智通财经APP获悉，摩根大通发布研报称，中国8月快递数据清楚展现中国“反内卷”运动如何重塑物流行业，监管措施以及地方物价上涨，导致包裹增长量温和，平均售价（ASP）下降收窄。
数据显示，整个快递行业去年收入同比增4%，达1190亿元人民币，但平均售价同比下降7%，表明在竞争压力下恢复定价权的持续挑战。“反内卷”措施下，圆通国际快递(06123)和A股的申通快递等企业已初显成效，即使市场份额有所变化，平均售价也呈现上升趋势。 8月行业整合进一步推进，申通快递近期收购丹鸟物流，体现行业向高端快递转型的战略态势和供给侧改革的推进。
电商行业维持韧性，线上零售额和实体商GMV均超过2025年上半年水平。同时，行业分化显现：家电和通讯设备放缓，而食品和服饰则重新出现增长，显示快消品领域的竞争正在逐渐缓和。顺丰控股(06936)包裹量增长和市场份额的提升，让该公司继续表现突出。
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