核心观点:1、丹鸟从最初的落地配成为直营快递企业,25财年营收预估占菜鸟国内物流收入约26%,主要从事品质快递及逆向物流服务。本次股权变更是阿里快递战略转型的映射。2、推算在收购丹鸟后,申通业务量市占率提升至约13.5%,阔别十年再次进入快递行业前三。阿里菜鸟在年底行权增持申通21%股权的可能性增大。快递行业4+3的七雄格局基本确立,申通实现困境反转。3、申通快递收购丹鸟物流后,增强申通在逆向退货...
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