CLSA has released a research report stating that the "anti-involution" measures in Mainland China's express delivery industry are taking effect. Industry leader ZTO Express-W (02057) is estimated to have achieved a first-quarter business volume growth of approximately 14% and a net profit of around RMB 2.3 billion. The firm anticipates ZTO will regain market share by 2026 while maintaining stable unit profitability, further solidifying its leading position. CLSA noted that ZTO's valuation is attractive, with its current stock price representing approximately 10 times the forecasted price-to-earnings ratio (P/E) for the 2026 fiscal year (excluding cash). CLSA maintains an "Outperform" rating on ZTO Express-W with a target price of HK$216. Simultaneously, it is optimistic about the overseas expansion potential of J&T EXPRESS-W (01519), also assigning an "Outperform" rating with a target price of HK$13.6.