高帅表示，从2025年全年走势看，公路运输市场持续调整优化，四个季度运价指数均保持在105点左 右，且自二季度以来逐季回升，反映出公路运输市场持续调整，企业韧性经营能力有所改善。值得注意 的是，2025年12月份运价指数环比、同比均小幅回落，主要是前期和上年基数较高，叠加部分大宗原材 料领域价格回落、区域运输竞争压力加大，制约运价企稳回升动力。分区域看，西北、山东半岛区域运 价指数有所回升，其他区域运价指数均有所回落。 从后期走势看，高帅表示，多重积极因素叠加作用下，企业市场预期保持向好，大宗原材料、工业生 产、消费市场等传统领域恢复态势巩固，制造业新动能拉动作用强劲，公路市场具备稳中向好运行基 础，预计2026年初运价指数可能季节性波动，或将稳中有降，但总体价格将延续当前运行水平。 1月9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，2025年12月份，中国公路物流 运价指数为105.2点，环比回落0.22%，同比上一年回落0.70%。 分车型指数看，2025年12月份各车型指数环比小幅回落，同比有所收窄。以大宗商品及区域运输为主的 整车指数为105.8点，比2025年11月份回落0.20%， ...

分析称，从去年全年走势看，中国公路运输市场持续调整优化，四个季度运价指数均保持在105点左 右，且自二季度以来逐季回升，反映出公路运输企业韧性经营能力有所改善。2025年12月运价指数环 比、同比均小幅回落，主要是前期和上年基数较高，叠加部分大宗原材料领域价格回落、区域运输竞争 压力加大，制约运价回升。 分析认为，从后期走势看，"十五五"规划为经济社会发展锚定明确目标，在多重积极因素叠加作用下， 企业市场预期保持向好，大宗原材料、工业生产、消费市场等传统领域恢复态势巩固，制造业新动能拉 动作用强劲，公路市场具备稳中向好运行基础，预计年初中国公路物流运价指数可能季节性波动，或将 稳中有降，但总体将延续当前运行水平。(完) （文章来源：中国新闻网） 中新社北京1月9日电 (记者阮煜琳)中国物流与采购联合会9日发布数据显示，2025年12月，中国公路物 流运价指数为105.2点，环比回落0.22%，同比回落0.70%，公路物流需求保持活跃。 综合来看，2025年12月经济运行延续恢复向好态势，公路物流需求保持活跃。年末节前，企业生产进入 收尾落实阶段，叠加经济政策落地显效，企业生产需求继续释放，居民消费持续激发，有 ...

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]

Economic Activity - The China High-Frequency Economic Activity Index (YHEI) as of September 9, 2025, is 0.98, a decrease of 0.06 from September 2 [1][3] - Key industrial indicators such as the "coastal coal freight index" and "import dry bulk freight index" have declined, with the coastal coal freight index at 0.71, the lowest since June [1][3] Price Indices - The Consumer Price Index (CPI) in August fell by 0.4% year-on-year, with core CPI rising by 0.9%, an increase of 0.1 percentage points from the previous month [42] - Food prices saw a significant decline, with fresh vegetable and pork prices dropping by 15.2% and 16.1% year-on-year, respectively [42] - The Producer Price Index (PPI) decreased by 2.9% year-on-year, with the decline in production material prices narrowing to 3.2% [42][2] Monetary Policy - As of September 9, 2025, the central bank net withdrew 948.8 billion yuan through open market operations, with a reverse repurchase rate of 1.4% [5][6] Interest Rates - The overnight interbank rate rose by 12 basis points to 1.48%, while the seven-day repo rate increased by 3 basis points to 1.49% [9][10] - The yields on 1-year, 5-year, and 10-year government bonds increased by 3.46, 1.35, and 4.74 basis points, respectively [14] Industrial Sector - As of September 9, 2025, steel billet prices increased by 1.69% week-on-week, while cement prices decreased by 1.01% [23][24] - The operating rate of short-process steel mills remained stable at 69.79%, while long-process steel mills saw a decline to 50.00% [23] Shipping Sector - The China Coastal Bulk Freight Index fell by 59.07 points to 994.29 points, while the Baltic Dry Index rose by 93 points to 2079 points [31] Real Estate Market - In the week ending September 9, 2025, new and second-hand home transaction areas in first-tier cities decreased by 24.64% and 4.17%, respectively [35][36] Global Economic Indicators - The US dollar index decreased by 0.54 points to 97.77, while the RMB appreciated by 228 basis points to 7.1248 against the dollar [44][45]

Core Viewpoint - In August, China's highway logistics price index remained stable, indicating a steady economic performance supported by policies aimed at stabilizing the economy and expanding domestic demand [1][2]. Summary by Category Overall Index Performance - The highway logistics price index for August was reported at 105.1 points, reflecting a month-on-month increase of 0.01% and a year-on-year increase of 0.8% [1]. Vehicle Type Index - The full truckload index, primarily driven by bulk commodities and regional transport, stood at 105.6 points, with a month-on-month increase of 0.01% and a year-on-year increase of 1% [1]. - The less-than-truckload (LTL) index showed mixed results: the LTL light cargo index was at 102.6 points, remaining stable month-on-month but down 0.3% year-on-year; the LTL heavy cargo index was at 105.6 points, stable month-on-month and up 1.1% year-on-year [1]. Regional Performance - The price index saw increases in regions such as Northeast, Central China, Shandong Peninsula, and the Yangtze River Delta, while declines were noted in the Southeast Coast, North China, Pearl River Delta, Northwest, and Southwest regions [1]. Market Dynamics - The logistics market is characterized by sufficient capacity, although there are structural and regional fluctuations. The ongoing replacement of new energy heavy trucks is contributing to short-term supply fluctuations in certain areas [1]. - Adverse weather conditions, including high temperatures and heavy rainfall in southern regions, have led to a reduction in transport capacity and mileage [1]. Future Outlook - As September approaches, it is anticipated that weather-related impacts will diminish, and a series of policies aimed at promoting growth and consumption will align with the traditional production peak season, leading to a more active highway transport market [2].