需求继续扩张 市场预期保持向好

Core Insights - The logistics industry in China showed signs of recovery in November, with the logistics prosperity index rising to 50.9%, an increase of 0.2 percentage points from the previous month [1] Group 1: Overall Logistics Performance - The total business volume index, new orders index, capital turnover index, logistics service price index, fixed asset investment completion index, employment index, and business activity expectation index are all within the prosperous range [1] - The business volume index for the central and western regions was 51% and 51.2%, respectively, surpassing the national average, while the eastern region's index was 50.5%, up 0.1 percentage points from October [1] Group 2: Sector-Specific Trends - In November, the demand for energy logistics continued to decline, with pressures on coal terminal consumption and port inventories, primarily due to stable demand for power generation coal and weak demand for coal in chemical, metallurgy, and construction sectors [1] - Industrial product logistics demand saw a rebound, while demand in the construction materials industry continued to decline; however, sectors such as transportation equipment, home appliances, smart devices, and automotive parts maintained good demand [1] Group 3: Adjustments in Specific Logistics Areas - The aviation logistics sector experienced a decrease, with the business volume index at 52.6%, down 0.3 percentage points from the previous month due to falling demand [2] - Cold chain storage rental prices continued to adjust, with significant declines in regions such as Central China, Northwest, Northeast, and Southwest, while South and East China stabilized [2] - The water transport business volume index fell to 44.5%, a decrease of 0.3 percentage points, reflecting ongoing adjustments in the coastal bulk cargo transport and domestic trade container markets [2] Group 4: Future Outlook - The fixed asset investment completion index for the logistics industry was at 55.4%, and the business activity expectation index was at 54.9%, indicating sustained high levels of investment and positive expectations for the future [2]