2026年1月份，由中国物流与采购联合会和林安物流集团联合调查的中国公路物流运价指数为105.9点，环比回升0.65%， 同比去年回升0.19%。从月内看，第一、二、三、四周运价指数环比回升，第五周运价指数环比回落。 表1 2026年1月中国公路物流运价指数表 | | 2026年累计 | | 2026年1月 | | 与上月比 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | (%) | | | 中国公路物流运价指数 | | 105.9 | | 105.9 | | 0.65 | | 整车指数 | | 106.5 | | 106.5 | | 0.64 | | 零担轻货指数 | | 103.3 | | 103.3 | | 0.68 | | 零担重货指数 | | 106.6 | | 106.6 | | 0.66 | 分车型指数看，各车型指数环比有所回升，同比去年走势分化。以大宗商品及区域运输为主的整车指数为106.5点，比上 月回升0.64%，比上年同期回升0.32%。零担指数中，零担轻货指数为103.3点，比上月回升0.68%，比上年同期回落 0 ...

2月11日，中国物流与采购联合会和林安物流集团联合调查发布数据显示，2026年1月份，中国公路物流 运价指数为105.9点，环比回升0.65%，同比回升0.19%。从月内看，第一、二、三、四周运价指数环比 回升，第五周运价指数环比回落。 国研新经济研究院创始院长朱克力在接受《证券日报》记者采访时表示，2026年1月份，公路物流运价 指数同比环比双升，彰显国内物流需求平稳复苏，为宏观经济开局注入积极信号。分车型看，整车及零 担重货指数同比回升，印证工业生产、大宗商品运输需求稳健，契合全球干散货运输温和复苏的大趋 势；零担轻货同比小幅回落，或与消费物流结构调整相关。 从后期走势看，高帅分析称，一方面，受2月份春节假日影响，有效工作日相对减少，节后企业复工复 产需逐步推进，当月公路运输需求相较前期有所收窄，预计公路市场需求将在3月份恢复至常态水平。 另一方面，国家层面相关部门继续加大"内卷式"竞争整治力度，公路运输市场营商环境进一步改善，运 输价格有望保持合理区间，继续小幅波动。 分车型指数看，各车型指数环比有所回升，同比走势分化。以大宗商品及区域运输为主的整车指数为 106.5点，比2025年12月（以下简称"上 ...

Core Viewpoint - The logistics and transportation market in China shows signs of recovery, with the road logistics price index remaining stable despite slight declines in December 2025 [1][2] Group 1: Price Index Overview - In December 2025, the China road logistics price index was 105.2 points, reflecting a month-on-month decrease of 0.22% and a year-on-year decrease of 0.70% [1] - The truckload index, primarily driven by bulk commodities and regional transport, was 105.8 points, down 0.20% from November 2025 and down 0.53% from December 2024 [1] - The less-than-truckload (LTL) index showed a light cargo index of 102.6 points, down 0.29% from November and down 1.46% year-on-year, while the heavy cargo index was 105.9 points, down 0.23% month-on-month and down 0.48% year-on-year [1] Group 2: Market Dynamics - The overall economic recovery in December 2025 supported active demand in road logistics, with production nearing completion and effective economic policies boosting production and consumer demand [1] - The supply of transport capacity remained adequate, and structural adjustments continued, contributing to a stable demand for road transport [1] - Despite the slight declines in the price index, the overall level remained high, above the annual average of 105.1 points, indicating resilience in the market [1] Group 3: Future Outlook - Throughout 2025, the road transport market underwent continuous adjustments, with price indices remaining around 105 points, reflecting improved operational resilience among enterprises [2] - The slight month-on-month and year-on-year declines in December were attributed to high previous year bases and increased competition in regional transport [2] - Looking ahead, positive factors are expected to support market expectations, with traditional sectors like raw materials and manufacturing showing signs of recovery, although seasonal fluctuations may occur in early 2026 [2]

Core Viewpoint - The China Logistics and Purchasing Federation reported that the road logistics price index for December 2025 is 105.2 points, showing a slight month-on-month decrease of 0.22% and a year-on-year decrease of 0.70%, indicating sustained activity in road logistics demand [1] Group 1: Economic Performance and Logistics Demand - The economic operation continues to show a recovery trend, with active road logistics demand supported by the end-of-year production phase and effective economic policies [1] - The supply of transport capacity is relatively sufficient, with a continuous adjustment in structure, and the market for road transport remains stable due to increased penetration of new energy freight vehicles [1] Group 2: Price Index Trends - Throughout 2025, the road transport market has been undergoing continuous adjustment and optimization, with the price index remaining around 105 points each quarter and showing a gradual recovery since the second quarter [1] - The slight month-on-month and year-on-year decline in the price index for December 2025 is attributed to high previous year baselines and increased competition in regional transport, which limits price increases [1] Group 3: Future Outlook - The "14th Five-Year Plan" sets clear goals for economic and social development, and with multiple positive factors, market expectations among enterprises remain optimistic [2] - The traditional sectors such as bulk raw materials, industrial production, and consumer markets are consolidating their recovery, providing a stable foundation for the road logistics market, although seasonal fluctuations in the price index are expected at the beginning of the year [2]

Core Insights - The logistics market in China shows signs of recovery, with the road logistics price index reaching 105.4 points in November 2025, reflecting a month-on-month increase of 0.46% and a year-on-year increase of 0.82% [1][2] - Demand for road logistics is supported by year-end production goals and ongoing infrastructure projects, alongside effective consumer policies that boost consumption [1][2] Summary by Category Price Index Performance - The overall road logistics price index increased to 105.4 points, with all weekly indices showing a month-on-month rise [1] - The full truckload index, primarily driven by bulk commodities, reached 106 points, up 0.47% from October and 0.98% year-on-year [1] - The less-than-truckload indices also saw increases, with the light cargo index at 102.9 points (up 0.27% month-on-month, 0.06% year-on-year) and the heavy cargo index at 106.1 points (up 0.59% month-on-month, 1.05% year-on-year) [1] Supply and Demand Dynamics - The market is experiencing steady growth in new transport capacity, with stable trunk transportation and sufficient supply in the logistics market [2] - The price index's increase is attributed to balanced supply and demand, particularly in bulk and heavy cargo transportation [2] Future Outlook - The economic fundamentals remain positive, with optimistic market signals suggesting that the road transport market will remain active, and the price index may stabilize or slightly increase [2] - Long-term support from government policies, improvements in logistics infrastructure, and innovations in logistics technology are expected to enhance efficiency and reduce costs in the logistics sector [2]

Core Viewpoint - The logistics market in China shows signs of recovery, with the road logistics price index reaching its highest level of the year in November 2025, indicating a positive trend in demand and supply dynamics [1][2]. Group 1: Price Index Performance - In November 2025, the road logistics price index was 105.4 points, reflecting a month-on-month increase of 0.46% and a year-on-year increase of 0.82% [1]. - The index for full truckload transportation, primarily for bulk commodities, was 106 points, up 0.47% from October and 0.98% year-on-year [1]. - The less-than-truckload (LTL) index for light cargo was 102.9 points, increasing by 0.27% from October and 0.06% year-on-year, while the LTL index for heavy cargo was 106.1 points, up 0.59% month-on-month and 1.05% year-on-year [1]. Group 2: Market Dynamics - The market is experiencing a steady increase in new transport capacity, with overall stability in trunk transportation and sufficient supply in the transport market [2]. - The price index's increase is attributed to coordinated development in supply and demand, with significant growth in full truckload and heavy cargo transportation [2]. - Regional performance varied, with price indices in the Central China and Shandong Peninsula regions declining, while other regions saw increases [2]. Group 3: Future Outlook - The economic fundamentals remain positive, with optimistic market signals suggesting that the road transport market will remain active, and the price index may stabilize or slightly increase [2]. - Long-term support from national policies for the logistics industry, along with improvements in logistics infrastructure and technology, is expected to enhance efficiency and reduce costs [2]. - The stable growth of the domestic economy and expanding consumer market will provide broader development opportunities for the logistics sector, indicating a trend of stable growth in the road logistics market [2].

Core Insights - The China Road Logistics Freight Index reached 105.4 points in November 2025, showing a month-on-month increase of 0.46% and a year-on-year increase of 0.82% [1][3] Summary by Category Freight Index Overview - The overall freight index for November 2025 is 105.4 points, up from 105.1 points in October [3] - The full truckload index increased to 106.0 points, a rise of 0.47% from the previous month and 0.98% year-on-year [3] - The less-than-truckload light cargo index rose to 102.9 points, up 0.27% month-on-month and 0.06% year-on-year [3] - The less-than-truckload heavy cargo index reached 106.1 points, increasing by 0.59% from the previous month and 1.05% year-on-year [3] Market Demand and Supply - The road logistics market is experiencing a slight recovery in demand, driven by year-end production goals and the completion of infrastructure projects [4] - Industrial production is stabilizing demand for basic raw materials, supporting the overall logistics demand [4] - Consumer demand is improving due to the effectiveness of consumption-boosting policies [4] - The market is seeing a steady increase in new transport capacity, with overall stability in trunk transportation [4] Regional Performance - The freight index in the Central China and Shandong Peninsula regions has declined, while other regions have seen increases [4] Future Outlook - The positive economic fundamentals are expected to continue, with optimistic market signals accumulating [4] - The road transport market is anticipated to remain active, with the freight index likely to stabilize at current high levels or experience slight increases [4]

Core Insights - The China Road Logistics Freight Index for October 2025 is reported at 104.9 points, showing a month-on-month decline of 0.10% and a year-on-year decrease of 0.11% [1] - The overall economic operation in China is stabilizing, but market demand remains weak due to domestic and international macroeconomic conditions [5] Index Performance - The freight index for full truckload, primarily for bulk commodities and regional transport, is at 105.5 points, down 0.12% from the previous month but up 0.03% year-on-year [2] - The less-than-truckload (LTL) index shows mixed results: the light cargo index is at 102.6 points, up 0.02% month-on-month but down 0.78% year-on-year; the heavy cargo index is at 105.5 points, down 0.16% month-on-month but up 0.05% year-on-year [2] Market Dynamics - The demand for road transport has contracted compared to previous periods, influenced by the "Double Festival" holiday and a slowdown in enterprise production [5] - The freight index is expected to stabilize and potentially rise towards the end of the year, driven by increased production and sustained consumer demand [5] - Regional performance varies, with the Northeast and Yangtze River Delta regions seeing an increase in freight index, while other regions experienced declines [5]

Core Viewpoint - The logistics and transportation market in China is showing signs of stability and gradual recovery, with the road logistics price index for September 2025 reaching 105.1 points, reflecting a slight month-on-month increase and a more significant year-on-year rise [1][2]. Group 1: Price Index Trends - The road logistics price index for September 2025 is reported at 105.1 points, with a month-on-month increase of 0.01% and a year-on-year increase of 0.6% [1]. - The overall vehicle index stands at 105.6 points, remaining stable compared to August and showing a year-on-year increase of 0.8% [1]. - The light cargo index is at 102.6 points, with a slight month-on-month increase of 0.01% but a year-on-year decrease of 0.3%, while the heavy cargo index is at 105.6 points, also with a month-on-month increase of 0.01% and a year-on-year increase of 0.9% [1]. Group 2: Market Dynamics - The economic environment in September is characterized by a steady recovery, with demand for road transportation improving due to various factors, including government policies aimed at boosting domestic demand, industrial production peaks, and a resurgence in consumer markets [2]. - The transportation market is experiencing a balance between supply and demand, with the price index remaining stable and high throughout the year, despite some regional fluctuations [2]. - Specific regions such as the Northeast, Central China, Shandong Peninsula, Pearl River Delta, and Yangtze River Delta have seen price index increases, while regions like Southeast Coast, North China, Northwest, and Southwest have experienced declines [2]. Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival may temporarily affect short-term freight demand, but post-holiday production recovery and the approach of the seasonal consumption peak are expected to sustain logistics demand [3]. - The logistics industry anticipates a gradual rebound in the price index, driven by balanced supply and demand dynamics and cost transmission effects [3].

Core Insights - The logistics and transportation market in China shows signs of stability and gradual improvement in September 2025, with the road logistics price index rising by 0.01% month-on-month and 0.6% year-on-year [1][2] Group 1: Price Index Trends - The road logistics price index for September 2025 is reported at 105.1 points, indicating a slight month-on-month increase and a more noticeable year-on-year rise [1] - The truckload index, primarily driven by bulk commodities and regional transport, stands at 105.6 points, remaining stable compared to August and up 0.8% from the previous year [1] - The less-than-truckload (LTL) indices show mixed results, with the light cargo index at 102.6 points (up 0.01% from August but down 0.3% year-on-year) and the heavy cargo index at 105.6 points (up 0.01% from August and up 0.9% year-on-year) [1] Group 2: Market Dynamics - The overall economic performance in September is characterized by a steady recovery, with demand for road transport improving due to various factors including industrial production peaks and e-commerce preparations [2] - The transportation market is experiencing a balance between supply and demand, with the price index maintaining a high level throughout the year, despite some regional fluctuations [2] - Specific regions such as Northeast, Central China, Shandong Peninsula, Pearl River Delta, and Yangtze River Delta have seen price index increases, while Southeast Coast, North China, Northwest, and Southwest regions have experienced declines [2] Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival may temporarily affect short-term freight demand, but post-holiday production recovery and the approach of the seasonal consumption peak are expected to sustain logistics demand [3] - The logistics industry anticipates a gradual rebound in the price index, driven by balanced supply and demand dynamics and cost transmission [3]