申通股东与阿里签署购股选择权协议快递业再注推动力
申通股东7月31日和阿里巴巴签署一项购股权协议。在三年有效期内，阿里巴巴可以要求购买一部分申通股东的股权，或部分申通股份。有效期从2019年12月28日期计算。
对A股市场的投资者来说，购股权协议可能比较陌生，但在全球资本市场这是常用的投资工具。它的本质是一种期权，约定未来可能交易，但当下并没有产生实际交易，甚至未来是否交易也存在不确定性。
阿里今年初已经投资入股了申通股东德殷德润49%的股权，间接获得申通上市公司14.6%的股份。这也符合阿里巴巴小比例参股快递公司的惯例。这次的购股权协议中，阿里未来可以提出购买德殷德润另外51%的股权，以及申通另一家股东恭之润100%的股权。
阿里每次对快递公司的投入，都能对快递业增加一股推动力。这是阿里与快递公司天然的生态关系决定的。
一方面阿里的商业版图不断演进，会持续给快递带来增量市场。今年上半年中部地区快递量增速快，与阿里等平台带动了二三线城市、乡村、产业带的交易量也密切相关。
申通总裁陈向阳曾经对媒体说，阿里不断有新的东西推出来，新零售、菜鸟裹裹、城配、跨境业务等等，都是增量市场。随着这些新物流场景发生，快递的业务也在不断增加。
阿里投资快递还有个好处，是阿里有强大的技术能力，可以帮助快递公司控制成本、提高效率。快递是一种规模经济，单均利润低。往往谁能控制好成本谁就能胜出。
中通快递CTO朱晶熙计算过，菜鸟一张电子面单就能降低快递成本超过0.2元。800亿张就节省了160多亿元。自动化分拣、三段码、四段码、IoT这些技术，都是阿里和菜鸟的强项。
四通一达快递公司在业务量、收入等多项核心经营指标上，都已经超越顺丰这样的直营快递公司。2019年第一季度，四通一达平均快递量增长42%，顺丰为7%。收入方面，四通一达一季度的平均增速为58%，顺丰是17%。
在重点的城市圈，像江浙沪这种地方，四通一达的速度甚至还超过顺丰。同等服务下，快递价格却远低于顺丰。
中通快递管理层在2018年财报分析师电话会上的一段话，或许能代表快递公司对阿里投资的态度：“阿里巴巴进一步投资到快递行业是积极的。因为未来将会有巨大的业务量。这需要不断加强整个行业业务能力，提高运营效率。阿里巴巴和菜鸟将会发挥重要作用。”
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