Core Insights - The transportation sector in China has shown a positive trend in economic performance during the first seven months of the year, with steady growth in freight volume and inter-regional passenger flow [1] Freight Volume Performance - In July, the operating freight volume reached 4.97 billion tons, marking a year-on-year increase of 3.4%, with a month-on-month acceleration of 0.5 percentage points [1] - For the period from January to July, the total operating freight volume was 33 billion tons, reflecting a year-on-year growth of 3.8% [1] Mode-wise Freight Growth - By mode of transport, freight volumes increased year-on-year as follows: - Rail: 4.5% - Road: 3.3% - Waterway: 3.4% - Civil Aviation: 15.3% [1] Investment Trends - The scale of fixed asset investment in transportation remains at a high level, indicating ongoing confidence and commitment to infrastructure development in the sector [1]

Core Insights - The overall transportation economic operation in China has shown a continued recovery trend in the first seven months of the year, with stable growth in freight volume and inter-regional personnel flow, rapid growth in port cargo throughput, and high levels of fixed asset investment in transportation [1] Freight Volume - In July, the operating freight volume reached 4.97 billion tons, a year-on-year increase of 3.4%, with a month-on-month acceleration of 0.5 percentage points. By mode, freight volumes increased year-on-year by 4.5% for railways, 3.3% for roads, 3.4% for waterways, and 15.3% for civil aviation. From January to July, the total operating freight volume was 33 billion tons, up 3.8% year-on-year [2] Port Cargo Throughput - In July, the port cargo throughput was 1.54 billion tons, reflecting a year-on-year growth of 6.9%, with an acceleration of 2.2 percentage points compared to the previous month. By structure, domestic and foreign trade throughput increased year-on-year by 7.6% and 5.5%, respectively, with respective accelerations of 1.5 and 3.6 percentage points. The container throughput reached 29.96 million TEUs, a year-on-year increase of 2.7%. From January to July, the total port cargo throughput was 10.44 billion tons, up 4.4%, and container throughput was 200 million TEUs, up 6.2% [3] Inter-Regional Personnel Flow - In July, the inter-regional personnel flow reached 5.71 billion person-times, a year-on-year increase of 2.2%, with a month-on-month acceleration of 0.7 percentage points. By mode, railway, waterway, and civil aviation passenger volumes increased year-on-year by 6.6%, 2.1%, and 3.9%, respectively, while road personnel flow grew by 1.8%. From January to July, the total inter-regional personnel flow was 39.46 billion person-times, up 3.9% year-on-year [4] Fixed Asset Investment - In July, fixed asset investment in transportation reached 306.1 billion yuan. By mode, investment in railways was 77.1 billion yuan; roads accounted for 200.5 billion yuan, including 98.1 billion yuan for expressways, 52.9 billion yuan for ordinary national and provincial roads, and 31.7 billion yuan for rural roads; waterways received 17.3 billion yuan; and civil aviation saw an investment of 11.2 billion yuan. From January to July, total fixed asset investment in transportation was 1.95 trillion yuan [5]

Core Insights - The transportation sector in China has shown a positive trend in economic performance during the first seven months of the year, with stable growth in freight volume and inter-regional passenger flow [1] Freight Volume Performance - In July, the operating freight volume reached 4.97 billion tons, marking a year-on-year increase of 3.4%, with a month-on-month acceleration of 0.5 percentage points [1] - From January to July, the total operating freight volume was 33 billion tons, reflecting a year-on-year growth of 3.8% [1] Mode-Specific Growth - By mode of transport, the year-on-year growth rates for freight volume in July were as follows: railways at 4.5%, highways at 3.3%, waterways at 3.4%, and civil aviation at 15.3% [1] Investment Trends - The scale of fixed asset investment in transportation remains high, indicating ongoing confidence and commitment to infrastructure development within the sector [1]

Economic Overview - The transportation industry has maintained overall stability and progress in the first half of 2025, contributing to employment, business stability, market stability, and expectations [1] Freight Volume - The total operating freight volume reached 280.3 billion tons, marking a year-on-year increase of 3.9%. By mode, railway, road, waterway, and civil aviation freight volumes grew by 1.8%, 4.0%, 4.3%, and 14.6% respectively. Notably, the ocean freight volume completed by Chinese shipping companies increased by 9.4% year-on-year [1] - Express delivery business volume reached 956 million pieces, reflecting a year-on-year growth of 19.3% [1] Port Operations - Port cargo throughput maintained growth, totaling 8.9 billion tons, with a year-on-year increase of 4.0%. Domestic and foreign trade throughput grew by 5.0% and 1.8% respectively [3] - Container throughput reached 17 million TEUs, with a year-on-year increase of 6.9%. Domestic and foreign trade container throughput increased by 4.0% and 8.9% respectively [3] Passenger Travel - Cross-regional passenger flow reached 33.76 billion person-times, with a year-on-year increase of 4.2%. By mode, railway and civil aviation passenger volumes grew by 6.7% and 6.0% respectively, while waterway passenger volume decreased by 2.5%. Notably, international civil aviation passenger volume surged by 28.5% year-on-year [3] Investment in Transportation - Transportation fixed asset investment remained high, totaling 1,647.4 billion yuan. Investments in railway, road, waterway, and civil aviation were 355.9 billion yuan, 1,129.1 billion yuan, 109.3 billion yuan, and 53.1 billion yuan respectively [3]

Core Viewpoint - The Ministry of Transport reported stable growth in key indicators of the transportation industry, including freight volume, port cargo throughput, and passenger flow, with overall transportation investment remaining stable [1] Group 1: Freight Volume - In April, the total operating freight volume reached 5.03 billion tons, representing a year-on-year increase of 4.3% [1] - The road freight volume accounted for 3.75 billion tons, with a year-on-year growth of 4.1% [1] - The waterway freight volume was 860 million tons, showing a year-on-year increase of 4.9% [1] Group 2: Cumulative Freight Volume - From January to April, the total operating freight volume amounted to 18.09 billion tons, reflecting a year-on-year increase of 4.7% [1] - The cumulative road freight volume reached 13.24 billion tons, with a year-on-year growth of 5.0% [1] - The cumulative waterway freight volume was 3.17 billion tons, indicating a year-on-year increase of 4.9% [1]