Huatai Securities has released research reports stating that in May, e-commerce GMV benefited from the early 618 promotion, showing an upward trend in year-on-year growth and driving an increase in parcel volume. However, price competition still exists in the express delivery industry, and the price drop has widened year on year. Looking forward to June, due to the concentration of volume in June 2023 and the early 24-year promotion, the year-on-year growth rate of volume may slow down, and the price competition may continue the May trend, shifting from easing to fluctuation. In the long term, leading express delivery companies are expected to continuously increase their market share, deepen the application of digital tools, and realize cost reduction and efficiency improvement through economies of scale, while consolidating their industry position through cash flow and high-quality assets, weakening the impact of price drops, and bullish on the gradual realization of profit centers moving up for advantageous leading companies.