中国物流行业_2025 年下半年将向好，但主要风险可能是什么-China Logistics Sector_ Heading into a better H225E, but what could be the major risk_

ab 16 September 2025 Global Research China Logistics Sector Heading into a better H225E, but what could be the major risk? Improving earnings outlook As expected, intense price competition was a key earnings drag for China's parcel sector in H125. That said, industry prices have started to recover since late July under the regulator's anti-involution campaign. We were among the first on the street to highlight a potential pricing recovery (APAC Focus), which has progressed even better than we previously env ...