一、核心观点与市场背景ZTO Express(中通快递)近期公布了2025年第二季度的财务数据,尽管整体利润同比下降26%,且全年包裹量增长指引下调至14-18%(此前为20-24%),但报告认为,这主要是响应政府的“反内卷”政策。CMB International Global Markets(招银国际环球市场)维持对ZTO的“买入”评级,并将目标价从US$22.2/HK$174上调至US$...
Source Link一、核心观点与市场背景ZTO Express(中通快递)近期公布了2025年第二季度的财务数据,尽管整体利润同比下降26%,且全年包裹量增长指引下调至14-18%(此前为20-24%),但报告认为,这主要是响应政府的“反内卷”政策。CMB International Global Markets(招银国际环球市场)维持对ZTO的“买入”评级,并将目标价从US$22.2/HK$174上调至US$...
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