Core Insights - The logistics industry in China showed signs of recovery in November, with the logistics prosperity index rising to 50.9%, an increase of 0.2 percentage points from the previous month [1] Group 1: Overall Logistics Performance - The total business volume index, new orders index, capital turnover index, logistics service price index, fixed asset investment completion index, employment index, and business activity expectation index are all within the prosperous range [1] - The business volume index for the central and western regions was 51% and 51.2%, respectively, surpassing the national average, while the eastern region's index was 50.5%, up 0.1 percentage points from October [1] Group 2: Sector-Specific Trends - In November, the demand for energy logistics continued to decline, with pressures on coal terminal consumption and port inventories, primarily due to stable demand for power generation coal and weak demand for coal in chemical, metallurgy, and construction sectors [1] - Industrial product logistics demand saw a rebound, while demand in the construction materials industry continued to decline; however, sectors such as transportation equipment, home appliances, smart devices, and automotive parts maintained good demand [1] Group 3: Adjustments in Specific Logistics Areas - The aviation logistics sector experienced a decrease, with the business volume index at 52.6%, down 0.3 percentage points from the previous month due to falling demand [2] - Cold chain storage rental prices continued to adjust, with significant declines in regions such as Central China, Northwest, Northeast, and Southwest, while South and East China stabilized [2] - The water transport business volume index fell to 44.5%, a decrease of 0.3 percentage points, reflecting ongoing adjustments in the coastal bulk cargo transport and domestic trade container markets [2] Group 4: Future Outlook - The fixed asset investment completion index for the logistics industry was at 55.4%, and the business activity expectation index was at 54.9%, indicating sustained high levels of investment and positive expectations for the future [2]

Core Insights - The total social logistics volume in China from January to July reached 201.9 trillion yuan, with a year-on-year growth of 5.2% [1] - The logistics market is showing stable growth, with industrial and consumer logistics demonstrating resilience [2][3] Group 1: Logistics Performance - From January to July, the logistics industry generated a total revenue of 8.2 trillion yuan, reflecting a year-on-year increase of 4.9% [3] - The logistics business activity index averaged 50.5 points, indicating continued expansion, while the new orders index for logistics companies was at 52.5 points, suggesting a recovery in business conditions [3] Group 2: Industrial and Consumer Logistics - Industrial logistics maintained a solid foundation, with a total volume growth of 5.7% from January to July, supported primarily by the manufacturing sector [1] - The logistics demand for units and residential goods grew by 6.2% year-on-year, driven by policies encouraging consumption and the rise of online retail [2] Group 3: Import Logistics - The total logistics volume for imported goods decreased by 2.4% year-on-year, but the decline was less severe than in the first half of the year, with a 1.4% increase in July [2] - High-tech products, particularly machine tools and integrated circuits, were significant contributors to the improvement in import logistics [2]

Core Insights - The logistics sector in China demonstrated steady growth in the first half of 2025, with a total social logistics volume of 171.3 trillion yuan, reflecting a year-on-year increase of 5.6% [1] - The growth rate of social logistics outpaced GDP growth by 0.3 percentage points, indicating strong support from logistics demand for economic development [1] Logistics Performance - The logistics volume for industrial products grew by 5.8% year-on-year, contributing 85% to the overall growth of social logistics [1] - The logistics demand from units and households increased by 6.1%, with online retail of physical goods rising by 6% [1] Emerging Industries - The logistics demand in emerging industries showed robust growth, with equipment manufacturing logistics demand increasing by 10.9% and high-tech manufacturing logistics demand growing by 9.7% [2] - Specific products such as 3D printing equipment and industrial robots saw logistics volume growth exceeding 20% [2] International Logistics - Despite a 3% year-on-year decline in total logistics for imported goods, the decline narrowed compared to the first quarter, with a 2.1% increase in June [2] - Imports from ASEAN, Japan, and South Korea showed positive growth, with integrated circuits seeing a notable recovery with an 8.9% increase [2] Logistics Industry Trends - The total revenue of the logistics industry reached 6.9 trillion yuan, marking a 5% year-on-year increase [3] - Key logistics indicators, including business volume index and new orders index, remained in the expansion zone, indicating a healthy logistics industry environment [3] Transportation Modes - Rail freight saw a steady increase, with 1.98 billion tons of goods transported, reflecting a 3% year-on-year growth [3] - Air cargo transportation volume reached 4.784 million tons, with international air cargo growing by 23.4% [3] E-commerce and Express Delivery - The express delivery sector experienced significant growth, with over 95 billion packages delivered, representing a 19.3% year-on-year increase [4] Future Outlook - The logistics sector is expected to continue its positive trajectory, supported by policy improvements and the dual drive of industrial and consumption upgrades [5] - The annual growth rate of social logistics is projected to remain around 5.5% [5]

Core Viewpoint - The logistics industry in China is experiencing a positive trend with an increase in the logistics business volume and an improvement in the overall economic climate, as indicated by the logistics prosperity index reaching 50.8% in June, up 0.2 percentage points from the previous month [1] Industry Performance - The logistics prosperity index for June stands at 50.8%, indicating expansion, with the total business volume index remaining in the expansion zone for four consecutive months since 2025 [1] - The central and western regions of China have business volume indices that exceed the national average [1] Sector Analysis - Various sectors including road transport, rail transport, air transport, and postal express services are all in the expansion zone, with the postal express and air transport indices at 69.3% and 52% respectively, driven by online shopping and seasonal demand for fresh produce [3] - The logistics demand is particularly strong in the e-commerce sector, with improvements in service timeliness and fulfillment rates supporting growth in logistics for fresh agricultural products [5] Seasonal Trends - June's logistics development shows seasonal characteristics, with increased coal transport demand due to summer peaks, and a rise in orders for home appliances driven by trade-in programs [7] - The demand for rail transport, road transport, and e-commerce express services continues to recover [7] Investment Insights - Logistics infrastructure investment remains stable, with the fixed asset investment completion index rising to 54.5% in June, marking a continuous monthly increase since February [10] - Key projects in transportation logistics hubs are progressing smoothly, with fixed asset investment indices for water transport, air transport, and postal express services increasing by 0.5, 0.4, and 0.3 percentage points respectively [10] Future Outlook - The business activity expectation index has remained above 55% for four consecutive months, indicating a positive outlook for the logistics sector [11] - However, early onset of flood season and extreme weather conditions may pose challenges to efficient logistics operations, necessitating robust transport capacity and emergency plans [11]

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]