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 Insights - The express delivery industry in China has shown significant growth, 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 [2] - The peak daily volume reached 777 million packages, setting a new record for single-day business volume, indicating the industry's crucial role in supporting consumption upgrades and economic growth [2] Industry Operations - The express delivery sector is operating smoothly and orderly during the peak season, with companies enhancing information collaboration with e-commerce platforms and optimizing package processing workflows to ensure stability [2] - Companies are increasing investments in processing facilities, equipment, transportation capacity, and information systems to improve operational efficiency and capacity [2] Last-Mile Services - To enhance last-mile delivery services, companies are leveraging technology, integrating resources, increasing personnel, and adjusting schedules to improve service capabilities [2] - Local postal management departments are encouraging public understanding and support for delivery personnel during peak times, while also ensuring the protection of their rights and reasonable compensation [2] Green Initiatives - This year's "Double 11" event emphasizes creating a green peak season, with delivery companies collaborating with e-commerce platforms to use original packaging, tape-free boxes, and recyclable packaging, while also increasing the use of new energy vehicles [3]

Core Insights - The express delivery industry in China has shown significant growth, 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 volume reached 777 million packages, setting a new record for single-day business volume, highlighting the industry's crucial role in supporting consumption upgrades and economic growth [1] Industry Performance - The express delivery sector is operating smoothly and steadily during the peak season, with companies enhancing information collaboration with e-commerce platforms and optimizing package processing workflows to ensure orderly operations [1] - Companies are increasing investments in processing facilities, equipment, transportation capacity, and information systems to improve operational efficiency and capacity [1] End-Delivery Services - To enhance end-delivery services, companies are leveraging technology, integrating resources, increasing personnel, and adjusting schedules to diversify service models and improve service assurance [1] - Local postal management departments are encouraging public understanding and support for frontline delivery personnel during the busy season, while also ensuring the protection of their rights and reasonable compensation [1] Green Initiatives - This year's "Double 11" event 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, while also increasing the use of new energy vehicles [2]

Core Viewpoint - The express delivery industry in China is experiencing significant growth, with a record number of packages collected during the peak season, highlighting its crucial role in supporting consumption upgrades and economic growth [1] Industry Performance - From October 21 to November 11, express delivery companies collected a total of 13.938 billion packages, with an average daily collection of 634 million packages, representing 117.8% of regular business volume [1] - The peak daily business volume reached 777 million packages, setting a new record for single-day collection [1] Operational Enhancements - To address challenges, the industry is enhancing information collaboration with e-commerce platforms and optimizing package processing workflows to ensure smooth operations [1] - Companies are increasing investments in processing facilities, equipment, transportation capacity, and information systems to improve operational efficiency and capacity [1] Last-Mile Delivery Innovations - Express delivery companies are enriching last-mile service models through technology empowerment, resource integration, additional personnel, and adjusted schedules to enhance service capabilities [1] Sustainability Initiatives - This year's "Double 11" event emphasizes creating a green peak season, with companies collaborating with upstream e-commerce firms to use original packaging, tape-free boxes, and recyclable packaging, while also increasing the use of new energy vehicles [1]

Core Insights - Yunda Holdings reported a revenue of 37.493 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 5.59%, with a net profit attributable to shareholders of 730 million yuan [1] - The company is a leading comprehensive express service provider in China, focusing on high-quality development and implementing a strategy centered on "intelligent logistics" and "green express" [1][2] - Yunda's express business volume reached 12.726 billion parcels in the first half of 2025, showing a year-on-year increase of 16.50%, indicating the effectiveness of its scale advantages [2] Company Strategy - The company emphasizes a development philosophy of "integrated network, co-construction, and sharing," leveraging technological innovation and refined management to enhance service quality and operational efficiency [1] - Yunda is implementing a multi-layered technology strategy termed "1+N+AI," focusing on the construction of package warehouses and grid warehouses to strengthen its operational capabilities [1][2] - The company is actively integrating advanced AI technologies to improve customer service and operational efficiency, including the development of systems like "Smile System" and "Xiao Da Robot" [2] Operational Enhancements - Yunda has ramped up its logistics infrastructure with multiple hubs, hundreds of package warehouses, and nearly 2,000 grid warehouses to ensure efficient service during peak seasons [3] - The company has introduced intelligent sorting and delivery technologies, including unmanned vehicles and drones, to enhance package handling efficiency and customer satisfaction [3] - The operational cost per parcel decreased by 15.62% year-on-year in the first half of 2025, reflecting the company's focus on cost control and efficiency improvements [2] Market Outlook - Analysts suggest that the recent "anti-involution" policies are expected to stabilize and improve express delivery pricing, particularly with the upcoming e-commerce peak season [2][3] - Yunda is positioned to benefit from these market dynamics, with expectations of profit recovery as competitive pressures ease [3]

Core Insights - The express delivery business in China has surpassed 150 billion packages as of October 11, 2023, marking a significant milestone in the industry and reflecting the robust vitality of the Chinese economy [1][3][8] Industry Growth and Performance - The express delivery volume in China has reached over 1.5 trillion packages, showcasing the industry's rapid growth and scale, which is a testament to the inherent resilience and potential of the Chinese economy [3][4] - China has maintained its position as the world's largest express delivery market for 11 consecutive years, handling over 500 million packages daily, which accounts for nearly 80% of the global express package volume in 2022 [3][4] Infrastructure and Network Development - The growth is supported by a comprehensive express delivery network that covers urban and rural areas, with over 1,300 processing centers and 420 logistics parks established nationwide [4][5] - The industry has continuously redefined logistics speed, achieving delivery times from next-day to same-day and even hourly delivery [4] Economic Impact and Employment - The express delivery sector plays a crucial role in facilitating urban-rural circulation, enhancing regional coordination, and stabilizing industries, thereby reflecting the strong consumer capacity of over 1.4 billion Chinese citizens [5][6] - The industry has created millions of jobs directly and indirectly, impacting sectors such as e-commerce, packaging, and manufacturing [6] Transition to High-Quality Development - The express delivery industry is transitioning from rapid growth to high-quality development, moving away from price wars to focus on service quality, customer experience, and sustainability [7] - Regulatory bodies have emphasized the need to combat unhealthy competition and improve service quality, leading to a gradual increase in express delivery prices [7] Future Outlook - The industry is expected to face challenges in achieving high-quality development, including reducing packaging waste and promoting green logistics, while enhancing service precision and safety [7][8]

E-commerce and New Retail - AliExpress has opened its platform to local Polish merchants to expand its business in Poland and Europe, focusing on categories such as 3C digital products, home appliances, sports entertainment, and automotive parts [1] - JD.com has launched customized digital humans for brand merchants, leveraging JD Cloud technology to enhance live-streaming sales, which is expected to provide a competitive edge in the e-commerce market [2] Logistics and Supply Chain - The State Council's revised "Interim Regulations on Express Delivery" has been implemented, emphasizing green, reduced, and recyclable packaging, which will significantly impact the express delivery industry [3] - SF Express has increased its fleet of unmanned vehicles to 200, covering 38 major cities in China, enhancing delivery efficiency and reducing labor costs [4] - Taobao and Tmall have introduced a logistics service brand "Express Door-to-Door" in collaboration with SF Express, aiming to optimize logistics services and improve competitiveness in the e-commerce market [5] - JD.com is expanding its delivery workforce to 150,000 full-time riders, having already surpassed 100,000, in response to a surge in daily order volume exceeding 25 million [6] Investment and Innovation - The humanoid robot company "Accelerated Evolution" has completed its Series A financing, which will support product upgrades and mass production, indicating strong growth potential in the humanoid robot market [10] - Tasting's registered capital has increased from approximately 1.03 million RMB to about 118 million RMB, a growth of approximately 11,323%, providing financial support for its expansion in the competitive restaurant market [7] Ride-hailing and Mobility - Didi's Q1 report shows a 13.4% year-on-year increase in core platform order volume, reaching 4.247 billion orders, with daily average orders for Chinese mobility at 36.2 million [8] - Didi will distribute over 600 million RMB in summer heat subsidies to drivers across nearly 300 cities, enhancing service quality and addressing consumer comfort during peak travel seasons [9]

Investment Rating - The report does not explicitly provide an investment rating for the industry Core Insights - The report highlights significant developments in domestic policies aimed at stabilizing the real estate market and promoting economic growth through various initiatives, including the introduction of child-rearing subsidies and the resumption of special bonds for land reserves [1][9][14] Summary by Sections Domestic Developments - The National People's Congress emphasized urban renewal and real estate stability, focusing on the renovation of old residential areas and the construction of complete communities [7] - The resumption of special bonds for land reserves aims to alleviate liquidity pressures on local governments and real estate companies, facilitating a recovery in the real estate market [9][10] - The introduction of child-rearing subsidies in Hohhot, providing up to 100,000 yuan for children born after March 1, 2025, is expected to ease economic burdens on families and enhance birth rates [14][15] International Developments - The report notes escalating trade tensions between the US and Europe, with the EU responding to US tariffs on steel and aluminum by imposing tariffs on 26 billion euros worth of US goods [2][16] - Japan's economic growth in Q4 2024 was lower than expected, raising concerns about the sustainability of its recovery amid potential tariff challenges [18][19] High-Frequency Data - Upstream: Brent crude oil prices decreased by 0.13% week-on-week, while copper prices increased by 1.34% [24][32] - Midstream: The price index for thermal coal rose by 0.58%, while rebar prices fell by 1.35% [32] - Downstream: Real estate sales increased by 14.93% week-on-week, and the average daily retail sales of passenger cars grew by 14% year-on-year [37]