申万宏源：快递涨价传导至收入端得到验证关注快递业三季报表现及旺季价格情况

智通财经2025-09-19

智通财经APP获悉，申万宏源发布研报称，快递反内卷进入新阶段，关注三季报表现及旺季价格情况。短期关注其他区域提价情况、执行力度与持续性、旺季价格情况，对于反内卷新阶段，该行做出三种假设：1)行业价格洼地消灭，利润持续修复，最终趋于公用事业化，在满足快递员权益的同时进行较大规模分红。2)较多区域仍延续之前竞争态势，行业分化加剧。3)更高维度的整合并购可能性，供给侧优化。申万宏源主要观点如下：事件：...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2568523877?lang=zh_CN&edition=full","thumbnail":"","is_english":false,"pubTime":"2025-09-19 09:57","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2568523877","market":"us","top_or_hot":-1,"title":"申万宏源：快递涨价传导至收入端得到验证 关注快递业三季报表现及旺季价格情况","media":"智通财经","content":"<div>\n<p>智通财经APP获悉，申万宏源发布研报称，快递反内卷进入新阶段，关注三季报表现及旺季价格情况。短期关注其他区域提价情况、执行力度与持续性、旺季价格情况，对于反内卷新阶段，该行做出三种假设：1)行业价格洼地消灭，利润持续修复，最终趋于公用事业化，在满足快递员权益的同时进行较大规模分红。2)较多区域仍延续之前竞争态势，行业分化加剧。3)更高维度的整合并购可能性，供给侧优化。申万宏源主要观点如下：事件：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1347110.html\">网页链接</a>\n\n</div>\n","source":"stock_zhitongcaijing","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>申万宏源：快递涨价传导至收入端得到验证 关注快递业三季报表现及旺季价格情况</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n申万宏源：快递涨价传导至收入端得到验证 关注快递业三季报表现及旺季价格情况\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-09-19 09:57 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1347110.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，申万宏源发布研报称，快递反内卷进入新阶段，关注三季报表现及旺季价格情况。短期关注其他区域提价情况、执行力度与持续性、旺季价格情况，对于反内卷新阶段，该行做出三种假设：1)行业价格洼地消灭，利润持续修复，最终趋于公用事业化，在满足快递员权益的同时进行较大规模分红。2)较多区域仍延续之前竞争态势，行业分化加剧。3)更高维度的整合并购可能性，供给侧优化。申万宏源主要观点如下：事件：...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1347110.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"BK0188","symbol_name":"融资融券","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1347110.html","article_id":"2568523877","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2568523877","pubTimestamp":1758247069,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"智通财经APP获悉，申万宏源发布研报称，快递反内卷进入新阶段，关注三季报表现及旺季价格情况。申万宏源主要观点如下：事件：国家邮政局、快递公司发布8月月报根据国家邮政局，8月快递业务收入完成1189.6亿元，同比增长4.2%;8月快递业务量完成161.5亿件，同比增长12.3%。8月以来快递反内卷持续推进，产粮区快递价格持续提升，行业单价上行。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"BK0188":"融资融券","BK0012":"证金概念","06806":"申万宏源","BK1147":"投资银行业与经纪业","BK1564":"中资券商股","000166":"申万宏源","BK0028":"国家队","BK0276":"资本市场","BK0183":"MSCI概念"},"translate_title":"Shenwan Hongyuan: The price increase of express delivery has been verified to the revenue side. Pay attention to the performance of the third quarterly report of the express delivery industry and the price situation in the peak season","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"06806":1.5,"000166":1.5},"content_text":"智通财经APP获悉，申万宏源发布研报称，快递反内卷进入新阶段，关注三季报表现及旺季价格情况。短期关注其他区域提价情况、执行力度与持续性、旺季价格情况，对于反内卷新阶段，该行做出三种假设：1)行业价格洼地消灭，利润持续修复，最终趋于公用事业化，在满足快递员权益的同时进行较大规模分红。2)较多区域仍延续之前竞争态势，行业分化加剧。3)更高维度的整合并购可能性，供给侧优化。申万宏源主要观点如下：事件：国家邮政局、快递公司发布8月月报根据国家邮政局，8月快递业务收入完成1189.6亿元，同比增长4.2%;8月快递业务量完成161.5亿件，同比增长12.3%。圆通速递8月完成业务量53.9亿件，同比增长9.82%，单票收入2.15元，同比下降1.13%;申通快递8月完成业务量44.34亿件，同比增长14.47%，单票收入2.06元，同比增长3.0%;韵达股份8月完成业务量41.19亿件，同比增长5.16%，单票收入1.92元，同比下降3.52%。8月快递业务量增速小幅下降，单价环比提升8月快递业务量增速有所下降，同比增长12.3%，预计全年行业增速预测15%左右。8月行业单票收入为7.37元/件，环比增长0.1%，金额环比增速为0.01元。8月以来快递反内卷持续推进，产粮区快递价格持续提升，行业单价上行。快递公司单价环比提升，增幅分化，业务量延续增长态势单价环比变动角度：申通(+0.09元)>圆通(+0.07元)>韵达(+0.01元)=行业(+0.01元)，通达系单价环比提升，其中申通单价修复幅度较大。业务量延续增长，业务量同比增速：圆通(+11.1%)>申通(+10.9%)>韵达(+8.7%)。9月全国各地陆续跟进涨价，看好行业单价继续提升带来的利润修复除广东、浙江等产粮区外，9月全国其他地区陆续跟进涨价，江苏、湖北、湖南、江西、河南及山东等均已公布涨价，预计9月全国行业单价将继续上行，看好通达系三季度利润修复。风险提示：行业价格竞争程度超预期;快递需求下降;行业格局发生重大变化;用工成本上升风险。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2568523877","isCrawlerRequest":true}

申万宏源：快递涨价传导至收入端得到验证 关注快递业三季报表现及旺季价格情况

精彩评论

申万宏源：快递涨价传导至收入端得到验证关注快递业三季报表现及旺季价格情况