Core Viewpoint - The logistics industry in China shows signs of continued expansion, with the logistics prosperity index for May 2025 at 50.6%, indicating stable demand in both consumer and industrial logistics sectors [1] Group 1: Logistics Prosperity Index - The logistics prosperity index for May 2025 is 50.6%, a decrease of 0.5 percentage points from April [1] - The total business volume index remains in the expansion range at 50.6%, with all three major regions showing expansion [1] - The central region's business volume index is 51.1%, and the western region's is 52.8%, both above the national level [1] Group 2: Sector Performance - The postal and express delivery industry has a business volume index of 69.4%, up 0.8 percentage points month-on-month [2] - Road transportation maintains an expansion trend with a business volume index of 51.3%, while inventory turnover for road transport is at 43.6%, up 0.2 percentage points [2] - The railway transportation index is at 54.2%, indicating stable demand for bulk energy transport [2] Group 3: Microeconomic Indicators - The enterprise fund turnover rate index has remained above 50% for nine consecutive months, averaging 50.7% in the first five months of the year, which is 0.5 percentage points higher than the same period last year [3] - In May, the fund turnover rate index increased by 0.3 percentage points, with small and micro enterprises seeing a 0.4 percentage point rise [3] Group 4: Investment and Market Outlook - Fixed asset investment completion index rose by over 0.5 percentage points in May, with specific increases in road transport, postal delivery, aviation, and water transport sectors [4] - The business activity expectation index has remained above 55% for three consecutive months, indicating a generally optimistic market outlook [4] - Companies are optimistic about future logistics infrastructure investments and key sectors such as intermodal transport and high-end manufacturing logistics services [4]

此外，1~4月旅行社及相关服务实现营业收入59.11亿元，增速实现由负转正，同比增长1.2%。 （文章来源：广州日报） 数据显示，1~4月，广州全市科学研究和技术服务业实现营业收入440.3亿元；全市工程和技术研究和试 验发展、科技中介服务营业收入同比分别增长7.2%和48.8%。 当前，广州正加速"数字+"与传统服务业融合，新兴业态与传统领域协同发力，租赁和商务服务业持续 释放活力，成为经济高质量发展的重要支撑。1~4月，全市租赁和商务服务业实现营业收入1325.82亿 元，同比增长11.3%。特别是在数字技术赋能和制造业与服务业协同发展的双轮驱动下，1~4月，广告 业、人力资源服务业、咨询与调查业表现尤为亮眼，分别实现营业收入318.39亿元、409.13亿元和 142.13亿元，增速21.4%、8.6%和21.4%。 ●1~4月，广州全市规模以上交通运输、仓储和邮政业实现营业收入2250.27亿元，同比增长8.8%。 ●4月，广州市完成客运量约2770万人次，助力铁路旅客运输、航空客货运输当月营业收入分别同比增 长20.3%、8.2%。4月广州市完成货运量8025.30万吨，同比增长7.8%。 广州日报 ...

6月3日，广州市统计局公布的最新数据显示，今年1-4月，广州规模以上服务业实现营业收入6707.94亿 元，同比增长7.2%，比1-3月提高0.3个百分点。 数据显示，1-4月，广州全市科学研究和技术服务业实现营业收入440.3亿元；全市工程和技术研究和试 验发展、科技中介服务营业收入同比分别增长7.2%和48.8%。 "数字+"赋能，租赁和商务服务业实现双位数增长 当前，广州正加速"数字+"与传统服务业融合，新兴业态与传统领域协同发力，租赁和商务服务业持续 释放活力，成为经济高质量发展的重要支撑。通过打造跨境直播基地、试点人力资源大数据平台等创新 举措，推动行业从规模扩张转向质效提升。 记者注意到，今年前4个月，广州市交通运输、科学研究和技术服务、租赁和商务服务表现亮眼，三大 领域协同发力，为经济高质量发展注入强劲活力。 节会双轮驱动，交通运输迎来"小高峰" 今年清明假期叠加广交会，旅游流、探亲流、客商流等客流交织，客货运输两旺，交通运输行业迎来小 高峰。 数据显示，1-4月，全市规模以上交通运输、仓储和邮政业实现营业收入2250.27亿元，同比增长8.8%。 铁路部门加开"银发专列"、跨境旅游专列和广深港 ...

智通财经6月3日电，今天《新闻联播》主要内容有： 1、【新思想引领新征程】全方位提升粮食产能 夯实粮食安全根基； 2、李强会见日本国际贸易促进协会访华团； 3、李强签署国务院令 公布《政务数据共享条例》； 4、丁薛祥集体会见上海合作组织成员国财长和央行行长会议外方参会代表； 5、【锲而不舍落实中央八项规定精神】求真务实 确保学习教育取得成效； 6、【促进民营经济高质量发展】政策协同发力 打开民间投资增长新空间； 7、今年前四个月我国物流运行保持韧性增长； 8、今年前四个月我国通信业运行稳中有进； 9、假日经济带动消费活力持续释放； 10、端午假期全国邮政快递业揽收快递包裹超15亿件； 11、第二届"一带一路"科技交流大会将在四川成都举办； 12、前4个月规模以上电子信息制造业增加值同比增长11.3%； 13、端午假期银联网联共处理支付交易140.5亿笔； 14、端午期间深圳离境退税货值同比增长超5倍； 15、端午假期590.7万人次出入境； 16、国家级经开区经营主体超490万家； 17、2028年我国将基本实现公共算力标准化互联； 18、北京推出22条举措优化入境旅游服务； 19、今年将实现三级公立中医医院 ...

证券研究报告：固定收益报告 发布时间：2025-06-03 研究所 分析师:梁伟超 SAC 登记编号:S1340523070001 Email:liangweichao@cnpsec.com 分析师:崔超 SAC 登记编号:S1340523120001 Email:cuichao@cnpsec.com 近期研究报告 《2.2%以上，城投开抢？——信用周 报 20240526》 - 2025.05.26 固收点评 景气边际回升，政策仍需发力 ——5 月 PMI 解读 主要数据 5 月制造业 PMI 为 49.5%，前值 49.0%；非制造业商务活动指数 50.3%，前值 50.4%；综合 PMI 为 50.4%，前值 50.2%。 政策宽松力度不及预期，货币政策超预期收紧。 市场有风险，投资需谨慎 请务必阅读正文之后的免责条款部分 核心观点 5 月中美达成关税暂缓执行协议，中美贸易回暖，进口指数和新 出口订单指数回升，带动国内供需回暖，制造业 PMI 环比升高。考虑 到新订单指数仍处于景气线下，企业扩产意愿不强，价格水平继续走 低，外需边际改善对景气水平的提振或有限。美国逆全球化政策对中 国经济存在长期且负面影 ...

Core Insights - The national postal and express delivery industry collected over 1.5 billion packages during the Dragon Boat Festival holiday, representing a year-on-year growth of 19.4% [1] - Postal and express companies enhanced the delivery efficiency of fresh products by increasing the use of intelligent equipment [1] Industry Developments - The express delivery sector established a "zongzi transportation special line" to facilitate the delivery of traditional rice dumplings [1] - County-level logistics centers utilized unmanned vehicles for delivery, significantly reducing transportation time [1] - Seasonal fresh products such as lychees, cherries, and bayberries entered a peak sales period, contributing to the increased volume of packages [1] Technological Advancements - Express companies adopted modern technologies in collection, sorting, warehousing, and transportation to improve the delivery efficiency of specialty fresh products [1]

摘要 事件： 5月31日，国家统计局公布5月PMI指数，制造业PMI为49.5%、前值49%；非制造业PMI为50.3%、前值 50.4%。 观察细分行业看，内需主导尤其国内消费支撑力大的制造业PMI表现更好，出口依赖度高或投资驱动影响大的行 业表现偏弱。 5月，装备制造、消费品等行业受内需支撑较大，两个行业PMI边际上行1.6、0.8pct至51.2%、 50.2%；食品加工、专用设备等行业也受内需影响较大，生产指数和新订单指数均高于54.0%。相比之下，出口依 赖度较高的纺织、化学纤维、黑色压延等行业生产及新订单指数均低于临界点；同时，高耗能行业PMI受外需及 国内投资较弱的双重拖累，较前月下行0.7pct至47%。 核心观点： 5月新出口指数偏低，但内需如消费品、装备制造行业PMI明显改善。 制造业分项中，新订单指数的表现，也指向内外需驱动力的分化在进一步拉大，其中内需订单的修复程度好于新 出口。 5月，内需订单指数再度回升至荣枯线以上（+0.3pct至50.1%）；4-5月平均看，该指数较3月回落2.2pct。相 比之下，新出口订单指数尽管边际回升2.8pct至47.5%，但4-5月平均值仍较3月下行 ...

Group 1: Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a 0.5 percentage point increase from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-tech manufacturing PMI stands at 50.9%, while energy-intensive industries continue to decline, with a PMI of 47.0%[6][19] Group 2: Service and Construction Sectors - The service sector PMI slightly increased to 50.2%, driven by the "May Day" holiday effect, with significant activity in tourism and hospitality[31][32] - The construction sector PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion due to housing demand constraints, although infrastructure projects are accelerating[35][36] - Special bonds issuance in May reached 443.2 billion yuan, significantly higher than April's 230.1 billion yuan, supporting investment in infrastructure[35]

Manufacturing Sector - The manufacturing PMI for May 2025 is reported at 49.5%, a significant increase of 0.5 percentage points from the previous month, aligning with market expectations[2][4] - The production index rose to 50.7%, up 0.9 percentage points from last month, indicating a recovery in production activities[5][14] - New orders index increased to 49.8%, up 0.6 percentage points, reflecting improved demand conditions[5][14] - High-energy industries continue to decline, with the PMI dropping to 47.0%, down 0.7 percentage points, indicating ongoing challenges in these sectors[6] External Trade - The new export orders index rose to 47.5%, a significant increase of 2.8 percentage points, indicating a recovery in export activities following tariff reductions[21] - The import index increased to 47.1%, up 3.7 percentage points, suggesting improved import conditions[21] Service Sector - The service sector PMI increased slightly to 50.2%, up 0.1 percentage points, remaining in the expansion zone, driven by increased tourism and hospitality activities during the May Day holiday[31] Construction Sector - The construction PMI is at 51.0%, down 0.9 percentage points, indicating a slowdown in expansion primarily due to weakened housing demand, although infrastructure projects are accelerating[35] - Special bond issuance has increased significantly, with 443.2 billion yuan issued in May, up from 230.1 billion yuan in April, supporting investment in infrastructure[35]

新华社北京5月31日电 题：主要指标回升向好 我国经济总体产出保持扩张——透视5月份PMI数据 从重点行业看，5月份，高技术制造业PMI为50.9%，连续4个月保持在扩张区间；装备制造业和消费品 行业PMI分别为51.2%和50.2%，比上月上升1.6和0.8个百分点。其中，装备制造业生产指数较上月上升 超过4个百分点，连续10个月保持在50%及以上；消费品制造业生产指数较上月上升超过1个百分点，连 续15个月运行在扩张区间。 从不同规模企业运行情况来看，5月份，大型企业PMI为50.7%，比上月上升1.5个百分点，重返扩张区 间，其生产指数和新订单指数分别为51.5%和52.5%，比上月上升1.7和3个百分点；中型企业PMI为 47.5%，比上月下降1.3个百分点；小型企业PMI为49.3%，比上月上升0.6个百分点，景气水平有所改 善。 企业对后市预期有所回升。5月份，制造业生产经营活动预期指数为52.5%，比上月上升0.4个百分点。 其中，农副食品加工、食品及酒饮料精制茶、汽车、铁路船舶航空航天设备等行业生产经营活动预期指 数均持续位于56%以上较高景气区间。 非制造业方面，5月份，非制造业商务活动指数 ...