交运物流行业2025年中期投资策略:曙光渐近

华西证券股份有...
11 Jun

投资建议宏观环境总结:从总量角度,25Q1不变价GDP同比增长5.4%,与去年四季度持平。从各细分看,非制造业经营预期好于制造业,制造业PMI生产指数始终强于订单指数。剔除春节影响,整体就业环境呈现环比改善的趋势。从趋势上看,社零增速从24Q4开始筑底,25年环比提升较为明显。快递行业:第一重竞争在电商平台之间,第二重竞争在电商快递企业之间。以25Q1为例,在行业同比增长21.6%情况下,各家通过...

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