旺季提前，通达系件均价同比降幅收窄

Investment Rating - The report maintains an "Overweight" rating for the transportation and logistics industry [1][4]. Core Insights - The industry is expected to benefit from an extended peak season, driven by promotional events and policies such as "old-for-new" exchanges, leading to increased consumer demand and improved profitability [4][5]. - The report highlights a significant acceleration in e-commerce growth, with October's e-commerce GMV increasing by 11.3% year-on-year, contributing to a rise in overall retail sales [5]. - The report suggests that the profitability of major express delivery companies is likely to improve due to reduced peak delivery pressures and successful price increases during the promotional season [6]. Summary by Sections Industry Overview - The logistics sector is experiencing a positive trend with a year-on-year increase in express delivery volume of 24.0% in October, indicating strong demand [5][6]. - The average price per delivery has decreased by 9.4% year-on-year, but the decline is stabilizing, suggesting potential for improved margins in the future [6]. Key Recommendations - The report recommends holding positions in major express delivery companies, including ZTO Express, YTO Express, Yunda Express, and Shentong Express, as they are expected to benefit from the ongoing industry growth [4][6]. - Specific target prices and ratings for recommended stocks are as follows: - ZTO Express (2057 HK): Target price of 199.70 HKD, rated "Buy" [3][22]. - Shentong Express (002468 CH): Target price of 14.23 CNY, rated "Buy" [3][22]. - YTO Express (600233 CH): Target price of 23.70 CNY, rated "Buy" [3][22]. - Yunda Express (002120 CH): Target price of 12.18 CNY, rated "Buy" [3][22]. Performance Metrics - The report provides detailed performance metrics for the recommended companies, including revenue growth and profit forecasts for the upcoming years, indicating a positive outlook for the sector [25][26].