物流：春节错期影响1月件量增速，顺丰件量增速领先

Investment Rating - The industry investment rating is "Positive" [2] Core Insights - The express delivery industry has maintained high growth, with a significant increase in package volume during the Spring Festival period. From January 14 to February 18, 2025, the total number of express packages collected reached 15.549 billion, a 29% increase compared to the same period in 2024 [4] - In January 2025, the package volume growth was influenced by the timing of the Spring Festival, with SF Express leading in growth at 16.0%, followed by Shentong at 11.8%, Yunda at 5.5%, and YTO at 2.9% [4] - The average price per package saw a slight increase in January, with SF Express achieving a revenue of 20.763 billion yuan, a year-on-year increase of 6.5% [5] Summary by Sections Package Volume - The express delivery volume during the Spring Festival maintained high growth, with a total of 15.549 billion packages collected, marking a 29% increase year-on-year [4] - In January, the package volumes for major companies were as follows: YTO 2.268 billion, Yunda 2.013 billion, Shentong 2.023 billion, and SF Express 1.330 billion [4] Pricing Situation - The average price per package showed a slight month-on-month increase in January, with SF Express at 15.61 yuan, a year-on-year decrease of 8.2% but a month-on-month increase of 7.3% [5] - The revenue for major companies in January was: YTO 5.340 billion yuan (+1.5%), Yunda 4.069 billion yuan (-8.4%), Shentong 4.169 billion yuan (+5.1%), and SF Express 20.763 billion yuan (+6.5%) [5] Industry Outlook - The express delivery industry is expected to grow by 10-15% in 2025, driven by the expansion of e-commerce and the increasing penetration of online shopping [6] - The competitive landscape may see changes in 2025, with potential price competition as major players like ZTO Express aim to regain market share [6][8]