消息面上，招商证券表示，受反内卷政策催化，行业利好事件、积极信号不断释放，推动估值大幅修 复：5月初义乌快递低价率先实现小幅修复；7月国家邮政局多次召开"反内卷"相关会议；华南地区已于 8月初启动涨价、8月底义乌启动涨价，从8月主要电商快递公司月度数据表现上看，已经初步验证了价 格的环比修复；9月以来，全国华中、华北多个区域价格环比修复，随着双十一临近、快递行业步入旺 季，建议持续关注旺季价格表现和数据验证情况。 智通财经APP获悉，中通快递-W(02057)涨超4% ，截至发稿，涨4.13%，报151.4港元，成交额4.21亿港 元。 国海证券此前指出，中通快递规模效应和单票盈利性大幅领先，随着产品及业务结构持续优化，全链路 降本项目持续推进，单票盈利能力有望继续与同行拉开差距。短期期待量利再平衡策略带来利润和增长 修复，长期看好电商快递龙头管理优秀强者恒强，维持"买入"评级。 ...

此前，国家邮政局提出，进一步加强行业监管，完善邮政快递领域市场制度规则，旗帜鲜明反对"内卷 式"竞争，为快递行业的健康发展提供了政策指引。 近期，多地快递市场相继迎来涨价。这是快递行业在反"内卷"背景下实施的价格调整，尽管寄送快递的 成本增加给消费者带来一定影响，但快递企业能否将涨价转化为提升服务质量的动力更值得关注。 长期以来，快递行业"内卷"较为严重，量增价跌的背后是企业利润不断压缩，部分一线网点长期亏损， 影响了企业的健康运行。在低价驱动下，为了控制成本，快递企业可能在各个环节进行压缩，如减少人 员配备、降低运输车辆维护费用、简化仓储设施投入等。这不仅影响了递送的时效性，还可能导致包裹 丢失、损坏等问题频发，服务质量难以得到有效保障。 （文章来源：经济日报） 快递价格的合理回归是行业迈向良性发展的重要一步。快递企业应以此为契机，构建可持续、更平衡的 产业生态，推动行业高质量发展。只有让消费者觉得多花的钱物超所值，感受到服务质量的实实在在提 升，才能赢得消费者的信赖和支持，实现长期稳定的发展。 对于企业来说，只有获得合理的利润，才能实现可持续发展，进而为消费者提供更优质的服务。一方 面，企业可以加大对基础 ...

Group 1 - Major express companies including Jitu, Zhongtong, Yuantong, Shentong, and Yunda announced price increases for express delivery in Shanghai, with a rise of 0.2 to 0.4 yuan per order [1][2] - Since August, multiple express companies in regions such as Guangdong, Zhejiang, Jiangsu, Hunan, Anhui, Jiangxi, Hubei, and Fujian have also issued price increase notices, indicating a broader trend of price adjustments across the industry [1][2] - The collective price increase follows a previous industry consensus in 2021 to stop price wars, highlighting the ongoing challenges of low-price competition within the express delivery sector [1][2] Group 2 - The price adjustments are primarily targeting e-commerce special offers, small items, and low-priced orders from major clients, with no significant impact on personal delivery costs [3][4] - A report from Zheshang Securities indicates that regions that have announced price increases account for over 80% of the express market share, suggesting a potential for sustained price recovery [3] - The upcoming peak season for express delivery in autumn and winter may further support price increases, indicating a trend towards improved pricing stability in the industry [3] Group 3 - Experts suggest that the price increase will not significantly affect personal delivery costs, as the focus is on e-commerce items, while personal parcel services remain stable due to sufficient profit margins [4][5] - The increase in delivery costs may lead merchants to adjust their pricing strategies, potentially reducing promotional offers or increasing minimum purchase requirements for free shipping [5] - The long-term outlook suggests that the price adjustments could lead to improved service quality and operational efficiency, benefiting both merchants and consumers in the logistics experience [4][5]

Core Viewpoint - The recent price increase in the express delivery sector, initiated by major companies like Jitu, Zhongtong, and Yuantong, reflects a broader trend driven by policy and cost pressures, aiming to curb long-standing low-price competition in the industry [1][3]. Price Increase Details - Five leading express companies have raised the collection prices in Shanghai by 0.2 to 0.4 yuan per order [1]. - Similar price adjustments have occurred in key e-commerce regions such as Zhejiang and Guangdong, indicating a widespread trend [1][3]. - The price hikes primarily target low-priced orders below cost, while personal parcel rates remain unaffected [1]. Cost Pressures and Industry Response - The express delivery industry has been facing rising costs, including increased wages for delivery personnel and higher transportation and packaging expenses [5]. - The average price for express services has decreased by nearly 8% year-on-year, with major companies experiencing a decline in per-order revenue [5]. - Companies are shifting from a volume-driven strategy to a quality-focused approach to maintain profitability [5][6]. Financial Impact on Companies - The price increase is expected to enhance station revenues and improve the income of delivery personnel [4]. - For instance, a single station estimates that a 0.1 yuan increase in per-order revenue could lead to an additional 1.5 million yuan in monthly income [4]. Market Dynamics and Regional Variations - The price increase has not been uniformly adopted across all regions, with core areas like Guangdong and Zhejiang implementing changes while non-core areas maintain previous pricing strategies [6]. - The disparity in e-commerce density affects the pace of price adjustments, with some regions still engaging in price competition to attract customers [6]. Effects on Related Industries - The rise in express delivery costs has led to the cancellation of shipping insurance by some merchants, particularly in the high-return apparel sector, which may impact sales conversion rates [7]. - The cancellation of shipping insurance could also affect reverse logistics, which has been a significant revenue source for express stations [7]. Future Outlook - While the price increases may improve profit margins, the long-term effectiveness in curbing low-price competition remains uncertain, as consumer acceptance of higher prices is crucial [7].

Core Viewpoint - The recent price increase in the express delivery sector, driven by policy and cost pressures, is spreading from core e-commerce areas to broader regions, aiming to curb long-standing low-price competition and improve service quality satisfaction among consumers [1][3][5]. Price Increase Details - On September 22, major express companies including Jitu, Zhongtong, and Yuantong raised the collection prices in Shanghai by 0.2 to 0.4 yuan per order [1]. - Previous price hikes occurred in Yiwu, Zhejiang, and Guangdong, with minimum prices set at 1.2 yuan and 1.4 yuan respectively, indicating a trend towards establishing a price floor to combat low-price competition [3][4]. Financial Impact - The price adjustments are expected to enhance station profitability and courier income, with one franchisee estimating an additional 1.5 million yuan in monthly revenue from a 0.1 yuan increase per order [4]. - The express delivery industry has seen record volumes, with 1,282 billion packages delivered in the first eight months of the year, a 17.8% year-on-year increase, and total revenue reaching 9,583.7 billion yuan, up 9.2% [4]. Competitive Landscape - The express delivery sector is transitioning from a volume-driven strategy to a quality-focused approach due to shrinking profit margins amid fierce competition [5][6]. - Major companies like Zhongtong have adjusted their growth forecasts downward, indicating a shift in focus towards balancing service quality and profitability [6]. Regional Price Variations - Price increases have been more pronounced in e-commerce hubs like Guangdong and Zhejiang, while non-core regions maintain previous pricing strategies, leading to potential market imbalances [6][7]. - Some franchisees in less competitive areas are still offering lower prices to attract customers, which may undermine the overall price increase efforts [6]. Broader Implications - The rise in express delivery costs has led to the cancellation of shipping insurance by some merchants, particularly in the high-return apparel sector, which could impact sales conversion rates [7]. - Experts suggest that while price increases may improve profit margins, the long-term effectiveness in curbing low-price competition will depend on consumer acceptance of higher prices [7].

记者丨 费心懿 实习生余名伟 编辑丨包芳鸣 9月22日，极兔、中通、圆通等五家头部快递企业同步上调上海地区收件价格，涨幅为0.2元/单—0.4元/单。 这并非个例，作为快递"产粮区"（业务量大、以发件为主的区域），浙江义乌、广东此前已有所行动，两地快递电商件实行了涨 价。这意味着，由政策与成本驱动的涨价潮，正自电商核心区向更广范围蔓延。这有望遏制困扰行业许久的低价竞争，但涨价态势 能否稳固，最终仍取决于服务质量能否让消费者满意。 21世纪经济报道记者随机走访了多个上海的加盟制快递站点， 快递员均反馈已接到涨价通知，但涨价幅度和时间尚未公布，并且不 影响个人寄件价格。 记者了解到，本轮调价主要针对电商件中低于成本价的低价订单（如1元以下单件），个人散件寄递价格不受 影响。 | | 累计完成 | 同比增长 | | --- | --- | --- | | 快递业务量 | 1282亿件 | 17.80% | | 快递业务收入 | 9583.7亿元 | - 9.20% | | 同城快递业务量 | 105.8亿件 | - - - 3 5.60% | | 异地快递业务量 - | 1149.2亿件 | 19.10% | | ...

这种快递单价的"底线管理"，直接遏制了行业的恶性低价竞争，推动了单票收入的企稳回升。从上市公司公布的数据来看，8月圆通、申通单票收入环比分 别上涨0.07元、0.09元，行业平均单票价格也结束连续多年下滑趋势。 多家站点向记者反馈，价格提高将有利于提高站点收益以及快递员收入。 义乌某快递加盟商向记者表示，本次价格上调首要目的在于缓解经营压力，减少亏损；其次，有助于增强网点的流动资金保障，提升抗风险能力；此外，也 将进一步促进团队结构的稳定与积极性。"仅就我们网点目前的业务体量估算，单票收入若提升0.1元，预计每月将新增约150万元的营业收入，对整体效益 改善作用显著。"他说。 | 累计完成 | | 同比增长 | | --- | --- | --- | | 快递业务量 | 1282亿件 | 一 17.80% | | - - 快递业务收入 | 9583.7亿元 | 9.20% | | 同城快递业务量 | 105.8亿件 | 5.60% | | 异地快递业务量 1149.2亿件 19.10% 记者:费心懿 编辑·句芒鸣 教据来源·国家邮政局 | | | 9月22日，极兔、中通、圆通等五家头部快递企业同步上调上海地区 ...

Core Viewpoint - The domestic express delivery industry is shifting from price competition to service value, with multiple companies announcing price increases in various regions since mid-September [1][2][3]. Price Adjustments - Major express companies such as Zhongtong, Yuantong, Yunda, and Jitu have announced price increases starting September 22 in Shanghai, following similar announcements in Liaoning and other regions [2][3]. - The overall price increase ranges from 0.1 to 0.4 yuan per order, with some areas setting minimum prices for deliveries [2]. - This price adjustment follows earlier increases in Guangdong and Zhejiang, where the minimum price was raised by 0.4 yuan, and further increases are expected before the "Double Eleven" shopping festival [2][3]. Industry Trends - Over 10 regions have initiated "anti-involution" actions, indicating a trend from core e-commerce areas to central and northeastern regions [3]. - The National Postal Administration reported that in the first half of 2025, the total express delivery volume reached 956.4 billion pieces, a year-on-year increase of 19.3%, while revenue reached 718.78 billion yuan, up 10.1% [3]. Market Stability - Despite the price increases, the overall volume of deliveries remains stable, with companies reporting improved revenues [4]. - The express delivery market is expected to see a gradual implementation of price increases based on local conditions, with minimal impact on clients [4]. Service Value Enhancement - Companies are focusing on enhancing service quality and employee welfare to shift the competitive focus from price to value [5][6]. - The industry is encouraged to move away from a reliance on low prices and adopt a more balanced approach to competition, supported by regulatory frameworks [5][6].

Core Viewpoint - The express delivery industry is experiencing a "de-involution" trend, with companies showing signs of revenue recovery and price increases after a prolonged period of price competition [1][3][4]. Group 1: Company Performance - SF Express reported revenue of 24.787 billion yuan in August, a year-on-year increase of 7.86%, with a significant growth in logistics business revenue [1] - Shentong Express achieved a revenue of 4.434 billion yuan in August, up 14.47% year-on-year, with a business volume of 2.147 billion pieces [1] - YTO Express generated 5.39 billion yuan in revenue, reflecting a 9.82% year-on-year increase, with a business volume of 2.511 billion pieces [1] - Yunda Express reported revenue of 4.119 billion yuan, a 5.16% year-on-year increase, with a business volume of 2.145 billion pieces [1] Group 2: Industry Trends - The overall express delivery business revenue in August reached 118.96 billion yuan, a year-on-year increase of 4.2%, with a business volume of 16.15 billion pieces, up 12.3% [2] - The industry is witnessing a shift from low-price competition to price increases, with several provinces implementing price hikes [3][4] - The average express delivery price has begun to stabilize after a prolonged decline, indicating a potential recovery in profitability for leading companies [4][5] Group 3: Regulatory Environment - The State Post Bureau has emphasized the need for stricter regulation to combat "involution" in the industry, aiming for high-quality development [3] - Multiple provinces have responded to the call for price increases, indicating a coordinated effort to improve the industry's pricing structure [3][4]

来源：证券日报 作者：王镜茹 7月8日，国家邮政局党组召开会议，要求按照"五统一、一开放"基本要求，进一步加强行业监管，完善 邮政快递领域市场制度规则，旗帜鲜明反对"内卷式"竞争，依法依规整治末端服务质量问题，为建设全 国统一大市场贡献行业力量。 目前来看，快递行业反"内卷"已初步显现成效。A股快递公司披露的8月份运营数据显示，多家企业单 票收入环比改善。具体来看，申通快递单票收入为2.06元，同比增长3%，环比上升4.6%；圆通速递单 票收入为2.15元，环比上涨3.4%，同比跌幅缩小；韵达股份单票收入为1.92元，环比微增0.01元。 单票价格回升的同时，企业也在通过优化运营、提升自动化水平等方式降低成本。有快递公司内部人士 表示，调价主要针对的是电商特价件、轻小件以及大客户的低价件，并不是所有电商快递件都涨，对个 人寄递没有影响。 添翼数字经济智库高级专家吴婉莹对《证券日报》记者表示："如何让涨价在末端真正落地，并在企业 盈利与市场承受力之间找到平衡，成为行业面临的重要考验。提价更多是一种权宜之策。从短期看，快 递公司需要通过优化服务或产品分层来证明涨价的合理性；从长期看，唯有依靠行业整合与竞争模式的 ...