【招银国际】Strong policy momentum to curb price war; a similar price hike story like 2022-250804（3页）.pdf

1、 PLEASE READ THE ANALYST CERTIFICATION AND IMPORTANT DISCLOSURES ON LAST PAGE MORE REPORTS FROM BLOOMBERG:RESP CMBR OR http:/.hk 1 4 Aug 2025 CMB International Global Markets|Equity Research|Sector Update Logistics Logistics-Strong policy momentum to curb price war;a similar price hike story like 20

2、22 Strong policy momentum to curb price war;a similar price hike story like 2022 We believe the Chinese governments aspiration to promote“anti-involution”,followed by the meeting held by the State Post Bureau with express delivery operators as well as the comments by NDRC last week to propose a revi

3、sion of the price law,will serve as a positive catalyst for the express delivery sector over the coming 3-6 months.We see chances for a moderate parcel ASP hike going forward,though not as strong as the uptrend in 2022 after the governments intervention.Government actions to curb price war.On 29 Jul

4、,the State Post Bureau held a meeting with major express delivery operators to address the involution competition in the industry.The discussion also included how to tackle issues such as illegal charges for parcel pick-up in rural areas,as well as to maintain the stability of the overall express de

5、livery network.Separately,NDRC mentioned during the press conference on 1 Aug that the authority will revise the price law to tackle price cut and dumping issues(no specific industry is mentioned).What happened in 2021-22?Back in mid-2021,the government stepped in with an aim to halt the two-year lo

6、ng cut-throat price war in the express delivery industry.At that time,seven authorities released an opinion aiming at protecting the interest of couriers.In Sep 2021,Zhejiang Provincial Peoples Congress approved the regulation regarding the express delivery industry development,which stated that exp