Core Insights - The duty-free policy in Hainan is a key element in the construction of the Hainan Free Trade Port and the International Tourism Consumption Center, significantly contributing to the province's economic growth [1][2] Market Growth - The duty-free sales in Hainan have shown a remarkable annual growth rate of nearly 30% from 2018 to 2024, with sales doubling almost every year from 2019 to 2021 [1] - The proportion of domestic consumers purchasing duty-free goods in Hainan has increased from approximately 5% in 2018 to over 20% in 2024 [1] - Hainan's share of the national duty-free market has grown from one-quarter to nearly 70%, while its share of the global duty-free market has increased from 2% to 8.6% [1] Economic Impact - By 2024, over 54 million visitors are expected to enter duty-free shops in Hainan, indicating that one in every two tourists will visit these stores [1] - Duty-free sales account for about one-fifth of the total retail sales of consumer goods in Hainan, and the import value of duty-free goods represents approximately one-seventh of the province's total imports [1] - The industry has directly created over 13,000 jobs in Hainan [1] Consumer Attraction - Hainan has become a popular destination for consumers, with over 900 international brands available and a diverse range of products [2] - More than 50 promotional events have been held this year, with consumer vouchers exceeding 300 million yuan [2] Market Dynamics - Seven operators are currently involved in Hainan's duty-free market, fostering healthy competition that enhances product variety, pricing, service, and consumer experience [2] - The rapid development of the duty-free sector is driving the growth and upgrading of related industries, such as warehousing and logistics, contributing to the modernization of Hainan's commercial circulation system [2] Future Outlook - Hainan aims to continue enhancing its services to ensure that tourists have a satisfying shopping experience [2]

Core Insights - The transportation sector in China showed a cumulative increase of 0.37% from October 13 to October 18, ranking 4th among 31 SW primary industries, while the CSI 300 index decreased by 2.22% [2] Subsector Performance - The performance of various subsectors within transportation during the week was as follows: Shipping (3.06%), Airport (2.57%), Expressway (2.33%), Road Freight (1.08%), Port (0.83%), Railway (0.22%), Bus (-2.00%), Cross-border Logistics (-3.49%), Express (-4.36%), and Warehousing Logistics (-4.76%) [1][3] Airline Sector Analysis - Domestic and international capacity recovery rates for major listed airlines in September 2025 compared to the same month in 2019 were as follows: Air China (145.09%), China Southern Airlines (116.42%), China Eastern Airlines (115.45%), Hainan Airlines (92.17%), Juneyao Airlines (115.48%), and Spring Airlines (176.49%) for domestic ASK; and for international ASK: 98.13%, 94.97%, 105.34%, 73.58%, 219.78%, and 81.74% respectively [3] Oil Prices and Exchange Rates - As of October 17, 2025, Brent crude oil was priced at $61.29 per barrel, reflecting a week-on-week decrease of 2.79% and a year-on-year decrease of 17.68% [3] - The exchange rate of the Chinese Yuan against the US Dollar was 7.1048, with a week-on-week depreciation of 0.08% and a year-on-year depreciation of 0.38% [3] Airport Traffic Recovery - Major airports in China showed the following recovery rates for domestic passenger throughput in September 2025 compared to 2019: Baiyun Airport (115.74%), Shanghai Airport (125.22%), Capital Airport (89.82%), and Shenzhen Airport (119.73%) [4] Shipping and Port Metrics - The SCFI index was reported at 1310 points, a week-on-week increase of 12.92% but a year-on-year decrease of 36.46% as of October 17, 2025 [4] - The CCFI index was at 973 points, with a week-on-week decrease of 4.11% and a year-on-year decrease of 30.75% [4] Dry Bulk Shipping Metrics - The BDI index was reported at 2069 points, reflecting a week-on-week increase of 6.87% and a year-on-year increase of 29.80% [5] Road and Rail Performance - In August 2025, railway passenger volume was 505 million, a year-on-year increase of 6.55%, while road passenger volume was 950 million, a year-on-year decrease of 4.80% [5] Express Delivery Sector - The express delivery industry achieved a revenue of 1189.60 billion Yuan in August 2025, a year-on-year increase of 4.20%, with a business volume of 16.15 billion pieces, up 12.30% year-on-year [5] Investment Recommendations - The airline sector is expected to benefit from increased international flights and domestic demand recovery, with recommendations for stocks such as Air China, China Southern Airlines, and others [6] - The airport sector is advised to focus on bottom-fishing opportunities due to the anticipated recovery in international passenger traffic [6] - The cross-border logistics sector is expected to benefit from the growth of cross-border e-commerce, with a recommendation to pay attention to Huamao Logistics [7] - The express delivery sector is seen as having growth potential due to the acceleration of e-commerce and improved industry dynamics [8]

Core Points - The total investment for the major projects in Yanbian Korean Autonomous Prefecture is 46 billion yuan, with significant progress in fixed asset investments and project construction [1] - The He Long Pumped Storage Power Station project, with an installed capacity of 1.8 million kilowatts, aims to enhance the power grid's peak regulation and energy storage capabilities [1] - The G331 tourism corridor project has been fully opened, linking 14 local tourist resources, which is expected to boost transportation and tourism development [1] Investment and Economic Growth - Yanbian Prefecture has initiated 514 projects with an investment of over 5 million yuan each, resulting in a 12.7% year-on-year increase in fixed asset investment in the first eight months [1] - Industrial investment in Yanbian increased by 9.1%, while private investment surged by 60.3% during the same period [1] Project Development - The China Supply and Marketing Central Kitchen Logistics Project in Dunhua City is expected to generate an annual output value exceeding 1 billion yuan, promoting agricultural development in surrounding counties [2] - The local government emphasizes the importance of project construction as a key driver for economic growth and industrial development in Yanbian [2]

Group 1 - The core viewpoint of the articles highlights the significant investment and development activities in Yanbian Korean Autonomous Prefecture, with a total investment of 46 billion yuan for major projects, including the He Long pumped storage power station [1][2] - In the first eight months of the year, fixed asset investment in Yanbian increased by 12.7% year-on-year, while industrial investment rose by 9.1% and private investment surged by 60.3% [1] - The He Long pumped storage power station, with an installed capacity of 1.8 million kilowatts, will play a crucial role in grid peak regulation, energy storage, and emergency backup, creating over 2,500 jobs during its construction [1] Group 2 - The China Supply and Marketing Central Kitchen Warehousing and Logistics Project in Dunhua City is expected to generate an annual output value exceeding 1 billion yuan, promoting agricultural scale development in surrounding counties [2] - The project is seen as a powerful engine for expanding effective investment and driving economic growth, with local authorities committed to supporting project attraction, implementation, and construction [2]

1. Report Industry Investment Rating - No relevant content provided in the report 2. Core Viewpoints of the Report - No clear overall core viewpoints are presented in the report. It mainly presents detailed data on the performance, valuation, correlation, and primary - market tracking of various REITs. 3. Summary by Relevant Catalogs 3.1 Secondary Market Price - Volume Performance - The report details the price - volume performance of multiple REITs, including listing date, issue price, first - day return, cumulative return, trading volume, turnover rate, weekly return, and year - to - date return. For example, the Red Clay Innovation Yantian Port REIT had an issue price of 2.3 yuan, a first - day return of 2.91%, and a cumulative return of 15.89% as of the report date [10]. 3.2 Secondary Market Valuation - It shows the valuation indicators of different REITs, such as P/FFO, P/NAV, IRR, PV multiplier, and expected cash distribution rate in 2025. For instance, the Red Clay Innovation Yantian Port REIT had a dynamic P/FFO of 18.69, a P/NAV of 1.03, and an expected cash distribution rate of 4.37% in 2025 [21]. 3.3 Market Correlation Statistics - The report presents the correlation coefficients between REITs and various asset classes, including stocks, convertible bonds, pure bonds, and commodities. For example, the correlation coefficient between REITs and the Shanghai Composite Index is 0.20 [29]. 3.4 Primary Market Tracking - It lists several REITs in different stages (to be listed, feedback received, application accepted, and application submitted), along with their project nature, type, original equity holders, underlying projects, and project valuations. For example, the CITIC Construction Investment Shenyang International Software Park REIT is a property - type industrial park REIT to be listed, with a project valuation of 11.84 billion yuan [31].

Group 1 - Company Zhongchu Co., Ltd. (SH 600787) announced on October 16 that its total external guarantees amount to 401 million yuan, all of which are provided for its wholly-owned subsidiary, China Material Storage and Transportation Tianjin Co., Ltd., for a comprehensive credit facility application with the bank [1] - As of the announcement, Zhongchu Co., Ltd. has a market capitalization of 12.8 billion yuan [1]

季末，廊坊本季度于廊坊经开区交付一个高标仓储项目，带来11.1万平方米的新增供应。作为环京市 场，廊坊需求表现持续强劲，连续第五个季度净吸纳量在20万平方米以上。第三方物流企业录得多笔万 平方米以上租赁成交，加速扩大其在广阳经开区、廊坊经开区等近京子市场的物流布局。 世邦魏理仕中国区产业地产负责人孙洁，未来半年，北京预计将有129万平方米的新增高标仓储设施在 以平谷及顺义为主的子市场交付，廊坊近京区域亦将交付约87万平方米。以成本为导向的存量流动仍将 占据环京市场去化主流。北京各子市场在租金下行的背景下，有望刺激市场活跃度逐步走高，通过对外 溢需求截留、吸引低标仓需求升级等方式来稳固存量盘，助力空置面积去化。 北京商报讯（记者 刘卓澜）10月14日，CBRE世邦魏理仕发布《2025年三季度北京房地产市场回顾与展 望》显示，北京仓储物流市场中，平谷及部分近郊区域租金加速调整。其中，2025年第三季度，北京亦 庄经开区一项目扩建，带来4万平方米的新增供应。当下租户策略仍旧以降本提质为主，将部分大体量 租赁需求置换到平谷等性价比更高的子市场。 ...

Core Viewpoint - The company announced a change in the purpose of its repurchased shares, shifting from an employee stock incentive plan to cancellation and reduction of registered capital [2] Group 1: Share Repurchase and Capital Reduction - On February 28, 2025, the company held its first extraordinary general meeting to approve the change in the use of 12,000,000 shares from "for employee stock incentive plan" to "for cancellation and reduction of registered capital" [2] - The share cancellation was completed on April 16, 2025, reducing the total share capital from 1,212,152,157 shares to 1,200,152,157 shares [2] - On August 21, 2025, the company held its second extraordinary general meeting to approve the amendment of registered capital from 1,212,152,157 yuan to 1,200,152,157 yuan, initiating the corresponding business registration change procedures [2] Group 2: Business Registration Changes - The company has recently completed the business registration change procedures, officially changing its registered capital from 1,212,152,157 yuan to 1,200,152,157 yuan [2]

Group 1 - The new leadership under Kishi Sanae is expected to create more opportunities in the Japanese real estate sector, with unrealized gains projected to increase significantly [1] - Approximately 330 major listed companies have seen their real estate asset values grow to a total of 31 trillion yen (approximately 203 billion USD), marking a 26% increase over the past five years [1] - Active investors are increasingly urging companies to sell real estate and enhance shareholder returns, as seen with Elliott Management's stake in Kansai Electric Power, which has unrealized real estate gains of 220 billion yen [3] Group 2 - Corporate governance reforms are prompting companies to reassess their asset holdings, with significant unrealized gains in real estate becoming more noticeable [4] - The adjusted price-to-book ratio (P/B ratio) of companies holding substantial real estate can indicate potential undervaluation, as seen with Mitsubishi Estate, where unrealized gains could lower its P/B ratio from 1.7 to 0.7 [8] - Some sectors, particularly retail, textiles, and warehousing, are viewed as undervalued due to their real estate holdings, making them targets for active investors [6][7] Group 3 - Institutional investors are advocating for companies to reevaluate their real estate holdings to improve balance sheet efficiency, with significant impacts expected if companies support active investors' proposals [11] - Companies like Sumitomo Realty, Tokyo Gas, and Mitsui Warehouse Holdings, which hold substantial real estate and have attracted active investor interest, have generally outperformed their respective industry indices over the past year [11]

Group 1 - HNA Technology's stock price dropped by 5.05% to 4.32 CNY per share, with a trading volume of 112 million CNY and a turnover rate of 0.98%, resulting in a total market capitalization of 12.525 billion CNY [1] - The company, established in March 1982 and listed in September 1996, operates in IT product distribution, warehousing and logistics, internet finance, and cloud computing, with revenue composition of 65.77% from merchandise trade, 33.27% from shipping, and 0.96% from other sources [1] Group 2 - Southern Fund's Southern CSI 1000 ETF (512100) is among the top ten circulating shareholders of HNA Technology, having increased its holdings by 1.1435 million shares to a total of 14.6309 million shares, representing 0.5% of circulating shares, with an estimated floating loss of approximately 3.3651 million CNY [2] - The Southern CSI 1000 ETF was established on September 29, 2016, with a current scale of 64.953 billion CNY, yielding 25.56% year-to-date and ranking 2090 out of 4220 in its category, while achieving a 53.35% return over the past year, ranking 1382 out of 3835 [2] Group 3 - The fund manager of Southern CSI 1000 ETF is Cui Lei, who has been in the position for 6 years and 328 days, managing a total asset scale of 94.976 billion CNY, with the best fund return during the tenure being 145.53% and the worst being -15.93% [3]