研报掘金丨光大证券：首予圆通速递“增持”评级，盈利弹性进入兑现期

格隆汇07-31

光大证券研报指出，“反内卷”与AI赋能共振，圆通速递盈利弹性进入兑现期。双轮驱动业绩超预期，AI降本+价格修复验证盈利拐点。公司2026年上半年归母净利润预计同比增长69.34%-85.73%，显著超出预期，主因行业反内卷政策推动终端价格修复，叠加公司AI 转型驱动全链路降本增效;此次业绩验证了公司盈利弹性，认为公司的全链路AI转型已从试点走向规模化落地，中长期竞争壁垒有望随AI赋能进一步强化。...

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