Core Insights - The express delivery industry in China has achieved a record high during the "Double 11" shopping festival, with a total of 13.938 billion packages collected from October 21 to November 11, averaging 634 million packages per day, which is 117.8% of the regular business volume [1] - The peak daily business volume reached 777 million packages, setting a new record for single-day volume [1] - The growth of the express delivery market highlights its critical role in promoting consumption upgrades and supporting the growth of the real economy [1] Industry Developments - The postal industry is enhancing information collaboration with e-commerce platforms to address challenges and optimize processing workflows, ensuring smoother operations [1] - Delivery companies are increasing investments in processing facilities, equipment, transportation capacity, and information systems to improve industry capacity and operational efficiency [1] - To alleviate the workload pressure on frontline couriers during peak season, postal management departments are urging delivery companies to ensure fair labor compensation and facilitate channels for feedback [1] Sustainability Initiatives - This year's "Double 11" also emphasizes creating a green peak season, with delivery companies collaborating with upstream e-commerce firms to use original packaging, tape-free boxes, and recyclable packaging [1] - There is an increased application of new energy vehicles among delivery companies to support sustainability efforts [1]

Core Viewpoint - ZTO Express (02057) has seen a significant stock price increase of over 4%, attributed to favorable industry developments and policy changes aimed at reducing competition pressure, leading to a substantial valuation recovery [1] Industry Summary - The "anti-involution" policy has catalyzed positive signals within the industry, with multiple favorable events contributing to a recovery in valuations [1] - In early May, the express delivery rates in Yiwu began to show slight recovery, followed by price increases in the South China region in early August and in Yiwu by the end of August [1] - Monthly data from major e-commerce express companies since August indicates initial validation of price recovery on a month-on-month basis [1] - As the peak season approaches with Double Eleven, attention is drawn to seasonal price performance and data validation [1] Company Summary - ZTO Express is noted for its significant scale effects and superior single-package profitability compared to peers [1] - Continuous optimization of product and business structure, along with ongoing cost-reduction projects, is expected to further enhance single-package profitability, widening the gap with competitors [1] - The short-term strategy focuses on balancing volume and profit, leading to recovery in profits and growth, while the long-term outlook remains positive for leading e-commerce express companies due to strong management capabilities [1]