ZTO Express expects delivery industry anti-involution to persist

The anti-involution campaign is shifting from rhetoric to observable pricing behavior: ZTO's confirmation that pickup prices in some core regions have recovered from summer levels suggests the policy is biting where it matters most for margins. This matters for the whole express sector, not just ZTO, because below-cost competition has been the main drag on unit economics as volume growth decelerates and fuel costs stay rigid. The open question is whether that recovery holds through peak season, when promotional price swings are normal, or unwinds once holiday demand fades.