Core Viewpoint - The article highlights the issue of "rounding up" charges in various sectors such as express delivery, parking, and shared services, which has raised public concern regarding fairness and transparency in pricing practices [1][14]. Express Delivery Sector - Several express delivery companies have been reported to engage in unfair "rounding up" practices, where the weight of packages is inflated for charging purposes [2][4]. - For instance, YTO Express marked a 2.7 kg package as 4 kg, increasing the charge by nearly 50%, while Jitu Express charged for a 3 kg weight for a 2.1 kg package [3][4]. - A significant number of express delivery companies (about half) have been found to have similar issues in their weight charging practices [4]. - The new regulations effective from April 1, 2024, stipulate that billing weight must be in kilograms and retain at least one decimal place, making the "rounding up" practices clearly illegal [5][17]. Parking Sector - Parking fees are often charged based on a minimum time unit, leading to situations where even a slight delay results in significantly higher charges [7][10]. - For example, a consumer was charged for 45 minutes despite only using 30 minutes and 7 seconds of parking time, highlighting the unfairness in the billing system [9][11]. - The article notes that this practice is widespread and often seen as a "hidden rule" in many parking facilities [8][10]. Shared Services Sector - Similar "rounding up" practices are observed in shared services like charging stations, where consumers are charged for longer durations than they actually used [12][13]. - A case was mentioned where a consumer was charged for 30 minutes of charging despite only using 5 minutes, which was deemed unreasonable [13][19]. - The article emphasizes that such practices infringe upon consumers' rights to fair transactions as outlined in consumer protection laws [18][20]. Regulatory Response - The National Postal Administration has taken notice of the express delivery sector's "rounding up" practices and has initiated investigations, urging companies to comply with national standards for weight billing [17]. - The article calls for similar scrutiny and reform in the parking and shared services sectors to ensure fair pricing practices [23].

Group 1 - The Gansu Provincial Conference on Promoting the Development of the Private Economy and Optimizing the Business Environment was held in Lanzhou, with participation from Yunda Holdings and local government leaders [1] - Gansu's government expressed appreciation for private enterprises' contributions to pandemic control and economic recovery, encouraging further investment and collaboration [1] - Yunda Holdings aims to leverage Gansu's unique resource advantages to enhance integration between the express logistics industry and agriculture, manufacturing, and consumer internet sectors [1] Group 2 - Yunda Holdings primarily operates in the express delivery business, along with warehousing and supply chain services, covering all 31 provinces in China and over 30 countries globally [2] - In 2019, Yunda delivered over 10 billion packages worldwide, ranking high among major express companies in terms of delivery time and customer satisfaction [2] - The company is committed to high-quality development by utilizing technology and data to create a smart logistics ecosystem, striving to become a globally competitive comprehensive express logistics service provider [2]

Investment Rating - The transportation sector has shown a positive trend with a 3.2% increase in the transportation index, outperforming the Shanghai Composite Index by 1.5% during the week of July 19-25, 2025 [1][12]. Core Insights - The transportation sector's fund holdings increased to 32.5 billion yuan, a 17.0% rise compared to the previous quarter, with a market share of 1.95% [2]. - The express delivery segment saw a significant year-on-year growth of 15.8% in June, with SF Express leading the growth [2]. - The logistics sector is under pressure, particularly in hazardous materials logistics, but there is a push towards smart logistics, with Hai Chen Co. being recommended [3]. - The aviation sector is experiencing a steady recovery, with a 3% increase in domestic passenger volume in June compared to the previous year [4]. - The shipping sector is stabilizing, with the Baltic Dry Index (BDI) increasing by 10.9% week-on-week, indicating a positive trend in dry bulk shipping [5][34]. Summary by Sections Transportation Market Review - The transportation index rose by 3.2%, with the airport sector showing the highest increase of 5.6% [1][12]. Industry Fundamentals Tracking Shipping and Ports - The export container freight index (CCFI) was 1261.35 points, down 3.2% week-on-week and down 40.9% year-on-year [20]. - The domestic container freight index (PDCI) increased by 1.1% week-on-week, indicating a slight recovery in domestic shipping [28]. Aviation and Airports - The average daily flights reached 16,945, a 3.68% increase year-on-year, with domestic flights up by 2.51% [4]. - The introduction of a new ticket purchasing feature on the airline service platform is expected to enhance customer experience [4]. Rail and Road - National highway freight traffic increased by 0.67% week-on-week, with a year-on-year increase of 2.01% [6][76]. - The railway passenger volume in June was 373 million, a 3.61% increase year-on-year [73]. Express Delivery - The express delivery business volume reached 16.87 billion pieces in June, with a notable increase in the market share of SF Express [2][44].

Core Insights - The report from Guotai Junan indicates that the express delivery industry is expected to maintain a rapid growth rate in 2025, despite a temporary slowdown in growth due to an earlier promotional cycle in June [1] - The industry is experiencing intensified price competition in the first half of 2025, but the State Post Bureau's call to "reduce internal competition" is likely to control the intensity of this competition, promoting long-term high-quality development [1] - The report highlights the importance of focusing on leading companies with more certain growth in performance, particularly in the e-commerce express delivery sector [1] Industry Performance - In June 2025, the total express delivery volume in China reached 16.87 billion pieces, a year-on-year increase of 15.8%, with a slight month-on-month decline due to the early 618 promotional cycle [1] - For Q2 2025, the total express delivery volume was 50.51 billion pieces, reflecting a year-on-year growth of 17.3% [1] - The trend towards smaller packages and the convenience of e-commerce promotions and returns are driving the growth in express delivery volume, surpassing the State Post Bureau's forecast of over 8% growth for the entire year [1] Company Market Share - The market share of major express delivery companies has increased in Q2 2025, with SF Express, YTO Express, Yunda Express, and Shentong Express achieving market shares of 8.7%, 15.6%, 12.9%, and 12.9% respectively in June 2025 [2] - The CR8 (concentration ratio of the top 8 companies) for the express delivery industry reached 87.0 in the first half of 2025, an increase of 1.7 compared to the previous year, indicating a notable rise in the focus on leading companies [2] Pricing Trends - In June 2025, the express delivery industry revenue grew by 9.0% year-on-year, while the average revenue per package decreased by 5.8% [3] - For Q2 2025, the industry revenue increased by 9.3%, with a 6.8% decline in average revenue per package [3] - The decline in average revenue per package has narrowed both year-on-year and month-on-month, suggesting a moderation in price competition [3] - The State Post Bureau's emphasis on opposing "internal competition" is expected to alleviate pressure on companies and franchisees, promoting a healthier competitive environment in the long term [3]

Key Takeaways from the Conference Call Industry Overview - The report focuses on the **China Express** industry, specifically analyzing the performance of major express delivery companies in the Asia Pacific region for **June 2025** [1] Core Insights - **Volume Growth**: - SF Express led the market with a **32% YoY volume growth**, followed by YTO at **19% YoY**. - Both STO and Yunda experienced lower growth rates at **11%** and **7% YoY**, respectively, resulting in a loss of market share of **0.5ppt** and **1.0ppt** [2] - **Revenue Performance**: - SF Express achieved a **14% YoY revenue growth**, outperforming YTO and STO, which recorded **11%** and **10% YoY growth**, respectively. - Yunda's revenue growth slowed significantly to **3% YoY**, down from **9% YoY** for the industry, marking a decline from **7% YoY** in May [3] - **Average Selling Price (ASP)**: - SF's ASP decreased by **13% YoY**, while YTO, Yunda, and STO saw decreases of **7%**, **4%**, and **1%**, respectively. - On a month-over-month basis, SF and STO's ASPs improved by **4%** and **2%**, while YTO and Yunda's ASPs fell to new lows in 2025 [4] Financial Metrics - **June 2025 Financials**: - SF Express: Revenue of **Rmb 19,962 million**, YoY growth of **14.2%**, volume of **1,460 million**, YoY growth of **31.8%**, ASP of **Rmb 13.67** [5] - Yunda: Revenue of **Rmb 4,149 million**, YoY growth of **2.8%**, volume of **2,173 million**, YoY growth of **7.4%**, ASP of **Rmb 1.91** [5] - STO: Revenue of **Rmb 4,341 million**, YoY growth of **10.1%**, volume of **2,184 million**, YoY growth of **11.1%**, ASP of **Rmb 1.99** [5] - YTO: Revenue of **Rmb 5,527 million**, YoY growth of **11.4%**, volume of **2,627 million**, YoY growth of **19.3%**, ASP of **Rmb 2.10** [5] Market Share Dynamics - SF Express's market share increased by **1.1ppt** to **8.7%**, while Yunda's market share decreased by **1.0ppt** to **12.9%**. - STO's market share remained stable at **12.9%**, and YTO's increased by **0.5ppt** to **15.6%** [5] Strategic Insights - SF Express's strong performance is attributed to robust intra-city delivery demand and the implementation of the "Activating Operations" strategy. - The company achieved **10% YoY revenue growth in 1H25**, aligning with its guidance [12] Additional Observations - The report indicates that ZTO and YTO gained a total of **0.7ppt** in market share in **2Q25**, compared to a **0.4ppt** drop in **1Q25**, suggesting a trend of accelerated segment consolidation [12] Conclusion - The express delivery industry in China is experiencing significant shifts, with SF Express maintaining a strong lead in both volume and revenue growth, while Yunda faces challenges in sustaining its market position. The overall market dynamics indicate a consolidation trend among the major players, which could present both opportunities and risks for investors in the sector.

Investment Rating - Investment recommendation: Outperform the market (maintained) [7] Core Viewpoints - In June, the national express delivery business volume reached 16.87 billion pieces, a year-on-year increase of 15.8%; express delivery revenue totaled 126.32 billion yuan, up 9.0% year-on-year; the average price per ticket in the industry was 7.49 yuan, down 5.85% year-on-year. Under the "anti-involution" policy's soft constraints, the overall competition intensity in the industry is expected to be controllable, and the price decline in the off-season may stabilize. The current valuation of the sector has returned to a relatively low historical level, providing a sufficient margin of safety, suggesting attention to investment opportunities in the sector under the "anti-involution" policy [4][12]. Summary by Sections Business Volume - In June, the national express delivery business volume reached 16.87 billion pieces, a year-on-year increase of 15.8%. The growth rate has slowed down due to the earlier start of the 618 promotion, which brought some volume forward to May [9][17]. - In June, SF Express, YTO Express, Yunda Express, and Shentong Express completed business volumes of 1.46 billion, 2.63 billion, 2.17 billion, and 2.18 billion pieces, with year-on-year growth rates of 31.77%, 19.34%, 7.41%, and 11.14% respectively, with SF Express continuing to lead in growth [20]. Ticket Price - The average ticket price in June was 7.49 yuan, with a year-on-year decline of 5.85%, but an increase of 0.24 yuan compared to May. The average ticket price for the first half of the year was 7.52 yuan, down 7.74% year-on-year [10][28]. - The ticket prices for major express companies in June were 13.67 yuan for SF Express, 2.10 yuan for YTO Express, 1.91 yuan for Yunda Express, and 1.99 yuan for Shentong Express, with year-on-year changes of -13.32%, -6.69%, -4.50%, and -1.00% respectively [36]. Industry Structure - The brand concentration index (CR8) in June was 87.0, unchanged from May and up 1.7 from the same period in 2024. The market shares for SF Express, YTO Express, Yunda Express, and Shentong Express were 8.65%, 15.57%, 12.88%, and 12.95% respectively, with year-on-year increases of 1.05%, 0.46%, -1.00%, and -0.54% [11][46]. Investment Suggestions - The industry demand remains high, and the intensity of price competition is controllable. The report suggests focusing on investment opportunities in the sector under the "anti-involution" policy, as the current valuation has returned to a relatively low historical level, providing a sufficient margin of safety. Specific companies to watch include SF Express, Zhongtong Express, and YTO Express, which are expected to benefit from their operational strategies and market positions [12][49].

Market Overview - As of 10:29 AM today, the Shanghai Composite Index stands at 3592.77 points, above the annual line, with a change of 0.30% [1] - The total trading volume of A-shares today is 857.68 billion yuan [1] Stocks Breaking Annual Line - A total of 27 A-shares have surpassed the annual line today, with notable stocks including: - Opcon Vision (300595) with a deviation rate of 9.58% - Mars (300894) with a deviation rate of 6.80% - Xianju Pharmaceutical (002332) with a deviation rate of 3.03% [1] Deviation Rate Rankings - The following stocks have the highest deviation rates from the annual line: - Opcon Vision: Today's increase of 12.38%, turnover rate of 3.83%, annual line at 16.41 yuan, latest price at 17.98 yuan [1] - Mars: Today's increase of 8.18%, turnover rate of 8.48%, annual line at 13.62 yuan, latest price at 14.55 yuan [1] - Xianju Pharmaceutical: Today's increase of 5.12%, turnover rate of 5.68%, annual line at 10.36 yuan, latest price at 10.67 yuan [1] Stocks with Smaller Deviation Rates - Stocks with smaller deviation rates that have just crossed the annual line include: - Beiqi Blue Valley (600733) with a deviation rate of 0.03% - Qianhe Flavor (603027) with a deviation rate of 0.05% - Luyang Energy (002088) with a deviation rate of 0.15% [2]

Investment Rating - The industry investment rating is "Overweight" with an expectation that the industry index will outperform the market index by more than 10% in the next six months [7]. Core Insights - The express delivery industry experienced high growth in package volume in the first half of 2025, with a total of 956.4 billion packages delivered, representing a year-on-year increase of 19.3%. However, the revenue growth lagged behind, with total industry revenue reaching 718.78 billion yuan, a year-on-year increase of 10.1% [2][3]. - The average revenue per package continued to decline, with a June average of 7.49 yuan, down 5.85% year-on-year, although the rate of decline has slowed due to seasonal demand [2][4]. - The competitive landscape among leading companies remains intense, with significant changes in market share observed in June 2025. The concentration index (CR8) for express delivery services remained stable at 87.0, indicating a slight easing of competitive pressure [4][5]. Summary by Sections Industry Performance - In the first half of 2025, the express delivery business volume accounted for 74.0% in the eastern region, 15.5% in the central region, and 10.5% in the western region. The eastern region saw a slight decline in both revenue and volume share compared to the previous year, while the central and western regions experienced increases [3]. Competitive Dynamics - Major express delivery companies such as SF Express, Yunda, Shentong, and YTO reported varying growth rates in package volume, with SF Express leading at 14.60 billion packages, a year-on-year increase of 31.77%. However, average revenue per package for these companies showed a decline, reflecting ongoing competitive pressures [4]. Investment Strategy - The report suggests a positive outlook for the express delivery industry amid regulatory changes aimed at reducing "involution" competition. It is anticipated that the continued tightening of regulations will lead to a reduction in price declines and a release of profit elasticity for express delivery companies. Recommended stocks include SF Holding, YTO Express, Shentong Express, and Yunda [5].

Group 1 - The core viewpoint of the news is that the increase in the minimum express delivery price in Yiwu is expected to alleviate price pressure in the third quarter, but it does not address the fundamental issues of overcapacity and service homogenization in the industry [1][3] - The average delivery price in Yiwu has been raised by 0.1 RMB to 1.2 RMB, effective from July 18 [1] - Bank of America believes that if there is no industry consolidation, any increase in average prices will not be sustainable [1][3] Group 2 - Bank of America has raised the expected earnings per share for YTO Express, Shentong, and Jitu by 6-7% for the years 2025-2027 [2] - Target prices for these companies have been increased by 18-32% based on the mixed expectations for 2025/2026 [2] - The company maintains a neutral rating on Zhongtong due to slow market share growth but reasonable valuation [2] Group 3 - The structural negative impact on average price and market share control is highlighted, indicating that the price war is unlikely to stop as long as overcapacity exists [3] - Merchants can circumvent the price control by sending packages to nearby areas without such controls [3] - Bank of America suggests that the focus should be on improving the welfare of couriers rather than merely adjusting price controls [3]

当收寄快递成为越来越多人生活习惯时，快递费用却悄悄的"背刺"起了消费者。 近期，有媒体报道，一个2.7公斤的包裹，在多家快递公司手中，重量会"神奇"地变成3公斤甚至4公 斤。这多出来的"空气重量"，最终却需要消费者掏腰包买单。 随着电子商务的发展，近十年来我国快递业务量增加了8倍，买买买、拆寄快递成了大多数人的生活常 态。但在行业繁荣的背后，这种"向上取整"的计价方式，却在悄悄"吸血"，也正在成为撕开行业规范的 缺口。 "就多收几块钱，没必要计较"，或许很多人对快递称重的"四舍五入"习以为常。可当全国人均年快递支 出逼近千元，1kg与1.1kg的计费差被乘以1751亿件的业务量，这就不再是个小数目了。 "向上取整"合规吗？快递收费明细是如何规定的？行业规定只是一纸空谈吗？面对向上收费，消费者又 该如何保障自己的权益呢？ 十年业务量增加8倍 快递费成日常支出 早上刚拆完网购的早餐机，中午就把穿小的童装寄给老家侄女，下午又收到公司寄来的文件——这大概 是现在很多人的日常。 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 随着电子商务的发展，我国的快递业务量一路高歌猛进，从2015年到20 ...