美银证券发表研究报告指，中通快递(02057.HK) (ZTO.US) 第二季经调整净利润按年跌28%，分别低于该行及市场预测10%和13%。该行将公司2025财年的核心每股盈测下调7%，以反映重点客户(KA)成本较高及销售增长下降，惟将其2026至27财年的预测上调1至3%，以反映预期更高均价。
该行表示，对于反内卷，中通快递管理层认为快递服务将以成本加成的方式定价，即在全国范围将不再允许均价低于1元人民币的包裹运送。该行将公司美股目标价上调16%，由19美元升至22美元，重申“中性”评级，相信监管措施会阻止市场整合。
该行预期，中通快递今年下半年和明年的快递量将按年增长15%及12%，而今年第四季的均价将大致稳定，惟料明年将下降1%。(sl/j)(港股报价延迟最少十五分钟。沽空资料截至 2025-08-20 16:25。) (美股为即时串流报价； OTC市场股票除外，资料延迟最少15分钟。)
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