ZTO EXPRESS-W (02057) surged over 10%, and as of press time, it was up 10.6% to HK$168.1 with a trading volume of HK$1.061 billion. On the news front, on July 29, the State Post Bureau convened a symposium with express delivery companies to discuss legally regulating the industry's "involutionary" competition, strengthening the rectification of prominent issues such as irregular charging for parcel collection in rural areas, and promoting high-quality development of the industry through exchange discussions. According to reports, on July 17, Yiwu Postal Administration took the lead by adding another 0.1 yuan increase on top of the existing 1.1 yuan base price. ZTO Express immediately responded by announcing a 0.1 yuan price increase in Guangdong region to alleviate pressure on delivery outlets. On July 24, Guangdong Postal Administration organized a meeting requiring price increases starting August 1, with an expected magnitude of 0.2-0.3 yuan. Huayuan Securities stated that July-August is traditionally the off-season for the express delivery industry, and under regulatory calls, we may see responses to price increases in cities with relatively low local prices and regions where franchisees suffer serious losses. Subsequently, there may be broader price increases nationwide or during peak seasons. In the medium to long term, if continuous regulatory policies are introduced, the industry may maintain healthy competition, transforming from price wars to value wars, leading to long-term improvement in express delivery companies' performance. Guosen Securities stated that under the guidance of "anti-involution" and high-quality development policies in the future, the disorderly competition in the express delivery industry is expected to achieve marginal improvement, thereby promoting a new balance among regulation, competition, profitability, and quality. The industry's price and profitability performance during the peak season in the fourth quarter of this year remains worth anticipating.