银河证券：快递板块头部公司市场份额或进一步稳中有升，业绩潜力释放可期

Core Viewpoint - The express delivery sector is experiencing significant growth driven by emerging e-commerce trends, particularly in lower-tier markets, and is shifting towards lighter and smaller packages [1] Group 1: Industry Trends - New business models such as down-market e-commerce are becoming the main growth drivers in the express delivery sector [1] - There is a notable trend towards lighter and smaller packages within the industry [1] - Anti-involution policies are effectively being implemented, with various regions establishing price floors and penalty mechanisms to curb chaotic low-price competition [1] Group 2: Competitive Landscape - The industry landscape is further optimizing, with leading express delivery companies focusing on creating differentiated competitive advantages [1] - High-quality development will continue to be the primary direction for future growth in the sector [1] - The market concentration is expected to continue increasing, with leading companies likely to see their market shares stabilize or even rise [1] Group 3: Future Outlook - By 2026, the 2B logistics sector is anticipated to benefit from a more pronounced demand boost, with positive trends in volume and pricing [1] - The performance potential of leading companies is expected to be released as the competitive landscape continues to improve and consolidate [1]