Core Insights - The overall operation of China's transportation economy has remained stable in 2023, with growth in key indicators such as freight volume, port cargo throughput, and inter-regional personnel flow, alongside high levels of transportation investment [1] Group 1: Freight Volume - From January to August, the total operating freight volume reached 38.06 billion tons, marking a year-on-year increase of 3.8%. By mode, railway, road, waterway, and civil aviation freight volumes grew by 2.6%, 3.9%, 3.8%, and 14.5% respectively [2] Group 2: Port Cargo Throughput - During the same period, port cargo throughput totaled 12.03 billion tons, reflecting a year-on-year growth of 4.4%. Specifically, domestic and foreign trade throughput increased by 5.2% and 2.7% respectively. Container throughput reached 23 million TEUs, up 6.3%, with domestic and foreign trade container throughput rising by 3.2% and 8.4% respectively [3] Group 3: Inter-Regional Personnel Flow - The inter-regional personnel flow amounted to 45.55 billion person-times, showing a year-on-year increase of 3.6%. By mode, railway and civil aviation passenger volumes grew by 6.7% and 5.3%, while road personnel flow increased by 3.4% [4] Group 4: Transportation Fixed Asset Investment - Fixed asset investment in transportation reached 2.26 trillion yuan from January to August. Investment by mode included 504.1 billion yuan for railways, 1.5412 trillion yuan for roads (with 807 billion yuan for expressways, 373 billion yuan for national and provincial roads, and 238.2 billion yuan for rural roads), 143.3 billion yuan for waterways, and 70.7 billion yuan for civil aviation. Major projects under the "14th Five-Year Plan" are progressing smoothly, with significant advancements in key infrastructure projects [5]

Core Insights - The overall operation of China's transportation economy has remained stable this year, with growth in key indicators such as freight volume, port cargo throughput, and inter-regional personnel flow [1] Group 1: Freight Volume - From January to August, the completed operating freight volume reached 380.6 billion tons, representing a year-on-year increase of 3.8%. By mode of transport, railway, road, waterway, and civil aviation freight volumes grew by 2.6%, 3.9%, 3.8%, and 14.5% respectively [2] Group 2: Port Cargo Throughput - During the same period, port cargo throughput totaled 120.3 billion tons, with a year-on-year growth of 4.4%. Specifically, domestic and foreign trade throughput increased by 5.2% and 2.7% respectively. Container throughput reached 23 million TEUs, marking a 6.3% year-on-year increase, with domestic and foreign trade container throughput growing by 3.2% and 8.4% respectively [3] Group 3: Inter-Regional Personnel Flow - The inter-regional personnel flow amounted to 455.5 billion person-times, reflecting a year-on-year increase of 3.6%. By mode of transport, railway and civil aviation passenger volumes increased by 6.7% and 5.3% respectively, while road personnel flow grew by 3.4% [4] Group 4: Transportation Fixed Asset Investment - From January to August, transportation fixed asset investment reached 2.26 trillion yuan. By mode, railway investment was 504.1 billion yuan; road investment totaled 1.5412 trillion yuan, with specific investments of 807 billion yuan for expressways, 373 billion yuan for ordinary national and provincial roads, and 238.2 billion yuan for rural roads; waterway investment was 143.3 billion yuan; and civil aviation investment was 70.7 billion yuan. Major transportation projects under the "14th Five-Year Plan" are progressing smoothly, with significant projects like the Chengdu to Emei Mountain Expressway and the Guangzhou Port Nansha Port Area accelerating construction [5]

Core Viewpoint - The transportation sector in China has shown a positive trend in economic performance from January to July 2023, with steady growth in freight volume, inter-regional passenger flow, rapid growth in port cargo throughput, and high levels of fixed asset investment in transportation. Group 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 [1] - From January to July, the total operating freight volume was 33 billion tons, reflecting a year-on-year growth of 3.8% [1] - By mode of transport, freight volumes increased year-on-year as follows: railways by 4.5%, highways by 3.3%, waterways by 3.4%, and civil aviation by 15.3% [1] Group 2: Port Cargo Throughput - In July, port cargo throughput reached 1.54 billion tons, marking a year-on-year increase of 6.9%, with a month-on-month acceleration of 2.2 percentage points [2] - For the period from January to July, the total port cargo throughput was 10.44 billion tons, showing a year-on-year growth of 4.4% [2] - Container throughput at ports reached 29.96 million TEUs in July, a year-on-year increase of 2.7% [2] Group 3: Inter-Regional Passenger Flow - In July, inter-regional passenger flow amounted to 5.71 billion person-times, a year-on-year increase of 2.2%, with a month-on-month acceleration of 0.7 percentage points [2] - From January to July, the total inter-regional passenger flow was 39.46 billion person-times, reflecting a year-on-year growth of 3.9% [2] - By mode of transport, passenger volumes increased year-on-year as follows: railways by 6.6%, waterways by 2.1%, civil aviation by 3.9%, and highways by 1.8% [2] Group 4: Fixed Asset Investment - In July, fixed asset investment in transportation reached 306.1 billion yuan [2] - Investment breakdown includes: railways at 77.1 billion yuan, highways at 200.5 billion yuan (with expressways, national and provincial roads, and rural roads receiving 98.1 billion, 52.9 billion, and 31.7 billion yuan respectively), waterways at 17.3 billion yuan, and civil aviation at 11.2 billion yuan [2] - From January to July, total fixed asset investment in transportation was 1.95 trillion yuan [2]

Group 1 - The overall transportation economy in China shows a continued recovery trend, with stable growth in freight volume and inter-regional passenger flow [1] - The total freight volume reached 330 billion tons from January to July, representing a year-on-year increase of 3.8% [3] - Port cargo throughput increased significantly, with a total of 1.044 billion tons, marking a year-on-year growth of 4.4% [4] Group 2 - The container throughput reached 2 million TEUs, reflecting a year-on-year increase of 6.2% [4] - Inter-regional passenger flow continued to rise, with a total of 3.046 billion person-times, which is a year-on-year increase of 8.9% [5] - The scale of fixed asset investment in transportation remains high [1]

Group 1 - The overall transportation economy in July continued to show a recovery trend, with stable growth in freight volume and inter-regional passenger flow, as well as rapid growth in port cargo throughput and high levels of fixed asset investment [1][2] - In July, the operating freight volume reached 4.97 billion tons, a year-on-year increase of 3.4%, with growth rates for rail, road, waterway, and civil aviation freight volumes at 4.5%, 3.3%, 3.4%, and 15.3% respectively [1] - Port cargo throughput in July was 1.54 billion tons, a year-on-year increase of 6.9%, with both domestic and foreign trade throughput growing by 7.6% and 5.5% respectively [1] Group 2 - The inter-regional passenger flow in July reached 5.71 billion person-times, a year-on-year increase of 2.2%, with rail, waterway, and civil aviation passenger volumes growing by 6.6%, 2.1%, and 3.9% respectively [2] - Fixed asset investment in transportation for July was 306.1 billion yuan, with rail investment at 77.1 billion yuan and road investment at 200.5 billion yuan [2] - From January to July, total fixed asset investment in transportation reached 1.95 trillion yuan [2]

Core Insights - The transportation sector in China shows stable growth in freight volume, rapid increase in port cargo throughput, continuous rise in inter-regional personnel flow, and sustained high levels of fixed asset investment in transportation [3]. 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 by 4.5% for rail, 3.3% for road, 3.4% for waterway, and 15.3% for civil aviation [5]. - From January to July, the total operating freight volume was 33 billion tons, reflecting a year-on-year growth of 3.8% [5]. Port Cargo Throughput - In July, the port cargo throughput was 1.54 billion tons, marking a year-on-year increase of 6.9%, with a month-on-month acceleration of 2.2 percentage points. Both domestic and foreign trade throughput grew by 7.6% and 5.5% respectively, with respective month-on-month accelerations of 1.5 and 3.6 percentage points [7]. - From January to July, the total port cargo throughput was 10.44 billion tons, with a year-on-year growth of 4.4%, and container throughput reached 20 million TEUs, up by 6.2% year-on-year [8]. 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, rail, waterway, and civil aviation passenger volumes increased by 6.6%, 2.1%, and 3.9% respectively, while road passenger flow grew by 1.8% [10][11]. - From January to July, the total inter-regional personnel flow was 39.46 billion person-times, reflecting a year-on-year growth of 3.9% [13]. Fixed Asset Investment - In July, fixed asset investment in transportation reached 306.1 billion yuan, with rail investment at 77.1 billion yuan and road investment at 200.5 billion yuan. The breakdown for road investment includes 98.1 billion yuan for expressways, 52.9 billion yuan for ordinary national and provincial roads, and 31.7 billion yuan for rural roads. Waterway investment was 17.3 billion yuan, and civil aviation investment was 11.2 billion yuan [15]. - From January to July, total fixed asset investment in transportation was 1.95 trillion yuan [16].

Economic Performance Overview - The transportation sector in China has shown a continued recovery trend in July, with stable growth in freight volume and inter-regional passenger flow, as well as rapid growth in port cargo throughput and high levels of fixed asset investment [1][3]. Freight Volume - In July, the operating freight volume reached 4.97 billion tons, representing a year-on-year increase of 3.4%, with a month-on-month acceleration of 0.5 percentage points. By mode, freight volumes increased by 4.5% for rail, 3.3% for road, 3.4% for waterway, 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 [3][4]. Port Cargo Throughput - Port cargo throughput in July was 1.54 billion tons, marking a year-on-year growth of 6.9%, with an acceleration of 2.2 percentage points compared to the previous month. In terms of structure, domestic and foreign trade throughput increased by 7.6% and 5.5% respectively, with respective accelerations of 1.5 and 3.6 percentage points. The total port cargo throughput from January to July was 10.44 billion tons, up 4.4%, and container throughput reached 20 million TEUs, a year-on-year increase of 6.2% [3][4]. Inter-Regional Passenger Flow - Inter-regional passenger flow in July totaled 5.71 billion person-times, reflecting a year-on-year increase of 2.2%, with a month-on-month acceleration of 0.7 percentage points. By mode, passenger volumes increased by 6.6% for rail, 2.1% for waterway, 3.9% for civil aviation, and 1.8% for road. From January to July, the total inter-regional passenger flow was 39.46 billion person-times, up 3.9% year-on-year [4]. Fixed Asset Investment - Fixed asset investment in the transportation sector remained high, with July investments totaling 306.1 billion yuan. By mode, investments included 77.1 billion yuan for rail, 200.5 billion yuan for road (with 98.1 billion for expressways, 52.9 billion for national and provincial roads, and 31.7 billion for rural roads), 17.3 billion yuan for waterways, and 11.2 billion yuan for civil aviation. The total fixed asset investment from January to July was 1.95 trillion yuan [4].

Core Viewpoint - The transportation sector in China is experiencing a positive trend in economic recovery, with steady growth in freight volume and inter-regional personnel movement, as well as significant increases in port cargo throughput and high levels of fixed asset investment in transportation [1] Summary by Category Freight Volume and Personnel Movement - In July, the freight volume and inter-regional personnel movement maintained stable growth, indicating a recovery in transportation activities [1] Port Cargo Throughput - In July, the total port cargo throughput reached 1.54 billion tons, representing a year-on-year increase of 6.9%, with the growth rate accelerating by 2.2 percentage points compared to the previous month [1] - The throughput for domestic and foreign trade increased by 7.6% and 5.5% year-on-year, respectively, with growth rates accelerating by 1.5 and 3.6 percentage points compared to the previous month [1] - The port container throughput was 29.96 million TEUs, showing a year-on-year growth of 2.7% [1] Year-to-Date Performance - From January to July, the total port cargo throughput reached 10.44 billion tons, with a year-on-year growth of 4.4% [1] - The total container throughput for the same period was 200 million TEUs, reflecting a year-on-year increase of 6.2% [1]

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]