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.

快递行业：通达系单票收入环比继续提升，较7月均提升0.1元以上，后续业绩弹性可期－9月数据点评

2025年5月份中国物流景气指数为 50.6%，较上月回落0.5个百分点；中国仓储指数为50.5%，较上月回落0.2个百分点。业务总量指数保持扩张。业务总量指数为50.6%，保持扩张区间运行。固定资产投资完成额指数连续回升。固定资产投资完成额指数环比回升超过0.5个百分点， 道路运输业、邮政快递业、航空运输业和水上运输业固定资产投资完成额指数分别 环比回升0.7、0.5、0.6和0.4个百分点。

交通运输行业：高股息+稳业绩双驱动，交运红利配置正当时－华创交运行业红利资产月报（2025年10月）

交通运输物流行业：客座率高位传导至价格提升，关注淡季价格拐点－2025年9月航空数据点评