3 6 Ke·2025-07-31 11:17Core Viewpoint - The recent meeting by the State Post Bureau aims to address the "involution" competition in the express delivery industry, indicating a shift in the competitive landscape following the acquisition of Cainiao Express by Shentong [1] Group 1: Industry Dynamics - The express delivery sector is experiencing a wave of stock price increases amid a crackdown on "involution" competition, with companies like Yunda, Shentong, and Jitu benefiting from this trend [5] - The "involution" competition has led to many express companies offering services below cost to capture market share, resulting in significant pressure on profit margins for both headquarters and franchisees [3][5] - Recent price adjustments in grain-producing areas signal a clear intention to stabilize market prices, with increases ranging from a few cents to several dimes [1] Group 2: Regulatory Changes - The recent revision of the Price Law targets predatory pricing practices, defining low-cost dumping aimed at eliminating competitors as illegal [3] - The new Anti-Unfair Competition Law, effective from October 15, introduces specific regulations against "involution" competition, prohibiting platforms from forcing sellers to price below cost [3][5] - These legal changes are expected to create a synergistic effect in regulating "involution" competition and chaotic low-price dumping across various market levels [3] Group 3: Market Outlook - The current strategy of "price for volume" is showing diminishing returns, with further price cuts unlikely to stimulate demand and instead harming profitability [5] - The upcoming traditional peak season in Q4 is anticipated to improve pricing stability and enhance profit margins for express delivery companies [5] - The express delivery sector has seen collective stock price increases recently, with Jitu rising over 50% and Shentong over 40% in the past month, indicating potential valuation recovery [5]