Core Insights - In July, despite adverse weather conditions, China's logistics demand remained strong, with a logistics industry prosperity index of 50.5%, indicating continued expansion in logistics activities [1][2] Group 1: Logistics Industry Performance - The logistics industry maintained vitality, with e-commerce express and air logistics showing significant growth. The e-commerce express business activity index reached 69.3%, indicating a high prosperity level [1] - Air transportation business activity index was 52.8%, reflecting a month-on-month increase of 0.8 percentage points. Road and rail transportation indices were 54.6% and 51.7%, respectively, both showing a slight month-on-month recovery of 0.1 percentage points [1] Group 2: Market Demand and New Orders - The new orders index for logistics companies rose to 52.5%, indicating a month-on-month increase of 0.1 percentage points. Most sectors, except warehousing and water transportation, maintained new orders in the expansion zone [1] - Rail, road, and air transportation new orders indices increased by 0.3, 0.2, and 0.1 percentage points, respectively, indicating positive trends in these sectors [1] Group 3: Investment and Market Expectations - Fixed asset investment in the logistics sector showed continuous expansion, with a completion index of 54.9% in July, reflecting a month-on-month increase of 0.4 percentage points [2] - The business activity expectation index for July was 55.6%, remaining in a high prosperity zone, with air transportation and postal express indices at 58.9% and 57.2%, respectively [2] - The "old-for-new" national subsidy policy and regional subsidies have expanded consumption scenarios, further driving logistics demand growth [2]

Group 1 - The "old-for-new" national subsidy policy has been continuously implemented, enriching consumer scenarios and boosting the activity of e-commerce and express delivery services [2] - The arrival of seasonal fruits and vegetables has led to stable growth in air logistics, with the total index of air transport continuing to rebound within the expansion range [2] Group 2 - The progress of logistics infrastructure construction has accelerated with the gradual implementation of major project investments, with the fixed asset investment completion index in July reaching 54.9%, a month-on-month increase of 0.4 percentage points, marking five consecutive months of recovery [4] - The business activity expectation index remains above 55%, indicating a positive market outlook for air transport, high-end industrial logistics, and cross-border logistics sectors [4]

Group 1: Manufacturing Sector - The manufacturing Purchasing Managers' Index (PMI) decreased to 49.3% in July, down 0.4 percentage points from the previous month, indicating a decline in manufacturing activity [1][2] - The production index remained in expansion at 50.5%, while the new orders index fell to 49.4%, reflecting a slowdown in market demand [2] - Large enterprises maintained expansion with a PMI of 50.3%, while medium-sized enterprises improved to 49.5%, and small enterprises decreased to 46.4% [3] Group 2: Price Indices - The price index for major raw materials increased, with the purchasing price index at 51.5% and the factory price index at 48.3%, indicating an overall improvement in manufacturing market prices [2] - The purchasing price index for major raw materials rose above the critical point for the first time since March, suggesting a recovery in market conditions [2] Group 3: Non-Manufacturing Sector - The non-manufacturing business activity index was 50.1%, down 0.4 percentage points from the previous month, but still above the critical point, indicating continued expansion [1][4] - The service sector's business activity index remained stable at 50.0%, with certain industries like transportation and entertainment showing strong growth due to seasonal effects [4] - The construction sector's business activity index fell to 50.6%, influenced by adverse weather conditions, while the business activity expectation index for the service sector rose to 56.6%, indicating optimism among service enterprises [4] Group 4: Composite PMI - The composite PMI output index was 50.2%, down 0.5 percentage points from the previous month, but still indicating overall expansion in production and business activities [5][6] - The manufacturing production index and non-manufacturing business activity index contributed to the composite PMI, standing at 50.5% and 50.1% respectively [6]

7月份，制造业采购经理指数为49.3%，比上月下降0.4个百分点；非制造业商务活动指数和综合PMI产 出指数分别为50.1%和50.2%，比上月下降0.4和0.5个百分点，均持续高于临界点。 7月31日，国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此，国家 统计局服务业调查中心高级统计师赵庆河进行了解读。 7月份，制造业采购经理指数为49.3%，比上月下降0.4个百分点；非制造业商务活动指数和综合PMI产 出指数分别为50.1%和50.2%，比上月下降0.4和0.5个百分点，均持续高于临界点，我国经济总体产出保 持扩张。 一、制造业采购经理指数有所回落 7月份，受制造业进入传统生产淡季，部分地区高温、暴雨洪涝灾害等因素影响，PMI降至49.3%，制造 业景气水平较上月回落。 （四）新动能持续增长。从重点行业看，装备制造业和高技术制造业PMI分别为50.3%和50.6%，均持续 高于临界点，高端装备制造业保持扩张；消费品行业PMI为49.5%，比上月下降0.9个百分点；高耗能行 业PMI为48.0%，比上月上升0.2个百分点，景气度有所改善。 （五）市场预期回升。生产经营活动预期指数 ...

2025年7月31日国家统计局服务业调查中心和中国物流与采购联合会发布了中国采购经理指数。对此， 国家统计局服务业调查中心高级统计师赵庆河进行了解读。 7月份，制造业采购经理指数为49.3%，比上月下降0.4个百分点；非制造业商务活动指数和综合PMI产 出指数分别为50.1%和50.2%，比上月下降0.4和0.5个百分点，均持续高于临界点，我国经济总体产出保 持扩张。 一、制造业采购经理指数有所回落 7月份，受制造业进入传统生产淡季，部分地区高温、暴雨洪涝灾害等因素影响，PMI降至49.3%，制造 业景气水平较上月回落。 （四）新动能持续增长。从重点行业看，装备制造业和高技术制造业PMI分别为50.3%和50.6%，均持续 高于临界点，高端装备制造业保持扩张；消费品行业PMI为49.5%，比上月下降0.9个百分点；高耗能行 业PMI为48.0%，比上月上升0.2个百分点，景气度有所改善。 （五）市场预期回升。生产经营活动预期指数为52.6%，比上月上升0.6个百分点，制造业企业对近期市 场发展信心有所增强。从行业看，汽车、铁路船舶航空航天设备、电气机械器材等行业生产经营活动预 期指数均位于55.0%以上较高景 ...

Core Viewpoint - The logistics industry in China shows a slight decline in the logistics prosperity index for April 2025, but overall demand remains in an expansionary phase, indicating stable business operations across the sector [1][2]. Group 1: Logistics Prosperity Index - The logistics prosperity index for April 2025 is reported at 51.1%, a decrease of 0.4 percentage points from March [1][2]. - The business volume index is also at 51.1%, indicating continued expansion, although there are regional disparities due to factors like slowing demand in the bulk market and a decline in international trade export effects [2]. Group 2: Business Activity and Profitability - The business activity expectation index increased to 56.4%, up by 1.2 percentage points from March, reflecting stable corporate profitability [2]. - The main business profit index saw a slight increase of 0.1 percentage points, with small and micro enterprises maintaining their profit index, while medium-sized enterprises improved slightly and large enterprises experienced a decline [2]. Group 3: Investment and Future Outlook - The fixed asset investment completion index reached a new high of 53.6%, the highest in nearly three years, with an average of 51.6% over the first four months, up by 1.9 percentage points from the previous year [3]. - The implementation of major infrastructure and industrial projects is expected to enhance logistics fixed asset investment, contributing to stabilizing expectations and promoting development [3].