中通快递 - 高质量市场份额提升；能否持续

November 20, 2025 12:00 PM GMT ZTO Express | Asia Pacific M Idea High-Quality Market Share Gain; Can it Sustain? | What's Changed | | | | --- | --- | --- | | ZTO Express (ZTO.N) | From | To | | Price Target | US$23.80 | US$25.00 | ZTO has been gaining share in 4Q to date amid anti-involution, a positive surprise to us. Management thinks market competition has turned healthier and leading players are resuming share gains. Although some investors may doubt whether this rosy scenario can sustain, things are mo ...