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Summary of Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is currently facing pressure from price wars, with no room for further reductions in delivery fees. Companies are implementing cost-cutting measures at their network points to cope with this pressure [1][4] - Regulatory requirements are pushing brands to address network exit issues to ensure stability, with common strategies including short-term subsidies or larger networks absorbing smaller ones [1][5] - The focus for the future will be on improving end-service quality and controlling costs, with technologies like autonomous vehicles being utilized to reduce expenses [1][6] Key Points and Arguments - The "anti-involution" policy aims to prevent excessive competition that could lead to performance downgrades. It is expected that there will be no large-scale price cuts in Q3 2025, although significant price increases are also unlikely [1][7] - Capital expenditure in the express delivery industry is projected to increase in 2025, but growth rates are expected to slow to around 15%. Some brands are underperforming and facing cost pressures, necessitating measures to ensure volume growth [1][8] - Management challenges include ensuring consistent pricing control from headquarters, the impact of automation on capacity utilization, and the complexities introduced by franchise pricing strategies [1][9] Regional Pricing Trends - Recent price increases have been noted in various regions, such as a 0.1 yuan increase in the base price in Yiwu, with similar adjustments expected in Guangdong starting in August [1][10][11] - The self-initiated price hikes by franchisees indicate a response to the need for recovery before peak seasons, with headquarters not capitalizing on these increases [1][12] Investment Recommendations - It is recommended to focus on leading companies like YTO and ZTO, which have low valuations, increasing growth rates, and strong market shares. These companies are seen as having robust risk resistance and potential for commercial growth [2][14] - J&T Express has exceeded expectations in its international business, particularly in Southeast Asia, with a growth rate of 66% in Q2, leading to an upward adjustment of its target price to 15 yuan [2][15] Future Outlook - The overall performance trend for the e-commerce express delivery industry in 2025 can be assessed based on the first half's performance, with leading companies like Zhongtong showing strong fundamentals and low valuations [1][13] - The future of the e-commerce express delivery industry appears promising, with expectations for continued high growth in international markets and potential positive impacts from the anti-involution policy in the domestic market [1][18]