机构：看好快递行业两条投资主线

Core Insights - The Chinese postal industry has seen a significant increase in delivery volume and revenue in the first 11 months, with a total of 196.75 billion items delivered, marking a year-on-year growth of 12.9% [1] - The express delivery sector specifically achieved a volume of 180.74 billion items, reflecting a year-on-year growth of 14.9% [1] - Total revenue for the postal industry reached 1,632.73 billion yuan, with express delivery revenue at 1,355.06 billion yuan, showing growth rates of 6.7% and 7.1% respectively [1] Group 1: Investment Opportunities - Guosheng Securities identifies two main investment themes in the express delivery sector: 1) International expansion, driven by explosive growth in overseas e-commerce GMV, which is expected to boost delivery volumes significantly [1] 2) "Anti-involution" dynamics, where the slowing growth rate due to increased competition and rising prices is leading to a concentration of market share among leading companies, enhancing their competitive strength and profitability [1] Group 2: Industry Trends - Zhongtai Securities highlights that the combination of "anti-involution" and automation is improving operational quality in the express delivery industry, with expectations for enhanced profitability due to potential policy support [2] - The trend towards automation, particularly in the deployment of unmanned vehicles by major logistics players like JD, Cainiao, and SF Express, is anticipated to accelerate industry transformation, supported by policy initiatives, technological advancements, and capital investment [2]