金吾财讯 | 中信建投证券表示，AI正从Digital AI向Physical AI跃迁，瓶颈已从模型/算力不可逆地转向“真实作业数据供给”，而快递网络每天以十亿级频次在真实非结构化环境中自动生产带成功/失败标签的“感知-动作-反馈”闭环数据，是已通电、并网、可实时反馈的单一规模化训练场。 与之撕裂的是，过去一年快递业在反内卷下业绩大幅改善，板块估值却下杀至近十年1%分位以下。 该机构认为快递正从“劳动力成本表”切换为“物理数据资产负债表”，估值应重构为“基础快递业务价值＋物理AI数据资产期权＋成本结构重构期权＋具身智能产业资本收益”。2026-2027年是快递物流场景批量部署的关键窗口，投资上应关注优先掌握全链路数据与资本开支决策权的快递物流公司。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.