J&T EXPRESS-W (01519) surged over 5% in afternoon trading. As of press time, the stock was up 3.27% to HK$10.1, with trading volume reaching HK$562 million.

On the news front, on July 18, the Yiwu Postal Bureau held a meeting to raise the express delivery price floor by RMB 0.1 to RMB 1.2. Starting August 4, Guangdong Province's express delivery base prices were raised by RMB 0.4 per package across the board, with average prices rising to over RMB 1.4. According to industry reports, the price increase scope rapidly expanded starting in September, with express delivery companies in Jiangsu, Jiangxi, Hunan, Hubei, Henan, Anhui, Beijing-Tianjin-Hebei, and Liaoning successively issuing price adjustment notices and joining the price increase trend, forming a nationwide coordinated movement.

A securities research report noted that Southeast Asia's e-commerce GMV is growing rapidly, coupled with TikTok's continuously rising market share, driving J&T's Southeast Asia market share higher. The company entered new markets including the Middle East and Latin America in 2022, where current e-commerce penetration rates remain relatively low. In the medium term, the company is expected to replicate its successful Southeast Asia pathway, with new markets potentially becoming the next high-growth engine after Southeast Asia. The China market serves as an output source of advanced models for overseas markets, and the performance elasticity brought by express delivery anti-price war price increases is expected to achieve better-than-expected profitability recovery in J&T's China market in the second half of the year.