Core Viewpoint - The event held on July 11, 2025, marks the establishment of the Shenzhen International Marine Innovation Research Institute, focusing on marine technology and innovation, with strategic partnerships aimed at enhancing marine research and development capabilities in Shenzhen [1][2]. Group 1: Event Overview - The event was co-hosted by the China Ocean Mineral Resources Research and Development Association, Shenzhen Marine Development Bureau, and Shenzhen Qianhai Management Bureau [1]. - A strategic cooperation framework agreement was signed among the three parties to establish the Shenzhen International Marine Innovation Research Institute, which will include "seven centers + two platforms" for deep-sea scientific innovation [1]. - The event featured the unveiling of several key marine projects, including the Shenzhen International Marine Innovation Research Institute and the Indian Ocean International Marine Young Scholars Alliance [1]. Group 2: Technological Innovations - The "Deep Blue Intelligent i3 Voyage" was introduced, showcasing various innovative, integrated, and intelligent unmanned scientific research devices, including smart seawater sampling drones and remote sensing platform drones [2]. - The "Deep Blue Dream 2035" global scientific exploration plan was announced, which is China's first cross-national marine exploration initiative involving public participation [2]. - The research vessel "Xiangyanghong 10" was opened for visits by local middle school students, allowing them to experience marine exploration technology firsthand [2].

Core Insights - The development of cold chain logistics in China is being redefined by new infrastructure initiatives, particularly by Shenzhen International, which is a leading logistics operator in the Guangdong-Hong Kong-Macao Greater Bay Area [1] - Shenzhen International is aligning its strategies with national logistics planning, focusing on building a robust cold chain infrastructure through new constructions, acquisitions, and operational improvements [1] Group 1: Infrastructure Development - Shenzhen International has implemented a "water-land-air-rail + intelligent cold chain" strategy since 2019, investing in multiple cold chain logistics parks in key cities such as Shenzhen, Shanghai, Nanjing, Tianjin, Shijiazhuang, and Chengdu [1] - The cold storage facilities in the Shenzhen Li Guang project cover an area of approximately 50,000 square meters, including a frozen warehouse with 29,261 slots and a refrigerated warehouse with 4,376 slots [3] - The Nanjing Jiangning project features a cold storage area of about 29,000 square meters and a dry warehouse of 3,100 square meters, equipped with over 30,000 pallet positions [5] - The Shijiazhuang Zhengding project has a total construction area exceeding 100,000 square meters, with a pharmaceutical and food cold storage area of about 70,000 square meters [7] Group 2: Operational Strategy - Shenzhen International employs a "self-operated + cooperative" dual-track model to enhance its cold chain operational capabilities [9] - The company has established a cold chain operation team in projects like Shijiazhuang Zhengding and Chengdu Qingbaijiang, while also forming a joint venture with Wanwei Logistics to enhance service offerings [11] Group 3: Technological Integration and ESG - Shenzhen International integrates ESG principles into its operations, responding to national policies on cold chain logistics intelligence [12] - The Shenzhen Li Guang project features a smart management system that allows for precise temperature control within ±0.5°C and real-time monitoring of temperature and humidity [14] - The Nanjing Jiangning project utilizes photovoltaic systems to reduce carbon emissions by over 1,000 tons annually and includes charging stations for new energy vehicles [14] Group 4: Policy Support and Market Opportunities - The national development and reform commission has introduced policies to support cold chain logistics as a key area of focus, with nearly 500 billion yuan allocated for major projects since 2025 [15] - The establishment of national backbone cold chain logistics bases is progressing, with the goal of creating 100 such bases as part of the "14th Five-Year Plan" [16] - Shenzhen International is positioned to seize historical development opportunities in the cold chain logistics sector due to favorable policy support [16]

Group 1 - The 2025 China (Shenzhen) International Consumer Electronics Show opened with over 400 global exhibitors, highlighting the growth and innovation potential of China's consumer electronics industry [1] - The theme of the exhibition is "AI Intelligence, Smart Innovation Changing Life," showcasing advancements in technology [1] Group 2 - Yanhe Technology presented its "Light-Powered" theme, featuring the "Qiguang Series" and "Qunying Series" of perovskite solar batteries, which received significant attention and led to multiple on-site agreements with potential clients [2] - The company offers integrated and customized energy solutions for various applications, significantly enhancing battery life and addressing the demand for lightweight, flexible, and long-lasting power sources [2] - The Qiguang Series is designed for low-power products, achieving an output of 20mW/cm under high illumination and up to 180W/cm in indoor conditions, with a thickness of 0.5mm and a weight of less than 0.15g per square centimeter [2] Group 3 - The Qunying Series features a flexible design with a thickness of only 0.2mm, suitable for space-constrained applications like wearables and smart tags [3] - The Qiguang/Qunying Plus version integrates a complete circuit design and energy storage, enabling a "light-powered" experience for AI smart hardware [3] Group 4 - Yanhe Technology, established in February 2024, focuses on the research and industrialization of perovskite solar batteries, supported by several well-known investment institutions [4] - The company has built a 100MW fully automated production line in Changde, Hunan, and a 10MW pilot and R&D platform in Beijing, establishing a comprehensive "R&D-Manufacturing-Market" layout [4] Group 5 - Yanhe Technology's perovskite solar batteries received certification from the global testing organization TÜV Rheinland, marking a significant milestone for the application and promotion of perovskite photovoltaic technology in the consumer market [5] - The company has also achieved multiple certifications, including EU RoHS and REACH, facilitating the global green transition of consumer products [5] - At the upcoming IFA in Berlin, Yanhe Technology will showcase new large-size flexible perovskite solar batteries and additional application cases, further accelerating the commercialization of this technology [5]

Group 1 - The 2025 Shenzhen International Optical Expo opened on June 25, attracting over 200 exhibitors from more than 20 countries and over 30,000 professional visitors [1] - The exhibition covers an area of 15,000 square meters and is divided into nine themed zones, showcasing the entire industry chain [1] - The event features a special exhibition on the 45-year development history of the Longgang eyewear industry, highlighting its evolution from traditional to smart eyewear [1] Group 2 - Lohas Group showcased its first mass-produced AI smart glasses, "Paipai Mirror A1," which integrates multiple functions such as photography, video recording, and translation [2] - RayNeo, a leading AR brand, presented new AR glasses that achieved a market share of 52% during the recent "618" sales event [2] - The 2025 Shenzhen International Eyewear Design Competition announced its winners, aiming to discover and cultivate outstanding eyewear design talent [2] Group 3 - Shenzhen's eyewear industry has developed a complete industrial chain and rich resources over 40 years, actively embracing technological innovation for smart transformation [3]

Core Viewpoint - Shenzhen International Holdings Limited is the only wholly overseas-listed company among Shenzhen's state-owned enterprises, focusing on modern logistics, toll roads, ports, and environmental protection, aiming to become a leading urban infrastructure developer and operator in China [1] Group 1: Business Overview - The company operates in four main sectors: toll roads and environmental protection, logistics (including logistics parks and services), ports and related services, and other investments [1] - The toll road and environmental protection business relies primarily on Shenzhen Expressway Group Co., Ltd. for operations [1] - The company has developed a "投建管转" (investment, construction, management, and transfer) large closed-loop business model and a "投建融管" (investment, construction, financing, and management) small closed-loop business model to achieve sustained performance growth [1] Group 2: Financial Performance - The transformation of the South China logistics park is expected to contribute over HKD 156.58 billion in after-tax profits through land and monetary compensation from the government, followed by real estate development [2] - The company has maintained a stable dividend policy with a payout ratio of around 50% of net profit since 2017, with cumulative dividends of HKD 155.93 billion from 2015 to 2024 [2] - Future profits from the South China logistics park transformation and logistics port REITs are expected to continue driving net profit growth [2] Group 3: Investment Analysis - Forecasted net profits for Shenzhen International from 2025 to 2027 are HKD 30.81 billion, HKD 34.30 billion, and HKD 39.25 billion, respectively, with corresponding dividend yields of 8.28%, 9.22%, and 10.55% based on a 50% payout ratio [3] - The company’s exploration of logistics park transformation and asset securitization enhances earnings elasticity, with expectations of sustained performance from the logistics park transformation project over the next 6-8 years [3] - The current PE valuation of 5.9x is below the average of comparable companies, while the dividend yield of 8.28% is above the average, indicating attractive low valuation and high dividend characteristics [3]

Investment Rating - The report initiates coverage with a "Buy" rating for Shenzhen International [1][6] Core Views - Shenzhen International is a state-owned enterprise with high-quality resources, focusing on logistics, toll roads, ports, and environmental protection, aiming to become a leading urban infrastructure developer and operator in China [5][17] - The company has developed a "big closed-loop" business model for logistics park transformation and a "small closed-loop" model for asset securitization, enhancing its earnings resilience [5][6] - The transformation of the South China logistics park is expected to contribute over HKD 15.658 billion in after-tax revenue [5] - The company maintains a stable dividend policy with a payout ratio of around 50% of net profit, making it an attractive high-dividend stock [5][37] Financial Data and Profit Forecast - Revenue projections for Shenzhen International are as follows: - 2023: HKD 20.524 billion - 2024: HKD 15.571 billion - 2025E: HKD 16.007 billion - 2026E: HKD 16.488 billion - 2027E: HKD 17.159 billion - Net profit attributable to shareholders is forecasted to be: - 2023: HKD 1.902 billion - 2024: HKD 2.872 billion - 2025E: HKD 3.081 billion - 2026E: HKD 3.430 billion - 2027E: HKD 3.925 billion [4][6] Business Model and Strategy - The company operates in four main sectors: toll roads and environmental protection, logistics, port services, and other investments [5][28] - The "big closed-loop" model focuses on land value appreciation through transformation and redevelopment, while the "small closed-loop" model involves asset securitization through public REITs or private funds [5][28] - The logistics and port business is the core of the company, with toll roads and environmental protection providing a stable revenue base [5][28] Market Position and Competitive Advantage - Shenzhen International is the only state-owned enterprise in Shenzhen that is publicly listed and focuses on modern logistics, toll roads, ports, and environmental protection [5][17] - The company has a strong presence in key economic regions such as the Guangdong-Hong Kong-Macao Greater Bay Area, Yangtze River Delta, and Beijing-Tianjin-Hebei Economic Zone [5][17] - The company has a competitive edge due to its strategic location and experience in land development and asset management [5][9] Dividend Policy - The company has maintained a consistent dividend payout ratio of around 50% since 2017, with total dividends of HKD 15.593 billion from 2015 to 2024 [5][37] - Future dividends are expected to remain stable, supported by the logistics park transformation and asset securitization initiatives [5][37]

Exhibition Overview - The 2025 Shenzhen International Power Battery Recycling, Treatment, and Utilization Industry Exhibition will take place from November 14-16, 2025, at the Shenzhen International Convention and Exhibition Center, coinciding with the 27th China International High-Tech Fair [2] - The exhibition aims to provide services for procurement, business cooperation, market expansion, and brand promotion in the battery recycling industry, inviting trade organizations, research institutions, and decision-makers to discuss industry trends and innovations [2] Market Size - The global waste lithium battery generation is projected to reach 2.2 million tons in 2024, with China contributing approximately 1.1 million tons, accounting for 50% of the global total [2] - By 2030, global waste lithium battery generation is expected to exceed 8 million tons, with China's share surpassing 4 million tons [2] - The global waste lithium battery recycling market is valued at $12 billion in 2024, while China's market size is estimated at 48 billion RMB, with a projected annual compound growth rate of 25% globally and 30% in China over the next five years [2] Target Audience - The exhibition targets various sectors including new energy vehicles, buses, electric logistics vehicles, and battery manufacturers, as well as government departments, industry associations, research institutions, and financial institutions [4] Exhibition Scope - The exhibition will cover a wide range of topics including waste battery recycling technologies, dismantling equipment, and the reuse of retired power batteries, as well as environmental systems and waste treatment equipment [5]

Core Insights - The 2025 Shenzhen International Cross-Border E-Commerce Expo will take place from September 17 to 19, showcasing over 1,500 quality enterprises and attracting more than 100,000 professional visitors, focusing on the theme "Digital Empowerment, Cross-Border Win-Win" [1][17] - The expo aims to reconstruct the global trade ecosystem by linking four core industry chains: electronic technology, fashion consumption, sports health, and home life [1] Group 1: Exhibition Highlights - The exhibition area exceeds 80,000 square meters, featuring a dual-driven model of "industrial belts + service providers" with four major themed pavilions [4] - The Electronic Technology Pavilion showcases innovations such as drones and IoT home devices, with Huawei Cloud's AI prediction system improving inventory turnover by 30% [4] - The Fashion Consumption Pavilion highlights rapid customization capabilities, with a smart clothing factory completing the design-to-delivery process in just 72 hours [4] - The Sports Health Pavilion includes AI-enabled fitness equipment that tracks user performance and syncs data to overseas e-commerce platforms [4] - The Home Life Aesthetics Pavilion focuses on smart home solutions and 3D-printed furniture, allowing buyers to design and preview products online [4] Group 2: Technological Empowerment - The expo integrates cross-border ecosystem resources with seven professional service sectors to promote digital transformation [8] - Smart logistics initiatives include J&T Express's plan to establish a 72-hour delivery network across 54 countries and Cainiao's AI-optimized routing reducing transportation costs by 25% [8] - Digital marketing innovations are showcased, with companies using AI to generate 100,000 targeted video ads, improving ad precision by 40% [8] - Cross-border payment solutions are provided by PingPong, supporting currency settlements in 168 countries and saving sellers over 3 million yuan in financial costs annually [8] - Blockchain technology is utilized by Americanas to trace product origins, enhancing product premium rates by 20% [8] Group 3: Regional Collaboration and Policy Support - Shenzhen is positioned as a "super hub" for global cross-border e-commerce, leveraging policy advantages and digital infrastructure [9] - The expo features clusters of Chinese manufacturing, with companies achieving over 50 million USD in orders during the event [9] - RCEP policy insights are shared, enabling companies to reduce tariffs significantly, saving over 10 million yuan annually [9] - Shenzhen companies operate over 350 overseas warehouses, enhancing inventory turnover rates by 50% [9] Group 4: Interactive Activities and Forums - The expo includes various interactive sessions, such as the "Golden Camel Award" recognizing outstanding enterprises, and a live-streaming competition to discover new talents [12] - High-level forums will address topics like AI e-commerce operations and cross-border payment compliance, with brands sharing successful strategies for market growth [12][14] - Sustainability discussions focus on low-carbon logistics and eco-friendly packaging, with companies achieving a 40% reduction in carbon emissions [13] Group 5: Future Outlook - The expo is expected to facilitate over 10 billion USD in transaction intentions, establishing a digital highway for Chinese manufacturing to access global markets [14] - Shenzhen aims to transition from being the "world's factory" to a "global marketplace," leveraging cross-border e-commerce as a key driver for upgrading the manufacturing value chain [14]

Group 1 - The 2025 Global Artificial Intelligence Terminal Exhibition and the 6th Shenzhen International Artificial Intelligence Exhibition recently commenced, featuring over 300 companies from 15 countries and regions, showcasing a comprehensive display of "technology + products + scenarios + ecology" [2] - TCL, as a global Olympic partner, presented several innovative smart terminal products, including the QD-Mini LED TV, AiMe companion robot, Thunderbird AR glasses, and 5G AI router [2] - TCL's latest Q10L Pro TV represents a significant breakthrough in the television industry, transitioning from "black border" to "borderless" design and supporting AI smart interaction [2] Group 2 - TCL Research Institute showcased innovations in AI large model assistant "Little T" and Gexin Dongzhi presented a low-code large model AI development platform called "Gexin Octopus Smart Brain Agentic AI Platform" [3] - The AI technology is crucial for accelerating the formation of new productive forces amid the current trend of intelligent development [3] - At the 2024 TCL Global Technology Innovation Conference, TCL announced 16 technological breakthroughs across AI applications, smart terminals, semiconductor displays, and new energy photovoltaics, projecting an economic benefit of 540 million yuan through AI application advancements in 2024 [3]

Group 1 - The 2025 Global Artificial Intelligence Terminal Exhibition and the 6th Shenzhen International Artificial Intelligence Exhibition officially opened in Shenzhen, guided by the Shenzhen Municipal Bureau of Industry and Information Technology and the Shenzhen Artificial Intelligence Industry Office [1] - The exhibition, themed "Connecting Everything, Opening the Future," attracted over 300 companies from 15 countries and regions, showcasing more than 1,000 AI terminal products and cutting-edge technologies [3] - Shenzhen's electronic information industry accounts for one-sixth of the national total, with the smart terminal industry being a trillion-level sector, highlighting the city's proactive approach to developing the next generation of artificial intelligence [3] Group 2 - The "Shenzhen Artificial Intelligence Terminal Industry Investment Fund" and the "Shenzhen Artificial Intelligence and Embodied Robot Industry Fund" were officially launched, focusing on investments in various AI terminal products and technologies [6] - The establishment of the Shenzhen AI Glasses Industry Alliance aims to break industry barriers and accelerate innovation in AI glasses technology, involving numerous companies and research institutions [7] - The exhibition featured high-end forums discussing topics such as visual health, industry transformation, and the development paths of AI terminal industries, with participation from major companies like Huawei and Honor [7]