GuoSheng Securities: The fight against internal competition in the express delivery industry continues to deepen, and the industry structure continues to improve.

SF Express reported on March 12 that, according to Guosheng Securities’ research, the express delivery industry will begin price recovery in the second half of 2025 driven by the “anti-involution” movement. Industry competition will shift from chaotic price wars to competition based on service quality. In 2026, the sustained and unexpectedly strong “anti-involution” policies, including the crackdown on “involution-style” competition, will be included in the National Postal Administration’s annual key tasks and government work reports. Local grain-producing regions will follow suit, further deepening the industry’s “anti-involution” efforts. Additionally, promoting social security contributions for couriers will increase compliance costs, further strengthening the industry’s demand for price increases. The internal market share within the Tongda system continues to diversify, with leading courier companies demonstrating advantages in headquarters management and network strength, gradually consolidating market share, and potentially achieving double growth in both market share and profits.