000 square meters, with ten core exhibition zones addressing various aspects of logistics and supply chain, including comprehensive services, port shipping, air freight, and cross-border e-commerce [4][5] Exhibition Features - The expo will introduce five vertical fields for resource matching, including Europe and the United States, Southeast Asia/Japan and South Korea, overseas warehouses/cross-border e-commerce, emerging markets, and special transportation [5] - Over 70 high-end business activities will be organized to create a deep dialogue platform within the global logistics and supply chain sector [5] - Two thematic sub-exhibitions will be held concurrently: the World Unmanned Vehicle Economy Expo and the Enterprise Going Abroad Exhibition, focusing on unmanned vehicle technology and cross-border e-commerce [8][10] Industry Trends - The World Unmanned Vehicle Economy Expo will showcase the Shenzhen automatic delivery system and emphasize the integration of unmanned logistics into the global supply chain [8] - The Enterprise Going Abroad Exhibition aims to provide a high-quality platform for cross-border e-commerce, facilitating connections between international e-commerce platforms and logistics solutions [10]

Core Insights - The establishment of the "Shanghai Jiao Tong University - Jiushi Intelligent Autonomous Driving Technology Joint Laboratory" marks a significant step for Jiushi Intelligent in integrating industry, academia, and research in the autonomous driving sector [1][2] - The collaboration aims to leverage the research strengths of Shanghai Jiao Tong University and the practical experience of Jiushi Intelligent to advance cutting-edge autonomous driving technologies and cultivate high-end talent [1][2] Group 1: Collaboration and Academic Support - Jiushi Intelligent's core team includes several members who graduated from Shanghai Jiao Tong University, indicating a strong historical connection and mutual trust [2] - The university's strong ranking in computer science (11th in US News, 27th in QS, and 3rd in CS Ranking) highlights its global reputation, particularly in visual models [2] - The joint laboratory is expected to provide a practical platform for students, enabling them to explore cutting-edge technologies while addressing real-world challenges [2] Group 2: Technological Advancements and Market Position - Jiushi Intelligent has deployed its L4-level autonomous logistics vehicles in over 300 cities across China, achieving an average operational cost reduction of 66% for clients [3] - The collaboration with Shanghai Jiao Tong University is anticipated to enhance model training and validation, crucial for breakthroughs in autonomous driving technology [3][6] - Jiushi Intelligent has become the first global company to achieve high-level autonomous driving without relying on high-precision maps, indicating a significant technological advancement [5][6] Group 3: Global Expansion and Regulatory Challenges - Jiushi Intelligent has made notable progress in international markets, including obtaining Singapore's first unmanned logistics vehicle license and participating in the revision of the TR-68 autonomous driving standards [4] - The establishment of the joint laboratory is expected to provide academic credibility that will assist Jiushi Intelligent in overcoming regulatory barriers in overseas markets [4] - The company's strategy focuses on creating real value in collaboration with local markets rather than engaging in price wars, aiming to enhance local production and logistics efficiency [4] Group 4: Future Outlook and Strategic Focus - Jiushi Intelligent plans to focus on logistics delivery as its core market, leveraging large-scale vehicle operations to continuously collect data for technological iteration [5] - The company aims to achieve profitability across the industry within the next two years, driving the upgrade of urban logistics towards intelligence and efficiency [6] - The long-term vision includes promoting autonomous driving capabilities across society, laying the groundwork for future developments in passenger services and other commercial sectors [6]

Core Insights - The report emphasizes the importance of discovering investment opportunities with a proactive attitude rather than merely relaying information [1] Macro News Summary - The Central Financial Committee has issued opinions to support the accelerated construction of Shanghai as an international financial center [4] - The China Securities Regulatory Commission (CSRC) is working to build a capital market ecosystem that is more conducive to comprehensive innovation [4] - The CSRC has released opinions on establishing a growth tier in the Sci-Tech Innovation Board to enhance institutional inclusiveness and adaptability [4] Industry Updates - The China International Solid-State Battery Technology Conference is set to accelerate the industrialization of solid-state batteries, with related stocks including Putailai (603659) and Liyuanheng (688499) [5] - Cainiao's new unmanned vehicle has started pre-sales, indicating rapid growth in the commercial use of logistics unmanned vehicles, with related stocks including Xingwang Yuda (002829) and Xiangyou Technology (600476) [5] - Significant breakthroughs have been achieved in key systems of China's fusion reactor, marking an acceleration in nuclear fusion technology development, with related stocks including Xuguang Electronics (600353) and Nanfeng Co., Ltd. (300004) [5] Company Focus - Huayi Group (600623) has signed a strategic cooperation framework agreement with Zhenhua Heavy Industries [6] - Chongqing Department Store (600729) has seen a continuous increase in related deposits, with consumer finance yields significantly exceeding peers [6] - Kewei Medical (301087) has reached strategic cooperation with Zhihuiyan and Laolai Health to build a new ecosystem in healthcare [6] - Bank of China (601988) emphasizes the role of finance in supporting new productive forces, particularly in technology finance [6] Market Review and Outlook - On June 19, the market opened lower and continued to decline, with the ChiNext Index leading the drop. The total trading volume in the Shanghai and Shenzhen markets was 1.25 trillion, an increase of 596 billion from the previous trading day [7] - The report notes that the macro economy is expected to maintain a mild recovery, with policies emphasizing stability and activity in the capital market providing support [7] - Different sectors such as technology, consumption, and finance are highlighted for their respective advantages and development prospects, indicating potential for structural differentiation in the market [7] - The mid-term trend suggests that the market center may rise in Q4 2025, with potential for a bull market from 2025 to 2027 [7] - The report indicates that a phase of bottoming in the A-share market may have occurred, with attention needed on structural and rhythm changes in the second half of the year [7]

Investment Rating - The report maintains a "Positive" investment rating for the logistics unmanned vehicle industry [5] Core Insights - The logistics unmanned vehicle industry is entering a phase of large-scale commercialization driven by product price reductions, open road rights, and diverse application scenarios [5] - The main application scenario for logistics unmanned vehicles is last-mile delivery, which can significantly reduce costs and improve efficiency for express delivery companies [5][6] - The potential market size for logistics unmanned vehicles is estimated to reach 207.1 billion yuan, with the ability to replace up to 4.44 million traditional commercial vehicles annually [52] Summary by Sections 1. Logistics Unmanned Vehicles: Commercialization Milestone - Logistics unmanned vehicles are defined as autonomous cargo transport tools primarily used in express delivery and other logistics scenarios [10] - The current largest application scenario is the delivery from express service points to community stations, which can replace traditional delivery vehicles and reduce labor costs [25] 2. Manufacturing Segment: Clear Industry Trends and Growing Orders - The market for logistics unmanned vehicles is expected to exceed 100 billion yuan, with significant replacement potential for traditional vehicles [52] - Leading companies like New Stone and Nine Knowledge have reported rapid growth in orders, indicating strong demand in the market [53] 3. Application Segment: Last-Mile Delivery and Cost Reduction - Express delivery companies are increasingly adopting unmanned vehicles for last-mile delivery, which can enhance profitability for franchisees [6] - Companies like SF Express and Debon are actively integrating unmanned vehicles into their operations, leading to cost savings and operational efficiency [5][6] 4. Investment Analysis - The report suggests focusing on companies such as SF Holdings, SF Same City, and Debon, which are well-positioned to benefit from the adoption of unmanned vehicles [5][6]

Core Insights - The article discusses the transformative potential of autonomous driving and unmanned logistics in reshaping global transportation and supply chains, highlighting significant cost reductions and efficiency improvements [1][15] - It emphasizes the challenges that the industry faces, including technological maturity, regulatory issues, and the need for a viable business model [1][4] Group 1: Market Potential and Trends - The report predicts that by 2030, the automated delivery market could reach nearly $900 billion, with last-mile delivery accounting for approximately $440 billion and mid to long-distance autonomous transport for about $420 billion [1] - The logistics sector is experiencing a significant shift, with the last mile being the most complex and costly part, representing 60% of total logistics costs [8][10] - The cost of logistics unmanned vehicles is decreasing significantly, with examples showing that the price of L4 autonomous vehicles can drop to as low as 39,800 yuan ($5,500) [10] Group 2: Competitive Landscape - The logistics unmanned vehicle sector is crowded with various players, including large logistics companies and emerging tech firms, leading to a diverse competitive environment [4] - Major players like Meituan, JD Logistics, and Cainiao are developing their own unmanned vehicles to enhance their logistics systems [4] - Startups like Ninebot and JiuSi Intelligent are rapidly iterating their products and have achieved significant milestones, such as the delivery of their first L4 city distribution model [5][7] Group 3: Technological Advancements - Ninebot's latest unmanned vehicles utilize advanced technology, including a dual Orin Drive computing platform and solid-state LiDAR, which significantly reduces costs and enhances performance [7][10] - The industry is witnessing a trend of cost reduction in components, with solid-state LiDAR being 60% cheaper than traditional mechanical versions [8][10] - The overall cost of unmanned vehicles in China is reported to be one-tenth of similar products in the U.S., marking a significant breakthrough [10] Group 4: Global Expansion and Challenges - Ninebot is actively pursuing a global strategy, having obtained the first unmanned logistics vehicle license in Singapore and securing orders in Austria and Japan [12] - The company faces challenges in adapting to different regulatory environments and local market needs, which may differ significantly from domestic scenarios [12][13] - The logistics unmanned vehicle market in China is expected to grow significantly, with projections indicating a potential market size of trillions by 2030 [15][16]