CMST(SH:600787) Zheng Quan Ri Bao·2026-01-08 23:41Core 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, driven by improved market demand and business activity [1] Group 1: December 2025 Data - The new orders index for December 2025 stands at 51.8%, up 1.3 percentage points from November 2025, with chemical products, machinery, agricultural products, and pharmaceuticals showing indices above 50% [1] - The business volume index is at 53.6%, reflecting a 1.7 percentage point increase, with similar trends observed in chemical products, agricultural products, and pharmaceuticals [1] - The facility utilization rate index is 54%, up 1.6 percentage points, while the ending inventory index is at 51.9%, increasing by 1.9 percentage points [1] - The average inventory turnover index is 53.4%, which is a 3.4 percentage point increase [1] Group 2: 2025 Annual Overview - The overall warehousing index for 2025 averaged 50.7%, a 1.3 percentage point increase from 49.4% in 2024, indicating a steady recovery in the industry [2] - The index showed reduced volatility compared to 2024, suggesting enhanced resilience and stability within the industry [2] - Quarterly averages indicate a stable start in Q1 at 51.2%, a slight decline in Q2 to 50.7%, a further drop in Q3 to 49.7%, and a rebound in Q4 to 51.1% due to rising demand [2] Group 3: Key Characteristics - The demand foundation appears more solid, with the new orders index remaining above 50% for most months, averaging 51%, which supports ongoing business activity [2] - Inventory turnover efficiency remains high, with the average turnover index mostly operating in an expansion range, indicating smooth supply chain connections [2] - Inventory adjustments are becoming more rational, with the ending inventory index averaging 49.8%, reflecting a slowdown in inventory decline and increased business confidence [2] Group 4: Future Outlook - The warehousing industry is expected to continue its positive trajectory in 2026, supported by macro policies and sustained demand recovery [3] - The ongoing expansion of domestic demand policies and pre-Spring Festival stocking needs are anticipated to further boost warehousing business demand [3]