1月份物流业景气指数显示：指数呈现季节波动 年初态势总体趋稳

Core Viewpoint - The logistics industry in China is experiencing a slowdown in business activity, with the logistics prosperity index for January 2026 at 51.2%, down 1.2 percentage points from the previous month, indicating continued expansion but at a reduced pace [1][3]. Summary by Sections Business Activity - The business volume index for January is 51.2%, reflecting a month-on-month decline of 1.2 percentage points. The eastern region's index is 50.8%, the central region's is 51%, and the western region's is 51.4%, all showing declines [3]. - The new orders index stands at 50.2%, down 1.6 percentage points, with declines across all regions: eastern (-0.9), central (-1.4), and western (-2.9) [3]. Logistics Service Prices - The logistics service price index is at 50.1%, indicating a decrease. The western region experienced the largest drop of 1.3 percentage points. Road logistics prices remain low, while railway bulk goods are offered at discounts of 10-15% [3][4]. - The index for enterprise operating profit decreased by 0.3 percentage points month-on-month, but the decline compared to the same period last year has narrowed significantly [3]. Consumer Demand - Consumer logistics demand remains strong, particularly for pre-holiday goods, with the postal express industry business volume index at 70.8%, up 0.2 percentage points. The demand for local specialty products and smart home appliances is growing rapidly [4]. - The road transport index is at 52.9%, and the air transport index is at 53.6%, both showing slight month-on-month increases [4]. Seasonal Factors - The fluctuations in the index are primarily influenced by seasonal factors, with production arrangements and expectations adjusting as the holiday approaches. The employment index has also declined, reflecting adjustments in staffing due to upcoming holidays [5]. - The logistics prosperity index is expected to continue declining in February due to the Lunar New Year holiday, which may affect labor participation rates and the resumption of work post-holiday [5].