According to the Smart Finance App, ZTO Express-SW (02057) is currently up more than 4%, as of press time, up 3.31%, at HKD 177.8, with a turnover of 0.303 billion Hong Kong dollars.

Guosen Securities pointed out that considering the higher-than-expected demand in the express delivery industry this year and the industry's favorable asset utilization rate, as well as ZTO Express' adherence to balanced growth strategy and the promotion of transformation from high quantity to high quality, the risk of industry price competition is controllable. September marks the peak season for the express delivery industry, with the potential implementation of peak season price increases, which will serve as a catalyst for stock price.

Huachun Securities pointed out that the core factor for the profitability of e-commerce express delivery lies in the evolution of the competitive landscape. Although the number of top companies in the industry has not reduced substantially, we believe that the industry structure has been optimized, possibly due to changes in competitive strategies. The bank pointed out that the current concentration in the express delivery industry is already high, and the long-term growth rate of business volume is expected to decline. The operational decisions of ZTO Express, as a leading company, are particularly crucial for its future development. We believe that there is potential for price differentiation, service differentiation, and the provision of differentiated products in the industry, which could lead to increased profitability per shipment.