Core Viewpoint - In January 2026, China's warehousing index decreased to 51.9%, down 0.5 percentage points from December 2025, indicating a slight decline but still within the expansion range, reflecting a generally good operational status in the warehousing industry [1] Group 1: Warehousing Index and Business Volume - The business volume index stood at 52.2%, a decrease of 1.4 percentage points from the previous month, with steel, non-ferrous metals, food, and pharmaceuticals showing indices above 50%, while chemicals, coal, and daily necessities were below 50% [1] - The facility utilization index increased to 54.3%, up 0.3 percentage points from the previous month, indicating improved utilization of warehousing facilities [1] - The ending inventory index rose to 53.3%, an increase of 1.4 percentage points from the previous month, suggesting a rise in inventory levels [1] Group 2: Business Activity Expectations - The average inventory turnover index decreased to 51.9%, down 1.5 percentage points from the previous month, indicating a slight slowdown in turnover [1] - The business activity expectation index fell to 49.6%, a decline of 3.1 percentage points from the previous month, reflecting anticipated short-term fluctuations in demand as the holiday approaches [1] - Despite the expected short-term volatility, the overall demand foundation for the industry remains strong, with expectations for stabilization and improvement post-holiday [2]

Core Viewpoint - The China Logistics and Purchasing Federation and China Storage Development Co., Ltd. report a slight decline in the warehousing index for January 2026, indicating a continued positive trend in the warehousing industry despite the drop [1] Group 1: Warehousing Index - The warehousing index for January 2026 is reported at 51.9%, a decrease of 0.5 percentage points from the previous month [1] - The index remains in the expansion zone, suggesting a good operational status for the warehousing industry [1] Group 2: Sub-Indices Performance - The facility utilization index increased by 0.3 percentage points to 54.3%, with machinery and agricultural products showing higher utilization rates [2] - The ending inventory index rose by 1.4 percentage points to 53.3%, with non-ferrous metals and building materials having higher inventory levels [2] - The business volume index decreased to 52.2%, down 1.4 percentage points, with steel and food products maintaining indices above 50% [1][2] Group 3: Future Outlook - The business activity expectation index fell to 49.6%, a decline of 3.1 percentage points, indicating a potential contraction in the upcoming months due to weather and holiday factors [3] - It is anticipated that after short-term fluctuations, the index will stabilize and show positive trends again [1]

Core 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, indicating a positive trend in market demand and business activity [1] Group 1: Industry Performance - The overall warehousing index for 2025 averaged 50.7%, up 1.3 percentage points from 49.4% in 2024, reflecting a continuous recovery in the industry [2] - The index showed reduced volatility compared to 2024, indicating enhanced resilience and stability within the industry [2] - In December 2025, the new orders index was 51.8%, a 1.3 percentage point increase from November, with various sectors like chemicals and pharmaceuticals performing above 50% [1][2] Group 2: Operational Efficiency - The business volume index rose to 53.6% in December 2025, up 1.7 percentage points from the previous month, with strong performance in chemicals and agricultural products [1] - The facility utilization rate index increased to 54%, reflecting improved operational efficiency [1] - The average inventory turnover index reached 53.4%, a 3.4 percentage point increase, indicating effective supply chain management and high product circulation efficiency [1][2] Group 3: Future Outlook - Analysts expect the warehousing industry to maintain a stable and positive trajectory in 2026, supported by ongoing macroeconomic policies and demand recovery [3] - The year-end policies aimed at expanding domestic demand and pre-holiday stocking are anticipated to further boost warehousing business demand [3]

Core Viewpoint - The China Warehousing Index reached 52.4% in December 2025, marking a 2 percentage point increase from the previous month, indicating a recovery in the warehousing sector driven by market demand [1] Sub-index Summaries - New Orders Index: The New Orders Index rose to 51.8%, up 1.3 percentage points from last month, with chemical products, machinery, agricultural products, and pharmaceuticals showing indices above 50%, while coal, food, and daily necessities were below 50% [1][2] - Business Volume Index: The Business Volume Index increased to 53.6%, up 1.7 percentage points from last month, with chemical products, agricultural products, and pharmaceuticals above 50%, while coal and food were below 50% [2] - Facility Utilization Rate Index: The Facility Utilization Rate Index rose to 54%, an increase of 1.6 percentage points from last month, with non-ferrous metals, machinery, agricultural products, and pharmaceuticals above 50%, while food was below 50% [2] - End Inventory Index: The End Inventory Index increased to 51.9%, up 1.9 percentage points from last month, with steel, home appliances, daily necessities, and pharmaceuticals above 50%, while non-ferrous metals, mineral products, and food were below 50% [2] - Average Inventory Turnover Index: The Average Inventory Turnover Index rose to 53.4%, a significant increase of 3.4 percentage points from last month, with steel, chemical products, daily necessities, agricultural products, and pharmaceuticals above 50%, while non-ferrous metals and food were below 50% [2] - Enterprise Employee Index: The Enterprise Employee Index increased to 52.7%, up 1.7 percentage points from last month, indicating a positive trend in employment within the sector [2] - Business Activity Expectation Index: The Business Activity Expectation Index decreased to 52.7%, down 2.6 percentage points from last month, reflecting a slight decline in business sentiment [2]

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]

Core 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]

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。 ...