Core Insights - The report from Morgan Stanley highlights how China's "anti-involution" movement is reshaping the logistics industry, with regulatory measures and rising local prices leading to moderate growth in package volumes and a narrowing decline in average selling prices (ASP) [1] Industry Overview - The express delivery industry in China saw a revenue increase of 4% year-on-year, reaching 119 billion RMB, while the average selling price decreased by 7%, indicating ongoing challenges in regaining pricing power amid competitive pressures [1] - The "anti-involution" measures have shown initial effectiveness for companies like YTO Express (06123) and Shentong Express in the A-share market, with an upward trend in average selling prices despite changes in market share [1] Market Dynamics - The industry is experiencing further consolidation, exemplified by Shentong Express's recent acquisition of Daniao Logistics, reflecting a strategic shift towards high-end express services and the advancement of supply-side reforms [1] - The e-commerce sector remains resilient, with online retail sales and physical store GMV exceeding levels from the first half of 2025. However, there is a noticeable divergence within the industry, as home appliances and communication equipment see a slowdown, while food and apparel categories are experiencing renewed growth, indicating a gradual easing of competition in the fast-moving consumer goods sector [1] - SF Express (06936) continues to stand out with growth in package volumes and an increase in market share [1]
小摩：内地快递“反内卷”对部分企业初见成效 行业进一步整合