Core Viewpoint - The logistics industry is experiencing a price increase trend since July and August, with approximately 80% of the national market share in provinces that have announced price hikes, indicating a potential recovery in performance for franchisees and listed companies [1][3][4]. Group 1: Price Adjustment Trends - Starting from August 4, Guangdong initiated collective price hikes, with the price for a 0.1kg special item rising to over 1.4 yuan per ticket, aiming to stabilize market shares [2]. - By August 11, Zhejiang and Jiangsu began adjusting prices, with increases of 0.3 yuan per ticket in Zhejiang and 0.4 yuan in Jiangsu, contributing to 16.9% and 7.9% of the national express delivery volume respectively [2]. - On August 20, Fujian issued price increase notices, setting a minimum price of 1.5 yuan for packages under 0.3kg, with a total volume of 32.6 billion items in the first half of 2025, accounting for 3.4% of the national total [2]. Group 2: Regional Price Adjustments - By September 4, regions including Beijing-Tianjin-Hebei and Henan began to follow suit with price increases, with Henan raising all outbound express prices by 0.2 yuan per ticket [3]. - The Hebei and Henan provinces are significant players in the express delivery market, contributing 6.0% and 5.7% to the national volume respectively [3]. - Shandong's YTO Express updated its pricing parameters, automatically increasing all outbound express prices by 0.2 yuan, reflecting the importance of price adjustments in the northern e-commerce market [3]. Group 3: Industry Outlook and Performance Recovery - The ongoing price adjustments are seen as a response to cost pressures and a step towards establishing a long-term mechanism against "involution" in the industry [3]. - Based on the price increase trend, the industry is expected to continue raising prices, leading to potential performance recovery for franchisees and listed companies as the peak season in September approaches [4]. - According to estimates, a price increase of 0.1 yuan could lead to an increase in net profit per ticket for listed companies, with varying price elasticity among major players like Zhongtong, YTO, and Shentong [4]. Group 4: Investment Recommendations - In the context of the "anti-involution" policy, despite the overall pressure on the express delivery sector in the first half of 2025, there is optimism for performance recovery in the short term due to price stabilization and improved competitive dynamics [5]. - Companies such as Jitu Express, Shentong Express, YTO Express, and Zhongtong Express are recommended for investment, with expectations of performance recovery driven by price adjustments and market share growth [5].