交通运输行业点评：重视行业反“内卷”下快递价格竞争缓解，行业利润修复的投资机会

Investment Rating - The report maintains a "Strong Outperform" rating for the transportation industry, indicating that the overall return of the industry is expected to exceed the market benchmark by more than 5% in the next six months [4]. Core Insights - The report highlights the importance of addressing "involution" in the express delivery sector, with the National Postal Administration emphasizing a shift towards high-quality development and a reduction in price competition [3]. - The express delivery industry has seen unexpected growth in parcel volume, driven by emerging e-commerce platforms and the trend towards "small package" deliveries, with a total of 944 billion parcels delivered in the first seven months of 2024, representing a year-on-year increase of 23% [3]. - Major listed express delivery companies have reported strong performance in H1 2024, with notable profit recovery, including Zhongtong Express with a gross profit of 6.62 billion yuan, up 13.6% year-on-year [3]. Summary by Sections Industry Overview - The National Postal Administration's recent initiatives aim to curb "involution" and promote high-quality development within the express delivery industry, which is expected to lead to improved pricing and service quality [3]. Market Performance - The express delivery sector has experienced significant growth, with parcel volume reaching 944 billion in the first seven months of 2024, a 23% increase compared to the previous year [3]. Company Performance - Key express delivery companies have shown strong financial results in H1 2024, with Zhongtong Express achieving a net profit of 5.03 billion yuan, a 13% increase year-on-year, and Yunda reporting a net profit increase of 19.8% [3]. Investment Recommendations - The report recommends focusing on leading express delivery companies such as Zhongtong Express, Yunda, and Round Express, which are expected to benefit from the industry's recovery and improved market conditions [3].