金吾财讯 | 中信建投表示，快递8月数据出炉，反内卷后价增量减且涨价传导更偏向总部。8月公司价格数据已经反映义乌及广东涨价效果，当月环比价格均出现1分到1毛钱的涨幅，优于往年同期。其中，总部层面在本轮反内卷中的弹性圆通速递和申通快递更大，单价（含中转、运输及揽件）分别环比上涨6.7分和1毛，两家虽然切给派件加盟商比例不同，但考虑所得税等因素，最终单票业绩弹性基本分别为3-4分和2-3分。另外，9月开始其他地区也在提价，因此业绩弹性仍有向上空间。派费是当下行业核心矛盾，监管强力推行价格反内卷中长期锁死“降派费”，短期延缓格局出清（但目前更多是总部回血、加盟商压力仍在）。反内卷预期逐步兑现，快递的结构性机会仍是“全链条降本”，因此建议关注尚未共识的中通快递末端变革带来的长期投资价值。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.