Core Viewpoint - China National Foreign Trade Transportation Group Corporation (China Foreign Trade) has successfully launched the China Bank and China Foreign Trade Warehousing Logistics REIT, which is expected to enhance the company's financial performance and operational sustainability [1][2]. Group 1: Fundraising and Structure - The China Bank and China Foreign Trade Warehousing Logistics REIT raised a total of 400 million shares at a price of RMB 3.277 per share, resulting in a net fundraising amount of RMB 1.3108 billion [2]. - The issuance was divided into three parts: strategic placement (70%), offline placement (21%), and public investors (9%) [2]. - Among the strategic placement, the original equity holder's subsidiary subscribed for 80 million shares (20% of total issuance), while other strategic investors subscribed for 200 million shares (50% of total issuance) [2]. Group 2: Impact on Company - The issuance and listing of the REIT will help the company activate its existing infrastructure assets, create a positive investment cycle, and broaden its financing channels [2]. - It is anticipated that the REIT's issuance will positively impact the company's financial metrics, with an expected increase in net profit of approximately RMB 390 million for the fiscal year 2025, subject to final audited financial reports [2].

Group 1 - The core point of the article is that China National Foreign Trade Transportation Group Corporation (China Foreign Trade) has successfully launched its public REIT, which is expected to enhance its financial performance significantly [2] - The public REIT named "Bank of China China Foreign Trade Warehousing Logistics REIT" completed its issuance on June 24, with a total of 400 million fund shares sold at a price of 3.277 yuan per share [2] - The net subscription amount raised from this issuance is approximately 1.3108 billion yuan, which will help the company to revitalize its existing infrastructure assets [2] Group 2 - The issuance is projected to increase the company's net profit by approximately 390 million yuan in the fiscal year 2025 [2]

格隆汇7月29日丨中国外运(601598.SH)公布，中银中外运仓储物流REIT已于2025年6月24日完成发售， 自2025年7月29日起在上交所上市，交易代码为"508090"，基金场内简称为"外运REIT"，扩位简称为"中 银中外运仓储物流REIT"。中银中外运仓储物流REIT的发行上市有助于公司盘活存量基础设施资产，形 成投资良性循环，进一步拓宽融资渠道，增强公司可持续经营能力。此外，中银中外运仓储物流REIT 的发行将对公司财务指标产生积极影响，预计整体增加公司2025年度净利润约人民币3.9亿元（最终以 经审计的财务报告为准）。 ...

Group 1: Overview of the International Land Port - The Xigaze International Land Port officially opened its customs inspection facility in August 2024, enabling efficient customs clearance for up to 300 export vehicles daily, significantly enhancing Tibet's connection to international markets [1][2] - The modern facility integrates customs declaration, inspection, transfer, loading, storage, and consolidation functions, reducing the average container transportation cost by nearly 2000 yuan [1][2] Group 2: Simplification of Customs Processes - The implementation of advanced container inspection systems has streamlined customs processes, allowing for quick and efficient clearance without the need for secondary inspections [2] - The strategic location of the land port, being only 5 kilometers from the city center and 50 kilometers from the airport, facilitates rapid access to key border ports [2] Group 3: Shift in Export Goods - The types of goods exported through the land port have shifted from traditional items like furniture and clothing to new categories such as electric vehicles, lithium batteries, and photovoltaic products [3] - Over 1,000 electric vehicles were transported from Shanghai to the land port between March and May, showcasing the effectiveness of the rail-road intermodal transport model [3] Group 4: Development of New Industrial Ecosystems - The rapid development of the land port has led to the establishment of over 150 registered enterprises across various sectors, including food processing, construction materials, logistics, and clean energy [4] - The port has attracted 53 investment projects, with 48 already under construction, totaling an investment of 3.302 billion yuan and creating 2,369 jobs [4] Group 5: Expansion of E-commerce and International Competitiveness - The land port is accelerating the construction of bonded warehouses and export supervision warehouses to enhance cross-border e-commerce capabilities [5] - Companies are utilizing the bonded warehouse model to streamline customs procedures, reduce financial pressure, and improve cargo turnover efficiency [5] Group 6: Regional Economic Impact - The land port has significantly improved the region's openness and economic cooperation, aiding Tibet's integration into the Belt and Road Initiative [6]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints - This week, the China Securities REITs Index declined. The performance of property - type REITs was stronger than that of franchise - type REITs. The average weekly price changes of property - type REITs and franchise - type REITs were - 1.8% and - 2.6% respectively. All types of REITs in the market closed lower, with the smallest declines in park, transportation, and warehousing and logistics REITs. As of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. The dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [1]. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was successfully listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. The fund's issuance scale was 3.685 billion yuan, with a 16 - year term. The underlying asset is the "Shounong Yuan Center", which is a significant addition to the public REITs market [4]. 3. Summary by Related Catalogs 3.1 Secondary Market Trends - As of July 25, 2025, the closing price of the China Securities REITs (closing) Index was 860.11 points, with a weekly change of - 1.79%. It performed worse than the China Securities Convertible Bond Index (+2.14%), the CSI 300 Index (+1.69%), and the China Securities All - Bond Index (-0.49%). Year - to - date, the ranking of the price changes of major indices was: China Securities Convertible Bond Index (+11.8%) > China Securities REITs Index (+8.9%) > CSI 300 Index (+4.9%) > China Securities All - Bond Index (+0.9%). In the past year, the return rate of the China Securities REITs Index was 9.8%, with a volatility of 7.1%. The total market value of REITs increased to 204.7 billion yuan on July 25, an increase of 200 million yuan from the previous week. The average daily turnover rate for the whole week was 0.72%, up 0.17 percentage points from the previous week [2][10]. - All types of REITs closed lower. Property - type REITs and franchise - type REITs had average weekly price changes of - 1.8% and - 2.6% respectively. Among different project types, the three with the smallest average declines were park infrastructure (-0.9%), transportation infrastructure (-1.4%), and warehousing and logistics (-1.7%). The top three REITs in terms of weekly gains were Bosera Tianjin Binhai New Area Industrial Park REIT (+8.49%), China Merchants Science and Technology Innovation REIT (+3.79%), and Huatai Jiangsu Expressway REIT (+2.20%). Park - type REITs had the highest trading activity, with an average daily turnover rate of 1.7% and an trading volume accounting for 31.1% of the total REIT trading volume. The top three REITs in terms of net inflow of main funds were CICC Jinhua Xinnong REIT (88.48 million yuan), China Asset Management Shenzhen International REIT (4.95 million yuan), and Hongtu Innovation Yantian Port REIT (4.9 million yuan) [3]. 3.2 Primary Market Issuance - As of July 25, 2025, there was 1 REIT product in the declared stage, 2 in the inquiry stage, 7 in the feedback stage, 6 that had passed and were waiting for listing, and 6 first - issue products that had passed and were already listed on the exchange [25]. 3.3 Valuation Tracking - From the perspective of debt nature, as of July 25, the average annualized cash distribution rate of public REITs was 5.9%, significantly higher than the current static yields of mainstream fixed - income assets. From the perspective of equity nature, the relative net value premium rate, IRR, and P/FFO were used to judge the valuation of REITs. The relative net value premium rate reflects the relationship between the market value and fair value of the fund, similar to the PB indicator of stocks; IRR is the internal rate of return calculated by the cash - flow discount method; P/FFO is the current price divided by the cash flow generated from operations. The relative net value premium rate is a long - term indicator, while P/FFO is a short - term one [27]. - As of July 25, 2025, the dividend yield of property REITs was 138BP lower than the average dividend yield of CSI Dividend stocks, and the spread between the average internal rate of return of franchise - type REITs and the ten - year Treasury yield was 226BP [30]. 3.4 Industry News - On July 22, CITIC Construction Investment assisted the Inner Mongolia Energy Co., Ltd. of the State Power Investment Corporation to establish the "State Power Investment - Inner Mongolia Company Energy Infrastructure Investment Daban Power Generation 2025 Asset - Backed Special Plan", with a scale of 2.992 billion yuan, a subscription multiple of 2.60 times, and the issuance interest rate reaching a new low for energy central - enterprise REITs. - On July 25, the CICC Jinhua Xinnong Industrial Park REIT was listed on the Shanghai Stock Exchange, with a first - day gain of 28.47%. It is the 69th public REIT in China, the 19th park REIT, and the first science and technology park REIT focusing on "headquarters economy" [36].

Group 1: Secondary Market Price and Volume Performance - The report presents detailed data on various publicly - offered infrastructure REITs, including their fund codes, fund names, industry types, listing dates, issue prices, returns since listing, weekly returns, turnover rates, and trading volumes [11]. - For example, the Boshi Industrial Park REIT (180101.SZ) has an issue price of 2.31 yuan, a return of 14.72% since listing, and a weekly return of - 1.40% [11]. Group 2: Secondary Market Valuation - No specific content in the provided text directly related to secondary - market valuation, so this part is skipped. Group 3: Market Correlation Statistics - The report shows the correlation coefficients between different types of REITs and various asset classes such as stocks, convertible bonds, pure bonds, and commodities [21]. - For instance, the correlation coefficient between REITs and the Shanghai Composite Index is 0.21, while for energy - related REITs and the Shanghai Composite Index, it is 0.04 [21]. Group 4: Primary Market Tracking - Multiple REIT projects are in different stages of the primary market, including "already passed", "already feedback", "already accepted", and "already declared" [24]. - Projects like the Bank of China Sino - Sinotrans Warehouse Logistics REIT have passed the review, with a project valuation of 11.56 billion yuan, and the underlying assets include multiple logistics projects [24].

Core Insights - The importance of the e-commerce industry is highlighted, with the Qionglai E-commerce Cloud Warehouse significantly reducing storage costs for e-commerce companies and providing competitive logistics prices, thus driving the growth of the e-commerce sector in Qionglai [1] Logistics - The Qionglai E-commerce Cloud Warehouse, located in Chengdu's Green Health Industrial Park, is bustling with activity, handling local specialty products such as noodles, liquor, honey, and cooking oil [2] - The warehouse operates a shared system for merchants that integrates with platforms like Douyin, Pinduoduo, Taobao, and Xiaohongshu, ensuring that all orders are dispatched by 4 PM daily [3] Warehouse Operations - Managed by the Qionglai E-commerce Public Service Center, the cloud warehouse spans 5,000 square meters and provides low-cost storage and logistics services through resource integration and professional operations [4] - The cloud warehouse employs a fully data-driven management platform, allowing for flexible storage and entry times, enabling products to be stored and shipped efficiently, thereby reducing storage costs for businesses [4] Business Impact - Over 30 companies, primarily in the liquor sector (90% of the total), have settled in the cloud warehouse, which serves as a core infrastructure for e-commerce by offering storage and order processing solutions [5] - The cloud warehouse has processed approximately 2,000 orders daily and is expected to expand to 13,000 square meters by the end of the year, with a daily processing capacity of 5,000 to 10,000 orders [5] Growth Projections - The cloud warehouse shipped 500,000 orders last year, with a significant increase expected this year, projecting a total of 2 million orders [6] - Future plans include enhancing capacity and efficiency by improving connections with major e-commerce platforms and quality logistics companies, aiming to lower logistics costs and improve delivery efficiency [6]

Summary of Key Points Core Viewpoint - The company, Guangdong Hongchuan Smart Logistics Co., Ltd., has approved a guarantee for its subsidiaries to apply for futures designated delivery warehouse qualifications, which is expected to benefit the company's storage business and align with the interests of all shareholders [1][4]. Group 1: Guarantee Overview - The company will provide full joint liability guarantees for its subsidiaries, Changzhou Hongchuan Petrochemical Storage Co., Ltd. and Dongguan Sanjiang Port Storage Co., Ltd., in their application to the Zhengzhou Commodity Exchange [1][4]. - The guarantee amount is not specified, but the total approved guarantee amount for the company and its subsidiaries is 587,729.60 million yuan, which accounts for 224.41% of the latest audited net assets [1][4]. Group 2: Subsidiary Information - Changzhou Hongchuan was established on July 3, 2009, with a registered capital of 350 million yuan. As of March 31, 2025, it reported total assets of 95,031.26 million yuan and net assets of 48,274.61 million yuan [1]. - Dongguan Sanjiang was established on April 22, 2004, with a registered capital of 1,200 million USD. As of March 31, 2025, it reported total assets of 89,784.07 million yuan and net assets of 39,178.79 million yuan [2][3]. Group 3: Board of Directors' Opinion - The board believes that the guarantee will facilitate the subsidiaries in obtaining the necessary qualifications for futures designated delivery warehouses, thus supporting the company's storage business [4]. - The company maintains effective control over the subsidiaries, and the risks associated with the guarantee are considered manageable, with no adverse impact expected on the company's operations [4].

平谷区攻坚克难，奋步疾蹄，固定资产投资首次实现"半年过百亿"。平谷区坚持项目为王，压紧加密调度，多措并举，全 力推项目、促投资。上半年完成固定资产投资同比增长26.4%，全市排名第3。上半年固定资产投资总量已超2022年全年投 资水平。 续建项目提速增效 东久新宜平谷智慧城市物流谷项目基本完工 项目位于平谷区马坊镇PG05-0003-J002地块，总用地面积374092.649平方米，建筑规模为934681.27平方米（不含地下面 积），建设内容包括仓储用房及配套设施等。该项目已基本完工，即将进行竣工验收。项目建成后将成为亚洲最大的单体 物流项目，能够极大加强平谷区马坊物流高地货运仓储能力，为北京各工业企业、电子商务企业提供高质量的仓储服务， 赋能仓储基础设施，优化、提升产业供应链能效，为打造首都物流高地贡献中坚力量，促进区域产业结构优化。 京东-平谷智能产业园项目施工进入尾声 项目位于平谷区马坊镇03街区，总用地面积236803.69平方米，建筑规模为591857.31平方米（不含地下面积），建设内容包 括仓储用房及配套设施等。该项目已完成总工程量的91%。项目充分依托京东自身电商、物流、科技等多领域能力， ...

2025年上半年，中国GDP同比增长5.3%，在这一高于市场预期的经济增速之下，内需对经济增长的贡献率达到68.8%，同时外贸出口数据亮眼，货物贸易 出口增长7.2%。在内外需双轮驱动下，中国仓储指数连续八个月运行在扩张区间，物流仓储行业展现出强劲发展韧性。 物流是实体经济的"筋络"，联接生产和消费、内贸和外贸，仓储则是物流的必要载体，是支撑实体经济的重要基础设施。中金普洛斯REIT是截至目前国 内上市公募REITs中市值最大、资产数量最多、资产规模最大、区域覆盖最广的仓储物流类REIT，从其运营表现可一探经济运行的趋势与前景。 7月21日，中金普洛斯REIT(508056.SH)发布2025年二季报，其基金总收入、合并息税折旧摊销前利润、可供分配金额等核心财务指标延续了长期稳健运营 的态势，且十个仓储物流园的整体期末平均出租率保持90%以上的高位。7月18日，中金普洛斯REIT公告将进行2025年第二次分红，计划分配金额约 7,867.43万元，以高比例分红持续回馈投资者。待最新分红完成，中金普洛斯REIT2025年迄今累计分红金额将达1.75亿元，自上市以来的累计分配金额将 超12亿元。 作为智慧高效物流 ...