一季度全国社会物流总额同比增长5.7% 开局稳中向好

Core Insights - The total social logistics volume in China reached 91 trillion yuan in Q1 2025, marking a year-on-year growth of 5.7%, indicating a stable and positive start to the logistics sector [1] - The logistics demand shows resilience, with the growth rate outpacing GDP, reflecting a recovery in the macroeconomic environment and improved supply chain stability [1][2] Growth Dynamics - The growth rate of social logistics volume accelerated by 0.4 percentage points compared to the first two months, with March showing a year-on-year increase of 6.9% [2] - Industrial logistics accounted for over 80% of the total logistics volume, growing by 5.9% year-on-year, driven by new business models and green development initiatives [2] - The logistics volume for recycled resources surged by 15.8% year-on-year, continuing a trend of double-digit growth [2] Infrastructure and Investment - Infrastructure investment grew by 5.8% year-on-year in Q1, with an acceleration of 0.2 percentage points compared to the first two months [3] - Demand for logistics in the industrial sector, particularly for general and specialized equipment, increased by 9.4% and 4.1% respectively [3] Policy Impact - The logistics industry generated a total revenue of 3.3 trillion yuan in Q1, reflecting a year-on-year growth of 5.0%, with an increase in growth rate compared to previous months [4] - The total logistics costs amounted to 4.5 trillion yuan, with a year-on-year increase of 4.7%, and the ratio of logistics costs to GDP decreased to 14.1%, down 0.3 percentage points from the previous year [4] - The logistics sector is experiencing a steady decline in costs, attributed to improved infrastructure and supportive macroeconomic policies [4] Future Outlook - The logistics sector is expected to maintain stable and rapid growth in the first half of the year, with a business activity expectation index of 55.2% in March, indicating optimism among enterprises [4]