1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The REITs market continued to adjust this week, but liquidity started to pick up, with sector differentiation. The data center and affordable housing sectors led the gains. The China Asset Management CNNC Clean Energy REIT is set to start the book - building process next Wednesday, with an expected offering of RMB 1.258 billion and a projected distribution rate of 5.64% in 2026 [3]. - As of December 12, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of RMB 38.79 billion, a year - on - year decrease of 37.9%. This week, 2 new issuance and 1 expansion REITs made progress [3]. - The China Securities REITs Total Return Index closed at 1028.50 points this week, down 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend Index by 2.07 percentage points [3]. 3. Summary According to the Directory 3.1 Primary Market: Two New Issuance Public REITs Made Progress - This week, Bosera Shandong TieTou Road & Bridge REIT was filed, with the underlying asset being the Changqing Yellow River Highway Bridge in Jinan. China Asset Management CNNC Clean Energy REIT was registered and effective [3][13]. - As of December 12, 2025, there were 12 REITs in the filing stage, 2 that had responded to inquiries, 2 that had passed the review, and 2 that were registered and waiting to be listed. For expansion, 4 were filed, 2 had responded to inquiries, and 2 had passed the review [3]. 3.2 Secondary Market: Liquidity Rebounded This Week 3.2.1 Market Review: China Securities REITs Total Return Index Declined 0.29% - The China Securities REITs Total Return Index closed at 1028.50 points this week, down 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend Index by 2.07 percentage points. Year - to - date, it was up 6.26%, underperforming the CSI 300 by 10.15 percentage points and outperforming the CSI Dividend Index by 9.04 percentage points [3]. - By project attribute, equity - based REITs fell 0.11% and concession - based REITs fell 0.75% this week. By asset type, the data center (+1.54%), affordable housing (+0.41%), environmental protection and water services (+0.23%), and park (+0.22%) sectors performed well [3]. 3.2.2 Liquidity: Liquidity in the Data Center Sector Increased Significantly - The average daily turnover rates of equity - based and concession - based REITs this week were 0.37% and 0.37% respectively, up 1.25BP and 3.52BP from last week. The trading volumes were 364 million and 123 million shares respectively, up 4.19% and 10.53% week - on - week. The data center sector had the highest activity [3][24]. 3.2.3 Valuation: The Affordable Housing Sector Had a High Valuation - According to the ChinaBond valuation yield, the yields of equity - based and concession - based REITs were 4.01% and 4.54% respectively. The warehousing and logistics (5.62%), transportation (5.53%), and park (4.83%) sectors ranked in the top three [3]. 3.3 This Week's News and Important Announcements 3.3.1 This Week's News - On December 8, 2025, Jiazexineng adjusted its public REITs project application plan. Beibuwan Port announced the application for port infrastructure public REITs [32]. - On December 9, 2025, Han Zhuo, the director of the Bond Department of the China Securities Regulatory Commission, published an article, suggesting measures to promote the high - quality development of the REITs market. He also mentioned that the scale of China's REITs is expected to reach RMB 7.5 trillion. Hebei Development and Reform Commission solicited infrastructure REITs project intentions [3][32]. - On December 10, 2025, a competitive selection announcement for the fund manager service of Chongqing Shuangfu Agricultural Market REITs was released [32]. - On December 11, 2025, the winning bid announcement for the financial advisor of Beijing Shunyi Municipal Holding Group Co., Ltd.'s public REITs project was released [32]. 3.3.2 Important Announcements - Multiple REITs such as AVIC Jingneng Photovoltaic REIT, China Asset Management CR Land Youchao REIT, and others issued announcements regarding expansion, share unlocking, and dividends. For example, the expansion of AVIC Jingneng Photovoltaic REIT had a planned issuance amount between RMB 2.541 billion and RMB 2.92215 billion [33][34].

Report Industry Investment Rating There is no information provided in the content about the report industry investment rating. Core Viewpoints of the Report - The REITs market continued to adjust this week, but liquidity began to recover, with significant sector differentiation. The data center and affordable housing sectors led the gains [3]. - China Asset Management and CNNC Clean Energy REIT has been registered and will start the inquiry process on December 17, with an expected issuance on December 22 [3]. - The scale of China's REITs market is expected to reach 7.5 trillion yuan, and it is positioned as a medium - risk and medium - return product [3]. Summary According to the Directory 1. Primary Market - Two new public offering REITs made progress: Bosera Shandong TieTou Road & Bridge REIT was declared, and China Asset Management and CNNC Clean Energy REIT was registered [3][13]. - One REIT expansion made progress: China Asset Management and China Resources Youchao REIT expanded its shares through a placement to original holders from December 8 to December 12, with an expected fundraising of 1.1385 billion yuan [3][14]. - As of December 12, 2025, 19 REITs have been successfully issued this year, with a total issuance scale of 38.79 billion yuan, a year - on - year decrease of 37.9% [3]. 2. Secondary Market 2.1 Market Review - The CSI REITs Total Return Index closed at 1028.50 points, a decline of 0.29%, underperforming the CSI 300 by 0.21 percentage points and outperforming the CSI Dividend by 2.07 percentage points [3]. - In terms of project attributes, property - type REITs fell 0.11%, and franchise - type REITs fell 0.75%. In terms of asset types, the data center (+1.54%), affordable housing (+0.41%), environmental protection and water services (+0.23%), and park (+0.22%) sectors performed well [3]. 2.2 Liquidity - The average daily turnover rate of property - type/franchise - type REITs this week was 0.37%/0.37%, an increase of 1.25/3.52 basis points from last week. The trading volume increased by 4.19%/10.53% week - on - week [3][24]. - The data center sector had the highest liquidity. 2.3 Valuation - The yields of property - type/franchise - type REITs according to ChinaBond valuations were 4.01%/4.54%. The warehousing and logistics (5.62%), transportation (5.53%), and park (4.83%) sectors had the highest yields [3]. 3. This Week's News and Important Announcements - News: Multiple companies made adjustments or announcements regarding REITs projects, such as Jiazexineng adjusting its REITs project application plan, Beibuwan Port announcing the launch of port infrastructure REITs application, etc. [32]. - Announcements: Some REITs made announcements about expansion, share unlocking, dividends, and operating data, such as AVIC Jingneng Photovoltaic REIT's expansion plan, China Asset Management and China Resources Youchao REIT's share unlocking, etc. [33][34]

2020-2025年1-10月中国石脑油产量统计图 数据来源：国家统计局，智研咨询整理 上市企业：中国石化（600028）,荣盛石化（002493）,东华能源（002221）,中泰化学（002092）,泰达股 份（000652）,华锦股份（000059）,阳煤化工（600691）,宇新股份（002986）,北部湾港（000582）,沈 阳化工（000698） 相关报告：智研咨询发布的《2026-2032年中国石脑油行业市场供需态势及未来趋势研判报告》 根据国家统计局数据显示：2025年10月中国石脑油产量为722万吨，同比下降0.1%；2025年1-10月中国 石脑油累计产量为6673.7万吨，累计下降0.5%。 知前沿，问智研。智研咨询是中国一流产业咨询机构，十数年持续深耕产业研究领域，提供深度产业研 究报告、商业计划书、可行性研究报告及定制服务等一站式产业咨询服务。专业的角度、品质化的服 务、敏锐的市场洞察力，专注于提供完善的产业解决方案，为您的投资决策赋能。 ...

北部湾港股份有限公司 关于召开2025年第三次临时股东会的通知 证券代码：000582 证券简称：北部湾港 公告编号：2025092 债券代码：127039 债券简称：北港转债 （1）现场会议时间：2025年12月29日（星期一）15:30 （2）网络投票时间：通过深圳证券交易所交易系统进行网 络投票的具体时间为2025年12月29日（星期一）9:15-9:25， 9:30-11:30和13:00-15:00；通过深圳证券交易所互联网投票系统 投票的具体时间为2025年12月29日（星期一）9:15至15:00的任 - 1 - 意时间。 5、会议召开方式：现场表决与网络投票相结合。 本公司及董事会全体成员保证信息披露的内容真实、准确、完整， 没有虚假记载、误导性陈述或重大遗漏。 一、召开会议的基本情况 1、股东会届次：2025年第三次临时股东会 2、股东会的召集人：董事会 3、本次会议的召集、召开符合《中华人民共和国公司法》 《深圳证券交易所股票上市规则》《深圳证券交易所上市公司 自律监管指引第1号——主板上市公司规范运作》等法律、行政 法规、部门规章、规范性文件及《公司章程》的有关规定。 4、会议时间： 6 ...

公司股东： 北部湾港股份有限公司 2025 年第三次临时股东会议案材料 根据公司《财务预算管理办法》《投资管理制度》等相关内 控管理规定的要求，为加强公司预算管理，结合 2025 年度投资 计划的完成情况和 2026 年度的公司发展、运营的需求，拟订《北 部湾港股份有限公司 2026 年度投资计划》的编制工作，具体情 况如下： 一、2025 年投资计划完成情况 经公司第十届董事会第十一次会议、公司 2024 年第三次临 时股东大会审议通过，2025 年度公司计划投资额为 74.59 亿元。 经公司总经理办公会2025年第8 次会议审议通过年中计划调整， 2025 年度公司计划投资额由 74.59 亿元调整为 72.58 亿元。 本次股东会审议议案为 2025 年 12 月 8 日召开的第十届董事 会第二十次会议、2025 年 12 月 12 日召开的第十届董事会第二 十一次会议审议通过的，需提交股东会审议的议案。 目 录 | 议案 | 1：《关于审议 2026 年度投资计划的议案》 - | 2 | - | | --- | --- | --- | --- | | 议案 | 2：《关于审议 年度债务性融资计划的议 ...

一、董事会会议召开情况 北部湾港股份有限公司（以下简称公司）第十届董事会第二 十一次会议于 2025 年 12 月 12 日（星期五）09:00 在南宁市良庆 区体强路 12 号北部湾航运中心 B 座 15 楼 1526 会议室以现场结 合通讯的方式召开。本次会议通知及有关材料已于 2025 年 12 月 9 日通过电子邮件的方式送达各位董事和高级管理人员。本次会 议应出席董事 7 人，实际出席董事 7 人，其中董事胡文晟以通讯 方式出席会议并表决。会议由董事、总经理莫怒主持，公司高级 管理人员列席了会议。本次会议的召集、召开符合法律法规、规 范性文件及《公司章程》的规定，合法有效。 二、董事会会议审议通过以下议案 证券代码：000582 证券简称：北部湾港 公告编号：2025091 债券代码：127039 债券简称：北港转债 北部湾港股份有限公司 第十届董事会第二十一次会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 （一）《关于审议补选第十届董事会非独立董事的议案》 结合公司实际情况，经公司董事会提名委员会对非独立董事 候选人的任职资格进行审查 ...

Core Viewpoint - The upgrade of the North Bay Port to Brunei Muara Port direct shipping route enhances trade efficiency and connectivity between China and Brunei, facilitating the export of various products including cement, fruits, and fishery products [1] Group 1: Shipping Route Upgrade - The "SITC INCHON" vessel departed from North Bay Port carrying nearly 3,000 tons of Yufeng cement to Brunei Muara Port, marking the upgrade of the North Bay Port-Vietnam-Malaysia direct shipping route (CVM2) [1] - The addition of Brunei Muara Port to the shipping route reduces transit time from North Bay Port to Brunei Muara Port to just 9-10 days, significantly improving efficiency [1] Group 2: Trade and Economic Impact - The stable operation of this shipping route is expected to boost trade in fruits, fishery products, and aluminum between China and Brunei, supporting the development of the "port-industry-park" model in Brunei [1] - The cement being shipped will be used for the expansion project of the Brunei Muara Port container terminal, which is currently in a critical construction phase [1] Group 3: Supply Chain Management - North Bay Port Group has strengthened internal collaboration by forming a specialized business team to ensure the smooth supply chain for Yufeng cement, including handling Brunei's import qualifications and optimizing logistics [1] - The company aims to align "Yufeng standards" with "Brunei needs," creating an integrated supply chain that encompasses cement production, logistics transportation, shipping route operation, and market expansion [1]

来源：新浪证券-红岸工作室 12月10日，北部湾港涨1.92%，成交额1.25亿元，换手率0.70%，总市值214.22亿元。 异动分析 航运概念+统一大市场+天然气+一带一路+冷链物流 1、公司所从事的主要业务是集装箱和散杂货的港口装卸、堆存及船舶港口服务。公司的主要业务有港 口装卸堆存、拖轮、理货和代理业务。 集装箱和散杂货的港口装卸、堆存及船舶港口服务。 2、根据互动平台内容显示：北部湾港作为西部地区重要的出海通道和物流枢纽，推动货物"散改集"更 能有效的与腹地产业相结合，提升西部陆海新通道的受众范围，加快西部陆海新通道建设。公司开展的 资本运作主要是围绕港口主营业务，公司将坚持发展第一要务，紧扣港口生产经营中心工作，携手广大 客户、合作伙伴，持续扩大陆海双向开放，在港口建设运营、货源开拓及物流供应链服务上深化更多领 域、更深层次务实合作。 区间今日近3日近5日近10日近20日主力净流入907.89万-783.59万-3209.91万-6383.69万-6811.74万 主力持仓 主力没有控盘，筹码分布非常分散，主力成交额5210.75万，占总成交额的2.75%。 技术面：筹码平均交易成本为8.69元 ...

Group 1 - The core viewpoint of the article highlights that Beibu Gulf Port's stock closed at 9.04 yuan on December 10, with a 1.92% increase and a rolling PE ratio of 19.62 times, resulting in a total market value of 21.422 billion yuan [1] - The average PE ratio for the shipping and port industry is 19.46 times, with a median of 16.48 times, placing Beibu Gulf Port at the 23rd position in the industry ranking [1] - On December 10, the net inflow of main funds into Beibu Gulf Port was 6.3576 million yuan, although there was an overall outflow of 30.0098 million yuan over the past five days [1] Group 2 - Beibu Gulf Port Co., Ltd. specializes in container and bulk cargo handling, storage, and port value-added services, with main products including loading and unloading, tugboat services, cargo surveying, and agency services [1] - The latest performance report for the third quarter of 2025 shows that the company achieved an operating income of 5.535 billion yuan, a year-on-year increase of 12.92%, while net profit decreased by 13.89% to 789 million yuan, with a sales gross margin of 31.31% [1]

Core Viewpoint - The shipping and port sector experienced a rise of 0.84% on December 10, with Xiamen Port leading the gains, while the Shanghai Composite Index fell by 0.23% [1]. Group 1: Market Performance - Xiamen Port reported a closing price of 15.97, with a significant increase of 9.99% and a trading volume of 1.4499 million shares, amounting to 2.289 billion yuan [1]. - Other notable performers included Haixia Co., which closed at 13.40 with a 7.80% increase, and Yantian Port, which rose by 2.05% to close at 4.49 [1]. - The overall trading volume for the shipping and port sector was substantial, with Xiamen Port leading in both trading volume and value [1]. Group 2: Capital Flow - The shipping and port sector saw a net inflow of 18.2262 million yuan from main funds, while retail investors contributed a net inflow of 14.9 million yuan [2]. - Conversely, speculative funds experienced a net outflow of 166.7 million yuan, indicating a divergence in investor behavior within the sector [2]. - Specific stocks like Haixia Co. and Xiamen Port had varying capital flows, with Haixia Co. seeing a net inflow of 82.602 million yuan from main funds, while Xiamen Port had a net outflow from speculative funds [3].