美银证券：内地快递行业乏短期催化剂 顺丰控股与京东物流具良好切入点

Core Insights - The performance of mainland courier companies in Q2 was mixed, with the Tongda system's core profits declining by an average of 29% due to intense price competition [1] - JD Logistics and SF Holding reported moderate core profit growth of 3% to 5% year-on-year [1] - Southeast Asia's courier business showed robust parcel volume growth, with Jitu Express's parcel volume in Southeast Asia surging by 66% year-on-year in Q2 [1] - On-demand logistics in China, particularly SF Express's same-city service, saw a revenue increase of 49% in the first half of the year [1] Industry Outlook - Bank of America Securities noted that the price adjustment effects from China's anti-involution have already taken effect, indicating a lack of positive catalysts for the courier industry in the short term [1] - The firm maintains a "Buy" rating for SF Holding and JD Logistics, suggesting they present particularly good entry points as Q3 profit expectations have been reset [1] - Yunda Express and Shentong Express are rated as "Underperform" due to weak execution and overvaluation concerns, respectively [1]