高帅表示，从2025年全年走势看，公路运输市场持续调整优化，四个季度运价指数均保持在105点左 右，且自二季度以来逐季回升，反映出公路运输市场持续调整，企业韧性经营能力有所改善。值得注意 的是，2025年12月份运价指数环比、同比均小幅回落，主要是前期和上年基数较高，叠加部分大宗原材 料领域价格回落、区域运输竞争压力加大，制约运价企稳回升动力。分区域看，西北、山东半岛区域运 价指数有所回升，其他区域运价指数均有所回落。 从后期走势看，高帅表示，多重积极因素叠加作用下，企业市场预期保持向好，大宗原材料、工业生 产、消费市场等传统领域恢复态势巩固，制造业新动能拉动作用强劲，公路市场具备稳中向好运行基 础，预计2026年初运价指数可能季节性波动，或将稳中有降，但总体价格将延续当前运行水平。 1月9日，中国物流与采购联合会和林安物流集团联合调查发布数据显示，2025年12月份，中国公路物流 运价指数为105.2点，环比回落0.22%，同比上一年回落0.70%。 分车型指数看，2025年12月份各车型指数环比小幅回落，同比有所收窄。以大宗商品及区域运输为主的 整车指数为105.8点，比2025年11月份回落0.20%， ...

Core Insights - The China Road Logistics Freight Index reached 105.4 points in November 2025, showing a month-on-month increase of 0.46% and a year-on-year increase of 0.82% [1][3] Summary by Category Freight Index Overview - The overall freight index for November 2025 is 105.4 points, up from 105.1 points in October [3] - The full truckload index increased to 106.0 points, a rise of 0.47% from the previous month and 0.98% year-on-year [3] - The less-than-truckload light cargo index rose to 102.9 points, up 0.27% month-on-month and 0.06% year-on-year [3] - The less-than-truckload heavy cargo index reached 106.1 points, increasing by 0.59% from the previous month and 1.05% year-on-year [3] Market Demand and Supply - The road logistics market is experiencing a slight recovery in demand, driven by year-end production goals and the completion of infrastructure projects [4] - Industrial production is stabilizing demand for basic raw materials, supporting the overall logistics demand [4] - Consumer demand is improving due to the effectiveness of consumption-boosting policies [4] - The market is seeing a steady increase in new transport capacity, with overall stability in trunk transportation [4] Regional Performance - The freight index in the Central China and Shandong Peninsula regions has declined, while other regions have seen increases [4] Future Outlook - The positive economic fundamentals are expected to continue, with optimistic market signals accumulating [4] - The road transport market is anticipated to remain active, with the freight index likely to stabilize at current high levels or experience slight increases [4]

Production Sector - The coke oven operating rate increased to 72.04%, up by 0.96% from the previous week[7] - The blast furnace operating rate decreased to 81.07%, down by 1.1% from the previous week[7] - The PTA operating rate rose to 73.81%, an increase of 2.64% from the previous week[7] Consumption Sector - Weekly box office revenue dropped to ¥46.3 million, a decrease of ¥19.3 million from the previous week[7] - Average daily retail sales of passenger cars increased to 75,191.05 units, up by 1,179.15 units from the previous week[7] - Average daily wholesale sales of passenger cars rose to 95,414.30 units, an increase of 2,478.45 units from the previous week[7] Real Estate and Infrastructure - The transaction area of commercial housing in 30 major cities reached 232.67 million square meters, an increase of 28.08 million square meters from the previous week[7] - The land transaction area in 100 major cities decreased to 1,610.75 million square meters, down by 922.36 million square meters from the previous week[7] - The land premium rate in 100 major cities increased to 2.78%, up by 1.9% from the previous week[7] Trade and Inflation - The Shanghai Export Container Freight Index (SCFI) rose to 1,403.13, an increase of 9.57 from the previous week[8] - The average wholesale price of pork decreased to ¥17.83 per kilogram, down by ¥0.08 from the previous week[8] - The Consumer Price Index (CPI) for agricultural products improved, with the wholesale price index rising to 126.77, an increase of 1.28 from the previous week[8] Transportation - The subway passenger volume in Beijing decreased to 814.39 million trips, down by 177.39 million from the previous week[8] - The number of domestic flights (excluding Hong Kong, Macau, and Taiwan) decreased to 12,490.57 flights, down by 24.71 from the previous week[8]

Core Insights - The China Road Logistics Freight Index for October 2025 is reported at 104.9 points, showing a month-on-month decline of 0.10% and a year-on-year decrease of 0.11% [1] - The overall economic operation in China is stabilizing, but market demand remains weak due to domestic and international macroeconomic conditions [5] Index Performance - The freight index for full truckload, primarily for bulk commodities and regional transport, is at 105.5 points, down 0.12% from the previous month but up 0.03% year-on-year [2] - The less-than-truckload (LTL) index shows mixed results: the light cargo index is at 102.6 points, up 0.02% month-on-month but down 0.78% year-on-year; the heavy cargo index is at 105.5 points, down 0.16% month-on-month but up 0.05% year-on-year [2] Market Dynamics - The demand for road transport has contracted compared to previous periods, influenced by the "Double Festival" holiday and a slowdown in enterprise production [5] - The freight index is expected to stabilize and potentially rise towards the end of the year, driven by increased production and sustained consumer demand [5] - Regional performance varies, with the Northeast and Yangtze River Delta regions seeing an increase in freight index, while other regions experienced declines [5]

Core Viewpoint - The logistics and transportation market in China is showing signs of stability and gradual recovery, with the road logistics price index for September 2025 reaching 105.1 points, reflecting a slight month-on-month increase and a more significant year-on-year rise [1][2]. Group 1: Price Index Trends - The road logistics price index for September 2025 is reported at 105.1 points, with a month-on-month increase of 0.01% and a year-on-year increase of 0.6% [1]. - The overall vehicle index stands at 105.6 points, remaining stable compared to August and showing a year-on-year increase of 0.8% [1]. - The light cargo index is at 102.6 points, with a slight month-on-month increase of 0.01% but a year-on-year decrease of 0.3%, while the heavy cargo index is at 105.6 points, also with a month-on-month increase of 0.01% and a year-on-year increase of 0.9% [1]. Group 2: Market Dynamics - The economic environment in September is characterized by a steady recovery, with demand for road transportation improving due to various factors, including government policies aimed at boosting domestic demand, industrial production peaks, and a resurgence in consumer markets [2]. - The transportation market is experiencing a balance between supply and demand, with the price index remaining stable and high throughout the year, despite some regional fluctuations [2]. - Specific regions such as the Northeast, Central China, Shandong Peninsula, Pearl River Delta, and Yangtze River Delta have seen price index increases, while regions like Southeast Coast, North China, Northwest, and Southwest have experienced declines [2]. Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival may temporarily affect short-term freight demand, but post-holiday production recovery and the approach of the seasonal consumption peak are expected to sustain logistics demand [3]. - The logistics industry anticipates a gradual rebound in the price index, driven by balanced supply and demand dynamics and cost transmission effects [3].

Core Insights - The Chinese highway logistics market is experiencing a stable start to the peak season in September, with the logistics price index at 105.1 points, reflecting a slight month-on-month increase of 0.01% and a year-on-year increase of 0.6% [1] Group 1: Market Performance - The overall highway logistics price index indicates a steady trend, with the truckload index at 105.6 points remaining stable compared to the previous month [1] - The less-than-truckload (LTL) index shows mixed results, with the light cargo index at 102.6 points increasing from the previous month, while the heavy cargo index is at 105.6 points, showing a slight rise [1] Group 2: Demand and Supply Dynamics - The demand side is recovering, supported by various policies aimed at expanding domestic demand, alongside a peak in industrial production and a rebound in the consumer goods market, which has increased market activity [1] - A special governance action for vehicle transportation has slightly raised transportation costs and adjusted the supply structure, contributing to the ongoing balance in supply and demand within the highway logistics market [1] Group 3: Future Outlook - The upcoming National Day and Mid-Autumn Festival holidays may temporarily affect short-term freight demand, but post-holiday production recovery and the approaching fourth-quarter consumption peak are expected to sustain logistics demand [2] - The logistics price index is anticipated to gradually rebound from its current level due to the collaborative balance of supply and demand and cost transmission effects [2]

Core Viewpoint - In August, China's highway logistics price index remained stable, indicating a steady economic performance supported by policies aimed at stabilizing the economy and expanding domestic demand [1][2]. Summary by Category Overall Index Performance - The highway logistics price index for August was reported at 105.1 points, reflecting a month-on-month increase of 0.01% and a year-on-year increase of 0.8% [1]. Vehicle Type Index - The full truckload index, primarily driven by bulk commodities and regional transport, stood at 105.6 points, with a month-on-month increase of 0.01% and a year-on-year increase of 1% [1]. - The less-than-truckload (LTL) index showed mixed results: the LTL light cargo index was at 102.6 points, remaining stable month-on-month but down 0.3% year-on-year; the LTL heavy cargo index was at 105.6 points, stable month-on-month and up 1.1% year-on-year [1]. Regional Performance - The price index saw increases in regions such as Northeast, Central China, Shandong Peninsula, and the Yangtze River Delta, while declines were noted in the Southeast Coast, North China, Pearl River Delta, Northwest, and Southwest regions [1]. Market Dynamics - The logistics market is characterized by sufficient capacity, although there are structural and regional fluctuations. The ongoing replacement of new energy heavy trucks is contributing to short-term supply fluctuations in certain areas [1]. - Adverse weather conditions, including high temperatures and heavy rainfall in southern regions, have led to a reduction in transport capacity and mileage [1]. Future Outlook - As September approaches, it is anticipated that weather-related impacts will diminish, and a series of policies aimed at promoting growth and consumption will align with the traditional production peak season, leading to a more active highway transport market [2].

Core Viewpoint - In July, China's highway logistics freight index was reported at 105 points, reflecting a month-on-month decrease of 0.05% and a year-on-year increase of 1.8% [1] Summary by Category Freight Index Performance - The freight index for various vehicle types showed a month-on-month decline while maintaining year-on-year growth [1] - The overall market demand for highway logistics has slowed compared to previous periods due to seasonal factors such as high temperatures and heavy rainfall [1] Supply and Demand Dynamics - The supply of transport capacity remains relatively sufficient, although there has been a slight decrease in capacity in certain regions [1] - The freight index experienced a seasonal decline due to reduced market demand and adverse weather conditions [1] Regional Analysis - The freight index in the Northeast and Yangtze River Delta regions saw an increase, while other regions experienced a decline [1] Future Outlook - The fluctuations in the highway freight index are expected to be minor in the near term, with a balanced supply-demand adjustment in the highway market [1] - With ongoing policy guidance aimed at increasing volume and reducing competition, the highway transportation market is anticipated to maintain a stable operating trend in the second half of the year, with the freight index likely to experience slight oscillations [1]

Core Insights - In July 2025, China's highway logistics price index was reported at 105 points, reflecting a month-on-month decrease of 0.05% and a year-on-year increase of 1.8% [1] - Seasonal factors such as high temperatures and heavy rainfall have contributed to a slowdown in market demand, while supply remains relatively abundant [1][2] - The overall trend indicates a balanced short-term supply-demand adjustment in the highway logistics market, with expectations for slight fluctuations in the price index in the second half of the year [2] Price Index Analysis - The overall truck index, primarily driven by bulk commodities and regional transport, stood at 105.6 points, down 0.05% from June but up 2.1% year-on-year [1] - The light cargo index for less-than-truckload (LTL) shipments was at 102.6 points, decreasing by 0.02% from June and increasing by 0.6% year-on-year [1] - The heavy cargo index for LTL shipments was at 105.6 points, down 0.1% from June and up 2.2% year-on-year [1] Regional Insights - The Northeast and Yangtze River Delta regions saw an increase in their price indices, while other regions experienced declines [2] - Companies in the highway logistics sector are advised to monitor weather changes and market demand closely to optimize capacity and reduce transportation costs [2] Future Outlook - The highway logistics market is expected to maintain a stable operating trend in the second half of the year, influenced by policy guidance and ongoing efforts to avoid excessive competition [2] - Companies are encouraged to enhance industry self-discipline and respond proactively to policy directions to promote a healthy development of the highway transport market [2]

Core Viewpoint - The latest highway logistics price index released by the China Federation of Logistics and Purchasing indicates a seasonal decline in July, influenced by market demand contraction and high temperatures, while still showing year-on-year growth [1] Summary by Category Highway Logistics Price Index - In July, the highway logistics price index in China was recorded at 105 points, reflecting a month-on-month decrease of 0.05% and a year-on-year increase of 1.8% [1] - The index for freight vehicles, primarily focused on bulk commodities and regional transportation, stood at 105.6 points, down 0.05% from the previous month but up 2.1% compared to the same month last year [1] Market Demand and Supply - The highway logistics market is experiencing a seasonal decline in demand due to high temperatures and heavy rainfall, while the supply of transport capacity remains relatively abundant [1] - Regional analysis shows that the price index in the Northeast and Yangtze River Delta regions has seen an increase [1] Future Outlook - The fluctuations in the highway price index are expected to be minor in the near term, with a balanced supply-demand adjustment in the highway market [1] - With policy guidance aimed at increasing volume and ongoing efforts to reduce competition, the highway transportation market is anticipated to maintain a stable operating trend [1]