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 ...

Market Performance - A-shares showed resilience with a trading volume of 1.89 trillion, down approximately 500 billion from the previous trading day[1] - The Shanghai Composite Index rose by 0.23%, while the Shenzhen Component increased by 0.37% and the ChiNext Index gained 1.03%[4] - The October China Warehousing Index improved to 50.6%, up 1 percentage point from the previous month, indicating economic vitality[1] Sector Analysis - The power equipment sector, including energy storage and distribution, was the standout performer, driven by AI computing infrastructure concerns and energy shortages[2] - Main capital inflows were observed in power grid equipment, batteries, and photovoltaic equipment, while software development, semiconductors, and IT services saw capital outflows[4] Policy Developments - The State Council announced the suspension of additional tariffs on certain U.S. imports effective November 10, 2025, as part of trade negotiations[5][8] - China signed an economic partnership framework agreement with several Pacific island nations to enhance bilateral trade and investment cooperation[6][7] Fund Dynamics - The total trading volume of ETFs reached 497.25 billion, with stock ETFs accounting for 112.1 billion and bond ETFs for 246.06 billion[13][14] - Public fund reports indicate a concentration in technology growth sectors, with increased holdings in TMT while reducing positions in large finance and consumer sectors[15]

Core Insights - The China Warehousing Index rose to 50.6% in October 2025, indicating a recovery in industry activity as it returned to the expansion zone above 50% [1] - The business volume index increased to 52.7%, reflecting a 2.2 percentage point rise from September, with specific sectors like chemicals, coal, and agricultural products showing strong performance [1] - The average inventory turnover index improved to 51.2%, up by 3.8 percentage points, suggesting enhanced efficiency in inventory management [1] Sub-item Summaries - The end-of-period inventory index was at 49.4%, a 1.5 percentage point increase from September, with steel, non-ferrous metals, and coal showing higher inventory levels [1] - The employee index decreased to 51.6%, down by 0.4 percentage points, while the business activity expectation index fell to 51.1%, a decline of 3.4 percentage points [1] - Analysts noted that the increase in business volume and facility utilization rates, along with improved inventory turnover efficiency, indicates a warming market demand and smoother supply chain connections [2] - The expectation for continued recovery in warehousing demand is supported by the anticipated effects of fourth-quarter growth stabilization policies and positive changes in investment and consumption activities [2]

Core Viewpoint - In October, China's warehousing index rose to 50.6%, indicating an increase in industry activity and a slight enhancement in companies' willingness to restock, reflecting a stable outlook for the market [1][2] Group 1: Warehousing Index and Activity - The warehousing index for October was reported at 50.6%, up by 1 percentage point from the previous month, signaling improved industry activity [1] - The business volume index increased to 52.7%, rising by 2.2 percentage points compared to last month, with specific sectors like chemicals, coal, and agricultural products showing indices above 50% [1] - Facility utilization rate improved to 51.6%, an increase of 0.6 percentage points from the previous month, indicating a rise in demand for warehousing services [1] Group 2: Inventory and Market Demand - The end-of-period inventory index and average inventory turnover index also saw increases, with growth rates ranging from 0.6 to 3.8 percentage points [1] - Although inventory levels decreased, the decline was less severe than in previous periods, suggesting a recovery in market demand and smoother supply chain connections [1] - The increase in business volume and facility utilization reflects a faster turnover of goods and a slight enhancement in companies' restocking intentions [1] Group 3: Future Outlook - The employee index and business activity expectation index remained in the expansion zone, indicating positive confidence among enterprises regarding future conditions [2] - With the acceleration of growth-stabilizing policies in the fourth quarter, investment and consumption-related activities are expected to show positive changes, suggesting further recovery potential for China's warehousing business [2]

经济观察网11月5日，中物联网站发布数据，2025年10月份为50.6%，较上月回升1个百分点。从分项指 数来看，同上月相比，业务量指数、设施利用率指数、期末库存指数、平均库存周转次数指数有所上 升，升幅在0.6至3.8个百分点之间；企业员工指数、业务活动预期指数有所下降，降幅分别为0.4和3.4个 百分点。 ...

Core Insights - The China Warehousing Index for October 2025 is reported at 50.6%, indicating a recovery of 1 percentage point from the previous month, suggesting an increase in industry activity [1] - The business volume index, facility utilization index, end inventory index, and average inventory turnover index have all shown increases ranging from 0.6 to 3.8 percentage points compared to the previous month [1][2] - Despite a decline in the employee index and business activity expectation index, both remain in the expansion zone, indicating positive future confidence among enterprises [1] Business Volume Index - The business volume index stands at 52.7%, up by 2.2 percentage points from last month [2] - Chemical products, coal, agricultural products, and cotton have business volume indices above 50%, while steel and pharmaceuticals are below 50% [2] Facility Utilization Index - The facility utilization index is at 51.6%, an increase of 0.6 percentage points from the previous month [2] - Non-ferrous metals, coal, machinery, agricultural products, and cotton have indices above 50%, while steel and home appliances are below 50% [2] End Inventory Index - The end inventory index is reported at 49.4%, up by 1.5 percentage points from last month [2] - Steel, non-ferrous metals, and coal have indices above 50%, while chemical products, food, and home appliances are below 50% [2] Average Inventory Turnover Index - The average inventory turnover index is at 51.2%, showing an increase of 3.8 percentage points from the previous month [2] - Coal, daily necessities, and home appliances have indices above 50%, while steel and non-ferrous metals are below 50% [2] Employee Index and Business Activity Expectation Index - The employee index is at 51.6%, a decrease of 0.4 percentage points from last month [2] - The business activity expectation index is at 51.1%, down by 3.4 percentage points from the previous month [2]

Core Insights - The warehouse index in China for September 2025 is reported at 49.6%, showing a slight recovery of 0.3 percentage points from August [1] - The new orders index returned to the expansion zone at 51%, indicating a rebound in warehouse business activities due to the reduction of weather-related factors and the arrival of the traditional peak season [1] - The end-of-period inventory index fell to 47.9%, suggesting that the industry is still in a destocking cycle with cautious inventory replenishment by enterprises [1] Industry Performance - The employee index increased to 52%, up by 3.6 percentage points from August, reflecting improved confidence among enterprises [2] - The business activity expectation index stands at 54.5%, indicating a slight decline of 0.3 percentage points from August but remains in the expansion zone [2] - The average warehouse index for the third quarter was 49.7%, down by 1 percentage point from the second quarter but up by 0.9 percentage points compared to the same period last year, demonstrating resilience against short-term shocks [2] Future Outlook - Analysts express optimism for the fourth quarter, citing good enterprise confidence and a relatively positive outlook for future business activities [2] - A series of economic stabilization and growth-promoting policies are expected to continue to enhance economic momentum, including new fiscal incentives and infrastructure projects [2] - Seasonal factors such as holidays and promotional periods are anticipated to further boost demand for warehouse services, leading to a stable growth trajectory for the industry [2]

Core Viewpoint - The China Storage Index for August 2025 has dropped to 49.3%, indicating a decline in industry performance after nine months of expansion, primarily due to seasonal factors affecting demand and inventory turnover [1][3]. Group 1: Demand and Employment - The new orders index decreased to 49.5%, reflecting a reduction in business demand and a decline in new order quantities [3]. - The employment index fell to 48.4%, indicating a decrease in workforce numbers within the industry [3]. Group 2: Inventory and Turnover - The average inventory turnover index is at 48.9%, remaining below the neutral mark of 50, suggesting slowed turnover rates due to adverse weather and weak terminal demand [3]. - The ending inventory index is at 50%, down by 1 percentage point from the previous month, indicating stable inventory levels despite reduced turnover [3]. Group 3: Business Confidence and Future Outlook - The business activity expectation index rose to 54.8%, showing increased optimism among enterprises regarding future market conditions [3]. - With the end of adverse weather and upcoming holidays, there is an expectation for a recovery in storage business demand, potentially leading to a more stable and positive industry performance [3].

Core Viewpoint - The China Logistics and Purchasing Federation reported a decline in the warehouse index for August, influenced by adverse weather and seasonal factors, but the business activity expectation index shows optimism for future demand recovery [1] Summary by Categories Warehouse Index - The warehouse index for August is 49.3%, a decrease of 0.8 percentage points from the previous month [1] - The new orders index has declined, particularly in steel warehousing, which saw a significant drop due to seasonal market conditions [1] Demand and Inventory - The food warehousing new orders index has remained below 50% for two consecutive months [1] - Weather conditions have affected the efficiency of inbound and outbound operations, leading to a slowdown in goods turnover, although inventory levels remain stable, providing a foundation for future demand recovery [1] - Notably, there has been a significant increase in non-ferrous metal inventory [1] Future Outlook - The business activity expectation index for August is 54.8%, an increase of 2.5 percentage points from the previous month, indicating a rise in optimism among businesses [1] - Experts predict that with the end of adverse weather and the upcoming Mid-Autumn and National Day holidays, outdoor construction activities will resume, and consumer spending will be boosted, leading to a concentrated release of warehousing demand and a potential recovery in the industry [1]