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]