Jinwu Financial News | Abstract: Citi Research analyzed the express delivery service situation in China's logistics industry, with a special focus on October 2024 data. Since the Double 11 Shopping Festival is one week earlier than last year, starting October 14, the initial package volume in October increased by 24% year-on-year. Package volume growth for the first 10 months of this year is expected to be 22.3%. According to the report, although the overall price increase was slightly lower than expected, demand for express delivery services is expected to maintain a high number of unit growth in November.

Core views:
1.The initial package volume in October increased by 24% year-on-year, thanks to the advance of the Double 11 Shopping Festival.
2. Package volume growth is expected to be 22.3% in the first 10 months of this year.
3. The overall price increase was slightly lower than expected.
4. Although Zhejiang's price trend performed well in September, the month-on-month increase in Guangdong (accounting for 24% of total package volume) was weaker than last year.
5. Package volume is expected to maintain high unit growth in November.
6. Citi Research's preferred investments are Zhongtong Express (ZTO) and SF Holdings (STO).