Core Viewpoint - The C-REITs market is expected to continue its bull market trend into 2025, with the CSI REITs Index showing a year-to-date increase of 12.8%. Recent market pullbacks are attributed to lower risk appetite and lock-up expirations, but the core logic of REITs as a dividend allocation asset remains unchanged, suggesting better allocation opportunities post-adjustment [1][2]. Performance Summary - A total of 66 REITs disclosed their Q2 2025 reports, with 31 REITs providing achievement rate data. The average achievement rates for the three core indicators (revenue, EBITDA, and distributable amount) were 94.1%, 101.5%, and 91.5%, respectively. However, the overall performance pressure persists, with year-on-year growth rates for these indicators at -3.5%, -4.7%, and -7.0% [2][3]. Sector Analysis - The performance across sectors has become increasingly differentiated: - **Industrial Parks**: Overall performance and operations are mixed, with factory REITs maintaining stability while research and office REITs face ongoing pressure [4]. - **Warehousing and Logistics**: A strategy of exchanging price for volume continues, with a contraction in supply and growth in demand supporting a rebound in occupancy rates [4]. - **Affordable Rental Housing**: Operations remain stable at high levels, with policy-driven affordable rental housing showing significant performance advantages [4]. - **Consumer Sector**: Generally, performance targets are met, with high occupancy rates and seasonal fluctuations in rental prices. Shopping center REITs maintain stable occupancy, while outlet REITs face high pressure on occupancy and rental rates [4]. - **Transportation**: Overall performance is under pressure, with some projects significantly affected by traffic network diversions [4]. - **Municipal Projects**: Waste treatment projects face performance pressure, while water and water conservancy projects operate steadily [4]. - **Energy Sector**: Performance continues to diverge, influenced by electricity price pressures and fluctuations in power generation [4]. Investment Recommendations - Focus on two main lines for investment: - Prioritize quality domestic demand sectors, including policy-driven affordable rental housing, consumption, and municipal environmental protection [1][2]. - Pay attention to assets with relative valuation advantages under improving economic conditions, such as strong operational management factory projects, continuously improving occupancy warehouse logistics projects, and high-traffic highway projects [1][2].

Group 1 - The core viewpoint of the news highlights the significant growth in the Chinese information technology sector, particularly in the context of the upcoming procurement project by China Unicom for general servers, which aims to support its "computing network intelligence" business [1][2] - The China Unicom procurement project involves a total of 87,020 general servers, with a domestic production ratio exceeding 90%, indicating a notable increase from previous levels [2] - The performance of the Xinchang ETF (562570) has shown a year-to-date increase of 11.23%, leading its peers, with a trading volume of 22.74 million yuan and a turnover rate of 3.48% [1][2] Group 2 - The Xinchang ETF (562570) tracks the CSI Information Technology Application Innovation Industry Index, which focuses on leading companies in autonomous and controllable sectors, including artificial intelligence, data computing, industrial software, and information security [2] - The demand for general servers in the Xinchang sector is experiencing a positive growth trend, with an increase in both the number and scale of tenders compared to previous periods [2] - Companies in the database segment of the Xinchang sector reported significant growth in H1 2025, reflecting the high prosperity of the industry, with expectations for further performance improvements in the second half of the year [2]

Core Viewpoint - The report from CITIC Securities highlights the cyclical nature of the process industry, predicting a significant decline of over 20% in capital expenditure for petrochemicals in 2024. However, investments in the northwest coal chemical sector are expected to bring marginal changes to the new market, while ongoing equipment renewal policies will provide long-term resilience for process industry equipment investments [1][2]. Group 1: Process Industry Overview - The process industry is a foundational sector in China's economy, accounting for approximately 47% of the total industrial output value. It includes various industries such as petrochemicals, chemicals, paper, cement, non-ferrous metals, steel, pharmaceuticals, and food and beverages [1]. - Since 2018, the petrochemical and metallurgy sectors have driven overall investment growth in the process industry, with capital expenditures reaching CNY 298 billion and CNY 278.8 billion respectively by 2023 [2]. Group 2: Investment Trends - In 2024, capital expenditures in traditional sectors like petrochemicals and basic chemicals are projected to decline significantly, with reductions of 20.66% and 19.34%, leading to a combined shortfall exceeding CNY 100 billion [2]. - The northwest coal chemical sector is set to see substantial investment, with total planned investments in Xinjiang coal chemical projects estimated at CNY 557.943 billion, and overall investments in the northwest coal chemical sector expected to reach at least CNY 840.568 billion [2]. Group 3: Equipment and Technology - The process equipment sector is characterized by a combination of dynamic (moving) and static (stationary) equipment, including compressors, pumps, seals, air separation equipment, valves, and control systems, which are essential for the production processes [3]. - Compressors are a core component of process equipment, with the domestic market for high-end turbines exceeding CNY 10 billion. The axial compressor market is dominated by a single player, while the centrifugal compressor market shows a diverse competitive landscape [4]. Group 4: Market Opportunities - The mechanical seal market, crucial for compressors and pumps, is projected to reach CNY 8.336 billion by 2025, with a compound annual growth rate (CAGR) of 5.81% over five years. The domestic market leader, Zhongmi Holdings, has maintained a top market share for seven consecutive years [5][6]. - The pump and valve sectors exhibit a "big industry, small company" characteristic, with leading firms like Southern Pump Industry benefiting from diverse applications and stable profit margins [7]. Group 5: Automation and Control Systems - The automation market for instruments and control systems is expected to exceed CNY 100 billion by 2024, with domestic leaders like Chuan Instruments achieving significant market share in high-precision pressure transmitters [9]. - The DCS (Distributed Control System) market is projected to reach CNY 11.757 billion, with domestic market leader Zhongkong Technology holding a 40.36% market share, indicating a strong trend towards domestic automation solutions [9]. Group 6: Investment Recommendations - The report suggests focusing on four main investment themes: 1) Major equipment in the coal chemical sector, recommending companies like Hangyang and Shandong Power; 2) Equipment renewal in the existing market, with a focus on Chuan Instruments and Zhongmi Holdings; 3) Overseas market expansion, recommending companies like Fostar and Nuwai; 4) Domestic substitution, with a recommendation for Zhongkong Technology [10].

中信建投研报称，近日，中国联通、联通数科发布《2025年中国联通通用服务器集中采购项目》资格预 审公告。当前信创板块景气度持续回升，招投标数量与规模方面环比均实现正增长。信创细分板块数据 库相关公司2025年上半年业绩高速增长，印证行业高景气，其余收入确认周期长的细分板块下半年业绩 有望得到改善或增长。 ...

Group 1 - The core viewpoint of the article highlights that China Unicom's 2025 general server procurement demand has been released, with a domestic production ratio exceeding 90%, marking a significant increase from previous levels [1] - The current state of the Xinchuang sector is experiencing a continuous recovery in prosperity, with both the number and scale of bidding and tendering showing positive growth on a month-on-month basis [1] - In the database-related segment of the Xinchuang sector, companies are expected to report high growth in H1 2025, confirming the industry's high prosperity, while other segments with longer revenue recognition cycles are anticipated to see improvements or growth in performance in the second half of the year [1]

Core Viewpoint - The report from CITIC Securities indicates that while 66 REITs have disclosed their Q2 2025 results, the overall performance remains under pressure, with a notable decline in key financial metrics compared to the previous year [1] Financial Performance - Among the 66 REITs, 31 reported achievement rates for three core indicators: revenue, EBITDA, and distributable amount, with average achievement rates of 94.1%, 101.5%, and 91.5% respectively [1] - Year-on-year growth rates for the three key indicators across all 66 REITs are -3.5%, -4.7%, and -7.0% respectively, indicating a decline in performance [1] Sector Analysis - There is an increasing divergence among different sectors, with consumer and rental housing sectors showing overall stable operations, while warehousing, industrial parks, transportation, and energy sectors exhibit significant internal disparities [1] Market Outlook - Recent market pullbacks are attributed to decreased risk appetite and factors such as lock-up expirations; however, the core logic of REITs as a dividend allocation asset remains unchanged [1] - The secondary market is expected to present better allocation opportunities following adjustments, with a focus on high-quality domestic demand sectors and recovery in economic conditions as key investment themes [1]

Group 1 - China Unicom's 2025 general server procurement demand has been announced, with a domestic production ratio exceeding 90%, significantly higher than previous levels [1] - The total procurement scale amounts to 87,020 servers, with a total value of approximately 7.963 billion yuan [1] - The procurement includes 8,625 Intel CPU servers, 30,245 Haiguang servers, and 48,150 Kunpeng servers, reflecting a substantial increase in domestic chip server share compared to 40% in 2020 and 2022 [1] Group 2 - The demand for domestic innovation in the government and key industries has been deepening, with a notable increase in bidding activities since the fourth quarter of last year [2] - In the first half of this year, there were 60 projects with budgets exceeding 20 million yuan, totaling over 3 billion yuan, indicating a recovery in the bidding landscape [2] - Database-related companies in the domestic innovation sector have reported significant revenue growth, with increases of 41-46% and 66% year-on-year for various domestic database vendors [2]

| 表格序號 | 大股東/董事/最高行政人員名稱作出披露的 買入 / 賣出或涉及的 每股的平均價 | | | | | 持有權益的股份數目 佔已發行的 有關事件的日期 | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 原因 | 股份數目 | | | （請參閱上述 * 註 有投票權股 (日 / 月 / 年） | | | | | | | | | 解) 份百分比 | | | | | | | | | | ( % ) | | CS20250729E00288 | 易方达基金管理有限公司 | 1001(L) | | 2.706.000(L) | HKD 13.3603 | 64.842.523(L) | 5.14(L)24/07/2025 | | 股份代號: | 06066 | | --- | --- | | 上市法國名稱: | 中信建投証券股份有限公司 - H股 | | 日期 (日 / 月 / 年): | 30/06/2025 - 30/07/2025 | 格隆汇7月30日丨根据联交所最新权益披露资料显示，2025年7月24日，中信建投证券(06066 ...

证券代码：601066 证券简称：中信建投 公告编号：临2025-038号 ● 累计担保情况 ■ 一、担保情况概述 （一）担保的基本情况 中信建投证券股份有限公司 关于间接全资附属公司根据中期票据计划进行发行并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ● 担保对象及基本情况 ■ 注释1:（本公告所述"担保金额""担保余额"及"担保总额"在计算时仅包含固定利率票据的本金及利息以 及浮动利率票据的本金；浮动利率票据利息需根据实际情况确定。本公告所载金额涉及汇率的，均按照 2025年6月30日汇率折算。） 三、担保协议的主要内容 根据担保人于2025年7月28日签署的担保协议，中信建投国际就被担保人的本次票据发行提供无条件及 不可撤销的连带责任保证担保，担保范围包括票据本金、利息及前述担保协议下的其他付款义务。本次 担保金额为人民币7.43亿元。本次担保无反担保。 四、担保的必要性和合理性 中信建投证券股份有限公司（以下简称公司）全资子公司中信建投（国际）金融控股有限公司（以下简 ...

证券代码：601066 证券简称：中信建投 公告编号：临 2025-038 号 中信建投证券股份有限公司 关于间接全资附属公司根据中期票据计划进行发行 并由全资子公司提供担保的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： ? 担保对象及基本情况 被担保人名称 CSCIF Hong Kong Limited 本次担保金额1 人民币 7.43 亿元 担保 实际为其提供的担保余额 人民币 69.33 亿元 对象 □是 □否 ?不适用：公司未预设 是否在前期预计额度内 担保额度 本次担保是否有反担保 □是 ?否 □不适用 ? 累计担保情况 对外担保逾期的累计金额（万元） - 截至本公告日上市公司及其控股 子公司对外担保金额（万元） 对外担保金额占上市公司最近一 期经审计净资产的比例（%） □对外担保总额超过最近一期经审计净资产 □担保金额超过上市公司最近一期经审计净资 特别风险提示（如有请勾选） 产 50% □对合并报表外单位担保金额达到或超过最近 一期经审计净资产 30%的情况下 ?对资产负债率超过 70 ...