JPMorgan released a research report stating that ZTO Express-W (02057) will remain a top pick in the transportation sector over the next 3 to 6 months. The firm raised its H-share target price from HK$187 to HK$197, maintaining an "Overweight" rating. JPMorgan also increased the target price for ZTO Express Inc. (ZTO.US) from $24 to $25, with the same "Overweight" rating.

The bank cited ZTO Express management's recent comments, noting that anti-involution policies are fundamentally reshaping the competitive landscape, shifting the industry from volume-driven growth to a greater focus on quality and profitability. JPMorgan believes ZTO Express is clearly benefiting from this industry trend, demonstrating not only continued market share expansion but also robust profit performance.