7月29日，中国物流与采购联合会、中国物流信息中心发布数据显示，上半年，全国社会物流总额171.3 万亿元，按可比价格计算，同比增长5.6%，增速比一季度回落0.1个百分点。 进口货物物流总额同比下降3.0%。特别是6月以来，进口货物物流总额增速由负转正，同比增长2.1%。 上半年，单位与居民物品物流总额同比增长6.1%。从细分领域看，消费相关物流规模质量同步提升。 各领域企业积极拓展线上渠道，推动网上实物商品物流需求快速增长。上半年实物商品网上零售额增长 6.0%。6月份中国电商物流指数为111.8点，比5月份回升0.2点，实现连续4个月回升的同时，刷新年内 新高。 从新兴产业物流需求来看，上半年装备制造业物流需求同比增长10.9%，高技术制造业物流需求增长 9.7%，成为拉动物流需求的重要增长点。 孟圆表示，上半年，我国物流运行稳中有进，供需两端质效提升。需求端，社会物流总额稳健增长，结 构优化显著，工业品物流稳固基本盘，新质物流创新高，国际物流多元化发展，单位与居民物流活力增 强。 供给端积极变革 上半年，在产业提质升级的强劲驱动下，物流行业供给端积极变革，多数细分领域运行态势良好，物流 供给规模与结构 ...

Core Insights - The logistics industry in China demonstrated a stable growth trend in the first half of 2025, with a total social logistics volume of 171.3 trillion yuan, reflecting a year-on-year increase of 5.6% [1][5][19] - The logistics sector's total revenue reached 6.9 trillion yuan, marking a 5.0% increase compared to the previous year, indicating a positive market response [1][10][19] - The logistics performance index (LPI) averaged 50.5, showing a slight recovery, which suggests an overall improvement in the logistics sector's health [1][10] Group 1: Social Logistics Volume and Economic Impact - The total social logistics volume for the first half of 2025 was 171.3 trillion yuan, with a year-on-year growth of 5.6%, slightly down by 0.1 percentage points from the first quarter [1][5] - The growth rates for the first and second quarters were 5.7% and 5.5%, respectively, indicating a consistent demand supporting economic stability [1][5] - The logistics volume growth outpaced GDP growth by 0.3 percentage points, highlighting the logistics sector's crucial role in economic development [5][19] Group 2: Logistics Supply and Revenue Growth - The logistics industry total revenue reached 6.9 trillion yuan, with a year-on-year increase of 5.0%, showing a slight improvement from the first quarter [1][10] - The logistics supply side is undergoing significant changes, with most sub-sectors performing well, contributing to economic growth [1][10] - The average LPI of 50.5 indicates a positive outlook for the logistics industry, with key indicators in the expansion zone [10][19] Group 3: Sector-Specific Developments - Rail freight saw a steady increase, with 1.98 billion tons of goods transported, reflecting a 3.0% year-on-year growth [2][11] - Air logistics experienced a significant expansion, with a total cargo and mail transport volume of 4.784 million tons, up 14.6% year-on-year, particularly driven by international demand [2][12] - E-commerce logistics also thrived, with over 950 billion express deliveries, marking a 19.3% increase, indicating a robust response to consumer demand [12][19] Group 4: Cost Efficiency and Policy Support - The total logistics cost was 9.2 trillion yuan, with a year-on-year growth of 5.0%, and the ratio of logistics costs to GDP decreased to 14.0% [14][19] - The government has implemented various policies to reduce logistics costs, with infrastructure investments increasing significantly [15][19] - The logistics sector is transitioning from a cost center to a value engine, with a focus on supply chain collaboration and efficiency improvements [16][19] Group 5: Future Outlook - The logistics industry is expected to maintain a growth rate of around 5.5% for the year, supported by ongoing policy initiatives and structural upgrades [20][19] - The focus on high-quality development in logistics will continue, emphasizing cost reduction and efficiency enhancement [20][19]