本篇报告回顾了快递物流板块2025 年基本面变化及市场表现，维持对快递物流行业的“推荐”投资评级。2025 年快递行业回顾：需求增长超预期，反内卷推动价格触底回升。1）受益于电商下沉市场和逆向物流的增长，快递业务量维持较快增长。2025 年1-11 月，全国快递业务量累计完成1807.4 亿件，同比+14.9%；快递业务收入累计完成13550.6 亿元，同比+7.1%。快递业务及收入相较于同期社零...
Source Link本篇报告回顾了快递物流板块2025 年基本面变化及市场表现，维持对快递物流行业的“推荐”投资评级。2025 年快递行业回顾：需求增长超预期，反内卷推动价格触底回升。1）受益于电商下沉市场和逆向物流的增长，快递业务量维持较快增长。2025 年1-11 月，全国快递业务量累计完成1807.4 亿件，同比+14.9%；快递业务收入累计完成13550.6 亿元，同比+7.1%。快递业务及收入相较于同期社零...
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