2025年中国物流业景气指数均值为50.8% 总体向好 中新社北京1月7日电 (记者 阮煜琳)中国物流与采购联合会7日发布数据显示，2025年中国物流业景气指 数均值为50.8%，行业物流总体向好、动能优化。 编辑：王永乐 广告等商务合作，请点击这里 本文为转载内容，授权事宜请联系原著作权人 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。 2025年12月份，中国物流业景气指数为52.4%，较上月回升1.5个百分点，为2025年全年最高水平。主要 指标中，业务总量指数、设备利用率指数、新订单指数、资金周转率指数、从业人员指数处在扩张区间 且环比保持回升。全年数据来看，去年四个季度景气指数均值稳定回升，反映出实体经济物流业务需求 持续活跃。 "大宗能源、制造业、民生消费需求带动行业物流总体向好。"中国物流信息中心副总经济师胡焓表示， 居民消费领域，国家政策引领和地区体系协同两轮驱动，有效激发居民消费潜力，提升消费物流活力， 2025年前11个月，全国实物商品网上零售额为11.8万亿元人民币，同 ...

2025.12. 15 本文字数：1290，阅读时长大约2分钟 作者 | 第一财经 祝嫣然 国家统计局12月15日发布11月份宏观经济数据。其中，社会消费品零售总额43898亿元，同比增长 1.3%，比10月大幅回落1.6个百分点。消费增速已连续6个月放缓。 国家统计局新闻发言人付凌晖在国新办发布会上对此回应称，近期社会消费品零售总额增速有所回 落，主要是因为去年同期基数较高。从累计增速来看，今年的社会消费品零售总额增长好于去年。从 11月份情况来看，市场销售继续扩大，服务消费增长较快，新型消费继续壮大。 付凌晖表示，我国消费稳步扩大是人均GDP超过1万美元、消费结构升级发展的必然表现，也是促消 费政策持续发力、消费潜能释放的结果，还是新技术新模式广泛渗透、消费新增长点不断涌现的反 映。但也要看到，居民消费能力和信心有待进一步提升，消费增长内生动力仍需增强。 面部署了19项重点任务，明确到2027年，我国将形成3个万亿元级消费领域和10个千亿元级消费热 点。 今年以来，提振消费专项行动深入实施，消费品以旧换新政策发力显效，促进了消费规模扩大，消费 结构升级、消费动能焕新，带动了消费潜能释放。1-11月份，社会 ...

从累计增速来看，今年的社会消费品零售总额增长好于去年。 国家统计局12月15日发布11月份宏观经济数据。其中，社会消费品零售总额43898亿元，同比增长 1.3%，比10月大幅回落1.6个百分点。消费增速已连续6个月放缓。 国家统计局新闻发言人付凌晖在国新办发布会上对此回应称，近期社会消费品零售总额增速有所回落， 主要是因为去年同期基数较高。从累计增速来看，今年的社会消费品零售总额增长好于去年。从11月份 情况来看，市场销售继续扩大，服务消费增长较快，新型消费继续壮大。 付凌晖表示，我国消费稳步扩大是人均GDP超过1万美元、消费结构升级发展的必然表现，也是促消费 政策持续发力、消费潜能释放的结果，还是新技术新模式广泛渗透、消费新增长点不断涌现的反映。但 也要看到，居民消费能力和信心有待进一步提升，消费增长内生动力仍需增强。 日前召开的中央经济工作会议确定了明年经济工作八大重点任务。其中，坚持内需主导、建设强大国内 市场排在首位。会议明确，深入实施提振消费专项行动，制定实施城乡居民增收计划。扩大优质商品和 服务供给。优化"两新"政策实施。清理消费领域不合理限制措施，释放服务消费潜力。 近期，一系列促消费政策密集 ...

Economic Growth Overview - In the first three quarters of 2025, China's GDP reached 10,150.36 billion yuan, with a year-on-year growth of 5.2% [17] - The GDP growth in the third quarter was 1.1%, a slight increase of 0.1 percentage points from the second quarter [3][17] - The contribution of the primary industry to economic growth was 4.7%, while the secondary industry contributed 34.6%, and the tertiary industry contributed 60.7% [17] Consumption and Retail - Final consumption expenditure contributed 53.5% to economic growth, driving GDP up by 2.8 percentage points [4][13] - The total retail sales of consumer goods reached 365,877 billion yuan, with a year-on-year growth of 4.5%, accelerating by 1.2 percentage points compared to the same period in 2024 [4][18] - Service retail sales increased by 5.2%, showing a continuous acceleration in growth [4][18] Investment Trends - National fixed asset investment (excluding rural households) totaled 371,535 billion yuan, a year-on-year decrease of 0.5% [6][18] - Excluding real estate development investment, fixed asset investment grew by 3.0%, indicating a shift towards more promising sectors [6][18] - Infrastructure investment rose by 1.1%, while manufacturing investment increased by 4.0% [6][18] Foreign Trade Performance - The total import and export value reached 336,078 billion yuan, with a year-on-year growth of 4.0% [8][18] - Exports amounted to 199,450 billion yuan, increasing by 7.1%, while imports slightly decreased by 0.2% to 136,629 billion yuan [8][18] - The contribution of net exports to GDP growth was 1.5 percentage points, with a contribution rate of 29.0% [8][18] Industrial and Service Sector Developments - The added value of the industrial sector increased by 6.2%, with manufacturing growing by 6.8%, outpacing the overall industrial growth rate [3][17] - The high-tech manufacturing sector saw a 9.6% increase in added value, contributing 24.7% to the growth of the industrial sector [14][18] - The information transmission, software, and IT service industries reported a revenue growth of 12.1%, surpassing the overall service sector growth by 4.4 percentage points [10][18]

Core Insights - The total social logistics volume in China from January to July reached 201.9 trillion yuan, with a year-on-year growth of 5.2% [1] - The logistics market is showing stable growth, with industrial and consumer logistics demonstrating resilience [2][3] Group 1: Logistics Performance - From January to July, the logistics industry generated a total revenue of 8.2 trillion yuan, reflecting a year-on-year increase of 4.9% [3] - The logistics business activity index averaged 50.5 points, indicating continued expansion, while the new orders index for logistics companies was at 52.5 points, suggesting a recovery in business conditions [3] Group 2: Industrial and Consumer Logistics - Industrial logistics maintained a solid foundation, with a total volume growth of 5.7% from January to July, supported primarily by the manufacturing sector [1] - The logistics demand for units and residential goods grew by 6.2% year-on-year, driven by policies encouraging consumption and the rise of online retail [2] Group 3: Import Logistics - The total logistics volume for imported goods decreased by 2.4% year-on-year, but the decline was less severe than in the first half of the year, with a 1.4% increase in July [2] - High-tech products, particularly machine tools and integrated circuits, were significant contributors to the improvement in import logistics [2]

Core Viewpoint - The data released by the National Bureau of Statistics indicates a steady growth in retail sales, with a total of 37,174 billion yuan in April, reflecting a year-on-year increase of 5.1% and a month-on-month increase of 0.24% [1] Group 1: Retail Sales Performance - In the first four months of the year, the total retail sales of consumer goods reached 161,845 billion yuan, showing a year-on-year growth of 4.7%, with service retail sales also increasing by 5.1% [1][2] - The retail sales of household appliances and audio-visual equipment, cultural and office supplies, furniture, and communication equipment saw significant year-on-year growth of 38.8%, 33.5%, 26.9%, and 19.9% respectively in April [2][3] Group 2: Consumer Behavior Trends - Basic living and upgraded goods experienced rapid growth, with year-on-year retail sales of staple food, sports and entertainment products, and gold and silver jewelry increasing by 14%, 23.3%, and 25.3% respectively in April [3] - Service consumption related to travel and outings grew rapidly, with transportation, communication, and tourism services maintaining double-digit growth in the first four months [3] Group 3: Policy Impact and Future Outlook - The ongoing effects of policies aimed at boosting consumption are evident, with a notable recovery in the consumer market, driven by the "old-for-new" consumption policy [4][5] - The government emphasizes the importance of boosting consumption as a key economic task, with expectations for continued market recovery as policy effects become more pronounced [4][5]

Investment Rating - The report maintains a positive outlook on the e-commerce industry, recommending a "Buy" rating for key players such as Alibaba, JD Group, Pinduoduo, and Kuaishou [3][4]. Core Insights - The report highlights a significant recovery in consumer sentiment, with March 2025 retail sales reaching 40,940 billion yuan, a year-on-year increase of 5.9%, and a month-on-month increase of 1.9 percentage points [2][9]. - Various consumption stimulus policies have been implemented since February 2025, leading to a notable release of consumer potential, particularly in urban areas where retail sales growth outpaced rural areas [6][9]. - The online retail sector continues to show improvement, with a year-on-year growth of 6.9% in March 2025, indicating a sustained upward trend in e-commerce [6][17]. Summary by Sections Retail Sales Data - March retail sales data indicates a total of 40,940 billion yuan, with a 5.9% year-on-year growth and a 1.9 percentage point increase from the previous month, surpassing expectations [2][12]. - Urban retail sales grew by 6.0% year-on-year, while rural sales increased by 5.3%, reflecting the effectiveness of stimulus policies [6][19]. Online Retail Performance - Online retail sales of physical goods reached 29,948 billion yuan in March, with a year-on-year growth of 5.7% and an increase in market penetration to 24.0% of total retail sales [17][26]. - The growth in online retail is supported by a 20.3% increase in express delivery volume, indicating robust e-commerce activity [26][30]. Category Performance - Essential categories such as tobacco, grain and oil, and daily necessities saw significant growth, with year-on-year increases of 8.5%, 13.8%, and 8.8% respectively [34]. - In the discretionary spending category, home appliances and furniture experienced remarkable growth rates of 35.1% and 29.5% year-on-year, driven by favorable policies and market conditions [41][49].