瑞银-中国-物流业-中国快递业：加速两极分化的一年-2018.1.12-24页

DISCLOSUREAPPENDIXATTHEBACKOFTHISREPORTCONTAINSIMPORTANTDISCLOSURES,ANALYSTCERTIFICATIONS,LEGALENTITYDISCLOSUREANDTHESTATUSOFNON-USANALYSTS.USDisclosure:CreditSuissedoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethattheFirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.12January2018AsiaPacific/ChinaEquityResearchTransportationChinaExpressDeliverySECTORFORECASTResearchAnalystsBaoyingZhai85221017135baoying.zhai@credit-suisse.comAyearofacceleratingpolarisationFigure1:ZTOtobethebiggestmarketshareconsolidator13.0%14.3%14.4%15.5%16.3%13.3%14.7%14.3%13.8%13.6%11.2%10.3%10.3%11.5%12.1%16.5%12.4%10.4%9.6%8.9%5.3%6.8%6.9%9.4%11.4%0%10%20%30%40%50%60%70%2014201520162017E