东兴证券：快递行业单票收入回升通达系中报预增验证反内卷成效

智通财经07-23

智通财经APP获悉，东兴证券发布研报称，由于反内卷政策的存在，本轮盈利恢复期的持续时间有望较21年下半年开始的上一轮行业上行周期更长。5月以来受行业价格波动影响，通达系相关公司股价出现回调，该行建议左侧布局，重点关注服务品质领先的龙头中通快递-W(02057)和圆通速递(600233.SH)，以及经营数据改善最明显的申通快递(002468.SZ)。东兴证券主要观点如下：事件6月全国快递服务企业业务...

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}\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东兴证券：快递行业单票收入回升 通达系中报预增验证反内卷成效\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-07-23 14:35 北京时间&nbsp;&nbsp;&nbsp;<a href=http://www.zhitongcaijing.com/content/detail/1471327.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，东兴证券发布研报称，由于反内卷政策的存在，本轮盈利恢复期的持续时间有望较21年下半年开始的上一轮行业上行周期更长。5月以来受行业价格波动影响，通达系相关公司股价出现回调，该行建议左侧布局，重点关注服务品质领先的龙头中通快递-W(02057)和圆通速递(600233.SH)，以及经营数据改善最明显的申通快递(002468.SZ)。东兴证券主要观点如下：事件6月全国快递服务企业业务...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1471327.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":"BK0276","symbol_name":"资本市场","start_time":0,"source_url":"http://www.zhitongcaijing.com/content/detail/1471327.html","article_id":"2653128197","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2653128197","pubTimestamp":1784788508,"columns":[],"sourceInfo":{"source_id":"stock_zhitongcaijing","name":"智通财经网"},"weMediaInfo":null,"summary":"单票收入方面，申通单票收入同比增长6.0%，增幅较5月收窄;韵达同比增长10.5%，涨幅提升;圆通同比下降1.9%，降幅收窄。通达系业绩预增验证反内卷成效面对行业5月表现出的价格竞争加剧现象，主管部门不断跟进监管措施。通达系中报的预增也验证了反内卷的成效，其中圆通预计上半年扣非归母净利润同比增长72%-89%，申通增长118%-143%，韵达增长84%-117%。","collect":0,"end_time":0,"defaultTopTitle":"zhitongcaijing.com","property":[],"viewcount":null,"language":"zh","relate_stocks":{"601198":"东兴证券","BK0276":"资本市场","BK0183":"MSCI概念","BK0012":"证金概念","BK0009":"债转股","BK0028":"国家队"},"translate_title":"Dongxing Securities: Single ticket revenue of express delivery industry rebounded Tongda Department interim report pre-increase verification anti-involution effectiveness","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"601198":1.5},"content_text":"智通财经APP获悉，东兴证券发布研报称，由于反内卷政策的存在，本轮盈利恢复期的持续时间有望较21年下半年开始的上一轮行业上行周期更长。5月以来受行业价格波动影响，通达系相关公司股价出现回调，该行建议左侧布局，重点关注服务品质领先的龙头中通快递-W(02057)和圆通速递(600233.SH)，以及经营数据改善最明显的申通快递(002468.SZ)。东兴证券主要观点如下：事件6月全国快递服务企业业务完成量约175.1亿件，同比增长3.8%，增速较5月回落;通达系单票价格环比略增，价格竞争有所缓和。价格竞争有所缓和，单票收入回升2026年6月全国快递服务企业业务完成量约175.1亿件，同比增长3.8%，增速较5月回落，其中同城件业务量同比下降8.2%，异地件业务同比增长4.9%。6月行业件量增速整体略有回落申通增速继续领跑;圆通件量增速回落但依旧高于行业均值。单票收入方面，申通单票收入同比增长6.0%，增幅较5月收窄;韵达同比增长10.5%，涨幅提升;圆通同比下降1.9%，降幅收窄。环比看，申通单票收入环比下降0.03元，韵达与圆通分别上涨0.05和0.02元。结合单票收入数据可以看出6月行业价格竞争烈度有所缓和，反内卷还在持续发力根据近几个月的件量增速与单票收入变化情况，该行发现企业若想要短期提升份额，则其当月的单票收入下滑也会较为明显，也就是企业争夺市场份额的代价在提升。该行认为这是反内卷背景下，行业由增量市场向存量市场变化的表现，争夺存量客户需要付出的代价会明显高于增量客户。通达系业绩预增验证反内卷成效面对行业5月表现出的价格竞争加剧现象，主管部门不断跟进监管措施。4月末国家邮政局召开主要快递企业负责人座谈会要求持续深化反内卷后，6月邮政局又对极兔的安全生产问题进行了立案调查，强监管带动6月竞争烈度回落。可以看出主管部门对于反内卷和行业高质量发展的要求依旧坚定。该行认为今年行业反内卷的力度与持续性都有望超预期，虽然短期出现了价格上的波动，但并不改变行业长期的趋势。通达系中报的预增也验证了反内卷的成效，其中圆通预计上半年扣非归母净利润同比增长72%-89%，申通增长118%-143%，韵达增长84%-117%。风险提示：行业价格战加剧;反内卷持续时间低于预期;人力成本攀升;政策面变化等。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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; 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东兴证券：快递行业单票收入回升 通达系中报预增验证反内卷成效

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东兴证券：快递行业单票收入回升通达系中报预增验证反内卷成效