顺丰同城股价暴涨2倍 真正逻辑远非外卖大战

Ofweek维科网
Sep 24, 2025

在外卖大战的“光芒”之下,市场对同城配送企业的评判陷入了“常态式”看多,基本逻辑为:外卖大战快速提高即时零售总需求,同城配企业作为运力提供者自然享受红利。该观点几乎成为近几个月所有主流券商研报的主基调,舆论中附和者甚重,成为重估同城配送企业的基本逻辑,甚至有观点认为这将加速同城配送企业的IPO进程。当我们进入到微观视角时,却发现同城配送的估值和业务发展脉络并非是如此简单,甚至与上述观点大相径庭。...

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