交通运输行业：反内卷、历史新高船龄和供求共振－2026年交通运输行业投资策略报告

航运港口行业：中美博弈新阶段，中国航运业反击开启新模式

快递行业核心数据：1）业务量维持较快增长，2025 年 9 月，全国快递业务量完成 168.8 亿件，同比增长 12.7%，同比增幅较上月提升 0.5pct；2）单票价格跌幅收窄，单票收入为 7.55 元，同比下降 4.9%，同比降幅较上月收窄 2.3pct，环比上涨 2.4%；3）收入，快递业务收入完成 1273.7 亿元，同比增长 7.2%，同 比增幅较上月提升 3pct。

上游驱动及行业方面：9月快递行业业务量同比增长12.7%。1-9 月累计实物商品网购零售额9.15万亿元，同比增长6.5%，增速高出社零总额同比增速约2.0个百分点；累计网购渗透率约25.0%，同比-0.7pct；累计单包裹货值约63.1 元，同比-13.9%。1-9月我国快递业务量累计1450.8亿件，同比+17.2%，其中，9 月快递业务量约168.8亿件，同比+12.7%。

9月快递件量同比+12.7%；顺丰深化落实激活经营，业务量同比+31.81%，增速持续领跑。1）全行业：2025年9月全国快递企业件量168.8亿件，同比+12.7%；2025年1-9 月件量1450.8 亿件，同比+17.2%。小件化趋势持续、电商促销且退换货便捷，共同驱动2025年前9个月件量增速超过邮管局对2025年全年件量增速超8%的预测。2）电商快递：圆通/韵达/申通2025 年9月业务量分别同比+13.6%/+3.6%/+9.5% ；1-9月业务量分别同比+19.4%/+13.0%/+17.1%。3）直营快递：顺丰2025年9月业务量同比+31.8%；1-9月业务量同比+28.3%，得益于落实激活经营策略，加大对前线业务的授权与激励，顺丰件量增速3-9月连续领跑行业。

The transportation of perishable goods from manufacturers to customers involves complete end-to-end supply chain solutions. Perishable goods include meat, poultry, and seafood; dairy; fruits and vegetables; and bakery and confectionery. The primary aspect that should be focused on during the transportation of perishable goods is the temperature. The optimum temperature should be maintained throughout the logistics process to prevent spoilage of the mentioned perishable products.

Pickup trucks are light-duty trucks with open cargo beds at the rear. They are mainly used for the transportation of goods but are also used for personal purposes, construction, agriculture, and other commercial applications. The global pickup truck market is a global industry that includes the manufacturing, marketing, and sales of pickup trucks. It includes different types of pickup truck models, sizes, and configurations offered by different manufacturers in different regions to meet the various needs and preferences of consumers across the world. Economic growth, urbanization, infrastructure development, and changing consumer lifestyles all play a significant role in the global pickup truck demand and dynamics.

Pharmaceutical wholesale and distribution is defined as the management of the physical flow of pharmaceutical supplies from the manufacturing point to the point of use. The global pharmaceuticals wholesale and distribution market involves the storage, handling, and transportation of pharmaceutical products to meet the global pharmaceutical demand. As some pharmaceutical products are temperature￾sensitive, cold storage is required throughout the supply chain to maintain the quality of products.

Online food delivery refers to a food-away-from-home service comprising the process of ordering food from a particular food outlet, either through its website or a proprietary mobile application or through a third-party food ordering service.

During meat packaging, products such as beef, pork, poultry, and seafood are packed using both rigid and flexible packaging materials, depending upon the supply chain stage. Sales of packaging materials used to preserve meat and forms of meat products make up the meat packaging business. Meat packaging is frequently used to deliver safe, fresh, and hygienic meat to customers and companies. Meat necessitates the presence of oxygen for both mass production and consumer consumption to maintain its color for customer appeal. Although meat has a shorter shelf life, choosing the correct packaging and packing materials is critical for keeping the meat in a sanitary state for a longer period of time.