Core Insights - Bosnia and Herzegovina's inflation rate has reached double the EU average, with a reported rate of 4.2% in September compared to the EU's 2.2% [1] - Significant price increases were noted in the hospitality sector (8.0%) and food and non-alcoholic beverages (7.8%), while clothing and footwear (-7.5%) and transportation (-0.8%) saw price declines [1] - The Eurozone's inflation rate rose from 2% in August to 2.2% in September, marking a five-month high, driven by narrowing energy price declines and rising service prices [1] Economic Analysis - Economists attribute Bosnia's high inflation primarily to domestic policies, including raising the minimum wage without reducing taxes, increasing electricity and public service prices, and a lack of measures to curb inflation and unreasonable price hikes [1] - The heavy reliance on imports due to insufficient support for local production exacerbates the inflation issue in Bosnia [1] - In contrast, the EU maintains controllable inflation through a superior business environment, adequate market competition, and stable fiscal policies [1]

Core Points - Guangzhou's state-owned enterprises have formed specialized teams to support the 15th National Games, with 41,000 participants providing services such as event support, hotel reception, and public transportation, contributing over 100 million yuan in sponsorships [1][2] Event Support - The renovation and upgrade of 17 venues for the National Games cover an area of 280,000 square meters, completed on time and with quality assurance [2] - The Pearl River Industrial Group led the operational design and flow optimization for 30 venues, producing over 13,000 design drawings, with the Guangzhou Sports Center being the first to start and complete renovations [2] - Guangzhou Double Fish Company established a service team for table tennis equipment, ensuring 24/7 communication for equipment adjustments and emergency responses [2][3] Digital Integration - Smart technologies are integrated into venue construction, including cashless payment systems and real-time traffic monitoring, improving traffic capacity by 49% [4] - The Guangzhou Digital Technology Group implemented smart upgrades at key venues, utilizing AIoT technology for efficient management and real-time data collection [4][5] Cultural and Tourism Integration - State-owned enterprises operate over 40,000 electronic screens promoting the National Games, with themed public transport options serving as mobile promotional platforms [7] - The Lingnan Group's travel agency has created over 100 themed travel routes, linking event tickets with local attractions and cultural experiences, attracting over 18,000 visitors [8]

Core Insights - The Sichuan provincial government has made significant achievements in infrastructure development during the "14th Five-Year Plan" period, focusing on both traditional and new infrastructure projects [5][6] Infrastructure Achievements - The total length of the comprehensive transportation network in Sichuan has reached 443,000 kilometers, ranking first in the country, equivalent to the distance from Earth to the Moon [5] - The installed capacity of hydropower in Sichuan is about to exceed 100 million kilowatts, also ranking first nationally, with 30% of the country's hydropower coming from Sichuan [5] - Sichuan has established 10 major national scientific and technological infrastructure projects, ranking third in the country [5] - The province has built 248,000 5G base stations, ranking fifth nationally, achieving comprehensive coverage of gigabit networks in industrial parks [5][6] Investment and Economic Support - Infrastructure investment accounts for over 30% of fixed asset investment in Sichuan, providing strong support for stable economic operation and high-quality development [6] Four Networks of Infrastructure - **Three-dimensional Transportation Network**: Significant breakthroughs in strategic corridors, with the Sichuan-Tibet Railway under construction and the Chengdu to Huangshengguan section of the Chengqing Railway completed [7] - **Modern Water Conservancy Network**: The construction of a modern water network is accelerating, with urban water supply coverage achieved and rural self-supply rate increasing from 82% to 92% [8] - **Green Energy Network**: The completion of the Baihetan Hydropower Station contributes to Sichuan's position as a leader in clean energy, with wind and solar power installations expected to reach 32 million kilowatts by the end of the year [8] - **Smart Digital Network**: The development of computing power and internet infrastructure is advancing, with the Chengdu Supercomputing Center ranking among the top globally [9] Future Plans - Sichuan aims to build a modern infrastructure system that is advanced, applicable, systematic, efficient, safe, and green, supporting high-quality economic and social development in the "15th Five-Year Plan" [9]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - In Q3 2025, utility - type assets performed best, rental - housing and consumer - type assets were stable, while warehousing & logistics and transportation - type assets were weak and differentiated, and the industrial park sector still had a large year - on - year decline, with only partial quarter - on - quarter decline narrowing; the energy sector also declined significantly overall [3]. - In October, the market rebounded with increasing trading volume, high - performance assets led the gains, the interest spread widened significantly, and the valuation recovered to above the 60th percentile [3]. - The premium rate space on the first - day listing narrowed, and the expansion and registration of Huaxia China Resources Youchao REIT were completed [3]. 3. Summary by Relevant Catalogs 3.1 Weak - cycle Performance is Robust and Strong - cycle Sector is Generally Under Pressure - Except for the energy sector, "weak - cyclical" varieties had overall stable performance in Q3. Utility, consumer, and rental - housing sectors achieved year - on - year positive growth in revenue, EBITDA, and distributable amount. The energy sector, affected by factors such as electricity price liberalization, seasonal fluctuations, and unit maintenance, generally saw a decline in performance (except for Huaxia TBEA New Energy REIT) [8]. - In contrast, "strong - cyclical" assets were generally under pressure. The industrial park sector had a significant decline in performance, with EBITDA and distributable amount declining by over 10% year - on - year, and over 80% of individual bonds experiencing performance decline. The transportation sector's overall performance decline widened, while the overall decline in revenue and EBITDA of the warehousing & logistics sector was small and showed a converging trend [8]. 3.2 Sub - sector Analysis 3.2.1 Rental - housing - Rental - housing rents had little overall fluctuation but were slightly differentiated; the occupancy rate and collection rate remained at a high level. Xiamen Anju had continuous quarter - on - quarter rent growth for 4 quarters, while Chengtou Kuanting Rental - housing and Shekou Rental Housing had continuous rent declines. Beijing Baozhangfang's overall rent declined after expansion, and its collection rate slightly decreased in Q3 2025 [12]. - Xiamen Anju had excellent performance, with revenue, EBITDA, and distributable amount showing year - on - year positive growth for 4 consecutive quarters, and its EBITDA profit margin was relatively high. Chengtou Kuanting had positive growth in revenue and EBITDA in the past 2 quarters, with a Q3 increase of 7% - 8%. Huaxia China Resources Youchao's revenue and EBITDA both declined year - on - year in Q3 [16]. 3.2.2 Utility - Shougang Biomass benefited from the expansion of kitchen waste sources and the improvement of power generation efficiency. The disposal volume of kitchen waste and the online power generation increased by 27.7% and 22.8% year - on - year respectively. Capital Water Service's Hefei project's sewage treatment fee increased by 2.9% year - on - year after the price adjustment approval. Shaoxing Water Supply's water supply in Q3 was significantly higher than that in Q1 - Q2 [17]. - Shougang Biomass's revenue, EBITDA, and distributable amount increased by 12.4%, 20.0%, and 97.4% year - on - year respectively. Capital Water Service's revenue, EBITDA, and distributable amount increased by 7.7%, 10.6%, and 30.1% year - on - year respectively. Except for Jinan Heating, which had no revenue in Q3, the financial indicators of Shougang Biomass, Capital Water Service, and Shaoxing Water Supply generally reached the highest levels in the past five quarters [22]. 3.2.3 Consumer - In the shopping mall segment, except for Bailian Consumer, whose rent declined by over 30% year - on - year and quarter - on - quarter in Q3 due to the low initial rent of the newly introduced anchor tenant, the rents of other shopping malls increased year - on - year and quarter - on - quarter. In the outlet segment, the off - season characteristics were obvious in Q3, and the overall associated income declined. In the community business segment, Wumei Consumer's operation was stable. Huawei Agricultural Market leased part of its roof for the construction of a distributed photovoltaic power station and introduced new types of merchants [26]. - In Q3 2025, the revenue and EBITDA of shopping malls increased quarter - on - quarter. JINMAO Commercial's revenue increased by over 10% year - on - year. Except for Huawei Agricultural Market, whose distributable amount declined significantly quarter - on - quarter (- 15.1%), the distributable amount of other consumer REITs generally increased or remained flat year - on - year and quarter - on - quarter [27]. 3.2.4 Warehousing & Logistics - In the market - oriented leasing segment, rents declined year - on - year across the board, and only Yantian Port and GLP improved quarter - on - quarter. Shenzhen International saw a decline in both volume and price. In the affiliated - party full - lease segment, rents and occupancy rates were relatively stable, and Jiuzhitong Medicine's pallet utilization rate improved quarter - on - quarter [31]. - Overall, the warehousing & logistics sector was cold, with only a few projects showing a slight quarter - on - quarter improvement. Only JD Warehousing and Jiuzhitong Medicine, which were affiliated - party full - lease projects, had a slight quarter - on - quarter increase in revenue and EBITDA. The EBITDA and distributable amount of Baowan Logistics, Waigaoqiao, and ESR Warehousing & Logistics declined by over 10% quarter - on - quarter [37]. 3.2.5 Energy - Except for TBEA New Energy, the settlement (online) electricity volume of the energy sector declined year - on - year in Q3. Different energy types had different reasons for the decline, such as the decrease in water inflow in the hydropower sector and the poor light resources in the photovoltaic sector in some regions [39][41]. - In terms of electricity price, the average settlement electricity price of Shenzhen Energy declined year - on - year in Q3. The electricity price of hydropower had large seasonal fluctuations. The electricity price of Jingneng Photovoltaic's Yulin project increased, while that of the Jingtai project declined. TBEA New Energy's electricity price remained stable. The electricity price of onshore wind power was differentiated [45]. - In Q3 2025, only TBEA New Energy achieved year - on - year growth in revenue, EBITDA, and distributable amount. The performance of State Power Investment New Energy was under pressure due to the significant decline in power generation, and its distributable amount was negative. Shenzhen Energy's performance also declined significantly due to the decline in both volume and price of power sales [49]. 3.2.6 Industrial Park - In Q3 2025, 47% of industrial park REITs' occupancy rates dropped to the lowest levels in the past five periods or since listing, but the decline was small. Some projects' strategies of trading price for volume were effective. Most REITs' collection rates increased year - on - year and quarter - on - quarter, with an average collection rate of 91.3% in Q3 [50]. - At the fund level, the revenue and EBITDA of industrial park REITs generally declined year - on - year and quarter - on - quarter in Q3. The distributable amount of industrial park REITs declined year - on - year across the board, and 44% increased quarter - on - quarter [52][57].

Core Points - The eighth China International Import Expo (CIIE) is set to take place in Shanghai, marking an important economic diplomatic event following the Fourth Plenary Session of the 20th CPC Central Committee, showcasing the ongoing partnership between Shanghai and the CIIE [1] Group 1: Service and Logistics Support - Shanghai has implemented a "green channel" for customs clearance, ensuring zero wait time for vessels like the "New Shanghai" carrying Sri Lankan tea, enhancing the efficiency of the CIIE [2] - A total of 16 dedicated channels for exhibitors have been established at Hongqiao and Pudong airports, providing streamlined entry for qualified exhibitors [2] - The event will feature 10 parking lots with 900 large vehicle spaces and an additional 2,000 small vehicle spaces, totaling approximately 5,000 small vehicle parking spots [2] Group 2: Payment and Consumer Services - Shanghai has developed a diverse payment system for inbound consumption, supporting mobile payments, bank cards, and cash, with 66,000 merchants and 96,000 terminals accepting domestic and international card payments [3] Group 3: Open Economy and Trade - During the 14th Five-Year Plan period, Shanghai has leveraged the CIIE as a high-level open platform, enhancing its role as an international trade center and improving its connectivity in domestic and international dual circulation [4] - Shanghai's port trade volume exceeded 11 trillion yuan last year, a 26.5% increase from 2020, with a 5.4% growth in import and export volume in the first nine months of this year [4] Group 4: Regional Impact and Consumption - The CIIE has not only increased import volumes but also optimized the import structure, with the Shanghai trading group achieving a cumulative procurement transaction volume of $56.2 billion over the first seven expos [5] - The Yangtze River Delta region has seen significant collaboration, with nearly 40% of imported goods at Shanghai's port coming from other areas in the region [5] - Shanghai's retail sales of consumer goods have shown a quarterly growth rate exceeding 10% in the third quarter of this year [5] Group 5: Spillover Effects of the CIIE - The Qingpu trading sub-group will host multiple targeted matchmaking and investment promotion events, with 3,712 registered units participating in the eighth CIIE [6] - Shanghai aims to further enhance its role as an open platform during the 15th Five-Year Plan period, contributing to high-level foreign trade expansion [6]

Group 1: Infrastructure Achievements - Sichuan has made significant progress in infrastructure construction during the "14th Five-Year Plan" period, focusing on both traditional and new infrastructure, resulting in a comprehensive transportation network, modern water conservancy network, green energy network, and smart digital network [1] - The total length of the comprehensive transportation network in Sichuan has reached 443,000 kilometers, ranking first in the country, equivalent to the distance from Earth to the Moon [2] - The province's highway network has reached 425,000 kilometers, also ranking first nationally, with the high-speed railway mileage expected to reach 11,000 kilometers by the end of this year, ranking third in the country [2] Group 2: Investment in Transportation - Transportation has become a key driver of investment growth in Sichuan, with road and waterway construction investments exceeding 200 billion yuan in the first year of the "14th Five-Year Plan" and maintaining a high level of over 10% of the province's fixed asset investment [3] - Cumulatively, Sichuan has completed 1.2 trillion yuan in transportation investment during the "14th Five-Year Plan," ranking first in the country [3] Group 3: Water Resources Development - Sichuan's water resources development has seen significant advancements, with total water conservancy investment expected to exceed 70 billion yuan this year and a total investment of 280 billion yuan during the "14th Five-Year Plan," double that of the previous five-year period [4][5] - The province has diversified its investment sources, attracting social capital through various means, including government special bonds and financial credit funds [5] Group 4: Energy and Digital Infrastructure - Sichuan's total installed power capacity has reached 149 million kilowatts, with hydropower capacity expected to exceed 100 million kilowatts this year [5] - The province has established a comprehensive computing power system, with 128 data centers built and 49 under construction, achieving a significant increase in intelligent computing power from less than 10% to nearly 60% [6]

Core Insights - The 2025 World Cities Day global main event opened in Bogotá, Colombia, on October 31, 2023, where the third Global Sustainable City Award (Shanghai Award) was presented, marking the second time the award has been held outside of China [1] - The Shanghai Award, initiated by the UN-Habitat and the Shanghai Municipal Government, aims to recognize cities that provide comprehensive solutions and significant progress in sustainable development [1] - This year's award focused on four key areas: adequate housing, human-centered smart cities, green resilience to climate change, and effective governance to stimulate urban vitality, attracting submissions from 85 cities across 33 countries [1] Summary by City Algiers, Algeria - Algiers focuses on adequate housing, resilient infrastructure, ecological transformation, and smart governance, providing a model for innovation in urban transformation for cities in the Global South [2] - The city has implemented a large-scale housing and slum eradication program, improving public health and social equity while enhancing urban resilience and sustainability [2] - Algiers' "Smart City Initiative" leverages IoT, big data, and AI to optimize urban management and public services, fostering a modern governance model [2] Incheon, South Korea - Incheon emphasizes balanced development across environmental, economic, and social dimensions, combining long-term vision with measurable outcomes [3] - The city has introduced flagship projects like the "One Dollar Housing" initiative to alleviate housing pressure and promote hydrogen transportation and smart traffic systems [3] - Incheon has achieved significant improvements in quality of life, social inclusivity, and environmental performance, providing a replicable model for sustainable urban development [3] Medina, Saudi Arabia - Medina adopts a human-centered and inclusive design philosophy, integrating cultural traditions with modern innovations to enhance urban mobility and environmental restoration [4][5] - The city has launched projects like the "Lighthouse" city data platform and smart public transport systems, improving management efficiency and social inclusivity [5] - Medina's comprehensive, data-driven governance approach supports the implementation of smart city strategies while fostering trust and long-term sustainability [5] Bogotá, Colombia - Bogotá addresses climate change and social disparities through green infrastructure and "Warm Housing" initiatives, significantly improving ecological conditions and promoting social equity [6] - The city has implemented housing programs that provide flexible subsidies and public-private partnerships to support vulnerable families, enhancing community environments and economic growth [6] - Bogotá aims to leverage urban development as a means to improve social welfare and promote equitable mobility [6] Espoo, Finland - Espoo integrates sustainable development goals with technological innovation in urban planning and budgeting, fostering community participation in city vision development [7] - The city has transformed from a small town to Finland's second-largest city, becoming a hub for talent and innovation [7] - Initiatives like participatory surveys and real-time 3D city models have improved public transport, housing security, and energy recycling, exemplifying a "human-centered" smart city approach [7] Conclusion - The awarded cities exemplify diverse approaches to sustainable urban development, focusing on safety, green initiatives, intelligence, and inclusivity, contributing to a more equitable and resilient urban future [8]

Core Viewpoint - The service industry is a crucial component of the national economy, serving as a major channel for employment, an accelerator for domestic demand, and a new engine for economic growth. Since the beginning of the 14th Five-Year Plan, Lianyungang has focused on key areas such as transportation, e-commerce, technology, and cultural tourism to enhance the quality and scale of its service industry, thereby supporting high-quality economic development [3]. Group 1: Economic Performance - During the 14th Five-Year Plan, Lianyungang has prioritized the expansion and quality improvement of the service industry as a core strategy for optimizing the structure of its three industries, contributing to steady economic growth. By 2024, the added value of the tertiary industry is expected to reach 2,144.6 billion yuan, accounting for 46% of GDP, with a continuous increase in its contribution to economic growth [4]. - The revenue of key industries in the regulated service sector surpassed 583.3 billion yuan, marking a year-on-year growth of 16.1%, indicating a steady expansion of the overall scale [4]. Group 2: Transportation Network - Lianyungang has been enhancing its comprehensive transportation network, solidifying its position as an international transportation hub between Asia and Europe. The city has developed a multi-modal transport system covering water, land, air, and rail [5]. - The port capabilities have significantly improved with the completion of various large-scale facilities, including 300,000-ton channels and terminals, while the total length of national and provincial highways has reached 942 kilometers [6]. Group 3: E-commerce Development - Lianyungang has actively cultivated its e-commerce market, leading to a significant increase in online sales, which are projected to exceed 121.3 billion yuan in 2024. The city has established itself as a national leader in various sectors, including clothing and seafood [7]. - The cross-border e-commerce sector has also seen robust growth, with over 5,000 operating entities and the establishment of multiple cross-border e-commerce industrial parks [7]. Group 4: Technological Innovation - The city has focused on building platforms for innovation, resulting in a significant increase in high-tech enterprises and innovation platforms. By now, there are 790 high-tech companies and 2,277 technology-based SMEs in Lianyungang [8]. - The establishment of various research and innovation centers has enhanced the city's technological capabilities, supporting the differentiated and specialized development of the service industry [8]. Group 5: Financial Sector - Lianyungang's financial sector has diversified, with 156 financial institutions and a growing number of listed companies. By the end of 2024, the total deposits and loans in financial institutions are expected to reach 5,937.57 billion yuan and 7,853.2 billion yuan, respectively [9]. - The financial ecosystem has improved, with effective risk control measures leading to a reduction in non-performing loans, ensuring a stable financial environment for economic development [10]. Group 6: Cultural and Tourism Integration - The city has leveraged its natural and cultural resources to enhance its tourism offerings, resulting in a significant increase in tourist numbers and revenue. In 2024, Lianyungang is expected to receive 55.86 million domestic and international tourists, generating a total tourism revenue of 71.5 billion yuan [11]. - The quality of tourism services has improved, with several attractions achieving national recognition, contributing to the city's image as a vibrant cultural and tourism destination [11]. Group 7: Future Outlook - Looking ahead to the 15th Five-Year Plan, Lianyungang aims to continue fostering new service industry formats and expanding new scenarios, injecting sustained momentum into the development of a modern coastal city [12].

Core Viewpoint - The current stock market rally, driven by strong fundamentals, has raised concerns about a potential bubble, but Goldman Sachs' chief global equity strategist Peter Oppenheimer argues that the market has not yet entered a bubble phase despite some historical similarities [1][2]. Group 1: Characteristics of Asset Bubbles - Historical asset bubbles are often fueled by excitement around transformative technologies, leading to excessive price increases and speculation beyond fundamental values [2]. - The current market shows a high concentration of leadership, with the top ten companies in the U.S. accounting for nearly a quarter of the global stock market value, predominantly in the tech sector [2]. Group 2: IPO and M&A Market Trends - The IPO and M&A markets are heating up, with the average first-day IPO premium in the U.S. reaching 30%, the highest since the late 1990s tech bubble [4]. - While there are signs of excess, the current IPO activity is not comparable to the speculative IPOs of the past, as most tech investments are driven by mature companies' capital expenditures rather than high-risk leverage [4][5]. Group 3: Capital Expenditure and Financial Health - Although capital expenditures relative to sales have increased, they remain below historical bubble levels, and leverage is controlled, with most spending funded by internal cash flow rather than debt [5][6]. - The increase in bond issuance by large tech companies does not indicate a bubble, as their overall financial health remains robust, reducing systemic risk [6]. Group 4: Investment Strategy Recommendations - Investors are advised to focus on diversification, closely monitor capital expenditures and leverage, and avoid overpaying for companies lacking a track record [8]. - Opportunities should be sought in adjacent sectors such as infrastructure and resources, which are crucial for supporting AI development, while being cautious of rising leverage in large tech companies [8].

Core Viewpoint - The Ministry of Ecology and Environment will continue to develop a product carbon footprint management system, focusing on both the calculation and practical application of carbon footprints in products [1] Group 1: Carbon Footprint Management - The Ministry will deepen research on electricity carbon footprint factors and continuously update and publish annual electricity carbon footprint factors [1] - There will be efforts to establish national standards for electricity product carbon footprints and improve the standard system [1] - The Ministry aims to advance the development of carbon footprint standards for other basic energy sources and key products in the transportation sector [1] Group 2: Database and International Cooperation - A guideline for building a product carbon footprint factor database will be released, accelerating the establishment of a national product carbon footprint factor database [1] - The Ministry will collaborate with relevant departments to research carbon footprint management systems, expand application scenarios, and enhance international recognition of electricity carbon footprint factor data [1]