ZTO EXPRESS-W (02057) surged over 4%, rising 4.13% to HK$151.4 with turnover of HK$421 million as of press time.

On the news front, China Merchants Securities indicated that catalyzed by anti-involution policies, positive industry developments and signals continue to emerge, driving significant valuation recovery: Yiwu express delivery rates achieved modest recovery in early May; the National Postal Administration held multiple "anti-involution" related meetings in July; South China region initiated price increases in early August, with Yiwu following suit in late August. Monthly data from major e-commerce express companies in August has preliminarily validated sequential price recovery; since September, prices in multiple regions including Central and North China have recovered sequentially. With Singles' Day approaching and the express industry entering peak season, continued attention to peak season pricing performance and data validation is recommended.

Haitong Securities previously noted that ZTO Express significantly leads in economies of scale and per-package profitability. With continuous optimization of product and business structure and ongoing implementation of full-chain cost reduction projects, per-package profitability is expected to further widen the gap with peers. In the short term, expectations center on volume-profit rebalancing strategies bringing profit and growth recovery. Long-term optimism remains for excellent management of leading e-commerce express companies where the strong get stronger, maintaining a "Buy" rating.