Huatai Securities: Peak Season and 'Anti-Involution' Support Express Price Recovery, Suggests Focus on E-commerce Express

36Kr reports that Huatai Securities research indicates that peak season dynamics and efforts to curb internal competition are supporting a recovery in express delivery prices, with a recommendation to focus on e-commerce express services. In September, upstream consumption growth saw a slight rebound, with total social retail sales, goods retail sales, and online retail of physical goods rising by 1.1%, 1.0%, and 2.9% year-on-year, respectively; however, the volume growth in the express industry continued to slow to 2.1%. The average price per parcel rose 3.4% year-on-year and increased by approximately 0.15 yuan month-on-month, continuing the price recovery trend. Looking ahead to Q4, peak season factors and measures against internal competition are expected to jointly support improved earnings per shipment, with a recommendation to focus on the upcoming price increase trends during the peak season.