景气指数创新高 | 2026年1月物流仓储暨基础设施投资发展报告

Core Insights - The logistics and e-commerce indices reached new highs in December 2025, driven by standardization efforts that support high-quality supply chain development [3][5][9] Group 1: Industry Performance - The warehousing index in December 2025 was 52.4%, an increase of 2 percentage points from the previous month, marking the highest level since February of the previous year [5][8] - The logistics industry prosperity index for December 2025 was 52.4%, reflecting a continuous recovery in demand for logistics services across various sectors, including manufacturing and e-commerce [8][9] - The express delivery index reached 466.8 in December, with an estimated business volume of around 18 billion packages, indicating stable market conditions supported by promotional activities [8][9] Group 2: Investment Trends - The cold chain logistics sector saw increased investment activity, with funds concentrating on high-value areas such as pharmaceutical cold chains, leading to successful IPOs like that of Hongxing Cold Chain on the Hong Kong Stock Exchange [21][26] - Multiple high-end cold chain and logistics hub projects are underway, including a 20 billion yuan investment in the Luzhong Cold Chain Logistics Industrial Base, aimed at enhancing cold chain services in the region [23][25] Group 3: Policy Developments - A series of policies aimed at standardization, green transformation, and financial support have been introduced to address industry pain points and promote high-quality development in the logistics sector [10][11][12] - The implementation of the "Green Supply Chain" initiative encourages companies to adopt national standards for carbon footprint evaluation, promoting a comprehensive green development approach [11][12] Group 4: Market Dynamics - The average rental price for warehousing in Guangzhou was 23.14 yuan per square meter per month in December, showing a slight decline, while the vacancy rate decreased to 16.40% [14][17] - The logistics sector is experiencing a shift towards immediate logistics infrastructure, with major players like Taobao and Meituan investing heavily in front warehouse networks to enhance delivery capabilities [13][18] Group 5: REITs and M&A Activity - Recent trends indicate a pullback in warehousing logistics REITs, with significant declines in market valuations, prompting a rise in small equity mergers and acquisitions [27][28] - Pre-REITs funds are being established to nurture quality assets and facilitate connections to public REITs markets, indicating a strategic shift in capital deployment within the logistics sector [27][28]