Core Viewpoint - In April, China's logistics industry maintained an expansionary trend despite a slight decline in the logistics prosperity index to 51.1%, indicating stable business operations and rising prices in road transport and e-commerce delivery services [1][2]. Group 1: Logistics Prosperity Index - The logistics prosperity index for April was reported at 51.1%, a decrease of 0.4 percentage points month-on-month [1]. - The overall logistics business demand remains in an expansionary phase, with supply chain linkages showing recovery [1]. Group 2: Sub-Indices Performance - Key sub-indices such as business volume index, new orders index, inventory turnover index, capital turnover rate index, fixed asset investment completion index, employment index, and business activity expectation index all remained above 50%, indicating expansion [1]. - The business volume index specifically stood at 51.1%, reflecting a slight month-on-month decline [1]. Group 3: Business Environment and Profitability - The domestic micro-operating environment for enterprises has remained stable, with overall logistics demand expanding and service prices slightly increasing [1]. - April saw stable corporate profitability, with the main business profit index experiencing a slight month-on-month increase [1]. Group 4: Future Expectations - The business activity expectation index for April was 56.4%, an increase of 1.2 percentage points month-on-month, indicating continued optimism among enterprises regarding future market conditions [2]. - The average business activity expectation index from January to April was 55%, up 0.7 percentage points compared to the same period last year [2]. - Future logistics fixed asset investment is expected to play a crucial role in stabilizing expectations, promoting development, and optimizing supply as major infrastructure and industrial projects accelerate [2].

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].

Group 1 - A comprehensive financial policy package has been released by three departments to stabilize the market and expectations [5] - In the first quarter, large-scale light industry enterprises achieved revenue of 5.4 trillion yuan [8] - The logistics industry in China continued to expand, as indicated by the logistics prosperity index for April [10] - During the "May Day" holiday, the national consumption industry saw a year-on-year sales revenue increase of 15.2% [11] Group 2 - The largest "light-hydrogen storage integrated" offshore photovoltaic project in the country has been fully operational [14]

Core Insights - The China Logistics and Purchasing Federation reported that the logistics industry maintained an overall expansion trend in April, with supply chain activities showing recovery [1] Group 1: Logistics Industry Performance - The logistics industry prosperity index for April was 51.1%, a decrease of 0.4 percentage points month-on-month, but still within the expansion range [2] - Sub-indices such as business volume index, new orders index, and inventory turnover index remained above 50%, indicating continued expansion [2] Group 2: Regional Performance - The eastern coastal regions experienced a slowdown in logistics business growth due to factors like reduced demand in the bulk market and a decline in international trade export effects, with business volume indices at 50.2% and 51.8% for the eastern and central regions respectively, both showing month-on-month declines [4] - In contrast, the western region saw a significant recovery, with a business volume index increase of 2.3 percentage points [4] Group 3: Investment and Employment - Fixed asset investment and employment conditions in the logistics sector were reported to be favorable, with a fixed asset investment completion index of 53.6% in April, marking a 1.2 percentage point increase and the highest in nearly three years [6] - The average fixed asset investment completion index from January to April was 51.6%, up 1.9 percentage points compared to the same period last year [6] Group 4: Growth Expectations - The business activity expectation index for April was 56.4%, reflecting a month-on-month increase of 1.2 percentage points, with an average of 55% for the first four months of the year, up 0.7 percentage points year-on-year [10] - The logistics workforce index also showed a month-on-month increase of 0.2 percentage points, indicating a stable upward trend in job demand within the logistics sector [11]

中国物流与采购联合会今天(7日)公布4月份中国物流业景气指数。总体来看，物流业务需求总体保持扩 张态势，供应链上下游保持联动回升。从地区来看，西部地区回升明显。4月份中国物流业景气指数为 51.1%，环比回落0.4个百分点。分项指数中，业务总量指数、新订单指数、库存周转次数指数等，均保 持在50%以上的扩张区间。(智通财经) ...

交易咨询业务资格：证监许可【2012】1091号 棉花早报——2025年4月30日 大越期货投资咨询部 王明伟 从业资格证号：F0283029 投资咨询证号： Z0010442 联系方式：0575-85226759 重要提示：本报告非期货交易咨询业务项下服务，其中的观点和信息仅作参考之用，不构成对任何人的投资建议。 我司不会因为关注、收到或阅读本报告内容而视相关人员为客户；市场有风险，投资需谨慎。 CONTENTS 目 录 1 前日回顾 2 每日提示 3 4 5 今日关注 基本面数据 持仓数据 棉花： 1、基本面：中美互加大额关税。3月纺织业景气指数回升至52.47%荣枯线上方。 USDA:4月消费调低，库存增加，略偏空。ICAC:4月报预测环比上月增加产量，消费不 变，期末库存略增，略偏空。海关：3月纺织品服装出口同比增12.4%。3月份我国棉花 进口7万吨，同比减少81.4%；棉纱进口13万吨，同比减少31%。农村部4月24/25年度： 产量616万吨，进口150万吨，消费760万吨，期末库存831万吨。偏空。 2、基差：现货3128b全国均价14232，基差1392（09合约），升水期货；偏多。 3、库 ...

·世界银行预计2025年布伦特原油平均价格为每桶64美元 【资讯导读】 ·美国财长贝森特：在接下来的几周内将与至少17个合作伙伴进行商谈 ·美国3月商品贸易逆差创历史记录 ·美国4月消费者信心指数连续第五个月下降 ·欧元区4月工业信心指数降至-11.2 【市场资讯】 ·美国财长贝森特表示，美将在接下来几周内与至少17个合作伙伴进行会谈；有很大机会在税收法案中 看到所得税减免，关税收入或可用于减税；美国总统已会晤国内外汽车制造商，希望给予汽车制造商创 造就业的机会。 ·美国3月商品贸易逆差增长9.6%，达到1620亿美元的新高；进口额增长5%至3427亿美元，出口额仅增 长1.2%至1808亿美元；出口增长不及进口，导致贸易逆差扩大。 ·美国世界大型企业研究会29日发布数据显示，受预期恶化影响，美国4月消费者信心指数连续第五个月 下降，跌至新冠疫情以来的最低水平。数据显示，美国4月消费者信心指数为86，低于市场预期的87.5 和3月份修订后的93.9。 ·美国3月JOLTs职位空缺719.2万人，预期748万人，前值从756.8万人修正为748万人。美国2月FHFA房价 指数环比升0.1%，预期升0.3%，前值 ...

具体来看，生产预期指数首次出现零增长（从3月的3.4降至0），而不确定性指数则飙升至2023年1月以 来最高水平（从33.4升至38.8）。 新华财经北京4月29日电（崔凯）欧元区4月工业信心指数降至-11.2，低于上月修正后的-10.7，也未能 达到市场预期的-10.1。该数据与其他基于调查的经济指标恶化趋势一致，显示出美国制裁威胁及其规 模不确定性的负面影响。 在欧元区主要经济体中，荷兰和意大利的信心分别下降了2.5和1.8，而德国和西班牙的信心则分别小幅 上升了0.5和0.4。法国的信心保持稳定。这些数据显示出欧元区内部各国家之间的差异性，同时也反映 了全球经济环境变化对不同经济体的不同影响。 数据揭示了当前欧元区面临的挑战，尤其是在国际贸易紧张局势加剧背景下，企业及消费者的信心均受 到不同程度的影响。 （文章来源：新华财经） 此外，销售价格预期略有下降（从11.3降至11），订单簿指数降幅有所收窄（从-26.5升至-25.1），就业 预期的悲观情绪也有所缓解（从-5.6升至-4.5）。 与此同时，欧元区经济景气指数（ESI）在2025年4月降至93.6，低于3月修正后的95.0，低于市场预期的 94. ...

欧元区4月工业景气指数 -11.2，预期 -10.4，前值 -10.6。 ...

智通财经4月29日电，欧元区4月经济景气指数为93.6，预期94.5，前值由95.2修正为95。 ...