Core Insights - The total social logistics volume in China reached 263.2 trillion yuan in the first three quarters, showing a year-on-year growth of 5.4%, although the growth rate has slightly decreased by 0.3 percentage points compared to the first half of the year [1] - The logistics demand growth rate remained above 5% across all three quarters, indicating a stable and positive development trend in logistics operations [1] Logistics Demand Growth - The logistics demand is characterized by a solid foundation in industrial logistics, a rebound in international logistics, and strong growth in high-end and green logistics [2] - The total logistics volume for industrial products grew by 5.6% year-on-year, contributing 81% to the overall growth of social logistics [2] - The logistics volume related to units and residents increased by 6.6% year-on-year, with a notable acceleration to 8.0% in the third quarter [2] Emerging Consumption Trends - Online consumption logistics demand has accelerated, particularly in categories such as fresh food, home appliances, and beauty products, driven by e-commerce [3] - The logistics volume for recycled resources grew by 15% year-on-year, indicating a robust demand in the circular economy sector [3] Logistics Supply Expansion - The total revenue of the logistics industry reached 10.5 trillion yuan in the first three quarters, with a year-on-year growth of 4.7% [4] - The logistics industry’s prosperity index averaged 50.6, with a notable increase to 51.2 in September, indicating active logistics activities [4] - The logistics supply system is becoming more efficient, with significant growth in railway and air logistics sectors [4] Resilience of Logistics Enterprises - Key logistics enterprises reported a 4.5% year-on-year growth in logistics business revenue, reflecting improved operational activity [5] - The cost per hundred yuan of revenue decreased to 95.5 yuan, leading to a slight improvement in profit margins [5] - The logistics sector is expected to stabilize and rebound in the fourth quarter, supported by traditional peak seasons and government policies aimed at enhancing logistics efficiency [5]

Core Insights - The total social logistics volume in China for the first three quarters of this year reached 263.2 trillion yuan, reflecting a year-on-year growth of 5.4% [1] Group 1: Overall Logistics Performance - The logistics operation in China has shown a trend of "steady acceleration and dual improvement in quality and efficiency" during the first three quarters [1] - The stable growth of logistics total volume indicates a continuous enhancement of development resilience [1] Group 2: Industrial Logistics - The total logistics volume for industrial products increased by 5.6% year-on-year, contributing 81% to the overall growth of social logistics volume [1] - The core pillar status of industrial logistics demand remains solid, with significant driving effects observed in upgrading sectors [1] - The logistics volume for products such as industrial control computers, 3D printing equipment, and industrial robots grew by over 30% [1]

Core Insights - The logistics industry in China is showing signs of expansion, with the logistics prosperity index rising to 51.2% in September 2025, an increase of 0.3 percentage points from the previous month [1] - The total logistics business volume index also stands at 51.2%, reflecting a similar month-on-month increase of 0.3 percentage points [1] - The new orders index has reached 53.3%, marking a 1 percentage point rise and maintaining a positive trend for eight consecutive months [1] Industry Performance - In September, both consumer logistics and industrial logistics demand exhibited steady growth, contributing to a stable recovery in the logistics sector [1][2] - The end of the summer heat has coincided with the back-to-school and tourism seasons, leading to a rapid rebound in consumer logistics, particularly in online shopping and seasonal consumption [1] - Categories such as cold chain fresh food, outdoor tourism, and beauty and clothing products continue to see high demand in online shopping [1] Economic Indicators - The logistics information center indicates effective coordination between supply and demand in the supply chain, resulting in stable growth in logistics demand and a general increase in service prices [1] - Over the past three months, logistics demand indicators have consistently remained in the expansion zone, with cumulative increases in the logistics prosperity index, total business volume index, and new orders index of 0.4, 0.4, and 0.9 percentage points respectively [1] - The logistics service price index, employment index, and main business profit index have all shown continuous increases, indicating improved operational vitality among enterprises [1] Future Outlook - The logistics industry is expected to maintain a stable operational trend, supported by government policies aimed at stabilizing employment, businesses, markets, and expectations [2]

Core Insights - The logistics sector in China has shown stable growth in the first eight months of 2025, with a total social logistics volume reaching approximately 229.4 trillion yuan, reflecting a year-on-year increase of 5.2% [5][16]. Group 1: Overall Logistics Performance - The total social logistics volume for January to August 2025 is 229.4 trillion yuan, maintaining stable expansion and structural optimization [5]. - The logistics demand in the equipment manufacturing sector has been particularly strong, with a year-on-year growth of 8.1% [5]. - The logistics demand in the electronics, electrical machinery, and automotive sectors has also shown significant growth, with increases of 9.9%, 9.8%, and 8.4% respectively [5]. Group 2: Consumer and Household Logistics - The logistics volume for units and household goods has rebounded steadily, with a year-on-year growth of 6.5%, indicating a recovery in consumption-related logistics demand [8]. - The growth rate for this segment has improved by 0.3 percentage points compared to the previous month [8]. Group 3: International Logistics and Imports - International logistics is stabilizing, with an accelerated optimization of import logistics structure [13]. - The import logistics volume for intermediate goods and consumer products has shown stable growth, with year-on-year increases of 13.6% and 14.4% respectively for machine tools and integrated circuits [13][14]. - The logistics volume for consumer goods such as fresh fruits and nuts, as well as beauty and personal care products, has also seen positive growth, with increases of 14.4% and 9.7% respectively [14]. Group 4: Green Logistics and Recycling - The logistics volume for recycled resources has increased by 12.9% year-on-year, indicating a strong growth trend [19]. - The production of green products such as new energy vehicles and lithium-ion batteries continues to rise rapidly, supporting the ongoing transformation towards a greener economy [19].

Core Viewpoint - The logistics sector in China has shown steady growth in the first seven months of 2023, with a total social logistics volume exceeding 200 trillion yuan, driven by strong demand in high-end manufacturing and green low-carbon sectors [1][3]. Logistics Performance - The total social logistics volume reached 201.9 trillion yuan, marking a year-on-year increase of 5.2% [3]. - The logistics volume of industrial products grew by 5.7%, with over 85% of 35 industries experiencing year-on-year growth [3]. Demand Segments - The logistics demand for units and residential goods increased by 6.2%, slightly up by 0.1 percentage points from the first half of the year, driven by the "old-for-new" policy boosting demand for home appliances and communication equipment [5][7]. - Import logistics continued to improve, with high-tech products and electromechanical products being the main driving forces, showing over 18% growth in machine tool imports and over 10% growth in integrated circuit imports in July [10]. Market Dynamics - The logistics industry generated a total revenue of 8.2 trillion yuan, reflecting a year-on-year growth of 4.9% [13]. - The growth momentum in the central and western regions has significantly increased, with the western region's business volume index reaching 52.3% and the central region at 50.9%, both above the national average [13]. International Logistics - International logistics emerged as a new growth point, with air cargo transport volume reaching 38.8 million tons, a year-on-year increase of 21.5%, supporting the smooth operation of supply chains [15]. Regional Development - The logistics growth in the central and western regions outpaced the national average, supported by national policies and resource endowments, indicating a more balanced regional development [16]. - E-commerce logistics continues to thrive, with online retail sales of physical goods growing by 6.3%, outpacing the growth of total retail sales of consumer goods by 1.5 percentage points [16].