央视网消息：中国物流与采购联合会10月11日公布9月份中国物流业景气指数。9月份供应链上下游产供销有效衔接，物流需求增长平稳， 物流业景气水平继续提升，景气指数升至近六个月内高点。 综合三季度数据来看，物流业景气指数累计回升0.4个百分点，企业经营活力趋稳向好。 9月份中国物流业景气指数为51.2%，较上月上升0.3个百分点。从分项指数看，物流业务总需求保持扩张，新订单指数在扩张区间内加速 扩张。铁路运输业、道路运输业、航空运输业、多式联运领域和邮政快递业新订单指数环比回升均超过0.5个百分点。 夏季高温结束后，开学季和旅游季联动，民生消费物流较快回升，网络购物和居民消费旺季更旺，冷链鲜食、家电3C、旅游户外、美妆 服装等网购品类保持较高热度。9月份邮政快递业业务总量指数为70.1%，远高于全行业水平。 产业物流需求方面，能源运输、电子元器件、医药化工、通信设备、家居家电耐用消费品等行业物流需求增长向好，带动物流业务量较快 增长。航空物流需求业务量呈现较快增长势头，腹仓利用率处于较高水平。 中国物流信息中心主任 刘宇航：9月份中国物流业景气指数呈现了环比回升的状态，并且增速有所加快。物流需求持续向好，居民消费 ...

9月份中国物流业景气指数为51.2%，较上月上升0.3个百分点。从分项指数看，物流业务总需求保 持扩张，新订单指数在扩张区间内加速扩张。铁路运输业、道路运输业、航空运输业、多式联运领域和 邮政快递业新订单指数，环比回升均超过0.5个百分点。 央视网消息：中国物流与采购联合会10月11日公布9月份中国物流业景气指数。9月份供应链上下游 产供销有效衔接，物流需求增长平稳，物流业景气水平继续提升，景气指数升至近六个月内高点。 ...

物流是实体经济的"筋络"，连接产销、贯通内外贸。今年以来，江苏涟水充分发挥综合交通优势，坚决 落实中央及省市降低物流成本部署，紧抓战略机遇，精准对接企业需求，着力打造"物流成本最低"的营 商环境，通过多式联运支撑全县现代化产业体系建设，高质量发展枢纽经济，以"枢纽流量"撬动"经济 增量"。 位于经济开发区的雪飞制衣有限公司是一家外贸企业，产品远销海外。企业负责人表示，"以前全走公 路，运费高还易延误。"如今通过定制的海铁联运方案，单箱成本直降1200元，降幅24%，企业切实享 受到多式联运的"甜头"。 涟水持续推出助企新举措，打好交通运输"服务牌"，加快推进淮安港与红日港集装箱业务一体化运营， 释放"黄金水道"的枢纽聚合效应。通过整合水运、铁路的低成本与公路的灵活性，合作企业综合物流成 本平均降低20%—45%。淮安至上海15小时、至宁波港（601018）20小时的海铁联运时效，更打通了对 接国际市场的"快速通道"。 "取得初步成效后，我们主动上门'送服务'，向更多企业推介多式联运。"涟水县交通运输局党委书记、 局长王秀夫表示。在多方努力下，宏保运动用品、手之梦安防等20余家企业纷纷加入。目前，涟水多式 联运 ...

Group 1 - The core achievement is the simultaneous opening of three major highways in Liaoning, totaling 636 kilometers, marking a significant milestone in the province's transportation infrastructure development [1] - The province's transportation infrastructure investment growth rate, coverage of high-speed rail, and other key indicators rank among the top in the country, with an expected investment of over 260 billion yuan during the 14th Five-Year Plan, an increase of over 18% compared to the previous plan [1][2] - The construction of highways has accelerated, with 14 projects totaling 1,385 kilometers implemented, and 732 kilometers of new highways expected to be completed by the end of 2025, five times the length built during the previous five-year period [2][3] Group 2 - The province has also focused on enhancing ordinary road networks, completing 61 major projects and achieving a 95.6% rate of secondary roads, which is among the highest in the country [3] - Significant improvements in rural road infrastructure have been made, with 9,500 kilometers of new and renovated rural roads, and 100% of eligible natural villages now having hardened roads [5] - The establishment of a multi-modal transport development alliance aims to enhance the efficiency of transportation services, with a 19.7% year-on-year increase in sea-rail intermodal transport volume [6][7] Group 3 - The province plans to construct and renovate 1,000 kilometers of railways and highways each, along with 6,000 kilometers of national and provincial highways by 2030, aiming for comprehensive connectivity and improved commuting times [8]

在新疆维吾尔自治区乌鲁木齐国际陆港区多式联运中心，货车载着集装箱完成查验通关。不远处，通 过"天山号"班列从中亚运来的优质葵花籽原油整装就绪，即将在新疆境内的精炼厂加工为成品食用油， 为全国市场提供健康优质的油脂产品，串起亚欧腹地的贸易活力。 "天山号"是新疆开行的首列自主品牌中欧（中亚）班列，自2023年11月从乌鲁木齐国际陆港区首次试运 行以来，已成为驰骋在亚欧大陆上的"新疆名片"。作为新疆自贸试验区揭牌后的创新成果，这一多式联 运品牌班列整合了全疆商贸物流产业资源，为货物提供高效便捷的运输服务。 截至2025年8月31日，"天山号"已累计开行超1146列，多式联运品牌班列累计发运1146列，货值及带动 进出口贸易额约257.03亿元，并实现"一天两班"的常态化开行。 通道织网：从"一条线"到"朋友圈" "我们把新疆番茄酱卖到中东，把中亚优质油品引入内地，贸易半径扩了，朋友圈也大了。"陆港贸易公 司总经理李源的话，道出了业务转型的核心逻辑。作为丝绸之路经济带核心区的标志性工程，乌鲁木齐 国际陆港区的地理优势得天独厚：地处亚欧大陆腹地，与8国接壤、拥有19个公路开放口岸，既是四条 经济走廊的交汇点，也是中欧 ...

Summary of Schneider National FY Conference Call - September 11, 2025 Company Overview - **Company**: Schneider National (NYSE: SNDR) - **Key Executives Present**: CEO Mark Rourke, CFO Darrell Campbell, VP of IR and Corporate Finance Christyne McGarvey Industry Insights - **Current Market Conditions**: The trucking and intermodal sectors are experiencing steady demand, with some seasonal fluctuations expected. The second quarter did not show the anticipated pull forward in demand, and August was characterized as slightly below seasonal expectations [2][5][8]. - **Intermodal Demand**: There is uncertainty regarding inventory levels, particularly on the West Coast, which could affect intermodal movements. The company anticipates a potential ramp down in intermodal demand sooner than typical, possibly before December [5][6][8]. - **Truckload Market**: Demand has improved, with mid to single-digit increases in contractual renewals. The company is prepared to capitalize on seasonal opportunities in the fourth quarter [9][10]. Financial Performance - **Contractual Renewals**: The company is experiencing mid to single-digit increases in contractual renewals, with more flexibility in the spot market [9]. - **Churn Rates**: The company has experienced higher customer churn in dedicated services compared to the previous year, but retention rates remain above 90% [19][22]. - **Pipeline for Dedicated Services**: The pipeline has returned to levels seen in 2024, indicating potential growth despite current market conditions [20]. Strategic Focus - **Dedicated vs. One-Way Services**: Schneider National is focusing on dedicated services, which account for 70% of its truck fleet. This strategy is aimed at providing stable revenue streams and meeting driver preferences for scheduled routes [16][17]. - **Private Fleet Conversions**: There is a notable shift in the market, with an increase in private fleets. The company sees opportunities for converting these fleets back to dedicated services as customers reassess their needs [24][25][28]. - **Capacity Constraints**: The company acknowledges that industry capacity is tightening due to regulatory enforcement and a lack of new truck orders. This could lead to a more favorable environment for established players [30][32]. Technological Advancements - **AI and Automation**: Schneider National is leveraging AI to improve productivity in its brokerage operations, achieving a 61% year-over-year improvement in carrier-broker matching [61][62]. - **Autonomous Vehicles**: The company is optimistic about the future of autonomous trucking but is focused on understanding the economic models and operational integration before making significant investments [73][75]. Environmental Initiatives - **Electric Vehicles (EVs)**: The company operates around 100 Class 8 electric trucks in California, with plans to explore natural gas options more aggressively than electric in the near term due to current market conditions [76][77]. M&A Strategy - **Acquisition Plans**: Schneider National aims to pursue strategic acquisitions every 12 to 18 months, focusing on areas that enhance growth and return on investment. The company is not currently looking to expand into LTL but remains open to transformative opportunities [80][83]. Conclusion - Schneider National is navigating a complex market landscape with a focus on dedicated services, technological advancements, and strategic growth through acquisitions. The company is well-positioned to adapt to changing market conditions while maintaining a strong operational focus.

Core Viewpoint - The logistics industry in China shows signs of steady growth, with the logistics prosperity index reaching 50.9% in August, indicating a recovery and sustained expansion in the sector [1] Group 1: Logistics Industry Performance - In August, the logistics business volume and new order volume increased significantly due to the implementation of policies aimed at boosting consumption, stabilizing investment, and ensuring livelihoods [1] - The logistics prosperity index has remained in the expansion range for six consecutive months, with balanced growth observed across eastern, central, and western regions of China [1] - The new order indices for railway transport, air transport, and postal express services exceeded 55%, with significant growth in multimodal transport and water transport sectors [1] Group 2: Regional and Sectoral Insights - The logistics business volume index for eastern, central, and western regions increased by 0.1, 0.6, and 0.3 percentage points respectively [1] - The demand for logistics services in sectors such as automotive parts manufacturing, electronic components manufacturing, and electrical machinery manufacturing has increased [2] - Major urban agglomerations like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta have shown a recovery in logistics business volume, demonstrating significant radiating effects [2] Group 3: Pricing and Profitability - The logistics service price index rose by 0.3 percentage points in August, with the railway transport service price index remaining stable at 48.9% [2] - The main business profit index for logistics companies increased by 0.2 percentage points, with small and micro enterprises also showing improvement [2] Group 4: Investment and Future Outlook - Fixed asset investment in the logistics industry remains in the expansion range, with central and western regions achieving completion indices around 55%, higher than the previous year [3] - The business activity expectation index for the logistics industry was 55.8% in August, indicating a positive outlook for the coming months [3] - The logistics demand market is expected to maintain steady growth, providing solid support for economic recovery [4]

Core Viewpoint - The logistics industry in China shows signs of steady growth, with the logistics prosperity index reaching 50.9% in August, indicating a recovery and sustained expansion in the sector [1] Group 1: Logistics Industry Performance - The logistics business volume and new order volume have seen rapid growth due to the implementation of policies aimed at promoting consumption, stabilizing investment, and ensuring livelihoods [1] - The logistics prosperity index has maintained a significant expansion, with balanced growth observed across eastern, central, and western regions of China [1] - The new order indices for railway transport, air transport, and postal express services are all above 55%, indicating strong demand in these sectors [1] Group 2: Regional and Sectoral Insights - In August, the logistics business volume index for eastern, central, and western regions increased by 0.1, 0.6, and 0.3 percentage points respectively, reflecting a balanced recovery [1] - The logistics demand in sectors such as automotive parts manufacturing, electronic components manufacturing, and electrical machinery manufacturing has increased, alongside stable demand for bulk energy consumption [2] - Major urban agglomerations like Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta have shown a rebound in logistics business volume, demonstrating significant radiating effects [2] Group 3: Financial Indicators - The logistics service price index rose by 0.3 percentage points in August, with the railway transport service price index remaining stable at 48.9% [2] - The main business profit index for logistics companies increased by 0.2 percentage points, with small and micro enterprises also showing improvement [2] - Fixed asset investment in the logistics sector remains in the expansion range, with the central and western regions achieving completion indices around 55%, which is 4 to 5 percentage points higher than the same period last year [3] Group 4: Future Outlook - The logistics demand market is expected to maintain a stable growth trend, providing solid support for economic recovery [4]

Core Viewpoint - The logistics market in China is experiencing stable growth, with the logistics prosperity index rising to 50.9% in August, indicating a continuous expansion trend for six months [1] Group 1: Logistics Market Performance - In August, the logistics business volume and new order volume showed rapid growth due to the implementation of policies aimed at promoting consumption, stabilizing investment, and ensuring livelihoods [1] - The logistics prosperity index for the eastern, central, and western regions of China increased by 0.1, 0.6, and 0.3 percentage points respectively, indicating balanced growth across these areas [1] - The new order indices for railway transport, air transport, and postal express services were all above 55%, with significant growth in the multi-modal transport and water transport sectors [1] Group 2: Sector-Specific Insights - The logistics demand in sectors such as automotive and parts manufacturing, electronic components manufacturing, and electrical machinery manufacturing has increased, alongside stable demand for bulk energy consumption [2] - The logistics service price index rose by 0.3 percentage points in August, with the railway transport service price index remaining stable at 48.9%, while road and water transport service price indices increased by 0.2 and 0.6 percentage points respectively [2] Group 3: Investment and Future Outlook - Fixed asset investment in the logistics sector remains in an expansion range, with the central and western regions achieving completion indices around 55%, which is 4 to 5 percentage points higher than the same period last year [3] - The business activity expectation index for the logistics industry was 55.8% in August, reflecting a slight increase and a higher average compared to the previous year [3] - The logistics demand market is expected to maintain a stable growth trend, providing solid support for economic recovery [4]

Core Insights - The logistics industry in China shows significant expansion in August, with the logistics prosperity index reaching 50.9%, an increase of 0.4 percentage points from the previous month [1] - Key sub-indices such as the total business volume index and new orders index continue to expand, indicating a positive trend in supply and demand [1] - The logistics service price index and main business profit index also saw a month-on-month increase, reflecting improved operational conditions for companies [2] Industry Performance - In August, logistics orders for outdoor leisure, fitness entertainment, local specialties, and seasonal fruits and vegetables increased by nearly 5% month-on-month [2] - The logistics demand in sectors like automotive parts manufacturing, electronic components manufacturing, and electrical machinery manufacturing has shown notable growth [2] - The railway, aviation, and express logistics sectors maintained a high prosperity level, supported by national policies [2] Investment and Economic Outlook - Fixed asset investment index remains in the expansion zone, indicating continued growth in investment [1] - The business activity expectation index reached 55.8%, up 0.2 percentage points from the previous month, reflecting enhanced market confidence [2] - The average business activity expectation index for the first eight months of the year was 55.4%, which is 0.4 percentage points higher than the same period last year [2]