Macro News - In July, China's export value increased by 7.2% year-on-year, with a growth rate rebounding by 1.4 percentage points compared to June [1] - Imports rose by 4.1% year-on-year, with an increase of 3.0 percentage points from the previous month [1] - The trade surplus for the month reached $98.24 billion [1] Education Funding - The Ministry of Finance has arranged for the annual childcare education subsidy funds, which will be distributed soon [2] - Local governments are being guided to develop detailed measures and standards for the subsidy based on local conditions [2] - Some regions that previously implemented preschool education funding are advised to ensure policy continuity [2] Warehousing Industry - The China Warehousing Index has maintained expansion for nine consecutive months [3] - In July, the index stood at 50.1%, a decrease of 0.9 percentage points from the previous month, indicating continued expansion but at a slower pace [5] - The warehousing sector is experiencing a generally good operational state despite weak demand due to extreme weather conditions [5]

Core Viewpoint - The China Warehousing Index for July 2025 is at 50.1%, a decrease of 0.9 percentage points from the previous month, indicating a slowdown in growth but still remaining in the expansion zone for nine consecutive months, reflecting a generally stable operation in the warehousing industry [1] Group 1: Index Characteristics - The new orders index for July is at 50%, down 1.6 percentage points from the previous month, indicating weakened demand due to high temperatures and rainy weather affecting end-consumer demand and outdoor construction [3] - The average inventory turnover index is at 48.5%, a decrease of 7.2 percentage points, entering the contraction zone, while the ending inventory index is at 51%, an increase of 3.3 percentage points, indicating a rise in inventory levels due to slowed turnover speed [3] Group 2: Future Outlook - Short-term fluctuations are expected, but the long-term outlook remains positive, with the business activity expectation index at 52.3%, down 1.4 percentage points, still indicating optimism for future operations [4] - The employee index is at 50.5%, unchanged from the previous month, suggesting stable growth in workforce numbers, which may support future business recovery [4]

Core Insights - The China Logistics and Purchasing Federation released the July warehouse index, indicating a weak demand for warehousing services due to high temperatures and heavy rainfall, yet the index remains in the expansion zone for nine consecutive months [1] - The July warehouse index stands at 50.1%, a decrease of 0.9 percentage points from the previous month, suggesting continued expansion in the warehousing sector but at a slower pace [1] - The new orders index is at 50%, down 1.6 percentage points from last month, reflecting a slowdown in new order growth influenced by weather conditions, although demand for bulk commodity warehousing, particularly in non-ferrous metals and chemical products, has seen a notable increase [1] Demand and Inventory - Weather conditions have hindered the efficiency of inbound and outbound operations, coupled with weak terminal demand, leading to a significant slowdown in goods turnover speed [1] - As a result, inventory levels have generally increased across the sector [1] Employment and Future Outlook - The employee index for July is at 50.5%, unchanged from the previous month, indicating sustained expansion in employment within the sector [1] - The business activity expectation index also remains in the expansion zone, reflecting a positive outlook among enterprises regarding future market developments [1] - Experts suggest that with the end of the rainy season and supportive macro policies aimed at boosting consumption and optimizing the business environment, the warehousing industry is expected to enhance its vitality and maintain a stable and positive operational trend [1]

Core Viewpoint - The China Logistics and Purchasing Federation reported that the warehousing industry in China remains stable and positive, with continued growth in demand and active business activities in May, as indicated by the warehousing index of 50.5%, which is a slight decrease of 0.2 percentage points from the previous month [1] Summary by Sections Warehousing Index - The warehousing index for May stands at 50.5%, indicating that it has remained in the expansion zone for seven consecutive months [1] - The new orders index remains in the expansion zone, reflecting strong demand in warehousing services, particularly for food, agricultural products, home appliances, and daily necessities [1] Employment and Utilization - The employee index for May is at 51.4%, indicating a continuous increase in the number of employees in the warehousing sector for three consecutive months [1] - The facility utilization rate index increased by 2.9 percentage points to 54.1%, showing improved utilization of warehousing facilities [1] Business Activity and Expectations - The average inventory turnover index and business activity expectation index are both operating at high levels, indicating active warehousing business activities and improved goods turnover efficiency [1] - The smooth connection of supply chains and optimistic business expectations suggest that the warehousing demand is likely to continue to be released steadily in the future [1]