Core Insights - The article highlights the strategic expansion of Best Group in Southeast Asia, particularly in Vietnam and Malaysia, as a key player in the logistics and supply chain sector, aligning with China's Belt and Road Initiative and regional cooperation efforts [1][7] Group 1: Vietnam Operations - Best Group has established a comprehensive logistics network in Vietnam since entering the market in 2019, achieving a daily processing capacity of 1.8 million packages [2] - The company operates 39 automated sorting centers covering over 100,000 square meters, improving sorting efficiency by four times and achieving a 99.9% accuracy rate with a damage rate below 0.01% [2] - Local partners, such as Kieu Viet Dong, have significantly benefited from Best Group's operations, increasing their monthly package volume from 1,000 to 400,000 and creating 70 jobs [2] Group 2: Malaysia Operations - In Malaysia, Best Group has integrated advanced logistics technologies, transitioning from traditional methods to a fully electronic evidence system and intelligent routing [4] - The company has become a leading player in the large parcel logistics sector in Malaysia, with plans to open its 10th distribution center in 2024, which will be the largest in Southeast Asia, capable of processing 500,000 packages per day [4] - Best Group offers a variety of services in Malaysia, including express delivery, cross-border logistics, supply chain solutions, and SaaS, catering to diverse customer needs [4] Group 3: Global Supply Chain Network - Best Group's international operations now span six Southeast Asian countries, with 35 self-operated distribution centers and over 1,500 service points, covering nearly 70,000 square meters of overseas warehousing [7] - The company aims to enhance its global strategy by building a B2B2C and cross-border business network, leveraging its local express services and expanding its warehouse and logistics capabilities [7] - Best Group's initiatives contribute to the deepening of economic cooperation between China and ASEAN, embodying the concept of a "community of shared destiny" [7]

Investment Rating - Investment rating: Positive (maintained) [5] Core Viewpoints - The report emphasizes the construction of a community of shared destiny in the context of evolving global geopolitical dynamics, highlighting China's commitment to high-quality co-construction of the "Belt and Road" initiative with neighboring countries [5][10] - As of now, China has reached consensus on building a community of shared destiny with 17 neighboring countries and signed cooperation agreements with 25 countries, becoming the largest trading partner for 18 neighboring countries [10][11] Market Review - The report notes that the construction and decoration sector has seen a decline, with the Shanghai Composite Index down 3.11%, the Shenzhen Component Index down 5.13%, and the ChiNext Index down 6.73% during the week [39] - The report highlights that 23 stocks in the construction sector rose, with the top five performers being: Chuangxing Resources (+19.34%), *ST Nongshang (+15.74%), Zhongshe Consulting (+15.58%), Guangzi International (+14.75%), and COFCO Technology (+12.37%) [39] Regional Cooperation Insights China-Central Asia - Central Asia is identified as the birthplace of the "Belt and Road" initiative, with trade between China and Central Asian countries projected to reach $94.8 billion in 2024, reflecting a robust growth of 6.1% year-on-year [15][20] - The report highlights significant infrastructure projects, including the China-Kyrgyzstan-Uzbekistan railway, which is expected to enhance connectivity and reduce transportation time significantly [19][20] China-Southeast Asia - The report indicates that trade between China and ASEAN countries is expected to reach $982.3 billion in 2024, marking a year-on-year growth of 7.75% [30] - The successful operation of the China-Laos railway is noted as a key achievement, facilitating economic corridors and enhancing regional connectivity [26][30] Industry Developments - The report discusses the increasing demand for digital and green construction in Southeast Asia, presenting opportunities for Chinese companies in areas such as data centers and green building projects [32] - It also mentions that the issuance of green bonds in ASEAN countries is on the rise, indicating a shift towards sustainable infrastructure development [32] Company Dynamics - The report highlights significant contract wins by major construction firms, including China Railway, which secured contracts totaling approximately 66.77 billion yuan, representing 5.77% of its projected revenue for 2024 [42] - China Metallurgical Group announced new contracts worth 14.35 billion yuan, showcasing its strong position in the metallurgical engineering sector [42]

文 ： 华创证券研究所副所长 、首席宏观分析师 张瑜（执业证号：S0360518090001） 联系人： 陆银波（15210860866） 袁玲玲（微信 Yuen43） 报告摘要 近一周，主要关注外交层面变化。一方面，美国继续升级贸易摩擦。另一方面，我国积极与周边国家 及欧盟等经济体开展外交活动。 （一）美国继续升级贸易摩擦，中方根据国际法基本原则和法律法规坚决采取反制措施维护自身权 益。 4 月 9 日， 商务部将 6 家美国企业列入不可靠实体清单，将 12 家美国实体列入出口管制管控 名单。 4 月 11 日， 国务院关税税则委员会发布公告，对美关税"由 84% 提高至 125% "，"如果美 方后续对中国输美商品继续加征关税，中方将不予理会"。 （二）我国与其他非美国家积极开展外交活动 1 、周边外交 ： 4 月 8 日 ，总书记出席中央周边工作会议并发表重要讲话。 4 月 14 日至 18 日 ， 总书记将对越南、马来西亚、柬埔寨进行国事访问。 2 、对欧外交 ： 4 月 8 日， 总理同欧盟委员会主席冯德莱恩通电话，欧方提出，"欧方期待适时举行 新一次欧中领导人会晤"。 4 月 11 日 ，总书记会 ...

Group 1: Market Operations - The central bank conducted a 7-day reverse repurchase operation on April 9, with a fixed rate of 1.50%, totaling 118.9 billion yuan, resulting in a net withdrawal of 111 billion yuan for the day [2][4] - Overnight and 7-day pledged repo rates for deposit-taking institutions have both declined, with the overnight repo weighted average rate down nearly 3 basis points [4] - The latest overnight financing rate in the US stands at 4.33% [5] Group 2: Interbank Rates and Bonds - The latest transaction for one-year interbank certificates of deposit is around 1.77%, showing a decrease from the previous day [8] - Most yields on interbank major bonds have decreased, with specific declines noted in government bonds across various maturities [11] - Government bond futures closed higher across the board, with the 30-year main contract up 0.16% [14] Group 3: Key News and Economic Relations - A central meeting on surrounding work was held, emphasizing the importance of building a community of shared destiny with neighboring countries and enhancing strategic mutual trust [15] - The State Council released a white paper on China-US economic and trade relations, highlighting the mutual benefits and the need for dialogue to resolve differences [15] Group 4: Bond Market Developments - The National Investment Group's 30 billion yuan public bond project has been accepted by the Shanghai Stock Exchange [18] - Negative events in the bond market include rating downgrades for several companies and a default risk associated with non-standard assets [18]

Core Viewpoint - The article emphasizes the importance of building a community of shared destiny with neighboring countries, highlighting the achievements and experiences of China's surrounding diplomacy under the leadership of Xi Jinping, and outlining future goals and strategies for surrounding work [1][2]. Summary by Sections Achievements and Experiences - Since the 18th National Congress, under the strong leadership of the Central Committee with Xi Jinping at its core, China has proposed a diplomatic concept of "sincerity, benefit, inclusiveness, and tolerance" towards neighboring countries, advocating for the construction of a community of shared destiny [1][2]. Current Context - The current relations with neighboring countries are at their best in modern history, while also entering a critical phase of deep interconnection between regional and global changes [2]. Strategic Goals - The meeting outlines the need to focus on strategic mutual trust with neighboring countries, support their stable development paths, and properly manage conflicts and differences [2]. Development and Cooperation - Emphasis is placed on deepening development integration, building high-level connectivity networks, and enhancing cooperation in industrial and supply chains [2]. Security and Stability - The importance of jointly maintaining regional stability through security and law enforcement cooperation to address various risks and challenges is highlighted [2]. Coordination and Leadership - The need for strengthened centralized leadership from the Central Committee and improved coordination across various sectors is emphasized, along with the importance of institutional reforms and capacity building for surrounding work [2].