本报北京10月11日电 （记者欧阳洁）中国物流与采购联合会发布的9月份中国物流业景气指数为 51.2%，较上月回升0.3个百分点，物流需求平稳增长。 物流业务总需求保持扩张。9月份，新订单指数为53.3%，环比回升1个百分点，连续8个月保持景气区 间运行。 能源运输、电子元器件、医药化工等行业物流需求向好，带动铁公水和航空物流业务量增长。9月份， 铁路运输业、道路运输业业务总量指数环比分别回升0.1和0.2个百分点，航空运输业业务总量指数和新 订单指数环比分别上升0.3和1.2个百分点。 《 人民日报 》（ 2025年10月12日 04 版） (责编：牛镛、岳弘彬) 关注公众号：人民网财经 居民消费物流需求平稳增长。民生消费物流较快回升，冷链鲜食、家电3C、旅游户外、美妆服装等网 购品类保持较高热度，9月份邮政快递业业务总量指数为70.1%，远高于全行业水平。 ...

综合三季度来看，物流业景气指数累计回升0.4个百分点，从业人员指数、主营业务利润指数均连续回 升，物流活跃度进一步增强，企业经营活力趋稳向好。 从分项指数看，新订单指数加速扩张。铁路运输业、道路运输业、航空运输业、多式联运领域新订单指 数，环比回升均超过0.5个百分点。民生消费物流增长较快，冷链鲜食、旅游户外、服装等网购品类保 持较高热度。9月份邮政快递业业务总量指数为70.1%，远高于全行业水平。产业物流方面，能源运 输、通信设备、家居家电耐用消费品等行业物流需求进一步向好，带动物流业务量平稳增长。 央视网消息（新闻联播）：中国物流与采购联合会今天（10月11日）公布，9月份中国物流业景气指数 为51.2%，较上月上升0.3个百分点，为4月份以来的新高。 ...

格隆汇10月11日｜据央视，综合三季度数据来看，物流业景气指数累计回升0.4个百分点，企业经营活 力趋稳向好。数据显示，物流服务价格指数、从业人员指数、主营业务利润指数连续回升。三季度物流 服务价格指数累计回升0.9个百分点。9月份道路运输业和水上运输业服务价格指数保持回升，在一定程 度上有效改善前期低迷状况。三季度，从业人员指数累计回升2.1个百分点，其中9月份回升1.4个百分 点。从行业来看，水上运输业、航空运输业、多式联运领域人员岗位需求增加较多。 ...

Core Viewpoint - The logistics industry in China shows signs of steady growth, with the logistics prosperity index reaching 50.9% in August, indicating a recovery and sustained expansion in the sector [1] Group 1: Logistics Industry Performance - In August, the logistics business volume and new order volume increased significantly due to the implementation of policies aimed at boosting consumption, stabilizing investment, and ensuring livelihoods [1] - The logistics prosperity index has remained in the expansion range for six consecutive months, with balanced growth observed across eastern, central, and western regions of China [1] - The new order indices for railway, air transport, and postal express industries exceeded 55%, with significant growth in multimodal transport and water transport sectors [1] Group 2: Regional and Sectoral Insights - The logistics business volume index for eastern, central, and western regions increased by 0.1, 0.6, and 0.3 percentage points respectively [1] - The demand for logistics services in sectors such as automotive parts manufacturing, electronic components manufacturing, and electrical machinery manufacturing has increased [2] - Major urban agglomerations like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta have shown a recovery in logistics business volume, demonstrating significant radiating effects [2] Group 3: Pricing and Profitability - The logistics service price index rose by 0.3 percentage points in August, with the railway transport service price index remaining stable at 48.9% [2] - The main business profit index for logistics companies increased by 0.2 percentage points, with small and micro enterprises also showing improvement [2] Group 4: Investment and Future Outlook - Fixed asset investment in the logistics sector remains in the expansion range, with central and western regions achieving completion indices around 55%, which is 4 to 5 percentage points higher than the same period last year [3] - The business activity expectation index for the logistics industry was 55.8% in August, indicating a positive outlook for future activities [3] - The logistics demand market is expected to maintain steady growth, providing solid support for economic recovery [4]

Group 1 - ZTO Express (ZTO.US) closed up 0.84% and continued to rise 1% in pre-market trading, reaching $18.2 [1] - The China Logistics and Purchasing Federation reported an increase in the logistics industry prosperity index for August, which rose to 50.9%, up 0.4 percentage points from the previous month [1] - Key sub-indices, including the total business volume index and new orders index, showed continuous expansion, with the total business volume index remaining in the expansion zone for six consecutive months and the new orders index for seven consecutive months [1] Group 2 - ZTO's market capitalization stands at $14.412 billion, with a total share count of 800 million [1] - The stock's price-to-earnings ratio (TTM) is 12.13, and the price-to-book ratio is 1.603 [1] - The stock has a dividend yield of 3.87% and a historical high of $35.363 [1]

Core Viewpoint - The logistics industry in China shows signs of recovery and expansion, with the logistics prosperity index for August 2025 at 50.9%, indicating a 0.4 percentage point increase from the previous month, driven by policies aimed at boosting consumption, stabilizing investment, and ensuring livelihoods [1]. Group 1: Logistics Index Performance - The business volume index and new orders index both continue to expand, with the business volume index at 50.9% and the new orders index at 52.3%, indicating sustained growth for six and seven consecutive months respectively [4][5]. - The eastern, central, and western regions of China have all experienced balanced growth, with the business volume index in these regions increasing by 0.1, 0.6, and 0.3 percentage points respectively [4]. Group 2: Sector-Specific Developments - The logistics demand in sectors such as tourism, e-commerce, and local specialties has surged, with outdoor leisure and seasonal produce orders increasing by nearly 5% month-on-month [5]. - The postal express and air transport sectors have maintained high business volume indices of 69.6% and 53.1%, respectively, both showing a month-on-month increase of 0.3 percentage points [5]. Group 3: Microeconomic Indicators - The logistics service price index rose by 0.3 percentage points in August, with improvements noted across various transport sectors, particularly in water transport due to increased demand [6]. - The main business profit index also saw a month-on-month increase of 0.2 percentage points, with small and micro enterprises showing a narrowing profit gap compared to larger firms [6]. Group 4: Investment and Future Outlook - Fixed asset investment completion index remains in the expansion range, particularly in central and western regions, which reached around 55%, up 4-5 percentage points year-on-year [7]. - The business activity expectation index rose to 55.8%, indicating a positive outlook for logistics demand and economic stability moving forward [7].

Group 1 - The core viewpoint is that with the implementation of policies to promote consumption, stabilize investment, and ensure people's livelihoods, the logistics business volume and new order volume are growing rapidly, with balanced growth across eastern, central, and western regions [1] - The logistics business activity expectation index remains above 55%, indicating a positive outlook for enterprises [1] - The logistics business volume index is at 50.9%, showing a month-on-month increase of 0.4 percentage points, and continues to stay in the expansion range [1][2] Group 2 - The new order index for logistics enterprises is stable at 52.3%, maintaining a prosperous range for seven consecutive months, with significant growth in multimodal transport and water transport sectors [1] - The logistics service price index has increased by 0.3 percentage points month-on-month, with a cumulative rise of 0.5 percentage points over two months [1] - The business activity expectation index is at 55.8%, reflecting a month-on-month increase of 0.2 percentage points, with an average of 55.4% over the first eight months, which is 0.4 percentage points higher than the same period last year [1]

Report Information - Report Type: Steel Daily Review [1] - Date: September 3, 2025 [2] - Research Team: Black Metal Research Team [3] - Researchers: Zhai Hepan, Nie Jiayi, Feng Zeren [3] 1. Market Review and Future Outlook 1.1 Spot Market Dynamics and Technical Analysis - On September 2, some rebar and hot-rolled coil spot markets saw price drops. Rebar prices in Changsha dropped by 30 yuan/ton, and in other cities by 10 - 20 yuan/ton. Hot-rolled coil prices in some cities dropped by 10 - 20 yuan/ton, while in Shenyang, it rose by 10 yuan/ton [8]. - The daily KDJ indicators of rebar 2601 contract showed a split trend, with the J value rebounding, the K value nearly flat, and the D value continuing to decline. The daily KDJ indicators of hot-rolled coil 2601 contract continued to decline after a dead cross the previous day. The daily MACD green bars of both contracts have been expanding [8]. 1.2 Future Outlook - News: Recently, some northern steel mills started the first round of coke purchase price cuts, and iron ore spot prices also showed a weakening trend [9]. - Fundamentals: The production and demand of the five major steel products continued to rise slightly, while the steel mill inventory continued to decline slightly, but the social inventory reached a new high since early May. The blast furnace capacity utilization rate and daily hot metal output decreased slightly but remained at a high level. Since early August, steel mill profits have generally declined by 140 - 200 yuan/ton, which has a suppressing effect on raw material prices. Steel mill iron ore inventories have declined for two consecutive weeks, and the purchasing sentiment has turned flat. After the eighth round of coke spot price increase, there are rumors that Hebei steel mills plan to conduct the first round of coke price cuts on September 5. Mongolia will increase coal exports to China, causing coke and coking coal futures to turn weak again [10]. - Overall: Recently, the production restrictions in Beijing-Tianjin-Hebei, Shandong, and Henan were not as effective as previously shown in the market. Constrained by the under - expected demand in the steel spot market and the significant narrowing of steel mill profits, the steel market in the early part of September will face pressure from weak demand and the loss of cost support. However, this situation is unlikely to continue after mid - September. There is hope for a long - term slow - bull market in the steel market from mid - September to November, similar to the domestic stock index slow - bull trend from April to August [11]. 2. Industry News - The Shanghai Cooperation Organization member states issued a statement on energy sustainable development on September 1, calling for deeper cooperation in the energy field [12]. - On September 2, the China Federation of Logistics and Purchasing released the logistics industry prosperity index for August, which expanded significantly. The business volume index and new order index continued to expand [12]. - Tianfeng Securities gave a "Buy" rating to China Shenhua, citing its integrated operation model, stable coal and power businesses, and high - return profit distribution plan [12]. - Five major traditional power generation companies achieved a total net profit of 24.267 billion yuan in the first half of 2025, a new high since 2016 [13]. - According to CITIC Securities, the total net profit of sample coal companies decreased by about 32% year - on - year and 15% quarter - on - quarter in the first half of the year. However, the industry's supply - demand pattern may improve in the second half, and the coal price center may rise [13]. - The 62 - day railway summer transportation ended on August 31, with passenger and freight volumes reaching record highs [13]. - In July 2025, the total import and export volume of automobile products was 24.98 billion US dollars, with exports showing significant growth [13]. - Fenix Resources signed a mining rights agreement with Sinosteel Midwest Corporation [13]. - India's power generation increased by 4% in August, and the proportion of coal - fired power generation rose [13]. - Russia's Yakutia region plans to increase coal production to over 50 million tons in 2025 [13]. - In July 2025, global pig iron production decreased by 0.2% month - on - month and 4.4% year - on - year [13]. - The EU is taking measures to ensure that Russian gas will not be mixed into its supply system after the 2027 ban [14]. 3. Data Overview - The report provides multiple data charts including spot prices, social inventories, production, and capacity utilization rates of steel products, with data sources from Mysteel and the research and development department of Jianxin Futures [16][18][25]

Core Insights - The logistics industry in China shows significant expansion in August, with the logistics prosperity index reaching 50.9%, an increase of 0.4 percentage points from the previous month [1] - Key sub-indices such as the total business volume index and new orders index continue to expand, indicating a positive trend in supply and demand [1] - The logistics service price index and main business profit index also saw a month-on-month increase, reflecting improved operational conditions for companies [2] Industry Performance - In August, logistics orders for outdoor leisure, fitness entertainment, local specialties, and seasonal fruits and vegetables increased by nearly 5% month-on-month [2] - The logistics demand in sectors like automotive parts manufacturing, electronic components manufacturing, and electrical machinery manufacturing has shown notable growth [2] - The railway, aviation, and express logistics sectors maintained a high prosperity level, supported by national policies [2] Investment and Economic Outlook - Fixed asset investment index remains in the expansion zone, indicating continued growth in investment [1] - The business activity expectation index reached 55.8%, up 0.2 percentage points from the previous month, reflecting enhanced market confidence [2] - The average business activity expectation index for the first eight months of the year was 55.4%, which is 0.4 percentage points higher than the same period last year [2]

Core Viewpoint - In August, China's logistics industry maintained an expansionary trend, with the logistics prosperity index rising to 50.9%, an increase of 0.4 percentage points from the previous month [1][2]. Group 1: Logistics Prosperity Index - The logistics prosperity index for August was reported at 50.9%, indicating a recovery and sustained expansion for six consecutive months [1]. - The index reflects a rapid growth in logistics business volume and new order volume, supported by the implementation of policies aimed at promoting consumption, stabilizing investment, and ensuring livelihoods [1][2]. Group 2: Sub-Indices Performance - Various sub-indices, including business volume index, new order index, inventory turnover index, capital turnover rate index, logistics service price 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 was at 50.9%, showing a month-on-month increase of 0.4 percentage points [1]. Group 3: Regional Investment and Market Outlook - Fixed asset investment completion index remained in the expansion zone, with central and western regions achieving completion indices around 55% [2]. - The business activity expectation index rose to 55.8%, indicating positive market sentiment and expectations for stable growth in logistics demand [2].