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]

1. Report Industry Investment Rating - No relevant content provided 2. Core Viewpoints of the Report - The REITs market remained weak this week, with the CSI REITs Total Return Index down 0.65% week - on - week. It is expected to record losses for three consecutive months from July to September. Since the second half of 2025, REITs have underperformed, with an overall correction of about 5%. In contrast, gold, silver, and some stock indices have shown good performance [1][8]. - In the secondary market, except for energy facilities, other seven types of REITs assets closed in the red. The trading activity of REITs continued to decline, and attention should be paid to the potential trading pressure of upcoming解禁 projects. In the primary market, the CSRC approved three new REITs offerings on September 22 [1][3]. 3. Summary According to the Directory 3.1 Secondary Market 3.1.1 Price: Almost all declined, with few rising securities - This week, REITs weakened. Except for energy facilities, other seven types of assets closed in the red, with sector declines ranging from 0.4% to 1.3%. Consumer facilities and rental housing, which were popular in the first half of the year, led the decline. Rental housing has had the largest correction of 8.32% since July [13]. - The highway sector's August operating data showed differentiation, with better performance in the eastern economically active regions. The park sector was relatively resilient, and some projects had income distribution adjustment mechanisms [15][16]. - In the consumer infrastructure sector, only CICC China Greentown Commercial Assets closed up, while others averaged a 1.39% decline. Jiashi Wumart, despite a 2.70% decline, is worthy of attention due to its location in Beijing and performance compensation mechanism [18]. 3.1.2 Liquidity: Trading sentiment continued to weaken - The trading activity of REITs continued to decline this week. The average daily trading volume, turnover, and turnover rate decreased by 13.24%, 19.96%, and 0.09 percentage points respectively compared with the previous week [21]. - By sector, the new - type facilities, municipal environmental protection, and energy facilities had relatively high average daily turnover rates, while consumer facilities had the lowest. The trading activity of all sectors declined [24]. 3.1.3 Valuation: In a weak market, continue to focus on individual securities with high distribution rates and guarantee clauses - In terms of ChinaBond valuation yields, warehousing and logistics (4.96%), transportation facilities (4.80%), and industrial parks (4.68%) had higher valuation yields. From the perspective of cash distribution rates, industrial parks (4.40%), consumer facilities (4.29%), and warehousing and logistics (4.09%) had relatively high distribution rates in the property - type projects [30]. 3.2 Primary Market - On September 22, the CSRC approved the initial offerings of three REITs: CITIC Construction Investment Shenyang International Software Park, Huaxia Anbo Warehouse Logistics, and Huaxia CNOOC Commercial Assets. Huaxia CNOOC Commercial Assets completed the price inquiry on September 26 and is expected to start fundraising on October 13. CITIC Construction Investment Shenyang International Software Park plans to conduct price inquiry on September 29 and start fundraising on October 13, which is the first public REIT in Northeast China [3].

Core Viewpoint - Lege Co., Ltd. reported a net profit attributable to shareholders of 130 million yuan for H1 2025, a year-on-year decrease of 19%, with Q2 net profit at 80 million yuan, down 4% year-on-year [1] Group 1: Financial Performance - The company achieved a net profit of 130 million yuan in H1 2025, reflecting a 19% decline compared to the previous year [1] - In Q2 2025, the net profit attributable to shareholders was 80 million yuan, showing a 4% decrease year-on-year [1] Group 2: Business Operations - The company experienced significant growth in overseas warehouse revenue, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1] - Lege Co., Ltd. has solidified its leading position and good reputation in the large-item overseas warehouse sector [1] Group 3: Market Performance - The European market showed outstanding performance, with the utilization rate of the German warehouse exceeding 70%, achieving profitability [1] Group 4: Automation and Efficiency - The company introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in core warehouses on the East and West coasts of the U.S., significantly enhancing operational efficiency and sorting accuracy [1] - A deep collaboration with FedEx has been established to create local pickup SOPs, implement in-warehouse pre-sorting, and standardize "first gun" operations, addressing capacity bottlenecks and greatly improving last-mile delivery timeliness [1] Group 5: Profitability Outlook - The overseas warehouse business has consistently remained profitable, with economies of scale beginning to manifest [1] - The company has adjusted its profit forecast considering potential impacts from tariffs and maintains a "buy" rating [1]

Core Insights - Lege Co., Ltd. reported a net profit attributable to shareholders of 130 million yuan for H1 2025, a year-on-year decrease of 19%, with Q2 net profit at 80 million yuan, down 4% year-on-year [1] Group 1: Financial Performance - The company experienced a decline in net profit for the first half of 2025, with a significant drop compared to the previous year [1] - The second quarter showed a slight improvement in net profit decline, indicating some stabilization [1] Group 2: Business Operations - Lege Co., Ltd. saw substantial growth in overseas warehouse revenue, benefiting from increased e-commerce penetration in the U.S. and accelerated cross-border e-commerce from China [1] - The company maintains a leading position and strong reputation in the large-item overseas warehouse sector [1] Group 3: Market Performance - The European market performed exceptionally well, with the utilization rate of the German warehouse exceeding 70% and achieving profitability [1] Group 4: Automation and Efficiency - The company has introduced pre-sorting assembly lines, automatic labeling lines, and AGV handling in core warehouses on the East and West coasts of the U.S., significantly enhancing operational efficiency and sorting accuracy [1] - A deep collaboration with FedEx has been established to create local pickup SOPs, implement in-warehouse pre-sorting, and standardize "first gun" operations, addressing capacity bottlenecks and improving last-mile delivery efficiency [1] Group 5: Profitability Outlook - The overseas warehouse business remains consistently profitable, with economies of scale beginning to manifest [1] - Adjustments to profit forecasts have been made considering potential tariff impacts, while maintaining a "buy" rating for the stock [1]