Core Viewpoint - Huatai Securities expresses a long-term optimistic outlook on leading express delivery companies' market share growth despite the current low valuation of the express delivery sector [1] Group 1: Market Conditions - The express delivery sector is currently experiencing historical low valuations [1] - Since April, the year-on-year growth rate of parcel volume has slightly slowed down, which may intensify price competition during the off-peak season [1] Group 2: Company Strategies - Leading companies have a strong demand for market share, which is expected to drive their performance [1] - Companies are increasing policy investments, leading to higher costs, which may pressure profitability during the off-peak season [1] Group 3: Long-term Outlook - In the long term, leading express delivery companies are expected to enhance their market share through the application of digital tools and achieving economies of scale [1] - Strong cash flow and high-quality assets will help these companies solidify their industry position and mitigate the impact of price declines [1]