继续推荐快递板块！——行业反内卷与旺季连接，全面扩散趋势已形成，持续性或超预期！

Summary of Conference Call on the Express Delivery Industry Industry Overview - The express delivery industry is experiencing a significant regulatory push against price wars, particularly in 2025, with the State Post Bureau collaborating with companies to enforce stricter regulations [1][3] - The industry is expected to see a business volume growth rate of approximately 15% for the year 2025, although future growth may revert to single-digit figures [1][4] Key Points and Arguments - Regulatory Environment: The regulatory environment has intensified, with the State Post Bureau's initiatives leading to price increases in various regions, particularly in Guangdong, where a price increase of 0.4 yuan per 0.1 kg was implemented [1][3] - Price Increase Effects: The impact of price increases varies by region; Guangdong shows significant results, while places like Yiwu have seen less effective outcomes due to local government hesitance [1][5] - Market Sentiment: The market has responded positively to the anti-involution policies, with expectations that these will enhance the profitability of listed companies [1][7] - Comparison with Previous Year: The price increase trend in 2025 is more widespread and sustained compared to 2024, where only Guangdong initiated price hikes without broader participation [1][8][9] Company Recommendations - Recommended companies in the express delivery sector include Shentong, YTO, Zhongtong, and Yunda, with Shentong highlighted for its strong elasticity and close integration with Alibaba's retail operations [2][11] - Jitu's profit growth in China is noted as significant, although its primary operations are in Southeast Asia [2][11] Additional Insights - Labor and Social Security: The Supreme Court's recent ruling allows workers to sue for unpaid social security contributions, which may lead to increased costs for companies, although these costs have not yet been factored into profit estimates [1][10][12] - Future Outlook: The express delivery sector is viewed as having substantial potential for growth, especially given its current low valuation and the thorough implementation of anti-involution measures [1][14]