NEW POWER(SZ:300152) Yang Shi Wang·2025-11-04 03:57Core Viewpoint - The logistics industry in China continues to show expansion in October, with the logistics prosperity index remaining above the threshold, despite a slight month-on-month decline in the overall index [1][3]. Group 1: Logistics Prosperity Index - The logistics prosperity index for October is reported at 50.7%, reflecting a decrease of 0.5 percentage points from the previous month [3]. - Despite a minor adjustment in the logistics business volume index, overall demand remains in an expansion phase [3]. Group 2: Demand Trends - Industrial logistics demand, particularly for bulk commodities, has seen a decline due to the impact of the long holiday, while consumer logistics demand is accelerating [5]. - The logistics business completion index, new orders index, logistics service price index, capital turnover index, employment index, investment completion index, and expectation index all remain in the expansion zone [5]. Group 3: Consumer Logistics Growth - Consumer logistics growth stands out in October, driven by offline and online retail activities during the National Day and Mid-Autumn Festival holidays [7]. - Various local initiatives have stimulated consumption, leading to accelerated trade circulation and rapid growth in retail business [7]. Group 4: E-commerce and Delivery Services - E-commerce activities remain robust, with the postal express business volume index at 70.5%, showing a month-on-month increase of 0.4 percentage points [9]. - The improvement of the "15-minute convenient living circle" has led to a more than 8% year-on-year increase in instant delivery business volume, expanding from basic necessities to high-end products [9]. Group 5: Investment Outlook - Logistics infrastructure investment continues to expand, with the fixed asset investment completion index at 55.2%, indicating ongoing growth [12]. - Fixed investment completion indices for railway, road, air transport, pipeline transport, and postal express are all above 50%, with railway, air transport, and postal express exceeding 55% [12]. Group 6: Future Expectations - The logistics demand is expected to maintain steady growth in the fourth quarter, providing strong support for the overall economic goals [14]. - The business activity expectation index stands at 55.3%, remaining above 55% for eight consecutive months, indicating a positive outlook for the year [15].