Core Viewpoint - Dongbai Group (600693.SH) issued a risk warning announcement, stating that the company primarily engages in commercial retail and warehousing logistics, aiming to meet the infrastructure and operational service needs in commercial consumption scenarios and logistics warehousing scenarios [1] Summary by Category - **Business Operations** - As of the announcement date, the company's business activities and operations are normal, with no significant changes in its main business [1] - **Market Environment** - The external market environment and industry policies have also not undergone significant changes [1]

Core Viewpoint - 恒基达鑫 experienced a significant drop, hitting the daily limit down with a trading volume of 2.64 billion yuan and a turnover rate of 7.68% [1] Trading Performance - The stock's daily decline was recorded at -9.61%, leading to its inclusion on the Shenzhen Stock Exchange's watchlist [1] - The stock exhibited a trading amplitude of 11.11% throughout the day [1] Institutional Activity - Institutions net sold a total of 504.29 million yuan, with a combined net sell from brokerage seats amounting to 5163.35 million yuan [1] - The top five trading departments accounted for a total transaction volume of 1.40 billion yuan, with buying transactions at 418.83 million yuan and selling transactions at 985.60 million yuan, resulting in a net sell of 566.76 million yuan [1] Fund Flow - The stock saw a net outflow of main funds amounting to 467.75 million yuan, with large single orders contributing to a net outflow of 345.78 million yuan and large orders contributing to 121.98 million yuan [1] - Over the past five days, the net outflow of main funds reached 645.84 million yuan [1] Detailed Trading Data - The top buying and selling departments included various institutional seats, with notable transactions such as: - Buy one: 华宝证券 with 993.19 million yuan bought and 5.27 million yuan sold - Sell one: 国联民生证券 with 6.47 million yuan bought and 4712.23 million yuan sold [1]

Core Viewpoint - The stock of Milkway has shown a significant increase in price and trading activity, indicating positive market sentiment and potential growth in the logistics and supply chain sector [1][2]. Company Overview - Milkway Intelligent Supply Chain Service Group Co., Ltd. is based in Shanghai and was established on March 28, 1997, with its listing date on July 13, 2018 [1]. - The company specializes in comprehensive logistics services, focusing on freight forwarding, warehousing, and transportation, and has expanded into chemical product distribution [1]. Financial Performance - For the period from January to September 2025, Milkway achieved a revenue of 10.67 billion yuan, representing a year-on-year growth of 11.70%, and a net profit attributable to shareholders of 525 million yuan, up 7.04% year-on-year [2]. - The company has distributed a total of 444 million yuan in dividends since its A-share listing, with 288 million yuan distributed over the past three years [2]. Stock Performance - As of November 12, Milkway's stock price increased by 22.99% year-to-date, with a recent 5-day increase of 8.41% and a 60-day increase of 12.89% [1]. - The stock's trading volume on November 12 was 55.32 million yuan, with a turnover rate of 0.57% and a total market capitalization of 9.82 billion yuan [1]. Shareholder Structure - As of September 30, 2025, Milkway had 11,300 shareholders, a decrease of 9.63% from the previous period, with an average of 14,034 circulating shares per shareholder, an increase of 10.66% [2]. - The top three circulating shareholders include Hong Kong Central Clearing Limited, which holds 11.31 million shares, and new entrant Qianhai Kaiyuan Public Utility Stock [2].

Core Insights - The National Development and Reform Commission (NDRC) has recommended a total of 105 infrastructure REITs projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed, raising a total of 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [2]. - The NDRC aims to promote the normalization of the recommendation and issuance of infrastructure REITs in 2024, expanding the market further [2][3]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued and listed, raising nearly 30 billion yuan [2]. - Private investment projects have become "first projects" in various fields, demonstrating a positive demonstration effect [2]. Group 3: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance, thereby broadening financing channels for private enterprises and promoting a virtuous cycle of investment and financing [3]. - The NDRC will focus on expanding the market by increasing the number of mature asset type project applications and facilitating the first listings of new asset types [3]. - A special coordination service mechanism will be established to address challenges faced by private investment projects in the REITs issuance process [3]. Group 4: Policy Support for Private Investment - The NDRC will continue to implement policies that support the listing and financing of technology-driven enterprises and mergers and acquisitions through a "green channel" [4]. - The NDRC aims to create a comprehensive national investment and financing service platform to enhance efficient connections between financing and credit services, targeting more precise credit resource allocation to private enterprises [4].

Core Viewpoint - The National Development and Reform Commission (NDRC) is actively promoting the issuance of infrastructure REITs (Real Estate Investment Trusts) to enhance private investment in various sectors, with a focus on integrating the real economy with capital markets [1][2]. Group 1: Infrastructure REITs Development - Infrastructure REITs are seen as a vital mechanism for revitalizing existing infrastructure assets through public markets, facilitating the organic integration of the real economy and capital markets [1]. - Since the pilot program began in 2020, the NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects successfully listed, covering 10 industries and 18 asset types [1]. - The total amount raised through these funds is approximately 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1]. Group 2: Private Investment Projects - The NDRC has recommended 18 private investment projects, of which 14 have been listed, raising nearly 30 billion yuan [2]. - These private investment projects have set precedents in various fields, such as the first community commercial and agricultural market REITs, which have positively influenced the upgrade of consumer infrastructure [2]. - The first batch of data center REITs, also a private investment project, was launched in August this year, contributing to the innovation of financing mechanisms in the new infrastructure sector and supporting the development of the digital economy and artificial intelligence industries [2].

Core Viewpoint - The National Development and Reform Commission (NDRC) is entering a normalization phase for the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector in 2024, with ongoing expansion efforts [1] Summary by Categories Infrastructure Investment - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), with 83 projects already issued and listed [1] - The recommended projects span 10 industries and 18 asset types, including toll roads, clean energy, urban heating, ecological protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] Fundraising and Investment Impact - The total amount raised from the issued funds is 207 billion yuan, which is expected to drive new project investments exceeding 1 trillion yuan [1] - Additionally, the NDRC has recommended 18 private investment projects to the CSRC, with 14 projects already issued, raising nearly 30 billion yuan [1]

Core Insights - The National Development and Reform Commission (NDRC) is actively promoting private investment development, having recommended 18 private investment projects to the China Securities Regulatory Commission (CSRC), with 14 projects already listed and a total fund issuance of nearly 30 billion yuan [1][3]. Group 1: Infrastructure REITs - Infrastructure REITs are highlighted as an effective way to revitalize existing infrastructure assets through the public market, serving as a crucial link between the real economy and capital markets [3]. - Since the pilot program for infrastructure REITs was launched in 2020, the NDRC has recommended a total of 105 projects to the CSRC, with 83 projects successfully listed, covering 10 industries and 18 asset types, resulting in a total fund issuance of 207 billion yuan and expected to drive over 1 trillion yuan in new project investments [3][4]. Group 2: Future Initiatives - The NDRC plans to enhance collaboration with the CSRC to support more eligible private investment projects for issuance and listing, aiming to broaden financing channels for private enterprises and promote a virtuous cycle of investment and financing [4]. - Key initiatives include expanding the market by increasing the number of mature asset type project recommendations, establishing a special coordination service mechanism for private investment projects, and improving the quality and efficiency of project recommendations and issuances [4].

Core Insights - The National Development and Reform Commission (NDRC) is promoting the development of private investment through infrastructure REITs as a means to revitalize existing infrastructure assets and integrate the real economy with capital markets [1] Group 1: Infrastructure REITs - Infrastructure REITs are identified as an effective way to activate existing infrastructure assets in the public market [1] - The NDRC, in collaboration with the China Securities Regulatory Commission, initiated the pilot program for infrastructure REITs in 2020 [1] - By 2024, the program is expected to transition into a normalized recommendation and issuance phase, with ongoing expansion [1] Group 2: Project Statistics - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission, with 83 projects already issued and listed [1] - These projects span 10 industries and 18 asset types, including toll roads, clean energy, urban heating, ecological protection, warehousing logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] - The total amount raised through these funds is 207 billion yuan, which is projected to drive new project investments exceeding 1 trillion yuan [1]

Group 1 - The National Development and Reform Commission (NDRC) will enhance collaboration with the China Securities Regulatory Commission (CSRC) to support the issuance of more qualified private investment infrastructure REITs projects, aiming to broaden financing channels for private enterprises and promote a virtuous cycle of investment and financing [1][2] - As of now, the NDRC has recommended 18 private investment infrastructure REITs projects to the CSRC, with 14 projects successfully issued and listed, raising a total of nearly 30 billion yuan [1] - The first community commercial and agricultural market REITs projects, both private investment initiatives, have demonstrated a positive effect on upgrading consumption infrastructure [1] Group 2 - The NDRC has cumulatively recommended 105 projects to the CSRC, with 83 projects listed, covering 10 industries and 18 asset types, raising a total of 207 billion yuan, which is expected to drive over 1 trillion yuan in new project investments [2] - The NDRC plans to establish a special coordination service mechanism for private investment projects to address challenges in project cultivation and improve the efficiency of project recommendation and issuance [2]

Core Insights - The National Development and Reform Commission (NDRC) has announced that the issuance of Real Estate Investment Trusts (REITs) in the infrastructure sector will enter a normalized recommendation phase in 2024, with ongoing expansion [1] Group 1: Investment Projects - The NDRC has recommended a total of 105 projects to the China Securities Regulatory Commission (CSRC), of which 83 projects have been issued and listed [1] - The recommended projects cover 10 industries and 18 types of assets, including toll roads, clean energy, urban heating, ecological protection, warehousing and logistics, industrial parks, data centers, rental housing, water conservancy, and consumer infrastructure [1] Group 2: Financial Impact - The total amount of funds raised from these REITs is 207 billion yuan, which is expected to drive total new project investments exceeding 1 trillion yuan [1]