According to the Huatai Securities Research Report, in July, when the e-commerce off-season was compounded by a high national supplement base, the growth rate of online and offline consumption both slowed down, and social zero/retail sales of goods were +0.6%/+0.5%/+3.0%, respectively. However, demand for express delivery remained resilient, with industry volume +4.1% year on year, up slightly from June; average item price was +3.8% year over year, and prices continued to improve year over year in the context of “reverse internal volume”. Hebei, the country's price depression, announced price increases in early August. The requirements for high-quality development of the industry are still there, and expectations of rising prices during the peak season are expected to be catalyzed by the sector. Currently, e-commerce express delivery leaders are still in the stage of undervaluation and low expectations, so it is recommended to lay out at a low level during the peak season.

According to the Huatai Securities Research Report, in July, when the e-commerce off-season was compounded by a high national supplement base, the growth rate of online and offline consumption both slowed down, and social zero/retail sales of goods were +0.6%/+0.5%/+3.0%, respectively. However, demand for express delivery remained resilient, with industry volume +4.1% year on year, up slightly from June; average item price was +3.8% year over year, and prices continued to improve year over year in the context of “reverse internal volume”. Hebei, the country's price depression, announced price increases in early August. The requirements for high-quality development of the industry are still there, and expectations of rising prices during the peak season are expected to be catalyzed by the sector. Currently, e-commerce express delivery leaders are still in the stage of undervaluation and low expectations, so it is recommended to lay out at a low level during the peak season.