China Merchants Securities: Express delivery industry August 2026 data tracking peak season approaching, focus on industry price elasticity.

China Merchants Securities released a research report stating that valuations are at low levels, and attention should be paid to peak-season price catalysts. The tone of anti-involution policy continues, overall industry competition remains controllable, and profits are expected to sustain high growth. The current industry's valuation cost-effectiveness and medium- to long-term allocation value remain relatively high, and in the short term it is recommended to watch price catalysts in core grain-producing regions during peak season. Recommended targets: ZTO Express-W, YTO Express, STO Express, SF Holding.