前五月物流运行数据：总额138.7万亿，结构升级显现

Core Insights - The logistics operation in China has shown overall stability and significant structural upgrades in the first five months of the year, with a total social logistics volume reaching 138.7 trillion yuan, reflecting a year-on-year growth of 5.3% [1] - In May, the logistics volume grew by 5.0%, a decrease of 0.5 percentage points from the previous month, indicating a narrowing fluctuation [1] - Industrial sectors such as automotive manufacturing and computer communications experienced logistics demand growth exceeding 10%, driven by industrial upgrades and policy support [1] Logistics Demand - The logistics demand for units and residential goods increased by 6.4% year-on-year from January to May, improving by 0.5 percentage points compared to the previous four months [1] - In May, the year-on-year growth rate for logistics demand reached 8.3%, an increase of 2.1 percentage points from April [1] - E-commerce promotions and national subsidy policies have stimulated related consumer logistics demand, with online retail sales of physical goods growing by 6.3% year-on-year from January to May [1] Import Logistics - The total import logistics volume from January to May showed a year-on-year decline of 4.1%, with a more pronounced decrease of 3.8% in May compared to April [1] - Specific categories such as iron ore, coal, and steel saw significant declines in import logistics volume, with decreases of 5.2%, 7.9%, and 16.1% respectively [1] - Conversely, the import logistics volume for machine tools and integrated circuits maintained growth, with year-on-year increases of 25.1% and 8.4%, indicating a shift towards high-value-added industrial products [1] Green and Renewable Resource Logistics - The logistics for green and renewable resources has shown collaborative development, with the logistics demand in the new energy industry chain improving [1] - From January to May, the total logistics volume for renewable resources grew by 16.2% year-on-year, with a growth rate of 13.3% in May [1] - The logistics volume related to new energy vehicles and lithium-ion batteries for automotive applications experienced a year-on-year growth rate exceeding 30% [1]