Core Insights - The logistics industry in China showed signs of recovery in November, with the logistics prosperity index rising to 50.9%, an increase of 0.2 percentage points from the previous month [1] Group 1: Overall Logistics Performance - The total business volume index, new orders index, capital turnover index, logistics service price index, fixed asset investment completion index, employment index, and business activity expectation index are all within the prosperous range [1] - The business volume index for the central and western regions was 51% and 51.2%, respectively, surpassing the national average, while the eastern region's index was 50.5%, up 0.1 percentage points from October [1] Group 2: Sector-Specific Trends - In November, the demand for energy logistics continued to decline, with pressures on coal terminal consumption and port inventories, primarily due to stable demand for power generation coal and weak demand for coal in chemical, metallurgy, and construction sectors [1] - Industrial product logistics demand saw a rebound, while demand in the construction materials industry continued to decline; however, sectors such as transportation equipment, home appliances, smart devices, and automotive parts maintained good demand [1] Group 3: Adjustments in Specific Logistics Areas - The aviation logistics sector experienced a decrease, with the business volume index at 52.6%, down 0.3 percentage points from the previous month due to falling demand [2] - Cold chain storage rental prices continued to adjust, with significant declines in regions such as Central China, Northwest, Northeast, and Southwest, while South and East China stabilized [2] - The water transport business volume index fell to 44.5%, a decrease of 0.3 percentage points, reflecting ongoing adjustments in the coastal bulk cargo transport and domestic trade container markets [2] Group 4: Future Outlook - The fixed asset investment completion index for the logistics industry was at 55.4%, and the business activity expectation index was at 54.9%, indicating sustained high levels of investment and positive expectations for the future [2]

11月份，业务总量指数为50.9%，环比回升0.2个百分点。工业产品物流需求有所回升，交通运输设备、 家电家居、智能设备、汽车及零部件制造业保持较好需求。消费领域从"双十一"情况看，线下实体、社 交电商平台和综合电商平台齐头并进，总体趋于平稳。11月份邮政快递业业务总量指数为70.2%，高位 回落0.3个百分点。 中国物流信息中心副总经济师胡焓认为，11月份，物流业固定资产投资完成额指数为55.4%，保持较高 景气区间。从调研看，商贸物流企业在设备载具循环共用、上下游设施适配性改造领域的投资需求较 高。流通企业新增投资侧重于传统零售改造、数字化赋能等。从后期市场来看，业务活动预期指数持续 在高景气区间运行，航空运输业、邮政快递业业务活动预期指数均保持较高水平，对稳定行业预期起到 支撑作用。 中国物流与采购联合会3日发布数据显示，11月份，中国物流业景气指数为50.9%，环比回升0.2个百分 点。 主要指标中，业务总量指数、新订单指数、资金周转率指数、物流服务价格指数、固定资产投资完成额 指数、从业人员指数和业务活动预期指数保持在景气区间。中国物流信息中心主任刘宇航认为，11月份 数据显示，中国物流需求处在扩张 ...

Core Viewpoint - The logistics industry in China shows signs of recovery with a logistics prosperity index of 50.9% in November, reflecting a month-on-month increase of 0.2 percentage points [1] Group 1: Regional Performance - The business volume index across eastern, central, and western regions of China is relatively balanced [3] - In terms of demand, manufacturing is recovering, energy is slowing down, and consumption is stabilizing [3] Group 2: Sector-Specific Insights - The demand in transportation equipment, home appliances, smart devices, and automotive parts manufacturing remains strong [3] - The postal and express delivery industry has a business volume index of 70.2%, indicating robust performance across offline entities, social e-commerce platforms, and comprehensive e-commerce platforms [3] Group 3: Investment and Activity Expectations - The fixed asset investment completion index for the logistics industry is at 55.4%, and the business activity expectation index is at 54.9%, both indicating sustained high prosperity levels [5] - The multi-modal transport sector, aviation transport, and postal express industries maintain high business activity expectation indices, supporting stable industry outlooks [5]

固定资产投资扩张。固定资产完成额指数为55.4%，保持在扩张区间。 中国物流信息中心主任刘宇航认为，11月份数据显示物流需求处在扩张区间，分领域看有所分化，能源 物流需求放缓，工业制造领域物流需求向好，居民消费领域物流需求趋稳，四季度以来物流活动度保持 较高水平。后期来看，物流业固定资产投资完成额指数为55.4%，业务活动预期指数为54.9%，持续在 高景气区间运行，投资和预期保持高位反映企业对后市预期保持稳中向好判断。 业务总量指数保持扩张。业务总量指数为50.9%，保持扩张区间。 企业经营内生动力趋稳。在成本上涨背景下物流企业韧性经营，主营业务利润指数环比回升0.2个百分 点。 市场预期保持高位。业务活动预期指数为54.9%，环比回落0.4个百分点。 12月3日，中国物流与采购联合会发布的2025年11月份中国物流业景气指数为50.9%，较上月回升0.2个 百分点。 ...

与上月相比，工业产品物流需求有所回升，能源物资物流需求继续回落，交通运输设备、家电家居、智能设备、汽车及零部件制造业保持较好需求。 消费领域从"双十一"情况看，线下实体、社交电商平台和综合电商平台齐头并进，总体趋于平稳。11月份邮政快递业业务总量指数为70.2%，高位回落 0.3个百分点。 央视网消息：中国物流与采购联合会12月3日发布11月份中国物流业景气指数。物流需求继续扩张，预期保持向好，其中业务总量指数、新订单指数、 从业人员指数和业务活动预期指数等均保持在景气区间。 11月份中国物流业景气指数为50.9%，环比回升0.2个百分点。分地区看，11月份中部地区和西部地区业务总量指数为51%和51.2%，高于全国水平，东 部地区业务总量指数为50.5%，环比回升0.1个百分点。 ...

与上月相比，工业产品物流需求有所回升，能源物资物流需求继续回落，交通运输设备、家电家居、智能设备、汽车及零部件制造业保持 较好需求。 央视网消息：中国物流与采购联合会12月3日发布11月份中国物流业景气指数。物流需求继续扩张，预期保持向好，其中业务总量指数、 新订单指数、从业人员指数和业务活动预期指数等均保持在景气区间。 11月份中国物流业景气指数为50.9%，环比回升0.2个百分点。分地区看，11月份中部地区和西部地区业务总量指数为51%和51.2%，高于 全国水平；东部地区业务总量指数为50.5%，环比回升0.1个百分点。 中国物流与采购联合会副会长 何辉：东中西部都稳定在扩张区间，呈现出均衡协调发展的态势。 消费领域从"双十一"情况看，线下实体、社交电商平台和综合电商平台齐头并进，总体趋于平稳。11月份邮政快递业业务总量指数为 70.2%，高位回落0.3个百分点。 物流投资和预期保持景气运行 11月份，物流业固定资产投资完成额指数为55.4%，保持较高景气区间。 企业调研显示，商贸物流企业在设备载具循环共用、上下游设施适配性改造领域的投资需求较高。流通企业新增投资侧重于传统零售改 造、数字化赋能和购销存 ...

（文章来源：每日经济新闻） 每经AI快讯，12月3日，中国物流与采购联合会发布11月份中国物流业景气指数。物流需求继续扩张， 预期保持向好，其中业务总量指数、新订单指数、从业人员指数和业务活动预期指数等均保持在景气区 间。11月份中国物流业景气指数为50.9%，环比回升0.2个百分点。 ...

Core Viewpoint - The logistics industry in China shows continued expansion in demand and positive expectations, with key indices remaining in a prosperous range [1]. Group 1: Logistics Industry Performance - The logistics industry prosperity index for November is 50.9%, reflecting a month-on-month increase of 0.2 percentage points [2]. - The business volume index for the central and western regions is 51% and 51.2%, respectively, surpassing the national average, while the eastern region's index is 50.5%, with a month-on-month increase of 0.1 percentage points [2]. - The logistics demand for industrial products has rebounded compared to the previous month, while energy logistics demand continues to decline [6]. Group 2: Investment and Future Expectations - The fixed asset investment index for the logistics industry in November is 55.4%, indicating a high level of prosperity [9]. - Research indicates that trade logistics companies have high investment demand in areas such as equipment sharing and adaptation of upstream and downstream facilities [9]. - The business activity expectation index for November is 54.9%, remaining in a high prosperity range, with multi-modal transport, air transport, and postal express industries maintaining high levels of business activity expectations [9].

Report Industry Investment Rating No relevant content provided. Core Viewpoints The report analyzes the market conditions, important news, logical analysis, and trading strategies of plastic L and PP on a daily basis. Overall, the market shows a weak trend, with prices mostly falling. The trading strategies mainly involve holding short - positions for the main contracts of L and PP, with appropriate adjustments to stop - loss points according to market changes. [1][5][8] Summary by Related Catalogs Market Conditions - **L Plastic**: The L2601 contract generally shows a downward trend, with prices fluctuating. The LLDPE market price mostly declines, and the trading atmosphere is weak. Downstream demand is not strong, and traders often reduce prices to sell goods. For example, on November 7, 2025, the L2601 contract closed at 6802 points, down 3 points or 0.04%, and the LLDPE market price continued to fall [1]. - **PP Polypropylene**: The PP2601 contract also mostly shows a downward trend. The PP market price is weak, and the cost support is weakened. Downstream procurement is cautious, and the market trading volume is limited. For example, on November 7, 2025, the PP2601 contract closed at 6459 points, down 12 points or 0.19%, and the domestic PP market was still weak [1]. Important News - **Industry - related Policies and Events**: The 7 - department "Petrochemical and Chemical Industry Steady Growth Work Plan (2025 - 2026)" aims to achieve an average annual growth of over 5% in the industry's added value from 2025 to 2026. The US government shutdown has affected data supply, increasing the difficulty of decision - making for central banks [33][55]. - **Company - related News**: PetroChina Guangxi Petrochemical's 120 - million - ton/year ethylene plant was successfully put into operation, which will promote the development of the petrochemical industry in the southwest region. Zhonghua International focuses on the main business of chemical new materials, and its MIAK project has achieved certain results [8][15]. Logical Analysis - **Positive Factors**: In September, the domestic pipeline transportation industry's fixed - asset investment completion amount increased by 14.8% year - on - year, with continuous marginal growth for 8 months, which is beneficial to the polyolefin single - side. The EuroCoin index has strengthened for 6 consecutive months, which is also beneficial to the polyolefin single - side [49][30]. - **Negative Factors**: In October, the domestic manufacturing PMI declined to 49.0%, a year - on - year decline of 2.2%, which is negative for the rubber and plastic single - side. The domestic real estate prosperity index has declined for 6 consecutive months, which is negative for the polyolefin single - side [5][6]. Trading Strategies - **Single - side**: Most of the time, it is recommended to hold short - positions for the main 01 contracts of L and PP, and adjust the stop - loss points according to market changes. For example, on November 7, 2025, it was recommended to hold short - positions for the L main 01 contract, with the stop - loss point moved down to 6850 points [2]. - **Arbitrage (Long - Short)**: Most of the time, it is recommended to wait and see. - **Options**: Most of the time, it is recommended to wait and see.

Core Viewpoint - The logistics industry in China experienced a slight decline in the logistics prosperity index for October 2025, which stands at 50.7%, down 0.5 percentage points from the previous month, yet remains in the expansion zone [1][7]. Group 1: Logistics Demand and Business Activity - The logistics demand showed a slight pullback in October, with the business volume index at 50.7%, reflecting a decrease of 0.5 percentage points, although it remains in the expansion range [4][9]. - The industrial logistics sector saw a decline in demand for home appliances, communication products, and renovation materials, while demand for electronic components, new energy vehicles, and transportation equipment remained strong [9]. - The consumer logistics sector experienced growth, driven by active online shopping and promotional activities during the National Day and Mid-Autumn Festival, with the postal express industry’s business volume index rising to 70.5%, up 0.4 percentage points [9]. Group 2: Business Resilience and Profitability - Logistics companies demonstrated resilience, with the main business profit index rising by 0.2 percentage points despite rising costs, indicating stable operational performance [10]. - Small and micro enterprises saw an increase in their main business profit index by 0.1 and 0.4 percentage points respectively, while large and medium-sized enterprises experienced a decline of 0.2 percentage points [10]. Group 3: Investment and Market Expectations - Fixed asset investment in logistics maintained an expansion trend, with the completion index at 55.2%, indicating ongoing investment in the sector [5][11]. - The business activity expectation index remained high at 55.3%, reflecting a positive outlook among enterprises for the future [6][11]. - Overall, the logistics industry is expected to maintain a steady growth trajectory, supported by strong demand and resilient supply chains [11].