Zheng Quan Shi Bao Wang·2025-08-24 11:14Core Viewpoint - The report from CITIC Securities indicates that the recent "anti-involution" trend has led to significant changes in the stock prices of the express delivery sector, but a long-term perspective suggests that achieving a balance through "anti-involution" could enhance individual benefits without harming industry welfare [1] Industry Summary - The express delivery industry is currently experiencing a double-digit growth rate in volume, but the transition from an incremental to a stock market will intensify competition compared to the incremental market [1] - The industry structure requires more time for optimization and assessment, as the competitive intensity is expected to increase during this transition [1] - In the short term, the strengthening of domestic "anti-involution" policies is anticipated to provide a price floor for the entire industry, but achieving a balanced industry structure will take time [1]