中储发展股份有限公司发布公告，因《激励计划》第三个解除限售期条件未成就及部分激励对象退休， 将回购注销限制性股票4,872,998股，注销日期为2025年8月21日。2024年度相关指标未达业绩考核条 件，第三批限制性股票不得解除限售；3名激励对象退休不再具备资格，其已获授未解除限售部分也将 被回购。本次回购注销完成后，剩余股权激励限制性股票为0股。公司称决策程序、信息披露合规，承 诺相关信息真实准确，律师认为本次回购注销合法有效。 ...

Core Insights - The logistics real estate industry is characterized by significant regional concentration in China, with upstream supply concentrated in coastal and central regions, while the development and operation segments are primarily located in the Yangtze River Delta, Pearl River Delta, and Beijing-Tianjin-Hebei regions [5] Industry Overview - Logistics real estate serves as a platform for modern logistics facilities, where developers invest in and construct specialized logistics infrastructure based on the needs of logistics enterprises [1] - The main operational activities in logistics real estate include site selection, land acquisition, development, management, and fund operations [1] Competitive Landscape - According to Michael Porter's value chain theory, logistics real estate companies must focus on developing core competencies in strategic segments of the value chain to maintain competitive advantages [2] Company Performance - In 2024, the performance of logistics real estate companies in China shows significant divergence, with Kerry Properties reporting revenue of 19.5 billion yuan and a gross margin of 32.8%, while R&F Properties faced a loss with a revenue of 18.77 billion yuan and a gross margin of -4.7% [7] - Other companies like Joy City maintained stable performance with a revenue of 35.79 billion yuan and a gross margin of 21.8% [7] Investment Trends - Kerry Properties has been divesting logistics assets, including the sale of warehouses in Hong Kong for 4.62 billion HKD in 2022, while R&F Properties has exited the logistics real estate sector by selling its entire stake in Guangzhou Airport Logistics Park to Blackstone for a total of 5.295 billion yuan [10] - SF Holding is actively expanding its logistics footprint, planning to list REITs and investing in multiple industrial parks [10] - Other companies like Transfar Zhilian and Nanshan Holdings are also expanding their logistics networks and pursuing REIT listings [10]

Core Viewpoint - The China Logistics and Purchasing Federation and China Storage Development Co., Ltd. reported a decline in the warehousing index for July 2025, indicating a slowdown in growth while remaining above the expansion threshold for nine consecutive months [1] Group 1: Warehousing Index and New Orders - The warehousing index for July is 50.1%, down 0.9 percentage points from June [1] - The new orders index is at 50%, a decrease of 1.6 percentage points from June, with certain categories like non-ferrous metals and chemical products showing indices above 50, while others like mining products and home appliances are below 50 [1] Group 2: Inventory and Turnover - The ending inventory index is at 51%, an increase of 3.3 percentage points from June, with various categories such as steel and chemical products above 50, while non-ferrous metals and agricultural products are below 50 [1] - The average inventory turnover index is at 48.5%, down 7.2 percentage points from June, with non-ferrous metals and chemical products above 50, while steel and home appliances are below 50 [2] Group 3: Market Conditions and Future Outlook - Analysts attribute the slowdown in new orders to adverse weather conditions affecting consumer demand and outdoor construction [1] - The business activity expectation index is at 52.3%, down 1.4 percentage points from June, indicating stable confidence among enterprises [2] - The industry outlook remains optimistic in the long term, with expectations of improved activity post-rainy season supported by macroeconomic policies aimed at boosting consumption and optimizing the business environment [2]

（文章来源：证券日报） 证券日报网讯中储股份8月7日在互动平台回答投资者提问时表示，截至目前，公司暂未参与雅鲁藏布江 水电站工程建设，公司将积极关注建设情况，寻求合作机会。 ...

| 601298 | 青岛港 | 1.82 | 0.31 | 8.86 | 8.95 | 1.01 | | --- | --- | --- | --- | --- | --- | --- | | 300782 | 卓胜微 | 2.88 | 3.82 | 77.15 | 77.90 | 0.98 | | 600368 | 五洲交 | 1.39 | 2.44 | 4.35 | 4.39 | 0.91 | | | 通 | | | | | | | 872808 | 曙光数 | 1.02 | 2.07 | 61.05 | 61.60 | 0.90 | | | 创 | | | | | | | 600797 | 浙大网 | 2.21 | 12.71 | 10.09 | 10.18 | 0.86 | | | 新 | | | | | | | 603931 | 格林达 | 1.26 | 2.57 | 27.21 | 27.42 | 0.78 | | 002584 | 西陇科 | 0.78 | 5.68 | 9.04 | 9.10 | 0.71 | | | 学 | | | | | | | 688593 | 新相微 | 1.50 | ...

Core Insights - The logistics real estate industry in China has a limited number of listed companies, with most focusing on either real estate or logistics, and many involved in warehousing and light asset operations [1][4] - Companies like Jinke, Zhongchu, and others have a high degree of relevance to logistics real estate, while others like R&F and Joy City have a moderate relevance, primarily focusing on real estate development [1][4] Company Overview - Kerry Properties (00683HK): A comprehensive real estate group in Hong Kong, focusing on high-end commercial real estate development and investment, with total assets exceeding HKD 100 billion [3] - R&F Properties (02777.HK): A major residential and commercial real estate developer in China, managing over 300 property projects, currently focusing on debt restructuring and asset optimization [3] - Joy City (000031.SZ): A subsidiary of COFCO, known for urban complex operations, managing over 20 commercial projects, emphasizing young consumer experiences [3] - China Vanke (000002.SZ): A leading real estate company in China, expanding into logistics and cold chain sectors in recent years [3] - SF Holding (002352.SZ): The largest express logistics company in China, operating 84 self-owned cargo planes and focusing on smart logistics transformation [3] Financial Performance - In 2024, revenue for logistics real estate companies shows significant divergence, with leading companies like Zhongchu and SF Holding generating revenues in the hundreds of billions, while some smaller firms report revenues around tens of millions [4][5] - Most companies maintain a gross margin between 10-30%, indicating an overall improvement in industry profitability [4] Revenue and Profitability Metrics - SF Holding reported a revenue of CNY 2844.2 billion with a gross margin of 13.9% in 2024 [5] - Vanke A achieved a revenue of CNY 3431.8 billion with a gross margin of 10.2% [5] - R&F Properties reported a revenue of CNY 187.7 billion but with a negative gross margin of -4.7% [5] Regional Layout - Companies have varying regional focuses, with Kerry Properties targeting key areas like Shanghai and Beijing, while Zhongchu has established a national network with over 100 warehouses across 20 provinces [9][10] - SF Holding is developing logistics hubs in cities like Ezhou and Jiaxing, enhancing its logistics network [10] Business Development Plans - Companies like Huayuan Holdings and Zhongchu are planning to build new logistics parks, focusing on intelligent technology applications and network enhancements [15][17] - Vanke is concentrating on high-standard warehouses and cold chain logistics, while Jinke is exploring synergies between logistics and other real estate sectors [17][18]

Group 1 - The core point of the news is that Zhongcai Co., Ltd. (stock code: 600787) has seen a net financing purchase of 1.83 million yuan on August 4, 2025, with a financing balance of 618 million yuan, indicating a continuous net buying trend over the past three trading days totaling 7.23 million yuan [1][4]. Group 2 - On August 4, 2025, the net financing purchase was 182.99 thousand yuan, with a financing balance of 6.18 billion yuan, representing 4.82% of the circulating market value [2]. - The financing balance increased by 0.3% from the previous day, with a total balance of 6.20 billion yuan on August 4, 2025 [4]. - In the past three trading days, there has been a cumulative net selling of 3,500 shares in the securities lending market, with a remaining balance of 32,150 shares on August 4, 2025 [3].

Core Insights - The warehouse industry is a critical component of the modern logistics system, providing essential services such as storage, inventory management, sorting, packaging, and distribution, which are vital for the efficient operation of the real economy [1][4] - The demand for warehouses has significantly increased due to the rise of e-commerce and consumption upgrades, leading to a substantial growth in warehouse completion area in recent years [4][6] - In 2023, China's warehouse completion area reached 32.96 million m², an increase of 4.17 million m² compared to 2022, while a projected decrease of 24% is expected in 2024 with a completion area of 25.08 million m² [4][6] Warehouse Industry Definition and Classification - The warehouse industry encompasses the operation of logistics infrastructure that provides storage, custody, sorting, distribution, and related value-added services, forming a core part of the modern supply chain [2] - Warehouses can be classified based on operational entities (third-party, self-operated, public, and platform-based cloud warehouses), functional purposes (storage, circulation, and specialized warehouses), and technological levels (traditional, automated, intelligent, and digital twin warehouses) [2] Current Development Status - The general warehouse area in China has been on a growth trend, with the total area expected to reach approximately 1 billion m² by 2024, an increase of 517 million m² from 2023 [6] - The rental area of general warehouses is 54.898 million m², with 1.722 million m² currently under construction and a total of 40,274 warehouse parks [6][8] Industry Chain - The warehouse industry chain revolves around the core link of "goods storage and circulation," involving a wide range of upstream and downstream related industries [10] - Upstream includes suppliers of storage infrastructure and equipment, while midstream consists of warehouse service operations, and downstream includes demand from manufacturing, retail, e-commerce, and logistics sectors [10][11] Competitive Landscape - The warehouse market in China exhibits a multi-tiered differentiation structure, with major players including national logistics giants, specialized logistics real estate companies, and regional small to medium-sized storage enterprises [12] - National logistics giants like JD Logistics, SF Express, and Cainiao Network lead the first tier, while specialized logistics real estate firms like Prologis and Wanwei Logistics occupy the second tier [12] Future Development Trends - The warehouse industry is undergoing a transformation from "scale expansion" to "quality upgrade," with leading companies consolidating their advantages through technological investments and mergers [19] - Future competition in the warehouse industry will focus on intelligence, sustainability, and globalization [19]

Group 1 - The company held its 38th board meeting on July 11, 2025, with all 11 directors present, ensuring compliance with the Company Law and Articles of Association [1][2] - The board approved the proposal to become a group delivery center for all commodity futures at the Shanghai Futures Exchange, taking on all responsibilities outlined in the cooperation agreement and business rules [1] - The proposal regarding the "Quality Improvement and Efficiency Enhancement Action Plan for 2025" was also approved unanimously by the board [2] Group 2 - The voting results for both proposals were unanimous, with 11 votes in favor and no votes against or abstentions [2] - The company will provide relevant documents and materials as required for the group delivery center operations [1] - Details of the "Quality Improvement and Efficiency Enhancement Action Plan for 2025" can be found in the announcement published on the same day in various financial publications and the Shanghai Stock Exchange website [2]

一、聚焦主责主业，加快发展新质生产力 证券代码：600787 证券简称：中储股份 编号：临 2025-035 号 中储发展股份有限公司 2025 年度"提质增效重回报"行动方案 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、准确性和完整性承担法律责任。 为践行中央经济工作会议和中央金融工作会议精神，积极响应上海证券交易 所《关于开展沪市公司 "提质增效重回报" 专项行动的倡议》，践行"以投资 者为本"理念，推动公司高质量发展和投资价值提升。中储发展股份有限公司（以 下简称 "公司"）制定了 2025 年度"提质增效重回报"行动方案，具体如下： （一）升级仓储物流基础设施综合服务模式。 聚焦交割体系提高服务能力，继续扩库容、扩品种、优化管理并探索电子 仓单业务，强化交割库管理与集团化交割。聚焦产业聚集营造多元生态，稳固核 心区域市场份额，发挥区位优势拓展多品类业务，加快园区商业化转型。聚焦功 能完善延伸服务链条，整合运力资源，发展公铁联运与仓配一体化，深化合作向 采购、运输、销售、金融等环节延伸。 （二）推动大宗商品供应链高质量发展。 钢铁业务着力整合资源 ...