快递行业2025年11月数据跟踪：旺季行业均价环比回升，通达系价格持续修复

Investment Rating - The report maintains a positive outlook on the express delivery industry, indicating a recovery in valuation driven by orderly competition and performance growth opportunities. Core Insights - The express delivery industry is experiencing a gradual optimization of its competitive landscape, with performance improvements expected as the market stabilizes. The demand is anticipated to benefit from the growth of the e-commerce market, while cost efficiencies are expected to arise from technological advancements and scale effects. The report highlights the potential for profitability improvement as pricing pressures ease and the competitive intensity diminishes [4][5][6]. Industry Key Data Tracking - In November 2025, the national express delivery volume reached 18.06 billion pieces, a year-on-year increase of 5.0%, although the growth rate has slowed by 2.9 percentage points compared to the previous month. The average revenue per package was 7.62 yuan, reflecting a year-on-year decline of 8.3%, with a month-on-month increase of 1.9%. The total express delivery revenue amounted to 137.65 billion yuan, showing a year-on-year growth of 3.7%, with a decrease in growth rate of 1.0 percentage points from the previous month [1][18][20]. Company Performance Data - In November 2025, major express delivery companies showed varied performance in terms of volume growth. SF Express led the industry with a volume of 1.53 billion pieces, marking a year-on-year increase of 20.1%. In contrast, Yunda experienced a decline of 4.2% in volume. Revenue figures for the same month were 20.7 billion yuan for SF Express, 6.0 billion yuan for Shentong, 6.5 billion yuan for YTO, and 4.7 billion yuan for Yunda, with year-on-year growth rates of 9.9%, 33.1%, 11.1%, and 2.2% respectively [3][62]. Market Share Insights - As of November 2025, the market share of express delivery volumes for SF Express, Shentong, YTO, and Yunda were 8.5%, 13.9%, 16.0%, and 12.0% respectively. The year-on-year changes in market share were +1.1, +1.2, +1.2, and -1.2 percentage points, indicating a slight shift in competitive positioning among these companies [3][62]. Investment Recommendations - The report recommends focusing on leading companies in the industry, such as ZTO Express, YTO Express, Shentong Express, Yunda, and SF Express, due to their strong operational certainty, stable cash flows, and low debt ratios, which provide a quasi-dividend characteristic. The overall industry valuation is considered low, with expectations for gradual improvement in profitability as competition stabilizes [4][5][6].