JP Morgan: Chinese logistics and express delivery continues to emphasize quality over quantity and resists involution, with J&T EXPRESS-W (01519) as the top choice.

J.P. Morgan published a research report stating that J&T EXPRESS-W (01519) is the only company in China's logistics, express parcel, and e-commerce industry to simultaneously exceed performance expectations and raise its guidance, further strengthening its execution premium and global layout. The firm lists J&T Express along with Full Truck Alliance Co. Ltd. Sponsored ADR (YMM.US) as the industrys top picks, followed by S.F. Holding (06936). JP Morgan pointed out that in July, the volume of express parcels grew by 4.1% year-on-year, express revenue increased by 8.1% year-on-year, and revenue per ticket rose by 3.8%, reflecting improvement in industry monetization and enhanced pricing discipline. Industry leaders STO Express Co., Ltd. (002468.SZ) and YTO Express Group (600233.SH) are expanding market share, while Yunda Express (002120.SZ) continues to lag behind. The "14th Five-Year Plan" for Chinas postal and express delivery industry proposes that by 2030, express delivery revenue will reach 2 trillion yuan and the volume will hit 270 billion parcels, implying a compound annual growth rate of about 6%. The firm believes that the policy focus remains on curbing overly competitive practices and promoting quality, efficiency, and value-added services, rather than purely pursuing volume growth.