Investment Rating - The report maintains a "Recommended" rating for China Resources Beverage (02460.HK) with a target price of HKD 10.5 [2][8] Core Views - The company reported a revenue of RMB 11.002 billion for 2025, a year-on-year decrease of 18.63%, and a net profit attributable to shareholders of RMB 985 million, down 39.80% year-on-year [2][4] - The second half of 2025 saw revenue of RMB 4.797 billion, a decline of 18.78% year-on-year, with a net profit of RMB 180 million, down 64.56% year-on-year [2][4] - The company declared a total dividend of RMB 0.371 per share, resulting in a total payout of RMB 889 million, with a dividend payout ratio of 90.21% [2][4] Financial Performance Summary - Total revenue for 2025 was RMB 11,002 million, with a year-on-year growth rate of -18.6% [4] - The net profit for 2025 was RMB 985 million, with a year-on-year growth rate of -39.8% [4] - Earnings per share (EPS) for 2025 was RMB 0.41, with a projected PE ratio of 19 times [4] - The company’s gross margin for the second half of 2025 was 44.39%, a decrease of 0.39 percentage points year-on-year [8] - The sales expense ratio increased by 6.18 percentage points to 39.5% in the second half of 2025 [8] Future Outlook - The company is expected to see a revenue recovery in 2026, with projected revenues of RMB 11.610 billion, representing a growth rate of 5.5% [4] - The net profit for 2026 is forecasted to be RMB 1.113 billion, with a growth rate of 13.0% [4] - The management is undergoing significant changes aimed at improving operational efficiency and market competitiveness, which is expected to positively impact revenue and profitability in the coming years [8]

1. Report Industry Investment Rating There is no information about industry investment rating in the provided content. 2. Core View of the Report Supply strength may increase, but in the context of relatively abundant short - term funds, it may not create pressure for "raising prices to increase volume". The cumulative net financing of certificates of deposit (CDs) since the beginning of the year is -1.2 trillion. Due to relatively sufficient central bank injections and stronger - than - expected bank deposit growth, the willingness to issue CDs is relatively limited. However, from a weekly high - frequency perspective, the weekly issuance volume has remained at a relatively high level of 70 - 80 billion yuan since March. In April, under the influence of upgraded inter - bank supervision, there may be a short - term increase in the willingness to issue CDs. On the demand side, April is a seasonal peak month for wealth management, and high - interest current deposits may partially flow into CDs. The pressure of capital fluctuations is controllable, and with the protection of allocation power, the pressure to raise CD prices may be limited. The overall operation may maintain a low - level shock, and the adjustment pressure above 1.55% may be limited [2][47]. 3. Summary According to the Directory Supply: Net financing turns slightly positive, and the term structure continues to narrow - This week (March 23 - 29), the CD issuance volume was 772.02 billion yuan, and the net financing was 73.82 billion yuan (last week was -404.17 billion yuan). In terms of supply structure, the issuance proportion of state - owned banks increased from 16% to 30%, and that of joint - stock banks increased from 31% to 34%. The weighted issuance term of CDs continued to shorten to 7.86 months (previous value was 7.98 months) [2][5]. - Next week (March 30 - April 5), the maturity volume will decrease significantly to 151.33 billion yuan, a weekly decrease of 546.87 billion yuan. The maturities are mainly concentrated in joint - stock banks and city commercial banks. In terms of term, the maturity amounts of 3M and 1Y CDs are relatively high, at 70.58 billion yuan and 55.3 billion yuan respectively [2][5]. Demand: Large - scale banks are the main secondary - market allocators, and the primary - market subscription rate remains unchanged - In the secondary - market allocation, the weekly net purchase of small and medium - sized banks increased from 12.115 billion yuan to 44.775 billion yuan; that of large - scale banks decreased slightly from 54.007 billion yuan to 50.119 billion yuan; the weekly net sale of money market funds increased from 47.498 billion yuan to 81.25 billion yuan; the weekly net purchase of wealth management increased from 2.714 billion yuan to 21.071 billion yuan; the weekly net purchase of other types was 20.535 billion yuan, a decrease of 15.802 billion yuan compared with last week (36.337 billion yuan) [2][14]. - In the primary - market issuance, the overall market subscription rate (15DMA) remained at 92%. By institution, the subscription rates of rural commercial banks and state - owned banks remained unchanged at 93% and 96% respectively. The subscription rate of joint - stock banks decreased from 94% to 93%, and that of city commercial banks increased from 87% to 88% [2][14]. Valuation: The primary and secondary pricing of CDs continues to fluctuate at a low level - In primary pricing, the weighted issuance rate of 1Y joint - stock bank CDs remained unchanged at 1.53%. Specifically, the 3M and 9M CDs of joint - stock banks increased by 1bp each compared with last week, around 1.52%. The 1Y variety pricing continued to fluctuate at a low level, remaining unchanged at 1.53%. In terms of term spread, the 1Y - 3M term spread of joint - stock banks was 4.57bp, at the 13% historical quantile. In terms of credit spread, the spread between 1Y city commercial banks and joint - stock banks was 10.21BP, with the spread quantile around 14%; the spread between rural commercial banks and joint - stock banks was 12.18BP, with the spread quantile around 38% [2][18]. - In secondary yields, the yields of AAA - rated CDs remained in a low - level shock. Specifically, the 6M, 9M, and 1Y varieties increased by 1bp each compared with last week, with the 1Y variety around 1.53%. The 1M and 3M varieties decreased by 4bp and 1bp respectively compared with last week. In terms of term spread, the 1Y - 3M term spread of AAA - rated CDs was 7bp, at the 21% historical quantile level [2][28]. Comparison: The spreads between CDs and Treasury bonds and policy - bank bonds have slightly widened - The spread between the 1Y AAA - rated CD yield and the DR007:15DMA capital spread widened from 7.35BP to 8.38BP; the spread with the R007:15DMA capital spread widened from 1.42BP to 2.53BP; the spread between CDs and Treasury bonds increased slightly from 25.82BP to 27.32BP, with the quantile rising to 31%; the spread between CDs and policy - bank bonds increased from 4.41BP to 6.48BP, with the quantile rising to around 7%. In addition, the spread between AAA medium - and short - term commercial paper and CDs narrowed from 1.72BP to 1.68BP, with the quantile dropping to around 9% [2][33].

Investment Rating - The report maintains a "Buy" rating for China Feihe (06186.HK) with a target price of HKD 4.3 [1] Core Views - The company reported a main revenue of CNY 18.113 billion for 2025, a decrease of 12.7% year-on-year, and a net profit of CNY 1.939 billion, down 45.7% year-on-year. The second half of 2025 saw a revenue of CNY 8.962 billion, down 15.9% year-on-year, and a net profit of CNY 939 million, down 44.6% year-on-year. The company plans to distribute a final dividend of HKD 0.129 per share, along with a mid-term dividend of HKD 0.1209, totaling a dividend payout of CNY 2.03 billion, with a payout ratio of 104.85% [1][6] Financial Performance Summary - Total revenue for 2025 was CNY 18.113 billion, with a projected growth of 2.7% in 2026, 1.9% in 2027, and 1.6% in 2028 [1][12] - Net profit for 2025 was CNY 1.939 billion, with expected growth of 27.0% in 2026, 4.0% in 2027, and 3.6% in 2028 [1][12] - Earnings per share (EPS) for 2025 was CNY 0.21, projected to increase to CNY 0.27 in 2026, CNY 0.28 in 2027, and CNY 0.29 in 2028 [1][12] - The price-to-earnings (P/E) ratio is expected to be 15 for 2025, decreasing to 12 for 2026 and 2027, and 11 for 2028 [1][12] - The price-to-book (P/B) ratio is projected to be 1.2 for 2025 and 2026, decreasing to 1.1 in 2028 [1][12] Business Strategy and Market Position - The company is facing pressure in its core infant formula business due to weak demand and increased competition, with a market share of 19% in the infant formula sector, down from 20.5% in 2024 [6] - The company is actively adjusting its product offerings and operations, launching new products and enhancing user engagement across the supply chain [6] - New product launches in the infant formula segment have shown promising sales, with the new series generating CNY 69 million in sales within a month of launch [6] - The company is expanding its international presence, having entered over 1,600 mainstream channels in Canada and capturing a 2% market share [6] Emerging Business Development - The company is developing a full lifecycle nutrition system, focusing on children's and adult nutrition products, with revenue targets of CNY 300 million for children's nutrition and CNY 400 million for adult nutrition by 2026 [6] - The company has seen significant growth in its other dairy products, achieving CNY 2.06 billion in revenue for 2025, a 36.1% increase year-on-year [6]

Investment Rating - The report maintains a "Strong Buy" rating for Haier Smart Home (600690) with a target price of 27.6 CNY [2][8]. Core Insights - In 2025, Haier Smart Home achieved a total revenue of 302.35 billion CNY, representing a year-on-year increase of 5.7%. The net profit attributable to shareholders was 19.55 billion CNY, up 4.4% year-on-year. However, in Q4 2025, revenue was 68.29 billion CNY, down 6.7% year-on-year, and net profit was 2.18 billion CNY, down 39.2% year-on-year [2][4][8]. - The company is facing short-term operational pressure due to external factors, including weak industry demand and intensified competition. However, it is expected to recover as market conditions improve, particularly in the air conditioning sector, which saw a 15% year-on-year increase in sales in 2025 [8][9]. - The report highlights that the company is committed to increasing shareholder returns, with a planned dividend of no less than 58% in 2026 and at least 60% in 2027-2028 [8]. Financial Summary - Total revenue for 2025 was 302.35 billion CNY, with projected revenues of 317.97 billion CNY in 2026 and 333.39 billion CNY in 2027, reflecting growth rates of 5.2% and 4.8% respectively [4][9]. - The net profit for 2025 was 19.55 billion CNY, with forecasts of 20.86 billion CNY in 2026 and 22.57 billion CNY in 2027, indicating growth rates of 6.7% and 8.2% respectively [4][9]. - The earnings per share (EPS) for 2025 was 2.09 CNY, with projections of 2.22 CNY in 2026, 2.41 CNY in 2027, and 2.65 CNY in 2028 [4][9].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [23]. Core Insights - The insurance industry experienced a significant increase in premium income, with total original premium income reaching 16,422 billion yuan in January-February 2026, representing a year-on-year growth of 8.4% [7][8]. - Life insurance showed strong performance, with premium income of 11,323 billion yuan, a year-on-year increase of 10.9%, driven mainly by bank insurance and participating insurance [7][8]. - Property insurance faced slight pressure, with premium income of 2,405 billion yuan, a year-on-year decrease of 1.4%, attributed to a decline in auto sales impacting auto insurance [7][8]. Summary by Sections Key Company Profit Forecasts, Valuation, and Investment Ratings - China Pacific Insurance (601601.SH): 2026E EPS of 6.05 yuan, PE of 6.14, PB of 1.10, rated "Recommended" [3]. - China Life Insurance (601628.SH): 2026E EPS of 5.63 yuan, PE of 6.63, PB of 1.60, rated "Recommended" [3]. - Ping An Insurance (601318.SH): 2026E EPS of 8.12 yuan, PE of 7.02, PB of 1.00, rated "Strongly Recommended" [3]. - China Property & Casualty Insurance (02328.HK): 2026E EPS of 1.98 yuan, PE of 6.59, PB of 0.92, rated "Recommended" [3]. Industry Basic Data - The total market capitalization of the insurance industry is 29,710.59 billion yuan, with a circulating market capitalization of 20,355.31 billion yuan [4]. Performance Analysis - The absolute performance of the insurance index showed a decline of 10.7% over the past month, but a growth of 13.5% over the past year [5]. - The relative performance compared to the benchmark index was -6.3% over the past month and -1.0% over the past year [5]. Premium Income and Growth Rates - The life insurance sector's premium income growth was primarily driven by new business performance, with a notable increase in investment-linked insurance contributions [7][8]. - The property insurance sector saw a shift in premium contributions, with health insurance growing by 20.5% year-on-year, while auto insurance premiums decreased by 0.9% due to declining auto sales [7][8]. Asset Changes - As of the end of February 2026, the total assets of the insurance industry reached 42.5 trillion yuan, a year-on-year increase of 2.9% [7][8]. - The net assets of the insurance industry reached 4 trillion yuan, reflecting a year-on-year growth of 10% [7][8]. Liability Analysis and Outlook - The life insurance sector is expected to maintain double-digit growth in new business, driven by bank insurance and participating insurance [7][8]. - The property insurance sector may face challenges in the short term but is expected to improve profitability in the long term as the penetration rate of new energy vehicles increases [7][8].

Investment Rating - The insurance sector is rated as "Recommended," with expectations for the industry index to outperform the benchmark index by over 5% in the next 3-6 months [23]. Core Insights - The insurance sector showed overall profit growth in 2025, with a total net profit of 455.5 billion yuan from seven domestic listed insurance companies, marking a year-on-year increase of 26% [1]. - The fourth quarter was impacted by investment volatility, with only China Pacific Insurance achieving profit growth, while others faced declines [1]. - The dividend distribution varied among companies, with a total of 94.3 billion yuan in dividends, a 19% increase year-on-year, and most companies maintaining stable per-share dividends [2]. - New business value (NBV) for life insurance grew generally over 20%, driven by network expansion and improved value rates [3]. - The combined ratio (COR) for property insurance improved, although Sunshine Insurance was affected by credit insurance business [3]. - Net investment returns were influenced by declining interest rates, but equity assets positively impacted overall investment returns [4]. - The insurance sector is currently undervalued, with attractive dividend yields, and is recommended for continued attention [4]. Summary by Sections Annual Performance Overview - In 2025, the total net profit for seven listed insurance companies reached 455.5 billion yuan, with notable growth rates from China Taiping (+221%) and China Life (+44%) [1]. - The fourth quarter saw significant performance disparities, with only China Pacific Insurance reporting profit growth [1]. Dividend Distribution - Total dividends for the seven major insurance companies and China Property Insurance amounted to 94.3 billion yuan, reflecting a 19% year-on-year increase [2]. - Most companies achieved stable growth in per-share dividends, with varying dividend payout ratios [2]. New Business Value and Growth - The new business value for life insurance companies showed robust growth, with China Life at +35.7% and Ping An at +29.3% [3]. - The growth in new business value was supported by network expansion and the integration of individual insurance and health insurance [3]. Investment Returns - Net investment returns were affected by a downward trend in interest rates, but equity investments helped boost overall returns [4]. - The total investment return rates varied among companies, with China Life achieving a 6.09% return, an increase of 0.59 percentage points [4]. Market Outlook - The insurance sector is viewed as undervalued with attractive dividend yields, suggesting a favorable investment environment [4].

1. Report Industry Investment Rating No information regarding the report's industry investment rating is provided in the text. 2. Core Viewpoints of the Report - As the annual report season approaches, the focus shifts to trading based on performance. With the approaching April performance disclosure period, despite high overseas uncertainties, domestic incremental funds are entering the market, and the focus may gradually shift to trading performance. Historically, April often faces correction pressure, especially for small - cap stocks, and high - expectation individual bonds with high performance certainty may become dominant [2][9]. - Trading based on performance expectations can focus on forecasts and expected differences. This April still faces pressure, with a relatively high proportion of negative performance forecasts. The probability of consecutive losses has increased, and the frequency and probability of both revenue and net profit growth have declined. Enterprise profitability is still under slight pressure [2][12]. - High - performing convertible bonds may be disclosed earlier. Most of the disclosed annual reports show that the net profit performance exceeds the performance forecast or expectations, and issuers with optimistic performance may disclose their annual reports earlier [18]. - The key time points in April are the first and middle ten - days. The performance of net profit disclosed at the end of the month weakens. It is advisable to focus on high - expectation convertible bonds with early - scheduled disclosure dates [22]. - The convertible bond strategy is to maintain a neutral position and be vigilant against the supplementary decline of low - parity bonds. Currently, the convertible bond valuation is in a neutral position, and the valuation correction of new - issue bonds is not yet complete. It is necessary to be cautious about individual bonds with a certain distance from a 0% conversion premium rate or pure bond premium rate. It is also necessary to avoid some high - risk convertible bonds and be vigilant against the supplementary decline risk of debt - oriented and balanced convertible bonds [3][30]. 3. Summary According to the Table of Contents 3.1 4 - month Performance Expectation Trading - **Market Environment**: Overseas risk events continue to unfold. After the correction caused by the geopolitical conflict, the Shanghai Composite Index oscillated after returning to 3800 points. With the approaching performance disclosure period in April, the focus may shift to trading performance. Historically, April often faces correction pressure, especially for small - cap stocks [2][9]. - **Performance Forecast Analysis**: This year, 176 convertible bond issuers disclosed 2025 performance forecasts, with 121 negative forecasts, accounting for 68.75%, a slight increase compared to the same period in 2025. The frequency and probability of consecutive losses have increased, and the pre - increase proportion has decreased. Among the 67 convertible bonds that disclosed performance reports, the frequency and probability of both revenue and net profit growth have declined. Although the year - on - year revenue performance in the annual report has improved due to the low - base effect in 2025, the net profit has turned negative, and enterprise profitability is still under slight pressure [12]. - **Early Disclosure of High - performing Bonds**: Among the 28 convertible bonds whose underlying stocks have disclosed annual reports, 21 have institutional profit forecasts. 8 bonds' disclosed net profit exceeds the consensus expectation, and 9 bonds' underlying stocks' year - on - year net profit growth rate exceeds the forecast upper limit. Among the 11 companies without forecasts and institutional coverage, only 3 have a negative year - on - year net profit increase. Overall, most net profit performances exceed the performance forecast or expectations, and issuers with good performance may disclose their annual reports earlier [18]. - **Key Time Points in April**: Reviewing the disclosure time and performance of convertible bond underlying stocks from 2022 - 2024, it is found that high - performing bonds are disclosed earlier. The performance of net profit disclosed at the end of the month weakens. It is advisable to focus on high - expectation convertible bonds with early - scheduled disclosure dates, such as Dingjie, Yunji, Julong, Ruichuang, and Aiwei convertible bonds [22]. 3.2 Convertible Bond Strategy: Neutral Position and Caution Against Low - Parity Supplementary Decline - **Market Situation**: The equity market lacks a clear trading mainline under high macro - uncertainty. After a rapid and comprehensive adjustment on Monday, the market entered a wide - range oscillation from Tuesday to Friday. The technology sector fluctuated significantly, and the new energy and chemical sectors performed prominently [28]. - **Valuation and Strategy**: The convertible bond valuation has reached a short - term anchor point. The average price of convertible bonds increased by 1.19% to 136.84 yuan, and the 100 - yuan premium rate increased by 2.13 percentage points to 35.97%. It is recommended to maintain a neutral position. The valuation correction of new - issue bonds is not yet complete, and it is necessary to be cautious about individual bonds with a certain distance from a 0% conversion premium rate or pure bond premium rate. It is also necessary to avoid some high - risk convertible bonds and be vigilant against the supplementary decline risk of debt - oriented and balanced convertible bonds [30]. 3.3 Market Review: Convertible Bonds Rose Weekly, and Valuation Increased - **Weekly Market Performance**: Most major stock indices declined last week. The CSI 300 index fell by 1.41%, the CSI 500 fell by 0.29%, the CSI 1000 fell by 0.48%, the CSI 2000 rose by 0.35%, and the CSI Convertible Bond Index rose by 1.28%. The convertible bonds performed relatively well. The performance of popular concepts was divergent [36]. - **Valuation Performance**: The closing prices of equity - oriented, debt - oriented, and balanced convertible bonds all increased. The proportion of convertible bonds in the range above 150 yuan increased significantly. The median price increased by 1.21%. The average premium rate of low - rated and small - scale convertible bonds increased significantly. The conversion premium rate of convertible bonds in the parity range below 80 (inclusive) increased by 5.81 percentage points [43]. 3.4 Terms and Supply: No Convertible Bonds Announced Forced Redemption, and the Total Newly Promoted Scale was Approximately 7.248 billion - **Terms**: As of March 27, no convertible bonds announced early redemption. Huamao Convertible Bond announced not to redeem early. Several convertible bonds, such as Yiwei, Jinhong, Zhenhua, Tianhao, Jieneng, Tongyu, and Jinji, announced that they were expected to meet the forced - redemption conditions. No convertible bonds proposed a downward - revision plan. Weining Convertible Bond announced the downward - revision result, and several convertible bonds announced not to revise downward. Some convertible bonds were expected to trigger downward revision [61]. - **Primary Market**: Last week, Xianghe Convertible Bond was listed, with a scale of 400 million yuan. There were 361 issued and unexpired convertible bonds, with a balance of 50.3643 billion yuan. Some convertible bonds, such as Shang 26, Boshi, and Changgao, have not been listed yet, and Changgao Convertible Bond will be listed on March 30. There are currently no convertible bonds to be issued. Last week, 2 companies had new board proposals, 3 companies passed the general meeting, and there were no new approvals from the issuing review committee or the CSRC. Compared with the same period last year, the numbers were - 1, +3, - 1, and +0 respectively [64][65].

Investment Rating - The report maintains a "Recommend" rating for the lithium sector due to strong demand from downstream industries [1]. Core Viewpoints - The ongoing conflict in the Middle East is expected to further impact aluminum supply, highlighting the need to focus on the resilience of the aluminum sector [2]. - Supply tightness is anticipated, with overseas production cuts driving up aluminum premiums, while global inventories remain low and may enter a destocking phase [4]. - The report emphasizes the profitability of domestic electrolytic aluminum producers, particularly those with low energy costs, and suggests a focus on companies in Xinjiang and those utilizing green energy [4]. Summary by Sections Industrial Metals - Middle Eastern electrolytic aluminum production accounts for 9% of global capacity, with significant reductions in output from Qatar and Bahrain due to recent conflicts, potentially affecting 2.8 million tons of annual capacity [3]. - The closure of the Strait of Hormuz is limiting raw material and aluminum ingot trade, impacting both Middle Eastern production and global spot markets [3]. - Rising energy prices may lead to production cuts in high-cost regions like Europe and North America, while low-cost regions in the Middle East are already experiencing production impacts [3]. Company Insights - Yun Aluminum reported a record high in annual performance for 2025, with revenues of 60.043 billion yuan, a 10.27% increase year-on-year, and a net profit of 6.055 billion yuan, up 37.24% [11]. - China Aluminum's performance was affected by asset impairments, with revenues of 241.125 billion yuan and a net profit of 12.674 billion yuan, reflecting a 2.25% year-on-year increase [12]. - Nanshan Aluminum's dividend policy is highlighted, with a total cash dividend of approximately 5 billion yuan planned for 2025, indicating strong shareholder returns [12]. Stock Recommendations - The report recommends focusing on the gold, aluminum, and copper sectors, suggesting specific companies such as Shandong Gold International, China Hongqiao, and Zijin Mining for potential investment opportunities [12].

- The report discusses the construction of a "Total Heat Index" for monitoring market sentiment, which aggregates the total heat index of individual stocks within broad-based indices, industries, and concepts[7] - The Total Heat Index is defined as the sum of the browsing, self-selection, and click counts of a stock, normalized by its market share on the same day, and then multiplied by 10,000, with a value range of [0,10000][7] - The report constructs a simple rotation strategy based on the weekly heat change rate (MA2) of broad-based indices, buying the index with the highest heat change rate at the end of each week, and staying out of the market if the "other" group has the highest change rate[13][15] - The rotation strategy based on the heat change rate (MA2) has an annualized return of 8.74% since 2017, with a maximum drawdown of 23.5%, and a return of 0% in 2026[16] - The report also constructs two simple portfolios based on concept heat: a "TOP" portfolio consisting of the top 10 stocks with the highest total heat in the hottest concepts, and a "BOTTOM" portfolio consisting of the bottom 10 stocks with the lowest total heat in the hottest concepts[32][33] - The "BOTTOM" portfolio historically achieved an annualized return of 15.71% with a maximum drawdown of 28.89%, and a return of -7.6% in 2026[34] - The Total Heat Index for broad-based indices shows that the CSI 2000 had the highest heat change rate this week, increasing by 5.63%, while the CSI 500 had the lowest, decreasing by 5.89%[2][16] - The Total Heat Index for industries shows that the utility industry had the highest positive heat change rate (MA2) this week, increasing by 37.8%, while the comprehensive industry had the highest negative heat change rate, decreasing by 24.1%[2][27] - The Total Heat Index for concepts shows that the top 5 concepts with the highest heat change rates this week are the military reorganization concept, supply and marketing cooperatives, tobacco, medical waste treatment, and the Heilongjiang Free Trade Zone[2][28]

Investment Rating - The report maintains a recommendation for the express delivery industry, indicating a positive outlook for investment opportunities in the sector [1]. Core Insights - The express delivery industry is experiencing price increases due to rising oil prices and a trend against excessive competition, with multiple regions implementing price hikes [1][10]. - The industry is entering a new phase of high-quality development, focusing on improving service quality and maintaining stable pricing, which is expected to benefit leading companies [3][17]. - The volume growth in the express delivery sector is gradually recovering, with a notable increase in the growth rate of delivery volumes in early 2026 [2][12]. Summary by Sections Price Adjustments and Market Dynamics - Multiple express delivery companies have raised prices in response to increased transportation costs from rising oil prices, with adjustments starting from March 23, 2026, in various provinces [1][10]. - The price adjustments reflect a broader trend of stabilizing prices in the industry, with significant increases in single-package revenue reported for major companies [2][11]. Volume Growth and Market Share - The growth rate of delivery volumes has shown signs of recovery, with January and February 2026 reporting a 7.1% increase, which is better than previous expectations [2][12]. - Leading companies like YTO and ZTO have outperformed the market in terms of volume growth, with YTO's growth rates significantly exceeding the industry average [15][16]. Investment Recommendations - The report suggests continued investment in leading express delivery companies such as ZTO, YTO, and Shentong, highlighting ZTO's commitment to increasing investor returns and YTO's strong performance metrics [3][18][19]. - The report also emphasizes the potential for growth in the Southeast Asian market through Jitu Express, which is positioned as a key player in the region [20]. - Opportunities in SF Express are noted, particularly in relation to its strategic adjustments and collaborations with Jitu Express [21].