J&T Express-W (01519) has seen a nearly 4% increase, currently trading up 3.64% at HKD 10.25, with a transaction volume of HKD 32.59 million. According to a research report from Daiwa, the total package volume for J&T in the third quarter rose by 23% year-on-year to 7.677 billion packages, with notable performance in Southeast Asia where the volume surged by 78.7% to approximately 2 billion packages, exceeding both management and Daiwa's expectations. The report suggests that the Southeast Asian express delivery market has entered a new development stage due to intensified platform competition and market share consolidation. Given J&T's market positioning and competitive cost structure, the company is expected to gain an advantage in this new growth phase. Furthermore, Shenwan Hongyuan highlighted that the company's new market parcel volume is soaring, primarily attributed to sustained investments and deepening collaborations with e-commerce platforms. On the other hand, the express delivery industry has seen continuous price increases driven by the anti-competition policy in Q3 2025, indicating that company profits are likely to recover in this quarter. Since August, the anti-competition measures have been in effect, pushing up delivery prices in production areas. Reports from various express companies from August indicated a month-on-month price increase for the Tongda system, with nationwide price hikes following in September, which bodes well for the industry's ongoing price recovery and the corresponding improvement in company profits.