中国物流党委书记、董事长刘敬桢表示，中储股份成立上海总部是保障公司由职能型总部向经营型总部 转型的关键一步，向以上海为代表的资源富集、客户集中、市场活跃的地区转移，可以确保第一时间倾 听市场与客户的需要，提供最优质的服务。中储股份要依托上海市及徐汇区在金融与科技领域的生态优 势，积极推进智慧仓储、数字仓单等关键领域的技术创新与应用，助力公司打造"国内仓网高效协同、 国际跨境无缝联动"的现代化服务体系，持续增强在大宗商品领域的全球综合服务能力，为提升我国重 要大宗商品定价影响力贡献专业力量。 上海市徐汇区副区长陈勇表示，中储股份是中国物流的核心成员以及仓储与期货交割领域的领军者，此 次上海总部和全球期货交割业务总部的落户，是对徐汇区营商环境与发展潜力的高度认可，也为徐汇区 深化与央企合作、服务国家战略提供了重要契机。徐汇区将持续提供优质服务、开放环境和有力支持， 与企业共同打造立足上海、辐射全国、联通世界的"大宗商品供应链智慧枢纽"，为增强产业链供应链安 全与韧性、服务上海"五个中心"建设贡献更多"徐汇智慧"与"徐汇力量"。 上海期货交易所、郑州商品交易所、大连商品交易所，摩科瑞集团、托克投资（中国）相关领导出 ...

Core Viewpoint - The establishment of the Shanghai headquarters of China Logistics' subsidiary, Zhongchu Development Co., Ltd., marks a significant step in the company's transformation from a functional to an operational headquarters, enhancing its ability to respond to market and customer needs in resource-rich and active regions like Shanghai [1] Group 1: Company Developments - Zhongchu Development's Shanghai headquarters aims to leverage the ecological advantages of Shanghai and Xuhui District in finance and technology to promote innovation in smart warehousing and digital warehouse receipts [1] - The company is focused on building a modern service system that ensures efficient domestic warehouse collaboration and seamless international cross-border operations, enhancing its global comprehensive service capabilities in the bulk commodity sector [1] Group 2: Regional Impact - The establishment of the headquarters is seen as a recognition of Xuhui District's business environment and development potential, providing an important opportunity for deepening cooperation with state-owned enterprises and supporting national strategies [1] - Xuhui District is committed to providing quality services, an open environment, and strong support to jointly create a "smart hub for bulk commodity supply chains" that is based in Shanghai, radiates nationwide, and connects globally [1]

Core Insights - The China Warehousing Index for November 2025 is reported at 50.4%, a slight decrease of 0.2 percentage points from October, indicating stable overall industry performance [1] - New order volume continues to grow, and facility utilization rates have increased, reflecting a recovery in market demand and smoother supply chain connections [1] - The business activity expectation index has risen to 55.3%, indicating improved confidence among enterprises regarding future demand [3] Group 1: Warehousing Index and Performance - The Warehousing Index remains above 50%, suggesting a stable industry operation despite a minor decline [1] - The new orders index stands at 50.5%, unchanged from October, with various sectors showing differing performance levels [1] - Facility utilization index increased to 52.4%, indicating higher efficiency in several sectors [1] Group 2: Inventory and Turnover - The ending inventory index is at 50%, up by 0.6 percentage points from October, with certain sectors experiencing higher inventory levels [1] - The average inventory turnover index decreased to 50%, down by 1.2 percentage points, with some sectors performing better than others [2] Group 3: Future Expectations - The business activity expectation index has increased by 4.2 percentage points, reflecting a positive outlook for future demand [3] - Continued policy support is anticipated to further stimulate investment and consumption-related demand, contributing to a favorable development trend in the warehousing industry [3]

中国物流与采购联合会和中储发展股份有限公司联合调查的中国仓储指数，2025年11月份为50.4%，较 上月回落0.2个百分点，仍运行在50%以上的扩张区间，新订单保持增长，设施利用率同步提高，周转 效率和期末库存保持平稳，行业活跃度继续提升，企业对后市保持乐观预期。 新订单增长，设施利用率提高。11月，新订单指数为50.5%，与上月持平，位于50%以上的扩张区间， 表明受部分大宗商品市场需求持续释放及电商促销活动支撑，仓储业务新订单保持平稳增长。设施利用 率指数也同步提高，11月达到52.4%，较上月提高0.8个百分点。部分大宗商品和消费品均表现较好，特 别是有色金属、化工产品、食品、日用品等品种新订单指数涨幅显著。 周转衔接顺畅，库存保持平稳。11月，平均库存周转次数指数为50%，较上月回落1.2个百分点;期末库 存指数为50%，较上月回升0.6个百分点，已连续两个月保持回升。指数变化情况显示，随着业务需求 继续回升，商品周转保持平稳，供应链上下游衔接较为顺畅，库存下降趋势有所缓和，企业补库意愿略 有增强。分品种来看，钢材、化工产品、机械设备、日用品等品种的期末库存指数回升明显。 企业信心较好，后市预期乐观 ...

Core Viewpoint - 中储股份 plans to invest significantly in building a logistics hub in Central China, aiming to enhance its service capabilities and core competitiveness through the establishment of the 中储（三江港）production service hub project with a total investment of approximately 1.129 billion yuan [3][5]. Investment and Financial Overview - The total investment for the 三江港 project is estimated at 1.129 billion yuan, with 中储钢超 contributing 500 million yuan to establish the project company [5]. - 中储股份 has a planned investment of 850 million yuan for 2025, including 710 million yuan for fixed assets and 140 million yuan for equity investments [4][11]. - As of September 2025, 中储股份 reported total assets of 24.104 billion yuan, a 6.3% increase from the previous year, with a debt-to-asset ratio of 38.1% [4][12]. Project Details - The 三江港 project will cover an area of approximately 498.4 acres, with a construction period of four years and a total planned building area of 195,000 square meters [5]. - The project aims to create a competitive production service logistics hub in Central China, enhancing the company's logistics network and reducing overall logistics costs [5][8]. Operational Performance - In the first half of 2025, 中储钢超 achieved revenue of 993 million yuan and a profit of 16.95 million yuan [6]. - 中储股份 reported a total revenue of 63.144 billion yuan for 2024, a decrease of 6.13% year-on-year, with a net profit of 403 million yuan, down 48.76% [9]. - For the first three quarters of 2025, 中储股份 achieved total revenue of 47.787 billion yuan, a slight increase of 0.02% year-on-year, with a net profit of 444 million yuan, up 3.6% [10]. Strategic Importance - The 三江港 project is positioned as a key multi-modal logistics hub in the middle reaches of the Yangtze River, supporting the company's supply chain integration and multi-modal transport business [8]. - The project aligns with national industrial policies and aims to optimize transportation structures and enhance the logistics ecosystem in the region [8].

Key Points - ST立方's stock will be subject to delisting risk warning and will be suspended [1] - Tongde Chemical has been listed as a dishonest executor [1] - Shengke Nano's subsidiary plans to invest approximately 500 million yuan in the "Qingdao Testing and Analysis Capability Improvement Project" [1] - Pinggao Electric has won a bid for a 773 million yuan project from the State Grid [1] - Bright Dairy intends to acquire 40% of Xiaoxiniu for about 500 million yuan [1] - Jianbang Co. plans to repurchase shares worth 15 million to 30 million yuan [1] - China Jushi's controlling shareholder plans to increase its stake by 550 million to 1.1 billion yuan [1] - Xinyuan Intelligent Manufacturing plans to raise no more than 140 million yuan through a private placement [1] - Tianfeng Securities is under investigation by the CSRC for suspected information disclosure violations [1][2]

Group 1 - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors [4] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [4] - Yongtai Energy's actual controller Wang Guangxi received a notice of investigation from the China Securities Regulatory Commission for matters unrelated to the company [4] Group 2 - Shenzhou Pharmaceutical's controlling shareholder plans to reduce its stake by no more than 3% [4] - Zhenhua Group intends to increase its stake in China Jushi by 550 million to 1.1 billion yuan [4] - Jihong Co., Ltd. and its concerted parties plan to reduce their stake by no more than 2.93% [4] Group 3 - XJ Electric won a 1.518 billion yuan procurement project from the State Grid [4] - China XD Electric's subsidiaries collectively won procurement projects from the State Grid worth approximately 2.98 billion yuan [4] - Chaozhuo Aerospace's actual controller will change to the Hubei Provincial State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [4] Group 4 - Huakong Saige terminated its specific object stock issuance [5] - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding 20 billion yuan [5] Group 5 - Blue Sail Medical's board proposed to lower the conversion price of "Blue Sail Convertible Bonds" [6] - ST Lifang's stock will be subject to delisting risk warning and will be suspended from trading on December 1 [7] - Cambrian elected Chen Tianshi as chairman [8]

Group 1 - SMIC announced the termination of the sale of its stake in SMIC Ningbo due to failure to reach an agreement within the expected timeframe, retaining a 14.832% stake post-termination, with no significant impact on financial status [2] - Chaozhuo Aerospace's actual controller will change to Hubei State-owned Assets Supervision and Administration Commission, with stock resuming trading on December 1 [2] - ST Lifan faces potential forced delisting due to false disclosures in its 2021-2023 annual reports, with a total false revenue of 592 million yuan, representing 50.91% of the reported revenue for those years [3] Group 2 - Lijun Holdings' subsidiary signed a contract worth approximately 57.6 million USD for high-pressure roller mills, accounting for 52.53% of the audited consolidated revenue for 2024, expected to positively impact future performance [3] - Sanjiang Shopping's second-largest shareholder, Alibaba Zeta, reduced its stake by 5.4768 million shares, decreasing its holding from 30% to 29% [4] - Tianfeng Securities is under investigation by the CSRC for suspected information disclosure violations and illegal financing [5] Group 3 - China Jushi's major shareholder, Zhenstone Group, plans to increase its stake by no less than 550 million yuan and no more than 1.1 billion yuan [6] - Helun Zhe's major shareholder received a notice of investigation for suspected information disclosure violations, which does not affect the company's operations [7] - Yongtai Energy's actual controller also received a notice of investigation for similar violations, with no impact on the company's operations [8] Group 4 - Wuhantian Source's major shareholder, Konka Group, plans to transfer 9.83% of its shares to China Resources Asset Management [9] - Pinggao Electric won a bid for a State Grid project worth approximately 773 million yuan [9] - Zhejiang Longsheng is collaborating with a private equity fund to establish a venture capital partnership [9]

Key Points - Guizhou Moutai elected Chen Hua as the chairman of the fourth board of directors and plans to repurchase shares between RMB 1.5 billion and RMB 3 billion [1] - Tianfeng Securities is under investigation by the China Securities Regulatory Commission for suspected violations of information disclosure and illegal financing [1] Share Buybacks - Demai Technology raised the upper limit for share repurchase to RMB 45 per share [5] - Jianbang Technology plans to repurchase shares worth between RMB 15 million and RMB 30 million [5] - Huayuan Holdings intends to repurchase shares worth between RMB 30 million and RMB 60 million [5] Major Investments - Jinling Pharmaceutical plans to invest RMB 893 million in hospital expansion projects [7] - Dongfang Mingzhu intends to invest approximately RMB 500 million to establish a partnership and acquire part of the equity of New H3C [7] - Chang'an Automobile aims to establish a robotics company to develop innovative products and solutions [7] Mergers and Acquisitions - Kaizhong Co. plans to acquire 60% of Anhui Tuosheng's equity, with stock resuming trading on December 1 [7] - Youa Co. has resumed the review process for issuing shares and cash to purchase assets [7] - Jiasheng Technology intends to acquire controlling interest in Shudun Information Technology Co., with stock continuing to be suspended [7] Financing Activities - Shenzhen Energy plans to apply for a public bond issuance with a total scale not exceeding RMB 20 billion [7] - Huakong Saige has terminated its specific object stock issuance [7]

Group 1 - Jianbang Co., Ltd. plans to repurchase shares using self-owned funds between 15 million and 30 million yuan, with a maximum price of 38 yuan per share [1] - Yatong Precision Engineering's investment in a private equity fund has been terminated due to failure to complete the agreed investment, leading to the fund's dissolution [1] - China Storage Co., Ltd. intends to invest 1.129 billion yuan in the Sanjiang Port project, with its wholly-owned subsidiary contributing 500 million yuan to establish a project company [2] Group 2 - Guangxin Co., Ltd. plans to inject assets worth 4.383 billion yuan into its wholly-owned subsidiary, increasing its registered capital from 10 million to 20 million yuan [3] - Jiangxin Home plans to use up to 3 billion yuan of idle self-owned funds for cash management in low-risk financial products [4] - Huangshan Tourism intends to lease part of the Huangshan scenic area for 1.27 billion yuan over a 10-year period [5] Group 3 - Jilin Expressway's general manager has resigned due to work adjustments [6] - Guoyao Modern's subsidiary has received a drug registration certificate for hydromorphone hydrochloride injection, suitable for pain management [8] - Hangya Technology plans to invest up to 70 million USD to establish subsidiaries in Singapore and Malaysia [10] Group 4 - ST Sailong's subsidiary has received approval for the listing of two chemical raw materials [11] - Shanghai Pharmaceuticals' tramadol hydrochloride injection has passed the consistency evaluation for generic drugs [12] - Yubang Electric has obtained a laboratory accreditation certificate from CNAS, indicating its testing capabilities [14] Group 5 - ST Lifang's stock will be subject to delisting risk warning starting December 1 due to administrative penalties [15] - Zhejiang Longsheng is investing 200 million yuan in a private equity partnership focused on high-potential enterprises [15] - Huayang Co., Ltd.'s subsidiary has obtained safety production permits, allowing it to commence production [16] Group 6 - Xujie Electric has won a bid for a State Grid project worth 1.518 billion yuan [17] - Pinggao Electric and its subsidiaries have collectively won a State Grid project worth approximately 773 million yuan [17] - ST Lanhua's subsidiary has entered the trial production phase for a juice beverage project with a total investment of up to 65 million yuan [18] Group 7 - Huakong Saige has terminated its stock issuance plan due to various considerations [19] - Yatong Co., Ltd. plans to invest 36 million yuan to establish a joint venture in renewable energy [20] - Warner Pharmaceuticals has received a drug registration certificate for a new inhalation solution for COPD patients [21] Group 8 - Demais has raised the upper limit for its share repurchase price to 45 yuan per share [22] - China West Electric's subsidiaries have collectively won a State Grid procurement project worth approximately 2.98 billion yuan [22] - Changan Automobile's joint venture has submitted a listing application to the Hong Kong Stock Exchange [23] Group 9 - Yinlun Co., Ltd. plans to invest approximately 133 million yuan to acquire a controlling stake in Shenzhen Deep Blue Electronics [24] - Zhongfu Information intends to increase its wholly-owned subsidiary's capital by 380 million yuan [24] - Financial Street's major shareholder has reduced its stake by 0.25% [25] Group 10 - Audiwei has formally submitted an application for H-share listing [26] - Zhongcai Technology's private placement application has been accepted by the Shenzhen Stock Exchange [27] - Haowei Group's subsidiary plans to invest 200 million yuan in a private equity fund focused on semiconductor investments [28] Group 11 - Jinkai New Energy is planning to transfer 51% of its subsidiary's equity to introduce strategic investors [31] - Huafeng Technology has reduced its fundraising target for a private placement to no more than 972 million yuan [32] - Mindray Medical's chairman plans to increase his stake in the company by 200 million yuan [33] Group 12 - Zhongman Petroleum's shareholders plan to reduce their holdings by up to 3% [35] - Innovation New Materials' shareholder intends to reduce their stake by up to 1% [37] - Guangdong Construction has signed a framework agreement to establish a quality testing base in Linzhi Economic Development Zone [39]