Investment Rating - The report maintains a "Recommendation" rating for the express delivery industry, indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [1][33]. Core Insights - The express delivery industry experienced a slowdown in growth in December, with significant differentiation in brand growth rates. The report highlights the need to focus on the "Gain Plan" of SF Express to optimize its structure [1]. - In December, the year-on-year growth rates for business volume were as follows: Shentong (11.1%) > SF Express (9.3%) > YTO (9.0%) > Yunda (-7.4%). For the cumulative year-on-year growth from January to December, the rates were: SF Express (25.4%) > YTO (17.2%) > Shentong (15.0%) > Yunda (7.6%) [6][8]. - Revenue growth in December showed Shentong leading with a year-on-year increase of 28.2%, followed by YTO (7.5%), SF Express (3.8%), and Yunda (-1.5%). The cumulative revenue growth for the year was: Shentong (17.6%) > YTO (12.3%) > SF Express (10.9%) > Yunda (4.7%) [6][8]. Summary by Sections Industry Basic Data - The total market value of the express delivery industry is approximately 314.61 billion yuan, with a circulating market value of about 302.76 billion yuan [3]. Company Performance - SF Express reported a single ticket revenue of 13.81 yuan in December, a year-on-year decrease of 5.1%. In contrast, Shentong's single ticket revenue was 2.33 yuan, showing a year-on-year increase of 15.4% [8]. - The report notes that Shentong's acquisition of Daniao Logistics has positively impacted its revenue growth, with the company expected to benefit from network synergies [6]. Strategic Developments - SF Express has entered a strategic partnership with J&T Express, enhancing its operational capabilities by combining its cross-border advantages with J&T's end capabilities. This collaboration aims to create a more efficient and resilient end-to-end fulfillment system [6]. - The report emphasizes the potential for continued investment opportunities in SF Express, particularly through its "Gain Plan" and collaboration with J&T Express, which is expected to optimize its operational structure and improve cash flow sustainability [6].