2026年6月中国互联网物流月度亮点

China (PRC) | Internet Logistics Monthly Highlights Highlights (1) In May-26, ASP for STO/Yunda/SF rose by 9.7%/7.3%/4.8%YoY, while YTO decreased by 3.6% YoY. For YTO, ASP is affected by highercontributions of light weight parcels; (2) In May-26, parcel volume growth forSTO and YTO was 18.8% and 10.6% YoY, respectively, while that of Yundaand SF experienced YoY decline. For SF, it is due to emphasis on high qualitygrowth and timing of Dragon Boat Festival. In 2026, anti-involution driveshealthy development Operating data of China A-share listed players in May 2026.According to company releases,parcel volume growth in May for STO and YTO was 18.8% and 10.6% YoY, respectively, whilethat of Yunda and SF declined by 0.5% and 4.2% YoY, respectively. The decline in parcelvolume for SF is mainly due to the emphasis on high quality growth and timing of DragonBoat Festival (Jun-26 vs May-25) on gift delivery. In terms of ASP, STO/Yunda/SF rose by9.7%/7.3%/4.8% YoY, while YTO decreased by 3.6% YoY. The decline in YTO ASP is mainlyaffected by lightweight parcels and value created to customers. Express delivery revenue forSTO/Yunda/YTO/SF increased by 30.2%/6.8%/6.7%/0.4%YoY. We would like to thank Fiona Fan, employee of Evalueserve Inc., for providing research support services to our preparation of this report.We would like to thank Han Wang, employee of Evalueserve Inc., for providing research support services to our preparation of this report.We would like to thank Erica Qiu, employee of Evalueserve Inc., for providing research support services to our preparation of this report. Company Valuation/Risks For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Analyst Certification: I, Thomas Chong, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations orviews expressed in this research report. I, Zoey Zong, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report. Registration of non-US analysts:Thomas Chong is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualified as a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore maynot be subject to the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held bya research analyst. Registration of non-US analysts:Zoey Zong is employed by Jefferies Hong Kong Limited, a non-US affiliate of Jefferies LLC and is not registered/qualifiedas a research analyst with FINRA. This analyst(s) may not be an associated person of Jefferies LLC, a FINRA member firm, and therefore may not be subjectto the FINRA Rule 2241 and restrictions on communications with a subject company, public appearances and trading securities held by a research analyst.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate,but various regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports arepublished at irregular intervals as appropriate in the analyst's judgement. Investment Recommendation Record (Article 3(1)e and Article 7 of MAR) Recommendation PublishedJune 18, 2026 7:27 A.M.Recommendation DistributedJune 18, 2026 7:27 A.M. Company Specific Disclosures For Important Disclosure information on companies recommended in this report, please visit our website at https://javatar.bluematrix.com/sellside/Disclosures.action or call 212.284.2300. Explanation of Jefferies Ratings Buy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20%