Core Insights - The Chinese warehousing industry showed signs of recovery in September 2023, with the warehousing index rising to 49.6%, an increase of 0.3 percentage points from the previous month [1] - The new orders index and employee index increased by 1.5 percentage points and 3.6 percentage points, respectively, indicating a positive trend in business activity [1] - Despite the recovery, the end-of-period inventory index fell below 50%, suggesting that the industry is still in a destocking phase with cautious inventory replenishment [1] Group 1 - The warehousing index for September 2023 is 49.6%, reflecting a slight recovery in warehousing activities [1] - The new orders index returned to the expansion zone, indicating improved business activity due to reduced weather impacts and the arrival of the traditional peak season [1] - The average warehousing index for the third quarter was 49.7%, showing a 0.9 percentage point increase compared to the same period last year, highlighting the industry's resilience against short-term shocks [1] Group 2 - Looking ahead to the fourth quarter, business confidence is strong, with the business activity expectation index at 54.5%, remaining in the expansion zone [2] - The employee index rose to 52%, indicating increased optimism among businesses regarding future prospects [2] - Various economic stabilization policies, including new fiscal subsidies, are expected to boost economic activity and drive demand for warehousing services in the upcoming months [2]