电商物流农村业务量指数明显回落。1月份，农村电商物流业务量指数为126.5点，比上月回落4.1点。分 地区来看，全国所有地区农村业务量指数均有所回落，其中东北部地区环比回落5.1点，回落幅度最 大。 智通财经APP获悉，近日，中国物流与采购联合会和京东集团联合发布的2026年1月份中国电商物流指 数为112.7点，环比回落0.9点。分项指数中，满意度指数、实载率指数继续回升，库存周转率指数、物 流时效指数、履约率指数、总业务量指数、农村业务量指数、人员指数和成本指数有所回落。 电商物流总业务量指数继续回落。1月份，电商物流总业务量指数为129.1点，比上月回落3.2点。分地区 来看，全国所有地区总业务量指数均有所回落。西部地区电商物流总业务量指数回落6.4点，回落幅度 最大。 供给端多项指数环比回落。随着春节临近，电商物流从业人员陆续返乡，企业供给能力出现短期回调。 其中，人员指数环比回落0.8点，物流时效和履约率指数分别回落0.2点和0.3点。在物流时效和履约率回 落的背景下，满意度不降反升，环比上月回升1.8点。 受春节临近等因素影响，2026年1月电商物流指数较去年年底出现明显回落，环比下降0.9点，供 ...

1月中国电商物流指数环比回落0.9点 满意度指数创新高 来源：中国新闻网 中新经纬版权所有，未经书面授权，任何单位及个人不得转载、摘编或以其它方式使用。 关注中新经纬微信公众号(微信搜索"中新经纬"或"jwview")，看更多精彩财经资讯。 编辑：张澍楠 广告等商务合作，请点击这里 中新社北京2月11日电 (记者 阮煜琳)中国物流与采购联合会11日发布数据显示，1月份，中国电商物流 指数为112.7点，环比回落0.9点。其中，反映电商物流消费者对电商物流服务满意度水平的满意度指数 创历史新高。 本文为转载内容，授权事宜请联系原著作权人 分项指数中，满意度指数、实载率指数继续回升，库存周转率指数、物流时效指数、履约率指数、总业 务量指数、农村业务量指数、人员指数和成本指数环比有所回落。 1月份，电商物流总业务量指数为129.1点，比上月回落3.2点。农村电商物流业务量指数为126.5点，比 上月回落4.1点。随着春节临近，电商物流从业人员陆续返乡，企业供给能力出现短期回调。其中，人 员指数环比回落0.8点，物流时效和履约率指数环比分别回落0.2点和0.3点。在物流时效和履约率回落的 背景下，满意度不降反升，环比 ...

Core Insights - The e-commerce logistics index in China rose to 113.6 points in December 2025, an increase of 0.5 points from November 2025, driven primarily by supply-side factors while demand remained stable [1] Group 1: E-commerce Logistics Performance - The total business volume index for e-commerce logistics was 132.3 points in December 2025, a slight decrease of 0.1 points from November 2025 [1] - The rural e-commerce logistics business volume index increased to 130.6 points in December 2025, up by 0.2 points from November 2025 [1] - The western and northeastern regions saw an increase in total business volume index, while the eastern and central regions experienced a decline [1] Group 2: Supply and Demand Dynamics - Companies' supply capabilities continued to improve, with multiple indices showing increased growth rates in December 2025 [2] - The logistics efficiency, fulfillment rate, satisfaction rate, and load rate indices rose by 1.3 points, 1.4 points, 0.5 points, and 0.7 points respectively [1][2] - The inventory turnover rate index slightly increased by 0.2 points, indicating better inventory management as companies worked through accumulated stock from November 2025 [2] Group 3: Consumer Behavior and Market Trends - Consumer shopping behavior became more rational in December 2025, influenced by the normalization of promotional activities and the withdrawal of national subsidies [2] - Categories such as winter protection gear, sports goods, holiday-themed gifts, party supplies, and fashion accessories saw significant sales growth [2] - The overall trend for e-commerce logistics in 2025 showed nine months of growth, with only two months experiencing declines, indicating a generally positive trajectory [2]

Core Insights - The China E-commerce Logistics Index rose to 113.6 points in December 2025, reflecting a month-on-month increase of 0.5 points, indicating a recovery trend in the logistics sector [1][2] Group 1: Supply and Demand Dynamics - The total business volume index for e-commerce logistics was 132.3 points in December 2025, showing a slight decline of 0.1 points from the previous month, yet maintaining a high level [1] - The supply side continues to recover, with multiple indices showing expanded growth, while the demand side remains stable at a high level [2] - Consumer behavior has shifted towards more rational shopping, with a decrease in the stimulating effect of promotional activities like "Double Twelve" [2] Group 2: Index Performance - Key indices such as the rural business volume index, inventory turnover rate index, logistics timeliness index, fulfillment rate index, satisfaction index, and load factor index all experienced month-on-month increases [1] - The cost index decreased by 0.4 points, marking a continuous decline for seven months [1] - The overall trend for 2025 indicates "nine increases, two decreases, and one stable," with only January and February showing declines, while the rest of the months exhibited upward trends [2]

Metal Market - Domestic base metals experienced a general decline, with only Shanghai aluminum rising by 1.42%. Shanghai nickel led the decline with a drop of 2.67%, while other metals fell by less than 1% [1] - In the external market, base metals collectively rose, with London tin increasing by 1.84%, nickel by 1.72%, copper by 1.17%, and aluminum by 1.16% [1] - Precious metals saw COMEX gold rising by 0.53% and silver by 2.69%, while domestic gold increased by 0.68% and silver fell by 0.9% [1] Black Metals - The black metal sector showed mixed results, with stainless steel rising by 0.25%, while rebar and hot-rolled coil both fell by over 1%, with rebar down 1.1% and hot-rolled coil down 1.02% [1] - In the coking coal sector, coking coal fell by 0.71% and coking coke dropped by 1.83% [1] Macro Indicators - The National Bureau of Statistics reported that the Consumer Price Index (CPI) rose by 0.8% year-on-year in December 2025, with food prices increasing by 1.1% and non-food prices by 0.8% [5] - The Producer Price Index (PPI) showed a year-on-year decline of 1.9%, with a month-on-month increase of 0.2% [5] Renewable Energy - The Ministry of Industry and Information Technology announced guidelines for industrial green microgrid construction, mandating that newly built renewable energy generation facilities should have a self-consumption ratio of at least 60% [6][7] E-commerce Logistics - The China Logistics and Purchasing Federation reported that the e-commerce logistics index for December 2025 was 113.6 points, reflecting a 0.5-point increase from the previous month [8] - The increase in the index was driven by improvements in supply-side metrics, while demand remained stable [8] Real Estate Financing - Recent policy guidance allows for the extension of loans for projects on the "white list" of the real estate financing coordination mechanism for up to five years, a significant increase from the previous maximum of two and a half years [9] Currency and Oil Market - The US dollar index rose by 0.15% to 99.01, amid concerns over labor demand and upcoming economic data releases [11] - Oil prices increased, with WTI rising by 0.93% and Brent by 0.97%, driven by geopolitical concerns regarding supply disruptions [12]

Core Viewpoint - The China Logistics and Purchasing Federation, in collaboration with JD Group, reported that the e-commerce logistics index for December 2025 is 113.6 points, reflecting a month-on-month increase of 0.5 points [1] Summary by Categories E-commerce Logistics Index - The e-commerce logistics index stands at 113.6 points for December 2025, which is an increase of 0.5 points from the previous month [1] Sub-index Performance - The rural business volume index, inventory turnover index, logistics timeliness index, fulfillment rate index, satisfaction index, and loaded rate index all experienced month-on-month increases [1] - The total business volume index and cost index saw a decline [1] - The personnel index remained stable compared to the previous month [1]

Core Insights - The e-commerce logistics index for November 2025 in China is reported at 113.1 points, remaining stable compared to the previous month [1] - The total business volume index for e-commerce logistics decreased to 132.4 points, down by 0.5 points from the previous month, with all four major regions experiencing a decline [1][2] - The rural e-commerce logistics business volume index saw a significant drop of 2.6 points, reaching 130.4 points, with most regions reporting a decrease [1][2] Supply and Demand Dynamics - The inventory turnover rate index increased by 0.3 points, while the cost index decreased by 0.1 points, marking six consecutive months of decline in costs [2] - The demand side shows that the promotional effects of the "Double Eleven" sales event were less pronounced this year, leading to a cooling of traditional sales [2] - Instant retail services, represented by platforms like Meituan and JD, have emerged as new growth points in e-commerce consumption [2] Service Quality and Efficiency - E-commerce logistics companies have maintained robust service capabilities and efficiency despite a slowdown in demand, with improvements in logistics timeliness, fulfillment rates, satisfaction, and load rates reaching new highs for the year [2] - The overall service quality is steadily improving, supported by increased capacity reserves and a smooth delivery network [1]

Core Insights - The China E-commerce Logistics Index for October 2025 is reported at 113.1 points, reflecting a month-on-month increase of 0.4 points, indicating a recovery in the logistics sector [1][2] - The total business volume index for e-commerce logistics reached a new high of 132.9 points, with all four major regions showing an upward trend [1][2] - The rural e-commerce logistics business volume index also increased, reaching 133.0 points, with notable growth in the northeastern region [1][2] Business Volume and Regional Performance - The total business volume index for e-commerce logistics increased by 0.4 points in October, with the western region showing the highest growth of 0.8 points [1][2] - The rural business volume index rose by 0.3 points, with the northeastern region experiencing the most significant increase of 1.9 points [1][2] Service Quality and Supply Capacity - Companies are enhancing service capabilities, as indicated by increases in logistics timeliness index, satisfaction index, and personnel index by 0.2, 0.3, and 0.3 points respectively [1][2] - The fulfillment rate index remained stable above 100 points, while the cost index decreased by 0.2 points, marking five consecutive months of decline [2] Demand and Supply Dynamics - E-commerce consumption remains strong, with the State Post Bureau reporting 7.23 billion express packages during the holiday period [2] - Companies are responding to seasonal demand by increasing collection points, cold chain warehouses, optimizing delivery routes, and enhancing air transport resources [2] Future Outlook - The logistics indices are expected to continue their upward trend with upcoming promotional activities like Double Eleven [2]

Group 1: Economic Indicators - The core Consumer Price Index (CPI) has increased for the fifth consecutive month, with a year-on-year rise of 1% in September, marking the first time in 19 months that the increase has returned to 1% [2] - The narrow gap between narrow money (M1) and broad money (M2) has shrunk to 1.2 percentage points, the lowest this year, indicating improved business activity and personal investment demand [3] - The logistics industry has maintained a positive outlook, with the logistics industry prosperity index at 51.2% in September, reflecting a continuous demand for logistics services [4] Group 2: Consumer Demand and Spending - The rise in core CPI suggests accelerated consumer demand, particularly in quality and upgraded consumption, with notable price increases in sectors such as arts and crafts (14.7%), sports equipment (4%), and nutritional foods (1.8%) [2] - E-commerce logistics have shown strong demand, with the e-commerce logistics index reaching a new high of 112.7 points in September, driven by seasonal consumption and holiday factors [5][6] - The overall consumer market remains stable, with policies aimed at expanding domestic demand and promoting consumption showing positive effects [2] Group 3: Financial Sector and Lending - Corporate loans have shown a positive growth trend, particularly in key sectors like equipment manufacturing and high-tech manufacturing, with a year-on-year increase of 8.2% in medium to long-term loans for the manufacturing sector [3] - Personal credit demand has rebounded, supported by lower interest costs and adjustments in housing purchase policies in major cities, leading to a 7% year-on-year increase in housing transaction volume in September [3] - Financial mechanisms are expected to play a crucial role in stimulating effective demand in the real economy through interest rate adjustments and coordinated market rates [3]

Core Insights - In September, China's e-commerce logistics index reached 112.7 points, marking a month-on-month increase of 0.4 points and setting a new record for the year [1] - The index reflects a robust supply and demand dynamic in the e-commerce logistics sector, with various sub-indices showing positive trends [1] Supply and Demand Analysis - The total business volume index, rural business volume index, personnel index, logistics timeliness index, fulfillment rate index, satisfaction index, and inventory turnover rate index all increased [1] - The supply willingness and capability of e-commerce logistics companies remained strong, with all metrics staying above 100 points [1] - The inventory turnover rate index rebounded month-on-month, indicating improved sales conditions for companies [1] Factors Influencing Demand - The increase in demand was driven by multiple factors, including the upcoming Mid-Autumn Festival and National Day holidays, seasonal consumption changes, and heightened online shopping enthusiasm [1] - E-commerce logistics companies are enhancing their capacity and service quality to meet the rising demand [1] Future Outlook - The upcoming double holiday period is expected to further boost e-commerce logistics demand, while the "Double Eleven" shopping festival is anticipated to provide additional benefits [2] - The e-commerce logistics index is projected to remain stable in October [2]