The CITIC Construction Investment Research Report points out that the market's anti-domestic market expectations are gradually being fulfilled, and the structural opportunity for express delivery is still “cost reduction throughout the chain.” The regulation is vigorously implementing price reversals. In the short term, it may seem that it will delay the clarification of the pattern, but on the other hand, there is no consensus on the main investment line that highlights the value of terminal transformation of leading companies. All in all, cash flow not only determines the continued survival of the express delivery headquarters company, but also determines the resilience of the entire franchisee network when problems occur. Leading companies, Zhongtong Express and Yuantong Express, as leading e-commerce express delivery companies, are currently in a profit release period after the peak of production capacity. They have good forward-looking production capacity investment. When entering the second half of the fourth round of the production capacity cycle, they have single-ticket profitability and potential financing capacity that exceeds the market average, have sufficient hematopoietic and risk-resistant capabilities, and promote terminal transformation and changes in the terminal model behind digitalization.

The CITIC Construction Investment Research Report points out that the market's anti-domestic market expectations are gradually being fulfilled, and the structural opportunity for express delivery is still “cost reduction throughout the chain.” The regulation is vigorously implementing price reversals. In the short term, it may seem that it will delay the clarification of the pattern, but on the other hand, there is no consensus on the main investment line that highlights the value of terminal transformation of leading companies. All in all, cash flow not only determines the continued survival of the express delivery headquarters company, but also determines the resilience of the entire franchisee network when problems occur. Leading companies, Zhongtong Express and Yuantong Express, as leading e-commerce express delivery companies, are currently in a profit release period after the peak of production capacity. They have good forward-looking production capacity investment. When entering the second half of the fourth round of the production capacity cycle, they have single-ticket profitability and potential financing capacity that exceeds the market average, have sufficient hematopoietic and risk-resistant capabilities, and promote terminal transformation and changes in the terminal model behind digitalization.