Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [28]. Core Insights - The express delivery industry is experiencing a slowdown in growth, with SF Express and YTO Express continuing to outperform the industry [2]. - The report emphasizes investment opportunities under the "anti-involution" trend, highlighting the potential for revenue and performance elasticity in the upcoming verification period [3]. - The report recommends YTO Express and Shentong Express, noting their strong performance metrics and resilience in a slowing industry [3]. - Jitu Express is also recommended due to its significant growth in Southeast Asia, which supports stable profitability in the domestic market [3]. - SF Express is viewed positively despite short-term performance pressure, with effective operational activation mechanisms driving business scale expansion [4]. Summary by Sections Industry Performance - In November, the industry completed a business volume of 18.06 billion pieces, a year-on-year increase of 5.0%, with a cumulative volume of 180.74 billion pieces for the year, up 14.9% [6]. - Industry revenue in November was 137.65 billion yuan, down 3.7% year-on-year, while cumulative revenue for the year reached 1,355.06 billion yuan, up 7.1% [6]. - The average revenue per piece in November was 7.62 yuan, down 8.3% year-on-year, with a cumulative average of 7.50 yuan, down 6.8% [6]. Company Performance - In November, SF Express led the industry with a business volume growth rate of 20.1%, followed by Shentong Express at 14.7% and YTO Express at 13.6% [6]. - Shentong Express reported the highest revenue growth in November at 33.1%, while YTO Express and SF Express had growth rates of 11.1% and 9.9%, respectively [6]. - The average revenue per piece for Shentong Express was 2.41 yuan, up 15.9% year-on-year, while SF Express reported 13.47 yuan, down 8.5% [6]. Market Dynamics - The report highlights the ongoing "anti-involution" trend as a key driver for performance elasticity among express delivery companies [3]. - The report notes that the capital expenditure peak for SF Express has passed, leading to a stabilization in depreciation and amortization [4]. - The industry concentration ratio (CR8) stands at 86.9%, indicating a high level of market concentration [9].