According to the Huatai Securities Research Report, in September, the growth rate of upstream consumption rebounded slightly. Total net sales, retail sales of products and online retail sales of physical goods were +1.1%, +1.0%, and +2.9%, respectively, but the express delivery industry volume growth rate 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. Recently, many places have promoted a new round of price increases. Price adjustments in key grain-producing regions such as Yiwu are progressing simultaneously with the increase in headquarters policy costs, which is expected to support peak season price and single ticket profit recovery. As of 10/19, SW Express PE TTM had a 0.2% fraction in the past 10 years. The market's concerns about slowing demand and “anti-internal” execution have been reflected. The subsequent catalyst is the implementation of price increases during the peak season, the transmission of price to profit, and the implementation of performance, and continuous attention to the implementation of price increases and the improvement of franchise profits.

According to the Huatai Securities Research Report, in September, the growth rate of upstream consumption rebounded slightly. Total net sales, retail sales of products and online retail sales of physical goods were +1.1%, +1.0%, and +2.9%, respectively, but the express delivery industry volume growth rate 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. Recently, many places have promoted a new round of price increases. Price adjustments in key grain-producing regions such as Yiwu are progressing simultaneously with the increase in headquarters policy costs, which is expected to support peak season price and single ticket profit recovery. As of 10/19, SW Express PE TTM had a 0.2% fraction in the past 10 years. The market's concerns about slowing demand and “anti-internal” execution have been reflected. The subsequent catalyst is the implementation of price increases during the peak season, the transmission of price to profit, and the implementation of performance, and continuous attention to the implementation of price increases and the improvement of franchise profits.