From January to October, the total social logistics in China was 278.3 trillion yuan, a year-on-year increase of 4.9%.

　　Cctv newsAccording to China Federation of Logistics and Purchasing, in October, the growth rate of total social logistics stabilized and rebounded, and the production and circulation situation of most upstream industries was good, and the structural upgrading of logistics demand continued to advance. Logistics activities generally maintained a high boom range, the industry growth rate and boom level were slightly adjusted, and the scale and structure of logistics service supply entered an adjustment period. The operating conditions and benefit levels of micro-enterprises show signs of improvement, and the market is expected to rise steadily.

　　Social logistics demand has stabilized and rebounded, and the structural upgrading trend has continued.

　　From January to October, the total social logistics in China was 278.3 trillion yuan, up 4.9% year-on-year at comparable prices, and the growth rate was 0.1 percentage point higher than that in January-September. In October, it increased by 5.1%, an increase of 0.3 percentage points from the previous month. Judging from the recent trend, since January-August, the growth rate of total social logistics has been rising month by month, the cumulative growth rate is generally stable, and the monthly fluctuation range has decreased, indicating that the recovery momentum of logistics demand has been stable. From the structural point of view, the logistics demand in October mainly showed the following characteristics:

　　First, industrial logistics is generally stable and the structure is further stable.From January to October, the total logistics volume of industrial products maintained steady growth, with a year-on-year increase of 4.1%, and the growth rate was 0.1 percentage point higher than that in January-September; In October, it increased by 4.6%, 0.1 percentage points faster than that in September. From the perspective of sub-industries, more than 70% of the industry’s total logistics volume has increased, and the growth area has further expanded than that in September. In particular, basic fields such as equipment manufacturing continued to play a supporting role, and the recovery momentum of industrial logistics was strongly consolidated. In October, the total logistics volume of equipment manufacturing increased by 6.2% year-on-year, 0.7 percentage points faster than that of the previous month, and rose for three consecutive months, contributing more than 40% to the total logistics volume of all industrial products.

　　Second, the effectiveness of policies has gradually emerged, and import logistics has continued to improve.From January to October, the total import logistics increased by 13.5% over the previous year, and increased by 12.3% in October, still maintaining a high growth rate. While the policy of expanding domestic demand continues to be implemented, the "Belt and Road" cooperation has entered a new stage of high-quality development, and the "Belt and Road" partnership has continued to deepen. Under the joint influence of multiple favorable factors, the import logistics volume has continued to grow well. From the flow direction, in October, China’s imports to ASEAN improved significantly, with a growth rate of over 10%; The import growth of bulk commodities such as Russia and Australia is around 10%; The decline in imports to the United States, Japan and other countries has narrowed. From the perspective of goods, in October, the import volume of grain, soybeans and edible oil increased by more than 20% driven by consumption; The import volume of crude oil, coal and lignite, copper ore and its concentrate and other raw materials commodities continued to rise, increasing by 13.5%, 23.3% and 23.6% respectively. Imports of mechanical and electrical products and high-tech products still declined.

　　Third, the coordinated development of new formats and new kinetic energy logistics has led to the emergence of a driving role.Driven by the rapid growth of e-commerce live shopping, from January to October, the online retail sales of physical goods nationwide increased by 8.4% year-on-year, accounting for 0.3 percentage points of the total retail sales of consumer goods. Driven by the new format, the logistics demand of related smart consumer goods has expanded simultaneously, driving the logistics demand of intelligent vehicle equipment manufacturing and intelligent unmanned aerial vehicle manufacturing to increase by more than 50%. The coordinated development of new format and new kinetic energy logistics has continued to show its driving effect on the total social logistics.

　　Fourth, the holiday economic effect helps the sustained release of consumer logistics.With the full recovery of offline scenes, with the help of consumption promotion policies, the Mid-Autumn National Day holiday has driven the demand for consumer logistics such as catering, accommodation and retail to continue to pick up. In October, the demand for catering-related logistics in China increased by more than 17% year-on-year, and the growth rate was 3.3 percentage points faster than that in September, which was accelerated for two consecutive months. The retail sales of commodities increased by 6.5% year-on-year, and the growth rate was 1.9 percentage points faster than that in September.

　　Logistics entered the adjustment period of dynamic balance between supply and demand, and the marginal benefit of the industry improved.

　　From January to October, the total revenue of the logistics industry was 10.8 trillion yuan, up 4.0% year-on-year, and the growth rate dropped by 0.5 percentage point compared with that in January-September, and the growth rate dropped for two consecutive months. It shows that the logistics supply has entered the adaptive adjustment stage, and the market adjustment mechanism in some sub-sectors has gradually played a role, and the situation of oversupply and overcapacity has improved. From the perspective of industry operation, it mainly has the following characteristics:

　　First, the industry boom is seasonally adjusted, and the pace of industry upgrading is steady.This month, affected by seasonal factors such as holidays, the logistics boom level and business volume index slightly adjusted back. In October, the prosperity index of China’s logistics industry was 52.9%, down 0.6 percentage points from the previous month, but it remained in the expansion range. In terms of industries, commodity logistics, e-commerce express delivery and fresh cold chain are still in the boom zone, and the boom index of upgraded industries such as railway transportation, aviation logistics and postal express delivery has risen steadily.

　　Second, the supply and demand of the industry improved, and the price of logistics services stopped falling and rebounded.In October, the supply and demand of roads, coastal bulk cargo and other sub-sectors improved, and the prices of some regions and routes rose steadily. In terms of water transport, the demand for coastal bulk cargo has picked up, and the price has stopped falling and rebounded. In October, the average freight rate index of China coastal bulk cargo was 953.42 points, up 0.2% from the previous month. On the highway side, driven by the "Eleventh" holiday and e-commerce activities, the demand for regional stocking and logistics turnover has increased, pushing the prices of some key lines to pick up. In October, the freight index of China highway logistics was 103.8 points, up 0.86% from last month.

　　Third, micro-management has improved, and the logistics business volume has maintained growth.According to the key survey, the logistics enterprises have strengthened their business adjustment ability, actively integrated with various fields of the industrial chain, and realized the diversification and growth of logistics business by expanding service projects and expanding service scope. From January to October, the logistics business income of key investigation logistics enterprises increased by 7.4% year-on-year, and the business volume and business income achieved steady and rapid growth. Among them, the income of commodity supply chain, warehousing and logistics related businesses increased obviously, and the growth rate was faster than the average level by more than 3 percentage points.

　　Fourth, logistics enterprises focus on reducing costs and increasing efficiency, and the marginal improvement of industry benefits.Restricted by the lack of upstream demand, the competition in the logistics industry is becoming increasingly fierce, and the motivation of enterprises to reduce costs and increase efficiency has been significantly improved. Cost savings have been achieved through means such as refined management, adjustment of supply capacity and digital empowerment. From January to October, the cost per 100 yuan of logistics income of logistics enterprises decreased by 0.2 yuan year-on-year and 0.5 yuan month-on-month. At the same time, driven by the rebound in service prices, the profit margin of micro-enterprises improved, and the income profit rate rose by 0.2 percentage points from the previous month, indicating that with the overall supply and demand adjustment, transformation and upgrading of the logistics market, the industry benefits showed signs of improvement.

　　On the whole, in October, the logistics demand showed a recovery trend, and the demand for new kinetic energy and new formats played a significant role. The logistics supply structure has been optimized synchronously, the industry has been accelerated to transform and upgrade, the service price has stopped falling and rebounded, and the industry benefits have shown signs of improvement. The business activity expectation index still maintains a high boom range of 57%, and enterprises remain optimistic about market expectations. In the later period, with the continuous effectiveness of policies such as expanding domestic demand and promoting consumption, logistics operation is expected to continue its steady recovery.