Core Viewpoint - The Chinese warehousing industry shows signs of recovery with the warehousing index reaching 52.4% in December 2025, marking a 2 percentage point increase from November 2025, indicating a positive trend in market demand and business activity [1] Group 1: Industry Performance - The overall warehousing index for 2025 averaged 50.7%, up 1.3 percentage points from 49.4% in 2024, reflecting a continuous recovery in the industry [2] - The index showed reduced volatility compared to 2024, indicating enhanced resilience and stability within the industry [2] - In December 2025, the new orders index was 51.8%, a 1.3 percentage point increase from November, with various sectors like chemicals and pharmaceuticals performing above 50% [1][2] Group 2: Operational Efficiency - The business volume index rose to 53.6% in December 2025, up 1.7 percentage points from the previous month, with strong performance in chemicals and agricultural products [1] - The facility utilization rate index increased to 54%, reflecting improved operational efficiency [1] - The average inventory turnover index reached 53.4%, a 3.4 percentage point increase, indicating effective supply chain management and high product circulation efficiency [1][2] Group 3: Future Outlook - Analysts expect the warehousing industry to maintain a stable and positive trajectory in 2026, supported by ongoing macroeconomic policies and demand recovery [3] - The year-end policies aimed at expanding domestic demand and pre-holiday stocking are anticipated to further boost warehousing business demand [3]

Core Viewpoint - The warehousing industry in China is expected to maintain a stable and positive trajectory in 2026, supporting the high-quality development of the real economy [3]. Group 1: Industry Performance Indicators - In December 2025, the warehousing index rose to 52.4%, an increase of 2 percentage points from November 2025, marking the highest level since February of the previous year [1]. - The new orders index for December 2025 was 51.8%, up 1.3 percentage points from November, with chemical products, machinery, agricultural products, and pharmaceuticals showing indices above 50% [1]. - The business volume index reached 53.6%, increasing by 1.7 percentage points month-on-month, with similar trends observed in chemical products, agricultural products, and pharmaceuticals [1]. - The facility utilization rate index was 54%, up 1.6 percentage points, while the inventory index rose to 51.9%, an increase of 1.9 percentage points [1]. - The average inventory turnover index was 53.4%, reflecting a month-on-month increase of 3.4 percentage points [1]. Group 2: Yearly Trends and Analysis - The overall warehousing index for 2025 averaged 50.7%, a rise of 1.3 percentage points from 49.4% in 2024, indicating a continuous recovery in the industry [2]. - The index showed a "two highs, one low" trend throughout the year, with quarterly averages of 51.2% in Q1, 50.7% in Q2, 49.7% in Q3, and 51.1% in Q4, reflecting seasonal impacts and subsequent recovery [2]. - Key characteristics included a solid demand foundation with the new orders index mostly above 50%, high turnover efficiency, and a more rational inventory adjustment process, with the end-of-year inventory index averaging 49.8% [2]. Group 3: Future Outlook - The warehousing industry is expected to benefit from ongoing macro policies aimed at reducing logistics costs and improving the operating environment, with market demand continuing to recover [3]. - Analysts predict that with the release of internal economic momentum and support for expanding domestic demand, the warehousing sector will see further growth in demand leading into 2026 [3].

Core Viewpoint - The China Warehousing Index reached 52.4% in December 2025, marking a 2 percentage point increase from the previous month, indicating a recovery in the warehousing sector driven by market demand [1] Sub-index Summaries - New Orders Index: The New Orders Index rose to 51.8%, up 1.3 percentage points from last month, with chemical products, machinery, agricultural products, and pharmaceuticals showing indices above 50%, while coal, food, and daily necessities were below 50% [1][2] - Business Volume Index: The Business Volume Index increased to 53.6%, up 1.7 percentage points from last month, with chemical products, agricultural products, and pharmaceuticals above 50%, while coal and food were below 50% [2] - Facility Utilization Rate Index: The Facility Utilization Rate Index rose to 54%, an increase of 1.6 percentage points from last month, with non-ferrous metals, machinery, agricultural products, and pharmaceuticals above 50%, while food was below 50% [2] - End Inventory Index: The End Inventory Index increased to 51.9%, up 1.9 percentage points from last month, with steel, home appliances, daily necessities, and pharmaceuticals above 50%, while non-ferrous metals, mineral products, and food were below 50% [2] - Average Inventory Turnover Index: The Average Inventory Turnover Index rose to 53.4%, a significant increase of 3.4 percentage points from last month, with steel, chemical products, daily necessities, agricultural products, and pharmaceuticals above 50%, while non-ferrous metals and food were below 50% [2] - Enterprise Employee Index: The Enterprise Employee Index increased to 52.7%, up 1.7 percentage points from last month, indicating a positive trend in employment within the sector [2] - Business Activity Expectation Index: The Business Activity Expectation Index decreased to 52.7%, down 2.6 percentage points from last month, reflecting a slight decline in business sentiment [2]

Core Viewpoint - The China Warehousing Index, released by the China Logistics and Purchasing Federation in collaboration with Sinotrans Development Co., shows a significant recovery in the warehousing industry, reaching 52.4% in December 2025, an increase of 2 percentage points from the previous month, indicating a positive trend in the sector [1] Industry Summary - The sub-indices, including new orders, business volume, facility utilization rate, end-of-period inventory, average inventory turnover, and enterprise employee indices, have all increased, with rises ranging from 1.3 to 3.4 percentage points compared to the previous month [1] - The business activity expectation index has decreased by 2.6 percentage points, indicating a slight dip in future expectations [1] Company Insights - Yang Biao, Deputy General Manager of Sinotrans Development Co., noted that the December 2025 China Warehousing Index has reached its highest level since February 2025, driven by a recovery in market demand, leading to rapid growth in warehousing business volume and improved commodity turnover speed [1] - The company anticipates that ongoing policy support for expanding domestic demand and pre-Spring Festival stocking needs will further boost warehousing business demand, allowing the industry to maintain a positive development trend [1]

Core Viewpoint - Zhongcang Co., Ltd. (600787) is actively developing its supply chain integration service platform, Zhongcang Steel Super, which operates effectively through both offline and online channels [1] Group 1 - The company is steadily advancing its national network layout [1] - A recent plan includes investing in the construction of the Zhongcang (Sanjiang Port) production service hub project [1] - The goal is to establish a core logistics hub in the Central China region [1]

Core Viewpoint - Zhongchu Steel Super Technology (Wuhan) Co., Ltd. is set to invest in the construction of the Zhongchu (Sanjiang Port) Production Service Hub Base Project (Phase I) following the approval from the company's board of directors [1] Group 1 - The company's tenth board of directors meeting was held on November 27, 2025, where the investment proposal was approved [1] - On December 30, 2025, Zhongchu Steel Super signed an investment contract with the People's Government of Huarong District, Ezhou City, Hubei Province [1]

Core Viewpoint - The company, China Storage Co., Ltd. (中储股份), has approved an investment project for the construction of a production service hub base in Sanjiang Port, Wuhan, during its board meeting held on November 27, 2025 [1] Group 1 - The company convened its tenth board meeting to review and approve the investment proposal for the project [1] - The investment contract was signed with the People's Government of Huarong District, Ezhou City, Hubei Province on December 30, 2025 [1]

证券代码：600787 证券简称：中储股份 公告编号：临 2025-065 号 中储发展股份有限公司 关于子公司对外投资的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 一、对外投资概述 中储发展股份有限公司（以下简称"公司"）于2025年11月27日召开了十届二次董 事会，审议通过了《关于中储钢超科技（武汉）有限公司投资建设中储（三江港）生 产服务枢纽基地项目（一期）的议案》。详情请查阅2025年11月29日公司在上海证券交 易所网站（www.sse.com.cn）披露的《中储发展股份有限公司关于子公司投资建设中 储（三江港）生产服务枢纽基地项目（一期）的公告》（公告编号：临2025-056号）。 2025年12月30日，中储钢超与湖北省鄂州市华容区人民政府签署了《投资合同书》。 二、投资合同书的主要内容 （一）合同主体 甲方：湖北省鄂州市华容区人民政府 (以下简称甲方) 乙方：中储钢超科技（武汉）有限公司 (以下简称乙方) 乙方依法在项目所在地注册成立项目公司（以下称"乙方企业"），乙方企业成立 后，乙方在本合同 ...

Group 1 - The stock price of China Storage Development Co., Ltd. (600787) closed at 5.7 yuan on December 26, 2025, down by 0.7%, with a turnover rate of 0.83%, a trading volume of 179,100 shares, and a transaction amount of 102 million yuan [1] - On December 26, 2025, the company held its 10th Board of Directors meeting, where it approved the revision of 13 corporate governance documents, including the "General Manager Work Rules," and authorized its subsidiary, China Chengtong Commodity Trading Co., Ltd., to conduct commodity futures hedging business in 2026 with a maximum guarantee amount of 200 million yuan [2][3] - The company also held its second extraordinary general meeting of 2025, where shareholders representing 49.9702% of the total share capital attended, and 99.6158% of A-share shareholders voted in favor of the reappointment of the accounting firm, confirming the legality and validity of the meeting procedures and voting results [2] Group 2 - China Chengtong Commodity Trading Co., Ltd. plans to engage in commodity futures hedging in 2026, focusing on trading copper, aluminum, zinc, lead, nickel, tin, silicon manganese, and other commodities, with a maximum margin requirement of 200 million yuan [3] - The company has completed the registration change, altering its type from "joint-stock company (Hong Kong, Macau, Taiwan and domestic joint venture, listed)" to "joint-stock limited company (listed)," and has received a new business license from the Tianjin Beichen District Market Supervision Administration [3] - Multiple governance documents have been revised to enhance the company's governance structure and internal control system, including the "Audit and Risk Management Committee Annual Report Work Regulations" and "Investor Relations Management Work System" [3]

Core Viewpoint - The company held its tenth board meeting, where it approved several governance-related proposals and a plan for its subsidiary to engage in commodity futures hedging activities to mitigate market risks [1][8]. Group 1: Board Meeting Resolutions - The board unanimously approved the revision of several internal governance documents, including the General Manager's Work Guidelines and the Board Secretary's Work System [2][3]. - The board also approved the revision of the Insider Information Management System and the Information Disclosure Management System [4][5]. - Other approved revisions included the management methods for independent directors and the audit and risk management committee's work guidelines [6][7]. Group 2: Commodity Futures Hedging Business - The board approved the subsidiary, China Chengtong Commodity Trading Co., Ltd., to conduct commodity futures hedging for the year 2026, with a maximum margin usage of 200 million RMB [8][19]. - The hedging activities aim to mitigate risks associated with market price fluctuations and will involve trading in commodities such as copper, aluminum, zinc, lead, nickel, tin, silicon manganese [15][21]. - The funding for these hedging activities will come from the subsidiary's own or self-raised funds, without involving raised capital [20]. Group 3: Company Registration Changes - The company completed the registration change to alter its type from "joint-stock company (Hong Kong, Macao, Taiwan and domestic joint venture, listed)" to "joint-stock company (listed)" [11]. - The updated business license reflects a registered capital of 2,170,079,582 RMB and outlines the company's operational scope, including commodity storage, processing, and trading [12].