According to news from the China Federation of Logistics and Purchasing on October 8, the China Storage Index jointly surveyed by the China Federation of Logistics and Purchasing and China Reserve Development Co., Ltd. was 51.0% in September 2021, an increase of 0.2 percentage points from the previous month. Among the sub-indices, the new order index, the facility utilization index, the main business cost index, and the enterprise employee index rebounded from the previous month, the business profit index remained the same as the previous month, and the rest of the indexes all declined to varying degrees.
The ending inventory index for September 2021, which is composed of 21 categories of commodities, was 48.4%, a decrease of 1.1 percentage points from the previous month, reflecting the continued decline in overall inventory levels. In terms of categories, among the means of production commodities, the inventory of steel products dropped significantly compared with the previous month; among the commodities of daily use, the inventory of household appliances and daily necessities dropped significantly compared with the previous month.
Wang Yong, assistant to the president of China Reserve Development Co., Ltd., believes that the storage index rebounded slightly by 0.2 percentage points in September and remained above the decline line, indicating that the industry as a whole is operating smoothly and continues to maintain a trend of recovery. In September, the peak season for bulk commodities arrived, and demand for stocking increased. However, due to the slowdown in production due to the dual control of energy consumption, coupled with the weak downstream demand and the high rise in bulk commodity prices, the demand for warehousing business did not increase as much as the same period in the previous year; consumer goods are in the epidemic Under the background of effective control, demand has shown a more obvious recovery momentum. But it is worth noting that although demand has increased, business profits are still declining, and cost expenditures remain high. In the later stage, the business activity expectation index remains in the high boom range, and the holiday consumption potential in the fourth quarter is expected to continue to be released. The market expectation is relatively optimistic, but it is still necessary to pay close attention to the follow-up impact of the dual energy consumption control policy.
Business volume keeps growing. In September, the business volume index was 53.5%, a decrease of 0.6 percentage points from the previous month, indicating that the business volume continued to grow, but the growth rate was slower than the previous period. In terms of categories, the business volume of production materials such as machinery and equipment and chemicals has rebounded; the business volume of food, clothing, textiles, and cotton and linen commodities for daily life has rebounded.
Inventory turnover efficiency remains high. In September, the average inventory turnover index was 53.2%. Although it was down 0.4% from the previous month, it still remained above the decline line, indicating that the turnover of goods continued to be efficient. In terms of varieties, the turnover efficiency of production materials such as steel, chemicals, wood, and food, clothing, textiles, home appliances, and cotton and linen has rebounded from the previous month.
Charge prices continue to rise. In September, the charge price index was 51.5%. Although it fell 0.5 percentage points from the previous month, it was still above the line of prosperity and decline, reflecting that due to active business activities, storage charge prices continued to rise compared with the previous period.
Corporate profits continue to decline. In September, the business profit index was 49.0%. Although it was the same as the previous month, it was still in the contraction range, indicating that corporate profits were still declining; the main business cost index was 56.1%, an increase of 2 percentage points from the previous month, continuing to expand. , Indicating that the cost and expenditure of enterprises continue to increase compared with the previous period.
From the perspective of later trends, in September, the business activity expectation index was 57.6%, down 1.1 percentage points from the previous month, and was still in the high boom range; the new order index was 52.5%, up 2 percentage points from the previous month, reaching five months New high since. The index shows that market expectations are still relatively optimistic.
(Source: China Securities Net)
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