中通快递-互联网调研纪要：行业环境改善，头部企业受益于价格竞争趋稳；买入

26 November 2025 | 11:55PM HKT Equity Research ZTO Express (Cayman) Inc. (ZTO): Internet Trip Takeaways: Healthier industry to benefit leading players on stabilizing price competition; Buy We hosted ZTO's Head of Investor Relations with investors in Shanghai on Nov 26 as part of our China Internet Trip. Key investor focuses/topics discussed include: 1) Outlook into 4Q25/2026E, where the company expects the industry order volume to grow at high-single-digit % in 2026E, with ZTO to outperform the industry. Fo ...