Overview - The China E-commerce Logistics Index for August 2025 reached a new high of 112.3 points, increasing by 0.3 points from the previous month, marking the highest level of the year [1] Total Business Volume Index - In August, the total business volume index for e-commerce logistics was 131.4 points, up 0.5 points from the previous month, marking the first time it surpassed 131 points this year [2] - The eastern region saw an increase of 0.7 points, exceeding the national average, while the central region remained stable compared to the previous month [2] Rural Business Volume Index - The rural e-commerce logistics business volume index rose to 131.7 points in August, up 0.2 points, continuing its upward trend [3] - Both the eastern and western regions experienced increases of 0.4 and 0.9 points, respectively, with all regions except the eastern region above the national average [3] Service Quality and Personnel Demand - Service quality improved significantly in August as extreme weather conditions decreased, with satisfaction and fulfillment rate indices rising by 0.4 and 0.5 points, respectively [4] - The continuous increase in business volume has led to a rise in labor demand, with the personnel index increasing by 0.5 points, reaching a new high for the year [4] Cost Index - The cost index fell by 0.5 points to 117.2 points, marking the lowest level since 2023 [5] Efficiency Indicators: Load Rate and Inventory Turnover Rate - In August, to ensure a steady improvement in service quality, companies increased the supply of vehicles, resulting in a 0.5 point decrease in the load rate index [6] - To prepare for the back-to-school season, companies significantly increased inventory levels, leading to a 0.2 point decrease in the inventory turnover rate index [6] Logistics Timeliness Index - The logistics timeliness index remained unchanged from the previous month [7] Summary and Outlook - The e-commerce logistics index continued to rise in August, marking a monthly increase since the Spring Festival, achieving six consecutive months of growth [8] - The combined effects of increased demand and orderly recovery in supply contributed to the total index reaching a new high for the year [8] - The summer consumption peak and back-to-school effects stimulated the total business volume index and rural business volume index, which rose by 0.5 and 0.2 points, respectively, reaching 131.4 and 131.7 points, both new highs for the year [8] - Data from major platforms indicated a significant increase in overall e-commerce sales and promotional activities compared to July, highlighting the effectiveness of consumption promotion policies [8] - The upcoming autumn season is expected to drive a wave of consumer enthusiasm as the clothing market enters a "seasonal change mode" [8] - Numerous marathon events held across the country in August boosted online consumption of sports apparel, wearable equipment, health recovery products, and nutritional supplements, showcasing the diverse and seasonal characteristics of e-commerce logistics demand [8] - The logistics industry prosperity index for August was reported at 50.9%, an increase of 0.4 points, indicating positive signals for the overall logistics market [8]

本报记者 孟珂 9月10日，中国物流与采购联合会和京东集团联合发布的2025年8月份中国电商物流指数为112.3点，比7月份回升0.3点，继 续创出年内新高。 值得关注的是，电商物流满意率、履约率指数止跌回升，人员指数连续回升。随着8月份国内极端天气逐渐减少，企业服 务质量显著回升。满意率和履约率指数分别回升0.4点和0.5点。与此同时，业务量的连续上涨促进企业用工需求上升，人员指 数环比回升0.5点，再创年内新高。 电商物流实载率和库存周转率指数环比回落，物流时效指数环比持平。8月份，为实现服务质量有序回升，企业加大供给 车辆配比，在提升履约和满意率的同时，实载率指数环比回落0.5点。同时，为迎接开学旺季的到来，企业8月份备货量明显上 升，库存周转率指数环比回落0.2点。 "依托人工智能、大数据与云计算等前沿技术，电商物流行业正实现订单智能匹配、智能分拣与运输路径动态优化的升 级，助力成本指数环比回落0.5点，实现连续3个月下降，已降至117.2点，为2023年以来的新低。"上述分析师表示。 后期来看，上述分析师预计，随着"金九银十"消费旺季及开学季的到来，9月份电商物流需求将继续保持平稳上升态势。 电商物 ...

Core Insights - The China Logistics and Purchasing Federation reported that the e-commerce logistics index for August reached 112.3 points, an increase of 0.3 points from the previous month, marking a new high for the year [1] - The total business volume index for e-commerce logistics surpassed 131 points for the first time this year, indicating strong growth in logistics activities [1] - The rural business volume index for e-commerce logistics continued to rise, reflecting increased demand in rural areas [1] Demand Side Analysis - The increase in the e-commerce logistics index is attributed to a combination of factors, including the summer consumption peak and the back-to-school effect, which boosted the total business volume index and rural business volume index by 0.5 points and 0.2 points, respectively, reaching 131.4 points and 131.7 points, both new highs for the year [1] - The demand side is expected to maintain a steady upward trend as the "Golden September and Silver October" consumption peak approaches [2] Supply Side Analysis - On the supply side, the reduction of extreme weather conditions and the rapid increase in demand have prompted e-commerce logistics companies to enhance service quality, leading to multiple indices showing month-on-month increases [2] - The personnel index has risen for five consecutive months, reaching a new high for the year, indicating a growing labor demand in the logistics sector [2] Cost and Efficiency Metrics - The cost index for e-commerce logistics continues to decline, while the logistics efficiency metrics, such as the actual load rate and inventory turnover rate, have shown a month-on-month decrease [1] - The logistics timeliness index remained stable month-on-month, suggesting consistent service delivery despite fluctuations in other metrics [1]

Group 1 - JD Logistics (02618) saw a nearly 5% increase in stock price, reaching HKD 13.91 with a trading volume of HKD 422 million [1] - The China Logistics and Purchasing Federation reported that the e-commerce logistics index for August was 112.3, up 0.3 points from the previous month, marking a new high for the year and indicating six consecutive months of growth [1] - The total business volume index for e-commerce logistics surpassed 131 points, increasing by 0.5 points from the previous month, indicating accelerated growth [1] Group 2 - Bank of America released a report stating that the express delivery industry in China lacks positive catalysts in the short term due to the effects of price adjustments from the anti-involution trend [1] - JD Logistics is viewed as having a particularly good entry point, as third-quarter profit expectations have been reset [1] - Bank of America maintains a target price of HKD 16 for JD Logistics and has given it a "Buy" rating [1]

Core Viewpoint - JD Logistics (02618) shares increased nearly 5%, reaching HKD 13.91, with a trading volume of HKD 422 million [1] Group 1: Industry Insights - The China Logistics and Purchasing Federation reported that the e-commerce logistics index for August was 112.3 points, up 0.3 points from the previous month, marking a new high for the year [1] - The e-commerce logistics index has risen for six consecutive months [1] - The total business volume index for e-commerce logistics surpassed 131 points, increasing by 0.5 points from the previous month, indicating accelerated growth [1] Group 2: Company Analysis - Bank of America released a report stating that the price adjustment effects in the Chinese express delivery industry have already taken effect, suggesting a lack of positive catalysts for the industry in the short term [1] - JD Logistics is viewed as having a particularly good entry point, as third-quarter profit expectations have been reset [1] - Bank of America maintains a target price of HKD 16 for JD Logistics and assigns a "Buy" rating [1]

Core Insights - The logistics sector in China has shown steady growth in the first seven months of the year, with a total social logistics volume of 201.9 trillion yuan, reflecting a year-on-year increase of 5.2% [1] - The logistics demand is being driven by high-end manufacturing, digital intelligence, and green low-carbon sectors, with significant growth in logistics demand for high-tech manufacturing and new energy products [2] Group 1: Overall Logistics Performance - The total logistics revenue for the logistics industry reached 8.2 trillion yuan, marking a year-on-year growth of 4.9% [2] - The logistics business volume index for July was 50.5, indicating continued expansion, while the new orders index was 52.5, suggesting a recovery in business conditions [2] - The logistics volume for industrial products grew by 5.7%, with over 85% of 35 industries experiencing increased logistics demand [1][2] Group 2: Regional Performance - The western and central regions of China showed enhanced growth momentum, with business volume indices of 52.3 and 50.9, respectively, surpassing the national average [2] - The eastern region maintained a steady growth trend with a business volume index of 50.3, indicating a coordinated regional development pattern [2] Group 3: International Logistics and E-commerce - International logistics has emerged as a new growth point, with the China-Europe Railway Express operating 8,526 trains, a year-on-year increase of 23.2% [3] - E-commerce logistics, particularly in rural areas, has seen significant growth, with the logistics business volume index for e-commerce reaching 130.9 points in July [3] Group 4: Future Outlook - The logistics sector is expected to benefit from stable and flexible policies, creating a more orderly and healthy development environment [4]

Core Insights - The e-commerce logistics index in China rose to 112.0 points in July, marking a 0.2 point increase from the previous month, while the total business volume index reached 130.9 points, up by 0.1 points, both hitting new highs for the year [1] - The rural e-commerce logistics business volume index accelerated to 131.5 points in July, reflecting a 1.1 point increase from the previous month, with all regions showing improvement, particularly the central region with a 1.7 point rise [1] - The demand for e-commerce logistics is significantly driven by the booming rural e-commerce sector, supported by postal and express companies enhancing last-mile delivery capabilities [1] E-commerce Logistics Performance - The personnel index for e-commerce logistics increased by 0.9 points, indicating a rise in recruitment of rural couriers, while the load factor index also improved by 0.7 points, leading to a decrease in the cost index by 0.4 points, remaining below 120 points for six consecutive months [2] - The inventory turnover rate index in the e-commerce logistics sector rebounded in July, as companies reduced stock following the end of promotional activities, although the logistics timeliness index fell by 0.5 points due to extreme weather conditions [2] - The e-commerce logistics market did not experience a typical slowdown in July, with the index reflecting a robust performance despite the seasonal lull, attributed to rising business volumes and decreasing logistics costs [2] Consumer Trends and Economic Impact - Rural e-commerce consumption has surged, contributing significantly to the rise in the e-commerce logistics index, alongside ongoing consumption promotion policies with 138 billion yuan in national subsidies enhancing consumer confidence [3] - The "summer economy" has driven online sales, with notable demand for medical care, sun protection products, and off-season clothing, as well as increased sales in educational materials during the summer [3] - The upcoming back-to-school season is expected to further boost demand in the e-commerce logistics market, although supply-side indices may continue to be affected by weather conditions [3]

Core Viewpoint - The China Logistics and Purchasing Federation reported that the e-commerce logistics index for July reached a new high of 112.0 points, reflecting a 0.2 point increase from the previous month, indicating a positive trend in the e-commerce logistics sector [1] Group 1: E-commerce Logistics Index - The total e-commerce logistics business volume index reached 130.9 points in July, marking a 0.1 point increase from the previous month, setting a new high for the year [1] - The total business volume index in the western and northeastern regions increased by 0.5 points and 0.4 points respectively, with the western region exceeding the national average [1] Group 2: Rural E-commerce Logistics - The rural e-commerce logistics business volume index accelerated to 131.5 points in July, showing a significant increase of 1.1 points from the previous month [1] - All regions in the country experienced an increase in the rural business volume index, with the central region showing the largest rise of 1.7 points [1]

Core Insights - The e-commerce logistics index in China reached 112.0 points in July, marking a 0.2 point increase from the previous month and setting a new record for the year, indicating strong growth in the e-commerce logistics market driven by ongoing consumption promotion policies [1] Group 1: E-commerce Logistics Performance - The rural e-commerce logistics business volume index stood out in July, reaching 131.5 points with a month-on-month increase of 1.1 points, significantly surpassing the overall e-commerce logistics index growth [3] - All regions in China saw a rebound in rural business volume index, with the central region showing the most remarkable performance, increasing by 1.7 points, the highest among all regions [3] - The modern logistics system's continuous improvement has provided strong support for rural e-commerce development, with enhanced logistics service networks and the deep application of information and technology significantly boosting service capacity [3] Group 2: Operational Efficiency of Logistics Companies - The operational efficiency of e-commerce logistics companies has improved significantly, with the logistics load factor index showing an upward trend in July, reflecting optimized logistics resource allocation [4] - The increase in load factor indicates better utilization of logistics vehicles and storage facilities, effectively reducing unit logistics costs [4] - The continuous rise in the personnel index, with a month-on-month increase of 0.9 points in July, highlights the positive development in the industry, driven by the accelerated growth of rural e-commerce logistics business volume [4]

Core Insights - The China E-commerce Logistics Index for July 2025 reached 112.0 points, marking a 0.2 point increase from the previous month and setting a new high for the year [1] - The total business volume index for e-commerce logistics hit a new high of 130.9 points, with a 0.1 point increase from the previous month [1] - Rural e-commerce logistics business volume index accelerated to 131.5 points, reflecting a 1.1 point increase, with all regions showing growth [1][3] Business Volume and Performance - The total business volume index for e-commerce logistics increased, with the western and northeastern regions showing rises of 0.5 and 0.4 points respectively, surpassing the national average [1] - The rural business volume index saw a significant rise, particularly in the central region, which increased by 1.7 points [1] - The personnel index and load factor index also rose, driven by increased rural logistics demand, with the personnel index up by 0.9 points and the load factor index up by 0.7 points [1] Inventory and Logistics Efficiency - The inventory turnover rate index stopped declining and began to rise, attributed to reduced stock levels following the end of e-commerce promotional activities [2] - However, logistics efficiency indicators such as logistics timeliness, fulfillment rate, and satisfaction index saw declines due to extreme weather conditions, with logistics timeliness dropping by 0.5 points [2][3] Market Dynamics and Consumer Behavior - Unlike previous years, the e-commerce logistics market did not experience a slowdown after mid-year promotions, with demand increasing due to government consumption subsidies [3] - The "summer economy" emerged as a key driver for online sales, with notable performance in categories like medical care, sun protection products, and off-season clothing [3] - The government has allocated significant funds for consumption stimulation, with 138 billion yuan in "national subsidies" and a historical high of 735 billion yuan in central budget investments [3] Future Outlook - The e-commerce logistics market is expected to maintain growth due to the upcoming peak consumption season and back-to-school shopping for electronic products [3] - However, supply-side indices may continue to be affected by weather conditions, necessitating ongoing observation [3]