CITIC Securities: Currently, the valuation of leading express delivery companies is very attractive. It is recommended to seize the opportunity and invest.

According to the research report of CITIC Securities, the high-profit catalysis of e-commerce express delivery in the second quarter of 2026 is important, and the growth rate of quarterly profits is expected to further increase. Expectations for policies such as "boosting consumption with greater intensity" and empowerment on the policy side, coupled with more active exploration of business flows, may lead to an increase in express delivery volume in the second half of the year or an acceleration. It is expected that the annual growth rate of parcel volume will remain at 8%. In addition to price increases, attention is also placed on the differentiation of cost reduction capabilities. The "anti-intensification" does not change the differentiation of competitiveness between express delivery companies. The narrowing of price differences may push more competitive leading express delivery companies to gain economies of scale. At the same time, the application of AI brings about differentiation in parcel volumes and cost reduction capabilities, with the competitive advantage expected to continue to expand. In an environment of external policy uncertainty, the importance of excellent leading express delivery companies in strengthening their own network competitiveness and creating incremental improvements in competitiveness is emphasized. Currently, the valuation of leading express delivery companies is very attractive, and it is recommended to strategically position oneself.