CMST(SH:600787) Zhi Tong Cai Jing·2025-12-05 02:48Core Insights - The China Warehousing Index for November 2025 is at 50.4%, a decrease of 0.2 percentage points from the previous month, indicating continued expansion above the 50% threshold, with new orders and facility utilization on the rise, reflecting an optimistic outlook for the industry [1][3] Group 1: New Orders and Facility Utilization - New orders index remains stable at 50.5%, supported by sustained demand in certain bulk commodity markets and e-commerce promotions, indicating steady growth in warehousing business [3] - Facility utilization index increased to 52.4%, up by 0.8 percentage points from the previous month, with significant growth in new orders for non-ferrous metals, chemical products, food, and daily necessities [3] Group 2: Inventory and Turnover - Average inventory turnover index is at 50%, down by 1.2 percentage points from last month, while the end-of-period inventory index rose by 0.6 percentage points, indicating a stabilization in inventory levels [3] - The trend shows a smoother connection in the supply chain, with a slight easing in the decline of inventory levels and a modest increase in companies' willingness to replenish stock, particularly in steel, chemical products, machinery, and daily necessities [3] Group 3: Business Confidence and Future Outlook - Business activity expectation index rose to 55.3%, an increase of 4.2 percentage points from the previous month, reflecting strong confidence among enterprises regarding future market conditions [3] - With ongoing policy support and the release of investment and consumption-related demand, the warehousing business is expected to see further growth, maintaining a stable and positive development trend [3]