J&T EXPRESS-W (01519) gained over 4%, and as of press time, the stock was up 4.21% to HK$9.91 with a trading volume of HK$164 million. On the news front, following the recovery of express delivery prices per parcel in Guangdong, Zhejiang and other regions, delivery prices in Shanghai are set to increase. On September 21, multiple insiders from express delivery companies revealed that on September 19, Shanghai branches of five companies including J&T Express issued customer notices. The content stated: "To implement national policies on 'anti-involution' competition across industries, eliminate improper behavior of low-price market disruption, continuously provide stable services to customers, and return to healthy development, it has been decided through research that starting from 00:00 on September 22, 2025, express delivery collection prices for all users in the Shanghai region will be adjusted upward. Users are advised to promptly contact local service points for price confirmation."

Zhejiang Securities pointed out that based on their calculations, provinces and cities that have announced price increases account for over 80% of China's market share. Since the anti-involution initiative, industry prices have recovered slightly in August. According to operating data disclosed in August, major listed express delivery companies saw significant recovery in revenue per parcel, with the upward trend in September unit prices expected to expand further. The express delivery industry is approaching the autumn-winter seasonal transition with peak season arriving soon. Delivery fees may be adjusted upward, and price increases have certain sustainability, providing support for express delivery prices. The institution believes that performance flexibility from anti-involution price increases in China's express delivery market is expected to achieve better-than-expected profit recovery for J&T EXPRESS-W's China market in the second half of the year.