交通运输行业2024年2月快递月报：重视规模性服务业龙头的短期修复弹性和长期配置价值

Investment Rating - The report maintains a "Recommended" investment rating for the express delivery industry, emphasizing the short-term recovery potential and long-term value of leading service providers [2]. Core Insights - The express delivery industry experienced a business volume of 12.06 billion pieces, reflecting a year-on-year growth of 22.2% and a quarter-on-quarter increase of 3.4%. The retail sales growth rate was 7.6%, while the e-commerce penetration rate stood at 29.0%, down by 1.1 percentage points year-on-year [1][3]. - The average revenue per piece was 9.11 yuan, showing a slight decline of 0.5% year-on-year but a 0.4% increase quarter-on-quarter. Total revenue reached 109.83 billion yuan, marking a year-on-year increase of 21.7% [1][3]. - The CR8 index, which measures market concentration, was reported at 84.1%, remaining stable quarter-on-quarter but decreasing by 0.7 percentage points year-on-year [1][3]. Summary by Sections Business Volume - The express delivery industry recorded a total business volume of 12.06 billion pieces, with a year-on-year growth of 22.2% and a quarter-on-quarter increase of 3.4% [1][3]. Revenue - Total revenue for the industry was 109.83 billion yuan, reflecting a year-on-year increase of 21.7%. The average revenue per piece was 9.11 yuan, which is a slight decrease of 0.5% year-on-year but an increase of 0.4% quarter-on-quarter [1][3]. Market Concentration - The CR8 index was reported at 84.1%, indicating stable market concentration quarter-on-quarter but a decrease of 0.7 percentage points year-on-year [1][3]. Key City Insights - In October 2023, the average price per piece in key cities was as follows: Yiwu at 2.6 yuan (down 0.17 yuan year-on-year), Guangzhou at 7.56 yuan (down 0.83 yuan year-on-year), and Shenzhen at 10.12 yuan (up 0.02 yuan year-on-year) [1][3].