The Huatai Securities Research Report points out that the peak season and “anti-internal volume” support the restoration of express delivery prices, and it is recommended to focus on e-commerce express delivery. In September, the growth rate of upstream consumption rebounded slightly. Total net sales, retail sales of goods and online retail sales of physical goods were +1.1%, +1.0%, and +2.9%, respectively, but the express delivery industry continued to slow to 2.1%. The average price of industry parts was +3.4% year-on-year, and the month-on-month increase was about 0.15 yuan, and prices continued to be repaired. Looking ahead to the fourth quarter, the peak season and “reverse internal volume” are expected to jointly support the improvement of single ticket profits. It is recommended to pay attention to price increases during the peak season.

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