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| HSI1 | 26,160.15 | +192.17 | 226.61B |
| HSCEI1 | 9,363.94 | +63.20 | 86.65B |
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2025-10-24 12:10:44 China's express and logistics industry has become an example of the country's anti-involution campaign, with significant changes in pricing rules, parcel volume growth and competitive landscape in recent months, according to JPMorgan's research report. The average price and parcel volume trends in September also reflected the impact of regulatory intervention. Market reactions indicate a pick-up interest from investors in the industry, but preferences are changing, with ZTO EXPRESS-W (02057.HK), SF HOLDING (06936.HK) and JD LOGISTICS (02618.HK), which were laggards in 3Q25, regaining attention. The broker's top picks are ZTO EXPRESS-W and SF HOLDING, with ZTO EXPRESS-W prioritized. JPMorgan rated ZTO EXPRESS-W at Overweight, with target prices for ZTO EXPRESS-W's H-shares/ US stock being $187/ US$24. The broker's target prices for SF HOLDING's H-/ A-shares are $48/ RMB51, with both rated at Overweight. JPMorgan also rated JD LOGISTICS at Overweight, with a target price of $15. ~ AASTOCKS Financial News Website: www.aastocks.com | |