Core Viewpoint - The logistics industry in China showed continued expansion in July, despite adverse weather conditions, with a logistics prosperity index of 50.5%, indicating a slight slowdown in growth [3][9]. Logistics Industry Performance - The logistics prosperity index for July was 50.5%, down 0.3 percentage points from the previous month, but still within the expansion range [3]. - E-commerce and express delivery sectors remained robust, with a business volume index of 69.3%, indicating high activity levels [5]. - The air transport sector saw a business volume index of 52.8%, up 0.8 percentage points from June, while road and rail transport also experienced slight recoveries [5]. Regional Analysis - The central and western regions of China had business volume indices above the national average, with notable growth in e-commerce and air logistics [8]. - New order indices for logistics in July were 52.5%, reflecting a slight increase, with eastern and western regions continuing to show expansion [11]. Market Demand and Pricing - The logistics new order index increased, indicating a recovery in market demand, while service prices showed a slight upward trend [9][13]. - The logistics service price index rose slightly, and the main business profit index for logistics companies increased by 0.1 percentage points [13]. Investment Trends - Fixed asset investment in the logistics sector has been on the rise, with the investment completion index at 54.9%, indicating ongoing infrastructure development [15]. - The business activity expectation index for July was 55.6%, suggesting strong market confidence, particularly in air transport and express delivery sectors [15]. International Air Cargo Development - In July, 20 new international air cargo routes were opened, enhancing China's air cargo network, with a total of 137 new routes established this year [16].

Core Viewpoint - The logistics demand in China continues to recover, with a total social logistics volume reaching 115.3 trillion yuan, a year-on-year increase of 5.6% from January to April 2023, despite external pressures in April [1] Group 1: Logistics Demand and Performance - The overall logistics demand shows resilience, with industrial and consumer logistics markets playing a crucial role in supporting this growth [1] - From January to April, the logistics volume for industrial products grew by 5.7%, while the logistics volume for unit and residential goods increased by 5.9%, reflecting stable growth [1] - In April, the logistics volume for industrial products maintained steady growth, with 87.8% of 41 major industry categories showing an increase [1] Group 2: Consumer Logistics and E-commerce - Consumer logistics demand is being released, with online and offline channels growing in synergy; the retail sales of goods related to the "old-for-new" policy contributed 1.4 percentage points to consumption growth in April [2] - From January to April, the online retail sales of physical goods increased by 5.8%, accounting for 24.3% of total social retail sales, indicating strong e-commerce activity [2] - The e-commerce logistics index in April was 111.1 points, reflecting a recovery from the previous month [2] Group 3: Price Index and Market Conditions - The logistics service prices remained stable and showed improvement in April, driven by increased demand for transportation and warehousing services [2] - In the maritime sector, the average coastal (bulk cargo) comprehensive freight index was 1052.13 points in April, up 0.1% month-on-month, indicating stable transport prices [2] - The road logistics price index in April was 105 points, with a month-on-month increase of 0.23%, reflecting improved supply and demand conditions [2] Group 4: Business Performance of Logistics Enterprises - Key logistics enterprises reported a cumulative business revenue growth of 7.3% from January to April, an increase of 1.3 percentage points compared to the first quarter [3] - The number of supply chain contract orders for key enterprises increased by 22% year-on-year, indicating a shift towards value creation strategies [3] - The logistics sector is expected to face challenges from a complex external environment, but ongoing policies aimed at expanding domestic demand and promoting consumption may accelerate the transformation of manufacturing towards high-end and intelligent solutions [3]