2025 年前三季度物流行业运行分析 2025 年前三季度，中国物流行业呈现"稳中有进、质效提升"发展态势。社会物流总 额稳步增长，需求结构持续优化，工业品与消费物流需求活跃。行业降本增效成果显著， 社会物流总费用与 GDP 比率进一步降低。当前，行业正积极落实"十五五"规划提出的 "四个转变"，聚焦基础设施网络、物流运输服务、技术装备应用和数据赋能治理，加快 建设现代化交通物流体系。在数字化转型与绿色低碳发展双轮驱动下，物流行业高质量发 展迈入新阶段。 联合资信工商评级二部 一、行业运行状况 2025 年前三季度，中国物流行业总体呈现稳中有进、质效提升的发展态势。社会物 流总额保持稳定增长，内需潜力加速释放，需求结构持续优化。物流供给端同步升级， 细分领域协同提质，行业景气水平整体向好。 中国物流与采购联合会公布的数据显示，2025 年前三季度，全国社会物流总额达 到 263.2 万亿元，按可比价格计算，同比增长 5.4%，增速较上半年回落 0.3 个百分点， 仍保持在较高增长区间，较同期 GDP 增速高 0.2 个百分点，显示了物流需求对经济发 展的支撑作用持续稳固，物流市场在业务拓展与服务增值方面取得的 ...

Core Insights - The 10th Pharmaceutical Innovation and Investment Conference was held in Nanjing on October 26-27, highlighting advancements in China's drug development landscape [1] - The new phase of the "National Major Special Project for Innovative Drug Development" has been launched this year, building on the previous round of initiatives and achieving leapfrog development [1][2] - Significant breakthroughs have been made in major drug development, with 84 new class drugs approved, a substantial increase compared to prior to the implementation of related projects [1] Group 1 - The transition from a focus on imitation to independent creation in drug development has been fundamentally altered by the "Major New Drug Creation Major Special Project" from 2008 to 2020 [1] - China has gained strong international influence in specific fields such as Antibody-Drug Conjugates (ADC) and cell therapy [1] - The innovation capabilities of domestic companies have significantly improved, with some original drugs developed by local firms receiving FDA approval [1] Group 2 - The strategic planning for the new phase of the national drug development project emphasizes leveraging past experiences while targeting new high-peak areas [2] - The project aims to shift from single product development to a three-pronged approach focusing on products, talent, and platforms to enhance research capabilities [2] - The initiative will also focus on upstream innovation, addressing unmet clinical needs, and promoting forward-looking innovative approaches [2] Group 3 - The main tasks of the project will revolve around drug research connections, including new drug target discovery and traditional Chinese medicine development [3] - By 2035, the goal is to establish a self-controlled, efficient, and robust national drug innovation system, positioning China as a global center for new drug creation and biopharmaceutical industry [3]