Investment Rating - The report does not explicitly state an investment rating for the logistics industry or the specific company being analyzed [1]. Core Insights - The company focuses on the energy and chemical logistics sector, aiming for growth through mergers and acquisitions while enhancing customer engagement through value-added services [17]. - The company plans to expand its strategic dimensions by integrating domestic and international warehousing services [17]. - The main client of the company's subsidiary in Nanjing is Celanese (Nanjing) Chemical Co., which has maintained a long-term stable business relationship since the completion of the Nanjing macro storage project in 2007 [17]. - The construction of chemical storage projects is subject to strict regulatory oversight, requiring multiple approvals and a lengthy construction cycle [17]. - The company uses the straight-line method for depreciation of fixed assets, with buildings depreciated over 20-30 years and port facilities over 20-25 years [18]. Summary by Sections 1. Basic Research Information - The research was conducted on March 13, 2025, focusing on the logistics industry and specifically on the company Macro Smart [13]. 2. Detailed Research Institutions - The research involved institutions such as Jushen Asset and Licheng Asset, represented by personnel including Li Chaofan and Tao Ran [14]. 3. Research Institution Proportion - The report does not provide specific data on the proportion of research institutions involved [16]. 4. Main Content Information - The company is committed to expanding its operations internationally while maintaining a strong domestic presence in the logistics sector [17]. - The client structure of the Nanjing subsidiary is heavily reliant on long-term contracts with major chemical companies [17]. - The regulatory environment for new storage projects is increasingly stringent, impacting the investment and construction timelines [17][18].