快递行业5月数据解读：需求持续向好，5月件量维持高增速

Investment Rating - The report maintains an investment rating of "Outperform the Market" for the express delivery sector [5]. Core Insights - The express delivery industry is experiencing sustained high demand, with a significant year-on-year growth in business volume. The total express delivery volume reached 14.78 billion pieces in May, representing a year-on-year increase of 23.8% [2][12]. - The average single ticket price in the industry has seen a controlled decline, with a month-on-month decrease of 1.78% in May. The overall price competition remains manageable despite some fluctuations [3][22]. - The market concentration has slightly increased, with the CR8 index rising to 85.2 in May, indicating a stable market share among leading express delivery brands [4][33]. Summary by Sections 1. Business Volume: Sustained High Demand - The retail sales in May reached 3.92 trillion yuan, with a year-on-year growth of 3.7%, and the online shopping penetration rate increased to 24.7% [12]. - The express delivery volume for May was 14.78 billion pieces, showing a year-on-year growth of 23.8% and a month-on-month increase of 1.1% [2][12]. - Leading express brands have outperformed the industry growth rate, with significant increases in their respective volumes [17]. 2. Single Ticket Price: Seasonal Price Fluctuations - The average single ticket price in May was 7.85 yuan, reflecting a year-on-year decrease of 12.21% and a month-on-month decline of 1.78% [22]. - Price strategies among express companies show significant differentiation, with intense competition in low-price segments [27][31]. 3. Industry Structure: Slight Increase in Concentration - The CR8 index for express delivery brands increased to 85.2 in May, indicating a slight rise in market concentration compared to April [4][34]. - The market shares of leading companies remain stable, with SF Express, YTO Express, Yunda Express, and Shentong Express holding shares of 7.58%, 15.45%, 13.81%, and 13.16% respectively [4][37]. 4. Investment Recommendations: Profitability Potential - With the expected increase in business volume and manageable price competition, the report suggests focusing on leading companies with stable profitability in the express delivery sector [5][39].