即时配送行业点评：即时零售向更多品类发展，物流侧规模效应有望进一步凸显

Investment Rating - The report gives an "Overweight" rating for the logistics industry, indicating a positive outlook for the sector compared to the overall market performance [2]. Core Insights - Alibaba's strategic upgrade of its Taobao Flash Purchase is expected to drive significant demand in the instant delivery sector, with a focus on becoming the absolute leader in the market. This shift is anticipated to foster healthy growth across all categories in instant delivery, especially under the current anti-monopoly regulations [2]. - The competition in instant delivery is likely to trigger a new "arms race" among brands and merchants, which will positively impact the logistics side, creating a virtuous cycle of growth [2]. - Third-party logistics service providers, such as SF Express, are expected to benefit from the competitive landscape, with significant growth in delivery volumes during peak periods like "Double Eleven" [2]. Summary by Sections Industry Overview - The instant delivery sector is evolving, with a shift from food and beverage categories to higher-ticket items, providing more growth opportunities for logistics [2]. - High-frequency subsidies have successfully cultivated consumer habits, which will directly increase the volume of instant delivery orders [2]. Company Analysis - SF Express has shown remarkable performance, with daily delivery volumes increasing by over 50% year-on-year during peak shopping events. The growth in non-food categories, such as beauty and jewelry, has also been notable [2][3]. - The report highlights the significant value of SF Express as a neutral third-party platform, benefiting from increased order volumes from various e-commerce platforms [2]. Investment Recommendations - The report recommends focusing on SF Express due to its consistent profitability and significant third-party value, while also keeping an eye on Flash Delivery [2].