Core Viewpoint - The logistics industry in China has shown stable growth in the first half of the year, with a total social logistics volume of 171.3 trillion yuan, reflecting a year-on-year increase of 5.6%, which is 0.3 percentage points higher than the GDP growth rate, indicating strong support from logistics demand for economic development [1][4]. Group 1: Overall Logistics Performance - The total social logistics volume reached 171.3 trillion yuan, with a year-on-year growth of 5.6% [1]. - The growth rate of social logistics volume outpaced GDP growth by 0.3 percentage points, highlighting the logistics sector's role in economic support [1]. Group 2: Industrial Logistics - The logistics volume for industrial products increased by 5.8%, contributing 85% to the growth of social logistics volume, which supports the stability of the industrial economy and the smooth operation of supply chains [3]. - The logistics demand from the equipment manufacturing industry grew by 10.9%, while high-tech manufacturing logistics demand increased by 9.7%, becoming significant growth drivers [3]. - Logistics related to 3D printing equipment and industrial robots saw a year-on-year increase of over 20% [3]. Group 3: Consumer Logistics - Consumer logistics volume for units and households grew by 6.1%, with an increase of 0.3 percentage points compared to the first quarter, driven by policies promoting domestic demand and consumption [8]. - Notable growth in logistics demand was observed in sectors related to trade-in programs for old products, electronic products, and tourism-related consumption [10]. Group 4: Resource Logistics - The logistics volume for renewable resources increased by 17%, with a growth acceleration of 1.2 percentage points compared to the first quarter [12]. - Significant growth was recorded in logistics for automobiles, household appliances, and other products, with growth rates exceeding 10% for items such as automobiles, tablets, smartphones, and washing machines [12]. Group 5: Import Logistics - The decline in import logistics volume has narrowed in the second quarter, with a recovery in the logistics volume of major commodities like crude oil and iron ore [6]. - The import logistics volume for integrated circuits increased by 8.9%, with a growth rate improvement of 0.5 percentage points compared to the period from January to May [6].

Core Insights - The overall logistics demand in China shows a steady but slowing growth, with a total social logistics volume of 138.7 trillion yuan in the first five months, reflecting a year-on-year increase of 5.3% [1][2] - The logistics supply remains robust, with the logistics industry revenue reaching 5.6 trillion yuan, a year-on-year growth of 4.2% [4][5] Logistics Demand Trends - In May, the logistics demand growth rate decreased to 5.0%, down 0.5 percentage points from April, indicating a stabilization in logistics demand recovery [1][2] - Industrial product logistics maintained a steady growth of 5.6% year-on-year in the first five months, with May's growth at 5.5% [2][3] - The logistics for units and residents' goods saw a significant increase, with a total growth of 6.4% in the first five months and 8.3% in May [3] Structural Optimization - The logistics structure is improving, driven by industrial upgrades and supportive policies, with equipment manufacturing logistics demand leading the growth [2][5] - New consumption trends such as live streaming sales and instant retail are maturing, contributing to the acceleration of logistics demand in May [3] Logistics Supply Dynamics - The logistics supply continues to expand, with a logistics industry prosperity index of 50.6% in May, indicating ongoing expansion despite a slight decrease [4][5] - Efficient transportation methods are on the rise, with air cargo transport volume increasing by 16.6% year-on-year in May [4] Future Outlook - The logistics demand is expected to remain stable, supported by policies promoting equipment updates and trade-in programs, although challenges in international logistics and price competition may persist [5] - The logistics prosperity index's business activity expectation remains above 55%, indicating positive market expectations in sectors like intermodal transport and low-altitude economy [5]