Daiwa released a report stating that the stock price of zto express (02057.HK) fell by over 7% during the morning trading session yesterday (4th), believing that this was not related to changes in the company's fundamentals, but was affected by trading-related activities and unconfirmed strategic adjustment news, including s.f. holding's listing in Hong Kong, upcoming quarterly results announcement, and news of implementing a strict penalty system for frontline delivery to drive business growth.

Daiwa stated that the idea of using fines on delivery personnel to drive business growth is not feasible for zto express, as the company does not have high expectations for this year's parcel volume target, and the number of delivery personnel has been steadily increasing. Therefore, it reiterated a "buy" rating on zto express.