Guanglonghui, November 21 | ZTO Express (ZTO.US) rose nearly 3% before the market opened, reaching $20.58. In terms of news, ZTO Express reported third-quarter revenue of 10.675 billion yuan, an increase of 17.6% year-on-year; gross profit was 3.3348 billion yuan, up 23.2% year-on-year; and net income was 2.379 billion yuan, a year-on-year increase of 1.3%. During this period, the number of parcels reached 8.723 billion, a year-on-year increase of 15.9%. Bank of America Securities published research reports, reiterating a "buy" rating for ZTO Express, pointing out that the recent weakness in ZTO's stock price is believed to be due to the slowing year-on-year growth of express delivery volume from the fourth quarter of this year until now, with an increase of about 11% in October, which has dropped to about 5% since November. The management indicated that the market share decline this year was greater than expected, and there are plans to focus on regaining market share in the future. Bank of America believes this implies that a price war in the express delivery market may be inevitable in 2025, which would negatively affect the entire industry. However, it is expected that ZTO's unit profit will be higher than that of its peers, providing some buffer when market competition becomes intense. (Guanglonghui)