自2021年首批公募REITs获批以来，公募REITs发展迅猛。首单央企仓储物流基础设施REITs ——中银中外运仓储物流封闭式基础设施证券投资基金（简称中银中外运仓储物流REIT，基 金代码：508090）正式开启募集，募集期为6月23日至6月24日。 近年来，国家对仓储物流基础设施建设的重视程度不断加强，同时各地不断大力提振消费、 多渠道促进居民增收，在此背景下仓储物流租赁市场有望迎来需求修复。 中银中外运仓储物流REIT的发起人/原始权益人为中国外运股份有限公司，基金管理人为中银 基金，专项计划管理人为中银基金全资子公司中银资产管理有限公司，中国外运旗下中外运 瑞达（上海）供应链管理有限公司担任运营管理机构。 作为招商局集团第5个REITs产品，中银中外运仓储物流REIT是中国外运盘活存量资产、扩大 有效投资，推动实体经济高质量发展的重要举措。中国外运是招商局集团物流业务的统一运 营平台和统一品牌，是中国领先的综合物流企业，拥有完善的服务网络和丰富的物流资源和 客户资源。本次发行，中国外运选取位于经济发达地区、同时也是中国外运业务经营的核心 区域的优质资产作为首发资产，其 具备现金流稳健、抗风险能力强等 ...

Core Viewpoint - The REITs market in China has developed significantly since its inception in June 2021, becoming an important part of the capital market, aligning with the country's high-quality economic development [1] Group 1: Market Development - The public REITs market in China has evolved from a pilot phase to a crucial component of the capital market over four years [1] - ESR Group has actively participated in the Chinese REITs market, with the Zhonghang Yishang Warehousing Logistics REIT listed on the Shanghai Stock Exchange in January 2025 [1][5] - The demand for warehousing logistics services is expected to rise due to ongoing recovery in industrial production and consumption [1] Group 2: Company Strategy - ESR Group's strategy in China is driven by a recognition of the country's key role in the global supply chain since its establishment in 2011 [2] - The company defines "new economy" real estate management as encompassing logistics real estate, data centers, and infrastructure platforms, aiming to capture growth opportunities [2] - As of December 31, 2024, ESR Group's assets related to new economy management fee income reached $42.6 billion, with a project reserve of approximately $11.4 billion [2] Group 3: Operational Insights - Logistics real estate serves as the core growth engine for ESR, meeting the demand for large-scale, high-quality logistics assets in the Asia-Pacific region [3] - The data center segment leverages strong demand in AI, cloud computing, and 5G, allowing ESR to flexibly meet diverse customer needs [3] - ESR manages nearly 180 assets in China, with about 70% located in key economic hubs like the Yangtze River Delta and the Guangdong-Hong Kong-Macau Greater Bay Area [3] Group 4: Market Demand and Trends - The rapid growth of e-commerce and increasing demand for supply chain integration in manufacturing are driving the need for refined warehousing logistics management [4] - ESR provides not only warehouses but also high-standard hardware facilities and energy-efficient park concepts, which are core competitive advantages [4] Group 5: REITs Performance - The Zhonghang Yishang Warehousing Logistics REIT is seen as a vital pillar for ESR's long-term development in the Chinese market [5] - The underlying assets of the REIT consist of three logistics parks in Kunshan, Jiangsu Province, with a historical average occupancy rate of over 90% over the past five years [6] - As of the end of Q1 2025, the project had a rental rate of 85.57%, with expectations to reach 90% due to new tenant arrivals in Q2 and Q3 [6]

Group 1: Indonesian Healthcare Market - The Indonesia Discovery Program 2025: Healthcare aims to assist Chinese companies in navigating opportunities and challenges in the Indonesian healthcare market through a three-day on-site visit and tailored strategies [3][4]. Group 2: TikTok and E-commerce Developments - TikTok's overseas monthly active users have surpassed 1 billion for the first time, indicating strong growth in the non-gaming mobile application sector [7]. - AliExpress has launched a car sales business in the Middle East, featuring primarily Chinese electric vehicles [7]. - JD Logistics has reportedly established a team of over 1,000 in Saudi Arabia, marking its entry into the local market [7]. Group 3: Robotics and Automation - Geek+ has received a notification for its listing in Hong Kong, positioning itself as the first global stock in the autonomous mobile robot (AMR) sector, with over 70% of its revenue coming from markets outside mainland China [7]. Group 4: Global Expansion of Chinese Companies - Ctrip is accelerating its global expansion by opening over 1,100 overseas positions across 75 cities in 23 countries, aiming to double its overseas revenue share in the next 3-5 years [8]. - Changan Automobile has established nine out of a planned 20 overseas factories and is expanding its presence in over 100 countries [11]. - GAC plans to enter the Argentine market by the second half of 2025, focusing on the growing demand in South America [11]. Group 5: Investment and Financing - YG Cloud has completed a Pre-B round financing of nearly 100 million yuan, which will be used to enhance its AI-driven integrated office support platform [18]. - Lingxing Technology has secured several million yuan in Pre-A round financing to develop its intelligent three-dimensional perception technology [19].

做箱包电商的朋友都知道，仓储物流是绕不开的环节。自己建仓吧，投入大、管理难；不建仓吧，发货慢、体验差。这时候，第三方云仓就成了很多商家的 选择。但市面上云仓那么多，怎么挑？今天宝时云仓就来唠唠，箱包类目选云仓的那些事儿。 一、箱包电商与云仓的特殊关系 箱包和别的商品不太一样，体积大、重量沉，而且款式多、季节性强。比如旅行箱，一个箱子占的地方比十件衣服还大，重量也不轻。这就意味着仓储成本 高，对仓库的空间利用率和承重要求都不低。再看销售，箱包有明显的淡旺季，像开学季、节假日销量猛增，平时又比较平稳。这种波动对仓储的弹性要求 很高——旺季得能扛住单量，淡季又不能浪费资源。 所以，箱包电商和云仓的关系可以说是"唇齿相依"。好的云仓能帮你降本增效：通过专业的仓储管理，减少库存积压和损耗；通过智能的物流调度，加快发 货速度，提升客户满意度。反之，如果选错了云仓，可能货发不出去、客户投诉不断，反而砸了自己的招牌。 二、选择云仓的关键考量因素 那么，到底怎么选云仓呢？咱们得抓住几个关键因素，一个一个来分析。 的人口：可以可以可以可以可以回到了 U i i . 00 0 U e 00 .. . e E 00 8 ul e A ...

Group 1 - Libet has received approval from the China Securities Regulatory Commission for the issuance of convertible bonds, valid for 12 months [1] - Dinglong plans to acquire an additional 8% stake in its subsidiary, increasing its ownership from 91.35% to 99.35% for a total price of 240 million yuan [1] - Longyuan Donggu has been designated as a supplier for a major automotive project, with an expected total sales amount of 450 to 500 million yuan over five years [14] Group 2 - Luoniushan reported a sales revenue of 100 million yuan in May, a year-on-year decrease of 11.45% [2] - Baoming Technology has secured a loan commitment of up to 7 million yuan for stock repurchase [2] - Xinhua Pharmaceutical has received approval for the listing of a new chemical raw material used in treating chronic heart failure and hypertension [3] Group 3 - China Minmetals announced a new contract amount of 396 billion yuan for the first five months of the year, a decrease of 22.2% year-on-year [7] - Zhongbei Communication's application for a specific stock issuance has been accepted by the Shanghai Stock Exchange [8] - Rongfa Nuclear Power plans to issue bonds not exceeding 1 billion yuan to repay debts and supplement working capital [9] Group 4 - Phoenix Optical plans to invest 8.5 million USD to establish a wholly-owned subsidiary in Vietnam for manufacturing optical products [11] - Xiamen Airport reported a passenger throughput of 2.4752 million in May, a year-on-year increase of 8.34% [12] - Weilan Biological has received a new veterinary drug registration certificate for a product aimed at treating canine allergies and inflammation [13] Group 5 - Shouxiangu has completed the registration of a health food product that claims to enhance immunity [13] - Xingye Yinxin's subsidiary has passed a resource reserve verification report, confirming significant mineral reserves [16] - Shaanxi Construction has won two major projects with a total contract value exceeding 2.8 billion yuan [18] Group 6 - Huari received a cash dividend of 50 million yuan from its subsidiary [20] - Zhongchu's deputy general manager has resigned due to governance arrangements [21] - Kexin Pharmaceutical's core product has received breakthrough therapy designation from the National Medical Products Administration [39]

Economic Challenges - The US economy is experiencing a unique predicament characterized as "weak but not fading," with GDP growth stabilizing at 2.3% and an unemployment rate at a historical low of 3.8% [3] - The real estate market shows signs of limited bubble characteristics, with a slow increase in vacancy rates reaching 8%, despite demand supported by a growing young population [3] - Inflation risks are accumulating, with potential CPI peaks in September projected to reach 3.6%-5.3% due to factors such as the expiration of temporary tariff exemptions and oil prices around $60-$65 per barrel [3] Technological Revolution - The technological revolution is reshaping the economic landscape, with significant advancements such as Tesla's Texas Gigafactory contributing to a $480 billion value in the electric vehicle industry and Boston Dynamics' warehouse robots reducing Amazon's storage costs by 19% [4] - There is a stark contrast between the rapid growth of technology-intensive industries and the lag in automation within traditional sectors like construction and retail, leading to a "dual economy" structure [4] Social Division - The policies of the Trump administration are causing deep societal rifts, with large-scale protests occurring across the country, including the "Hands Off" demonstrations involving nearly 10,000 participants in the San Francisco Bay Area [5] - A significant increase in polarization is evident, with 43% of respondents believing that dissenting opinions pose a survival threat, doubling since 2020 [5] - The emergence of a "dual-armed group" comprising 12% of the population is reshaping conflict dynamics, with both far-right and far-left groups gaining economic momentum for violent confrontations [5] International Relations - The US-China relationship is undergoing a significant transformation, with the Trump administration's "America First" policy escalating trade and technology conflicts, including proposed tariffs of 60% on Chinese goods [7] - NATO faces a historic decision regarding its cohesion and future direction, as the Trump administration's isolationist tendencies threaten to weaken the alliance, despite increased defense spending from European nations [7][8] - The Baltic Sea has become a new front for military competition, with NATO's "Baltic Action - 2025" gathering 25,000 troops from 16 countries, reflecting a shift from traditional military presence to high-tech competition [8]

新华财经上海6月9日电（记者杨溢仁）今年以来，仓储物流REITs表现几何？行业复苏是否面临挑战？相关产品扩募有何计划？ 为提升信息透明度、深化投资者对底层资产运营的认知，构建透明、互信的市场生态，中航易商仓储物流封闭式基础设施证券投资基金（以下简称"中航易 商仓储物流REIT"，基金代码：508078）于近日举办了上市以来的首期投资者开放日活动。 在本次活动中，中航易商仓储物流REIT运营管理机构的相关业务负责人、基金经理带领投资者实地探访了底层资产——富莱德昆山物流园一期、二期、三 期，并就基金业绩、扩募进程、运营管理安排等市场关注的问题，与记者和投资者进行了互动交流。 通过梳理公开数据，记者发现，2025年第一季度，中航易商仓储物流REIT合并层面实现收入3422.67万元，经营活动产生的现金流量净额达1175.26万元。 区位优势突出 可以看到，中航易商仓储物流REIT底层资产由富莱德昆山物流园一期、二期、三期组成，合计可供出租面积逾38万平方米，均位于江苏省苏州市昆山市花 桥经济开发区，靠近沪宁高速出入口及上海绕城高速出入口，可以方便到达上海市区、苏州市区及周边主要城市。 "上海市内物流物业租金的上升 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) for both HK and CH shares [8] Core Views - The company is focusing on operational activation to drive high growth in time-sensitive deliveries, with operational model transformation and network optimization enhancing efficiency and reducing costs [1] - The company aims to continue its initiatives in multi-network integration, AI empowerment, and automation in transfer stations to further reduce costs in 2025 [1] - The international business is expected to benefit from the trend of Chinese manufacturing companies expanding overseas, positioning the company as a leading international logistics provider [4] Summary by Sections Domestic Operations - The company has seen significant growth in delivery volumes, with year-on-year increases of 18.7%, 25.4%, and 30.0% for January-February, March, and April 2025 respectively [2] - The average delivery price has decreased, with year-on-year declines of 9.6%, 10.5%, and 13.9% for the same periods [2] - The revenue growth in express logistics for April was 11.8%, outpacing the industry average of 10.8% [2] Cost Optimization - In the first quarter, the company achieved a structural cost reduction, with gross margin increasing by 0.1 percentage points to 13.3% and gross profit rising by 8.0% to 9.29 billion RMB [3] - The company has invested over 800 unmanned vehicles and established the industry's first unmanned transfer center, which is expected to enhance profitability through ongoing cost reduction initiatives [3] International Business - From January to April, the revenue from supply chain and international business reached approximately 22.41 billion RMB, a year-on-year increase of 11.9%, which is faster than the express logistics business growth of 8.3% [4] - The company is well-positioned to benefit from the rapid growth of the logistics market in Asia due to the regionalization of trade and the expansion of Chinese enterprises [4] Profit Forecast and Valuation - The company maintains its net profit forecasts for 2025-2027 at 11.80 billion, 14.18 billion, and 16.03 billion RMB respectively, with corresponding EBITDA of 34.90 billion, 38.53 billion, and 41.31 billion RMB [5] - The target prices are set at 51.10 RMB for A shares and 52.80 HKD for H shares, with respective EV/EBITDA multiples of 8.0x and 7.7x for 2025 [5]

Investment Rating - The report does not provide a specific investment rating for the REITs industry [2] Core Insights - The REITs index experienced a slight increase of 0.03% this week, contrasting with a 1.08% decline in the Shanghai and Shenzhen 300 index [4][13] - The total market capitalization of the REITs industry is approximately 198.2 billion yuan, with a circulating market value of about 92.0 billion yuan [2] - Recent approvals include two new REIT projects: Zhongyin Zhongwaiyun Warehousing Logistics REIT and Guotai Junan Lingang Innovation Manufacturing Industrial Park REIT [6][9] - The trading volume for REITs decreased by 20.2% this week, totaling 2.38 billion yuan, with an average daily turnover rate of 0.5% [40] Summary by Sections Market Performance - The REITs index rose by 0.03%, while the Shanghai and Shenzhen 300 index fell by 1.08% [13] - 28 REITs saw price increases, 0 remained stable, and 38 experienced declines, with the largest gain being 5.07% for the招商高速 REIT and the largest loss being 4.22% for the 华夏合肥高新 REIT [17] Trading Activity - The trading activity for REITs decreased, with a total trading amount of 2.38 billion yuan, down 20.2% from the previous week [40] - Specific sectors such as highways and ecological protection saw significant declines in trading volumes, with highway REITs trading at 600 million yuan, down 23.0% [40] Project Approvals and Announcements - Recent approvals include the Zhongyin Zhongwaiyun Warehousing Logistics REIT and the Guotai Junan Lingang Innovation Manufacturing Industrial Park REIT [6][9] - Several REITs announced dividend distributions, including 华夏合肥高新产园 REIT and 中航易商仓储物流 REIT [9][12] Valuation Situation - The estimated yield for various REITs ranges from -1.95% to 10.80%, with the highest yield observed in 华夏中国交建 REIT at 10.80% [42] - The P/NAV ratio for REITs varies between 0.75 and 1.79, indicating differing valuation levels across the sector [42]

Core Insights - Effective control of second-generation transit warehousing costs is crucial for companies' profitability and competitiveness in today's competitive business environment [1] - Optimizing warehousing costs has become one of the key factors for sustainable development as businesses grow and markets change [1] Group 1: Warehousing Layout Optimization - The rationality of warehousing layout directly affects warehousing costs, and optimizing internal warehouse design can improve space utilization and reduce handling distances and time [3] - Companies can utilize vertical warehouses, shelf optimization, and automation equipment to enhance space utilization and lower warehousing costs [3] Group 2: Logistics Distribution Optimization - Optimizing logistics distribution plans is an important way to reduce second-generation transit warehousing costs [5] - Selecting suitable logistics partners and optimizing delivery routes and times can decrease transit times and inventory backlog, improving logistics efficiency and reducing costs [5] - Companies can adopt third-party logistics, joint distribution, and combined delivery models to lower logistics costs [5] Group 3: Inventory Management Optimization - Inventory management is central to controlling second-generation transit warehousing costs [6] - Properly controlling inventory levels and optimizing inventory structure can reduce excess inventory and stockouts, increasing turnover rates and lowering inventory costs [6] - Companies can implement methods such as ABC classification, economic order quantity, and safety stock to optimize inventory management [6] Group 4: Personnel Management Optimization - Personnel management significantly impacts second-generation transit warehousing costs [7] - Enhancing employee training and improving work efficiency can reduce training and labor costs [7] - Companies can use incentive mechanisms and performance evaluations to boost employee motivation and efficiency, thereby lowering labor costs [7] Group 5: Information Management Optimization - Information management is a crucial means to enhance the efficiency of controlling second-generation transit warehousing costs [8] - Implementing information management systems can automate, inform, and smarten warehouse management, improving efficiency and reducing management costs [8] - Companies can adopt Warehouse Management Systems (WMS) and Transportation Management Systems (TMS) to enhance management efficiency [8] Group 6: Risk Management Optimization - Risk management is an important safeguard for controlling second-generation transit warehousing costs [9] - Strengthening management of market, natural, and credit risks can reduce risk losses and enhance profitability [9] - Companies can employ risk assessment, early warning, and control methods to improve risk management and minimize losses [9]