Core Insights - The postal industry in China reported a business revenue of 156.42 billion yuan in October 2025, marking a year-on-year growth of 7.9% [1][3] - The express delivery business revenue reached 131.67 billion yuan in October, with a year-on-year increase of 4.7% [1][3] - Cumulative business revenue for the postal industry from January to October 2025 was 1,470.05 billion yuan, reflecting a growth of 7.7% year-on-year [1][3] Revenue and Volume Analysis - In October, the total volume of postal delivery services reached 18.99 billion items, up 6.5% year-on-year, while express delivery volume was 17.60 billion items, increasing by 7.9% [1][3] - From January to October, the cumulative delivery volume for the postal industry was 177.25 billion items, a 14.0% increase year-on-year, with express delivery volume at 162.68 billion items, growing by 16.1% [1][3] Regional Performance - In the first ten months, the revenue share of express delivery in the eastern, central, and western regions was 73.8%, 15.6%, and 10.6%, respectively [6] - The eastern region saw a decline in revenue share by 0.9 percentage points compared to the previous year, while the central and western regions experienced increases of 0.6 and 0.3 percentage points, respectively [6] Market Concentration - The concentration index for the top eight express delivery and parcel service brands (CR8) was 87.0, which is an increase of 0.1 from the previous month [8] Business Segmentation - The share of same-city, intercity, and international/overseas express delivery volumes accounted for 8.1%, 89.8%, and 2.1% of total express delivery volume, respectively [9] - The same-city express delivery volume's share decreased by 1.0 percentage points year-on-year, while intercity volume's share increased by 1.1 percentage points [9] Provincial and City Insights - The top five cities by express delivery revenue were Shanghai (220.47 billion yuan), Guangzhou (75.30 billion yuan), Shenzhen (51.98 billion yuan), Jinhua (Yiwushi) (36.24 billion yuan), and Hangzhou (32.55 billion yuan) [12] - The top five cities by express delivery processing volume were Guangzhou (1,827,247.4 million items), Jinhua (Yiwushi) (1,750,532.1 million items), Shenzhen (1,011,097.8 million items), Shanghai (937,699.6 million items), and Dongguan (714,499.2 million items) [13]

当地时间11月17日，总台记者获悉，俄罗斯邮政即日起已恢复部分通往美国的邮政包裹服务。根据最新 规定，现已开放价值100美元以内的礼品与样品寄递业务，同时恢复不含产品夹带的文件邮寄服务。 今年8月，俄罗斯邮政曾宣布，因美国关税政策调整暂停对美包裹服务。 （文章来源：央视新闻） ...

Economic Overview - The national economy of China showed steady growth in October 2025, with a stable employment situation and ongoing transformation and upgrading trends [1] - The industrial production maintained resilience, with the industrial added value of large-scale enterprises increasing by 4.9% year-on-year and 0.17% month-on-month [1] Industrial Performance - The added value of the mining industry grew by 4.5%, manufacturing increased by 4.9%, and the electricity, heat, gas, and water production and supply industries rose by 5.4% [1] - Equipment manufacturing and high-tech manufacturing sectors were significant contributors to growth, with increases of 8.0% and 7.2% respectively [1] Service Sector - The service industry also demonstrated robust performance, with business activity indices in sectors such as railway transport, air transport, postal services, accommodation, and cultural and sports entertainment remaining above 60.0%, indicating a high level of economic activity [1] Consumer Market - The total retail sales of consumer goods reached 46.291 billion yuan in October, marking a year-on-year increase of 2.9% and a month-on-month increase of 0.16% [2] - Consumer prices turned from a decline to an increase, with a year-on-year rise of 0.2%, while the core Consumer Price Index (CPI), excluding food and energy, rose by 1.2%, an increase of 0.2 percentage points from the previous month [1]

Economic Overview - In October, the national economy maintained a stable and progressive development trend, with industrial added value increasing by 4.9% year-on-year, service production index rising by 4.6%, and retail sales of consumer goods growing by 2.9% [1][10]. Industrial Production - The industrial added value for October increased by 4.9% year-on-year and 0.17% month-on-month. The mining industry grew by 4.5%, manufacturing by 4.9%, and electricity, heat, gas, and water production and supply by 5.4% [3]. - Equipment manufacturing and high-tech manufacturing sectors showed strong growth, with increases of 8.0% and 7.2% respectively, outpacing the overall industrial growth by 3.1 and 2.3 percentage points [3]. - The profit of industrial enterprises from January to September reached 53,732 billion yuan, a year-on-year increase of 3.2% [3]. Service Sector - The service production index rose by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services (13.0%), leasing and business services (8.2%), and finance (5.6%) [4]. - The business activity index for the service sector was at 50.2%, indicating stable activity levels [4]. Retail Sales - In October, the total retail sales of consumer goods reached 46,291 billion yuan, a year-on-year increase of 2.9% [5]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods online retail accounting for 25.2% of total retail sales [5]. Fixed Asset Investment - From January to October, fixed asset investment (excluding rural households) was 408,914 billion yuan, a year-on-year decrease of 1.7%. However, manufacturing investment grew by 2.7% [6]. - Real estate development investment saw a significant decline of 14.7% [6]. Trade and Exports - In October, the total import and export value was 37,028 billion yuan, a slight increase of 0.1% year-on-year, with exports decreasing by 0.8% and imports increasing by 1.4% [7]. - From January to October, the total import and export value reached 373,090 billion yuan, a year-on-year increase of 3.6% [7]. Employment and Prices - The urban surveyed unemployment rate in October was 5.1%, showing a slight decrease from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9]. - The Producer Price Index (PPI) for industrial producers decreased by 2.1% year-on-year, with the decline narrowing compared to the previous month [9]. Conclusion - Overall, the national economy in October showed stability and progress, with ongoing structural adjustments and challenges ahead. The focus remains on expanding domestic demand and stabilizing employment and market expectations [10].

Core Viewpoint - The overall economic operation in October remains stable, with improvements in employment, consumer prices, and industrial production, while challenges persist in external environments and structural adjustments [1][10]. Group 1: Industrial Production - In October, the industrial added value for large-scale enterprises increased by 4.9% year-on-year and 0.17% month-on-month [2]. - The equipment manufacturing industry saw an 8.0% year-on-year increase, while high-tech manufacturing grew by 7.2%, outperforming the overall industrial growth by 3.1 and 2.3 percentage points respectively [2]. - The manufacturing purchasing manager index stood at 49.0, indicating a slight contraction in manufacturing activity [2]. Group 2: Service Sector - The service production index increased by 4.6% year-on-year in October, with significant growth in information transmission, software, and IT services at 13.0% [3]. - The business activity index for the service sector was recorded at 50.2, indicating stable conditions [3]. Group 3: Market Sales - The total retail sales of consumer goods reached 46,291 billion yuan in October, marking a 2.9% year-on-year increase [4]. - Online retail sales amounted to 127,916 billion yuan, growing by 9.6% year-on-year, with physical goods accounting for 25.2% of total retail sales [4]. Group 4: Fixed Asset Investment - Fixed asset investment (excluding rural households) totaled 408,914 billion yuan from January to October, showing a year-on-year decline of 1.7% [5]. - Manufacturing investment increased by 2.7%, while real estate development investment fell by 14.7% [5]. Group 5: Trade and Exports - In October, the total value of goods imports and exports was 37,028 billion yuan, with exports decreasing by 0.8% and imports increasing by 1.4% [6][7]. - From January to October, general trade grew by 2.3%, accounting for 63.4% of total trade [7]. Group 6: Employment and Prices - The urban survey unemployment rate was 5.1% in October, a decrease of 0.1 percentage points from the previous month [8]. - The Consumer Price Index (CPI) rose by 0.2% year-on-year in October, reversing from a decline of 0.3% in the previous month [9].

10月份，全国服务业生产指数同比增长4.6%。分行业看，信息传输、软件和信息技术服务业，租赁和商务服务业，金融业生产指数同比分别增长13.0%、 8.2%、5.6%，分别快于服务业生产指数8.4、3.6、1.0个百分点。1-10月份，全国服务业生产指数同比增长5.7%。1-9月份，规模以上服务业企业营业收入同 比增长7.6%。10月份，服务业商务活动指数为50.2%，服务业业务活动预期指数为56.1%。其中，铁路运输、航空运输、邮政、住宿、文化体育娱乐等行业 商务活动指数位于60.0%及以上高位景气区间。 三、市场销售规模扩大，服务零售增长加快 10月份，社会消费品零售总额46291亿元，同比增长2.9%；环比增长0.16%。按经营单位所在地分，城镇消费品零售额40021亿元，同比增长2.7%；乡村消费 品零售额6270亿元，增长4.1%。按消费类型分，商品零售额41092亿元，增长2.8%；餐饮收入5199亿元，增长3.8%。基本生活类和部分升级类消费较快增 长，限额以上单位粮油食品类、通讯器材类、文化办公用品类、体育娱乐用品类商品零售额同比分别增长9.1%、23.2%、13.5%、10.1%。1-10月份 ...

Core Viewpoint - 瑞众保险 and China Post have signed a strategic cooperation agreement to promote rural revitalization in Meizhou through the "Meizhou Double Pomelo Project," leveraging the quality of Meizhou pomelos, the logistics network of China Post, and the resources of 瑞众保险 [1][3] Group 1 - Meizhou, known as the "Hometown of Chinese Pomelo," has a pomelo planting history of over a century, with Dapu County being the core production area, producing the renowned honey pomelo [3] - The project aims to address challenges in logistics and infrastructure that hinder the distribution of pomelos from rural areas to urban markets, focusing on enhancing both the aesthetic and economic value of rural areas [3][6] - 瑞众保险 is actively integrating into the national rural revitalization strategy, exploring deep connections between insurance and agricultural product supply chains, and collaborating with China Post to leverage their combined strengths [3][6] Group 2 - 瑞众保险 has established several innovation bases for rural revitalization, focusing on local agricultural products such as Yingde red tea and Zengcheng lychee, and has initiated various community engagement activities [6][9] - The company is committed to social responsibility by providing financial education in rural areas, assisting in alleviating agricultural product sales issues, and empowering local industries through resource collaboration [9] - 瑞众保险 aims to continuously explore new pathways for rural revitalization, contributing to agricultural modernization and the development of a strong agricultural nation [9]

Core Viewpoint - The event "Green Post, Future with Boxes - I am the Return Box Action π" organized by China Post Group emphasizes the importance of recycling and green development in line with the national "dual carbon" strategy, aiming to integrate ecological practices into daily life [1][10]. Group 1: Event Overview - The event took place in Nanjing on November 7, coinciding with the 2025 Green Postal Promotion Week, focusing on the circular economy and promoting green living [1][3]. - Activities included a paper box recycling area where participants exchanged unused boxes for gifts, successfully engaging local citizens in recycling efforts [3][9]. - Interactive games and challenges, such as the "Post Me Guard" ring toss game, attracted significant participation, making environmental education enjoyable for younger audiences [5][7]. Group 2: Environmental Impact - The event established a complete recycling loop, where collected boxes were sorted for reuse, reducing resource consumption, while funds from unusable boxes were donated to the "Post Love Green Three North" charity project [9][10]. - Participants expressed hope that such initiatives would inspire a broader commitment to green living beyond Nanjing [9][12]. Group 3: Corporate Responsibility - The initiative showcases China Post's role in leading green development and highlights the effective combination of corporate responsibility and public participation in promoting ecological civilization [10][12]. - The event is set to expand to more cities, encouraging a wider adoption of sustainable practices in everyday life [12].

Group 1: Industrial Production and Economic Trends - Industrial production showed signs of slowdown in October, with expected year-on-year growth of 5.3% for industrial added value [2] - Manufacturing demand has weakened due to pre-holiday demand release and international trade uncertainties, with the new orders index dropping to 48.8% [3] - The service sector experienced an increase in activity, with the business activity index rising to 50.2%, driven by holiday-related consumption [3] Group 2: Consumer Retail and Spending - Social retail sales are projected to grow by 2.8% year-on-year in October, a slight decline from the previous 3% [4] - The effectiveness of the trade-in policy for consumer goods has diminished, compounded by reduced fiscal support, leading to pressure on retail sales [5] - The restaurant and alcohol retail sectors are expected to remain under pressure due to regulatory measures affecting public spending [5] Group 3: Investment Trends - Fixed asset investment is anticipated to decline by 0.9% year-on-year from January to October, with manufacturing investment growth at 4.0% and real estate investment down by 14.1% [7] - Manufacturing investment is expected to improve slowly, with recent developments in US-China trade negotiations potentially boosting investor confidence [8] - Infrastructure investment is projected to stabilize, with new policy financial tools fully deployed, indicating a potential recovery in construction activity [12] Group 4: Export and Trade Dynamics - October export growth is expected to be 3.2%, with imports at 1.6%, reflecting a shift towards non-US markets [17] - China's share in non-US markets has increased, with significant growth in exports to Africa and Latin America [18] - The trade cycle between investment and exports to non-US countries is strengthening, particularly in manufacturing sectors [19] Group 5: Price Trends and Inflation - Consumer price index (CPI) is expected to show a slight increase to 0.1% year-on-year, while producer price index (PPI) is projected to decline by 2.6% [20] - Pork prices remain weak, contributing to overall low inflationary pressures, while oil prices are also under pressure due to global supply dynamics [21][22] - Core CPI is anticipated to maintain a recovery trend, supported by holiday consumption and promotional activities [22] Group 6: Employment and Labor Market - The urban unemployment rate is expected to stabilize at 5.1%, with ongoing government efforts to support job creation for graduates [24] - Employment policies are focused on stabilizing job opportunities, particularly for vulnerable groups such as migrant workers [24][25] Group 7: Financial Data and Monetary Policy - Social financing is projected to increase by 750 billion, with a decline in new loans expected at 1 trillion [26][27] - The M2 money supply growth is anticipated to decrease to 8.1%, reflecting weak demand for credit and a shift towards non-bank financial products [28] - Future monetary policy is expected to balance financial stability with support for the real economy, with a focus on gradual adjustments rather than aggressive tightening [29]

Core Viewpoint - The manufacturing sector in China experienced a decline in October, with the manufacturing PMI dropping to 49.0%, indicating a contraction in production and market demand, while the non-manufacturing sector showed slight improvement with a PMI of 50.1% [2][3][4] Manufacturing Sector Analysis - The manufacturing production index fell to 49.7%, a significant drop of 2.2 percentage points, marking the first contraction since April [3] - The new orders index decreased to 48.8%, reflecting a decline in market demand [3] - Seasonal factors, including the timing of the Mid-Autumn Festival, contributed to the decline in manufacturing PMI, with historical data showing a pattern of decreases in October [3][4] - Despite the overall decline, certain industries such as agricultural processing, automotive, and aerospace maintained production and new orders indices above 52.0%, indicating robust activity [4][5] External Demand and Trade Impact - The new export orders index fell by 1.9 percentage points to 45.9%, highlighting the impact of high tariffs from the U.S. on global trade and Chinese exports [4] Structural Highlights in Manufacturing - The equipment manufacturing and high-tech sectors showed resilience, with their respective PMIs at 50.5% and 50.2%, indicating continued expansion [5] - Large enterprises reported stable performance, with production and new orders indices remaining in the expansion zone for six consecutive months [5] Non-Manufacturing Sector Performance - The non-manufacturing business activity index rose slightly to 50.1%, indicating a return to expansion, with significant growth in sectors related to consumer spending and infrastructure [6][7] - The service sector, particularly in transportation and hospitality, saw high activity levels, driven by holiday consumption and promotional events [6][7] - The construction sector experienced a temporary decline, but indicators suggest a potential acceleration in infrastructure investment due to recent policy measures [7] Policy Impact and Future Outlook - Recent fiscal policies, including the introduction of new financial tools and local government debt issuance, are expected to support infrastructure investment and stabilize economic activity [7][8] - The overall economic activity is anticipated to remain resilient, with macroeconomic policies expected to take effect and further consolidate the foundation for stable economic operation [8]