Core Insights - The express delivery industry in A-shares shows that SF Express has led in business volume growth for three out of four months this year, indicating strong growth momentum [1][2] - YTO Express is gradually widening the gap with its competitors, while the average revenue per package for the four major express companies continues to decline [1][5] Group 1: Company Performance - SF Express reported a business volume of 1.335 billion packages in April, with a growth rate of 29.99%, and revenue of 18.003 billion yuan, reflecting an 11.85% increase. However, its average revenue per package fell by 13.91% to 13.49 yuan [2] - YTO Express handled 2.693 billion packages with a growth rate of 25.27%, generating revenue of 5.755 billion yuan, a 16.32% increase, but its average revenue per package decreased by 7.14% to 2.14 yuan [2] - Yunda Express and Shentong Express reported business volumes of 2.174 billion and 2.092 billion packages respectively, with growth rates of 13.41% and 20.98%. Their revenues were 4.151 billion and 4.118 billion yuan, with average revenues per package dropping below 2 yuan [2][5] Group 2: Market Trends - The demand for same-city delivery services has surged, with SF Express reporting a 102% year-on-year increase in same-city delivery orders during the May Day holiday, driven by the rapid adoption of new consumption models [3][5] - The express delivery sector is facing intense price competition, leading to a decline in average revenue per package across the board, which may affect the stability of delivery networks [5] - The market capitalization of express companies remains low, with SF Express valued at 220 billion yuan, indicating a need for industry consolidation and potential recovery in stock prices following the inclusion of ZTO Express in the Hang Seng Index [7]