快递行业点评：快递：需求韧性较好，新规驱使行业提升服务

Investment Rating - The report maintains a "Recommended" investment rating for the express delivery industry, indicating a positive outlook for the sector over the next six months [8]. Core Insights - The express delivery industry shows resilience in demand, with a year-on-year growth of 23.8% in May, and a cumulative growth of 24.4% from January to May 2024 [2][3]. - The report highlights that the competitive landscape is shifting from price competition to service quality, driven by new regulations aimed at enhancing customer service [3]. - The report notes that while the average revenue per package has declined, the leading companies in the industry, such as Yunda, Shentong, and Yuantong, have maintained positive growth rates in their business volumes [2][3]. Business Volume Summary - In May, the total business volume reached 14.78 billion packages, with Yunda leading the growth at 32.7%, followed by Shentong at 29.5%, and Yuantong at 27.6% [2]. - For the cumulative business volume from January to May, Shentong recorded a growth of 33.3%, Yunda at 30.5%, and Yuantong at 25.3%, while the industry average was 24.4% [2]. Revenue per Package Summary - The average revenue per package in May was 7.84 yuan, a decrease of 6.72% year-on-year, with a cumulative average of 8.19 yuan from January to May, down 8.9% [2]. - Specific company performance in May showed Yuantong at 2.23 yuan (down 3.9%), Yunda at 2.03 yuan (down 16.8%), Shentong at 2.01 yuan (down 9.1%), and Shunfeng at 15.25 yuan (down 1.2%) [2].