如何看待快递行业的“反内卷”？

Summary of Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is experiencing significant growth despite intense competition, becoming a crucial driver for "anti-involution" in society, supported by top-down policy initiatives [1][3] - The industry's focus on "anti-involution" aims to protect the rights of consumers and couriers, addressing issues like illegal charges in rural areas, and ensuring sustainable development through reasonable profitability and income levels [1][4] Key Points and Arguments - The express delivery sector has shown a year-on-year growth of nearly 20% in the first half of the year, maintaining a strong growth rate compared to other saturated industries [3] - The implementation of "anti-involution" is intended to safeguard the legitimate rights of consumers and couriers, with a focus on ensuring reasonable income for couriers [4] - In regions with fierce price competition, such as Yiwu and Jieyang, prices have dropped to pre-2021 levels, creating pressure on franchisees to stabilize operations [5] - Successful price increases in competitive areas depend on consensus among brands and broader regional agreement [5] Long-term Development Factors - Key factors for the long-term development of the e-commerce express delivery industry include market dynamics, platform strategies, and regulatory frameworks [6] - Scale effects are crucial for reducing costs and achieving profitability; however, diminishing scale effects may necessitate the development of new business lines to sustain growth [6] - The impact of e-commerce platforms on logistics is significant, with companies pursuing differentiated supply chain strategies through self-built logistics or investments [6] - High-quality development is essential from a regulatory perspective, as it relates to social welfare and employment [6] Investment Opportunities - The current e-commerce express delivery market is in a rapid growth phase, presenting a favorable investment opportunity despite some market consolidation [7] - The "anti-involution" trend is expected to drive a recovery in the market, making it a good time for investment [7] - Investors are advised to focus on leading companies and their operational capabilities, financial strength, and stability of franchise networks when assessing investment opportunities [2][8]