中物联：中国仓储业务量继续增长 商品周转保持活跃

Core Viewpoint - The China Warehousing Index for January 2026 stands at 51.9%, a decrease of 0.5 percentage points from the previous month, yet remains in the expansion zone, indicating a generally positive operational trend in the warehousing industry [1]. Group 1: Business Volume and Facility Utilization - The business volume index is at 52.2%, down 1.4 percentage points from last month, but still indicates growth, reflecting a continued recovery in warehousing operations [2]. - The facility utilization index has increased to 54.3%, up 0.3 percentage points from the previous month, marking a 14-month high [2]. - Despite entering a traditional off-season for bulk commodities, pre-holiday inventory replenishment has led to a rebound in warehousing demand, particularly for steel, non-ferrous metals, and building materials [2]. Group 2: Inventory and Turnover Efficiency - The average inventory turnover index is at 51.9%, down 1.5 percentage points from last month, but still indicates efficient turnover of goods [2]. - The end-of-period inventory index has risen to 53.3%, up 1.4 percentage points from the previous month, showing a continuous upward trend for three consecutive months [2]. - These index changes suggest smooth and efficient circulation in the supply chain, with increased inventory replenishment by enterprises, laying a solid foundation for resuming production activities post-holiday [2]. Group 3: Business Activity Expectations - The business activity expectations index is at 49.6%, down 3.1 percentage points from last month, reflecting a notable decline due to seasonal factors [3]. - As the holiday approaches, demand for warehousing services is expected to weaken, leading to potential short-term fluctuations in the index [3]. - However, the overall demand foundation for the industry remains strong, and it is anticipated that the index will stabilize and improve after seasonal factors dissipate [3].