According to the Huatai Securities Research Report, in June, consumer data improved month-on-month, with retail sales increasing by 1.0% and 0.9%, respectively; online retail sales remained resilient, and retail sales of online products increased 3.9% year on year. The impact of the high base figure ahead of last year's 618 promotion was eliminated. Although the express delivery industry's volume growth rate declined somewhat from May, the year-on-year price increase continued to expand in the context of “anti-internal volume”, and the industry's profit recovery trend continued. Recently, e-commerce express delivery leaders have successively released semi-annual performance forecasts, and the year-on-year increase in profits confirms the improvement in industry sentiment. Looking ahead, with the end of the 618 peak season, the industry will enter the traditional low season, and we need to pay attention to price competition and semi-annual reports in the short term; in the medium to long term, the “15th Five-Year Plan” to expand consumption is expected to support continued growth in express delivery demand. Currently, sector valuations are still at a historically low level, and high-quality leaders may have allocation value.

According to the Huatai Securities Research Report, in June, consumer data improved month-on-month, with retail sales increasing by 1.0% and 0.9%, respectively; online retail sales remained resilient, and retail sales of online products increased 3.9% year on year. The impact of the high base figure ahead of last year's 618 promotion was eliminated. Although the express delivery industry's volume growth rate declined somewhat from May, the year-on-year price increase continued to expand in the context of “anti-internal volume”, and the industry's profit recovery trend continued. Recently, e-commerce express delivery leaders have successively released semi-annual performance forecasts, and the year-on-year increase in profits confirms the improvement in industry sentiment. Looking ahead, with the end of the 618 peak season, the industry will enter the traditional low season, and we need to pay attention to price competition and semi-annual reports in the short term; in the medium to long term, the “15th Five-Year Plan” to expand consumption is expected to support continued growth in express delivery demand. Currently, sector valuations are still at a historically low level, and high-quality leaders may have allocation value.