CITIC Securities pointed out that in 2026, it is expected that in 2026, Express will continue to lead the top 2 volume growth rate. With cumulative network capabilities and higher operational efficiency, it will enhance full-link costs and service quality advantages, achieve a higher volume growth rate, and further enhance its leading profit advantage and market position. China's express delivery network model attacks overseas, and is deeply tied to high-growth e-commerce platforms with competitive advantages. The US is expected to enter the interest rate cut channel in 2026, and the demand side of cross-border logistics may be dawning. The growth in the supply of wide-body freighters is limited or a key support for the overall stability of the Air Cargo Association in 2026.

CITIC Securities pointed out that in 2026, it is expected that in 2026, Express will continue to lead the top 2 volume growth rate. With cumulative network capabilities and higher operational efficiency, it will enhance full-link costs and service quality advantages, achieve a higher volume growth rate, and further enhance its leading profit advantage and market position. China's express delivery network model attacks overseas, and is deeply tied to high-growth e-commerce platforms with competitive advantages. The US is expected to enter the interest rate cut channel in 2026, and the demand side of cross-border logistics may be dawning. The growth in the supply of wide-body freighters is limited or a key support for the overall stability of the Air Cargo Association in 2026.